MIRA
INFORM REPORT
|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
KRIBHCO SHYAM FERTILIZERS LIMITED |
|
|
|
|
Registered
Office : |
A-60, Kailash Colony, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.12.2005 |
|
|
|
|
Com. Reg. No.: |
55-143452 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8000.571 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24121DL2005PLC143452 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELK07642F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCK6999B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of
nitrogenous fertilizer viz. urea through our integrated urea and ammonia. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26830000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “KRISHAK BHARATI COOPERATIVE LIMITED”. It
is an established company having satisfactory track record. The company has incurred huge accumulated losses over a year. However, the rating takes into consideration strong financial and
managerial supported that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong holding support, the company can be considered for
business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = AA – (SO) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
22.09.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ (SO) |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
22.09.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Vainkat Raman |
|
Designation : |
Additional General Manager |
|
Contact No.: |
91-120-2534631 |
|
Date : |
22.09.2014 |
LOCATIONS
|
Registered Office : |
A-60, Kailash Colony, |
|
Tel. No.: |
91-11-25892542 / 29243412 |
|
Fax No.: |
91-11-25793752 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Kribhco Bhawan, A -10, Sector – 1, Noida – 201301, District. Gautam
Budh Nagar, |
|
Tel. No.: |
91-120-2443701 |
|
Fax No.: |
91-120-2545464 |
|
|
|
|
Factory : |
Village and Post Office : Piprola, Shahjahanpur – 242001, |
|
Tel. No.: |
91-5842-240001/04 |
|
Fax No.: |
91-5842-240005 |
|
E-Mail : |
DIRECTORS
AS ON: 27.06.2014
|
Name : |
Mr. V. P. Kaushik |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Alok Tandon |
|
Designation : |
Director |
|
|
|
|
Name : |
N. Sambasiva Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Rakesh Kamra |
|
Designation : |
Director (Finance) |
KEY EXECUTIVES
|
Name : |
Mr. Bipin C. Phuloria |
|
Designation : |
Company Secretary |
|
Qualification : |
B.Com in Law and M.Com |
|
|
|
|
Name : |
Mr. B. P. Saxena |
|
Designation : |
Partner |
|
Name : |
Mr. Vainkat Raman |
|
Designation : |
Additional General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Equity Share Capital |
|
Krishak Bharati Cooperative Limited (KRIBHCO)* |
680034286 |
85 |
|
STL Fertilizers Private Limited, |
120022855 |
15 |
|
Shyam Basic Infrastructure Projects Private Limited, |
2 |
0 |
|
Total |
800057143 |
100 |
·
Including five shares held
by individual as nominees of KRIBHCO
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
nitrogenous fertilizer viz. urea through our integrated urea and ammonia. |
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Products : |
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Brand Names : |
KRIBHCO |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
·
State Bank Of ·
Vijaya Bank ·
Union Bank Of ·
HDFC Bank ·
State Bank of Travancore ·
SBI – Special Banking Arrangement (FICC) ·
IDBI Bank Ltd. ·
China Trust Commercial Bank ·
Deutsche Bank ·
State Bank of ·
Corporation Bank ·
Federal Bank |
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Facilities : |
Term of
Repayments
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.K. Mehta and Company Chartered Accountants |
|
|
|
|
Name : |
K.G. Goyal and Associates Cost Accountant |
|
|
|
|
Holding / Associates |
·
Krishak Bharati Co-operative Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800057143 |
Equity Shares |
Rs.10/- each |
Rs.8000.571
Millions |
|
|
|
|
|
Further Notes :
(I) During the period of five financial years immediately preceeding the Balance Sheet date, the company has not:
(i) allotted any fully paidup equity shares by way of bonus shares;
(ii) allotted any equity shares pursuant to any contract without payment being received in cash;
(iii) brought back any equity shares.
(II) During the year the company has not issued/bought back any shares.
(III) The Company has only one class of equity shares having a par value Rs.10/- per share. The holders of the equity shares are entitled to receive dividends as declared from time to time and are entitled to voting rights proportionate to their share holding at the meetings of shareholders.
Details of Number of
Shares held by the Holding
|
Particulars |
Number of Equity Shares |
|
|
|
31.03.2014 |
Rs. In Millions |
|
Krishak Bharati Cooperative Limited |
68,00,34,286 |
6800.343 |
Details of Shareholders holding more than 5% shares in the Company
|
Particulars |
Number of Equity Shares |
|
|
|
31.03.2014 |
% of Holdings |
|
Krishak Bharati Cooperative Limited |
680’034,286 |
85 |
|
STL Fertilizers Private Limited |
120.022,855 |
15 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8,000.571 |
8,000.571 |
8,000.571 |
|
(b) Reserves & Surplus |
(1,292.926) |
(1,040.259) |
(1,201.885) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6,707.645 |
6,960.312 |
6,798.686 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
6,690.157 |
282.557 |
3,311.575 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
101.610 |
93.624 |
0.000 |
|
(d) long-term provisions |
115.590 |
111.114 |
99.079 |
|
Total Non-current Liabilities (3) |
6,907.357 |
487.295 |
3,410.654 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10,056.331 |
12,465.133 |
6,302.829 |
|
(b) Trade payables |
762.099 |
622.925 |
542.583 |
|
(c) Other current
liabilities |
379.579 |
1850.889 |
5,570.983 |
|
(d) Short-term provisions |
16.498 |
36.400 |
65.696 |
|
Total Current Liabilities (4) |
11,214.507 |
14,975.347 |
12,482.091 |
|
|
|
|
|
|
TOTAL |
24,829.509 |
22,422.954 |
22,691.431 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12,650.358 |
13,645.924 |
14,526.752 |
|
(ii) Intangible Assets |
235.343 |
349.075 |
473.745 |
|
(iii) Capital
work-in-progress |
101.181 |
51.218 |
61.814 |
|
(iv)
Intangible assets under development |
0.000 |
5.385 |
5.385 |
|
(b) Non-current Investments |
525.000 |
735.000 |
735.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.852 |
15.354 |
5.231 |
|
(e) Other Non-current assets |
0.874 |
1.505 |
5.066 |
|
Total Non-Current Assets |
13,515.608 |
14,803.461 |
15,812.993 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
692.897 |
642.830 |
484.699 |
|
(c) Trade receivables |
9,867.388 |
6018.045 |
4,772.525 |
|
(d) Cash and cash
equivalents |
22.232 |
43.318 |
840.704 |
|
(e) Short-term loans and
advances |
722.700 |
904.694 |
769.504 |
|
(f) Other current assets |
8.684 |
10.606 |
11.006 |
|
Total Current Assets |
11,313.901 |
7619.493 |
6,878.438 |
|
|
|
|
|
|
TOTAL |
24,829.509 |
22,422.954 |
22,691.431 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
16,286.632 |
13,378.541 |
12,655.552 |
|
|
|
Other Income |
62.837 |
80.531 |
115.012 |
|
|
|
TOTAL (A) |
16,349.469 |
13,459.072 |
12,770.564 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
11,945.440 |
8,941.588 |
8317.354 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(23.900) |
(130.103) |
(82.702) |
|
|
|
Employees benefits expense |
432.004 |
390.923 |
389.693 |
|
|
|
Other expenses |
1,728.334 |
1,483.077 |
1,442.173 |
|
|
|
Prior period adjustments (Net) |
12.469 |
(0.339) |
(4.419) |
|
|
|
TOTAL (B) |
14,094.347 |
10,685.146 |
10062.099 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2,255.122 |
2,773.926 |
2,708.465 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1,347.352 |
1,395.894 |
1,285.624 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
907.770 |
1,378.032 |
1,422.841 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,159.242 |
1,174.087 |
1,126.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(251.472) |
203.945 |
296.505 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.195 |
42.319 |
61.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(252.667) |
161.626 |
234.795 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1040.259) |
(1201.885) |
(1436.680) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1292.926) |
(1040.259) |
(1201.885) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export Earnings |
|
|
2.364 |
|
|
|
TOTAL EARNINGS |
|
|
2.364 |
|
|
|
|
|
|
|
|
|
|
IMPORT |
|
|
|
|
|
|
|
Capital Goods |
22.627 |
14.812 |
17.275 |
|
|
|
Store and Spares |
13.974 |
11.788 |
14.597 |
|
|
TOTAL IMPORT |
36.601 |
26.600 |
31.872 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.32) |
0.20 |
0.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(1.55) |
1.20 |
1.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.54) |
1.52 |
2.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.04) |
0.94 |
1.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
0.03 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.50 |
1.83 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
0.51 |
0.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
8,000.571 |
8,000.571 |
8,000.571 |
|
Reserves & Surplus |
(1,201.885) |
(1,040.259) |
(1,292.926) |
|
Net
worth |
6,798.686 |
6,960.312 |
6,707.645 |
|
|
|
|
|
|
long-term borrowings |
3,311.575 |
282.557 |
6,690.157 |
|
Short term borrowings |
6,302.829 |
12,465.133 |
10,056.331 |
|
Total
borrowings |
9,614.404 |
12,747.690 |
16,746.488 |
|
Debt/Equity
ratio |
1.414 |
1.831 |
2.497 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
12655.552 |
13378.541 |
16286.632 |
|
|
|
5.713 |
21.737 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
12655.552 |
13378.541 |
16286.632 |
|
Profit/(Loss) After Tax |
234.795 |
161.626 |
(252.667) |
|
|
1.86% |
1.21% |
(1.55%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter involved in |
------ |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
------ |
|
26] |
Buyer visit details |
------ |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
YES |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10490758 |
19/05/2014 |
1,500,000,000.00 |
The Royal Bank of |
15 Hansalaya Building, |
C03936010 |
|
2 |
10448638 |
20/08/2013 |
1,500,000,000.00 |
UNION BANK OF |
73-74, Sheetla House, |
B84820976 |
|
3 |
10446958 |
13/08/2013 |
870,000,000.00 |
THE RATNAKAR BANK LIMITED |
Shahupuri, |
B83999276 |
|
4 |
10396767 |
13/12/2012 |
1,500,000,000.00 |
STATE BANK OF TRAVANCORE |
Commercial Branch,
Kasturba Gandhi Marg, |
B65803629 |
|
5 |
10382584 |
26/11/2013 * |
7,000,000,000.00 |
STATE BANK OF |
Industrial Finance Branch,
14th Floor, Jawahar Vyapar Bhawan, 1 Tolstoy Marg, |
B91003129 |
|
6 |
10272666 |
24/02/2011 |
1,500,000,000.00 |
Vijaya Bank |
A-5, Sector-19, Noida,
Uttar Pradesh -201301, |
B08275299 |
|
7 |
10256654 |
24/12/2010 |
1,500,000,000.00 |
IDBI BANK LIMITED |
Red Cross Bhawan, |
B01738319 |
|
8 |
10017369 |
04/08/2006 |
1,000,000,000.00 |
HDFC BANK LIMITED |
B - 6/3, Safdarjung
Enclave, |
A03622297 |
PERFORMANCE HIGHLIGHTS
During the year
2013-14 was a landmark year in the history of the Company. The Company has
surpassed all its previous of production, by producing highest ever production
of 1.036 Millions MT of Urea and 0. 620
Millions MT of Ammonia with capacity
utilization of 119.90% and 123.50% for Urea and Ammonia respectively. The
energy consumption was also low with 5.576 Gcal/MT for Urea and 7.898 Gcal/MT
for Ammonia production. Out of the total production of Urea during the year,
the production bof Neem-Coated-Urea was .362 Millions MT which was 35% of total
Urea production permitted by Government of India.
In view of the
excellent performance of the Shahjahanpur plant and highest degree of productivity,
the plant has now maintained Urea production level of more than one million MT
per year and Ammonia production of more than six lac MT per year for four years
in a row.
The Company crossed the “cut-off” level of 9,09,810 MT and “qualifying” production level of 9,55,301 MT of Urea fixed by Department of Fertilizer, Government of India, thus making it eligible for Import Parity Price (IPP) Scheme. Consequently the entire production beyond the “cut-off” level amounting to 1,25,942 MT qualified for pricing under the IPP.
During the year, the Company achieved excellent performance in its dispatch and sales operations. With the sincere efforts made by KRIBHCO’s marketing department, 10.37 LMT Urea was dispatched to various destinations. A total of 10.38 LMT urea was sold in FY 2013-14 which also includes opening stock as on 01.04.2014.
The financial year 2013-14 ended with a net loss of Rs. 252.600 Millions as against a net profit after tax of Rs.161.6 Millions in 2012-2013. Although manufacturing, administrative, selling and distribution expenses have marginally increased but contribution from quantity produced beyond the “cut-off” level of production fell almost by 60% earned in the last year, adversely affecting the profitably of this year.
Falling import parity price and of high cost of spot gas to the quantity produced beyond the “cut-off” point, resulted in lower contribution, which was one of the main reasons for the losses during the year. During the previous financial year the quantity produced beyond the “cut-off” point was only 0.98 LMT, whereas in this year 1.259 LMT was eligible for IPP based subsidy. The benefit of increase in quantity eligible for IPP subsidy was offset by the effect of lower international price of urea.
FUTURE OUTLOOK
For FY 2014-15 outlook is very positive and the Company has targeted to surpass all its previous of production and energy consumption. Accordingly, production target for FY 2014-15 has been set at 10.41 LMT of Urea with a energy consumption of 5.560 Gcal/MT of Urea. To achieve these targets, a comprehensive performance plan has been prepared which sets performance parameters and targets for each and every department and section. No major shutdown has been planned during FY 2014-15 and the production plan envisages plant operation for 350 stream days with three short shutdowns of five days each to take care of plant exigencies and breakdowns.
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWING |
|
|
|
UP Trade Tax Loan in lieu of Trade Tax
Deferment |
190.157 |
282.557 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
All the unsecured loans of Rs. 5847.889 Millions (Previous Year Rs. 694.1998 Millions ) are guaranteed
by Corporate Guarantees of holding enterprise- KRIBHCO. Union Bank of |
1470.000 |
3070.000 |
|
Vijaya Bank |
1491.589 |
0.000 |
|
China Trust Commercial Bank |
200.000 |
0.000 |
|
Deutsche Bank |
466.300 |
0.000 |
|
State Bank of |
2220.000 |
1750.000 |
|
Corporation Bank |
0.000 |
1440.000 |
|
Federal Bank |
0.000 |
681.998 |
|
Total |
6038.046 |
7224.555 |
|
NOTE : LONG TERM BORROWING The financial assistance has been provided by the Pradeshiya Industrial and Investment Corporation of Uttar Pradesh Limited. (PICUP) under Trade Tax Deferment Scheme of State Govt. of UP., and is re-payable in yearly installment of Rs.92.400 Millions, Rs.1,04.640 Millions and Rs. 85.517 Millions which falls due on 31st May 2014, 31st May, 2015 and 31st May, 2016 respectively. Bank Guarantee is provided by the Company against the above loan. SHORT TERM
BORROWING All the unsecured loans of Rs. 5847.889 Millions (Previous Year Rs. 6941.998 Millions) are guaranteed by Corporate Guarantees of holding enterprise- KRIBHCO. |
||
CONTINGENT
LIABILITIES:
Contingent
Liabilities not provided for in respect of:
|
Particulars |
2013-2014 ( Rs. In millions) |
2012-2013 ( Rs. In millions) |
|
Stamp Duty on Mortgage |
1900.000 |
1900.000 |
|
Disputed Trade Tax Matters |
203.923 |
179.365 |
|
Income Tax Matters |
- |
73.759 |
|
Demand received from Excise and Custom Department |
82.800 |
16.600 |
FIXED ASSETS
Tangible Assets
· Leasehold land and Site Development
· Building
·
·
Non
· Plant and Machinery
· Capital Spares
· Furniture and Fixture
· Office Equipments
· Computer
· Vehicle
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.