MIRA INFORM REPORT
|
Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
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Registered
Office : |
Dhanuka House, 861-862 Joshi Road, Karol Bagh, New Delhi -
110005 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.02.1985 |
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Com. Reg. No.: |
55-020126 |
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Capital Investment
/ Paid-up Capital : |
Rs.100.039 Millions |
|
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CIN No.: [Company Identification
No.] |
L24219DL1985PLC020126 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELD00321G |
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PAN No.: [Permanent Account No.] |
AAACD0105G |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Agro Chemicals and Seeds. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13300000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Dhanuka Group. It is an established company having a fine track. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
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 |
ICRA |
|
Rating |
Fund based limits = A+ |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
December, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based limits = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
December, 2013 |
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.
LOCATIONS
|
Registered Office : |
Dhanuka House, 861-862 Joshi Road, Karol Bagh, New Delhi -
110005, |
|
Tel. No.: |
91-11-30511500/83/67 |
|
Fax No.: |
91-11-32907373 |
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E-Mail : |
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Website : |
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Corporate Office : |
14th Floor, Building 5A, DLF Cyber Terrace, Cyber City, DLF Phase III, Gurgaon- 122002, Haryana, India |
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Factory 1 : |
Village Atta, |
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E-Mail : |
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Factory 2 : |
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Tel No.: |
91-124-2469138 / 139 140 |
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Fax No.: |
91-124-2469144 |
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E-Mail.: |
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Factory 3 : |
D/1/A-D/l/B, Ajanta Indl.Estate, Near Sarika Paints, |
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Tel No.: |
91-02717- 284567/68 |
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Fax No.: |
91-02717-284567 |
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E-Mail: |
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Factory 4 : |
Plot No.l, IID Centre, SAICOP Industrial Estate, Battal Balian, Udhampur (J&K) |
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Tel No.: |
91-01992-250156/57 |
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Fax No.: |
91-01992-250156 |
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E-Mail.: |
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Sales Office / Godowns : |
Located At:
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Ram Gopal Agarwal |
|
Designation : |
Chairman |
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|
Name : |
Mr. Mahendra Kumar Dhanuka |
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Designation : |
Managing Director |
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Name : |
Mr. Arun Kumar Dhanuka |
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Designation : |
Director |
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Name : |
Mr. Mridul Dhanuka |
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Designation : |
Executive Director |
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Name : |
Mr. Rahul Dhanuka |
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Designation : |
Executive Director |
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Name : |
Mr. Sachin Kumar Bhartiya |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Subhash Chandra Lakhotia |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Indresh Narain |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Priya Brat |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Vinod Kumar Jain |
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Designation : |
Non-Executive Director |
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Name : |
Mrs. Asha Mundra |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Om Prakash Khetan |
|
Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Ms. Shubha Singh |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
1016935 |
2.03 |
|
|
36492240 |
72.96 |
|
|
37509175 |
74.99 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
37509175 |
74.99 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
2209508 |
4.42 |
|
|
1004 |
0.00 |
|
|
2818341 |
5.63 |
|
|
5028853 |
10.05 |
|
|
|
|
|
|
1171793 |
2.34 |
|
|
|
|
|
|
3721578 |
7.44 |
|
|
2111657 |
4.22 |
|
|
476444 |
0.95 |
|
|
372389 |
0.74 |
|
|
15618 |
0.03 |
|
|
87637 |
0.18 |
|
|
800 |
0.00 |
|
|
7481472 |
14.96 |
|
Total Public
shareholding (B) |
12510325 |
25.01 |
|
Total (A)+(B) |
50019500 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
||
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
50019500 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agro Chemicals and Seeds. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Working capital loans are secured by hypothecation of stocks of raw materials, goods in process, finished goods, stores, book debts and other movable assets on pari-passu basis and by joint and several gurantee of the Directors of the Company and also by way of first charge over immovable properties of the Company; as collateral security. The working capital loan is repayable on demand and carried interest @10.20% to 12.25%. |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Dinesh Mehta and Company Chartered Accountant |
|
Address : |
21, |
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Companies, Firms and Trusts in which Key Management
Personnel and their Relatives have
Significant Influence: |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,00,00,000 |
Equity Shares |
Rs. 2/- each |
Rs.140.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,00,19,500 |
Equity Shares |
Rs. 2/- each |
Rs.100.039
millions |
Reconcilation
of the shares outstanding at the beginning and at the end of the reporting
period
A
|
Particulars |
No No. of Shares of res |
Amount
|
|
At the beginning of the period |
5,00,19,500 |
Rs.100.039 millions |
|
Issued during the period |
|
|
|
Outstanding at the end of the period |
5,00,19,500 |
Rs.100.039 millions |
Terms/Rights attached to Equity Shares
1. The Company has
only one class of Equity Shares having at par value of Rs. 2/- per share. Each
Equity share is entitled to one vote.
2. The Company has
paid 100% Interim Dividend i.e. Rs. 2.00 per Equity Share having Face value of
Rs. 2/- each during the Financial Year 2013-14. The total outgo on this account
amounted to Rs. 1,17.041 Millions (including Rs. 17.002 Millions of Corporate
Dividend Tax). The Interim Dividend was paid to the Shareholders whose names
appeared in the Register of Members on Record date, i.e. 18-02-2014 and entire
amount of the said Dividend was paid within Statutory time lines stipulated by
the Companies Act, 1956.
3. During the year
ended 31st March, 2014, the amount of final dividend is proposed at 100% i.e.
Rs. 2.00 per equity share having face value of Rs. 2/-each
4. In the event of
liquidation of the Company, the holders of Equity Shares will be entitled to
receive remaining assets of the Company after distribution of all preferential
amounts.
5. The distribution will be in proportion to the number of Equity Shares
held by the shareholders
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
No. of Shares [In
Millions] |
%
Holding |
|
M/s Golden Overseas Private Limited |
8.236 |
16.47% |
|
M/s Exclusive Leasing and Finance Limited |
6.376 |
12.75% |
|
M/s Zoom Leasing and Finance Company Limited |
9.454 |
18.90% |
|
M/s Hindon Mercantile Limited |
5.896 |
11.79% |
|
M/s 2020 Equity Investors Limited |
4.172 |
8.34% |
|
M/s Duke Impex Private Limited |
3.505 |
7.01% |
As per the of the
Company, including its Register of Shareholders/Members and other declarations received
from shareholders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownership of shares.
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 |
100.039 |
100.039 |
100.039 |
|
(b) Reserves & Surplus |
3224.918 |
2527.647 |
2045.938 |
|
(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) |
3324.957 |
2627.686 |
2145.977 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
56.503 |
|
(b) Deferred tax liabilities
(Net) |
36.369 |
28.231 |
25.560 |
|
(c) Other long term
liabilities |
149.773 |
132.733 |
133.044 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
186.142 |
160.964 |
215.107 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
394.112 |
330.143 |
337.588 |
|
(b) Trade payables |
481.994 |
449.966 |
542.899 |
|
(c) Other current liabilities |
633.081 |
531.363 |
564.472 |
|
(d) Short-term provisions |
147.665 |
104.508 |
150.401 |
|
Total
Current Liabilities (4) |
1656.852 |
1415.980 |
1595.360 |
|
|
|
|
|
|
TOTAL |
5167.951 |
4204.630 |
3956.444 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
657.814 |
619.280 |
387.576 |
|
(ii) Intangible Assets |
12.793 |
6.346 |
2.857 |
|
(iii) Capital work-in-progress |
222.615 |
13.059 |
2.832 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10.013 |
0.013 |
0.013 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
196.859 |
179.964 |
181.565 |
|
(e) Other Non-current assets |
2.571 |
3.000 |
0.000 |
|
Total
Non-Current Assets |
1102.665 |
821.662 |
574.843 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
82.119 |
152.740 |
|
(b) Inventories |
2148.130 |
1598.670 |
1387.585 |
|
(c) Trade receivables |
1708.956 |
1507.247 |
1511.942 |
|
(d) Cash and cash equivalents |
22.859 |
53.725 |
87.363 |
|
(e) Short-term loans and
advances |
185.341 |
141.207 |
241.971 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
4065.286 |
3382.968 |
3381.601 |
|
|
|
|
|
|
TOTAL |
5167.951 |
4204.630 |
3956.444 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
7384.101 |
5823.056 |
5291.877 |
|
|
Other Income |
47.855 |
69.464 |
6.194 |
|
|
TOTAL
(A) |
7431.956 |
5892.520 |
5298.071 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4874.094 |
3501.748 |
3192.613 |
|
|
Purchases of Stock-in-Trade |
327.252 |
321.605 |
258.052 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(531.308) |
(12.368) |
(24.818) |
|
|
Employees benefits expense |
581.724 |
476.403 |
415.589 |
|
|
Other expenditure |
926.766 |
716.676 |
656.251 |
|
|
TOTAL
(B) |
6178.528 |
5004.064 |
4497.687 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1253.428 |
888.456 |
800.384 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
41.680 |
35.272 |
54.883 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1211.748 |
853.184 |
745.501 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
48.386 |
45.417 |
45.177 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1163.362 |
807.767 |
700.324 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
232.009 |
163.283 |
129.021 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
931.353 |
644.484 |
571.303 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1908.302 |
1491.093 |
NA |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
93.200 |
64.500 |
NA |
|
|
Dividend |
100.039 |
65.025 |
NA |
|
|
Interim Dividend |
100.039 |
75.024 |
NA |
|
|
Tax on Dividend |
34.004 |
22.726 |
NA |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
2512.373 |
1908.302 |
1491.093 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Insurance Claim |
0.096 |
0.000 |
0.000 |
|
|
Reimbursement of Advertisement
expenses |
4.884 |
6.017 |
5.159 |
|
|
Reimbursement of Data Generation
(Testing) |
0.000 |
2.008 |
0.000 |
|
|
Export Sale |
1.622 |
2.567 |
0.000 |
|
|
Reimbursement of R&D
expenses |
0.000 |
1.798 |
0.000 |
|
|
Products Target Incentive |
15.395 |
11.750 |
6.179 |
|
|
TOTAL
EARNINGS |
21.997 |
24.140 |
11.338 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1118.810 |
730.175 |
749.213 |
|
|
TOTAL
IMPORTS |
1118.810 |
730.175 |
749.213 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
18.62 |
12.88 |
11.42 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
12.53 |
10.94 |
10.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.75 |
13.87 |
13.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.57 |
19.27 |
17.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.31 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.12 |
0.13 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.45 |
2.39 |
2.12 |
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 |
100.039 |
100.039 |
100.039 |
|
Reserves & Surplus |
2045.938 |
2527.647 |
3224.918 |
|
Net
worth |
2145.977 |
2627.686 |
3324.957 |
|
|
|
|
|
|
long-term borrowings |
56.503 |
0.000 |
0.000 |
|
Short term borrowings |
337.588 |
330.143 |
394.112 |
|
Total
borrowings |
394.091 |
330.143 |
394.112 |
|
Debt/Equity
ratio |
0.184 |
0.126 |
0.119 |
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) |
|
Sales |
5291.877 |
5823.056 |
7384.101 |
|
|
|
10.038 |
26.808 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5291.877 |
5823.056 |
7384.101 |
|
Profit |
571.303 |
644.484 |
931.353 |
|
|
10.80% |
11.07% |
12.61% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
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 |
No |
|
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 |
VIEW INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10243723 |
16/09/2010 |
66,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A95873584 |
|
2 |
10228477 |
22/07/2013 * |
1,005,600,000.00 |
STATE BANK OF
INDIA-LEAD BANK |
OVERSEAS BRANCH,
JAWAHAR VYAPAR BHAWAN, 1, TOLSTO |
B81055360 |
* Date of charge modification
BUSINESS OPERATIONS
The Financial Year 2013-14 was exemplary for Indian agriinputs industry because of abundant rainfall in the country. Both the Kharif and Rabi season were robust and there was good demand for the Company’s products.
The Company achieved a Gross Turnover of Rs. 8290.542 Millions, an increase of 28.26% over last year’s Gross Turnover of Rs. 6464.005 Millions. The Net Sales of the Company grew by 26.81% from Rs. 5823.056 Millions in FY 2012-13 to Rs. 7384.101 Millions in FY 2013-14.
EBITDA grew by 41.08% from Rs. 888.456 Millions in FY 2012-13 to Rs. 1253.428 Millions in FY 2013-14. Further, PAT grew by 44.51% from Rs. 644.484 Millions in FY 2012-13 to Rs. 931.353 Millions in FY 2013-14.
The Company continues to remain debt-free, due to its strong performance in the recent years. Additionally, it has healthy Net Worth of Rs. 3324.957 Millions.
They are delighted that the Company has found a coveted place in internationally acclaimed ‘Forbes Asia – 200 Best under a Billion’ list for the third time in last four years.
It is their privilege to inform that the Company has bagged a place in the prestigious ‘Inc. India 500 – India’s Fastest Growing Mid-Sized Companies’ list for the third consecutive year.
Further, it is a matter of pride that the Company has been presented ‘Inc. India Innovative 100 Award: 2013’ in
recognition of smart innovation for its newly launched product – Lustre.
In addition to this, the Company has been presented prestigious award for ‘Branding Excellence in agro-chemicals by ABP News’ during 22nd World Brand Congress.
The Company has been assigned (ICRA) A+ for fund based limits and (ICRA) A1+ for non-fund based limits.
CRISIL has assigned Fundamental grade and Valuation grade of 4/5 to the Company.
FUTURE PROSPECTS
The Company continues to introduce new products with international and domestic tie-ups, as their marketing philosophy is to launch technologically-advanced, innovative products. Six new, exclusive products are in process of getting registered with Central Insecticides Board u/s 9(3) of the Insecticides Act, 1968.
Two products are expected to be launched in each of the next three financial years.
The Indian Meteorological Department has predicted that there is a probability that this year’s monsoon in India may be adversely affected by El-Nino weather phenomenon. However due to pan India presence, product portfolio for all kind of crops to control all types of weeds, pests and diseases, the Company expects to do well during this fiscal.
OUTLOOK 2014-15
Going ahead, the Company expects to commence operations at its Rajasthan plant by Q4 2014-15 which will increase productivity. Also, there are plans to enhance automation in other existing facilities and improve procedural efficiency.
Marketing strengths Team of 1,500 Dhanuka Doctors each covering 12-18 villages every week Wide and deep pan-India distribution network (more than 8,000 distributors and more than 75,000 retail counters).
Strong brand portfolio comprising over 80 products. Enduring relationships with global innovators resulting in the
introduction of specialty molecules. Engagement of Mr. Amitabh Bachchan as Brand Ambassador.
MARKETING REVIEW
Dhanuka specialises in agrochemical marketing with more than 80 brands, 8,000 dealers/distributors and the deployment of more than 1,500 Dhanuka Doctors responsible for providing live product efficacy demonstrations.
Dhanuka connects well with farmers, scientist community and opinion leaders. The Company created one of the most comprehensive supply chain linkages comprising more than 42 warehouses and three manufacturing facilities to minimise stockout.
The legend of Indian cinema, Mr. Amitabh Bachchan has been endorsing the Company as its Brand Ambassador, strengthening multi-regional familiarity and product off-take.
HIGHLIGHTS, 2013-14
Revenue increased by 26.81% from Rs. 5823.100 Millions in 2012-13 to Rs. 7384.100 Millions in 2013-14 12Launched in-licensed products - Maxyld, Media Super, Defend, Danfuron with successful marketplace acceptance Received ‘ABP News Best Branding Award in Agrochemicals’ during the World Brand Conference in 2013.
CONTINGENT LIABILITIES NOT PROVIDED FOR
|
PARTICULARS |
AS ON 31.03.2014 (Rs. In millions) |
AS ON 31.03.2013
(Rs. In
millions) |
|
Sales Tax pending in appeal |
0.357 |
0.843 |
|
Excise disputes pending |
7.222 |
11.813 |
|
Service Tax disputes pending |
36.747 |
36.747 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30.06.2014
(Rs. In millions)
|
Particulars |
|
|
Standalone and
Consolidated |
|
|
|
|
30.06.2014 |
|
|
|
|
Unaudited |
|
Net Sales /Income from Operations |
|
|
1729.114 |
|
Other Operating Income |
|
|
18.841 |
|
Total Income |
|
|
1747.955 |
|
Expenditure : |
|
|
|
|
a) Increase(decrease) in stock in trade and work In progress |
|
|
(375.603) |
|
b) Consumption of raw materials |
|
|
1476.975 |
|
c) Purchase of Traded Goods |
|
|
0.000 |
|
d) Employee Cost |
|
|
156.896 |
|
e) Depreciation |
|
|
13.285 |
|
f) Other expenditure |
|
|
206.061 |
|
Total Expenses |
|
|
1477.614 |
|
Profit from Operations before Other Income, Interest and Exceptional Items |
|
|
270.341 |
|
Other Income |
|
|
1.484 |
|
Profit from Operations before Other Income, Interest and Exceptional Items |
|
|
271.825 |
|
Interest / Finance Cost |
|
|
8.558 |
|
Profit after Interest but before Exceptional Items |
|
|
263.267 |
|
Exceptional ltems -(Income)/ Expenses |
|
|
--- |
|
Profit(+)Loss(-) from Ordinary Activities before Tax |
|
|
263.267 |
|
Tax Expenses |
|
|
58.757 |
|
Net Profit(+)/Los(-) from Ordinary Activities after Tax |
|
|
204.510 |
|
Extraordinary items (Net of Tax Expenses) |
|
|
-- |
|
Profit(+)/Loss(-) for the period |
|
|
204.510 |
|
Paid-up Equity Share Capital (Face value of Rs.2/- (Last year Rs.10) |
|
|
100.039 |
|
Reserves |
|
|
|
|
Basic & diluted EPS (Rs.) |
|
|
4.09 |
|
Basic & diluted EPS (Rs.) ( Restated) |
|
|
4.09 |
|
Public Shareholdings |
|
|
|
|
No. of shares |
|
|
12510325 |
|
Percentage of shareholding |
|
|
25.01% |
|
Promtors & Promotor Group Shareholding |
|
|
|
|
a) Pledge / Encumbered |
|
|
|
|
No. of Shares |
|
|
-- |
|
-Percentage of Shares as %of total share holding of promoters and promoter group |
|
|
-- |
|
-Percentage of Shares as % of total share Capital of the Company. |
|
|
-- |
|
b) Non-encumbered |
|
|
|
|
No. of Shares |
|
|
37509175 |
|
-Percentage of Shares as %of total share holding of promoters and promoter group |
|
|
100.00% |
|
-Percentage of Shares as % of total share Capital of the Company. |
|
|
74.99% |
|
Investor
Complaints |
Quarter Ended 30.06.2014 |
|
Complaints pending at the beginning of the quarter |
Nil |
|
Complaints received during the quarter |
7 |
|
Complaints disposed of during the quarter |
7 |
|
Unresolved at the end of the quarter |
Nil |
NOTE :
1.The above unaudited financial results for the quarter and year ended June 30, 2014 were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors in their meeting held on July 30, 2014.
2. The demand of Company's products depends on monsoon, pest infestation and
crop patterns. Hence there may be variation in the results.
3. Segment Reporting as defined in Accounting Standard 17 : Company's operation
have been considered as representing a single primary segment.
4. Pursuant to the Accounting Standard (AS-22) - "Accounting for taxes on
income" issued by the Institute of Chartered Accountants of India,
provision for deferred taxation has been made in the Accounts.
5. Dhanuka Agri-Solutions Private Limited, wholly owned Subsidiary of Dhanuka
Agritech Limited was incorporated on July 17, 2011 and operations have not yet
been started.
6. Previous year's figures have been regrouped and re-arranged wherever
considered necessary.
7. The Auditor have carried out the "Limited Review" of the rsults
for the quarter ended June 30, 2014.
FIXED ASSETS
- Plant and Machinery
- Building Factory
- Building Others
- Furniture and Fixture
- Light Vehicles
- Heavy Vehicles
- Office Appliances
- Computer
- Wind Mill
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.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.