MIRA INFORM REPORT

 

 

Report Date :

21.10.2014

 

IDENTIFICATION DETAILS

 

Name :

UPL LIMITED

 

 

Formerly Known As :

UNITED PHOSPHORUS LIMITED

 

 

Registered Office :

3-11, G.I.D.C., Vapi, Valsad – 396195, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

02.01.1985

 

 

Com. Reg. No.:

04-025132

 

 

Capital Investment / Paid-up Capital :

Rs.857.200 Millions

 

 

CIN No.:

[Company Identification No.]

L24219GJ1985PLC025132

 

 

Legal Form :

Public limited liability company. Company’s shares are listed on the Stock Exchange.

 

 

Line of Business :

Manufacturer and Exporter of Agro Chemicals, Fungicide, Herbicide, Plant Growth and Regulators.

 

 

No. of Employees :

2560 employees in India and 3595 employees globally.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (66)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well – established company having fine track record.

 

The rating takes into consideration dominant market position of UPL in the global agro chemicals market supported by diversified product portfolio, integrated operations across geographies, healthy revenue growth, decent profitability margins and comfortable liquidity position.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

The company can be considered good for normal 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.

 

 

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

CARE

Rating

Long term bank facilities – AA+

Rating Explanation

High degree of safety and very low credit risk.

Date

October 13, 2014

Rating Agency Name

CARE

Rating

Short term bank facilities – A1+

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

October 13, 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

 

Management Non-Co-operative (91-022-26468000)

 

 

LOCATIONS

 

Registered Office / Factory 1:

3-11, G.I.D.C, Vapi, District Valsad - 396195, Gujarat, India

Tel. No.:

91-260-2400717/ 2401945/ 2401960/ 2401718/ 2401719

Fax No.:

91-260-2401823

E-Mail :

thackerkm@uniphos.com
upl@uniphos.com

info@uniphos.com

upl.investors@uniphos.com

purchase@uniphos.com

Website :

http://www.uplonline.com

Location:

Owned

 

 

Corporate / Administrative Office :

Uniphos House, Madhu Park, 11th Road, Chitrakar Dhurandar Marg, Khar (West), Mumbai - 400052, Maharashtra, India

Tel. No.:

91-22-26468000

Fax No.:

91-22-26041010

E-Mail :

 

hr_admin@uniphos.com

 

 

Factory 2 :

Green Park Area, Block No 103/B, A/D, Gandhi Nagar - 180004, Jammu, India

Tel No.:

91-191-2430671

 

 

Factory 3 :

CHEMO ELECTRONIC LAB.

Nahuli – Vapi City, Valsad District - 396195, Gujarat, India

Tel No.:

91-260-2730156/ 2730158/ 2730159

 

91-260-2730160

 

 

Factory 4 :

Plot No. 750, G.I.D.C., Jhagadia, District Bharuch, Gujarat, India

 

 

Factory 5 :

Serial No.225, Village Gopipura, Via Baska Taluka, Halol City, District Panchmal - 389350, Gujarat, India

Tel No.:

91-2676-247068/ 247052

Fax No.:

91-2676-247068

 

 

Factory 6 :

ANKLESWAR - UNIT I :-


117, G.I.D.C., Ankleshwar City, Bharuch District - 393002, Gujarat, India

Tel: 91-2646-251223/ 250336/ 251249/ 250279/ 250379

Fax: 91-2646-250297

 

ANKLESHWAR - UNIT II : -


3405/6, G.I.D.C., Ankleshwar City, Bharuch District - 393002, Gujarat, India

Tel: 91-2646-250578/ 250493/ 250563

Fax: 91-2646-251434

 

ANKLESHWAR - UNIT III : -


3101/2, G.I.D.C., Ankleshwar City, Bharuch District - 393002, Gujarat, India
Tel: 91-2646-251189/ 225174/ 224473/ 252684

Fax: 91-2646–250615

 

 

Factory 7 :

Agrochemical Plant, Durgachak Haldia, Midnapore District – 721602, West Bengal, India

Tel No.:

91-33-22486908

 

 

Sales Office :

V-Fortune Building, 3rd Floor, S V Road, Next to Surya Children's Hospital, Near Vijay Sales, Opposite Petrol Pump, Santacruz (West), Mumbai - 400052, Maharashtra, India

Tel. No.:

91-22-27847769/ 27811554 

Fax No.:

91-79-27842399 

Email :

upl@uniphos.com

ib.hr@uniphos.com

 

 

Godown :

Survey No 154/B/1, Shed 2, S V Cooperative Industrial Estate, I D A Bollaram, Jinnaram, Medak - 502313, Andhra Pradesh, India

 

 

Overseas Offices :

Located At :

 

·         Zambia

·         China

·         Australia

·         Japan

·         Russia

·         Korea

·         Vietnam

·         New Zealand

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. R. D. Shroff

Designation :

Chairman & Managing Director

 

 

Name :

Mr. J. R. Shroff

Designation :

Global CEO of the Group

 

 

Name :

Mr. A. C. Ashar

Designation :

Director – Finance

 

 

Name :

Mrs. S. R. Shroff

Designation :

Vice Chairman

 

 

Name :

Mr. K. Banerjee

Designation :

Whole - Time Director

 

 

Name :

Mr. Pradeep Goyal

Designation :

Director

 

 

Name :

Dr. P. V. Krishna

Designation :

Director

 

 

Name :

Dr. Reena Ramachandran

Designation :

Director

 

 

Name :

Mr. Pradip Madhavji

Designation :

Director

 

 

Name :

Mr. Vinod Sethi

Designation :

Director

 

 

Name :

Mr. Suresh P. Prabhu

Designation :

Director

 

 

Name :

Mr. Suresh P. Prabhu

Designation :

Director

 

Name :

Mr. V. R. Shroff

Designation :

Executive Director

 

 

KEY EXECUTIVES

 

Name :

Mr. M. B. Trivedi

Designation :

Company Secretary

 

 

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

clear(1) Indian

 

 

clearIndividuals / Hindu Undivided Family

3758181

0.88

clearBodies Corporate

123970160

28.94

clearSub Total

127728341

29.82

clear(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

127728341

29.82

(B) Public Shareholding

clear(1) Institutions

 

 

clearMutual Funds / UTI

33876694

7.91

clearFinancial Institutions / Banks

356194

0.08

clearInsurance Companies

2042321

0.48

clearForeign Institutional Investors

199456885

46.57

clearSub Total

235732094

55.04

clear(2) Non-Institutions

 

 

clearBodies Corporate

26662799

6.23

clearIndividuals

 

 

clearIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

26674743

6.23

clearIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

5766170

1.35

clearAny Others (Specify)

5733007

1.34

clearOverseas Corporate Bodies

6740

0.00

clearNon Resident Indians

5603399

1.31

clearForeign Corporate Bodies

122868

0.03

clearSub Total

64836719

15.14

Total Public shareholding (B)

300568813

70.18

Total (A)+(B)

428297154

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

clear(1) Promoter and Promoter Group

0

0.00

clear(2) Public

307120

0.00

clearSub Total

307120

0.00

Total (A)+(B)+(C)

428604274

100.00

 

 

SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"

 

No.

Name of the Shareholder

Details of Shares held

Encumbered shares (*)

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

No. of Shares held

As a % of grand total (A)+(B)+(C)

No

As a percentage

As a % of
grand total
(A)+(B)+(C) of sub-clause (I)(a)

1

Nerka Chemicals Private Limited

9,86,33,100

23.01

13165000

13.35

3.07

23.01

2

Uniphos Enterprises Limited

2,53,37,060

5.91

2000000

7.89

0.47

5.91

3

Shilpa R Shroff

14,45,061

0.34

0

0.00

0.00

0.34

4

Shilpa Shroff

14,37,780

0.34

0

0.00

0.00

0.34

5

Jyotsna J Bhatt

4,48,750

0.10

0

0.00

0.00

0.10

6

Jyotindra Manshankar Bhatt

3,93,580

0.09

0

0.00

0.00

0.09

7

Varun Jaidev Shroff

14,000

0.00

0

0.00

0.00

0.00

8

Pradip N Sagar

5,930

0.00

0

0.00

0.00

0.00

9

Tania Jaidev Shroff

6,000

0.00

0

0.00

0.00

0.00

10

Shaila Shashikumar Shroff

4,080

0.00

0

0.00

0.00

0.00

11

Mekhala Vikram Shroff

2,000

0.00

0

0.00

0.00

0.00

12

Shaila Shashikumar Shroff

1,000

0.00

0

0.00

0.00

0.00

 

Total

12,77,28,341

29.80

15165000

11.87

3.54

29.80

 

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES

 

No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

Government Pension Fund Global

10652984

2.49

2.49

2

Skagen Kon Tiki Verdipapirfond

10294488

2.40

2.40

3

Macquarie Fund Solutions

6887951

1.61

1.61

4

Invesco Perpetual Global Equity Fund

6159873

1.44

1.44

5

HDFC Standard Life Insurance Company Limited

6144067

1.43

1.43

6

Citibank International Plc As Depository

6008332

1.40

1.40

7

Reliance Capital Trustee Company Limited

5642674

1.32

1.32

8

ICICI Prudential Life Insurance Company Limited

5069349

1.18

1.18

9

Invesco Asian Equity Fund

5032970

1.17

1.17

10

Merrill Lynch Capital Markets Espana SA

5006852

1.17

1.17

11

LSV Emerging Markets Equity Fund LP

4393200

1.03

1.03

 

Total

71292740

16.63

16.63

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Agro Chemicals, Fungicide, Herbicide, Plant Growth and Regulators.

 

 

GENERAL INFORMATION

 

No. of Employees :

2560 employees in India and 3595 employees globally.

 

 

Bankers :
  • Dena Bank
  • Bank Of Baroda
  • State Bank of India
  • Union Bank of India
  • Canara Bank
  • IDBI Bank Limited
  • The Karur Vysya Bank Limited
  • Axis Bank Limited
  • Andhra Bank
  • State Bank of Hyderabad
  • ICICI Bank Limited
  • ING Vysya Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

SHORT TERM BORROWINGS

 

 

Cash credit, packing credit and working capital demand loan accounts from banks

72.200

534.200

 

 

 

Total

72.200

534.200

 

Note :

a. Outstanding loans carry an interest rate of Base Rate/Libor plus margin ranging from 70 bps to 400 bps

b. Outstanding loan is secured by hypothecation of inventories, bills receivables, book debts and all movables assets of the Company both present and future, wherever situated.

 

 

 

Banking Relations :

---

 

 

Auditors :

 

Name :

S.V. Ghatalia and Associates

Chartered Accountant

 

 

Associates :

·         Sanguine Holdings Private Limited

·         Advanta Limited (formerly known as Advanta India Limited)

·         Tatva Global Enviroment Limited

·         Advanta Semilas SAIC, Argentina

·         Tatva Global Environment (Deonar) Limited

·         Chemisynth (Vapi) Limited

·         Ultima Search

·         Kerala Enviro Infrastructure Limited

·         Uniphos International Limited

·         Pacific Seeds Pty Limited, Australia

·         Uniphos Enterprises Limited

·         Unicorn Seeds Private Limited

·         UPL Environmental Engineers Limited

·         Sipcam UPL Brasil S.A.

·         Vikram Farm

 

 

Joint Venture :

·         Accolade Properties Private Limited (Upto September 27, 2012)

·         United Phosphorus (Bangladesh) Limited

·         Sadafuli Finvest Private Limited (Upto September 27, 2012)

 

 

Subsidiaries :

·         UPL Limited, Mauritius (formerly known as Uniphos Limited)

·         UPL Investment Private Limited

·         UPL Colombia S.A.S Agrindustrial, S.A., Spain

·         UPL Limited Korea (formerly known as United Phosphorus (Korea) Limited)

·         Agrodan, ApS United Phosphorus (Shanghai) Company Limited

·         Anning Decco Fine Chemical Co. Limited, China

·         United Phosphorus (Taiwan) Limited Bio-win Corporation Limited, Mauritius

·         United Phosphorus Cayman Limited Canegrass LLC, USA

·         United Phosphorus de Mexico, S.A. de C.V. Cerexagri B.V. - Netherlands

·         United Phosphorus do Brasil Ltda UPL Costa Rica S.A (formerly known as Cerexagri Costa Rica, S.A.)

·         United Phosphorus GMBH, Germany Cerexagri Delaware, Inc.,USA

·         United Phosphorus Holdings B.V., Netherlands Cerexagri Italia S.R.L.

·         United Phosphorus Holdings Cooperatief U.A. Cerexagri S.A.S., France

·         United Phosphorus Inc., U.S.A. Cerexagri Ziraat Ve Kimya Sanayi Ve Ticaret Limited Sirketi, Turkey

·         UPL Australia Limited (formerly known as United Phosphorus Limited)

·         Cerexagri, Inc. (PA)

·         United Phosphorus Limited, Belgium S P R L Citrashine (Pty) Limited, South Africa

·         United Phosphorus Limited, Gibraltar Compania Espanola Industrial Quimica de Productos Agricolas Y Domesticos, S.A.U.,Spain

·         UPL Limited, Hongkong (formerly known as United Phosphorus Limited)

·         Decco Iberica Postcosecha, S.A.U., Spain (formerly Cerexagri Iberica)

·         United Phosphorus Limited, Japan

·         Decco Italia SRL,Italy

·         UPL New Zealand Limited (formerly known as United Phosphorus Limited)

·         Decco US Post-Harvest Inc (US)

·         United Phosphorus Limited, U.K.

·         Decco Worldwide Post-Harvest Holdings B.V.

·         United Phosphorus Polska Sp.z o.o - Poland

·         Decco Worldwide Post-Harvest Holdings Cooperatief U.A.

·         United Phosphorus Switzerland Limited

·         Desarrollo Quimico Industrial, S.A., Spain (DEQUISA S.A.)

·         United Phosphorus Vietnam Co., Limited

·         Friedshelf 1114 (Pty) Limited

·         Global Chem Trade Corp., Panama (Dissolved on January 1, 2013)

·         Safepack Products Limited, Israel

·         Icona S A – Argentina

·         Samrod Chemicals (Pty) Limited

·         Icona Sanluis S A – Argentina

·         Shroffs United Chemicals Limited

·         Jiangsu Kaznam Chemical Group.,Panama (Dissolved on March 18, 2013)

·         SWAL Corporation Limited

·         JSC United Phosphorus Limited,

·         Russia Transterra Invest, S. L. U., Spain

·         Optima Farm Solutions Limited (acquired during the year)

·         RiceCo International Inc., Bahamas

·         Phosfonia, S.L.,Spain UPL Limited, Gibraltar (formerly known as Uniphos Limited)

·         PT Catur Agrodaya Mandiri, Indonesia

·         Decco Jefkins Mexico Sapi, Mexico

·         PT. United Phosphorus Indonesia

·         UPL Aviation Limited

·         United Phosphorus Holding, Brasil B.V.

·         United Phosphorus Industria e Comercio de Produtos Quimicos Ltda. Brazil

·         RiceCo LLC

·         Uniphos Indύstria e Comercio de Produtos Quimicos Ltda. Brazil

·         Upl do brasil Industria e Comercio de Insumos Agropecuarios S.A.

·         Neo-Fog S.A. (acquired during the year)

·         DVA Technology Argentina S.A.

·         JPB Courtage S.A.R.L. (acquired during the year)

·         United Phosphorous Bolivia S.R.L

·         AgriChem B.V

·         Decco Chile SpA

·         AgriChem Heivelia GmbH.

·         UPL Agromed Tarim Ilaclari ve Tohumculuk Sanayi ve ticaret A.S.

·         AgriChem Polska Sp Z.O.O.

·         UPI Finance LLC

·         Agricultural Chemicals N.V.

·         United Phosphorous Corp. Philippines

·         Aspen Holdings SAS

·         United Phosphorous Global LLP

·         Aspen SAS

·         United Phosphorous (India) LLP

·         SD Agchem (Netherlands) B.V.

·         Pro Long Limited

·         Blue Star BV

 

 

Enterprises over which key management personnel and their relatives have significant influence:

·         Bharuch Enviro Infrastructure Limited

·         Bloom Packaging Private Limited

·         Bloom Seal Containers Private Limited

·         Daman Ganga Pulp and Papers Private Limited

·         Demuric Holdings Private Limited

·         Enviro Technology Limited

·         Uniphos Envirotronic Private Limited

·         Jai Research Foundation

·         Jai Trust

·         Nerka Chemicals Private Limited

·         Pot Plants

 

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1275000000

Equity Shares

Rs.2/-each

Rs.2550.000 Millions

 

 

 

 

14000000

Preference Shares

Rs.100/-each

Rs.1400.000 Millions

 

 

 

 

5000000

Preference Shares

Rs.10/-each

Rs.50.000 Millions

 

Total

 

Rs.4000.000 Million

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

428604274

Equity Shares

Rs.2/-each

Rs.857.208 Millions

 

 

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

 

Particulars

No. of Shares in Millions

Amount in Millions

At the beginning of the year

442.600

885.200

Buy-back during the year

(14.000)

(28.000)

Outstanding at the end of the year

428.600

857.200

 

Terms/ rights attached to equity shares:

The Company has one class of equity shares having par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

During the year ended 31st March, 2014, the amount of per share dividend recognised as distributions to equity sharehorders was Rs. 4 (31st March, 2013: Rs. 2.50).

 

Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

 

Particulars

No. of Shares in Millions

Amount in Millions

Equity shares allotted as fully paid bonus shares by capitalization of securities

premium

--

219.800

Equity shares bought back by the Company.

33.200

19.200

 

Details of shareholders holding more than 5% shares in the Company

 

Particulars

No. of Shares in Millions

% holding

Nerka Chemicals Private Limited

98.600

23.01

Uniphos Enterprises Limited

25.300

5.91

 

As per 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 ownerships 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

857.200

885.200

923.600

(b) Reserves & Surplus

32219.200

32691.700

34136.600

(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)

33076.400

33576.900

35060.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

10600.000

14000.000

11000.000

(b) Deferred tax liabilities (Net)

1173.400

909.000

827.800

(c) Other long term liabilities

3067.000

2098.100

1360.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

14840.400

17007.100

13187.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1101.600

6381.100

3515.800

(b) Trade payables

13711.500

9406.600

6186.600

(c) Other current liabilities

5734.600

2200.500

3139.200

(d) Short-term provisions

2360.700

1586.800

1551.600

Total Current Liabilities (4)

22908.400

19575.000

14393.200

 

 

 

 

TOTAL

70825.200

70159.000

62641.200

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

10829.500

8338.800

8103.700

(ii) Intangible Assets

4893.200

5166.200

5650.500

(iii) Capital work-in-progress

991.300

2361.500

1136.400

(iv) Intangible assets under development

188.400

0.000

0.000

(b) Non-current Investments

6711.500

6710.600

6571.200

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

13303.000

11153.200

10473.700

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

36916.900

33730.300

31935.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

2329.900

1250.000

(b) Inventories

8722.000

6205.400

5500.300

(c) Trade receivables

14117.900

18045.600

13899.900

(d) Cash and cash equivalents

1854.000

1882.200

975.300

(e) Short-term loans and advances

8142.900

7061.400

8186.800

(f) Other current assets

1071.500

904.200

893.400

Total Current Assets

33908.300

36428.700

30705.700

 

 

 

 

TOTAL

70825.200

70159.000

62641.200

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

49682.700

39394.400

33156.400

 

Other Income

3178.400

1296.500

1438.500

 

TOTAL

52861.100

40690.900

34594.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

20145.800

17133.400

15578.900

 

Purchases of Stock-in-Trade

8021.400

4722.600

3423.100

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1539.900)

(382.000)

(1168.500)

 

Employees benefits expense

2578.700

2374.600

1846.500

 

Other expenses

13807.700

11279.300

8766.700

 

TOTAL

43013.700

35127.900

28446.700

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

9847.400

5563.000

6148.200

 

 

 

 

 

Less

FINANCIAL EXPENSES

2432.900

1013.200

1643.700

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

7414.500

4549.800

4504.500

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

1690.900

1577.600

1434.900

 

 

 

 

 

Less/ Add

EXCEPTIONAL ITEMS

198.600

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

5525.000

2972.200

3069.600

 

 

 

 

 

Less

TAX

1367.700

890.900

799.200

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

4157.300

2081.300

2270.400

EARNINGS IN FOREIGN CURRENCY

Exports of goods calculated on F.O.B. basis

27833.700

21884.300

16747.900

Interest

429.000

425.300

466.500

Dividend

1125.000

54.400

197.000

Others

24.400

7.000

5.200

TOTAL EARNINGS

29412.100

22371.000

17416.600

IMPORTS

Raw Materials

11196.200

9093.500

7124.100

Traded Goods

5149.900

2241.000

697.100

Components and spare parts

5.800

9.200

8.800

Capital goods

176.500

411.400

128.900

TOTAL IMPORTS

16528.400

11755.100

7958.900

 

Earnings / (Loss) Per Share (Rs.)

9.45

4.60

4.92

 

 

KEY RATIOS

 

PARTICULARS

 

31.03.2014

 

31.03.2013

 

31.03.2012

 

PAT / Total Income

(%)

7.86

5.11

6.56

 

 

 

 

Net Profit Margin (PBT/Sales)

(%)

11.12

7.54

9.26

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.78

4.87

5.59

 

 

 

 

Return on Investment (ROI) (PBT/Networth)

0.17

0.09

0.09

 

 

 

 

Debt Equity Ratio (Total Debt /Networth)

0.35

0.61

0.41

 

 

 

 

Current Ratio (Current Asset/Current Liability)

1.48

1.86

2.13

 

 

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

923.600

885.200

857.200

Reserves & Surplus

34136.600

32691.700

32219.200

Net worth

35060.200

33576.900

33076.400

 

 

 

 

long-term borrowings

11000.000

14000.000

10600.000

Short term borrowings

3515.800

6381.100

1101.600

Total borrowings

14515.800

20381.100

11701.600

Debt/Equity ratio

0.414

0.607

0.354

 

 

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

33156.400

39394.400

49682.700

 

 

18.814

26.116

 

 

 

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

33156.400

39394.400

49682.700

Profit

2270.400

2081.300

4157.300

 

6.85%

5.28%

8.37%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG-TERM BORROWINGS

 

Particulars

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

 

 

 

 

Current maturities of long-term borrowings

2500.000

---

1421.200

 

 

 

 

Total

2500.000

---

1421.200

 

 

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

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

No

8]

No. of employees

Yes

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

Yes

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

 

 

LITIGATION DETAILS :

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 1017 of 2014

 

Status : PENDING

( Converted from : O/ST/1788/2014 )

CCIN No : 001092201401017

 

 

Next Listing Date:

10/11/2014

Coram

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE VIPUL M PANCHOLI

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF CENTRAL

MR RJ OZA for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondant

Advocate On Record

1

UNITED PHOSPHORUS LIMITED -NOW UPL LIMITED -

 

Presented On

: 05/07/2014

Registered On

: 08/09/2014

Bench Category

: -

District

: SURAT

Case Originated From

: THROUGH ADVOCATE

Listed

: 25 times

StageName

: ADJOURNED MATTERS

 

Office Objection

Filing Stage

·         WHETHER PROPER & FULL COURT FEE IS PAID ?

·         WHETHER CERTIFIED COPIES FILED ? APPELLATE JUDGEMENT

 

Classification

·         DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G

Act

·         CENTRAL EXCISE RULES, 1944

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

05/07/2014

APPEARANCE NOTE

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR RJ OZA(520) for P:1

2

05/07/2014

MEMO OF APPEAL/PETITION/SUIT

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MR RJ OZA(520), for P:1

3

07/10/2014

ADDITIONAL FEE ON CERTIFIEDCOPY

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

2

MR RJ OZA(520) for P:1

Court Proceedings

 

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

11/09/2014

10

-

FOR OFFICE OBJECTION

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

2

17/09/2014

6

42

FOR OFFICE OBJECTION

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

3

09/10/2014

10

-

undefined

·         HONOURABLE MS JUSTICE SONIA GOKANI

4

13/10/2014

6

48

ADMISSION (FRESH MATTERS)

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE VIPUL M PANCHOLI

5

10/11/2014

6

-

ADJOURNED MATTERS

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE VIPUL M PANCHOLI

Available Orders

 

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/1004/2014

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

17/09/2014

N

ORDER

-

Y

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10392596

27/08/2012

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA

B56987159

2

10314745

07/09/2011

2,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA

B24019390

3

10261587

24/12/2010

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA

B03607926

4

10227852

21/06/2010

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA

A88992797

5

10220148

09/04/2010

2,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA

A85891174

6

10186793

09/11/2009

1,350,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA

A73556698

7

10142689

31/12/2008

3,700,000,000.00

Dena Bank

Corporate Business Branch, C-10, G-Block, Bandra Kurla Complex, Bandra East, Mumbai,

Maharashtra - 400051, INDIA

A57003386

8

90099990

09/09/2010 *

16,000,000,000.00

Dena Bank

Corporate Business Branch, Dena Corporate Centre, C-10, `G' Block, Bandra-Kurla Complex, Bandra

East, Mumbai, Maharashtra -400051, INDIA

A95586277

9

80002425

10/01/2005

497,500,000.00

RABO INDIA FINANCE PVT LTD

FORBES BLDG, C R MARG FORT, MUMBAI, Maharashtra -400001, INDIA

-

10

90099860

19/07/2004

2,500,000.00

UTI BANK LTD

UNIVERSAL INSURANCE BUILDING, SIR PM ROAD ;FORT, BOMBAY, Maharashtra - 400001, INDIA

-

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Unsecured redeemable Non-convertible Denbentures

11500.000

14000.000

Less : Non convertible Debentures bought back by the company pending extinguishment

(900.000)

0.000

Note :

Unsecured Redeemable Non-Convertible Debentures

  • NCDs amounting to Rs. 30,00.000 Million (Previous Year: Rs. 30,00.000 Million) have been issued under two series and are redeemable
  • at par at the end of 10th year Rs. 15,00.000 Million i.e June, 2022 and 7th year Rs. 15,00.000 Million i.e June, 2019 from the date of
  • allotment. Out of the above, NCDs amounting to Rs. 9,00.000 Million have been bought back by the Company.
  • NCDs amounting to Rs. 25,00.000 Million (Previous Year: Rs 25,00.000 Million) are redeemable at par at the end of 15th year i.e July 2026
  • from the date of allotment . The NCDs carry a call option at the end of 10th year from the date of allotment.
  • NCDs aggregating to Rs. 30,00.000 Million (Previous Year: Rs 30,00.000 Million) have been issued under four series and are redeemable
  • at par of Rs 7,50.000 Million each at the end of 12th year, 11th year, 9th year and 8th year i.e. October 2022, October 2021, October 2019 and October 2018 respectively from the date of allotment.
  • NCDs aggregating to Rs. 30,00.000 Million (Previous Year: Rs. 30,00.000 Million) have been issued in two series and are redeemable at
  • par at the end of 10th year Rs. 15,00.000 Million i.e. April 2020 and 7th year Rs. 15,00.000 Million i.e. April 2017 from the date of allotment.
  • The NCDs carry a call option at the end of 6th year i.e. April 2016 and 5th year i.e. April 2015 respectively from the date of allotment.
  • NCDs amounting to Rs. 25,00.000 Million (Previous Year: Rs 25,00.000 Million ) are redeemable at par at the end of 5th year i.e January, 2015 from the date of allotment.
  • NCDs mentioned above carry a coupon rate ranging from 9.50% to 10.70%.

SHORT TERM BORROWINGS

 

 

Cash credit, packing credit and working capital demand loan accounts from banks

979.400

1912.800

Buyers credit from banks

 

3884.100

Loans from others

50.000

50.000

Total

1101.600

6381.100

Note:

  • Outstanding loans carry an interest rate of Base Rate/Libor plus margin ranging from 70 bps to 400 bps
  • Outstanding loan is secured by hypothecation of inventories, bills receivables, book debts and all movables assets of the Company both present and future, wherever situated.
  • Short term buyers credit outstanding Rs. Nil (Previous Year: Rs. 38,84.100 Million) were unsecured and carried an interest rate ranging from Libor plus 60 bps to 120 bps.
  • Unsecured short term demand loan carrying an interest rate of 12.50% p.a.

 

 

CHANGE OF NAME OF THE COMPANY

 

During the year the name of the Company has been changed  from ‘United Phosphorus Limited’ to ‘UPL Limited’ vide Special Resolution passed at the Extra-ordinary General Meeting of the members of the Company held on 30th September, 2013 and consequently Fresh Certificate of Incorporation dated 11th October, 2013 has been issued by the Registrar of Companies, Gujarat.

 

OPERATIONAL PERFORMANCE

 

During the year, there was significant improvement in business conditions due to bountiful and widespread monsoon. In the initial part of the year the crop prices remained stronger. However due to good harvests, the prices softened subsequently. There was a very strong volume growth in all the regions. In India, higher yields were expected from Rice, Cotton, Wheat, Pulses, Potato etc. The Company launched two new products, namely Ulala and Atabron which performed very well.  The Company continues to focus on some of the power brands such as Lancer Gold, Starthene Power, Saathi, Saaf and Phoskill. Due to favourable monsoon, the Company was in a position to offset part of the increase in the costs of inputs to the customers.

 

On the global front, the Latin American market, including Brazil, improved significantly. Brazil continued to be on strong growth curve with additional cultivation area for Soyabean. In other countries also, Soyabean and cotton cultivation areas increased due to higher commodity prices. In Europe, there were prolonged winters and late spring, adversely affecting sale of herbicides.  The sale of fungicides increased. Some CIS countries like Ukraine is facing political crisis resulting into disruption of business in these areas. Australia witnessed third continuous year of drought. However, the conditions seem to be improving now. The Company is also making inroads into African markets. Once it gets more registrations, the Company will get higher access to these markets. In North America, the market was significantly impacted due to late spring and drought in western region. The herbicide sales have improved, especially, for rice crops. The Company has introduced Metribuzin, a herbicide with great potential in US market.

 

US Dollar appreciated against various currencies.  Even Euro and pound sterling appreciated. Currencies of some of the countries like Brazil depreciated.

 

It is indeed a significant achievement for the Company as it crossed magical figure of 10,000.000 Million of global sales, during the year. The management wants to express and share their happiness with all the stake holders of the Company. It is also significant to note that the sales are balanced over different regions of the world equitably. This ensures that there is no over dependence on any particular region for sales.

 

The year has ended on a highly satisfactory note. Some of the highlights of global performance are as under:

 

a) Revenue from operations have increased by 17% to 109020.000 Million.

 

b) EBIDTA has gone up to 22%

 

c) Profit before taxes has gone up by 23% to 11570.000 Million

 

d) Profit for the year has gone up by 23% to 9500.000 Million

 

 

FUTURE OUTLOOK

 

In the coming years, the Company expects to improve its performance in various geographies of the world. These will include markets of USA, Europe, Latin America, Asian countries etc. The Company is also focusing to make inroads into vast African markets. The countries which have tremendous potential for Company’s products are India and Brazil. The Company expects to increase its sales manifold in these countries. With introduction of many new products in the market every year, the Company expects to improve its performance in future as well. Overall, the Company expects a very bright future.

 

 

OVERVIEW AND OUTLOOK

 

The outlook for 2014 is challenging, with crop prices and futures prices weakening following good 2013 harvests, particularly for maize and soybeans. Cotton and rice prices declined, reportedly due to a de-stocking in China and Thailand. Although weaker than in 2012, wheat and rapeseed prices were less depressed than other major crops, giving rise to some optimism for the European market.

 

It is anticipated that maize acreages will rotate back into soybeans in the Americas in 2013-14, which could put increasing price pressure back into oilseeds markets during the year. On a global basis, demand for grains remained high, particularly in developing countries and in China where the 2013 harvest was depressed by flooding in the south. However, maize usage for ethanol is now essentially at maturity, hence that sector is less likely to absorb overproduction in the future.

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS  FOR THE QUARTER ENDED 30TH JUNE 2014

(Rs. in millions)

 

 

Particulars

Quarter Ended

31.06.2014

Unaudited

 

 

Income from Operations

 

Net Sales / Income from Operations

13604.400

 Other Operating Income

311.000

Total Income from Operations (net)

13915.400

Expenditure

 

a) Cost of materials consumed

5526.300

b) Purchase of stock-in-trade

1960.800

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(338.700)

d) Employee benefits expense

751.200

e) Depreciation and amortisation expense

410.500

f) Other expenses

4189.800

Total Expenses

12499.900

Profit / (Loss) from Operations before Other Income and Finance Costs and Exceptional Items

1415.500

Other Income

168.200

Profit before finance costs

1583.700

Finance Costs

8.800

Profit / (Loss) from ordinary activities before Exceptional Items

1574.900

Exceptional Items

0.000

Profit Before Tax

1574.900

Tax Expenses (Includes Deferred Tax)

506.800

Net Profit after Tax (7-8)

1068.100

Paid up Equity Share Capital [Face Value - Rs.2 per share]

857.200

 

Reserves excluding Revaluation Reserves

--

Basic and diluted EPS for the period and for the previous year

--

-Basic EPS (Rs.2.00 each)

2.49

-Diluted EPS (Rs.2.00 each)

2.49

Debt Equity Ratio

0.45

Debt Service Coverage Ratio

5.56

Interest Service Coverage Ratio

4.72

 

 

PARTICULARS OF SHAREHOLDING

 

Public Shareholding

 

- Number of Shares

300875933

- Percentage of Shareholding

70.20%

Promoters and Promoter Group Shareholding

 

a) Pledged/Encumbered

 

- Number of Shares

14565000

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

11.40%

- Percentage of Shares (as a % of the Total Share Capital of the Company)

3.40%

b) Non Encumbered

 

- Number of Shares

113163341

- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)

88.60%

- Percentage of Shares (as a % of the Total Share Capital of the Company)

26.40%

 

 

PARTICULARS

For the quarter ended

30th June 2014

B   INVESTORS COMPLAINTS

 

(as informed by sharepro service, Registrar and Transfer Agent of the Company)

 

Pending at the beginning of the quarter

Nil

Received during the quarter

39

Disposed during the quarter

39

Remaining unresolved at the end of the quarter

Nil

 

Note:

 

1. The above standalone Unaudited Financial Results were reviewed by the Audit Committee and  thereafter approved at the Meeting of the Board of Directors held on July 28, 2014.

2. During the Quarter, the Company has revised the depreciation rate on certain fixed assets as per the useful life specified in the Companies Act, 2013 or re-assessed by the Company. Based on current estimates, carrying amount of Rs. 270.400 Million in respect of assets whose useful life is already exhausted as on April 01, 2014 net of deferred tax of Rs. 91.900 Million thereon have been adjusted to Retained Earnings. Had there not been any change in the useful life of assets, depreciation for the quarter would have been lower by Rs. 14.900 Million

3. The figures for the quarter ended March 31, 2014 are the balancing figures between the Audited figures in respect of the full financial year 2013-2014 and the year to date figures up to the third quarter ending December 31, 2013.

4. Other Income includes net exchange gain/ (loss) on account of foreign exchange on exports, imports, export commission and others. Such gain/ (loss) are Rs. (6.200) Million (included in Other Expenses), Rs. (80.600) Million, and Rs. 709.500 Million for the quarters ending June 30, 2014, March 31, 2014 and June 30, 2013 respectively and Rs. 1232.900 Million for the year ended March 31, 2014.

5. During the quarter, Finance Costs includes settlement gain/ mark to market losses on derivative contracts related to borrowings and exchange differences arising on foreign currency loans / advances amounting to a net gain of Rs. 507.700 Million. The amount for the corresponding quarter of the previous year included a net loss of Rs. 142.600 Million, for the quarter ended March 2014 a net gain of Rs. 290.800 Million and for the year ended March 31, 2014, a net loss is Rs. 653.600 Million.

6. Ratios have been computed as follows :-

Debt comprises Long-Term borrowings, Short-Term borrowings and Current maturities of Long Term borrowings

Debts Service Coverage Ratio = Earnings before Interest, Tax, Depreciation and Amortisation / (Interest on Long Term borrowings + Principal repayments)

Interest Service Coverage Ratio = Earnings before Interest and Tax/ Interest and Other Finance Charges on Debt

7. Previous period's/ year's figures have been regrouped/ rearranged wherever necessary.

 

 

      SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

                                                        FOR THE QUARTER ENDED 30TH JUNE, 2014

 

Sr.

No.

 

 

Particulars

Quarter Ended

30.06.2014

Unaudited

1.

Segment Revenue

 

 

Income from Operations

 

 

Agro Activities

12857.000

 

Non Agro Activities

1975.600

 

d) Unallocated

13.100

 

Total

14845.700

 

Less : Inter segment revenue

930.300

 

Net Sales / Income from Operations

13915.400

 

 

 

2.

Segment Results [Profit(+)/Loss(-) before tax and interest from segment]

 

 

Agro Activities

1988.200

 

Non Agro Activities

185.300

 

Total

2173.500

 

 

 

 

Less:(i) Finance Cost

8.800

 

(ii) unallocable expenditure net of unallocable income

589.800

 

(iii) Exceptional Items

0.000

 

Total Profit (+) / Loss (-) Before Taxation

1574.900

 

 

 

 

Capital Employed

(Segment Assets - Segment Liabilities)

 

 

Agro Activities

19292.300

 

Non Agro Activities

6442.200

 

Total Capital Employed in Segments

25734.500

 

 

 

 

Add: Unallocable corporate assets less corporate liabilities

8231.600

 

 

 

 

Total Capital Employed in Company

33966.100

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

(a) Disputed Income-Tax Liability (excluding interest)

114.300

17.900

(b) Disputed Excise Duty / Service Tax liability (excluding interest)

1275.400

1025.300

(c) Disputed Sales Tax liability

286.900

251.200

(d) Disputed Custom Duty liability

355.800

355.800

(e) Disputed Fiscal Penalty for cancellation of licences

334.800

334.800

(f) Disputed penalty levied by Competition Commission of India for Cartelization of Prices

2524.400

2524.400

(g) Disputed penalty on Water Tax

16.100

16.100

(h) Bills discounted under Letter of Credit and remaining unpaid at the date of the balance sheet

20.700

60.200

(i) Guarantees given by Company's bankers on behalf of the Company to third parties

 

 

(j) Corporate guarantees given on behalf of subsidiary companies:

 

 

(i) United Phosphorus Limited, U.K.

2177.200

1825.600

(ii) United Phosphorus Limited, Hong Kong

509.300

461.400

(iii) United Phosphorus Inc. USA

732.500

663.600

(iv) United Phosphorus Inc. USA/ Decco US Post Harvest

149.800

135.700

(v) UPL Columbia SAS

0.000

217.100

(vi) United Phosphorus Limited, Australia

539.200

190.000

(vii) Bio-Win Corporation Limited, Mauritius

20482.800

15436.900

(viii) Cerexagri Italia, SRL, Italy

1357.600

833.600

(ix) Ceraxagri SAS., France

1810.200

1389.300

(x) Ceraxagri B.V., Netherlands

1892.500

1458.700

(xi) Icona S.A. Argentina

1198.300

1085.700

(xii) United Phosphorus Cayman Ltd, Cayman Islands

898.700

814.300

(xiii) Advanta India Limited

2995.800

2714.300

(k) Claims against the Company not acknowledged as debts

50.200

48.900

 

 

 

FIXED ASSETS

 

  • Land- Freehold
  • Land-Leasehold
  • Building
  • Plant and Machinery
  • Laboratory Equipments
  • Office Equipments
  • Furniture, Fixture and Equipments
  • Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.61.62

UK Pound

1

Rs.99.12

Euro

1

Rs.78.89

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SNT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

66

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.