MIRA INFORM REPORT
|
Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARIES AGRO LIMITED (CN) |
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Registered
Office : |
Aries House, Plot No.24, Deonar, Govandi (East), Mumbai – 400 043, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.11.1969 |
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Com. Reg. No.: |
11-014465 |
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Capital
Investment / Paid-up Capital : |
Rs. 130.043 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1969PLC014465 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19087F |
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PAN No.: [Permanent Account No.] |
AAACA5035G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer
and Supplier of Chelated Micronutrients, Value Added Secondary Nutrient Fertilizers
and Also Water Soluble NPK Fertilizers. |
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No. of Employees
: |
785 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating reflects company’s healthy financial risk profile marked by
decent liquidity position and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
CRISIL |
|
Rating |
Long Term Rating: “BBB+” |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
October 10, 2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating: “A2” |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
October 10, 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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-25564053)
LOCATIONS
|
Registered / Head / Corporate Office/ Factory 1 : |
Aries House, Plot No.24, Deonar, Govandi (East), Mumbai – 400043, |
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Tel. No.: |
91-22-25564052/ 53 |
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Fax No.: |
91-22-25564054/ 25502753 |
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E-Mail : |
General Enquiries: ariesagro@ariesagro.com Investor Relations: investorrelations@ariesagro.com Sales Enquiries: sales@ariesagro.com Legal, HR Administration: mumbai@ariesagro.com R and D and Quality Related Queries: lab@ariesagro.com Account Related Querries / Production Related Querries: accounts@ariesagro.com Complaints and Feedback: customer@ariesagro.com Customer Loyalty Programme: khazaana@ariesagro.com Seed and Plant Protection Division: agrocare@ariesagro.com |
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Website : |
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Factory 2 : |
Post and Village: Abdalpur, Near Azad Sangha, Badu Road,
Wireless Math, Distt- 24 Parganas (North) - 700155, West Bengal, India |
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Factory 3 : |
244-246, 250-252, IDA Phase-II, Pashamylaram, Patancheru
Mandal, Medak District - 502307, Andhra Pradesh, India |
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Factory 4 : |
8-B, Attibele Industrial Area, Hosur Main Road,
Attibele, Bangalore – 562107, Karnataka, India |
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Factory 5 : |
1202/1 and 1202/2, Village: Rajpur, Taluka: Kadi,
District: Mehsana – 382740, Gujarat, India |
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Factory 6 : |
Plot
No.836, Banthara, Lucknow-Kanpur Highway, Sikandarpur, Tehsil and District
Lucknow – 227101, Uttar Pradesh, India |
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Factory 7 : |
Golden
Harvest Middle East FZC (a Subsidiary of Aries Agro Limited) Plot P3-04, Post
Box No.9267, Sharjah Airport International Free Zone (SAIF), Sharjah, UAE |
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Factory 8 : |
Amarak
Chemicals FZC (a Subsidiary of Golden Harvest Middle East FZC thereby a Step
Down Subsidiary of Aries Agro Limited), Al Hayl Industrial Area, P. O. Box
5283, Fujairah Free Zone(FFZ) Fujairah, UAE |
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Branches/ Stock Locations : |
Located at: ·
Ahmedabad, Gujarat ·
Bangalore, Karnataka ·
Bellary, Karnataka ·
Bhubaneshwar, Orissa ·
Coimbatore, Tamil Nadu ·
Ghaziabad, Uttar Pradesh ·
Guwahati, Assam ·
Hissar, Haryana ·
Hyderabad, Andra Pradesh ·
Indore, Madhya Pradesh ·
Jaipur, Rajasthan ·
Jalandhar, Punjab ·
Kolkata, West Bengal ·
Lucknow, Uttar Pradesh ·
Nagpur, Maharashtra ·
Nashik, Maharashtra ·
Nipani, Karnataka ·
Patna, Bihar ·
Raipur, Chhatisgarh ·
Ranchi, Jharkhand, ·
Rudrapur, Uttaranchal ·
Siliguri, West Bengal ·
Solapur, Maharashtra ·
Sriganganagar, Rajasthan ·
Vijayawada, Andhra Pradesh |
DIRECTORS
As on 31.03.2014
|
Name : |
Dr. Jimmy Mirchandani |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B. Sc. (Vet); LLB |
|
Date of Appointment |
15.01.1976 |
|
|
|
|
Name : |
Dr. Rahul Mirchandani |
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Designation : |
Executive Director |
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Date of Birth/ Age : |
12.08.1975 |
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Qualification : |
B.Com, CFA, MBA, Ph. D (Management Studies) from NMIMS. |
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Expertise in
specific functional areas : |
As Executive Director, he oversees various functions of the Company
namely Marketing, Brand Promotion and New Product Development etc. |
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Date of Appointment |
02.02.1994 |
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|
Name : |
Prof. R.S.S. Mani |
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Designation : |
Director |
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Date of Appointment |
16.08.2004 |
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|
|
Name : |
Mr. Akshay Mirchandani |
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Designation : |
Director |
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Date of Birth/ Age : |
12.05.1984 |
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Qualification : |
B.Com, MBA |
|
Date of Appointment |
05.03.2009 |
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|
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|
Name : |
Mr. Chakradhar Bharat Chhaya |
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Designation : |
Director |
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Date of Birth/ Age : |
09.11.1943 |
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Qualification : |
B. Com., FCMA and CAIIB. |
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Date of Appointment : |
29.10.2009 |
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Name : |
Mr. Bhumitra Vinodchandra Dholakia |
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Designation : |
Director |
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Date of Birth/Age : |
03.09.1949 |
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Qualification : |
B.A., L.L.B., CAIIB and FCS. |
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Date of Appointment : |
13.11.2012 |
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Name : |
Mrs. Nitya Mirchandani |
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Designation : |
Director |
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Date of Birth/Age : |
29.01.1978 |
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Qualification : |
B.A., Diploma in Human Resource Management |
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Date of Appointment : |
30.05.2014 |
KEY EXECUTIVES
|
Name : |
Mr. S. Ramamurthy |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Qaiser P. Ansari |
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Designation : |
Company Secretary and Compliance Officer |
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Audit Committee : |
· Prof. R. S. S. Mani, Chairman · Dr. Rahul Mirchandani · Mr. B. V. Dholakia |
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Shareholders/ Investors Grievances Committee : |
· Prof. R. S. S. Mani, Chairman · Dr. Jimmy Mirchandani · Dr. Rahul Mirchandani |
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Remuneration Committee : |
· Prof. R. S. S. Mani, Chairman · Mr. C. B. Chhaya · Mr. B. V. Dholakia |
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Treasury Committee : |
· Dr. Jimmy Mirchandani, Chairman · Dr. Rahul Mirchandani · Mr. C. B. Chhaya |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
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|
|
|
|
|
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|
6857926 |
52.74 |
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|
6857926 |
52.74 |
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|
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|
Total shareholding of Promoter and Promoter
Group (A) |
6857926 |
52.74 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
941564 |
7.24 |
|
|
7666 |
0.06 |
|
|
949230 |
7.30 |
|
|
|
|
|
|
1366990 |
10.51 |
|
|
|
|
|
|
2890307 |
22.23 |
|
|
721899 |
5.55 |
|
|
217987 |
1.68 |
|
|
91326 |
0.70 |
|
|
126661 |
0.97 |
|
|
5197183 |
39.96 |
|
Total Public shareholding (B) |
6146413 |
47.26 |
|
Total (A)+(B) |
13004339 |
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) |
13004339 |
100.00 |
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%20-%20291187_MIRA%2022-Oct-2014_files/image015.gif){kind=small}
%20-%20291187_MIRA%2022-Oct-2014_files/image016.gif){kind=small}
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Promoter
and Promoter Group
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Jimmy Mirchandani |
35,24,830 |
27.11 |
|
2 |
Rahul Mirchandani |
26,23,221 |
20.17 |
|
3 |
Akshay J Mirchandani |
3,61,875 |
2.78 |
|
4 |
Amol J Mirchandani |
3,35,000 |
2.58 |
|
5 |
Ashok Mirchandani |
10,000 |
0.08 |
|
6 |
Nitya Mirchandani |
3,000 |
0.02 |
|
|
Total |
68,57,926 |
52.74 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Public
and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
SBIMF-Magnum Comma Fund |
941564 |
7.24 |
|
|
2 |
Alacrity Securities Limited |
316297 |
2.43 |
|
|
3 |
Disal Investments Private Limited |
228858 |
1.76 |
|
|
|
Total |
1486719 |
11.43 |
|
Shareholding of securities (including shares,
warrants, convertible securities) of persons (together with PAC) belonging to
the category “Public” and holding more than 5% of the total number of shares of
the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC)
with them |
No. of Shares |
Shares as % |
|
|
1 |
SBIMF-Magnum Comma Fund |
941564 |
7.24 |
|
|
|
Total |
941564 |
7.24 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Supplier of Chelated Micronutrients, Value Added Secondary Nutrient Fertilizers
and Also Water Soluble NPK Fertilizers. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
785 (Approximately) |
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Bankers : |
· Axis Bank Limited · ICICI Bank Limited · HDFC Bank Limited · Canara Bank |
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Facilities : |
NOTE Secured Term Loans from Banks referred above to the extent of:
Maturity Profile of Secured Term Loans are as set out below: (Rs.
in millions)
SHORT TERM BORROWINGS Working Capital
Facilities from Banks are secured by way of Charge on Company’s Inventory,
Book Debts, Charge on Land, Building, Plant and Machinery and all other
movable fixed assets of the Company and guaranteed by Directors. Working Capital Facilities from Banks includes:
|
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Banking
Relations : |
-- |
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Auditor : |
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|
Name : |
Kirti D. Shah and Associates Chartered Accountants |
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Address : |
501, Nestor
Court, Behind Vinayak Society, Old Police Lane, Off S.V. Road, Vile Parle
(West), Mumbai – 400 056, Maharashtra, India |
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Internal Auditor
: |
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Name : |
Kirit Manek and Company Chartered Accountants |
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Address : |
14B, Nootan Nagar, Turner Road, Bandra (West), Mumbai – 400 050, Maharashtra, India |
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Cost Auditor : |
R. Nanabhoy and Company Chartered Accountants |
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Subsidiary : |
· Aries Agro Care Private Limited (Date of Incorporation 5th January, 2007) · Aries Agro Equipments Private Limited (Date of Incorporation 12th January, 2007) · Aries Agro Produce Private Limited (Date of Incorporation 20th June, 2008) · Golden Harvest Middle East FZC (Date of Incorporation 31st October, 2004) |
|
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|
Step Down
Subsidiary : |
Amarak Chemicals FZC (Date of Incorporation 9th September, 2007) |
|
|
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|
Enterprises over which the Key Management Persons
has significant Influence of Control |
· Aries Marketing Limited · Blossoms International Limited · Sreeni Agro Chemicals Limited · Aries East West Nutrients Private Limited · Mruga Corporate Services Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13004339 |
Equity Shares |
Rs.10/- each
|
Rs.130.043 millions
|
|
|
|
|
|
Notes:
6600700 Equity Shares out of the Issued,
Subscribed and Paid up Share Capital were allotted as fully paid up Bonus
Shares since incorporation by capitalization of Rs.49.000 millions from
Revaluation Reserve, Rs.9.100 millions from Securities Premium Account and
Rs.7.900 millions from the Statement of Profit and Loss.
1700700 Equity Shares out of the Issued,
Subscribed and Paid up Share Capital were allotted as fully paid Bonus Shares
during the Financial Year 2006-07 by capitalization of Rs.9.100 millions from
Securities Premium Account and Rs.7.900 millions from the Statement of Profit
and Loss.
Reconciliation
of Number of Shares Outstanding:
|
Particulars |
As at 31.03.2014 No. of Shares |
|
Equity Shares at the beginning of the year |
13004339 |
|
Add : - Issued during the year |
-- |
|
Less :- Shares cancelled during the year |
-- |
|
Equity Shares at the end of the year |
13004339 |
List of shareholder’s holding more than 5 percent of shares:
|
Name of the Shareholder |
As at 31.03.2014 |
|
|
No. of Shares |
% of Held |
|
|
Dr. Jimmy Mirchandani |
3524830 |
27.11% |
|
Dr. Rahul Mirchandani |
2623221 |
20.17% |
|
SBI MF - Magnum Comma Fund |
1088944 |
8.37% |
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 |
130.043 |
130.043 |
130.043 |
|
(b) Reserves & Surplus |
1273.847 |
1191.778 |
1123.991 |
|
(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) |
1403.890 |
1321.821 |
1254.034 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
185.381 |
161.050 |
162.358 |
|
(b) Deferred tax liabilities (Net) |
63.622 |
63.869 |
21.388 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.446 |
5.965 |
4.786 |
|
Total Non-current
Liabilities (3) |
254.449 |
230.884 |
188.532 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1026.446 |
1261.260 |
957.541 |
|
(b) Trade
payables |
272.690 |
320.333 |
329.954 |
|
(c) Other
current liabilities |
201.176 |
184.239 |
287.622 |
|
(d) Short-term
provisions |
95.577 |
52.200 |
75.485 |
|
Total Current
Liabilities (4) |
1595.889 |
1818.032 |
1650.602 |
|
|
|
|
|
|
TOTAL |
3254.228 |
3370.737 |
3093.168 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
347.918 |
365.579 |
290.524 |
|
(ii)
Intangible Assets |
1.014 |
3.869 |
6.730 |
|
(iii) Capital
work-in-progress |
108.500 |
136.118 |
199.357 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
202.781 |
202.781 |
202.779 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
660.213 |
708.347 |
699.390 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
994.764 |
1023.979 |
1028.239 |
|
(c) Trade
receivables |
950.498 |
824.432 |
685.604 |
|
(d) Cash
and cash equivalents |
124.495 |
202.957 |
180.903 |
|
(e)
Short-term loans and advances |
524.258 |
611.022 |
499.032 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2594.015 |
2662.390 |
2393.778 |
|
|
|
|
|
|
TOTAL |
3254.228 |
3370.737 |
3093.168 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2328.650 |
1867.588 |
1916.238 |
|
|
|
Other Income |
22.623 |
32.318 |
53.172 |
|
|
|
TOTAL (A) |
2351.273 |
1899.906 |
1969.410 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials |
997.414 |
813.77 |
983.272 |
|
|
|
(Increase) / Decrease in Inventories of Finished Goods |
(13.283) |
(75.207) |
(168.567) |
|
|
|
Employees Benefits Expenses |
230.785 |
204.626 |
186.068 |
|
|
|
Other Expenses |
688.737 |
587.842 |
575.561 |
|
|
|
TOTAL (B) |
1903.653 |
1531.031 |
1576.334 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
447.620 |
368.875 |
393.076 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
248.827 |
210.054 |
209.188 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
198.793 |
158.821 |
183.888 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.697 |
18.477 |
18.864 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
184.096 |
140.344 |
165.024 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
65.528 |
43.265 |
55.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
118.568 |
97.079 |
109.823 |
|
|
|
|
|
|
|
|
|
Less |
SHORT PROVISION
FOR TAX IN EARLIER YEARS |
3.265 |
3.666 |
5.362 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
550.068 |
489.477 |
422.763 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
10.000 |
15.000 |
|
|
|
Proposed
Dividend on Equity Shares |
26.009 |
19.507 |
19.507 |
|
|
|
Dividend Distribution Tax |
4.420 |
3.315 |
3.240 |
|
|
BALANCE CARRIED
TO THE B/S |
624.942 |
550.068 |
489.477 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of export sales |
44.836 |
26.528 |
47.178 |
|
|
|
Interest |
3.654 |
7.078 |
7.072 |
|
|
TOTAL EARNINGS |
48.490 |
33.606 |
54.250 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
377.826 |
311.507 |
504.187 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.87 |
7.18 |
8.03 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
|
1st
Quarter |
|
Net Sales |
429.900 |
|
Total Expenditure |
363.200 |
|
PBIDT (Excl OI) |
66.700 |
|
Other Income |
3.200 |
|
Operating Profit |
69.900 |
|
Interest |
43.900 |
|
Exceptional Items |
0.000 |
|
PBDT |
26.100 |
|
Depreciation |
4.100 |
|
Profit Before Tax |
22.000 |
|
Tax |
7.200 |
|
Provisions and
contingencies |
0.000 |
|
Profit After Tax |
14.800 |
|
Extraordinary
Items |
0.000 |
|
Prior Period
Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
14.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.04 |
5.11 |
5.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.91 |
7.51 |
8.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.26 |
4.63 |
6.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.11 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.86 |
1.08 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63 |
1.46 |
1.45 |
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 |
130.043 |
130.043 |
130.043 |
|
Reserves & Surplus |
1123.991 |
1191.778 |
1273.847 |
|
Net
worth |
1254.034 |
1321.821 |
1403.890 |
|
|
|
|
|
|
long-term borrowings |
162.358 |
161.050 |
185.381 |
|
Short term borrowings |
957.541 |
1261.260 |
1026.446 |
|
Total
borrowings |
1119.899 |
1422.310 |
1211.827 |
|
Debt/Equity
ratio |
0.893 |
1.076 |
0.863 |
%20-%20291187_MIRA%2022-Oct-2014_files/image018.gif)
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 |
1916.238 |
1867.588 |
2328.650 |
|
|
|
(2.539) |
24.688 |
%20-%20291187_MIRA%2022-Oct-2014_files/image020.gif)
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 |
1916.238 |
1867.588 |
2328.650 |
|
Profit |
109.823 |
97.079 |
118.568 |
|
|
5.73% |
5.20% |
5.09% |
%20-%20291187_MIRA%2022-Oct-2014_files/image022.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debt |
104.569 |
59.135 |
118.899 |
|
|
|
|
|
|
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 |
Yes |
|
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 |
----- |
|
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10336413 |
10/02/2012 * |
80,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
B33161829 |
|
2 |
10232191 |
21/11/2012 * |
752,500,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
B63164313 |
|
3 |
10185677 |
06/01/2014 * |
375,500,000.00 |
CANARA BANK |
CHEMBUR MAIN
BRANCH, 70A, M. D. S. MARG, CHEMBUR, |
B94188349 |
|
4 |
10153773 |
17/10/2013 * |
370,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B88852975 |
|
5 |
10146512 |
03/02/2009 |
260,104,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A55804272 |
|
6 |
10135581 |
11/02/2013 * |
370,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B77579787 |
|
7 |
10130358 |
18/10/2013 * |
100,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B88894829 |
|
8 |
10126307 |
06/12/2013 * |
100,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B92194190 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
||||||||||
|
LONG TERM
BORROWINGS |
|
|
||||||||||
|
Term Loans from Banks |
124.799 |
16.234 |
||||||||||
|
|
|
|
||||||||||
|
SHORT TERM
BORROWINGS |
|
|
||||||||||
|
Working Capital Facilities from Banks |
0.000 |
150.000 |
||||||||||
|
Loan from Directors |
27.655 |
0.000 |
||||||||||
|
Security Deposits |
126.988 |
127.745 |
||||||||||
|
Total |
279.442 |
293.979 |
||||||||||
|
NOTE LONG TERM
BORROWINGS Un-Secured Term Loans from Banks are secured by way of Charge on
personal Assets of Directors and guaranteed by the Directors. Maturity Profile of Un-Secured Term Loans are as set out below: (Rs.
in millions)
|
||||||||||||
CORPORATE
INFORMATION
The Company was incorporated
at Mumbai in 1969 for manufacturing of small range of mineral feed additives
for animals and birds and then diversified into mineral additives for the
agriculture use and currently is into business of manufacturing micronutrients
and other nutritional products for plants and animals.
In January, 2007
the Company incorporated Aries Agro Care Private Limited as a Wholly Owned
Subsidiary for carrying business in the Branch of agro protection, seeds etc.
In January, 2007
the Company incorporated Aries Agro Equipments Private Limited as a Wholly
Owned Subsidiary for carrying business in all type of farm equipments,
machinery etc.
In 2008 the
Company acquired 75% Shares in Golden Harvest Middle East FZC, Sharjah, UAE, by
virtue of which the said Golden Harvest Middle East FZC has become a Subsidiary
of the Company. Golden Harvest Middle East FZC is in the business of
manufacturing chelated micronutrients.
In June, 2008 the
Company incorporated Aries Agro Produce Private Limited as a Subsidiary for carrying
business in all kinds of farming etc.
In the year 2010
the Company’s Overseas Subsidiary viz Golden Harvest Middle East FZC acquired
75% Shares of Amarak Chemicals FZC based in Fujairah Free Zone, UAE by virtue
of which Amarak Chemicals FZC has become a Step Down Subsidiary of subject.
Subject is an Indian Multinational Company that
offers the widest range of products in the primary, secondary and
microfertilizer sector, ranging from individual elements to mixed specialty
plant nutrient fertilizers. Since 1969, Aries has pioneered several innovative concepts of farming to
Indian agriculturists, including the wonder of Chelation Technology,
bio-degradable complexes of plant nutrients, water soluble NPK fertilizers,
value added secondary nutrients, natural and biological products and water
treatment formulations.
OPERATIONS
During the year, the earnings before Interest, Depreciation and Tax was Rs. 447.620 Millions compared to Rs. 368.875 Millions in the previous year. The Total Revenue for the year net of excise duty was Rs. 2328.650 Millions as against Rs. 1867.587 Millions in the previous year reflecting in an increase of 24.69 %. Profit after tax for the year was Rs. 118.568 Millions compared to Rs. 97.079 Millions in the previous year.
The Company is a major manufacturer and supplier of Chelated micronutrients, value added secondary nutrient fertilizers and also water soluble NPK fertilizers. In addition, they also have a growing range of farm sprayers in their product portfolio. In total, Aries has 65 brands. For detailed discussion please refer to the Management Discussion Analysis forming part of this report.
FUTURE PROSPECTS
The Company has consolidated its product range into 65 brands split into 5 major categories namely multi micronutrient complexes, chelated micronutrients, single specialty nutrients, water soluble NPKs and sprayers. A number of brands which were showing marginal growth or which substitutes within the existing range have been phased out.
The Company has begun sales of a unique product for biological control of pests using horticultural mineral oil. This product has been launched in the name of Hortimin in two grades, one for apple crop and one for fruits and vegetables and is expected to yield good volumes in the coming years. The Company is also in the process of launching new nutritional products that provide silicon, iron and soil conditioning benefits. The Company’s flagship brand, Agromin for soil application has successfully been launched in anew and improved granular form which provides slow release of essential micronutrients customized to the needs of various crops.
The Company has also strengthened its efforts in promoting products in the institutional, government and international markets. The total revenue earned in this segment now constitutes 5% of the total revenue.
MANAGEMENT DISCUSSION
AND ANALYSIS
MANUFACTURING BASE
The total capacity utilization currently stands at 48 % of the total installed capacity of 84,600 MT p.a. in India. Their international manufacturing facilities at UAE have also shown improved capacity utilization which currently stands at 39 % of the total installed capacity overseas.
RECOGNITION
For the third consecutive year, they were awarded "Certificate of Excellence' in recognition of their Exemplary Growth - in this year's Inc India 500 ranking of India's500 fastest-growing mid-size enterprises. Inc. India 500 is an offshoot of the annual Inc.500 Awards: "Est. in 1982 in America. Inclusion on this list is a mark of entrepreneurial success and elevates their company above its competitors and is a proof of the talent, drive and hard work their team have brought to their business They were also awarded the 'Innovative 100 - Certificate of excellence' in recognition of smart innovation by 9.9 Media & Inc. India
GLOBAL SOURCING
Aries has sourced 30% of its total raw materials from overseas suppliers located in China, Israel, Turkey, U.A.E., U.S.A, U.K., Belgium, and South Africa. Imports constitute40% of their total purchases and their Company has identified a pool of reliable overseas suppliers.
INDUSTRY TRENDS
2013-14 monsoons were reported to be above normal at over 106% of the long term average. However, the extended rains delayed the sowing for the second season and this was followed by extreme cold wave condition across North India during the winter. The extended monsoon provided a good Kharif revenue growth. However, the Rabi revenues were affected due to the cold waves.
Indian farmers have also started actively participating in the grey revolution i.e. use of information and technology in agriculture. The spread of information is improving awareness levels ensuring fair prices and market realization permitting weather forecasts to be made available to farmers. In addition, cooperative farming and contract farming are becoming more widespread, which is improving the market environment for agricultural inputs. There is also immense potential that is being tapped in the areas of aquaculture and agro forestry. Their sales team has actively begun working with farmers in these twosectors.
Overall the sector is going through a major shift in trends and the Company is taking steps to re- assess and re-focus their products and marketing efforts.
OUTLOOK
The 2014 monsoons have been extremely delayed and all forecasts indicate that the year shall be a drought year due to the El-Nino phenomenon. The Company has carried out extensive offseason placement during the first quarter in order to place on shelves with Aries products in advance of the season. This ensures that even if a delay in monsoon takes place, their material is available at the retail shelves whenever demand arises. Further liquidation of this first quarter placement is crucial before second quarter sales reach its peak. Hence the Company shall be actively monitoring the progress of monsoon and also increasing its focus on non rain dependant agriculture namely plantations, irrigated districts, perennial crops and river basins, in addition to their focus on aquaculture and farm equipment products will also continue despite the monsoon situation. The Company shall not introduce any new products during the current financial year considering the uncertainty in demand situation.
CONTINGENT
LIABILITY NOT PROVIDED FOR IN THE ACCOUNTS (AS ON 31.03.2014)
a) Letters of credit / guarantees given to Banks Rs.
446.420 Millions
b)
Bills discounting with Banks Rs. 100.000 Millions
c)
Claims against company not acknowledged as debts Rs.8.713 millions which includes tax dues disputed as Rs.0.268 million towards sales Tax, Rs.5.456 millions towards Income Tax and includes Rs.2.988 millions pertaining to pending suits regarding quality issue.
d)
The Commissioners of Central Excise, Mumbai and Hyderabad had issued Show
Cause-Cum-Demand Notices for levy of Excise Duty on clearances of
Micronutrients. The Commissioner of Central Excise, Mumbai, vide his Order
dated 27th November, 2006 and Commissioner of Central Excise,
Hyderabad, vide his Order dated 30th November 2005 had cancelled these demands
in respect of clearance upto June, 2006. The Department has preferred appeals
against the said orders. The Department has issued Show Cause Notices to the
Company in respect of clearances thereafter. Though, in view of the Orders
referred to above and the pending appeals, no action has been taken. The
Company expects no liability in this regard.
STATEMENT OF UN-AUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30TH JUNE, 2014
(Rs. in Millions)
|
Sr. No. |
Particulars |
Three
Months Ended |
|
30.06.2014 |
||
|
Unaudited |
||
|
Part I |
|
|
|
1. |
Income from
Operations |
|
|
|
a) Net Sales/Income from Operations (Net of Excise Duty) |
429.923 |
|
|
b) Other Operating Income |
0.000 |
|
|
Total Income From
Operations (Net) |
429.923 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
a) Consumption of Materials / Rebranded Goods |
140.653 |
|
|
b) Changes in Inventories of Finished Goods, Work in Progress and
Stock in Trade |
63.175 |
|
|
c) Employee Benefits Expense |
38.407 |
|
|
d) Depreciation & Amortization Expense |
4.087 |
|
|
e) Other Expenses |
120.977 |
|
|
f) Total
Expenses |
367.300 |
|
|
|
|
|
3. |
Profit/(Loss) from Operations before Other Income, Finance Costs and Exceptional Items (1 - 2) |
62.624 |
|
|
|
|
|
4. |
Other Income |
3.231 |
|
|
|
|
|
5. |
Profit/(Loss) from Ordinary Activities before Finance Costs and Exceptional Items (3+4) |
65.855 |
|
|
|
|
|
6. |
Finance Costs |
43.872 |
|
|
|
|
|
7. |
Profit/(Loss) from Ordinary Activities after Finance Costs but before Exceptional items (5 - 6) |
21.983 |
|
|
|
|
|
8. |
Exceptional Items |
0.000 |
|
|
|
|
|
9. |
Profit (+) / Loss (-) from Ordinary Activities Before Tax (7 - 8) |
21.983 |
|
|
|
|
|
10. |
Tax Expense |
|
|
|
a) Current tax |
7.700 |
|
|
Less MAT Credit Entitlement |
0.000 |
|
|
b) Deferred tax |
(0.610) |
|
|
c) Wealth Tax |
0.075 |
|
|
Total Tax |
7.165 |
|
|
|
|
|
11. |
Net Profit (+) / Loss (-) from Ordinary Activities After Tax - PAT (9 - 10) |
14.818 |
|
|
|
|
|
12. |
Short Provision for Tax in Earlier Years |
0.000 |
|
|
|
|
|
13. |
Net Profit (+) / Loss (-) for the period - PAT (11 - 12) |
14.818 |
|
|
|
|
|
14. |
Minority Interest |
0.000 |
|
|
|
|
|
15. |
Net Profit (+) / Loss (-) after Taxes,
Minority Interest (13 - 14) |
14.818 |
|
|
|
|
|
16. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
|
|
|
|
|
|
17. |
Free Reserves (excluding Revaluation
Reserve) |
1217.754 |
|
|
|
|
|
18.i |
Earnings per Share (before
extraordinary items) (of Rs.10/-each) (not annualised) : |
|
|
|
a) Basic |
1.14 |
|
|
b) Diluted |
-- |
|
|
|
|
|
18.ii |
Earnings per Share (after extraordinary
items) (of Rs.10/-each) (not annualized) : |
|
|
|
a) Basic |
1.14 |
|
|
b) Diluted |
-- |
|
|
|
|
|
|
SELECT INFORMATION FOR THE QUARTER ENDED 30TH
JUNE, 2014 |
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Part II |
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A. |
PARTICULARS OF SHAREHOLDING |
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Public
Shareholding |
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- Number of Shares |
6146413 |
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- Percentage of Shareholding |
47.26 |
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Promoters and
Promoter Group Shareholding |
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a) Pledged/Encumbered |
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- Number of Shares |
-- |
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- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
-- |
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- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
-- |
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b) Non
Encumbered |
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- Number of Shares |
6857926 |
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- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
100.00 |
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- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
52.74 |
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PARTICULARS |
THREE MONTHS ENDED 30TH
JUNE, 2014 |
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B INVESTORS COMPLAINTS |
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Pending at the beginning of the
Quarter |
NIL |
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Received During the Quarter |
1 |
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Disposed off During the Quarter |
1 |
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Remaining Unresolved at the end of
the Quarter |
NIL |
UTILISATION OF FUNDS RAISED THROUGH INITIAL
PUBLIC OFFER
(Rs. in millions)
|
Sr. No. |
PARTICULARS |
Financed through the issue proceeds |
Implementation Schedule |
Present Status |
Utilization upto 30th June, 2013 |
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1 |
Manufacturing Unit at Hyderabad |
24.494 |
February '08 |
Commenced Commercial Production, March '08 |
28.200 |
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2 |
Investment in Golden Harvest |
73.680 |
March '08 |
Commenced Commercial Production, September '08 |
70.281 |
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3 |
Manufacturing Unit at Ahmedabad |
19.740 |
August '08 |
Commenced Commercial Production, August '08 |
19.527 |
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4 |
Manufacturing Unit at
Lucknow |
20.892 |
September '08 |
Commenced Commercial Production, November '08 |
17.906 |
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5 |
Advance for existing
Office Building Renovation / Re-development |
68.380 |
March '09 |
September '15 |
87.000 |
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6 |
Purchase of Plant and
Machinery at Mumbai Unit |
16.967 |
June '08 |
Completed |
17.002 |
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7 |
Capital Expenditure for
Mobile Marketing |
57.932 |
June '08 |
Completed |
57.797 |
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8 |
Issue Related Expenses |
54.880 |
- |
Completed |
50.065 |
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9 |
General Corporate Expense |
54.948 |
- |
Completed |
60.000 |
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10 |
To meet the Working
Capital requirements |
193.372 |
- |
Completed |
177.507 |
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TOTAL |
585.285 |
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585.285 |
1. As the Company's business activity falls within a single primary business segment, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting", specified in the Company's (Accounting Standard) Rules, 2006 are not applicable.
2. The above Financial Results were reviewed and recommended by the Audit
Committee and there upon approved by the Board of Directors at their respective
meetings held on August 13, 2014.
3. The Statutory Auditors have carried out a Limited Review of the Results for
the Quarter Ended June 30, 2014.
4. The Audited Standalone / Consolidated financial results are for the Quarter
ended June 30, 2014.
5. The Consolidated Audited Financial Statements have been prepared in
accordance with Accounting Standard 21
"Consolidated Financial Statements" as notified by Companies
(Accounting Standard) Rules, 2006.
6. Figures of the Quarter ended March 31, 2014 are the balancing figures
between Audited figures in respect of full Financial Year and published Year to
Date figures upto December 31, 2013 being the end of the third Quarter of the
Previous Financial Year.
7. Previous Period's / Year's figures have been re-grouped/re-arranged wherever
necessary to correspond with the Current Period's figures.
FIXED ASSETS
Tangible Assets
· Land
· Factory Building
· Residential Flat
· Plant and Machinery
· Electrical Installations
· Laboratory Equipments
· Office Equipments
· Furniture and Fixtures
· Air Conditioners
· Computer
· Vehicles
· Commercial Vehicles
Intangible Assets
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.61.30 |
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1 |
Rs.99.16 |
|
Euro |
1 |
Rs.98.59 |
INFORMATION DETAILS
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Information
Gathered by : |
HTL |
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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DEFAULTER |
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--RBI |
YES/NO |
NO |
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--EPF |
YES/NO |
NO |
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TOTAL |
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50 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.