MIRA INFORM REPORT
|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
P.O. No. Fertilizer Nagar, District Vadodara - 391750, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.02.1962 |
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Com. Reg. No.: |
04-001121 |
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Capital Investment
/ Paid-up Capital : |
Rs.796.955
Millions |
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CIN No.: [Company
Identification No.] |
L99999GJ1962PLC001121 |
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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 of
Fertilizers and Chemicals including Synthetic Filament Yarn / Tyre Cord and
Nylon Chips. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Not Available |
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Comments : |
Subject is a well-established company having fine track record. Sales turnover of the company has declined which has resulted into dip
in profit of the company during financial year 2014. However, the rating take into consideration established and integrated
operations across fertilizers and industrial products providing a diversified
product profile supported by adequate liquidity position and decent financial
risk profile of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade term and conditions.
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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
slowly 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 |
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Rating |
Long Term Bank Facilities = AA+ |
|
Rating Explanation |
High degree of safety and low credit risk |
|
Date |
28.08.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
28.08.2014 |
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. (91-265-2242651)
LOCATIONS
|
Registered Office : |
P. O. No. Fertilizer Nagar, District Vadodara-391750, Gujarat, India |
|
Tel. No.: |
91-265-2242451 /
651 / 751 |
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Fax No.: |
91-265-2372966 /
2240097 |
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E-Mail : |
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Website : |
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Plants/ Units: |
·
Main Plant Fertilizer Nagar, District Vadodara, Gujarat, India ·
Polymers Unit Nandesari, District Vadodara, Gujarat, India ·
Sikka Unit Moti Khavdi, Sikka, District Jamnagar, Gujarat ·
Fibre Unit
Kuwarda, Kosamba, District Surat, Gujarat |
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Branch Office : |
102/103, Raheja
Centre, 214, Free Press Journal Marg, Nariman Point, Mumbai - 400 021, |
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Tel. No.: |
91-22-22824030 /
22831903 / 894 / 915 |
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Fax No.: |
91-22-22831899 |
DIRECTORS
As on 31.03.2014
|
Name : |
Dr. Varesh Sinha |
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Designation : |
Chairman |
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Date of Birth: |
06-04-1954 |
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Qualification: |
B. Sc (Physics and Maths), M. Sc (Maths), MBA (Public Sector) Ph. D. (Stat) |
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Date of
Appointment: |
01-03-2013 |
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Name : |
Mr. Atanu Chakraborty |
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Designation : |
Managing Director |
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Name : |
Mr. D. C. Anjaria |
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Designation : |
Director |
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Date of Birth: |
19.07.1946 |
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Qualification: |
B.Com., MBA (Finance) IIM, Ahmedabad |
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Date of
Appointment: |
15.07.2006 |
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Name : |
Mr. Vasant P. Gandhi |
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Designation : |
Director |
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Date of Birth: |
10.12.1954 |
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Qualification: |
Ph.D. (Stanford), MA, MS (Stanford), PGP (IIMA) |
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Date of
Appointment: |
15.07.2006 |
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Name : |
Mr. Ajay N. Shah |
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Designation : |
Director |
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Date of Birth: |
08.07.1986 |
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Qualification: |
Ph.D. in Economics, University of Southern California, Los Angeles, B.Tech in Aeronautical Engineering from IIT, Bombay |
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Date of
Appointment: |
15.07.2006 |
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Name : |
Mr. Vijai Kapoor |
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Designation : |
Director |
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Date of Birth: |
13.09.1938 |
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Qualification: |
MA (Mathematics), IAS |
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Date of
Appointment: |
15.07.2006 |
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Name : |
Mr. P. N. Roy Chowdhury |
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Designation : |
Director |
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Name : |
Mr. D. J. Pandian |
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Designation : |
Director |
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Name : |
Dr. Hasmukh Adhia |
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Designation : |
Director |
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Date of Birth: |
03-11-1958 |
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Qualification: |
M.Com (Adv. Busi. Mgmt.), P.G. Diploma In Public Policy and Mgmt. ((IIMB) (Gold Medalist), Ph. D in yoga |
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Date of
Appointment: |
01.04.2013 |
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Name : |
Mr. H. V. Kachhadia |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. V. D. Nanavaty |
|
Designation : |
General Manager (Finance) and Company Secretary |
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Advisors : |
· Mr. B. M. BHORANIA · Mr. P. GANGULI · Mr. S. P. SHAH |
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General Managers : |
· Mr. H. R. Brahmbhatt · Dr. Y. P. Singh · Ms. F. M. Dayamakumar · Dr. Neelam Mishra · Mr. S. P. Yadav |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
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|
150799905 |
37.84 |
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|
150799905 |
37.84 |
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Total shareholding of Promoter and Promoter Group (A) |
150799905 |
37.84 |
|
(B) Public Shareholding |
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|
35878429 |
9.00 |
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|
447430 |
0.11 |
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|
41478299 |
10.41 |
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|
75190050 |
18.87 |
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|
152994208 |
38.39 |
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|
|
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|
36161924 |
9.08 |
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|
|
|
|
|
41995095 |
10.54 |
|
|
11274081 |
2.83 |
|
|
5252317 |
1.32 |
|
|
20420 |
0.01 |
|
|
2005 |
0.00 |
|
|
1119028 |
0.28 |
|
|
2520005 |
0.63 |
|
|
1590859 |
0.40 |
|
|
94683417 |
23.76 |
|
Total Public shareholding (B) |
247677625 |
62.16 |
|
Total (A)+(B) |
398477530 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
398477530 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of
shareholders |
No. of Shares |
Percentage
of Holding |
|
Gujarat State Investments
Limited |
150799905 |
37.84 |
|
Total |
150799905 |
37.84 |
Term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
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
|
Name of
shareholders |
No. of Shares |
Percentage
of Holding |
|
Life Insurance Corporation of India |
32257697 |
8.10 |
|
Fidelity Puritan Trust Fidelity Low Priced Stock Fund |
31000000 |
7.78 |
|
Reliance Capital Trustee Company Limited A/c Reliance Growth Fund |
14938847 |
3.75 |
|
HDFC Trustee Company Limited - HDFC Equity Fund |
9805500 |
2.46 |
|
GHI LTP Limited |
7548520 |
1.89 |
|
Gujarat Narmada Valley Fertilizers Company Limited |
7500000 |
1.88 |
|
Gujarat Alkalies & Chemicals Limited |
7500000 |
1.88 |
|
Government Pension Fund Global |
6123568 |
1.54 |
|
Gujarat Mineral Development Corporation Limited |
5000000 |
1.25 |
|
HDFC Trustee Company Limited - HDFC Prudence Fund |
4482066 |
1.12 |
|
Danske Invest Mgt Co s.a A/c Danske Invest Sicav-Sif-Emerging and Frontieer
Markets SMID |
4100000 |
1.03 |
|
Total |
130256198 |
32.69 |
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
|
Name of
shareholders |
No.
of Shares |
Percentage
of Holding |
|
Life Insurance Corporation
of India |
32257697 |
8.10 |
|
Fidelity Puritan Trust - Fidelity Low-Priced Stock
Fund |
31000000 |
7.78 |
|
Fidelity Puritan Trust
- Fidelity Northstar Fund |
800000 |
0.20 |
|
Total |
64057697 |
16.08 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Fertilizers and Chemicals including Synthetic Filament Yarn / Tyre Cord and Nylon
Chips. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2012)
|
Particulars |
Unit |
Actual
Production |
|
Fertilizers* |
MT |
1470350 |
|
Caprolactam* |
MT |
80503 |
|
Nylon-6 |
MT |
8914 |
|
Melamine |
MT |
15279 |
|
Argon |
'000NM3 |
3270 |
|
Monomer |
MT |
4287 |
|
Acrylic Sheets |
MT |
876 |
|
Acrylic Pellets |
MT |
2046 |
|
Nylon Filament Yarn |
MT |
3910 |
|
Nylon Chips |
MT |
5103 |
Note: *excluding captive consumption
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· Bank of Baroda · Central Bank of India · Bank of India · Dena Bank · Indian Bank · Vijaya Bank · Yes Bank Limited · State Bank of India · Indian Overseas Bank · Axis Bank Limited · ICICI Bank Limited · Royal Bank of Scotland N.V. |
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Facilities : |
Notes: LONG TERM BORROWINGS * The term loan from banks comprises of External Commercial Borrowings (ECB) and are secured by pledge on shares of Karnalyte Resources Inc, Canada. The principal amount of the loan is repayable over a period of six years in annual installments with the first installment due in March 2015 and the interest on the loan is repayable in quarterly installments over the tenure of the loan. The above loan carries interest rates with spread ranging from 175 bps to 190 bps over three months LIBOR. The repayment obligations for these loans have been partially hedged for exchange rate risk and fully hedged for interest rate risk. Loan
Repayment Schedule :
SHORT TERM
BORROWINGS * The Cash credit facility from consortium of banks is secured by hypothecation of stock of raw materials, finished products, packing materials, general stores, spares, book debts etc. of the Company. ** The short term loan from banks was received under Special Banking Arrangement made by the Department of Fertilizers, Government of India for release of fertilizer subsidy. The loan was secured by Hypothecation of Fertilizer Subsidy Receivables. |
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Banking
Relations : |
-- |
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Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Vadodara, Gujarat, India |
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Cost Auditors : |
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|
Name 1 : |
Diwanji and Associates Chartered Accountants |
|
Address : |
Vadodara, Gujarat, India |
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Name 2 : |
A. G. Dalwadi and Company Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Legal Advisors and
Advocates: |
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|
Name : |
Nanavati Associates Advocates |
|
Address : |
Ahmedabad, Gujarat, India |
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|
Name : |
Jaideep B. Verma Advocate |
|
Address : |
Vadodara, Gujarat, India |
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Subsidiary Company
: |
· GSFC Agrotech Limited (Incorporated on 02.04.2012) |
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Associate Company : |
· Vadodara Enviro Channel Limited (Erstwhile Effluent Channel Project Limited) · Gujarat Green Revolution Company Limited |
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Others : |
· GSFC Education Society |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.2/- each |
Rs.2000.000 Millions |
|
16000000 |
Redeemable Cumulative Preference |
Rs.100/-
each |
Rs.1600.000 Millions |
|
|
Total |
|
Rs.3600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
398477530 |
Equity Shares |
Rs.2/- each |
Rs.796.955
Millions |
a)
Rights,
preferences and restrictions attached to shares
Equity shares
The Company has one class of equity shares having a par value of Rs.2/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. During the year ended 31st March, 2014, the amount of per share dividend recognized as distributions to equity shareholders was Rs.2.00 (31st March, 2013: Rs.1.50) per equity share of face value of Rs.2/- each.
b)
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Gujarat State Investments Limited |
150799905 |
37.84 |
|
Life Insurance Corporation of India |
31773460 |
7.97 |
|
Reliance Capital Trustee Company Limited |
15263847 |
3.83 |
|
Fidelity Puritan Trust-Fidelity Low Priced Stock Fund |
30426989 |
7.64 |
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 |
796.955 |
796.955 |
796.955 |
|
(b) Reserves & Surplus |
41,108.520 |
38,619.193 |
34,370.601 |
|
(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) |
41,905.475 |
39,416.148 |
35,167.556 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2,243.726 |
2,393.129 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
2,616.622 |
2,391.760 |
2,473.966 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1,629.710 |
1,972.418 |
1,583.296 |
|
Total Non-current Liabilities (3) |
6,490.058 |
6,757.307 |
4,057.262 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5,245.353 |
12,657.851 |
6,169.931 |
|
(b) Trade payables |
5,354.772 |
5,377.575 |
4,920.576 |
|
(c) Other current
liabilities |
3,252.602 |
2,083.530 |
2,393.056 |
|
(d) Short-term provisions |
2,848.655 |
2,884.027 |
2,955.579 |
|
Total Current Liabilities (4) |
16,701.382 |
23,002.983 |
16,439.142 |
|
|
|
|
|
|
TOTAL |
65,096.915 |
69,176.438 |
55,663.960 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
20,077.795 |
13,555.859 |
14,250.830 |
|
(ii) Intangible Assets |
85.248 |
93.576 |
0.799 |
|
(iii) Capital
work-in-progress |
1,849.935 |
6,840.709 |
3,455.037 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
82,744.158 |
6,724.158 |
4,327.294 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2,165.092 |
2,079.512 |
2,180.083 |
|
(e) Other Non-current assets |
353.000 |
321.228 |
267.108 |
|
Total Non-Current Assets |
107,275.228 |
29,615.042 |
24,481.151 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
6,911.928 |
6,878.342 |
6,423.423 |
|
(c) Trade receivables |
19,840.874 |
29,083.589 |
14,405.667 |
|
(d) Cash and cash
equivalents |
3,863.890 |
1,632.248 |
8,975.521 |
|
(e) Short-term loans and
advances |
1,083.930 |
1,428.099 |
638.689 |
|
(f) Other current assets |
591.065 |
539.118 |
739.509 |
|
Total Current Assets |
32,291.687 |
39,561.396 |
31,182.809 |
|
|
|
|
|
|
TOTAL |
139,566.915 |
69,176.438 |
55,663.960 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
54,124.916 |
62,532.976 |
53,018.306 |
|
|
|
Other Income |
1,570.459 |
1,380.912 |
1,620.746 |
|
|
|
TOTAL (A) |
55,695.375 |
63,913.888 |
54,639.052 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
31,437.686 |
30,808.882 |
29,267.611 |
|
|
|
Purchase of Stock in Trade |
1,784.610 |
10,448.067 |
246.617 |
|
|
|
Changes in Inventories of Finished Goods, Work in Process and Stock in Trade |
(164.897) |
(742.280) |
(76.647) |
|
|
|
Power and Fuel |
5,290.893 |
3,725.978 |
3,627.164 |
|
|
|
Employees Benefit Expenses |
3,344.325 |
4,350.817 |
3,935.534 |
|
|
|
Other Expenses |
7,144.100 |
5,962.228 |
4,671.480 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
340.900 |
|
|
|
TOTAL (B) |
48,836.717 |
54,553.692 |
42,012.659 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6,858.658 |
9,360.196 |
12,626.393 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
451.380 |
362.513 |
200.847 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6,407.278 |
8,997.683 |
12,425.546 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,453.141 |
1,320.449 |
1,292.043 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4,954.137 |
7,677.234 |
11,133.503 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1,532.412 |
2,496.230 |
3,557.813 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3,421.725 |
5,181.004 |
7,575.690 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2,878.998 |
2,130.406 |
1,349.397 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2,500.000 |
3,500.000 |
6,100.000 |
|
|
|
Dividend |
796.955 |
796.955 |
597.716 |
|
|
|
Tax on Dividend |
135.443 |
135.443 |
96.965 |
|
|
|
Rounding off difference on Dividend and Dividend Tax |
0.000 |
0.014 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2,868.325 |
2,878.998 |
2,130.406 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Exports |
741.631 |
784.907 |
1,450.040 |
|
|
TOTAL EARNINGS |
741.631 |
784.907 |
1,450.040 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11,960.568 |
13,594.172 |
15374.829 |
|
|
|
Stores & Spares |
536.764 |
276.984 |
176.321 |
|
|
|
Capital Goods |
403.582 |
9.763 |
12.922 |
|
|
TOTAL IMPORTS |
12,900.914 |
13,880.919 |
15,564.072 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.59 |
13.00 |
19.01 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
12432.000 |
|
Total Expenditure |
|
|
10840.900 |
|
PBIDT (Excl OI) |
|
|
1591.100 |
|
Other Income |
|
|
255.800 |
|
Operating Profit |
|
|
1846.900 |
|
Interest |
|
|
36.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
1810.900 |
|
Depreciation |
|
|
272.600 |
|
Profit Before Tax |
|
|
1538.300 |
|
Tax |
|
|
456.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
1082.300 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
1082.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
6.14 |
8.11 |
13.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.15 |
12.28 |
21.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.01 |
13.81 |
23.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.19 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.18 |
0.38 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93 |
1.72 |
1.90 |
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 |
796.955 |
796.955 |
796.955 |
|
Reserves & Surplus |
34370.601 |
38619.193 |
41108.520 |
|
Net
worth |
35167.556 |
39416.148 |
41905.475 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
2393.129 |
2243.726 |
|
Short term borrowings |
6169.931 |
12657.851 |
5245.353 |
|
Total
borrowings |
6169.931 |
15050.980 |
7489.079 |
|
Debt/Equity
ratio |
0.175 |
0.382 |
0.179 |
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 |
53,018.306 |
62,532.976 |
54,124.916 |
|
|
|
17.946 |
(13.446) |
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
|
53,018.306 |
62,532.976 |
54,124.916 |
|
Profit |
7,575.690 |
5,181.004 |
3,421.725 |
|
|
14.29% |
8.29% |
6.32% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs. In
Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
400.665 |
0.000 |
0.000 |
|
Total |
400.665 |
0.000 |
0.000 |
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
SHORT TERM
BORROWINGS |
|
|
|
Deposits |
|
|
|
Intercorporate Deposit *** |
0.000 |
3000.000 |
|
Other Loans and Advances |
|
|
|
Buyers Credit and Bill Discounting Facility |
4409.213 |
7026.613 |
|
Total |
4409.213 |
10026.613 |
Notes:
*** The inter corporate deposit is taken for a period of 90 days on floating interest rate, the current interest rate being 8.5% p.a.
OPERATIONAL
PERFORMANCE
The Company has achieved the turnover of Rs.54120.000 Millions for the year ended
· March 31, 2014 as against Rs.62530.000 Millions Crores (FY 12-13) down 13% when compared to the previous financial year.
· Similarly for the FY 13-14, Profit Before Tax (PBT) was Rs.4950.000 Millions Crores and Net Profit (Profit After Tax) was Rs.3420.000 Millions
· Crores as against PBT of Rs.7680.000 Millions and PAT of Rs.5180.000 Millions for the previous financial year.
FUTURE PLAN OF
ACTION:
1. 20000 MTPY capacity Water soluble fertilizer of 19-19-19 grade and 10000 MT of additional facility for packing of other grades of water soluble fertilizer project are being installed on base of in house developed formulation of WSF.
2. To convert plant products in value added product.
3. To work on effluent water by developing microbial broth.
4. To continue to extend support services to the process plants for process trouble shooting, product quality upgradation and improving process efficiency etc.
5. To provide catalyst testing service to plants through evaluation of initial performance of various catalysts and assurance of same prior to use in plant processes.
6. On completion of successful field trials of Polymer Coated Urea, it is planned to set up pilot plant for manufacturing polymer coated urea on semi commercial scale.
7. After successful field and application trials High Impact Glass fiber reinforced Nylon-6 grade is taken for production.
OUTLOOK FOR
2014-15:
The demand outlook for the fertilizer industry is positive in 2014-15. However, a sluggish recovery would be there for the industry as it continues to face significant challenges and qualms, especially the gas price hike front. With significant amount of channel inventory having got cleared, partly due to liquidity pressures faced by the industry, the demand outlook for 2014-15 seems to be better. It is estimated that a relatively moderate overall volume growth in 2014-15 with imports of non-urea fertilizers expected to grow by 15%-20%, although overall volumes may not cross 2012-13 levels.
All this depend on monsoon behavior during Kharif 2014. As per Skymet and IMD arm (Pune based Regional Climate center), India will be having a weak monsoon season as El Nino conditions are likely to develop.
Further, the government has increased the fixed cost compensation for Urea by approving the modified NPS-III according to which there will be an increase in the fixed cost of Urea by Rs.350/- per ton and a further Rs.150/- per ton for plants that are more than 30 years old, for 2014-15.
This move would boost the profitability of the players to some extent. It would, however, increase the subsidy outflow for the Government by Rs.9000.000 to Rs.10000.000 Millions. Generally farmers of Gujarat prefer indigenous Fertilizers than imported one. Besides NP/NPK products, demand of “Sardar” DAP is likely to continue at the present level. Considering the Company’s presence in potential markets and enjoying better brand preference, there may not be much problem in selling available quantity of DAP. Your Company has opened new depot/s in Gujarat, Maharashtra and Rajasthan.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
12432.000 |
|
b) Other operating income |
0.000 |
|
Total
income from Operations(net) |
12432.000 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
6878.800 |
|
b) Purchases of stock in trade |
1898.700 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(1159.000) |
|
d) Power and Fuel |
1063.400 |
|
e) Employees benefit expenses |
957.900 |
|
f) Depreciation and amortization expenses |
272.600 |
|
g) Other expenditure |
1201.100 |
|
Total expenses |
11113.500 |
|
3. Profit from operations before other income and
financial costs |
1318.500 |
|
4. Other income |
255.800 |
|
5. Profit from ordinary activities before finance costs |
1574.300 |
|
6. Finance costs |
36.000 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
1538.300 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
1538.300 |
|
10.Tax expenses |
456.000 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
1082.300 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
1082.300 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
797.000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
2.72 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
2.72 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
247677625 |
|
- Percentage of shareholding |
62.16% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
0.00 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
0.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
0.00% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
150799905 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
37.84% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
Segment Revenue |
|
|
Fertilizer Products |
6843.700 |
|
Industrial Products |
5588.300 |
|
Total |
12432.000 |
|
Less : Inter Segment Revenue |
0.000 |
|
Net Sales /Income From Operations |
12432.000 |
|
Segment Result: Profit (+) / Loss (-) before Tax and Finance cost
from each Segment |
|
|
Fertilizer Products |
931.300 |
|
Industrial Products |
540.100 |
|
Total |
1471.400 |
|
Less : (i) Finance cost |
36.000 |
|
: (ii) Other unallocable expenditure |
62.900 |
|
: (iii) Unallocable income |
(165.800) |
|
Total Profit Before Tax |
1538.300 |
|
Capital Employed |
|
|
(Segment assets less Segment liabilities) |
|
|
Fertilizer Products |
22539.100 |
|
Industrial Products |
7938.300 |
|
Unallocated |
12510.400 |
|
Total |
42987.800 |
Notes:
1. Effective from April 01, 2014, the Company has charged depreciation based on the remaining useful life as per requirements of Schedule II of the Companies Act, 2013 ("the Act"). Consequent to this, depreciation charge for the quarter ended on June 30, 2014 is lower by Rs.139.800 Millions. In respect of assets having completed their useful life, an amount of Rs.222.000 Millions has been adjusted against the opening balance of retained earnings
2. A Limited Review of the unaudited financial results for the quarter ended on June 30, 2014 has been carried out by the Statutory Auditors.
3. The above financial result was reviewed by the Audit Committee at its meeting held on August 07, 2014 and approved by the Board of Directors at its meeting held on August 08, 2014 respectively.
4. Figures of the last quarter ended on March 31, 2014 are the balancing figures between audited figures in respect of the full financial year ended on March 31, 2014 and the published year to date figures up to the third quarter of that financial year.
5. Previous
period Figures have been regrouped wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90103034 |
12/09/2013 * |
14,650,000,000.00 |
Bank of Baroda |
Fertilizernagar Branch, P O Fertilizernagar, Vadodara, Gujarat - 391750, India |
B85572436 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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 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.61.57 |
|
UK Pound |
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
64 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.