MIRA
INFORM REPORT
|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAGARJUNA FERTILIZERS AND CHEMICALS LIMITED |
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Registered
Office : |
D. No. 8-2-248, Nagarjuna Hills, Punjagutta, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.11.2006 |
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Com. Reg. No.: |
01-076238 |
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Capital
Investment / Paid-up Capital : |
Rs. 598.065 Millions |
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CIN No.: [Company Identification
No.] |
U24129AP2006PLC076238 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Market Fertilizers and Allied Agri Inputs and providing Micro Irrigation Services and also Wind Energy Generation. |
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No. of Employees
: |
1871 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 85856000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There seems some dip in the turnover during 2014, the company has also
incurred a loss. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities = BB |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
September 22, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety it carry very high
credit risk. |
|
Date |
September 22, 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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-40-23357200/ 23358405]
LOCATIONS
|
Registered / Corporate
Office : |
D. No. 8-2-248, Nagarjuna Hills, Punjagutta, Hyderabad – 500082,
Andhra Pradesh, India |
|
Tel. No.: |
91-40-23357200/ 23357204/ 23356414/ 23356418 |
|
Fax No.: |
91-40-23354788 |
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E-Mail : |
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Website : |
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Factory 1 : |
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Tel. No.: |
91-884-2360390/ 2360391 |
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Fax No.: |
91-884-2362084/ 23675020 |
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E-Mail : |
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MICRO-IRRIGATION |
|
Factory 2 : |
Nachram, Hyderabad, Andhra Pradesh, India |
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Factory 3 : |
Sadashivpet Mandal, Medak District, Andhra Pradesh, India |
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Factory 4 : |
Halol, Panchmahal District, Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. K.S. Raju |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
29.06.1950 |
|
Qualification : |
B. E. (Mech) |
|
Experience : |
39 Years |
|
Other Directorship : |
- Nagarjuna Oil
Refinery Limited - Nagarjuna Oil
Corporation Limited - Jaiprakash
Engineering and Steel Company Limited - Bhagiradha
Chemicals and Industries Limited - Nagarjuna Agrichem Limited |
|
|
|
|
Name : |
Mr. K. Rahul Raju |
|
Designation : |
Managing Director |
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Date of Birth/Age : |
31.08.1976 |
|
Qualification : |
B.Com (Hons) |
|
Experience : |
16 Years |
|
Other Directorship : |
- Nagarjuna Oil
Refinery Limited - Nagarjuna Oil
Corporation Limited - The Fertilizer Association of India |
|
|
|
|
Name : |
Mr. Chandra Pal Singh Yadav |
|
Designation : |
Nominee of KRIBHCO |
|
Date of Birth/Age : |
19.03.1959 |
|
Qualification : |
MSC, B. Ed, LLB |
|
Other Directorship : |
- Nagarjuna Oil
Refinery Limited - Krishak
Bharati Co-operative Limited - KRIBHCO Shyam
Fertilizers Limited - National Coop.
Union of India - Kribhco
Infrastructure Limited - Continental
Multimodal Terminals Limited - Gujarat State
Energy Generation Limited - Bundelkhand
Krishi Utpadan Vipanan Sehkari Samiti - National Agricultural
Cooperative Marketing Federation (NAFED) - Co-operative
Bank of India - Krishi Utpadan
Evan Vipnan Sahakari Samiti - Gramin Vikas
Trust (GVT) - Kribhco Gramin
Vikas Sanstha - Kisan
Bahudesiya Sehkari Samiti Limited - The Anupama Coop.
Veg. and Fruit Growers Mktg. Society Limited - National Coop.
Consumer Federation of India Limited (NCCF) - National
Federation of Urban Coop. Banks and Credit Societies (NAFCUB) - General
Council of NCDC - National Film
and Fine Arts Coop. Limited (NAFFAC) |
|
|
|
|
Name : |
Mr. M.P. Radhkrishnan |
|
Designation : |
Nominee of SBI |
|
|
|
|
Name : |
Dr. N.C.B. Nath |
|
Designation : |
Director |
|
Date of Birth/Age : |
17.02.1930 |
|
Qualification : |
PhD
(Economics), LLB |
|
Other Directorship : |
- Nagarjuna Oil Refinery Limited |
|
|
|
|
Name : |
Mr. S.R. Ramakrishnan |
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Designation : |
Director |
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Date of Birth/Age : |
04.02.1935 |
|
Qualification : |
B.E (Mech) Hons |
|
Other Directorship : |
- Nagarjuna Oil
Refinery Limited - Shriram EPC Limited - Nagarjuna Oil Corporation Limited |
|
|
|
|
Name : |
V Anish Babu |
|
Designation : |
Nominee of IFCI |
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|
|
|
Name : |
Viney Kumar |
|
Designation : |
Nominee of IDBI Bank |
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|
|
|
Name : |
Mr. Yogesh Rastogi |
|
Designation : |
Nominee of ICICI Bank Limited |
KEY EXECUTIVES
|
Name : |
M Ramakanth |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
A. Promoter’s Holding |
307233260 |
51.37 |
|
|
|
|
|
B. Non–Promoters Holding |
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|
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1. Institutional Investors |
|
|
|
a. Mutual Funds and UTI |
1173425 |
0.20 |
|
b. Banks, Financial Institutions, Insurance Companies (Central / State
Govt. Institutions / Non-Government Institutions) |
8933409 |
1.49 |
|
c. Foreign Institutional Investors |
10082944 |
1.69 |
|
|
|
|
|
2. Others |
|
|
|
a. Private Corporate Bodies |
66154931 |
11.06 |
|
b. Indian Public |
172819586 |
28.90 |
|
c. NRIs / OCBs |
5776991 |
0.96 |
|
d. Any other (please specify) |
25890457 |
4.33 |
|
|
|
|
|
GRAND TOTAL |
598065003 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Market Fertilizers and Allied Agri Inputs and providing Micro Irrigation Services and also Wind Energy Generation. |
GENERAL INFORMATION
|
No. of Employees : |
1871 [Approximately] |
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Bankers : |
· ICICI Bank Limited Corporate Banking Group Hyderabad, 6th Floor, Northwing, Tower II,
Plot No 12, Nanakramguda, Hyderabad, Andhra Pradesh - 500032, India · IDBI Bank Limited IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra,
India · State Bank of India Ozone, 2nd Floor, 6-3-669, P Anjagutte Main Road, Hyderabad - 500082, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institutions : |
· IFCI Limited No.6-9-13, 8th Floor, Taramandal Complex, Saifabad, Hyderabad -
500004, Andhra Pradesh, India · IDBI Trusteeship Services Limited Ground Floor, Asian Building, 17, R Kamani Marg, Ballard Estate,
Mumbai, Maharashtra, India · 3I Infotech Trusteeship Services Limited 3rd To 6th Floor, International Infotech Park, Tower No.5, Vashi Railway
Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India |
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|
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Auditors : |
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|
Name : |
M Bhaskara Rao and Company Chartered Accountants |
|
Address : |
Hyderabad - 500082, Andhra Pradesh, India |
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|
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Subsidiaries : |
· Jaiprakash Engineering and Steel Company Limited Nagarjuna Industrial Services and Investments Private
Limited (NISIPL) (previously known as Nagarjuna Mauritius Private Limited) |
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|
|
|
Step down Subsidiaries : |
· Nagarjuna East Africa Limited * (Subsidiary of
Nagarjuna Industrial Services and Investments Private Limited) * Application
filed with Registrar of Companies, Nairobi for striking off the name of the
company from the Register of Companies. |
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|
|
|
Associates : |
· Nagarjuna Agricultural Research and Development Institute KVK Raju International Leadership Academy Nagarjuna Foundation |
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|
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|
Associate to Subsidiary : |
Nagarjuna Spawnt
Gmbh |
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|
Enterprises significantly influenced by Key
Management personnel or their relatives : |
· Nagarjuna Oil Refinery Limited Nagarjuna Agrichem Limited Nagarjuna Corporation Limited NFCL Employees Welfare Trust |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,210,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 6210.000 Millions |
|
20,000,000 |
Preference Shares |
Rs. 90/- each |
Rs. 1800.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 8010.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
598,065,003 |
Equity Shares |
Re. 1/- each |
Rs. 598.065 Millions |
|
|
|
|
|
Reconciliation of the
Number of shares outstanding at the beginning and at the end of the reporting
year
|
Particulars |
March 31, 2014 |
|
|
Equity Shares of
Re.1/- each |
No. of Shares |
Rs. in Millions |
|
Balance at the beginning of the year |
598,065,003 |
598.065 |
|
Add: On allotment during the year |
-- |
-- |
|
Balance at the end of the year |
598,065,003 |
598.065 |
Rights,
Preferences and Restrictions attached to equity shares
The Company has only one class of equity shares having a par value of
Re. 1/- per share. Each holder of equity shares is entitled to one vote per
shares.
In the event of liquidation of the Company, the holders of equity shares
will be entitled to receive remaining assets of the Company, after distribution
of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% of the Shares
|
Particulars |
March 31, 2014 |
|
|
Equity Shares of
Re.1/- each |
No. of Shares |
% of holding |
|
Nagarjuna Corporation Limited |
127,068,520 |
21.25% |
|
Nagarjuna Management Services Private Limited * |
78,592,592 |
13.14% |
|
Nagarjuna Holdings Private Limited * |
34,626,130 |
5.79% |
|
Zuari Global Limited |
32,267,741 |
5.40% |
|
Baron Properties Private Limited * |
18,298,969 |
3.06% |
|
White Stream Properties Private Limited * |
3,019,060 |
0.50% |
|
Nagarjuna Staff Betterment Company Private Limited ** |
8,723,277 |
1.46% |
* Shares held by Nagarjuna Management Services Private Limited,
Nagarjuna Holdings Private Limited, Baron Properties Private Limited and White
Stream Properties Private Limited yet to be transferred to Nagarjuna
Corporation Limited in terms of Composite Scheme of Arrangement and
Amalgamation approved by the Hon’ble High Court of Bombay at Mumbai on
September 14, 2012. The equity shares shall be transferred to NCL on the
commencement of trading of NFCL equity shares.
** Shares held by Nagarjuna Staff Betterment Company Private Limited
(NSB) yet to be transferred to Nagarjuna Corporation Limited (NCL) in terms of
Scheme of Amalgamation of NSB into NCL approved by the Hon’ble High Court of
Bombay at Mumbai on March 22, 2012 pursuant to which NSB was merged into NCL.
The equity shares shall be transferred to NCL on the commencement of trading of
NFCL equity shares.
Aggregate number
of shares issued for consideration other than cash
598,065,003 equity shares of Re.1/- each (aggregating to Rs.598.065
Millions) were allotted as fully paid up pursuant to a Composite Scheme of
Arrangement and Amalgamation during the year 2011-12.
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 |
598.065 |
598.065 |
598.065 |
|
(b) Reserves & Surplus |
20865.945 |
23202.181 |
22389.090 |
|
(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) |
21464.010 |
23800.246 |
22987.155 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1917.737 |
3460.098 |
5176.632 |
|
(b) Deferred tax liabilities (Net) |
850.911 |
1920.090 |
1854.709 |
|
(c) Other long
term liabilities |
1450.612 |
409.884 |
384.212 |
|
(d) long-term provisions |
204.151 |
186.528 |
144.024 |
|
Total Non-current
Liabilities (3) |
4423.411 |
5976.600 |
7559.577 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
12145.371 |
25121.925 |
15350.861 |
|
(b)
Trade payables |
8774.975 |
4071.316 |
6168.257 |
|
(c)
Other current liabilities |
2080.350 |
3398.202 |
2807.923 |
|
(d) Short-term
provisions |
363.679 |
199.221 |
704.510 |
|
Total Current
Liabilities (4) |
23364.375 |
32790.664 |
25031.551 |
|
|
|
|
|
|
TOTAL |
49251.796 |
62567.510 |
55578.283 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
29873.513 |
30666.718 |
31631.717 |
|
(ii)
Intangible Assets |
343.980 |
393.120 |
442.260 |
|
(iii)
Capital work-in-progress |
301.249 |
63.215 |
8.665 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
529.367 |
531.117 |
531.117 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
192.435 |
221.707 |
123.179 |
|
(e) Other
Non-current assets |
3.574 |
44.572 |
18.300 |
|
Total Non-Current
Assets |
31244.118 |
31920.449 |
32755.238 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2512.084 |
2433.100 |
2274.444 |
|
(c)
Trade receivables |
13295.292 |
24390.097 |
17358.586 |
|
(d) Cash
and cash equivalents |
930.071 |
3252.117 |
2802.016 |
|
(e) Short-term
loans and advances |
1233.734 |
467.934 |
345.180 |
|
(f)
Other current assets |
36.497 |
103.813 |
42.819 |
|
Total
Current Assets |
18007.678 |
30647.061 |
22823.045 |
|
|
|
|
|
|
TOTAL |
49251.796 |
62567.510 |
55578.283 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
34484.313 |
54846.167 |
49907.320 |
|
|
|
Other Income |
322.896 |
322.534 |
294.321 |
|
|
|
TOTAL (A) |
34807.209 |
55168.701 |
50201.641 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7137.986 |
7474.593 |
6383.272 |
|
|
|
Power and Fuel |
4795.339 |
4500.382 |
3972.685 |
|
|
|
Purchases of Stock-in-Trade |
14438.262 |
30851.482 |
29762.368 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
133.985 |
(85.717) |
(1563.705) |
|
|
|
Employees benefits expense |
1368.862 |
1315.500 |
1347.517 |
|
|
|
Other expenses |
4094.855 |
5616.805 |
5264.688 |
|
|
|
Exceptional Items |
2056.140 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
34025.429 |
49673.045 |
45166.825 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
781.780 |
5495.656 |
5034.816 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2817.445 |
2642.290 |
1557.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2035.665) |
2853.366 |
3476.914 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1261.470 |
1231.089 |
1170.134 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(3297.135) |
1622.277 |
2306.780 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(906.040) |
811.690 |
947.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(2391.095) |
810.587 |
1359.555 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Services |
77.385 |
135.255 |
102.861 |
|
|
|
Dispatch Money |
2.005 |
7.667 |
7.650 |
|
|
|
Sale of Goods [Kenya Branch] |
0.000 |
0.000 |
3.134 |
|
|
TOTAL EARNINGS |
79.390 |
142.922 |
113.645 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spares |
111.194 |
99.177 |
60.996 |
|
|
|
Traded Products |
3667.156 |
19912.887 |
21873.335 |
|
|
|
Capital Goods |
17.347 |
46.525 |
167.402 |
|
|
TOTAL IMPORTS |
3795.697 |
20058.589 |
22101.733 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(4.00) |
1.36 |
2.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(6.87) |
1.47 |
2.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.56) |
2.96 |
4.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.81) |
2.62 |
4.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.15) |
0.07 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.66 |
1.20 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77 |
0.93 |
0.91 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
598.065 |
598.065 |
598.065 |
|
Reserves & Surplus |
22389.090 |
23202.181 |
20865.945 |
|
Net
worth |
22987.155 |
23800.246 |
21464.010 |
|
|
|
|
|
|
Long-term borrowings |
5176.632 |
3460.098 |
1917.737 |
|
Short term borrowings |
15350.861 |
25121.925 |
12145.371 |
|
Total
borrowings |
20527.493 |
28582.023 |
14063.108 |
|
Debt/Equity ratio |
0.893 |
1.201 |
0.655 |
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 |
49907.320 |
54846.167 |
34484.313 |
|
|
|
9.896 |
(37.125) |
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 |
49907.320 |
54846.167 |
34484.313 |
|
Profit/ [Loss] |
1359.555 |
810.587 |
(2391.095) |
|
|
2.72% |
1.48% |
(6.93%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
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 |
10518037 |
04/08/2014 |
1,004,100,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
GROUND FLOOR,
ASIAN BUILDING, 17, R KAMANI MARG, |
C15970387 |
|
2 |
10484887 |
21/02/2014 * |
1,000,000,000.00 |
IFCI LIMITED |
NO.6-9-13, 8TH FLOOR,
TARAMANDAL COMPLEX, SAIFABAD, HYDERABD, ANDHRA PRADESH - 500004, INDIA |
C04340204 |
|
3 |
10403397 |
15/02/2013 |
8,544,000.00 |
DEPARTMENT OF
BIOTECHNOLOGY |
6-8TH FLOOOR,
BLOCK NO.2, CGO COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B68278035 |
|
4 |
10260529 |
04/07/2011 * |
250,000,000.00 |
ICICI BANK
LIMITED |
ICICI BANK
TOWERS, FINANCIAL DISTRICT, PLOT NO-12, 6TH FLOOR, NANAKRAM GUDA,
SERILINGAMPALLY, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
B16888141 |
|
5 |
10240545 |
04/02/2013 * |
1,000,000,000.00 |
ICICI BANK
LIMITED |
CORPORATE
BANKING GROUP HYDERABAD, 6TH FLOOR, NORTHWING, TOWER II, PLOT NO 12,
NANAKRAMGUDA, HYDERABAD, ANDHRA PRADESH - 500032, INDIA |
B69507093 |
|
6 |
10241841 |
09/09/2010 |
87,040,000.00 |
DEPARTMENT OF
BIOTECHNOLOGY |
6-8TH FLOOR,
BLOCK NO 2, CGO COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
A95605895 |
|
7 |
10194046 |
21/02/2014 * |
500,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00044719 |
|
8 |
10127655 |
31/10/2008 |
500,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
5-9-89/1 &2,
P B NO 370, CHAPEL ROAD, HYDERABAD, |
A49906423 |
|
9 |
10105253 |
21/02/2014 * |
370,000,000.00 |
STATE BANK OF
INDIA |
STATE BANK OF
INDIA, OZONE, 2ND FLOOR, 6-3-669, P |
C03048451 |
|
10 |
10098019 |
09/04/2008 |
169,813,359.00 |
ICICI BANK |
ICICI TOWERS,
STREET NO 1, BEGUMPET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA |
A36550069 |
|
11 |
10097444 |
21/02/2014 * |
439,560,000.00 |
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 |
B98753759 |
|
12 |
10091935 |
21/02/2014 * |
500,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00043760 |
|
13 |
10080888 |
11/12/2007 |
165,828,000.00 |
IFCI LIMITED |
NO.5-9-13, 8TH
FLOOR, TARAMANDAL COMPLEX, SAIFABAD, HYDERABAD, ANDHRA PRADESH - 500004,
INDIA |
A29346251 |
|
14 |
10067793 |
07/09/2007 |
600,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400025, INDIA |
A23078579 |
|
15 |
10047529 |
21/07/2007 * |
680,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA LIMITED |
IDBI TOWER, WTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400025, INDIA |
A20122933 |
|
16 |
10018792 |
08/08/2006 |
150,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
A04079737 |
|
17 |
10015514 |
21/02/2014 * |
29,209,400,000.00 |
STATE BANK OF
INDIA |
STATE BANK OF
INDIA, OZONE, 2ND FLOOR, 6-3-669, P |
C03047438 |
|
18 |
10005518 |
29/03/2006 |
8,636,311.00 |
CANARA BANK |
RASHTRAPATI
ROAD, SECUNDERABAD, ANDHRA PRADESH - |
A00927830 |
|
19 |
10056734 |
29/03/2006 |
10,830,000.00 |
CANARA BANK |
RASHTRAPATHI
ROAD, SECUNDERABAD, ANDHRA PRADESH - |
A00804005 |
|
20 |
80062789 |
19/01/2005 |
334,936,238.00 |
IDBI TRUSTEESHIP
SERVICESS LTD |
10TH FLOOR, NARIMAN
BHAVAN , NARIMAN POINT , MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
21 |
80061034 |
21/02/2014 * |
250,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C00249193 |
|
22 |
80061035 |
03/04/2006 * |
300,000,000.00 |
SICOM LIMITED |
NIRMAL 1ST
FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
23 |
80024916 |
08/03/2007 * |
127,500,000.00 |
ORIENTAL BANK OF
COMMERCE |
9-1-129/1, OXFORD
PLAZA BUILDING, SAROJINI DEVI ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003,
INDIA |
- |
|
24 |
80061033 |
03/04/2006 * |
120,000,000.00 |
THE BANK OF
RAJASTHAN LIMITED |
HOTEL RAJADHANI COMPLEX
, , SIDDIAMBAR BAZAR, HYDERABAD, ANDHRA PRADESH - 500012, INDIA |
- |
|
25 |
80063338 |
19/01/2002 |
160,000,000.00 |
THE KARNATAKA
BANK LIMITED |
NAMPALLY , ,
HYDERABAD, ANDHRA PRADESH - 500001, INDIA |
- |
|
26 |
80066364 |
27/03/2001 |
250,000,000.00 |
THE INDUSTRIAL
FINANCE CORPORATION OF INDIA LIMITE |
IFCI TOWERS,
61,, NEHRU PLACE, NEW DELHI, DELHI - |
- |
|
27 |
80066365 |
27/03/2001 |
250,000,000.00 |
THE INDUSTRIAL
FINANCE CORPORATION OF INDIA LIMITE |
IFCI TOWERS, 61,
NEHRU PLACE, NEW DELHI, DELHI - |
- |
|
28 |
80063342 |
02/02/2001 |
101,573,922.00 |
KARUR VYSYA BANK
LTD |
R.P.ROAD ,
SECUNDERABAD, SECCUNDERABAD, ANDHRA PRADESH - 500004, INDIA |
- |
|
29 |
80063341 |
04/01/2001 |
200,000,000.00 |
KARUR VYSYA BANK
LTD |
R.P.ROAD , ,
SECUNDERABAD, ANDHRA PRADESH - 500004, INDIA |
- |
|
30 |
80063345 |
21/02/2014 * |
300,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
17 R KAMANI MARG, BALLARD ESTATE, |
C00251603 |
|
31 |
80063344 |
21/02/2014 * |
1,533,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
17 R KAMANI MARG, BALLARD ESTATE, |
C00250191 |
|
32 |
90124190 |
26/09/2000 |
20,000,000.00 |
UCO BANK |
JUBILEE HILLE
BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
33 |
90124189 |
20/09/2000 |
2,000,000.00 |
CANARA BANK |
NARAYANGUDA,
HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
34 |
80063339 |
14/01/2000 |
150,000,000.00 |
IDBI BANK
LIMITED |
MAHAVEER HOUSE ,
BASHEER BAGH SQUARE, , HYDERABAD, ANDHRA PRADESH - 500026, INDIA |
- |
|
35 |
80062787 |
17/12/1999 * |
500,000,000.00 |
ICICI LIMITED |
ICICI TOWERS,
BANDRA KURLA COMPLEX, MUMBAI, |
- |
|
36 |
80062786 |
16/07/1999 * |
150,000,000.00 |
IDBI BANK
LIMITED |
MAHAVEER HOUSE,
BASHEERBAGH SQUARE, HYDERABAD, ANDHRA PRADESH - 500029, INDIA |
- |
|
37 |
80062785 |
09/04/1999 * |
450,000,000.00 |
IDBI |
IDBI TOWERS, CUFFE
PARADE, BOMBAY , BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
38 |
80066363 |
21/02/2014 * |
300,000,000.00 |
IFCI LIMITED |
TARAMANDAL
COMPLEX, 5-9-13, SAIFABAD, HYDERABAD, |
C00405985 |
|
39 |
80062784 |
28/09/1998 * |
1,200,000,000.00 |
ICICI LIMITED |
NO.163, BACKBAY
RECLAMATION ,, MUMBAI , MUMBAI, |
- |
|
40 |
80062845 |
25/09/1998 |
1,000,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWERS , , CUFFE
PARADE , MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Sales tax Deferral |
388.382 |
452.522 |
|
|
|
|
|
Total |
388.382 |
452.522 |
CORPORATE INFORMATION
Kakinada
Fertilizers Limited (KFL) was incorporated as a wholly owned subsidiary to
Nagarjuna Fertilizers and Chemicals Limited (erstwhile NFCL) in 2009-10 to
manufacture, market fertilizers and allied agri inputs. Through a Composite
Scheme of Arrangement and Amalgamation (the Scheme), KFL acquired the residual
business of erstwhile NFCL and the business of Ikisan Limited effective from
April 01, 2011. KFL changed its name to Nagarjuna Fertilizers and Chemicals
Limited w.e.f August 19, 2011 as per the Scheme. The financial statements
presented herewith for the year ended on March 31, 2014 relates to the combined
operations of the Company's Fertilizer, Micro Irrigation, Agri Informatic
Services and Wind Energy generation businesses. The Financial statements
include operations of branches at Kenya and Singapore.
SCHEME
The jurisdictional High Courts of Bombay and Andhra Pradesh had approved
the Composite Scheme of Arrangement and Amalgamation between the Company,
erstwhile Nagarjuna Fertilizers and Chemicals Limited and Nagarjuna Oil
Refinery Limited and Ikisan Limited and their respective shareholders and
creditors (‘the Scheme’) as per the provisions of Sections 391 – 394 and other
relevant provisions of the Companies Act, 1956 on June 17, 2011 and June 27,
2011 respectively. The Scheme was made effective on July 30, 2011 but operative
from Appointed Date, i.e. April 1, 2011.
Consequent to Scheme becoming effective, the financial statements for
the subsequent years have been drawn up incorporating the necessary adjustments
as envisaged in the Scheme.
The Bombay Stock Exchange vide letter dated December 14, 2011 approved
the application of the Company for listing of the equity shares and the
National Stock Exchange vide letter dated January 13, 2012 accorded
in-principle approval for listing of the equity shares. These approvals are
subject to relaxation by Securities and Exchange Board of India (SEBI) from
requirements under Rule 19(2)(b) of Securities Contracts (Regulation) Rules,
1957.
An application has been filed by SEBI in the High Court of Bombay at
Mumbai to recall / review and / or set aside the order dated June 17, 2011 and
Order dated July 22, 2011 of the High Court of Bombay at Mumbai. The Company is
contesting the application, the matter is subjudice and the High Court of
Bombay at Mumbai is hearing the matter.
The Company, in view of the prolonged delay by SEBI, has filed an
Application before Securities Appellate Tribunal (SAT) to direct SEBI to grant
relaxation / waiver of Rule 19(2)(b) of Securities Contract (Regulation) Rules,
1957.
Adjustments, if any, required to the financial statements will be made
on final resolution of this matter.
RESTRUCTURING
The Composite Scheme of Arrangement and Amalgamation between Kakinada
Fertilizers Limited, Ikisan Limited, Nagarjuna Fertilizers and Chemicals
Limited and Nagarjuna Oil Refinery Limited (Scheme) was approved by the Hon'ble
High Court of Bombay at Mumbai on June 17, 2011 and by the Hon'ble High Court
of Andhra Pradesh at
Hyderabad on June 27, 2011.
Consequent to the approval of the Jurisdictional High Courts the
Composite Scheme was made effective on July 30, 2011 i.e., 'Effective Date' but
operative from 'Appointed Date' i.e., April 1, 2011. With effect from July 30,
2011, the 'Oil Business Undertaking' of Erstwhile NFCL was demerged into NORL
and the residual NFCL along with Ikisan were merged into the company.
The company had filed applications for listing of equity shares with
Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on October 7,
2011. BSE approved application of the company for listing of 598065003 equity
shares on December 14, 2011 and NSE provided in-principle approval for listing
of 598065003 equity shares on January 13, 2012 subject to obtaining relaxation
from SEBI under Rule 19(2)(b) of Securities Contracts (Regulation) Rules, 1957.
The company had been persistently following up with Securities and
Exchange Board of India (SEBI) for relaxation under Rule 19(2) (b) of the
Securities Contracts (Regulation) Rules, 1957 and has furnished all necessary
documents/ clarifications from time to time after having complied fully with
the provisions of the Companies Act, 1956, Listing Agreement and other
statutory enactments in force.
The company has not received any intimation from SEBI in relation to the
granting of the relaxation.
An application has been filed by SEBI in the High Court of Bombay at
Mumbai challenging the approval granted to the Composite Scheme. The company is
contesting the application and the matter is sub-judice.
The company, in view of the prolonged delay by SEBI, has filed an
application before Securities Appellate Tribunal (SAT) to direct SEBI to grant
relaxation/waiver of Rule 19(2)(b) of Securities Contract (Regulation) Rules,
1957.
The company is taking all necessary steps to protect itself and the
interest of all its stakeholders and shall keep the stakeholders informed of
progress on the matter from time to time.
MANAGEMENT
DISCUSSION ANALYSIS
THE INDIAN
ECONOMIC SCENARIO
The year 2013-14 has been a challenging year for the Indian economy in general
and the Indian Industry in particular which has been plagued by high inflation,
high interest rates, sluggish economy and depressed demand resulting in a lower
GDP.
The new government at the centre has raised high expectations with a
decisive mandate given by the electorate. The government has to fulfill its
commitments in various areas which includes reigning in inflation, revive the
sluggish economy and fiscal consolidation.
The initial deficient rainfall in vast parts of the country coupled with
increasing crude oil prices and inheritance of a sluggish economy has made the
task difficult for the new government.
The Budget for the year 2014-15 announced by the finance minister has
been received with cautious optimism. The government hopes to put the economy
on the growth track with fiscal deficit pegged at 4.1% and estimated GDP growth
rate at 5.4% to 5.9% for the year 2014-15 with higher outlays on sectors like
infrastructure, agriculture, rail, ports, gas pipelines and waterways, FDI hike
to 49% in defence and insurance, tax sops to the salaried class.
Financing has also been made easier with relaxation of the CRR/SLR
norms. Dilution of government stake in the PSU banks while retaining majority
control and granting at the same time autonomy to the banks is also a welcome
measures. It is also expected that the long pending act on uniform Goods and
Services Tax may be approved soon by the end of this year.
The need of the hour is to attract long term finance for infrastructure
projects from a wide range of domestic as well as foreign investors rather than
depend on the domestic banking system and the new government has initiated
action in this regard.
It is expected that the government would rationalize the food and fuel
subsidy very soon.
AGRICULTURE SECTOR
Late revival of the monsoons in most areas of the country has lessened
the percentage of deficient rainfall and it is to be hoped that the new
government faces the challenge of curtailing the impact of deficient rainfall
on agricultural productivity and consumer demands on essential farm products
and at the same time control inflation on essential food items. The onset of
the monsoon has raised hopes of high food production. The revision of minimum
support prices for various kharif crops is a welcome measures.
The government aims to focus on achieving a 4% growth per year in
agricultures. It has set itself a farm credit target of Rs. 8 trillion for the
year 2014-15 and proposes a long term rural credit fund with initial corpus of
Rs.50 billion.
It is expected that the government would in the coming months give more
fillip to this vital sector
FERTILIZER SECTOR
The high subsidy burden for the government along with the rising cost of
production of domestic urea will make the situation difficult for the sector if
the gas price revision takes place.
The enhanced allocation of urea subsidy in the Union Budget for 2014-15
would reduce the gap between budgeted and actual subsidy witnessed during past few
years. Urea comprises 59% of the total fertilizer consumption in India based on
volumes. The increase in subsidy for urea would aid all the stakeholders of
urea but the enhanced provision would not be sufficient to wipe out subsidy
arrears. The government is expected to provide incentives for balanced use of
fertilizers to reduce urea consumption and encourage soil preservation. It is
expected that a new urea policy may be on the anvil. The fertilizer subsidy
bill has been forecast at Rs.729.7 billion for the year 2014-15.
The demand for fertilizers may get a new lease of life in view of the
new credit initiatives announced in the recent budget and this will lead to
easier availability of credit. Famers may be encouraged to use complex
fertilizers in addition to urea.
The shortfall in the availability of Natural Gas has resulted in
production being curtailed leading to increased cost of manufacture due to
higher energy consumption. This shortfall has led to more consumers looking at
the same source causing shortfall in supply. There is a need to debate and
relook at the policy on Natural Gas and prioritise the Fertilizer Sector.
OUTLOOK/ FUTURE
PLANS
The company is exploring various growth opportunities to enhance its
revenue streams and in this regard is looking at various projects both in India
and abroad.
In view of the uncertainty of government policy and increase in gas
prices and its availability, it is necessary for the company to not depend only
on one product alone and in this regard is exploring various opportunities to
broad base its products so as to augment its income. The company in addition to
urea and micro irrigation systems is already making its presence felt in area
of speciality fertilizers and customized fertilizers through its wide dealer
network throughout India.
FINANCIAL
PERFORMANCE
Owing to shortage of Natural Gas, volatility in the forex market, delays
in realization of subsidy due from the Government of India and its consequent
effect on the working capital, have resulted in significant losses for the
company for the financial year ended March 31, 2014. The company recorded a
post-tax loss of Rs.2391.100 Millions.
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2014
[RS.
IN MILLIONS]
|
PARTICULARS |
Quarter Ended 30.06.2014 |
|
|
(Unaudited) |
|
Income from Operations |
|
|
Sales/Income from Operations |
4656.362 |
|
Less: Excise Duty |
15.904 |
|
Net Sales/ Income from
operations |
4640.458 |
|
Other Operating Income |
3.567 |
|
Total Income from
operations (net) |
4644.025 |
|
|
|
|
Expenses |
|
|
(a) Cost of Material Consumed |
1641.408 |
|
(b) Power and Fuel |
1047.463 |
|
(c) Purchase of Traded Products |
977.024 |
|
(d) (Increase) / Decrease in Stock |
(384.802) |
|
(e) Employee benefit expenses |
345.738 |
|
(f) Depreciation and amortization expenses |
227.618 |
|
(g) Other Expenses |
819.857 |
|
Total Expenses |
4674.306 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
(30.281) |
|
Other Income |
71.440 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
41.159 |
|
Finance costs |
602.920 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
(561.761) |
|
Exceptional
item |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
(561.761) |
|
Tax Expenses |
2.076 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
(563.837) |
|
Extraordinary
Items |
-- |
|
Net Profit for the period |
(563.837) |
|
Paid- up Equity
Share Capital (Face value
of the share – Re. 1/-) |
598.065 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
Earnings Per Share (for the quarter ended - not annualised) - Rs. - Basic and Diluted |
(0.94) |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public
shareholding |
|
|
Number of
Shares |
290831743 |
|
Percentage of Shareholding |
48.63 |
|
2. Promoters
and promoter group shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
116360077 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
37.87 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
19.46 |
|
|
|
|
Non - encumbered |
|
|
- Number of
Shares |
190873183 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
62.13 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
31.91 |
|
|
PARTICULARS |
Quarter
Ended 30.06.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
7 |
|
|
Disposed of during the quarter |
7 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
The above results were reviewed by the Audit
Committee and approved by the Board of Directors at their respective meetings
held on July 30, 2014.
2)
The Statutory Auditors have carried out Limited
Review of above financial results.
3)
Income from urea operations is accounted on the
basis of prices notified under Stage III New Pricing Policy by the Government
of India (GOI) which has been further extended from April 01, 2010 onwards
until further orders. Input escalation / de-escalation, freight subsidy and
Import Parity Price benefit are accounted in accordance with parameters
notified by GOI. Adjustments, if any, required will be considered on notification
of final prices.
4)
a)
Production and sales during the quarter were lower
compared to the corresponding period under report due to i) Urea / Ammonia
manufacturing unit (Plant-II Kakinada) has been shut down for a period of 20
days during May, 2014 towards Annual Turn Around as planned. ii) Short supply
of Natural Gas.
b)
GAIL's inability to supply full gas from July 7,
2014 onwards which resulted in stoppage of plants. The plants can resume
operations on restoration of gas supplies.
5)
Depreciation for the quarter has been provided on
the fixed assets other than continuous process plants of the Company, based on
the useful lives specified in Schedule II of the Companies Act, 2013. In
respect of continuous process plants, the useful lives have been determined
based on technical assessment by the Company. Consequently, depreciation for
the quarter ended June 30, 2014 is lower by Rs 86.082 Millions than it would
have been if depreciation were computed as earlier. For assets that had completed
their useful lives as on April 1, 2014, the net residual value has been
adjusted to Retained Earnings.
6)
The financial results comprise of the combined
operations of the Company relating to Fertilizer, Micro Irrigation, Agri
Services and Wind Energy generation businesses. The financial results of Micro
Irrigation segment, Wind Energy segment and Agri Services segment being less
than the threshold limit prescribed for separate disclosure in Accounting
Standard 17, have not been shown separately.
7)
Tax Expense includes income tax and deferred tax.
8)
The Company has allotted 1,004,100,000 - 10.25%
Secured Redeemable Non-Convertible Non-Cumulative Fully Paid Debentures of Re.
1/- each to its lenders on June 20, 2014 totaling to Rs. 1004.100 Millions in
settlement of the recompense amount payable for exiting the CDR.
9)
The Bombay Stock Exchange vide letter dated
December 14, 2011 approved the application of the Company for listing of the
equity shares and the National Stock Exchange vide letter dated January 13, 2012
accorded in-principle approval for listing of the equity shares. These
approvals are subject to relaxation by Securities and Exchange Board of India
(SEBI) from requirements under Rule 19(2)(b) of Securities Contracts
(Regulation) Rules, 1957. The Company has furnished all necessary documents/
clarifications from time to time after having complied fully with the
provisions of the Companies Act, 1956, Listing Agreement and other statutory
enactments in force.
An application has been filed by SEBI in the
High Court of Bombay at Mumbai challenging the approval granted to the
Composite Scheme. The Company is contesting the application, the matter is
sub-judice and the High Court of Bombay at Mumbai is hearing the matter.
The Company, in view of the prolonged delay
by SEBI, has filed an Application before Securities Appellate Tribunal (SAT) to
direct SEBI to grant relaxation/waiver of Rule 19(2)(b) of Securities Contract
(Regulation) Rules, 1957.
Adjustments, if any, required to the
financial statements will be made on final resolution of this matter.
10)
The figures of the quarter ended March 31, 2014 are
the balancing figures between the audited figures of the full financial year
ended March 31, 2014 and the published year to date figures up to third quarter
ended December 31, 2013.
11)
The figures for the corresponding previous periods
have been restated / regrouped, wherever necessary, to make them comparable.
CONTINGENT
LIABILITIES [AS ON 31.03.2014]:
1)
Counter guarantees given to Bankers in respect of
Bank guarantees Rs. 181.463 Millions (Previous year Rs. 958.933 Lakhs).
2)
Income Tax matters under disputes Rs. Nil (Previous
year Rs. 118.391 Millions).
3)
Compensation in respect of 33.35 acres (Previous year
33.35 acres) of land in possession - amount not ascertained.
4)
Claims against the Company not acknowledged as
debts Rs. 749.853 Millions including Rs. 540.006 Millions disputed Excise Duty
on subsidy which is not tenable as per the legal opinion. (Previous year Rs.
102.585 Millions).
FIXED ASSETS:
Tangible Assets
·
Land
Buildings
Plant
and Equipments
Furniture,
Fixtures and Office Equipment
Vehicles
Roads,
Drains and Culverts
Railway
Siding
Intangible Assets
·
Trade Marks and Services
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. 61.57 |
|
|
1 |
Rs. 100.42 |
|
Euro |
1 |
Rs. 78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.