MIRA INFORM REPORT
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Report No. : |
317013 |
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Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADVANTA LIMITED |
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|
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Registered
Office : |
Krishnama House, No. 8-2-418, 4th Floor, Road No. 7,
Banjara Hills, Hyderabad – 500034, Telangana |
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Tel No.: |
91-40-66284000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.01.1994 |
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Com. Reg. No.: |
36-063664 |
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Capital
Investment / Paid-up Capital : |
Rs. 168.742 Million |
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CIN No.: [Company Identification
No.] |
L01119AP1994PLC063664 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is engaged in the business of research, production and sale of field crop and vegetable seeds through distributors to farmers. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. It is
associate company of United Phosphorus Limited (UPL) a large Indian
Agrochemical Company. The rating is constrained on account of operating loss incurred by the
company and highly competitive nature of seed industry. However, the rating also takes note of ownership by strong promoters,
diversified product portfolio and global presence of the subject. Trade relations reported to be fair. Business is active. Payments are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating “BBB+” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
October 28, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating “A2” |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
October 28, 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-Cooperative
LOCATIONS
|
Registered Office : |
Krishnama House, No. 8-2-418, 4th Floor, Road No. 7,
Banjara Hills, Hyderabad - 500034, Telangana, India |
|
Tel. No.: |
91-40-66284000 |
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Fax No.: |
91-40-66284040 |
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E-Mail : |
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Website : |
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Corporate Office : |
# 6-5-249/5, 5th Floor, 501 & 502, ANR Center, Road No. 1, Banjara Hills, Hyderabad
– 500034, Telangana, India |
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Tel. No.: |
91-40-66746651 |
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Plant : |
Located At :
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Venkatram Vasantavada |
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Designation : |
Whole-Time Director |
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Name : |
Mr. Vikram R. Shroff |
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Designation : |
Non-Executive Director |
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Name : |
Mr. V.R. Kaundinya |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Hardeep Singh |
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Designation : |
Independent Director |
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Name : |
Vinod Sethi |
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Designation : |
Independent Director |
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Name : |
Dr. Vasant P. Gandhi |
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Designation : |
Independent Director |
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Name : |
Mr. Deepak Vohra |
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Designation : |
Independent Director |
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Name : |
Mr. Alberto Leon |
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Designation : |
Global Research Director |
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Name : |
Mr. Barry Croker |
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Designation : |
Global Supply Chain Director |
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Name : |
Mrs. Kerstin Sobottka |
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Designation : |
Global Marketing Director |
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Name : |
Mr. Mutalik Desai |
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Designation : |
Global Technology Development Director |
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Name : |
Mr. Sandeep Chowdhury |
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Designation : |
Global Legal Director |
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Name : |
Mr. Eduardo Amaya |
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Designation : |
Global HR Director |
KEY EXECUTIVES
|
Name : |
Mr. Claudio Torres |
|
Designation : |
Global CEO |
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Name : |
Mr. Manoj Gupta |
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Designation : |
Group Chief Financial Officer |
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Name : |
Mr. Dave Stalker |
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Designation : |
Global Technology Lead |
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Name : |
Mr. Nick Gardner |
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Designation : |
Business Lead Australia and New Zealand |
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Name : |
Mr. Jorge Moutous |
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Designation : |
Business Lead Latin America |
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Name : |
Mr. Philippe Gall |
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Designation : |
Business Lead Europe & CIS |
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Name : |
Mr. Edison Kopachesk |
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Designation : |
Business Lead Brazil |
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Name : |
Mr. Steve Ligon |
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Designation : |
Business Lead NAFTA |
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Audit Committee : |
Mr. Vinod Sethi - Chairman Mr. Vikram R. Shroff - Member Dr. Vasant P. Gandhi - Member Mr. Hardeep Singh - Member |
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Nomination and
Remuneration Committee : |
Mr. Hardeep Singh - Chairman Mr. Jaidev R. Shroff - Member Mr. Vikram R. Shroff - Member Mr. Vinod Sethi - Member Dr. Vasant P. Gandhi - Member |
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Stakeholders
Relationship Committee : |
Mr. Vinod Sethi - Chairman Mr. Jaidev R. Shroff - Member Mr. Vikram R. Shroff - Member |
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Risk Management
Committee : |
Mr. Vikram R. Shroff - Chairman Mr. Jaidev R. Shroff - Member Mr. Venkatram Vasantavada - Member Mr. V.R. Kaundinya - Member Mr. Claudio Torres - Member Mr. Manoj Gupta - Member Mr. Sandeep Chowdhury - Member |
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CSR Committee : |
Mr. Vikram R. Shroff - Chairman Mr. Hardeep Singh - Member Mr. Vinod Sethi - Member Ambassador Deepak Vohra - Member Mr. Claudio Torres - Member Mr. Manoj Gupta - Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category
of Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
4255135 |
5.04 |
|
|
46495978 |
55.11 |
|
|
50751113 |
60.15 |
|
|
|
|
|
|
5076750 |
6.02 |
|
|
5076750 |
6.02 |
|
Total shareholding of Promoter
and Promoter Group (A) |
55827863 |
66.17 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1100485 |
1.30 |
|
|
655 |
0.00 |
|
|
17057322 |
20.22 |
|
|
2170543 |
2.57 |
|
|
2170543 |
2.57 |
|
|
20329005 |
24.09 |
|
|
|
|
|
|
2400878 |
2.85 |
|
|
|
|
|
|
1505610 |
1.78 |
|
|
1468585 |
1.74 |
|
|
2839154 |
3.37 |
|
|
2830184 |
3.35 |
|
|
8470 |
0.01 |
|
|
500 |
0.00 |
|
|
8214227 |
9.74 |
|
Total Public shareholding (B) |
28543232 |
33.83 |
|
Total (A)+(B) |
84371095 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
84371095 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of research, production and sale of field crop and vegetable seeds through distributors to farmers. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Note : LONG TERM
BORROWINGS The Company has entered into an agreement with the BIRAC, Ministry of Science and Technology, Government of India (‘DBT’) for seeking assistance in the form of grant/loan under the DBT scheme, viz. Biotechnology Industry Partnership Program (‘BIPP’ scheme’) in relation to project of “Multi stacking genes to develop engineered rice with enhanced drought and multiple disease and pest tolerance (“Rice Project”)” and “RNAi and other cutting edge technological interventions to develop insect-pest, diseases and viruses tolerant tomato hybrids for Indian and International markets (“Tomato Project”)” (“the projects”), in connection with the same the Company has received assistance in the form of loan at interest rate of 2%/3% for Rs. 10.472 Million (Previous year: Rs. 10.472 Million) and in the form of grant for Rs. 10.472 Million (Previous year: Rs. 10.472 Million). The unutilised grant of Rs. 5.127 Million (Previous year: Rs. 6.465 Million) is considered as “other long term liabilities”. Loan amounting to Rs. 7.217 Million pertaining to rice project is repayable in 10 equal half yearly installments starting from August 2015 and loan amounting to Rs. 3.255 Million pertaining to tomato project is repayable in 10 equal half yearly installments starting from April 2015. The loan is secured by way of hypothecation of all equipment, apparatus, machineries, machinery spares and other accessories, goods and/or other movable property, and/or immovable property of the Company acquired for the project through contribution by the Company and/or by the DBT to a value equivalent to loan amount and interest thereon. In view of the transfer of BIPP scheme from DBT to BIRAC, the Company has executed the Agreements and will shortly execute the Deed of hypothecation in favour of BIRAC. SHORT TERM
BORROWINGS
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.R. Batliboi & Associates LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby 29, Senapati Bapat Marg, Dadar (West) Mumbai - 400028, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
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Enterprises having
significant influence |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
303100000 |
Equity Shares |
Rs.2/- each |
Rs.606.200 Million |
|
16380000 |
Preference Shares |
Rs.10/- each |
Rs. 163.800 Million |
|
|
Total |
|
Rs. 770.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84371095 |
Equity Shares |
Rs.2/- each |
Rs. 168.742 Million |
|
|
|
|
|
Pursuant to the resolution by the members in their annual general meeting held on June 5, 2013 existing equity share of the face value of Rs.10/- each stands sub-divided into five equity shares of the face value of Rs. 2/- each.
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
Equity shares
|
|
As at
December 31, 2014 |
|
|
|
No's in
Million |
Rs.
In Million |
|
At the beginning of the year |
84.342 |
168.685 |
|
Issued during the year - ESOP |
0.029 |
0.057 |
|
Outstanding at the end of the year |
84.371 |
168.742 |
Terms/rights attached
to equity shares
The Company has one class of equity shares having par value of H2/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Aggregate number of
bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date
|
|
As at
December 31, 2014 |
|
No's in
Million |
|
|
Equity share of H2/- each issued during the period of five years immediately preceding the reporting date on exercise of options granted under the employee stock option plan (ESOP) wherein part consideration was received in form of employee services. |
0.188 |
Details of
shareholding more than 5% shares in the Company
|
|
As at
December 31, 2014 |
|
|
|
No's in
Million |
%
holding |
|
UPL Limited (Formerly United Phosphorus Limited) |
42.724 |
5.064 |
|
Jaidev R Shroff |
5.077 |
0.602 |
|
Vikram R Shroff |
4.233 |
0.502 |
As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
168.742 |
168.685 |
168.631 |
|
(b) Reserves &
Surplus |
3112.611 |
3162.043 |
3113.387 |
|
(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) |
3281.353 |
3330.728 |
3282.018 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
3160.849 |
4571.222 |
4496.143 |
|
(b) Deferred tax
liabilities (Net) |
15.926 |
4.798 |
0.000 |
|
(c) Other long term
liabilities |
5.127 |
6.465 |
4.607 |
|
(d) long-term provisions |
26.050 |
10.191 |
15.156 |
|
Total Non-current Liabilities
(3) |
3207.952 |
4592.676 |
4515.906 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
577.368 |
409.656 |
345.000 |
|
(b) Trade payables |
173.977 |
116.305 |
174.301 |
|
(c) Other current
liabilities |
123.894 |
722.259 |
558.179 |
|
(d) Short-term provisions |
14.017 |
11.625 |
7.410 |
|
Total Current Liabilities
(4) |
889.256 |
1259.845 |
1084.890 |
|
|
|
|
|
|
TOTAL |
7378.561 |
9183.249 |
8882.814 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
184.730 |
177.727 |
176.869 |
|
(ii) Intangible Assets |
254.942 |
333.836 |
407.200 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
2.500 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3786.310 |
3786.310 |
3786.810 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2308.826 |
4000.956 |
3727.938 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6534.808 |
8298.829 |
8101.317 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
198.836 |
66.123 |
130.191 |
|
(c) Trade receivables |
131.293 |
105.876 |
135.532 |
|
(d) Cash and cash
equivalents |
226.845 |
300.627 |
75.773 |
|
(e) Short-term loans and
advances |
40.595 |
26.640 |
22.650 |
|
(f) Other current assets |
246.184 |
385.154 |
417.351 |
|
Total Current Assets |
843.753 |
884.420 |
781.497 |
|
|
|
|
|
|
TOTAL |
7378.561 |
9183.249 |
8882.814 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
831.929 |
831.486 |
1007.440 |
|
|
Other Income |
206.785 |
285.715 |
267.944 |
|
|
TOTAL (A) |
1038.714 |
1117.201 |
1275.384 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
393.775 |
283.556 |
204.482 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(114.170) |
77.764 |
417.973 |
|
|
Employees benefits
expense |
80.928 |
54.212 |
44.597 |
|
|
Other expenses |
290.679 |
224.680 |
106.978 |
|
|
Exceptional Items |
0.000 |
0.000 |
47.042 |
|
|
TOTAL (B) |
651.212 |
640.212 |
821.072 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
387.502 |
476.989 |
454.312 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
275.227 |
332.725 |
355.935 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
112.275 |
144.264 |
98.377 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION
(F) |
94.824 |
92.987 |
86.460 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
17.451 |
51.277 |
11.917 |
|
|
|
|
|
|
|
Less |
TAX (H) |
69.178 |
4.798 |
(17.500) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
(51.727) |
46.479 |
29.417 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
(295.959) |
(295.959) |
-278.057 |
|
|
|
|
|
|
|
Add |
Adjustment on account of
amalgamation of subsidiary company (K) |
0.000 |
0.000 |
-17.902 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to Debenture
Redemption Reserve |
0.000 |
46.479 |
29.417 |
|
|
Total (L) |
0.000 |
46.479 |
29.417 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S
(I+J+K-L) |
(347.686) |
(295.959) |
(295.959) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
429.079 |
579.666 |
183.054 |
|
|
Interest Income |
131.566 |
248.783 |
242.025 |
|
|
Reimbursement of Expenses
|
198.825 |
184.756 |
151.164 |
|
|
Commission Income |
27.035 |
16.326 |
0.000 |
|
|
Others |
9.805 |
2.258 |
0.000 |
|
|
TOTAL EARNINGS |
796.310 |
1031.789 |
576.243 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Expenditure |
6.702 |
0.984 |
3.454 |
|
|
Purchase of Seeds |
163.839 |
164.076 |
63.321 |
|
|
TOTAL IMPORTS |
170.541 |
165.060 |
66.775 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(0.61) |
0.55 |
0.35 |
QUARTERLY / SUMMARISED
RESULTS
|
Particulars (Rs. Million) |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
Audited / Un Audited |
Un
Audited |
Un
Audited |
Un
Audited |
|
Net Sales |
281.800 |
276.700 |
108.500 |
|
Total Expenditure |
190.700 |
232.500 |
162.000 |
|
PBIDT (Excl OI) |
91.100 |
44.200 |
(53.500) |
|
Other Income |
31.300 |
37.600 |
67.600 |
|
Operating Profit |
122.400 |
81.800 |
14.000 |
|
Interest |
55.400 |
54.600 |
47.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
67.000 |
27.200 |
(33.900) |
|
Depreciation |
23.700 |
23.800 |
23.800 |
|
Profit Before Tax |
43.300 |
3.500 |
(57.700) |
|
Tax |
17.100 |
(0.600) |
52.700 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
26.200 |
4.100 |
(110.400) |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
26.200 |
4.100 |
(110.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(6.22) |
5.59 |
2.92 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
46.58 |
57.37 |
45.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.49 |
0.95 |
0.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.02 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.14 |
1.50 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95 |
0.70 |
0.72 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
168.631 |
168.685 |
168.742 |
|
Reserves & Surplus |
3113.387 |
3162.043 |
3112.611 |
|
Net worth |
3282.018 |
3330.728 |
3281.353 |
|
|
|
|
|
|
long-term borrowings |
4496.143 |
4571.222 |
3160.849 |
|
Short term borrowings |
345.000 |
409.656 |
577.368 |
|
Total borrowings |
4841.143 |
4980.878 |
3738.217 |
|
Debt/Equity ratio |
1.475 |
1.495 |
1.139 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1007.440 |
831.486 |
831.929 |
|
|
|
(17.465) |
0.053 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1007.440 |
831.486 |
831.929 |
|
Profit |
29.417 |
46.479 |
-51.727 |
|
|
2.92% |
5.59% |
-6.22% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
BUSINESS OVERVIEW/OPERATIONS
Geographically, the Company has registered robust growth in all areas of its presence except in Thailand and Europe. Thailand suffered a severe nine month-long drought.
Besides, a change in the government policy on purchasing prices affected the liquidity of the farmers which adversely impacted corn planting, resulting in lower numbers for the Company. Europe slowed down due to uncertainty in the CIS region.
In the US, the Company’s strategy of transitioning from a private label to a branded one has resulted in incremental growth in the sorghum business. The Company has done excellent business in Mexico this year predominantly in Sorghum.
India also achieved creditable numbers as the Company’s forage business enjoyed a strong competitive position in some important markets. Some of its crops have emerged as trademarks thereby positioning the Company as a favoured choice among its customers.
PAC-740 hybrid is gaining a lot of popularity in the rain-fed markets of India for its wide adaptability and grain colour. Hybrid rice — a legacy crop of Advanta is gaining its due share in the Eastern and Northern markets.
With the vision of increasing productivity and net income of the Indian Vegetable farmers, UPL – Advanta group, with its flagship brand, Golden Seeds, is one of the major players of the Indian Vegetable Seed Industry. From a turnover point of view it is among the top 6 players in the industry. It has a dominant market share in tropical cauliflower, beet root, peas and is geared up to take a quantum leap in the highvalue segment of okra with the introduction of novel hybrids.
Business from Europe remained subdued primarily due to political crisis in Ukraine. However, the Company has received many products registrations across European countries, not only for sunflower but also sorghum. This should help the Company strengthen its position in Europe and de-risk its business from a dependence on a single crop as well as geography.
In Asia, they have doubled their volumes in the newly opened markets of Vietnam and grown in Indonesia despite supply chain limitations. Their dominance in the fresh corn segment in SE Asia continued in 2014. They work very closely with the provincial governments and developmental agencies in different PPP projects to improve farm productivity and farm incomes of small and marginal farmers in Asia.
In Africa, grain sorghum has shown a significant revenue growth of 26%. Their cutting edge hybrids have yielded 2 to 2.5 times more compared to the local varieties. This crop has one of the largest acreages in Africa and Advanta can provide Seed and Agronomic solutions to improve the yields significantly. They are working closely with various African Governments for developing this crop. Canola in the Middle East and Africa, the other important crop for this geography in which they have a leading position, has been a significant contributor to their revenue and margin growth in 2014.
FUTURE OUTLOOK /
PROSPECTS
The company with vast experience in seed production of major agricultural crops backed by a very strong in-house R&D program for crops corn, sorghum, sunflower, rice and several vegetable crops nurtured a competitive edge in seed and agribusiness.
Advanta has a great opportunity to develop its growth strategy through a combination of internally driven factors and external dynamics that have taken place in the industry today.
They will continue to focus and develop collaboration to capture wider set of resources and leverage on a particular market expertise. Also, in their specialty projects they will focus on developing those commercial partnerships, synergizing the Advanta’s and its partners capabilities throughout the integrated value chain.
The US: In the US, due to the transitioning from a private label to a branded one in sorghum growth is expected to continue. This will be complemented by the launch of new products from the R&D pipeline in the coming years.
India: India will be one of the major growth areas in the next five years or so. Corn, forage and some of the rapeseed business is going to grow in India and they believe that they have been capturing most of the opportunities because of their business structure and the way they enter the market.
UPL - Advanta after its transformation, has just started the new growth story within and outside the organization. With sound professional teams in place, they are all set to capture high market share and are striving to have their place in the top three vegetable seed companies of India. Their vegetable research strategy is focused on in-house breeding for tomato, okra, eggplant, hot pepper, cauliflower, gourds, watermelon and sweetcorn; and the rest through strategic tie-ups, to capture high market shares in okra, tropical corn and pepper.
Europe: The Company possesses a strong product portfolio comprising high oleic, high stearic sunflowers which position it perfectly to carve out a meaningful share over the years. Additionally, the Company is working to establish a strong presence in Russia and Romania. Further, the Company expects to get some of its most important products registered in early 2015 which should help augment sales.
Asia: Their cutting-edge research and technology development will continue to help in maintaining leadership position in South East Asia i.e., Thailand. Their focus markets beyond Thailand would be Vietnam and Indonesia where they have been growing rapidly and investing in supply chain and market development.
South Asia: Bangladesh and Sri Lanka are the other corn markets where they would continue to defend their leadership position.
Africa: This is expected to be an important growth area as Africa stands on the threshold of an agricultural revolution. The Company is working to realign its product portfolio to suit the agricultural and geographical factors.
Key crops and offerings for Africa include sorghum, sunflower, corn (white and yellow), canola, forages, rice and vegetables. The robust technology development process should enable us to expand rapidly across Africa.
Rest of the world: The Company expects Australia and Argentina among other developing nations to emerge as important growth drivers in the coming years.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL SEED INDUSTRY
The seed market is considered to be one of the most important segments of agriculture due to the rising food demand. Consequently, biotech seeds are being seen as products which improve returns on investment while responding to consumer demands for healthier and economical agricultural products by increasing per unit seed production and per hectare productivity.
The global seed market can be sub-divided into the following categories:
- Oilseeds - soybean, sunflower, cotton, canola, mustard among others;
- Grain seeds - corn, sorghum, wheat, rice, millet crops, among others;
- Fruits and vegetables - tomato, cauliflower, melon, carrot, onion, pepper, lettuce, among others;
- Other seeds - alfalfa, turf, clover, forage plants and flower seeds, among others.
North America generates the maximum revenues globally. Europe is the second largest market and Asia-Pacific stands third. The US drives the North American market while India and China drive the Asia-Pacific seed market. France generated the maximum revenues in Europe, followed by Germany. The Latin American market is led by Brazil while the rest of the world has received a boost following growth in certain African countries.
Brazil is the fourth largest market in terms of domestic seed demand, valued at nearly US$2.6 billion. It is also considered the fastest growing market for corn seed. The growth in seed demand is concurrent with a growing agricultural demand owing to the burgeoning population of the country as well as the growing export market. Brazil’s food commodity exports are considered critical sources of hard currency, resulting in growing importance of agriculture.
France is the 4th largest exporter of agriculture and agrifood products. Agrifood business is of great importance for the French economic growth and employs almost 6% of the French population. The French seed sector can attribute much of its excellent international reputation to good climatic conditions, crop diversity and ample output. During the 2012-2013 campaign, the sector exported US$1.9 billion worth of seeds, a whopping 15% increase from the previous year.
Optimism: According to the report, Seeds Market By Type (Oilseed, Grain, Fruit and Vegetable, Turf, Forage and Other Seeds), Seed Trait (Herbicide Tolerant, Insecticide Resistant and Other Stacked Traits) and Geography - Global Trends and Forecast To 2018, the seed market is pegged to grow from US$44,122.200 million in 2012 to US$85,237.600 million by 2018 with a CAGR of 12.1% from 2013-18.
INDIAN SEED INDUSTRY
The Indian hybrid seed sector, estimated to be worth Rs. 120000.000 Million comprises some 14 state seed corporations and two national-level corporations, 20 large players including multinationals and around 500 small regional players. About 10 domestic and multinational companies control over 80% of the market. The market has been growing at 15-20% annually over the past several years and is projected to reach around Rs.180000.000 Million by 2018.
Seed business in
India in 2014
Erratic rainfall in India during the year affected crop sowing and the seed market.
The total sown area for kharif crops as on 10th October, 2014, stands at 102.660 Million hectares as compared to 104.947 Million hectares as on the same date in the previous year. Subsequently, kharif output was sub-optimal as per the first advance estimates of the Agriculture Ministry.
As per data released by the Directorate of Economics and Statistics, Ministry of Agriculture, total area coverage under rabi crops moved to 57.673 Million hectares while last year’s sowing area stood at 61.820 Million hectares. This was also a fallout of the inclement weather conditions in various parts of the country.
Recent trends
- The hybrid seed sector is heading for its next round of consolidation as rising costs and increased price regulation squeeze margins of companies. Several large seed producers with deep pockets are hoping to acquire financially-strained or ‘technologically-rich’ smaller firms with a sizeable geographical reach and a distinct product portfolio.
- There has been a shift in the business model from agrochemicals to seeds. As agrochemicals form the last component that goes into a farmer’s investment chain, there remains a lot of uncertainty. The largest advantage of selling seed is considerable pricing power to the company. Farmers have to buy new seeds every season. As a result, agro chemical companies are adopting various business models to establish a presence in the hybrid seeds space to offset a decline in turnover from agrochemicals.
Case for hybrid seeds
The food security legislation has put enormous pressure on India’s agricultural sector to produce more from a finite resource (land) without significantly impacting the water balance. This has only increased the need for increasing the use of hybrid seeds across various crops.
BUSINESS OVERVIEW
Geographically, the Company has registered robust growth in all areas of its presence except in Thailand and Europe. Thailand suffered a severe nine month-long drought. Besides, a change in the government policy on purchasing prices affected the liquidity of the farmers which adversely impacted corn planting, resulting in lower numbers for the Company. Europe slowed down due to uncertainty in the CIS region.
In the US, the Company’s strategy of transitioning from a private label to a branded one has resulted in incremental growth in the sorghum business. The Company has done excellent business in Mexico this year predominantly in Sorghum.
Business in South America experienced a heartening growth despite some fiscal and devaluation challenges in Argentina, low commodity prices and issues regarding sowing.
India also achieved creditable numbers as the Company’s forage business enjoyed a strong competitive position in some important markets. Some of its crops have emerged as trademarks thereby positioning the Company as a favoured choice among its customers.
PAC-740 hybrid is gaining a lot of popularity in the rain fed markets of India for its wide adaptability and grain colour. Hybrid rice — a legacy crop of Advanta is gaining its due share in the Eastern and Northern markets.
With the vision of increasing productivity and net income of the Indian Vegetable farmers, UPL – Advanta group, with its flagship brand, Golden Seeds, is one of the major players of the Indian Vegetable Seed Industry. From a turnover point of view it is among the top 6 players in the industry. It has a dominant market share in tropical cauliflower, beet root, peas and is geared up to take a quantum leap in the highvalue segment of okra with the introduction of novel hybrids.
The international business delivered strong growth with meaningful contributions from the various countries of their presence.
Business from Europe remained subdued primarily due to the political crisis in Ukraine. The devaluation of the Ukraine Hryvnia prevented the Company from moving its seeds to the farmers. However, in other parts of Europe, sunflower seeds garnered sizeable revenues. The other satisfying development was that the Company received many product registrations across European countries, not only for sunflower but also sorghum. This should help the Company strengthen its position in Europe and de-risk its business from a dependence on a single crop as well as geography.
In Asia, they have doubled their volumes in the newly opened markets of Vietnam and grown in Indonesia despite supply chain limitations. Their dominance in the fresh corn segment in SE Asia continued in 2014. They work very closely with the provincial governments and developmental agencies in different PPP projects to improve farm productivity and farm incomes of small and marginal farmers in Asia.
In Africa, grain sorghum has shown a significant revenue growth of 26%.Their cutting edge hybrids have yielded 2 to 2.5 times more compared to the local varieties. This crop has one of the largest acreages in Africa and Advanta can provide Seed and Agronomic solutions to improve the yields significantly. They are working closely with various African Governments for developing this crop. Canola in the Middle East and Africa, the other important crop for this geography in which they have a leading position, has been a significant contributor to their revenue and margin growth in 2014.
Sorghum continues to be the biggest earner for the Company followed by canola, corn, sunflower and sweet corn, among others.
FINANCIAL OVERVIEW
Revenues (including other income) stood at Rs.15190.500 Million in 2014 increased by 21% over 2013 on the back of business growth in key regions of the Company’s presence. The EBIDTA grew by 30% from Rs. 1944.700 Million to Rs. 2502.100 Million over the same period and the profit for the year increased by 88% from Rs. 444.800 Million in 2013 to Rs. 835.400 Million in 2014.
Business profitability improved on account of better realisation, optimised variable expenses and flat fixed costs. Consequently, the EBIDTA margin improved from 16% in 2013 to 17% in 2014; the net margin stood at 6% in 2014 against 4% in 2013.
Debt (net) increased from Rs. 8387.100 Million as on December 31, 2013 to Rs. 9371.300 Million as on December 31, 2014 to fund the incremental business. The management converted a significant portion of the rupee-denominated borrowings into dollar-denominated debt which optimised interest costs despite an increased reliance on external funds.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Bonds/debentures |
|
|
|
Unsecured redeemable non convertible debentures |
0.000 |
1470.000 |
|
Foreign currency floating rate guaranteed convertible bonds (FCCB’s) |
3151.750 |
3090.750 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
On cash credit and working capital demand loan from banks |
400.000 |
250.000 |
|
Loans from related
parties |
150.000 |
150.000 |
|
Total |
3701.750 |
4960.750 |
Note:
LONG TERM
BORROWINGS
Unsecured redeemable non convertible debentures
- Rs. Nil (Previous year: Rs.1470.000 Million) non convertible debentures (NCDs) consisting of Nil (Previous year: 1,470) unsecured redeemable non convertible debentures of Rs.10 lacs each redeemable at par at the end of five years from the date of allotment viz March 13, 2010 or at every interest payment date, which is on quarterly basis at the option of the Company.
- NCD’s carry a coupon rate of Indian Benchmark rate (INBMK) +2% with a minimum floor price of 10% per
annum.
- As per the Information Memorandum for Non-convertible Debentures issued by the Company, the Company is authorised to purchase its own NCDs from time to time from the open market in accordance with the applicable laws. Pursuant to the said Information Memorandum, the Company during the current year, has purchased 1,470 NCDs (Previous year: 150 NCDs) and reissued in the current year Nil (Previous year: 130 NCDs) and at the year end 1,620 NCDs (Previous year: 150 NCDs) are in the name of the Company. Outstanding NCDs referred in Note 5(a) above excludes the debentures held in the name of the Company as on December 31, 2014, in respect of which the Company shall have the right to re-issue the debentures as and when the Company may deem fit.
Foreign currency floating rate guaranteed convertible bonds are due in 2016.
250 Floating rate guaranteed convertible bonds of USD 200,000 each:
- FCCB’s are convertible by the bondholders into ordinary equity or Global Depository Shares (GDSs) at any time on and after July 15, 2011 up to the close of business on July 2, 2016. The FCCB’s will be convertible at an initial conversion price of Rs. 56.57 per share of Rs. 2/- each and are listed on Singapore Stock Exchange.
- FCCB’s are redeemable, in whole but not in part, at the option of the Company on or at any time after July 9, 2014, subject to the fulfillment of certain terms and obtaining requisite approvals.
- FCCB’s are redeemable on maturity date of July 9, 2016 at par, if not redeemed or converted earlier.
- FCCB’s carry an interest rate of LIBOR+3.5%.
Term loans of Rs. Nil (Previous year: Rs. 250.000 Million) from bank which carried interest rate of 12.00% to 13.25% per annum and was repayable in 8 quarterly installments of Rs. 62.500 Million starting from January 2013. The loan has been repaid during the current year.
SHORT TERM BORROWINGS
- Cash credit and working capital demand loans carry an interest rate ranging from 3% to 13.5% per annum.
- Unsecured loan from related parties are repayable on demand and carry interest rate of 13% per annum.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10532309 |
29/10/2014 |
1,835,700,000.00 |
COOPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B. A. HONG KONG BRANCH |
32ND FLOOR, THREE
PACIFIC PLACE, 1 QUEEN'S ROAD |
C34286500 |
|
2 |
10447541 |
31/08/2013 |
250,000,000.00 |
RABOBANK INTERNATIONAL COOPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B.A. MUMBAI BRANCH |
FORBES BUILDING 2ND FLOOR, CHARANJIT RAI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B84276096 |
|
3 |
10407823 |
05/02/2013 |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B69547743 |
|
4 |
10304479 |
08/07/2011 |
11,949,500.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B19732445 |
|
5 |
10260398 |
18/11/2010 |
11,474,600.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B00671263 |
|
6 |
10487576 |
25/10/2010 |
1,250,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A98211055 |
|
7 |
10225770 |
07/06/2010 |
2,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A87742243 |
|
8 |
10169757 |
26/03/2013 * |
75,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA
- |
B74618257 |
|
9 |
90140347 |
04/03/2005 |
327,000.00 |
ICICI BANK LTD. |
BEGUMPET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES
a) Income tax matters under dispute: Pending with authorities at various levels. Rs.141.952 Million (Previous year: Rs. 285.688 Million) excluding interest and penalty.
b) Service tax matters under dispute: Pending with CESTAT, Bangalore Rs. 49.013 Million (Previous year: 49.013 Million) exclusive of penal interest.
c) Claims against the Company not acknowledged as debts Rs. 5.297 Million (Previous year: Rs. 7.375 Million). In respect of items above, future cash outflows in respect of contingent liabilities are determinable only on receipt of judgments/decisions pending at various forums/authorities. The management believes that the ultimate outcome of above proceeding will not have a material adverse effect on the Company’s financial position and results of operations.
d) In January, 2013, the Company has received a show cause notice from the Directorate of Enforcement, alleging that the Company has contravened certain provisions of the Foreign Exchange Management Act, 1999 with regard to foreign direct investment made/received and its utilisation. The Management has replied to the show cause notice and had personal hearings to represent their matter and the same is pending before the authority and believes that there is a fair chance of defending the case based on internal assessment/legal opinion.
e) Guarantee given by the Company on behalf of subsidiary companies Rs. 2351.111 Million (Previous year: Rs. 1727.903 Million).
FIXED ASSETS
- Land –Freehold
- Building
- Plant and Machinery
- Furniture and Fixtures
- Motor vehicle
- Leasehold Improvement
STATEMENT
OF STANDALONE AUDITED FINANCIAL RESULT FOR THE QUARTER AND YEAR ENDED
31.12.2014
|
Particulars |
Three months
ended |
Current Year
ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
88.551 |
244.441 |
685.110 |
|
|
(b) Other Operating Income |
19.920 |
32.228 |
146.819 |
|
|
Total income from operations (net) |
108.471 |
276.669 |
831.929 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
28.642 |
182.537 |
393.775 |
|
|
(b) Purchases of stock-in trade |
0.000 |
0.000 |
0.000 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
32.664 |
(74.923) |
(114.170) |
|
|
(d) Employee benefits expense |
17.314 |
25.886 |
80.928 |
|
|
(e) Depreciation and Anmortisation Expenses |
23.831 |
23.757 |
94.824 |
|
|
(f) Other Expenses |
61.827 |
71.696 |
290.679 |
|
|
Total expenses |
164.278 |
228.953 |
746.036 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items |
(55.807) |
47.716 |
85.893 |
|
4 |
Other Income |
67.566 |
37.605 |
206.785 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items |
11.759 |
85.321 |
292.678 |
|
6 |
Finance Costs |
69.457 |
81.856 |
275.227 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items |
(57.698) |
3.465 |
17.451 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities before tax |
(57.698) |
3.465 |
17.451 |
|
10 |
Tax expenses |
0.719 |
(0.598) |
17.201 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax and before
prior period Item |
(58.417) |
4.063 |
0.250 |
|
|
Prior Period Item |
51.977 |
0.000 |
51.977 |
|
|
Net Profit / (Loss) from ordinary activities after tax and prior
period Item |
(110.394) |
4.063 |
(51.727) |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period |
(110.394) |
4.063 |
(51.727) |
|
14 |
Paid up equity share capital (Face Value of Rs. 2/- each) |
168.742 |
168.718 |
168.742 |
|
15 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
|
|
2894.849 |
|
|
Debenture redemption reserve |
0.000 |
0.000 |
217.762 |
|
16 |
Earnings per share (before and after
extraordinary items) of Rs. 2/- each (not annualised): |
|
|
|
|
|
(a) Basic |
(1.32) |
0.05 |
(0.61) |
|
|
(b) Diluted |
(1.32) |
0.05 |
(0.61) |
|
17 |
Debt Equity Ratio |
|
|
1.14 |
|
18 |
Debt Service Coverage Ratio |
|
|
0.18 |
|
19 |
Interest Service Coverage Ration |
|
|
1.49 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
28543232 |
28886104 |
28543232 |
|
|
- Percentage of shareholding |
33.83 |
34.24 |
33.83 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
-- |
-- |
-- |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
55827863 |
55472706 |
55827863 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
66.17 |
64.76 |
66.17 |
|
B |
INVESTOR COMPLAINTS |
3 Months ended 31.12.2014 |
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
NIL |
|
|
Disposed of during the quarter |
NIL |
|
|
Remaining unresolved at the end of the quarter |
NIL |
STANDALONE / CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
As at 31.12.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
168.742 |
|
|
b) Reserves & Surplus |
3112.611 |
|
|
Sub Total- Shareholders funds |
3281.353 |
|
|
|
|
|
2 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
3160.849 |
|
|
(b) Deferred Tax Liability (Net) |
15.926 |
|
|
(b) Other long term liabilities |
5.127 |
|
|
fc) Long term provisions |
26.050 |
|
|
Sub Total- Non Current Liabilities |
3207.952 |
|
3 |
Current liabilities |
|
|
|
(a) Short term borrowings |
577.368 |
|
|
(b) Trade Payables |
173.977 |
|
|
(c) Other current liabilities |
123.894 |
|
|
(d) Short term provisions |
14.017 |
|
|
Sub Total- Current Liabilities |
889.256 |
|
|
|
|
|
|
TOTAL-EQUITY AND LIABILITIES |
7378.561 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
439.672 |
|
|
(b) Non-current investment |
3786.310 |
|
|
(c) Long term loans and advances |
2308.826 |
|
|
Sub-Total- Non current assets |
6534.808 |
|
2 |
Current assets |
|
|
|
(a) Inventories |
198.836 |
|
|
(b) Trade Receivables |
131.293 |
|
|
(c) Cash and cash equivalents |
226.845 |
|
|
(s) Short term loans and advances |
40.595 |
|
|
(e) Other current assets |
246.184 |
|
|
Sub-Total- current assets |
843.753 |
|
|
TOTAL ASSETS |
7378.561 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.37 |
|
|
1 |
Rs. 91.60 |
|
Euro |
1 |
Rs. 66.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.