MIRA INFORM REPORT
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Report No. : |
316900 |
|
Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
PI INDUSTRIES LIMITED |
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Registered
Office : |
Post Box No. 20,
Udaisagar Road, Udaipur - 313001, Rajasthan |
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Tel. No.: |
91-294-6454304/ 305/ 2491451-5/ 2491477 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.12.1946 |
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Com. Reg. No.: |
17-000469 |
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Capital
Investment / Paid-up Capital : |
Rs.136.109 Million |
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CIN No.: [Company Identification
No.] |
L24211RJ1946PLC000469 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JDHP01697D |
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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
: |
Manufacturing and
Marketing of Pesticides, Industrial Chemicals and Polymers, etc. |
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No. of Employees
: |
1401 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of the PI Group. It is a well-established company having fine track record. Overall financial position of the company seems to be decent. The rating takes into consideration group’s established position in
the domestic agro chemicals business, increasing presence as one of India’s
major players in the custom synthesis, contract manufacturing exports and
supported by its strong tie-ups with global innovators. Further, it also considered healthy financial risk profile, adequate
liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report
number, name and date.
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 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : AA- |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
07.11.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
07.11.2014 |
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 PARTED BY (PARTIAL DETAILS)
|
Name : |
Ms. Renu |
|
Designation : |
Admin Executive |
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Contact No.: |
91-124-6790000 |
|
Date : |
09.04.2015 |
LOCATIONS
|
Registered Office / Research Office / Factory 1 : |
Post Box No. 20, Udaisagar
Road, Udaipur - 313001, Rajasthan, India |
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Tel. No.: |
91-294-6454304/ 305/ 2491451-5/ 2491477 |
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Fax No.: |
91-294-2491946/ 2491384 |
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E-Mail : |
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Website : |
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Corporate Office/ Share Department / Head Office: |
5th Floor, Vipul Square, B Block,
Sushant Lok, Phase - 1, Gurgaon - 122009, Haryana, India |
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Tel. No.: |
91-124-4159000/
6790000 |
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Fax No.: |
91-124-4081247 |
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Research Office / Factory 2 : |
Lane IV, |
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Research Office / Factory 3 : |
Plot No. 237, GIDC, Panoli, District Bharuch- 313001, Gujarat, India |
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Tel. No.: |
91-2646-272392/ 320797/ 655471/ 72 |
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Fax No.: |
91-2646-272313/ 348 |
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E-Mail : |
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Research Office / Factory 4 : |
Plot No. SPM 28, Sterling SEZ, Village Sarod, Jabusar – 392180, Gujarat, India |
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Branches : |
Located At
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Salil Singhal |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Lake House, P P Singhal Marg, Udaipur – 313001, Rajasthan, India |
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Date of
Birth/Age : |
21.08.1946 |
|
4Date of
Appointment : |
03.12.1984 |
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|
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|
Name : |
Mr. Mayank Singhal |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Address : |
P P Singhal Marg, Udaipur – 313001, Rajasthan, India |
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Date of
Birth/Age : |
03.04.1973 |
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Date of
Appointment : |
28.09.1998 |
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Name : |
Mr. Anurag Surana |
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Designation : |
Whole Time Director |
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Address : |
Ameya Plot No. 1 / 2, B/H Sagar Darshan Apartment, Devali, Udaipur – 313004, Rajasthan, India |
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Date of
Birth/Age : |
22.01.1965 |
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Date of
Appointment : |
30.09.1998 |
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Name : |
Mr. P. N. Shah |
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Designation : |
Director (resigned w.e.f. 1st April 2014) |
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Name : |
Mr. Raj Kaul |
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Designation : |
Director |
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Date of
Birth/Age : |
30.10.1942 |
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Qualification
: |
B. Sc
(Engg) Hons. and Diploma in Business Administration |
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Date of
Appointment : |
18.01.2008 |
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Name : |
Mr. Narayan K Seshadri |
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Designation : |
Director |
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Name : |
Mr. Bimal Kishore Raizada |
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Designation : |
Director |
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Name : |
Mr. Pravin K. Laheri |
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Designation : |
Director |
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Name : |
Mrs. Ramni Nirula |
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Designation : |
Additional Director |
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Name : |
Mrs. Rajnish Sarna |
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Designation : |
Whole Time Director |
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Name : |
Mr. Venkatrao S. Sohani |
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Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. Naresh Kapoor |
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Designation : |
Company Secretary |
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|
Name : |
Ms. Renu |
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Designation : |
Admin Executive |
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 |
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||
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(A) Shareholding of
Promoter and Promoter Group |
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|
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|
5868720 |
4.30 |
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|
73851390 |
54.07 |
|
|
79720110 |
58.37 |
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|
|
|
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Total shareholding of
Promoter and Promoter Group (A) |
79720110 |
58.37 |
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(B) Public Shareholding |
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|
|
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|
11655145 |
8.53 |
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|
6599 |
0.00 |
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|
24476027 |
17.92 |
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|
36137771 |
26.46 |
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|
|
|
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|
3090044 |
2.26 |
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Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
7166023 |
5.25 |
|
Individual shareholders
holding nominal share capital in excess of Rs. 0.100 Million |
2955238 |
2.16 |
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|
7506996 |
5.50 |
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|
125253 |
0.09 |
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|
2016033 |
1.48 |
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|
627590 |
0.46 |
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|
1796146 |
1.32 |
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|
2941974 |
2.15 |
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|
20718301 |
15.17 |
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Total Public shareholding
(B) |
56856072 |
41.63 |
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|
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Total (A)+(B) |
136576182 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
136576182 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and
Marketing of Pesticides, Industrial Chemicals and Polymers, etc. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
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PRODUCTION STATUS (AS ON 31.03.2012)
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Particulars |
Unit |
Actual
Production |
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Chemicals including by-product/
Traded goods |
In tonnes |
49046 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1401 (Approximately) |
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Bankers : |
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Facilities : |
Note: LONG TERM
BORROWING a. Foreign Currency Loan includes: ECB from Standard Chartered Bank amounting to USD 13.333 Million carrying interest rate of 90 days LIBOR plus 2.75% is outstanding as on 31st March, 2014 and is repayable in balance 10 Quarterly instalments of USD 1.333 Million each. The loan is secured by first exclusive charge on movable fixed assets of the Company situated at Jambusar and first pari passu charge on the movable fixed assets of the Company, situated at 237, GIDC, Panoli and second pari passu charge on all the currents assets of the Company. SHORT TERM
BORROWING Working capital loans are secured by way of first pari passu charge on all the current assets by hypothecation of stocks of raw materials, finished and semi-finished goods, stores and spares not related to plant and machinery, bills receivable, book debts and all other movable current assets of the Company and additionally secured by way of second charge on all the fixed assets of the Company excluding leasehold land situated at Jambusar (Gujarat) in favour of the consortium bankers. Working Capital Loan includes Foreign currency Loan
(Buyers Credit Loan) amounting to Rs.18.647 Million (Previous Year Rs.67.866
Million). |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.S. Kothari Mehta and Company Chartered Accountants |
|
Address : |
New Delhi, India |
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Internal Auditor
: |
Protiviti Consulting Private
Limited |
|
Address : |
Gurgaon |
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Cost Auditors : |
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|
Name : |
K.G. Goyal and Company Cost Accountants |
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Address : |
Jaipur, Rajasthan, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company |
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Subsidiaries : |
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Enterprises in respect of which reporting enterprise is an associate : |
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Enterprises over which KMP and their relatives are able to exercise
significant influence : |
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CAPITAL STRUCTURE
AS ON 10.09.2014
Authorised Capital : Rs.
723.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 62.725 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs. 1/- each |
Rs. 200.000 Million |
|
5,000,000 |
Preference Shares |
Rs. 100/- each |
Rs. 500.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 700.000
Million |
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
136,285,655 |
Equity Shares |
Rs. 1/- each |
Rs. 136.286
Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
136,109,080 |
Equity Shares |
Rs. 1/- each |
Rs. 136.109
Million |
The difference between the issued and subscribed capital is on account of less number of shares allotted in right issue in earlier years.
Terms/ rights
attached to Equity Shares
The Company has only one class of Equity Shares having a par value of Rs.1 per share (Previous Year Rs.5 per share). Each holder of Equity Shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General meeting except interim dividend.
During the year ended 31st March 2014, the Company has declared 100% final dividend and 100% interim dividend on Equity Shares of face value of Rs.1 each to the equity shareholders, which is recognised as distribution to the equity shareholders. (Previous Year Final dividend of 100% on face value of Rs.1 per share post split)
Issue of Shares
through Qualified Institutional Placement (QIP)
During the previous year ending 31st March 2013, the Company has raised an amount of Rs.1173.270 Million through Qualified Institutional Placement (QIP) route: accordingly 1,924,656 Equity Shares @ Rs.609.60 per share have been allotted on 31st January 2013. The Company has received the listing/ trading approvals from Stock Exchange for aforementioned allotment.
Issue of Shares under
ESOP Scheme
During the year ended 31st March 2014, the Company has issued 649,930 Equity Shares of Rs.1 each (Previous Year 118,796 Equity Shares of Rs.5 each), as per exercise price to PII ESOP Trust (Trust), set up to administer Employee Stock Option Plan. Out of total Equity Shares issued to the Trust 521,961 Equity Shares of face value of Rs.1 each (Previous Year 97,427 Equity Shares of face value of Rs.5 each) have been allocated by the Trust to respective employees upon exercise of Stock Option from time to time. As on 31st March 2014, 234,814 Equity Shares of face value of Rs.1 per share (Previous Year 106,845 of face value of Rs.1 each post split) are pending to be allocated to employees upon exercise of Stock option.
Split of Shares
Pursuant to the approval of the shareholders through postal ballot dated 3rd April 2013, the Company has sub-divided the existing Equity Shares of Rs.5 each fully paid up into 5 Equity Shares of Rs.1 each.
Shareholdings of the
Holding Company
Pursuant to Delhi High Court Order, some of the promoter companies have merged w.e.f 1st January 2013, resulting in making PI Industries Limited. subsidiary of Parteek Finance and Investment Company Limited. The said Promoter Company holds 73,851,390 Equity Shares which is 54.26% of the total shareholding of the Company.
Reconciliation of
Shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
Equity Shares (No. of Shares) |
Amount In Million |
|
Share outstanding at beginning of period |
27,127,145 |
135.636 |
|
Shares issued under Qualified Institutional Placement (Refer Note 1(c)) |
– |
-- |
|
Shares issued under ESOP Scheme (Refer Note 1(d)) |
649,930 |
0.650 |
|
Split of shares (Refer Note 1(e)) |
108,508,580 |
-- |
|
Share outstanding at end of period |
136,285,655 |
136.286 |
The Share outstanding at the end of the financial year is at face value of Rs.1 per share (Previous Year Rs.5 per share)
Subscribed & Paid
up
|
Particulars |
Equity Shares (No. of Shares) |
Amount In Million |
|
Share outstanding at beginning of period |
27,091,830 |
135.459 |
|
Shares issued under Qualified Institutional Placement (Refer Note 1(c)) |
– |
-- |
|
|
|
|
|
Shares issued under ESOP Scheme (Refer Note 1(d)) |
649,930 |
0.650 |
|
Split of shares (Refer Note 1(e)) |
108,367,320 |
-- |
|
Share outstanding at end of period |
136,109,080 |
136.109 |
The Share outstanding at the end of the financial year is at face value of Rs.1 per share (Previous Year Rs.5 per share)
Aggregate number of bonus
shares issued, shares issued for consideration other than cash and shares
brought back during the period of five years immediately preceding the
reporting period
|
Particulars |
|
No. of Shares |
|
Equity Shares allotted as fully paid
up Bonus shares by capitalisation of reserves as on |
|
36,364,605 |
|
Year of Issue |
|
No. of Shares |
|
2010-11 |
|
18,645,835 |
|
2009-10 |
|
17,718,770 |
Shares reserved for issue under option
Shares reserved for issue under ESOP
Details of shareholders
holding more than 5% shares in the Company
Equity Shares
|
Name of
Shareholders |
No of Shares |
% of Holding |
|
Parteek Finance and Investment Company Limited |
73,851,390 |
54.26 |
|
|
|
|
Shares held by Holding Company
|
Name of Shareholders |
No of Shares |
% of Holding |
|
Parteek Finance and Investment Company Limited |
73,851,390 |
54.26 |
The Board has approved the draft scheme of amalgamation between Parteek Finance and Investment Company Limited (which is holding Company of PI Industries Limited.) and PI Industries Limited. subject to requisite regulatory approvals. Under this scheme there would be no change in the promoters shareholding of the Company.
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 |
136.109 |
135.459 |
125.242 |
|
(b) Reserves & Surplus |
6694.730 |
5110.475 |
3066.783 |
|
(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) |
6830.839 |
5245.934 |
3192.025 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
501.268 |
851.142 |
1190.570 |
|
(b) Deferred tax liabilities
(Net) |
432.534 |
478.134 |
324.287 |
|
(c) Other long term
liabilities |
137.761 |
125.379 |
105.986 |
|
(d) long-term provisions |
59.930 |
43.869 |
17.696 |
|
Total
Non-current Liabilities (3) |
1131.493 |
1498.524 |
1638.539 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
358.846 |
1022.163 |
1131.286 |
|
(b) Trade payables |
2931.270 |
2412.121 |
963.862 |
|
(c) Other current liabilities |
1557.198 |
925.780 |
878.548 |
|
(d) Short-term provisions |
281.280 |
182.128 |
162.479 |
|
Total
Current Liabilities (4) |
5128.594 |
4542.192 |
3136.175 |
|
|
|
|
|
|
TOTAL |
13090.926 |
11286.650 |
7966.739 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5198.137 |
4727.856 |
2922.820 |
|
(ii) Intangible Assets |
38.304 |
20.700 |
17.891 |
|
(iii) Capital work-in-progress |
355.532 |
551.397 |
777.691 |
|
(iv) Intangible assets under
development |
69.308 |
53.791 |
32.331 |
|
(b) Non-current Investments |
19.676 |
19.677 |
19.677 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
112.190 |
90.794 |
190.612 |
|
(e) Other Non-current assets |
19.151 |
17.658 |
16.294 |
|
Total
Non-Current Assets |
5812.298 |
5481.873 |
3977.316 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3187.588 |
2417.458 |
1787.513 |
|
(c) Trade receivables |
2564.706 |
2625.370 |
1718.690 |
|
(d) Cash and cash equivalents |
371.038 |
120.045 |
76.268 |
|
(e) Short-term loans and
advances |
1079.747 |
602.783 |
387.923 |
|
(f) Other current assets |
75.549 |
39.121 |
19.029 |
|
Total
Current Assets |
7278.628 |
5804.777 |
3989.423 |
|
|
|
|
|
|
TOTAL |
13090.926 |
11286.650 |
7966.739 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
15856.441 |
11475.643 |
8749.696 |
|
|
|
Sale of services |
6.507 |
0.000 |
0.000 |
|
|
|
Other operating Revenues |
86.283 |
29.683 |
21.209 |
|
|
|
Other Income |
156.142 |
83.660 |
51.906 |
|
|
|
TOTAL |
16105.373 |
11588.986 |
8822.811 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials consumed |
9093.679 |
6429.605 |
4866.806 |
|
|
|
Purchase of Stock in Trade |
459.797 |
295.202 |
390.002 |
|
|
|
Changes in Inventories of finished goods, work in
progress and stock in trade |
(362.581) |
17.196 |
(335.986) |
|
|
|
Employee Benefits expenses |
1089.333 |
864.373 |
701.712 |
|
|
|
Other Expenses |
2813.144 |
2105.562 |
1737.745 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
(303.428) |
|
|
|
TOTAL |
13093.372 |
9711.938 |
7056.851 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3012.001 |
1877.048 |
1765.960 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
118.234 |
221.451 |
201.092 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2893.767 |
1655.597 |
1564.868 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
313.679 |
218.131 |
171.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2580.088 |
1437.466 |
1393.774 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
742.716 |
474.019 |
388.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1837.372 |
963.447 |
1005.415 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2800.600 |
2091.800 |
1332.500 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
183.700 |
96.300 |
100.500 |
|
|
|
Equity Shares – Proposed |
136.100 |
135.500 |
75.100 |
|
|
|
Interim Dividend |
0.700 |
0.400 |
0.000 |
|
|
|
Interim Dividend on Equity Shares |
136.100 |
0.000 |
50.100 |
|
|
|
Income tax on Interim Dividend |
23.900 |
0.000 |
8.100 |
|
|
|
Dividend Distribution Tax |
23.100 |
22.400 |
12.200 |
|
|
BALANCE CARRIED
TO THE B/S |
4134.400 |
2800.600 |
2091.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basis |
9704.666 |
6280.041 |
3915.026 |
|
|
TOTAL EARNINGS |
9704.666 |
6280.041 |
3915.026 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5284.175 |
3379.650 |
1855.137 |
|
|
|
Stores & Spares |
4.333 |
8.705 |
26.404 |
|
|
|
Capital Goods |
7.093 |
22.191 |
46.012 |
|
|
TOTAL IMPORTS |
5295.601 |
3410.546 |
1927.553 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic (in Rs.) |
13.52 |
7.57 |
8.05 |
|
|
|
Diluted (in Rs.) |
13.42 |
7.52 |
8.00 |
|
|
Particulars |
31.12.2014 |
30.09.2014 |
30.06.2014 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
5049.200 |
4265.500 |
4712.000 |
|
Total Expenditure |
4108.000 |
3539.200 |
3632.500 |
|
PBIDT (Excl OI) |
941.200 |
726.300 |
1079.500 |
|
Other Income |
105.300 |
105.800 |
75.100 |
|
Operating Profit |
1046.500 |
832.100 |
1154.600 |
|
Interest |
35.800 |
18.500 |
17.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1010.700 |
813.600 |
1137.000 |
|
Depreciation |
96.900 |
96.400 |
97.700 |
|
Profit Before Tax |
913.800 |
717.200 |
1039.300 |
|
Tax |
291.600 |
227.500 |
321.900 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
622.200 |
489.700 |
717.400 |
|
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 |
622.200 |
489.700 |
717.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
11.59 |
8.40 |
11.49 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
19.00 |
16.36 |
20.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.40 |
13.48 |
19.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.27 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.13 |
0.36 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.28 |
1.27 |
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 |
125.242 |
135.459 |
136.109 |
|
Reserves & Surplus |
3066.783 |
5110.475 |
6694.730 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3192.025 |
5245.934 |
6830.839 |
|
|
|
|
|
|
long-term borrowings |
1190.570 |
851.142 |
501.268 |
|
Short term borrowings |
1131.286 |
1022.163 |
358.846 |
|
Total borrowings |
2321.856 |
1873.305 |
860.114 |
|
Debt/Equity ratio |
0.727 |
0.357 |
0.126 |
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 |
8749.696 |
11475.643 |
15856.441 |
|
|
|
31.155 |
38.175 |
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 |
8749.696 |
11475.643 |
15856.441 |
|
Profit |
1005.415 |
963.447 |
1837.372 |
|
|
11.49% |
8.40% |
11.59% |
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 |
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 fbusiness |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWING |
|
|
|
Deposit |
|
|
|
Directors |
4.394 |
11.718 |
|
Shareholders |
12.239 |
9.748 |
|
Others |
3.835 |
31.956 |
|
Other loans and advances |
|
|
|
Packing Credit Foreign Currency
Loan |
0.000 |
256.551 |
|
Total |
20.468 |
309.973 |
|
Note: Long Term
Borrowing Deposits from Directors, shareholders and others carries interest ranging from 9% to 11% per annum depending upon the amount of deposit. Non- cumulative deposits have a maturity period of two years and are paid interest at the interval of every six months. Cumulative deposits have maturity period of three years and the interest is compounded six monthly. As on the Balance sheet date there is no default in repayment of loans and interest. |
||
CONTINGENT LIABILITIES
|
Disputed Taxation demands not acknowledged as debts: |
31.03.2014 (Rs. in Million) |
31.03.2013 (Rs. in Million) |
|
-Sales Tax |
11.906 |
12.813 |
|
- Excise Duty |
50.917 |
8.499 |
|
- Income Tax |
68.947 |
53.642 |
|
- Custom Duty |
--- |
7.108 |
|
-ESI |
0.609 |
0.508 |
|
Anti-Dumping Duty |
23.044 |
23.044 |
|
Counter Guarantee to GIDC |
3.285 |
3.285 |
|
Bill Discounted |
238.245 |
317.114 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10308321 |
03/12/2013 * |
1,000,000,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS AN SECURITY AGENT) C D U, NARAIN MANZI |
B92736925 |
|
2 |
10053208 |
13/03/2015 * |
4,294,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
CHETAK CIRCLE, UDAIPUR, RAJASTHAN - 313001, INDIA |
C48198618 |
|
3 |
90032965 |
11/02/1993 |
150,000.00 |
STATE BANK OF BIKANARE AND JAIPUR |
SAFDERJUNG ENCLAVE BRANCH, NEW DELHI, DELHI, INDI |
- |
|
4 |
90071626 |
27/12/1991 |
1,032,000.00 |
PAL HIRE PURCHASE LIMITED |
505; KAKAD CHAMBERS, 5TH FLOOR; 132; DR. ANNIE BE |
- |
|
5 |
90069633 |
30/11/1990 |
318,990.00 |
CITI BANK N.A. |
JEEVAN BHARATI BUILDING, 124; CONNAUGHT CIRCUS, N |
- |
|
6 |
90032261 |
30/07/1988 |
875,000.00 |
STATE BANK OF BIKANARE AND JAIPUR |
SAFDERJUNG ENCLAVE BRANCH, NEW DELHI, DELHI, INDIA |
- |
* Date of charge modification
KEY
HIGHLIGHTS
The Net Sales for the year grew to Rs. 15949.200 Million from Rs.11505.300 Million last year i.e., a growth Rs. of 38.62% YoY.
The Operating Profit for the year grew to Rs.3012.000 Million from Rs.1877.000 Million last year i.e., an increase of 60.47% YoY.
The Net Profit for the year on stand-alone basis grew to Rs.1837.400 Million from H96.34 Million in the previous year i.e., an increase of 90.72% YoY.
The Company’s Net Profit on a consolidated basis increased to Rs.1880.000 Million during the year as compared to Rs.973.400 Million in the previous year, a growth of 93.14% YoY.
The Earnings per share (EPS) for the year stood at Rs.13.52 per share an increase of 78.60% compared to Rs.7.57 per share for the previous year.
OPERATIONS
FY 2013-14 was a notable year for the Indian agriculture sector, which witnessed a sharp improvement in performance as a result of: a) supportive South West monsoons; b) farmers’ response to better output prices; c) continued response to the investments made by private sector in terms of new technologies and their promotion and d) policy initiatives taken by the government to drive agricultural growth in the less developed geographies mainly in the East and the North-East.
Favourable agro-climatic conditions combined with better acreages helped improve the overall sectoral prospects. In the main monsoon season i.e. during the period of June to September, 2013, cumulative rainfall for the country was 6% more than the LPA. Out of the total 36 meteorological subdivisions present, 30 meteorological sub-divisions, which constitute 86% of the total area of the country received excess/ normal rainfall and the remaining 6 meteorological subdivisions constituting 14% of the total area of the country received deficient rainfall. Although excess rainfall towards the end of the monsoon period in Eastern and Central India led to crop damage, the late rains helped the rabi crops with reported increase in the sown area. There was an overall increase in area and production estimates of all the major food grains, pulses and oilseeds. Despite soya bean taking a marginal hit in the country, it is expected to record highest ever production rates. The Company made the best use of this opportunity and registered a healthy performance during the year, posting a growth of 19% YoY in the domestic agri-input segment. This growth was mainly on account of an increased market share in terms of their core in licensed products backed by a focused branding approach, a wider distributional reach and an optimal product mix.
While on one hand their domestic agri-inputs continued to record sharp enhancement in the portfolio of leading brands mainly Nominee Gold, Biovita, Foratox and Rocket, they also consolidated and launched a new brand, Osheen in the Indian market. PI successfully established Osheen as the brand of first preference by paddy farmers to manage the destructive Brown Plant Hopper. Moreover, the Company was also successful in introducing Osheen for the cotton crop in new geographies, which will be the area of growth for PI in the forthcoming years. FY 2013-14 also saw the introduction of two new products, MELSA®, a wheat herbicide and PIMIX, a rice herbicide under co-marketing agreements with the innovator MNCs to provide integrated weed management solutions to wheat and rice growers respectively. Both the products got substantial interest from their customers and helped PI to strengthen its market share. Their efforts alone and jointly with leading state agricultural universities to promote the cultivation of Direct Seeded Rice (DSR) and thus water conservation through reduced irrigational water usage as opposed to transplanted rice has gathered momentum and wide acceptance in the farming community in the states of Karnataka, Tamil Nadu and Uttar Pradesh. Their prominent product Nominee Gold has been identified as a key enabler of DSR and has been recommended by leading state agriculture universities as a part of sustainable agricultural practices.
The Company is dedicated to encourage the promotion and help the adoption of innovative, advanced and sustainable farming practices keeping in mind the burgeoning food demand and environmental concerns. In order to further build up a pipeline of products for introduction in the Indian market, the Company signed three new agreements with their patent holders in insecticide/ herbicide/fungicide segments to evaluate their potential in the domestic market. These products once finalized for marketing in India would further strengthen the Company’s existing pipeline of ~15 such products currently at different stages of evaluation, development and registration.
During the year, the Company also reached the advanced stage of obtaining the registration approval for two new insecticides, which are expected to be launched in domestic market in the year 2014-15.
The Company witnessed significant enhancement in custom synthesis exports growing robustly by 56% during the year. This was on the back of a strong scale-up in the existing molecules combined with new additions in the CSM portfolio. The growth was in-line with the global demand for these molecules. For FY14, PI commercialised three new molecules, which are expected to gain traction over the next few years. Their new site at Jambusar performed they during the year and they have now initiated construction of new multiproduct plants in the SEZ, which will support growth, going forward.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
SCENARIO
Global economic growth is projected to strengthen from 3% in 2013 to 3.6% in 2014 to 3.9% in 2015. In the advanced economies, growth is expected to increase to 2.25% in 2014 while in the developing economies, growth is projected to rise gradually from 4.7% in 2013 to about 5% in 2014 and an estimated 5.25% in 2015.
INDIAN ECONOMY
Indian economic growth continued to be slow for another straight year with the country recording a GDP growth of 4.7% in 2013-14. The year 2014-15 is likely to be one of slow recovery, and hopefully will result in economic growth rising, inflation easing and currency rates stabilising.
OVERVIEW OF PI
INDUSTRIES (PI)
PI possesses a unique business model. On one hand, the domestic agri-inputs business focuses on in-licensed products and exclusive marketing rights of innovator molecules; the custom synthesis exports on the other hand intends to be the sole (or the preferred) supplier to innovators for their process research, process development and manufacturing requirements.
The domestic agri-inputs operation has shown consistent growth. The margin profile has undergone enhancement to a higher band over the past three or four years. PI continues to build strong brands around products, use intensive farmer connect initiatives and strengthen extensive distribution capabilities. In 2013-14 PI benefitted from a good kharif crop and good traction in rabi on the back of healthy reservoir levels.
PI’s custom synthesis exports gained substantial scale in the past few years and there are all indications that exports are moving in the right direction. PI engages with prominent names in the global agrochemicals industry, playing the role of a preferred supplier for newly discovered products. Due to its strong order book, PI’s capacities find optimal utilisation. The high growth in this area is the result of robust volumes expansion following commercialisation of existing molecules as well as contributions from newer commercialisations.
DOMESTIC AGRICULTURE
AND AGRI INPUT REVIEW
At 179.9 million hectares, India accounts for the second largest agricultural area in the world with a majority of the
population dependent on agriculture (for employment and livelihood). Agriculture accounts for 14% of the country’s gross domestic product. India is the world’s largest rice exporter and second largest exporter of wheat. India’s agro exports during 2013-14 touched US$ 45 billion as against US$ 41 billion in 2011-12 [Source: IBEF]. India’s agricultural sector is likely to grow at 5.2-5.7% in the 2013-14 agriculture year (July-June), nearly three times the rate of the previous year.
At prevailing yields (among the lowest in the world), India’s incremental food grain demand could exceed incremental supply by ~50 MTPA over the decade. At current yields, the annual foodgrain production per capita could decline to 188 kg per hectare by FY22 from 207 kg per hectare in FY12.
The agri inputs sector continued to perform creditably due to favourable monsoons, higher crop prices and increased output. Correspondingly, agrochemical companies continued to report robust results while the fertilizer sector lagged due to higher discounts and interest costs.
For the year under review, minimum support prices of key crops were raised by the government. In the 2013 kharif season, the MSP of paddy (common) was fixed at Rs.1,310 per quintal and paddy (Grade-A) at Rs.1,345 per quintal. MSP of wheat was increased by Rs.50
per quintal to Rs.1,400 for the 2013-14 crop year as against Rs.1,350 in 2012- 13. These increases augur well for the country’s farming sector as well as for the agrochemicals industry.
OUTLOOK
With a population of about 1.2 billion, India requires a modernized agriculture sector to enhance its food security. Demand for foodgrains is expected to double from the year 2000 levels to 2030, making it necessary for the government to work towards improving yields. This increase is urgently warranted considering that planted area growth has been muted and there is a scarcity of fertile land. Current estimates indicate that other than wheat, India is expected to suffer a shortage of cereals, pulses, edible oil and sugar by 2021, which could increase significantly by 2026. The only solution lies in increasing crop yields through the prudent use of quality of
agri-inputs like seeds, fertilisers and agrochemicals.
SUBSIDIARY COMPANIES
The Company has three Wholly-owned Subsidiary Companies as on March 31, 2014. The member may refer to their financial statements forming part of the Annual Report as required under the provisions of Sec 212 of the Companies Act, 1956.
The key highlights of
these subsidiary companies are as under:
(i) PI Life Science Research Limited (PILSR)
During the year, the Company posted a profit of Rs.40.005 Million, earned on account of various R&D activities for developing new products.
(ii) PI Japan Company Limited
The Company posted a net profit of JPY 19,01,615 during the year. Due to the size of operations and local laws, the annual accounts of this Company are not required to be audited. The same have been certified by the Management of the Company.
(iii) PILL Finance and Investments Limited (PILL-F)
The Company posted a profit of Rs.1.328 Million during the year.
OUTLOOK
Despite the announcement of a probable El Nino, They are confident about the agro-economic scenario of the country in 2014-15. A strong monsoon during the last season left most water reservoirs at a high level, as a result of which water may not be an issue barring a few areas in the country. Following an encouraging MSP announcement, farmers are upbeat and expect to invest in more crop protection solutions. They will continue to introduce niche molecules that drive their growth in terms of topline and bottomline. They are also bringing newer crops under their fold and introducing solutions which target multiple crops, helping expand their target sector.
In the custom synthesis exports, they reinforced their position in terms of research and manufacturing capabilities to deliver quality products faster and attract more business with existing and new customers.
They have been continuously investing in process efficiencies, thereby allowing us to optimize operational costs. They have a robust R&D pipeline of products and expect to commercialize 6-7 new molecules in three years to catalyse their growth. The development of the second phase of the Jambusar facility is underway and expected to be commissioned by Q3 2015, which will accelerate their growth. Based on the above developments and emerging realities, I am confident that they are attractively positioned to capture market opportunities and emerge as a stronger organization.
STATEMENT OF
UNAUDITED STANDALONE RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2014
(Rs, in Million)
|
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
5020.500 |
4249.900 |
13971.900 |
|
Other Operating Income |
28.700 |
15.600 |
54.800 |
|
Total Income from
operations (net) |
5049.200 |
4265.500 |
14026.700 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost
of Material Consumed |
2979.300 |
2244.200 |
7733.500 |
|
(b) Purchase of stock in trade |
157.700 |
143.600 |
509.400 |
|
(c) Changes in inventories of finished goods, work in progress and
stock in trade |
(207.100) |
55.300 |
(189.300) |
|
(d) Employee benefit expenses |
335.000 |
319.000 |
971.000 |
|
(e) Depreciation and amortization expenses |
96.900 |
96.400 |
291.000 |
|
(f) Other Expenses |
843.100 |
777.100 |
2254.800 |
|
Total Expenses |
4204.900 |
3635.600 |
11570.700 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
844.300 |
629.900 |
2456.000 |
|
Other Income |
59.300 |
55.300 |
150.600 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
903.600 |
685.200 |
2606.600 |
|
Finance costs |
35.800 |
18.500 |
71.900 |
|
Exchange Fluctuation (Gain)/ Loss |
(46.000) |
(50.500) |
(135.600) |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
913.800 |
717.200 |
2670.300 |
|
Exceptional item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
913.800 |
717.200 |
2670.300 |
|
Tax Expenses |
291.600 |
227.500 |
841.000 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
622.200 |
489.700 |
1829.300 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
622.200 |
489.700 |
1829.300 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 1) |
136.600 |
136.600 |
136.600 |
|
Reserves excluding
revaluation reserves as per balance sheet of Previous Accounting Year |
- |
- |
- |
|
Earnings per
share |
|
|
|
|
Basic |
4.56 |
3.59 |
13.42 |
|
Diluted |
4.52 |
3.56 |
13.28 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
56856072 |
56856072 |
56856072 |
|
Number of
Shares |
41.63 |
41.63 |
41.63 |
|
Percentage of Shareholding |
|
|
|
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
0.00 |
0.00 |
0.00 |
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
79720110 |
79720110 |
79720110 |
|
- Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of the total share capital of the company) |
58.37 |
58.37 |
58.37 |
|
|
Particulars |
|
Quarter
Ended 31.12.2014 |
|
B |
Investor
complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
Nil |
|
|
Received during the quarter |
|
16 |
|
|
Disposed of during the quarter |
|
15 |
|
|
Remaining unresolved at the end of the quarter |
|
1 |
Notes
1. The above financial results were reviewed and recommended by the Audit Committee of the Board and approved by the Board of Directors at their meeting held on February 11, 2015.
2. The Statutory auditors of the Company have carried out a limited review of the results.
3. The Company had adopted the principle of hedge accounting
in the previous year as set out in ‘Accounting Standard 30 - Financial
Instruments Recognition and Measurement’ issued by the Institute of Chartered
Accountant of India to implement the foreign exchange risk management policy
under which the net foreign exchange exposure over a period of one year against
the committed order in hand, is partially hedged through forward contracts.
Accordingly marked to market loss of Rs. 4.700 Million arising on foreign
currency instruments qualifying for hedge accounting during the quarter ended
December 31, 2014 has been transferred to Cash Flow Hedge Reserve Account which
has resulted in net loss of Rs. 23.600 Million as on December 31, 2014.
4. The useful life of fixed assets have been revised in accordance with the
Schedule II to the Companies Act 2013 which is applicable from accounting
periods commencing on or after April 01, 2014. Accordingly, an amount of Rs.
38.600 Million (net of deferred tax) representing assets beyond their useful
life as of April 01, 2014 has been charged to General Reserve in the previous
quarter and in respect of the remaining assets, an additional depreciation
amounting to Rs. 9.400 Million has been charged to the Profit and Loss
Statement for the current quarter and Rs. 41.100 Million on a year to date
basis based on the residual useful life. Further, in respect of plant and
machinery, Management is evaluating useful life of certain components, impact
of which, if any, would be accounted for in subsequent quarter(s).
5. During the previous quarter, the Compensation Committee of the Board had allotted 467102 Equity Shares to PII ESOP Trust under PII ESOP Scheme 2010 and granted 186680 performance options to eligible employees as per the aforesaid Scheme.
6. Pursuant to the application of the Scheme of Amalgamation of Parteek Finance and Investment Company Limited with PI Industries Limited filed before the Honorable Delhi and Jodhpur High Courts, the Company has received the final approval from the Honorable Jodhpur High Court on February 10, 2015. As a result of this amalgamation, there is no change in the promoter’s shareholding and has no significant impact on the financials of the Company.
7. The Company has one reportable business segment viz. 'Chemicals'.
8. The previous period's figures have been regrouped / rearranged / reclassified wherever necessary.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Vehicles
- Library
- Tools and Equipments
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. 62.37 |
|
|
1 |
Rs. 91.60 |
|
Euro |
1 |
Rs. 66.49 |
INFORMATION DETAILS
|
Information Gathered
by : |
MNJ |
|
|
|
|
Analysis done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--EPF |
YES/NO |
NO |
|
--RBI |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.