MIRA INFORM REPORT
|
Report No. : |
318164 |
|
Report Date : |
17.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASTEC LIFESCIENCES LIMITED |
|
|
|
|
Registered
Office : |
Elite Square, 7th Floor, 274, Perin Nariman Street, Fort, Mumbai
– 400001, Maharashtra |
|
Tel. No.: |
91-22-22618212 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.01.1994 |
|
|
|
|
Com. Reg. No.: |
11-076236 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.185.291 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1994PLC076236 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20370A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4832D |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of
Agro and Pharma Chemicals. |
|
|
|
|
No. of Employees
: |
177 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects Astec’s established market position in the manufacture
and sale of triazole fungicides marked by expertise of the promoters with
over three decades of experience in the agrochemicals industry. Rating also reflects company’s healthy financial risk profile marked
by adequate liquidity position and sound profitability margins of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans=BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
July, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term, Non-Fund Based Limits=A3+ |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
July, 2014 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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
|
Name : |
Mr. Babu Subramanium |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-61205600 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Elite Square, 7th Floor, 274, Perin Nariman Street, Fort,
Mumbai – 400 001, Maharashtra, India |
|
Tel No.: |
91-22-22618212/ 61205600 |
|
Mobile No.: |
91-9920689888 (Mr. Vijay Jain) |
|
Fax No.: |
91-22-22618289 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Research and |
F-39, MIDC, Phase-II, Dombivali (East), Thane – 421 204, Maharashtra,
India |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
B-17, B-18 and B-21, MIDC Mahad, Birwadi Industrial Area, Mahad,
District Raigad – 413 341, Maharashtra, India |
|
|
|
|
Factory 2 : |
B-16, MIDC Mahad, Birwadi Industrial Area, Local Unit Mahad, District
Raigad – 413 341, Maharashtra, India |
|
|
|
|
Factory 3 : |
Additional MIDC, Plot No.K-2/1/1, Mahad, District Raigad – 413 341,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Ashok Vishwanath Hiremath |
|
Designation : |
Chairman and Managing Director |
|
Address : |
3, Jai Kiran, 35, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra,
India |
|
Date of Birth/Age : |
31.05.1955 |
|
Date of Appointment : |
01.02.1994 |
|
|
|
|
Name : |
Mr. Janak J. Rawal |
|
Designation : |
Whole Time Director (Appointed w.e.f. 20.01.2012) |
|
|
|
|
Name : |
Dr. P. L. Tiwari |
|
Designation : |
Non-Executive – Non Independent Director |
|
Date of Birth/Age : |
01.07.1945 |
|
Qualification : |
MBBS, MD |
|
Date of Appointment : |
25.01.1994 |
|
|
|
|
Name : |
Mr. Laxmikant Ramprasad Kabra |
|
Designation : |
Non-Executive – Non Independent Director |
|
Date of Birth/Age : |
09.03.1969 |
|
Qualification : |
B.com, F.C.A |
|
Date of Appointment : |
25.01.1994 |
|
|
|
|
Name : |
Prof. Vinod Malshe |
|
Designation : |
Non-Executive – Independent Director |
|
Date of Birth/Age : |
28.02.1947 |
|
Qualification : |
Master of Science (Technology) |
|
Date of Appointment : |
28.03.2008 |
|
|
|
|
Name : |
Mr. Sitendu Sharma |
|
Designation : |
Non-Executive – Independent Director |
|
|
|
|
Name : |
Mr. Mohammed Zakir |
|
Designation : |
Non-Executive – Independent Director |
|
|
|
|
Name : |
Mr. Mandar Kamlakar Patil |
|
Designation : |
Non-Executive – Independent Director |
|
Date of Birth/Age : |
24.05.1970 |
|
Qualification : |
B.Com, F.C.A |
|
Date of Appointment : |
27.05.2012 |
KEY EXECUTIVES
|
Name : |
Ms. Tejal Jariwala |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS
AS ON 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
8162880 |
41.96 |
|
|
943000 |
4.85 |
|
|
1651100 |
8.49 |
|
|
1651100 |
8.49 |
|
|
10756980 |
55.29 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10756980 |
55.29 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
715196 |
3.68 |
|
|
42655 |
0.22 |
|
|
27000 |
0.14 |
|
|
784851 |
4.03 |
|
|
|
|
|
|
1591819 |
8.18 |
|
|
|
|
|
|
3718442 |
19.11 |
|
|
2205849 |
11.34 |
|
|
397114 |
2.04 |
|
|
195633 |
1.01 |
|
|
201431 |
1.04 |
|
|
50 |
0.00 |
|
|
7913224 |
40.67 |
|
Total Public shareholding (B) |
8698075 |
44.71 |
|
Total (A)+(B) |
19455055 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
19455055 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Agro and Pharma Chemicals. |
|
|
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|
Products : |
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Exports : |
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|
Products : |
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Countries : |
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Imports : |
|
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Products : |
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Countries : |
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Terms : |
|
|
Selling : |
Cash, Credit and
L/C |
|
|
|
|
Purchasing : |
Cash, Cheque,
Credit and L/C |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
177 (Approximately) |
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Bankers : |
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||||||||||||||||||||||||
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||||||||||||||||||||||||
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Facilities : |
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|
|
|
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Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Kathariya Chartered Accountants |
|
Address : |
Room No.6, Kermani Building, 4th Floor, 27, Sir P.M. Road,
Fort, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-66315862 |
|
Fax No.: |
91-22-22856615 |
|
Mobile No.: |
91-9821034665/ 9987249694/ 705 |
|
E-Mail: |
|
|
Website : |
|
|
|
|
|
Cost Auditors : |
Ritesh N. Talathi and Company Cost Accountants |
|
|
|
|
Internal Auditors : |
P. S. V. Jain and Associates Chartered Accountants |
|
|
|
|
Subsidiaries : |
·
Behram Chemicals Private Limited ·
Astec Crop Care Private Limited ·
Astec Europe SPRL ·
Comercializadora Agricola ·
Agroastrachem Cia Ltda at Columbia |
|
|
|
|
Associates : |
·
Opus Chemicals Private Limited ·
GreenGuard Technologies Private Limited ·
India TL Domain Private Limited ·
Altimax Financial Services Private Limited ·
Sahbhagi Financial Services Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18529130 |
Equity Shares |
Rs.10/- each |
Rs.185.291 Million |
|
|
|
|
|
a) Reconciliation of share capital (Equity)
|
Particulars |
No. of Shares |
Amount (Rs. in Million) |
|
Balance at the beginning of the year |
18044130 |
180.441 |
|
Add : Issued during the year |
485000 |
4.850 |
|
Balance at the end of the year |
18529130 |
185.291 |
b) Shareholders holding more than 5% of the average shares in the
company’s Equity Shares
|
Name of Shareholder |
No. of Shares |
Amount (Rs. in Million) |
|
Ashok V. Hiremath |
6240780 |
624.075 |
|
Suresh Hiremath |
1650000 |
16.500 |
|
Dr. P. L. Tiwari |
1815000 |
18.150 |
|
Hridaynath Consultancy Private Limited |
-- |
-- |
|
Altimax Financial Services Private Limited |
943000 |
9.430 |
|
Total |
10648780 |
668.155 |
LISTING DETAILS:
|
|
BSE :
533138 NSE
: ASTECEQ ISIN :
INE563J01010
|
|
Stock Exchange Place : |
The Stock
Exchange, Mumbai National
Stock Exchange of India Limited |
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
185.291 |
180.441 |
169.291 |
|
(b) Reserves & Surplus |
961.378 |
885.212 |
814.735 |
|
(c) Money received against share warrants |
0.000 |
4.123 |
13.600 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1146.669 |
1069.776 |
997.626 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
184.759 |
214.555 |
110.820 |
|
(b) Deferred tax liabilities (Net) |
41.022 |
38.567 |
27.580 |
|
(c) Other long term liabilities |
307.292 |
263.572 |
218.292 |
|
(d) Long-term provisions |
7.286 |
4.289 |
0.738 |
|
Total Non-current
Liabilities (3) |
540.359 |
520.983 |
357.430 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
542.814 |
445.120 |
559.279 |
|
(b) Trade payables |
435.951 |
454.665 |
295.174 |
|
(c) Other current liabilities |
84.175 |
59.613 |
45.768 |
|
(d) Short-term provisions |
39.836 |
27.900 |
13.384 |
|
Total Current Liabilities
(4) |
1102.776 |
987.298 |
913.605 |
|
|
|
|
|
|
TOTAL |
2789.804 |
2578.057 |
2268.661 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1300.513 |
1201.563 |
755.418 |
|
(ii) Intangible Assets |
0.000 |
0.438 |
0.330 |
|
(iii) Capital work-in-progress |
58.368 |
130.716 |
436.206 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
9.992 |
9.981 |
9.881 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
113.814 |
78.741 |
31.487 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1482.687 |
1421.439 |
1233.322 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.535 |
0.243 |
117.382 |
|
(b) Inventories |
679.175 |
441.125 |
433.230 |
|
(c) Trade receivables |
444.246 |
601.354 |
307.302 |
|
(d) Cash and cash equivalents |
38.457 |
43.024 |
35.408 |
|
(e) Short-term loans and advances |
144.704 |
70.872 |
142.017 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
1307.117 |
1156.618 |
1035.339 |
|
|
|
|
|
|
TOTAL |
2789.804 |
2578.057 |
2268.661 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
1894.654 |
1656.575 |
1108.406 |
|
|
|
Other Income |
10.045 |
14.375 |
10.189 |
|
|
|
TOTAL (A) |
1904.699 |
1670.950 |
1118.595 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1422.449 |
1181.137 |
780.078 |
|
|
|
Purchase of traded goods |
0.000 |
0.000 |
69.699 |
|
|
|
Changes in inventories of finished goods, work-in-progress and traded
goods |
(97.228) |
31.242 |
(82.386) |
|
|
|
Employee benefit expenses |
100.044 |
79.223 |
47.479 |
|
|
|
Other Expenses |
129.800 |
94.756 |
129.699 |
|
|
|
Duties and Taxes/Prior Period Items |
0.000 |
0.000 |
1.411 |
|
|
|
Extraordinary Items |
5.746 |
9.492 |
0.000 |
|
|
|
TOTAL (B) |
1560.811 |
1395.850 |
945.980 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
349.633 |
275.100 |
172.615 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
88.083 |
70.322 |
53.429 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
261.550 |
204.778 |
119.186 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
144.980 |
117.321 |
84.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
116.570 |
87.457 |
34.432 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.365 |
28.012 |
10.252 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
86.205 |
59.445 |
24.180 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at FOB |
715.200 |
770.100 |
384.400 |
|
|
TOTAL EARNINGS |
715.200 |
770.100 |
384.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
826.300 |
772.900 |
301.800 |
|
|
|
Capital Goods |
0.000 |
0.000 |
1.200 |
|
|
TOTAL IMPORTS |
826.300 |
772.900 |
303.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
4.71 |
3.45 |
1.43 |
|
|
|
- Diluted |
5.02 |
3.43 |
1.43 |
|
QUARTERLY RESULTS
(Rs.
In Million)
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
498.700 |
586.000 |
533.700 |
|
Total Expenditure |
406.300 |
440.600 |
413.800 |
|
PBIDT (Excluding Other Income) |
92.400 |
145.400 |
119.900 |
|
Other income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
92.400 |
145.400 |
119.900 |
|
Interest |
23.600 |
30.100 |
33.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
68.800 |
115.300 |
86.100 |
|
Depreciation |
37.400 |
38.600 |
38.700 |
|
Profit Before Tax |
31.400 |
76.800 |
47.300 |
|
Tax |
7.100 |
16.100 |
10.500 |
|
Profit after tax |
24.100 |
60.700 |
36.900 |
|
Extraordinary Items |
(0.200) |
(2.000) |
0.500 |
|
Net Profit |
24.100 |
58.700 |
37.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
4.55 |
3.59 |
2.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.15 |
16.61 |
15.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.07 |
3.59 |
1.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.08 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.63 |
0.62 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.17 |
1.13 |
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 |
169.291 |
180.441 |
185.291 |
|
Reserves & Surplus |
814.735 |
885.212 |
961.378 |
|
Money received
against share warrants |
13.600 |
4.123 |
0.000 |
|
Net worth |
997.626 |
1069.776 |
1146.669 |
|
|
|
|
|
|
Long-term borrowings |
110.820 |
214.555 |
184.759 |
|
Short term borrowings |
559.279 |
445.120 |
542.814 |
|
Total borrowings |
670.099 |
659.675 |
717.305 |
|
Debt/Equity ratio |
0.672 |
0.617 |
0.626 |
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 |
|
Revenue from operations (Net) |
1108.406 |
1656.575 |
1894.654 |
|
|
|
49.456 |
14.372 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Revenue from operations (Net) |
1108.406 |
1656.575 |
1894.654 |
|
Profit |
24.180 |
59.445 |
86.205 |
|
|
2.18% |
3.59% |
4.55% |
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 business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
OPERATIONS
For the year ending 31st March, 2014, Operating profit i.e. EBITDA is of the order of Rs.343.888 Million, as against Operating Profit of Rs.275.099 Million in preceding year 2012-13. Profit after Tax is Rs.86.204 Million for the year 2013-14, compared to Profit after Tax of Rs.59.445 Million reported for 2012-13.
MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS
ENVIRONMENT AND INDUSTRY STRUCTURE
Agriculture
provides much more than food. It offers essential commodities, environmental
services and social goods that facilitate economic development,
industrialization and diversification. More than 3 billion people – almost half
of the world's population - live in rural areas. Roughly 2.5 billion of these
rural people derive their livelihoods from agriculture. For many economies,
especially those of developing countries, agriculture can be an important
engine of economic growth. Approximately three-quarters of the world's
agricultural value added is generated in developing countries, and in many of
these, the agriculture sector contributes as much as 30 percent to gross
domestic product (GDP)
Robert
Malthus had made a dire prediction in the late 1880s, “The power of population
is indefinitely greater than the power in the earth to produce subsistence for
man”. The simple message was that eventually mankind will be short of food.
World population was less than a billion when this prediction was made. The
growth in population since then has been phenomenal and the world now has 7
billion people. Yet we don't think of food as being scarce. What has made this
growth possible while mitigating the Malthus prediction the obvious answer is
that advances in agricultural technology drove significant productivity
enhancements.
The Agro
chemicals industry has a strong linkage to Agriculture, which itself is heavily
dependent on vagaries of monsoon. Various other critical factors impacting its
robust growth include availability of credit, irrigation facilities and other
needed agri inputs. Occurence of pests and plant diseases are perennial risk
factors where the agro chemicals industry comes into play. Global population
dynamics especially in countries with limited arable land, and those with poor
irrigation infrastructure find themselves confronting the challenge of feeding
their millions of populace and ensuring food security year in and year out.
Improving farm productivity across all agri and horticultural crops continually
is the big challenge and taking timely and appropriate recourse to agro
chemical applications is now universally accepted as a sine quo none.
For
the Agro chemical Industry, the potential for robust and sustained growth
against the backdrop of demand – production gap in agriculture sector year in
and year out is loud and clear. The challenge for the industry lies in its
capability to come up with safe and efficient products and applications for
pest control and for eradication of plant diseases leading to maximizing yields
from the available land under cultivation. For the Industry to grow
exponentially, the challenge lies in developing new products through intensive
R & D to innovate and come up from time to time with new products that are
environmentally safe and efficient over the long term and are proven cost effective
as well.
AGRO-CHEMICAL
INDUSTRY OVERVIEW
Latin
America, Europe and Asia account for more than 75% of the global market size
and these regions taken together have been reporting consistent year on year
growth. In 2013, the Industry reported a growth of 11.2% in nominal terms and
9% in real terms and has reached a size of $ 53 billion. Latin America emerged
as the largest market in terms of size in 2013 with a high growth of 26.9% over
2012.
Europe
recorded a growth of about 9.5% and Asia grew by a marginal 1.3% over 2012. The
growth is largely facilitated by strong Commodity prices and it is expected
that the Industry will fare strongly over the next few years at an average rate
of 5% annually reaching a size of $ 60 billion by 2017.
Agriculture,
with its allied sectors, is unquestionably the largest livelihood provider in
India. Most of the industries also depend upon the sector for their raw
materials. Steady investments in technology development, irrigation
infrastructure, emphasis on modern agricultural practices and provision of
agricultural credit and subsidies are the major factors that contribute to
agriculture growth. Indian agriculture has undergone rapid transformation in
the past two decades. The policy of globalization and liberalisation has opened
up new avenues for agricultural modernisation. This has not only lead to
commercialisation and diversification, but also triggered various technological
and institutional innovations owing to investments from corporate entities.
From a net importing country, India is today consistently producing 250 million
tonnes (MT) of food grains, 100 MT of rice, 90 MT of wheat, 35 million bales of
cotton, and more than 18 MT of pulses.
Indian
agro-chemical Industry has been growing at the rate of about 8 to 9% over the
past seven years and the Industry size is estimated at $ 3.8 billion with
exports accounting for about 50%. The Industry growth in recent years is
largely driven on the back of increasing volumes in agricultural production and
higher commodity prices. It is estimated that the Industry would continue to
grow by about 9% annually in domestic brand business and at about 15% in
exports from India reaching a size of $ 7 billion by 2017.
COMPANY
PERFORMANCE
During
the year 2013-14, the Company continued its focus on improving performance
across all aspects of the business operations viz., enhance manufacturing
capability and ensuring consistency in production, improving compliance to
environmental regulations, improvement in yields and reduction in conversion
costs, scaling up business in critical high value markets, leverage
international product registrations and enhancing portfolio of product
registrations for increasing market access in critical markets enabling
profitable growth.
The
Company's contract manufacturing business is making good progress Two contracts
are already established and a third one has started commercial production.
These relationships with major multinationals are leading to many growth
opportunities. The company has now established credibility to deliver and has
built plants that meet the standards required by our customers. They are
already discussing additional projects with our customers.
The
measures implemented by the Company in recent years and continued in 2013-14
have led to significant progress in various critical areas of performance:
1.
Focus on developing processes for new generation fungicides
2.
Backward integration of some of the existing molecules with a view to achieve
cost efficiency
3.
Purity and impurity profiling of molecules for the purpose of registration in
domestic and international markets
These
initiatives contributed to the Net Sales Turnover increasing by over 18% over 2012-13
to Rs.2073.300 Million and Profit after Tax increasing by 45% over the same
period to Rs.86.700 Million.
OUTLOOK
The
world's population is expected to reach 9 billion by 2050. As population
increases, natural resources will become scarcer, mainly due to insufficient
arable land reserves, increasing urbanization and progressive climate change.
The Agrochemical Industry is expected to maintain its growth trend. With
growing income levels and reduced labour availability, the industry growth will
be led by fungicides and herbicides. Despite relative competitive advantage of
China, Indian industry continues to improve on its performance in Agrochemicals
largely owing to its superiority in select molecules and access to
international markets through product registrations and marketing capabilities.
This is likely to be maintained and the gap is expected to narrow down in the
coming year(s) in view of the challenge from China getting whittled down as
their costs are going upwards due to stricter environmental compliance
requirements in China and their currency, Yuan, appreciating in recent times.
With
an upsurge in confidence from the significantly improved performance in the
year 2013-14, the Company is optimistic about further improving on its
performance with ongoing and planned initiatives ahead. Buoyed by 50% growth
experienced by the Indian floriculture industry in the last three years, the
Government of India launched a National Horticulture Mission to double
production. Growing horticulture and floriculture industries catalyse the
demand for agrochemicals (especially fungicides).
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10444906 |
11/08/2013 |
100,000,000.00 |
IDBI BANK LIMITED |
224A, 2ND FLOOR, A-WING,
MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B83020115 |
|
2 |
10441142 |
19/07/2013 |
250,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH,
GROUND FLOOR, HOUSE BOMBAY DYEING
MILLS COMPOUND, P.B. MARG ,WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B81186488 |
|
3 |
10441804 |
18/07/2013 |
220,000,000.00 |
IDBI BANK LIMITED |
CBG - NARIMAN POINT BRANCH,
224 A, 2ND FLOOR, A WING, MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA -
400021, INDIA |
B81331951 |
|
4 |
10443772 |
11/03/2013 |
100,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B78384120 |
|
5 |
10339278 |
03/02/2012 |
178,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B33739020 |
|
6 |
10334542 |
13/01/2012 |
20,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -
400018, INDIA |
B31666894 |
|
7 |
10265432 |
10/01/2011 |
52,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B04808325 |
|
8 |
10178426 |
27/07/2009 |
50,000,000.00 |
SATATE BANK OF HYDERABAD |
OVERSEAS BRANCH, 1204,
ASHOK MAHAL, TULLOCH ROAD, COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA |
A69876019 |
|
9 |
10172696 |
30/06/2009 |
30,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A68073527 |
|
10 |
10142629 |
06/01/2009 |
160,000,000.00 |
AXIS BANK LIMITED |
201 ATLANTA BLD,, NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A56858822 |
|
11 |
10125153 |
26/09/2008 |
40,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, ASHOK
MAHAL, 1204, TULLOCH ROAD, COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA |
A47515689 |
|
12 |
10091557 |
29/10/2013 * |
690,000,000.00 |
AXIS BANK LIMITED |
NARIMAN POINT BRANCH,
GROUND FLOOR, ATLANTA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
B89134357 |
|
13 |
10041118 |
02/01/2014 * |
918,000,000.00 |
AXIS BANK LIMITED |
NARIMAN POINT BRANCH, GROUND
FLOOR, ATLANTA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B94398559 |
|
14 |
10023050 |
23/09/2006 |
100,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, ASHOK
MAHAL, 1204, TILLOCH MARG, COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA |
A05882204 |
* Date of charge modification
UNSECURED LOANS
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
0.000 |
17.136 |
|
Loans repayable on demand from other parties |
0.000 |
11.305 |
|
|
|
|
|
Total
|
0.000 |
28.441 |
FIXED ASSETS:
· Lease Hold Land
· Factory Building
· Corporate Office
· Plant and Machinery
· Electrical Installation
· Office Equipments
· Furniture and Fixtures
· Air Conditioner
· Motor Vehicles
· Computer
· Flats
· Computer Software
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 31ST
DECEMBER 2014
(Rs. In Million)
|
Sr. No |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales / Income from operations (Net of Excise Duty) |
530.195 |
590.867 |
1610.217 |
|
|
b) Other Operating Income |
3.522 |
(4.877) |
8.223 |
|
|
Total Income from
Operations (net) |
533.717 |
585.990 |
1618.440 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of materials consumed |
371.083 |
439.958 |
1146.420 |
|
|
b) Purchase of stock in trade |
-- |
-- |
-- |
|
|
c) Changes in inventories of finished goods and WIP |
(22.310) |
(57.129) |
(58.689) |
|
|
d) Employee benefits expenses |
27.180 |
25.256 |
76.622 |
|
|
e) Depreciation and amortisation expenses |
38.731 |
38.545 |
114.648 |
|
|
f) Other expenditure |
37.886 |
32.517 |
96.425 |
|
|
Total Expenses |
452.569 |
479.146 |
1375.426 |
|
3 |
Profit/ (Loss) from
operations before other income, Finance Cost and Exceptional Items (1-2) |
81.148 |
106.844 |
243.014 |
|
4 |
Other Income |
-- |
-- |
-- |
|
5 |
Profit / (Loss)
from ordinary activities before finance cost and exceptional items (3+4) |
81.148 |
106.844 |
243.014 |
|
6 |
Finance Costs |
33.826 |
30.082 |
87.541 |
|
6A |
Foreign Exchange Fluctuation ( Profit ) / Loss |
-- |
-- |
-- |
|
7 |
Profit after
finance costs but before Exceptional Items (5-6-6A) |
47.322 |
76.761 |
155.474 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss) from
ordinary activities before tax (7-8) |
47.322 |
76.761 |
155.474 |
|
10 |
Tax Expense (Including deferred tax) |
10.466 |
16.066 |
33.632 |
|
11 |
Net Profit / (Loss)
from ordinary activities after tax (9-10) |
36.856 |
60.695 |
121.841 |
|
12 |
Extra ordinary Items |
(0.506) |
1.964 |
1.605 |
|
13 |
Net Profit / (Loss)
for the period (11 - 12) |
37.362 |
58.731 |
120.236 |
|
14 |
Minority Interest |
-- |
-- |
-- |
|
15 |
Net Profit / (Loss)
after taxes, minority interest (13-14-15) |
37.362 |
58.731 |
120.236 |
|
16 |
Paid-up equity share capital (Face Value Rs.10/-) |
185.291 |
185.291 |
185.291 |
|
17 |
Reserves (excluding Revaluation Reserve) |
1081.615 |
1044.253 |
1081.615 |
|
18 |
Earnings per share |
|
|
|
|
|
- Basic |
1.99 |
3.28 |
6.58 |
|
|
|
|
|
|
|
|
PART II |
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- No of shares |
7772150 |
7772150 |
7772150 |
|
|
- Percentage of shareholding |
41.95 |
41.95 |
41.95 |
|
2 |
Promoters and promoter
group shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- No of shares |
6922273 |
1695000 |
6922273 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and promoter group |
64.35 |
15.76 |
64.35 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
37.36 |
9.15 |
37.36 |
|
|
b) Non-encumbered |
|
|
|
|
|
- No of shares |
3834707 |
9061980 |
3834707 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and promoter group |
35.65 |
84.00 |
35.65 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
20.59 |
49.00 |
20.69 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
0 |
|
Disposed of during the quarter |
0 |
|
Remaining unreserved at the end of the quarter |
0 |
NOTES:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting on 31.01.2015.
2. The company has only one reportable segment i.e. Arochemicals Intermediates.
3. In respect of discrepancies observed by DGCEI In the functioning of our EOU at B17, MIDC, Mahad, company has filed application to settlement commission and deposited Rs. 16.93 Crores. The said exceptional liability and treatment thereof shall be accounted on crystallization basis.
4. Above Financial Results Includes financials rewlis of Behram Chemkals Pvt. Ltd. (65.63% subsidiary), Astec CropCare Pvt Ltd (100% Subsidiary of Astec) and Astec Europe Sprl (50.10% subsidiary). The Financial Results of Cornercializadora Agricol. Agroastrachem Cia Ltd at Columbia (100% Subsidiary of Astec) are not included as the company has not commercialized its operation.
5. Figures of the previous period have been regrouped/rearranged, wherever necessary.
6. During the Quarter, the company has revised depreciation rates on Fixed Assets w.e.t. 01st April, 2014 as per useful life specified In schedule II of the companies Act 2013.The Carrying amount as on 1st April 2014 is depredated over the revised remaining useful life of Assets.
7. The above unaudited financial results have been reviewed by Statutory Auditor.
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.92.44 |
|
Euro |
1 |
Rs.66.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
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.