MIRA INFORM REPORT
|
Report No. : |
336895 |
|
Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
COROMANDEL INTERNATIONAL LIMITED SABERO ORGANICS GUJARAT LIMITED AMALGAMATED WITH COROMANDEL INTERNATIONAL LIMITED |
|
|
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Registered
Office : |
1-2-10, Sardar Patel Road, Secunderabad, Hyderabad – 500003,
Telangana |
|
Tel. No.: |
91-40-66997300 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
16.10.1961 |
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Com. Reg. No.: |
01-000892 |
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Capital
Investment / Paid-up Capital : |
Rs. 291.300 Million |
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CIN No.: [Company Identification
No.] |
L24120TG1961PLC000892 |
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IEC No.: |
0988002639 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDC00011E |
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PAN No.: [Permanent Account No.] |
AAACC785ZK |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the Manufacture and Trading of Farm
Inputs. |
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No. of Employees
: |
4232 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 62000000 |
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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 subsidiary of "E.I.D. Parry (India) Limited". It is second-largest player in the phosphatic-fertiliser industry in India. For the financial year ended 2015, company possesses healthy operational risk profile and it has achieved sales turnover of Rs. 113408.600 Million with profit of Rs. 4031.400 Million as compared to previous turnover (2014) of Rs. 94418.900 Million along with a profit of Rs. 3448.500 Million. Company possesses strong financial risk profile marked by adequate het worth base along with comfortable liquidity profile and healthy net gearing ratio. Rating also takes into consideration company's robust market position in phosphatic-fertiliser market backed by wide product portfolio and strong operating efficiencies of the company. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions. Note: As
claimed by Mr. Saurabh Jain, Legal Manager that SABERO ORGANICS GUJARAT
LIMITED has been amalgamate with COROMANDEL INTERNATIONAL LIMITED as on 31st December 2014 and Sabero Organics Gujarat
Limited is no more in operations now. |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
CRISIL |
|
Rating |
Long term rating: AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
12.12.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
12.12.2014 |
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Saurabh Jain |
|
Designation : |
Legal Manager |
|
Contact No.: |
91-40-27842034 |
|
Date : |
23.07.2015 |
LOCATIONS
|
Registered Office : |
1-2-10, Sardar Patel Road, Secunderabad, Hyderabad – 500003, Telangana
, India |
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Tel. No.: |
91-40-27842034/ 27847212/66997300 |
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Fax No.: |
91-40-27844117 |
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E-Mail : |
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Website : |
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Branch : |
Office No. 504, 5th Floor, Eatern Court, Sion-Trombay Road,
Opposite, Wasan Motors, Chembur, Mumbai – 400071, Maharashtra, India |
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Factory : |
Fertiliser
Plants : Sriharipuram, Po Box No. 1116, Malkapuram Post, Visakhapatnam –
530011, Telangana , India Phone: 91-891-2578400 to 2578419 Fax: 91-891-2577665 N. Seetaram - General Manager - Mfg. Email:Seetaramn@cfl.murugappa.com
Compound
Fertilisers Factory Ennore, Chennai – 600507, Tamilnadu, India Phone: 91-44-5733600 Satyanarayana Rao - General Works Manager Email:Satyanarayanarao@cfl.murugappa.com CROP PROTECTION
PLANTS AT: ·
Ranipet in Tamilnadu · Beach Road, Kakinada, Telangana ·
Ankleshwar in Gujarat ·
Baribrahmana, Jammu and Kashmir |
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Plant: |
Plot No 2102 GIDC, Bulsar District Sarigam, Gujarat, India |
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Plant Locations: |
Located at
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Divisional Offices: |
Located at
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DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. A Vellayan |
|
Designation : |
Chairman |
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DIN No.: |
00148891 |
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Name : |
Mr. V Ravichandran |
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Designation : |
Vice Chairman |
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DIN No.: |
00110086 |
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Name : |
Mr. B V R Mohan Reddy |
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Designation : |
Director |
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DIN No.: |
00058215 |
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Name : |
Mr. Prasad Chandran |
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Designation : |
Director |
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DIN No.: |
00200379 |
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Name : |
Ms. Ranjana Kumar |
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Designation : |
Director |
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DIN No.: |
02930881 |
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Name : |
Mr. Uday Chander Khanna |
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Designation : |
Director |
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DIN No.: |
00079129 |
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Name : |
Mr. M M Venkatachalam |
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Designation : |
Director |
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DIN No.: |
00152619 |
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Name : |
Mr. Kapil Mehan |
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Designation : |
Managing Director (Upto February 13, 2015) |
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DIN No.: |
01215092 |
KEY EXECUTIVES
|
Name : |
Mr. P Varadarajan |
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Designation : |
Vice President - Legal and Company Secretary |
|
Name : |
Mr. G Veerabhadram |
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Designation : |
President - Crop Protection |
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Name : |
Mr. Amir Alvi |
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Designation : |
Executive Vice President and Head Manufacturing (Fertilisers) |
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Name : |
Mr. Arun Leslie George |
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Designation : |
Executive Vice President and Head – Business (SSP) |
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Name : |
Mr. P Gopalakrishna |
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Designation : |
Executive Vice President - Speciality Nutrients and Business Development |
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Name : |
S Govindarajan |
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Designation : |
Executive Vice President and Head of Commercial |
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Name : |
Mr. Kalidas Pramanik |
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Designation : |
Executive Vice President – Marketing (Fertilisers and Organic) |
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Name : |
Mr. Ripu Daman Singh |
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Designation : |
Sr. Vice President and Head – Retail |
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Name : |
Mr. S Sankarasubramanian |
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Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Saurabh Jain |
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Designation : |
Legal Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3503184 |
1.20 |
|
|
177369763 |
60.90 |
|
|
42140 |
0.01 |
|
|
42140 |
0.01 |
|
|
180915087 |
62.12 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
180915087 |
62.12 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
17487896 |
6.00 |
|
|
133064 |
0.05 |
|
|
3849215 |
1.32 |
|
|
19433869 |
6.67 |
|
|
1840 |
0.00 |
|
|
40905884 |
14.04 |
|
|
|
|
|
|
25750267 |
8.84 |
|
|
|
|
|
|
26704477 |
9.17 |
|
|
7352321 |
2.52 |
|
|
9625429 |
3.30 |
|
|
4531370 |
1.56 |
|
|
4801312 |
1.65 |
|
|
93957 |
0.03 |
|
|
104330 |
0.04 |
|
|
70460 |
0.02 |
|
|
19500 |
0.01 |
|
|
4500 |
0.00 |
|
|
69432494 |
23.84 |
|
Total Public shareholding (B) |
110338378 |
37.88 |
|
Total (A)+(B) |
291253465 |
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) |
291253465 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacture and Trading of Farm
Inputs. |
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Products : |
Farm Inputs |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
4232 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
NOTES: The term loans from banks primarily comprise of External Commercial Borrowings (ECB) secured by paripassu charge on fixed assets of Visakhapatnam and Kakinada plants. These ECBs carry interest rates with spread ranging 155 bps to 215 bps over 3 months LIBOR, are repayable over the next three years and have been fully hedged for exchange and interest rates. Certain ECBs amounting to Rs.72.800 Million taken over from erstwhile Sabero are secured by way of first pari passu charge on the entire fixed assets and second pari passu charge on the entire current assets of Sarigam and Dahej plants of the Company. These ECB carry interest rates with spread of 300bps over 6 months LIBOR and are repayable in the next year. Foreign currency term loan (FCTL) and rupee term loan from a financial institution amounting Rs.133.400 Million (including current maturities) which are taken over from erstwhile Sabero are secured by way of first pari passu charge on the entire fixed assets and second pari passu charge on the entire current assets of Sarigam and Dahej plants of the Company. Rupee term loan carries interest of 11% and is repayable over the next two years and the FCTL carry interest rates with spread of 450 bps over 6 months LIBOR and is repayable over the next two years. (i) Secured short-term borrowings comprises cash credit balances secured by a pari-passu charge on stocks of raw materials, work-in-process, finished goods, stores and spare parts and book debts including subsidy receivable of the Company. Further, certain short-term borrowings taken over from erstwhile Sabero are secured by first pari-passu charge on certain movable and immovable assets of the Company; certain cash credit loans are further secured by way of second pari-passu charge on certain movable fixed assets of the Company. |
|
Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Deloitte Haskins and
Sells Chartered Accountants |
|
Address : |
1-8-384 and 385,
3rd Floor, Gowra Grand, S.P. Road, Begumpet, Secunderabad – 500003, Telangana
, India |
|
Tel No.: |
91-40-66032600 |
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Fax No.: |
91-40-66032714 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company: |
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Subsidiary: |
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Associate: |
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Fellow subsidiary: |
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Joint venture: |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs. 1/- each |
Rs.350.000 Million |
|
5000000 |
Cumulative Redeemable preference Shares |
Rs. 10/- each |
Rs. 50.000 Million |
|
|
Total |
|
Rs.400.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
291250357 |
Equity Shares |
Rs. 1/- each |
Rs.291.300
Million |
|
|
|
|
|
NOTE
Reconciliation of number of shares
and amount outstanding at the beginning and at the end of the year :
(a) Equity shares:
|
|
Year ended 31 March 2015 |
|
|
|
Number |
Rs. In Million |
|
Per last Balance Sheet |
283181822 |
283.200 |
|
Add: Equity shares allotted pursuant to exercise of stock options |
8068535 |
8.100 |
|
Balance at the end of the year |
291250357 |
291.300 |
(b) Preference shares:
|
|
Year ended 31 March 2015 |
|
|
|
Number |
Rs. In Million |
|
Per last Balance Sheet |
-- |
-- |
|
Add: On Amalgamation |
-- |
-- |
|
Less: Redeemed during the year |
-- |
-- |
|
Balance at the end of the year |
-- |
-- |
(ii) Rights, preferences
and restrictions relating to each class of share capital:
Equity shares: The Company has
one class of equity shares having a face value of Rs.1/- each. Each shareholder
is eligible for
one vote per share held. The dividend proposed by the Board of Directors is
subject to the approval of the Shareholders in the ensuing Annual General
Meeting, except in the case of interim dividend.
Cumulative
redeemable preference shares: The Company has a class of cumulative redeemable
preference shares having face value of Rs.10/- each with such rights,
privileges and conditions respectively attached thereto as may be from time to
time confirmed by the regulations of the Company. Pursuant to the Scheme of
malgamation, the cumulative redeemable preference shares carry cumulative
dividend of 8% per annum in relation to capital paid upon them and are on
original terms and conditions in which they were issued by erstwhile Liberty
Phosphate Limited, the amalgamating company.
(iii) As at 31 March 2015,
E.I.D Parry (India) Limited (Holding Company) held 17,71,55,580 (2014:
17,71,55,580) equity shares of Rs.1/- each fully paid-up representing 60.83%
(2014: 62.56%) of the paid-up capital. There are no other shareholders holding
more than 5% of the issued capital.
(iv) As at 31 March
2015, shares reserved for issue under the ‘ESOP 2007’ scheme is 92,12,918
(2014: 3,98,050) equity shares of Rs.1/- each.
(v) Details of
bonus shares issued, shares issued for consideration other than cash during the
period of five years immediately preceeding the reporting date:
During the year
ended 31 March 2015:
(a) 25,74,193 equity
shares of Rs.1/- each fully paid-up were allotted to the shareholders of
erstwhile Liberty Phosphate Limited (LPL) in the proportion of 7 equity shares
of Rs.1/- each in the Company for every 8 equity shares of Rs.10/- each held in
LPL pursuant to the Scheme of Amalgamation between LPL and the Company.
(b) 53,09,210 equity
shares of Rs.1/- each fully paid-up were allotted to the shareholders of
erstwhile Sabero Organics Gujarat Limited (Sabero) in the proportion of 5
equity shares of Rs.1/- each in the Company for every 8 equity shares of
Rs.10/- each held in Sabero pursuant to the Scheme of Amalgamation between
Sabero and the Company
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
291.300 |
283.200 |
283.100 |
|
(b) Share Capital suspense |
0.000 |
2.600 |
0.000 |
|
(c)Reserves & Surplus |
21354.000 |
22047.400 |
21473.000 |
|
(d) 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) |
21645.300 |
22333.200 |
21756.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
668.100 |
2313.200 |
7720.300 |
|
(b) Deferred tax liabilities
(Net) |
1874.000 |
1868.600 |
1797.900 |
|
(c) Other long term
liabilities |
300.100 |
300.900 |
301.200 |
|
(d) long-term provisions |
167.800 |
171.100 |
164.000 |
|
Total
Non-current Liabilities (3) |
3010.000 |
4653.800 |
9983.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
20334.000 |
11617.400 |
14675.500 |
|
(b) Trade payables |
30796.800 |
25724.200 |
22026.500 |
|
(c) Other current liabilities |
6238.900 |
4548.800 |
3209.300 |
|
(d) Short-term provisions |
1060.600 |
1745.900 |
1822.000 |
|
Total
Current Liabilities (4) |
58430.300 |
43636.300 |
41733.300 |
|
|
|
|
|
|
TOTAL |
83085.600 |
70623.300 |
73472.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
13583.700 |
12061.900 |
11362.400 |
|
(ii) Intangible Assets |
69.100 |
49.200 |
58.100 |
|
(iii) Capital work-in-progress |
385.500 |
269.200 |
279.400 |
|
(iv) Intangible assets under
development |
78.900 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3520.200 |
7438.300 |
8795.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
682.500 |
576.800 |
877.900 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
18319.900 |
20395.400 |
21372.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.900 |
1.800 |
0.400 |
|
(b) Inventories |
22523.500 |
16714.000 |
12648.900 |
|
(c) Trade receivables |
14366.800 |
12941.400 |
16108.900 |
|
(d) Cash and cash equivalents |
2961.600 |
4570.300 |
4527.600 |
|
(e) Short-term loans and
advances |
24877.900 |
15860.500 |
18741.700 |
|
(f) Other current assets |
34.000 |
139.900 |
72.400 |
|
Total
Current Assets |
64765.700 |
50227.900 |
52099.900 |
|
|
|
|
|
|
TOTAL |
83085.600 |
70623.300 |
73472.800 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from operations (Net) |
112852.600 |
93805.200 |
85602.400 |
|
|
Other Income |
556.000 |
613.700 |
670.300 |
|
|
TOTAL
(A) |
113408.600 |
94418.900 |
86272.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
70970.000 |
59475.500 |
48586.900 |
|
|
Purchases of Stock-in-Trade |
19162.300 |
12292.200 |
15299.900 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(4075.600) |
(1239.500) |
1472.000 |
|
|
Employees benefits expense |
2754.800 |
2437.600 |
2050.200 |
|
|
Other expenses |
15507.000 |
13453.300 |
10848.300 |
|
|
Exceptional item |
39.400 |
126.100 |
0.000 |
|
|
TOTAL
(B) |
104357.900 |
86545.200 |
78257.300 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
9050.700 |
7873.700 |
8015.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2093.200 |
2109.600 |
1766.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6957.500 |
5764.100 |
6248.700 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1033.100 |
820.300 |
585.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
5924.400 |
4943.800 |
5663.300 |
|
|
|
|
|
|
|
Less |
TAX (H) |
1893.000 |
1495.300 |
1223.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
4031.400 |
3448.500 |
4439.900 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
Basic |
13.85 |
12.05 |
15.70 |
|
|
Diluted |
13.82 |
12.03 |
15.65 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
1817.200 |
1246.200 |
306.600 |
|
Cash generated from operations |
2260.000 |
15555.600 |
11131.500 |
|
Net cash flow from operating activities |
852.100 |
14517.700 |
9984.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.57 |
3.68 |
5.19 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.02 |
8.39 |
9.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.49 |
7.86 |
8.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.22 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.05 |
0.68 |
1.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.15 |
1.25 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
Market Value |
Rs.221.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
283.100 |
283.200 |
291.300 |
|
Share Capital suspense |
0.000 |
2.600 |
0.000 |
|
Reserves & Surplus |
21473.000 |
22047.400 |
21354.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
21756.100 |
22333.200 |
21645.300 |
|
|
|
|
|
|
long-term borrowings |
7720.300 |
2313.200 |
668.100 |
|
Short term borrowings |
14675.500 |
11617.400 |
20334.000 |
|
current Maturities of
long-term debts |
306.600 |
1246.200 |
1817.200 |
|
Total
borrowings |
22702.400 |
15176.800 |
22819.300 |
|
Debt/Equity
ratio |
1.043 |
0.680 |
1.054 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from operations (Net) |
85602.400 |
93805.200 |
112852.600 |
|
|
|
9.582 |
20.305 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from operations (Net) |
85602.400 |
93805.200 |
112852.600 |
|
Profit |
4439.900 |
3448.500 |
4031.400 |
|
|
5.19% |
3.68% |
3.57% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS
After experiencing
two difficult years, fertiliser industry’s performance improved during 2014-15,
on account of normalisation of pipeline inventories, relatively stable currency
rates and modest global prices of fertilisers and key inputs. The industry sales
for DAP and complex fertilisers recovered moderately by 12%. However, the farm
sector was impacted by deficit monsoons, lower reservoir levels, falling crop
acreages and declining agri commodity prices in key markets.
The Company
leveraged its strengths to post significant growth during the year, by offering
its complete portfolio of agri-inputs, comprising of fertilisers and organic
manure, crop protection products and speciality nutrients. Further, the Company
continued expansion of its rural retail footprint in Andhra Pradesh, Telangana
and Karnataka to about 800 stores and improved its performance by growing the
non-fertiliser business and increasing its realizations.
During the year,
the Company has strengthened its market leadership position in complex
fertilisers segment, growing the volumes by 32% and improving its market share
from 23% to 26%. The overall market share in Phosphatic segment improved from
16% to 16.3% with a healthy volume growth of 15% over last year. The brand
equity index in key markets has seen a turnaround, which resulted in increased
market share in Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, West Bengal
and Maharashtra. The year saw establishment of Divisional Marketing Offices to
improve customer interface and response time. With the setting up of focused
Marketing, Supply Chain, Finance and HR support services at the regional level,
it is expected that decision making and customer servicing will improve going
forward.
On the Operations
front, the Company effectively managed phosphoric acid availability to improve
its capacity utilization. Fortified products like 24:24:0:8S and Zincated DAP
were introduced during the year and production was successfully stabilized.
Vizag plant operations, which were affected by Hud hud cyclone in October 2014,
were efficiently handled and impact was minimized with nil injury to workmen.
The Company continued its focused commitment towards improving plant safety,
and ensured Total Recordable Injury Rate per million man hours (TRIR) of the
fertiliser units is less than 1.
Crop Protection
division strengthened its Exports business to key markets in Latin America
(LATAM) and Europe and posted significant growth during the year. Domestic
formulations business, though impacted by season failure, continued to improve
its brand equity through umbrella branding “Gromor Suraksha”. The Company
established a China desk for improving its sourcing efficiency, marketing,
registration, technology partnerships and market information capabilities. To bring
focus to product synthesis and new molecule development, an R and D Centre has
been set up in Hyderabad. The facility will be used to establish new product
pipeline on a continuous basis to meet global business needs and growth
aspirations.
During the year,
Sabero Organics Gujarat Limited, a subsidiary of the Company, was merged with
the Company, pursuant to the Scheme of Amalgamation approved by the High Court
of Judicature at Hyderabad for the State of Telangana and the State of Andhra
Pradesh and the High Court of Gujarat. The synergy of both the businesses will
be leveraged to strengthen technical product portfolio and improve penetration
globally.
The Company
continues to be among the market leaders in Water Soluble Fertilisers (WSF) and
Sulphur product segments. During the year, Speciality Nutrients business
strengthened its crop based promotion approach through launch of “Gromor
Sampoorthi” initiative. The initiative aims at providing complete crop specific
nutrition solution to maximize farmer’s yields through adoption of Speciality
fertilisers. Business also leveraged strengths of its joint venture partner
SQM, to introduce crop specific WSF grades and developing crop knowledge.
Retail business,
despite low off take of fertilisers, reported growth in non fertiliser
products. A number of new initiatives were introduced during 2014-15 to improve
process efficiencies and facilitate long term growth. This has led to a growth
in Retail margins by 12.5% over the previous year levels. Their retail outlets,
spread across Andhra Pradesh, Telangana and Karnataka, have become the face of
the Company and received many prestigious awards during the year, in
recognition of its contribution to agriculture and business performance in
rural retail.
The Company
enhanced its geographical presence in Northern and Western region post
acquisition of Liberty Phosphate Limited in 2013-14. During the year, SSP
business consolidated its operations to maximize synergy out of the combined
team. As a result, sales volumes improved by 1.5%, inspite of severe crop
losses in key operating markets. Specific focus was given to strengthen brand
building initiatives for integrating Double Horse brand with Gromor through
mass media campaigns.
During the year,
the Company entered into a joint venture (JV) with Yanmar and Mitsui, for
manufacturing and marketing farm implements - rice transplanters and combined
harvesters. With reducing resources and dropping yields in India, the Company
is now suitably positioned to offer cost effective solutions to farmers to
improve their crop productivity. The JV will be leveraged to develop equipment,
tailored for Indian farm requirements and scale up its Farm Mechanization
Services operations.
The Company has
recorded a total revenue of Rs.113410.000 Million. Profit for the year before
depreciation, interest and taxation was Rs.9080. Million and Profit before tax
was Rs.5920.000 Million. Net Profit after tax was Rs.4030.000 Million.
Awards and
Recognition
The Company
continues to receive many awards and accolades from industry associations.
During the year the Company received the following awards/accolades:
a) “Outstanding
Agrisolutions Provider of India” from the Consortium of Indian Farmers
Associations at the 10th National Farmers Conference held in
December 2014.
b) ‘Agriculture
Leadership Awards 2014’ for empowering farms and farmers with agriculture
inputs products and farm services.
c) CMO Asia Retail
Excellence Award 2014 for Customer Loyalty Program initiative.
d) CII-ITC
Sustainability Awards 2014 - Commendation for Significant Achievement in
Environment Management – by the Ennore Plant.
e) I ndia
Manufacturing Excellence Award (IMEA) for Workplace Safety Management in
Innovative category by Frost and Sullivan at Mumbai, for the Ennore Plant.
f) “Retailer of
the Year” award under Rural Impact and CSR Category by ABP News.
g) Prestigious
Global Communicator Awards from Academy of Interactive and Visual Arts, New
York - Global Award of Excellence (Gold) for “Calendar 2013”, Global Award of
Distinction for “Voice (Silver) 2013”Cover page, Global Award of Distinction
(Silver) for “Voice 2013”.
MANAGEMENT
DISCUSSION AND ANALYSIS
COROMANDEL
INTERNATIONAL IN BRIEF
Coromandel is a
flagship company of the Murugappa Group and is a subsidiary of E.I.D. Parry
(India) Limited (EIDP) which holds 60.83% of the equity share capital in the
Company. The Company is engaged in the business of farm inputs comprising of
Fertilisers, Crop protection, Speciality Nutrients and Organic compost. The
Company also operates a network of around 800 rural retail outlets under its
retail business across Andhra Pradesh, Telangana and Karnataka. The Company has
15 manufacturing facilities located in Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra,
Madhya Pradesh, Uttar Pradesh, Rajasthan, Gujarat and Jammu and Kashmir. The
Company’s products are marketed all over the Country through an extensive
network of dealers and its own retail centers. The crop protection products are
exported to various countries.
During the year,
Sabero Organics Gujarat Limited, a subsidiary of the Company has been merged
with the Company pursuant to the Orders of the High Court of Telangana and
Andhra Pradesh and the High Court of Gujarat.
The Company has
following subsidiaries and joint ventures for its various business initiatives:
a) CFL Mauritius
Limited (CML)
b) Parry Chemicals
Limited (PCL)
c) Dare
Investments Limited (DIL)
d) Liberty
Pesticides and Fertilizers Limited (LPFL)
e) Coromandel Brasil
Limitada (CBL), LLP
f) Sabero Organics
America SA (SOAL)
g) Sabero
Australia Pty Limited. (SAPL)
h) Sabero Europe
BV (SEBV)
i) Sabero
Argentina SA (SA)
j) Sabero Organics
Mexico SA de CV (SOM)
k) Coromandel SQM
(India) Private Limited.
l) Yanmar Coromandel
Agrisolutions Private Limited (YCAS)
m) Coromandel
Getax Phosphates Pte. Limited
In addition, the
Company also holds 14% equity stake in Foskor Pty Limited, South Africa,
through combined holding of Coromandel and CFL Mauritius Limited and a 15% equity
stake in TIFERT, a strategic investment of the Company to secure supply of
Phosphoric acid.
ECONOMIC REVIEW
As per the World
Bank’s Global Economic Prospects release, the globl economy recovered
marginally in 2014 to 2.6%, from 2.5% in 2013. The stable growth in US,
continuous and steady revival in UK and picking up of growth in India have been
the key factors for keeping the global economy afloat. This more than offsets
the conscious slowdown efforts by the government in China and the weak growth in
Japan and Euro Zone. The world economy is still struggling to gain momentum as
many high-income countries continue to grapple with the legacies of the global
financial crisis. China being the biggest consumer of commodities, its slowdown
had a bearing on the global commodity prices. All three industrial commodity
price indices (energy, metals and minerals, and agricultural raw materials)
experienced decline during the year. Due to rising demand supply mismatch,
crude prices in 2014-15 have plummeted by more than 50%. Going forward, World
Bank has projected that the global economy would continue to revive and is
expected to grow at 3.0% in 2015 and 3.3% in 2016. Soft commodity prices and
persistently low interest rates would act as a support to the global growth.
However, increasingly divergent monetary policies across major economies, weak
world trade and geo political disturbances would act as a downward risk to
growth.
India, on the
other hand, experienced a positive business environment after two years of
sub-par economic growth. 2014- 15 has seen a rebound and economy has grown by
7.3% (based on the revised base to 2011-12 from earlier 2004-05).
Backed by
persistent efforts by RBI and further supported by significant fall in crude
prices, India during the year has witnessed rapid cooling off in inflation.
From near 6% at the start of the year, WPI has entered negative territory and
as of March 2015 it stood at -2.33%. The current account deficit has also
further contracted from 1.7% of GDP in 2013-14 to an estimated 1.3% in 2014-15.
Forigen portfolio inflows (US$ 40.8 billion) have stabilized the rupee,
exerting downward pressure on long-term interest rates, reflected in the yield
on 10 year government securities, and contributed to the surge in equity
prices. Capital inflows in 2014-15 remained strong and RBI’s continuous
intervention in the forex market led to sizeable accretion to the dollar
reserves.
Going forward,
continuous policy level reforms backed by healthy macroeconomic parameters such
as low inflation, stable exchange rate and lower current and fiscal deficit
would further strengthen India’s recovery in 2015-16.
OUTLOOK
Global fertiliser
industry is witnessing a move towards downstream integration and capacity
addition. By 2018, close to 200 expansion projects are expected to come on
stream, increasing the global capacity by 18% over 2013 levels. China’s move
towards a fixed tariff structure is likely to increase its export of N and P
fertilisers. Falling crude price and stable raw material outlook is expected to
improve the availability of fertilisers in the coming years.
Domestically, the
fertiliser industry is likely to register moderate growth in 2015-16 on account
of improved crops MSPs and reduction in pipeline inventory. Raw material cost
is projected to be stable, keeping a check on the input costs.
Coromandel’s focus
for 2015-16 will be on improving its market share in Complex Fertiliser
segment. The strategic shift that the Company took towards manufacturing low “P”
grades over DAP and ring fencing through multiple channels, has helped in
shaping its growth in 2014-15. The Company intends to continue the same
approach to maximize production and develop market for the Complex grades,
going forward. Fortified fertilisers, Zincated DAP and 24:24:0:8S, will be
positioned in Zinc and Sulphur deficient pockets to improve acceptability and
response of the product. Geographical expansion in North markets and supply
chain improvement will be taken up during 2015-16.
With the
Divisional structure in place, Coromandel has moved closer to the market. The
Company plans to leverage the strength of this team for faster decision making
and move towards Bottom up planning. To pursue the above strategy, the Company
has planned an extensive training and development program to enhance the
capability of its human capital. Empowering field force with advanced
technology to reduce turnaround time and tools to measure their productivity
will be the key to drive these initiatives.
Despite multiple
challenges such as resource scarcity, raw material limitations, and handling
unforeseen natural calamity, Coromandel has made significant strides in 2014-15
to position the business on longterm
growth. The
Company will continue to focus on maintaining cost leadership in the industry
and develop innovative means of production and marketing to further strengthen
its business. Coromandel has moved from unit-specific grades of fertilisers to
full flexibility in manufacturing different fertiliser grades at all the units.
Coromandel will enhance the production of fortified products for the benefit of
farmers and for improving the soil productivity.
In the Crop
Protection Business, the Company will continue to focus on specialities and
will scale up formulation sales based on captive technicals including
additional range being manufactured by Sabero. The Company is also actively
expanding its global footprint by leveraging Sabero’s strength and will further
increase its presence in Latin America, Africa and South East Asia. In
addition, the Company will maintain its global focus and improve its reach by
increasing its portfolio of product registrations. The Company will
leverage its
presence in China for procurement, developing vendors for new products and
technologies. It has also planned to achieve higher sales and customer
development for Brazil and other key markets.
Speciality
Nutrients business, with focus on improving agricultural productivity, is well
positioned to meet the growing customer expectations of increasing their
profitability through cost reduction and yield maximization. Higher coverage
under drip irrigation and adoption of Fertigation provide excellent opportunity
in the fast growing water soluble fertiliser segment. For the year 2015- 16,
the overall business strategy is to develop crop and region domain expertise in
terms of products and solutions. Strength of their JV partner, SQM, will be
leveraged to generate crop based knowledge, products and schedules.
The Retail focus
in 2015-16 is going to be on “Fruition through Efficiency”. Strengthening Multi
brand and expansion of range assortment in all categories will be a key focus
area. Supply Chain improvements and extensive promotion of “Gromor Nutrient
Manager” to improve farmer returns will be the main enabler to increase
fertiliser sales. The Company plans to scale up the Farm Implements and Farm
Mechanization Services in 2015-16. Product schemes and analytics integrated
customer loyalty programs, launch of alternate delivery models and offering
Farm Credit through Gromor Centres by tying up with banks and financial
institutions will further improve customer value proposition.
In the current
business environment, the Company will continue to maintain strong focus on
working capital levels to reduce interest costs and unlock cash from trade
channels. The Company will also actively manage foreign exchange exposure and
optimize positions to reduce downside risk to the business.
AMALGAMATION OF
SABERO ORGANICS GUJARAT LIMITED (“SABERO”)
The Board of Directors of the Company and its subsidiary, Sabero Organics Gujarat Limited (“Sabero”), in their meetings held on 24 January 2014 approved a Scheme of Amalgamation under Sections 391 and 394 of the Companies Act, 1956 (‘the Scheme’) for amalgamation of Sabero with the Company. Sabero was engaged in the manufacture and sale of Crop Protection Chemicals. Pursuant to the Scheme sanctioned by the Hon’ble High Court of Judicature at Hyderabad for the State of Telangana and the State of Andhra Pradesh and by the Hon’ble High Court of Judicature of Gujarat vide their respective orders, the entire business undertaking of Sabero including all assets and properties, debts, liabilities and duties and obligations have been transferred to andvested in the Company, with effect from 1 April 2014 (the Appointed Date as per the Scheme). The certified copies of the aforesaid High Court Orders have been filed with the Ministry of Corporate Affairs on 24 November 2014 and 31 December 2014 and consequently, the Scheme has been given effect to in these financial statements.
I n terms of the Scheme, the Company has allotted 53,09,210 equity shares of Rs.1 each as fully paid up to the shareholders of Sabero in the proportion of 5 equity shares of Rs.1 each in the Company for every 8 equity shares of Rs.10 each held in Sabero. The equity shares held by the Company in Sabero totaling 2,53,56,361 have been extinguished and anulled. The amalgamation has been accounted under the ‘Pooling of interests method’ as prescribed under Accounting Standard 14 ‘Accounting for Amalgamations’ (AS 14). Accordingly, the assets, liabilities and reserves of Sabero as at 1 April 2014 have been taken over at their book values (after making adjustments for adoption of uniform accounting policies) and in the same form. Details of the summarized values of assets and liabilities of Sabero as acquired pursuant to the Scheme and the treatment of the difference between the net assets acquired and cost of investments of the Company together with the shares issued to the shareholders of Sabero are as under:
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Loan from a related party - subsidiary |
0.000 |
12.700 |
|
SHORT TERM
BORROWING |
|
|
|
Loans repayable on demand from banks |
9968.600 |
5193.000 |
|
Short-term loans from banks |
3000.000 |
833.600 |
|
Total |
12968.600 |
6039.300 |
|
Note: (ii) Unsecured loans repayable on demand comprises of buyers credit denominated in foreign currency and unsecured short-term loans from bank comprise of commercial paper. |
||
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10479802 |
06/02/2014 |
2,909,500,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, T |
B97287163 |
|
2 |
10447446 |
03/09/2013 |
1,056,000,000.00 |
HONGKONG AND SHANGHAI BANKING CORPORATION |
21 COLLYER QUAY,
#10-02,, HSBC BUILDING, SINGAPOR |
B84231620 |
|
3 |
10381818 |
29/09/2012 |
450,800,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC
CENTRE, 18 CYBER CITY,, EBENE, - |
B60191418 |
|
4 |
10381820 |
29/09/2012 |
465,600,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC
CENTRE, 18 CYBER CITY, EBENE, - |
B60191574 |
|
5 |
10333799 |
31/03/2012 * |
650,000,000.00 |
AXIS BANK LIMITED |
FORT BR., UNIVERSAL
INSU. BLDG.,, SIR P.M ROAD, F |
B37970415 |
|
6 |
10289148 |
12/05/2011 |
3,000,000,000.00 |
ICICI BANK LIMITED |
CORPORATE BANKING
GROUP, 6TH FLOOR,ICICI BANK TOWE |
B13857669 |
|
7 |
10294088 |
30/11/2012 * |
451,800,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC
CENTRE, 18 CYBERCITY, EBENE, - 0 |
B65691891 |
|
8 |
10259770 |
18/07/2011 * |
100,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING,, WORLD TRADE CENTR |
B18671818 |
|
9 |
10259753 |
18/07/2011 * |
200,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING,, WORLD TRADE CENTR |
B18466367 |
|
10 |
10246365 |
30/11/2012 * |
468,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE,
18 CYBERCITY, EBENE, - 0 |
B65689127 |
* Date of charge modification
CONTINGENT
LIABILITIES:
a) Guarantees:
The Company has provided a guarantee towards the borrowing of Tunisian Indian Fertilisers S.A., (TIFERT), Company’s venture in Tunisia, up to Rs.3234.600 Million (2014: Rs.3100.900 Million).
Claims against the
Company not acknowledged as debt:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
In respect of matters under dispute: |
|
|
|
Excise duty |
749.100 |
1178.000 |
|
Customs duty |
37.200 |
37.200 |
|
Sales tax |
129.100 |
41.000 |
|
Income tax |
83.800 |
22.200 |
|
Service tax |
16.100 |
0.000 |
|
Others |
116.700 |
174.400 |
|
The amounts shown in the item (a) represent guarantees
given in the normal course of business and not expected to result in any loss
to the Company on the basis of the beneficiaries fulfilling their obligations
as they arise. The amounts in item (b) represent best estimate and the
uncertainties are dependent on the outcome of the legal processes initiated
by the Company or the claimant as the case may be. |
||
|
|
||
|
c) Other money for
which the Company is contingently liable in respect of: |
|
|
|
Assignment of receivables from fertiliser dealers and dealer financing by banks |
341.500 |
554.700 |
|
The Management expects to realise all the amounts reflected above in the normal course of business. |
||
STATEMENT STANDALONE
AND UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE,
2015
|
Particulars
|
3 Months Ended 30.06.2015 (Unaudited) |
|
|
|
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
21539.300 |
|
b) Other operating income |
187.400 |
|
Total
income from Operations(net) |
21726.700 |
|
2.Expenditure |
|
|
Cost of material consumed |
13315.300 |
|
Purchases of stock in trade |
4632.500 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(1699.300) |
|
Employees benefit expenses |
713.200 |
|
Depreciation and amortization expenses |
259.100 |
|
Freight and distribution expenses |
1713.700 |
|
Other expenditure |
2138.600 |
|
Total expenses |
21073.100 |
|
3. Profit from operations before other income and
financial costs |
653.600 |
|
4. Other income |
148.400 |
|
5. Profit from ordinary activities before finance costs |
802.000 |
|
6. Finance costs |
594.600 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
207.400 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
207.400 |
|
10.Tax expenses |
71.100 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
136.300 |
|
12.Extraordinary Items (net of tax expense) |
0.00 |
|
13.Net Profit / (Loss) for the period (11 -12) |
136.300 |
|
14.Paid-up equity share capital (Face Value Rs.1/- per equity share) |
291.300 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
-- |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic |
0.47 |
|
(b) Diluted |
0.47 |
|
Particulars
|
3 Months Ended 30.06.2015 (Unaudited) |
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
110338378 |
|
- Percentage of shareholding |
37.884% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
450000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
0.025% |
|
Percentage of shares (as a % of total share capital of the
company) |
0.015% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
180870087 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
99.975% |
|
Percentage of shares (as a % of total share capital of the
company) |
62.101% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unreserved at the end of the quarter |
0 |
Note:
1. The above financial results are drawn in accordance with the accounting policies consistently followed by the Company.
2. These results were reviewed and recommended by the Audit Committee at its
meeting held on July 26, 2015 and approved by the Board of Directors at its
meeting held on July 27, 2015. The Statutory Auditors have carried out a
limited review of these financial results.
3. During the quarter, pursuant to the exercise of stock options by certain
employees under the 'ESOP 2007' scheme, the Company has allotted 3,108 (Quarter
ended 30 June 2014: Nil) equity shares of Rs. 1 each at the respective exercise
price.
4. Exceptional item:
a. For the quarter and year ended 31 March 2015 and quarter ended 30 June 2015:
In respect of the 'Hudhud' cyclone which impacted the Company's operations at
Vishakapatnam in the previous year, the Company has filed the claim (including
for loss of profits) with the Insurance Company, survey of which is under
progress. The Company has set up a receivable based on its current best
estimates and reasonable certainty, which is equivalent to the losses
(including for inventories, repairs to fixed assets to the extent incurred,
etc.) and, the net loss of Rs. Nil has been disclosed as Exceptional item. On
grounds of prudence, the loss of profits claim has not been recognised as income.
b. For the year ended 31 March 2015 also includes interest expense of Rs.
39.400 Million on enhanced compensation payable pursuant to the Court Order on
land acquired by the Company in the earlier years.
5. The Consolidated Results for the quarter ended 30 June 2015 include results
of subsidiaries - Sabero Argentina S.A., Sabero Organics America S.A., Sabero
Australia Pty Limited., Sabero Europe B.V., Sabero Organics Mexico S.A. de
C.V., Libert)' Pesticides and Fertilisers Limited, Parry' Chemicals Limited,
Dare Investments Limited, CFL Mauritius Limited, Coromandel Brasil Limitada,
Joint venture Companies - Coromandel Getax Phosphates Pte Limited, Coromandel
SQM (India) Private Limited and Yanmar Coromandel Agrisolutions Private Limited
and Associate company Sabero Organics Phillipines Asia Inc.
6. The Company, its subsidiaries, its joint ventures and associate are
primarily engaged in the farm inputs business, which in the context of
Accounting Standard 17 - Segment Reporting, is considered the only significant
business segment.
7. (a) The figures for the quarter ended 31 March 2015 are the balancing
figures between the audited figures of the full financial year ended 31 March
2015 and the published year to date figures upto third quarter ended 31
December 2014.
(b) Consequent to giving effect to the Scheme of Amalgamation of Sabero
Organics Gujarat Limited with the Company w.e.f 1 April 01, 2014 during the
previous year, the standalone figures relating to the quarter ended 30 June
2014 are not comparable.
8. Figures of the previous quarters/year have been regrouped and reclassified
wherever considered necessary.
FIXED ASSETS:
- Land
- Freehold
- Leasehold
- Buildings
- Roads
- Railway Siding
- Plant and equipment
- Furniture and Fixtures Vehicles
PRESS RELEASES
1st July 2015
A meeting of the Board of Directors of the Company will be held on Monday, July 27, 2015, inter alia, to consider and approve the Un-audited Financial Results of the Company for the quarter ended June 30, 2015.
22 May 2015:
The SEBI order linking Mr A. Vellayan, Chairman of the Murugappa Group, to trades by two individuals in shares of Sabero Organics Gujarat Limited, a company that was acquired by Coromandel International Limited. in May 2011, is based merely on suspicion and is a far-fetched tenuous conjecture.
The only purported link sought to be made by SEBI between Mr. A Vellayan and these transactions is that one Mr. A. R. Murugappan is a distant relative (son of a grand aunt) and had had a property transaction with Mr. A Vellayan way before the Sabero transaction was even thought about. SEBI has jumped to the conclusion that the trades could potentially be attributed to suspected communication of unpublished price sensitive information about the Sabero deal by Mr. A Vellayan to this distant relative.
The link drawn in this interim Order is not a conclusive finding. Mr. A Vellayan is resolute in defending the serious harm to reputation caused by this Order and will take appropriate action as legally advised. He is keen to also demonstrate bona fides and will extend full cooperation to SEBI to complete investigations expeditiously, apart from seeking redress against the premature measures adopted.
In keeping with family values and tradition, he has stepped aside from the Chairmanship of the Murugappa Group Corporate Board and of Coromandel International Limited and EID Parry India Limited until this matter is resolved.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.83 |
|
UK Pound |
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.