MIRA INFORM REPORT
|
Report No. : |
337893 |
|
Report Date : |
21.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN POTASH LIMITED |
|
|
|
|
Formerly Known
As : |
INDIAN POTASH SUPPLY AGENCY LIMITED |
|
|
|
|
Registered
Office : |
Seethakathi Business Centre, 1st Floor, 684-690, Anna
Salai, Chennai – 600006, Tamilnadu |
|
Tel. No.: |
91-44-28297869 |
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|
|
|
Country : |
India |
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|
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|
Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
17.06.1955 |
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|
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|
Com. Reg. No.: |
18-000961 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.142.986 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U14219TN1955PLC000961 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHEI00029B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAPPJ1234J / AAACI0888H |
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|
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader and Importer of Fertilisers. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 43000000 |
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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 well-established company incorporated in the year 1955,
having satisfactory track. Rating takes into consideration sound financial risk profile of the company
marked by strong networth base and decent financial position. However, company has decent revenue base from its operations leading
to strong operational profile. Further, the rating reflects the company’s long track record of
operations, aided by an efficient marketing and distribution network. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. The company being renowned fertilizer company, can be considered for
normal for business dealings with usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
CARE |
|
Rating |
Long term bank
facilities = A (Suspended) |
|
Rating Explanation |
Adequate degree of
safety and low credit risk. |
|
Date |
April 29, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank
facilities = A1 (Suspended) |
|
Rating Explanation |
Very strong degree
of safety and carry lowest credit risk. |
|
Date |
April 29, 2014 |
Reason for suspension: Company has not furnished the information required
by CARE.
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 DENIED BY
|
Name : |
Mr. Srinivas |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-44-28297869 |
|
Date : |
20.08.2015 |
LOCATIONS
|
Registered / Head Office : |
Seethakathi Business Centre, 1st Floor, 684-690, Anna
Salai, Chennai – 600006, Tamilnadu, India |
|
Tel. No.: |
91-44-28520855/ 28297869/ 28297857/ 28297327 |
|
Fax No.: |
91-44-28522407 |
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E-Mail : |
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|
Website : |
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Factory : |
Located at · Bulandshahe, Uttar Pradesh, India · Saladipura, Rajasthan, India |
|
|
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|
Sugar and Power Division : |
Potash Bhawan, 3rd Floor, 10-B, Potash Bhawan, Rajendra Park, Pusa Road,
New Delhi – 110060, India |
|
Tel. No.: |
91-11-25761540/ 25763570/ 25732438/ 25725084 |
|
Fax No.: |
91-11-25755313/ 25757062 |
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E-Mail : |
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Sugar Units : |
Located at ·
Kushi Nagar ·
Maharajganj ·
Meerut ·
Muzaffar Nagar ·
Bahraich |
|
|
|
|
Regional Offices : |
Located at: ·
Ahmedabad ·
Bangalore ·
Bhopal ·
Bhubaneshwar ·
Chandigarh ·
Chennai ·
Guwahati ·
Jaipur ·
Kochi ·
Kolkata ·
Lucknow ·
Mumbai ·
Patna ·
Raipur ·
Secunderabad |
DIRECTORS
As on 08.08.2014
|
Name : |
Mr. Parvinder Singh Gahlaut |
|
Designation : |
Managing Director |
|
Address : |
C-9/9156, Vasant Kunj, New Delhi - 110030, India |
|
Date of Birth/Age : |
27.07.1947 |
|
Date of Appointment : |
29.09.1997 |
|
DIN No.: |
00049401 |
|
|
|
|
Name : |
Mr. Udai Shanker Awasthi |
|
Designation : |
Nominee Director |
|
Address : |
L-4, Hauz Khas Enclave, New Delhi - 110017, India |
|
Date of Birth/Age : |
12.07.1945 |
|
Date of Appointment : |
29.06.1993 |
|
DIN No.: |
00026019 |
|
|
|
|
Name : |
Mr. Nataverlal Pitamberdas Patel |
|
Designation : |
Nominee Director |
|
Address : |
17/B, Virnagar Society, S.T. Workshop Road, District Mehsana - 384002, Gujarat, India |
|
Date of Birth/Age : |
28.07.1936 |
|
Date of Appointment : |
24.08.2007 |
|
DIN No.: |
00008225 |
|
|
|
|
Name : |
Mr. Heeralal Samariya |
|
Designation : |
Nominee Director |
|
Address : |
Plot No. 248, Road No. 72, Prashasan Nagar, Jubilee Hills, Hyderabad - 500096, Telangana, India |
|
Date of Appointment : |
06.02.2015 |
|
DIN No.: |
00054859 |
|
|
|
|
Name : |
Mr. Devinder Kumar |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 612, Sail CGHS Limited, Plot No.35, Sector-4, Dwarka, New Delhi - 110075, India |
|
Date of Birth/Age : |
03.07.1953 |
|
Date of Appointment : |
09.01.2001 |
|
DIN No.: |
00085467 |
|
|
|
|
Name : |
Mr. Harbachan Singh Bawa |
|
Designation : |
Director |
|
Address : |
B-3, Maharani Bagh, New Delhi - 110065, India |
|
Date of Birth/Age : |
20.03.1931 |
|
Date of Appointment : |
30.09.1981 |
|
DIN No.: |
00244222 |
|
|
|
|
Name : |
Mr. Sudip Kumar Nanda |
|
Designation : |
Nominee Director |
|
Address : |
528/2, 'CH', Sector-8, Gandhinagar - 382008, Gujarat, India |
|
Date of Appointment : |
06.02.2015 |
|
DIN No.: |
00315376 |
|
|
|
|
Name : |
Mr. Balwinder Singh Nakai |
|
Designation : |
Director |
|
Address : |
Khati Sadar Bazaar, Rampura Phul - 151103, Punjab, India |
|
Date of Birth/Age : |
05.12.1934 |
|
Date of Appointment : |
25.09.1993 |
|
DIN No.: |
00823528 |
|
|
|
|
Name : |
Mr. Raman Govind Rajan |
|
Designation : |
Nominee Director |
|
Address : |
Bunglow No.4, Type VI, RCF Colony, Chembur, Mumbai - 400074, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1957 |
|
Date of Appointment : |
03.09.2012 |
|
DIN No.: |
01253189 |
|
|
|
|
Name : |
Mr. Ashok Kumar Yadav |
|
Designation : |
Nominee Director |
|
Address : |
194, Sector - 17, Gurgaon - 122001, Haryana, India |
|
Date of Appointment : |
05.06.2015 |
|
DIN No.: |
01839508 |
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|
|
|
Name : |
Mr. Sunil Kumar Singh |
|
Designation : |
Nominee Director |
|
Address : |
101, Kanti Palace, Lal Bahadur Shastri Nagar, Baily Road, Patna - 800023, Bihar, India |
|
Date of Appointment : |
08.08.2014 |
|
DIN No.: |
02317026 |
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|
|
|
Name : |
Ms. Vasudha Mishra |
|
Designation : |
Nominee Director |
|
Address : |
Qr. No. P / J / 7, IAS Officers Colony, Punjagutta, Hyderabad - 500082, Telangana, India |
|
Date of Birth/Age : |
11.02.1963 |
|
Date of Appointment : |
21.06.2013 |
|
DIN No.: |
02371330 |
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|
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|
Name : |
Mary Neelima Kerketta |
|
Designation : |
Nominee Director |
|
Address : |
Mary Neelima Kerketta, Ias, Ashirbad, Sundar Nagar, Kanke, Ranchi - 834006, Jharkhand, India |
|
Date of Appointment : |
05.06.2015 |
|
DIN No.: |
02961387 |
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|
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|
Name : |
Mr. Prem Chandra Munshi |
|
Designation : |
Nominee Director |
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Address : |
106, Aditya Vikash Complex, Talpatra Compound, Budh Marg, Patna - 800001, Bihar, India |
|
Date of Birth/Age : |
17.01.1962 |
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Date of Appointment : |
08.08.2011 |
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DIN No.: |
03597933 |
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|
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|
Name : |
Manoranjan Patnaik |
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Designation : |
Nominee Director |
|
Address : |
Plot No.693, Behera Sahi, Nayapalli, Bhubaneswar - 751012, Orissa, India |
|
Date of Appointment : |
11.11.2014 |
|
DIN No.: |
06639344 |
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|
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|
Name : |
Mr. Venkata Kovvuri Satyanarayanareddy |
|
Designation : |
Nominee Director |
|
Address : |
8-296, Andhra Bank, Ravulapalem, East Godavari - 533238, Andhra Pradesh, India |
|
Date of Appointment : |
08.08.2014 |
|
DIN No.: |
06945406 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Kumar Sadangi |
|
Designation : |
Company Secretary |
|
Address : |
76/50, Kamaraj Nagar, 3rd Street,, Choolaimedu, Chennai - 600094, Tamilnadu, India |
|
Date of Birth/Age : |
01.07.1975 |
|
Date of Appointment : |
01.08.2009 |
|
PAN No. : |
ATNPK3444J |
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|
|
|
Name : |
Mr. Srinivas |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 08.08.2014
SHAREHOLDERS FILE ATTACHED
As on 08.08.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
28.48 |
|
Other top fifty shareholders |
71.52 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Fertilisers. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
PAN No.: |
AACFD3771D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary company : |
·
Goldline Milkfood Limited (GML) ·
IPL Sugar and Allied Industries Limited ·
IPL Gujarat Port Limited |
|
|
|
|
Investing Party : |
Indian Farmers Fertiliser Cooperative Limited - (IFFCO) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14298600 |
Equity Shares |
Rs.10/- each |
Rs.142.986
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
142.986 |
142.986 |
142.986 |
|
(b) Reserves &
Surplus |
14909.052 |
13881.071 |
11413.943 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
15052.038 |
14024.057 |
11556.929 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
171.392 |
0.000 |
499.700 |
|
(b) Deferred tax
liabilities (Net) |
17.748 |
12.852 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
6.426 |
|
(d) long-term provisions |
0.000 |
0.000 |
2.246 |
|
Total Non-current
Liabilities (3) |
189.140 |
12.852 |
508.372 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
31849.925 |
61525.787 |
65344.602 |
|
(b) Trade payables |
18979.962 |
8185.122 |
41661.343 |
|
(c) Other current
liabilities |
6748.673 |
7251.042 |
8910.420 |
|
(d) Short-term provisions |
41.822 |
340.560 |
141.546 |
|
Total Current Liabilities
(4) |
57620.382 |
77302.511 |
116057.911 |
|
|
|
|
|
|
TOTAL |
72861.560 |
91339.420 |
128123.212 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
|
|
(ii) Intangible Assets |
3331.194 |
3034.058 |
2915.599 |
|
(iii) Capital work-in-progress |
61.871 |
62.527 |
63.182 |
|
(iv) Intangible assets
under development |
204.479 |
321.666 |
78.304 |
|
(b) Non-current
Investments |
209.076 |
209.176 |
209.077 |
|
(c) Deferred tax assets
(net) |
400.160 |
445.257 |
202.864 |
|
(d) Long-term Loan and Advances |
566.518 |
515.872 |
583.882 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4773.298 |
4588.556 |
4052.908 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3245.356 |
3441.477 |
3273.345 |
|
(b) Inventories |
11942.065 |
10958.197 |
30121.557 |
|
(c) Trade receivables |
44338.662 |
59691.875 |
61811.466 |
|
(d) Cash and cash
equivalents |
6528.635 |
11381.733 |
25440.104 |
|
(e) Short-term loans and
advances |
1143.042 |
388.694 |
3273.180 |
|
(f) Other current assets |
890.502 |
888.888 |
150.652 |
|
Total Current Assets |
68088.262 |
86750.864 |
124070.304 |
|
|
|
|
|
|
TOTAL |
72861.560 |
91339.420 |
128123.212 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
148936.088 |
195624.307 |
257730.195 |
|
|
Other Income |
1388.462 |
2288.707 |
2117.811 |
|
|
TOTAL |
150324.550 |
197913.014 |
259848.006 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4083.749 |
3588.761 |
3557.997 |
|
|
Purchases of
Stock-in-Trade |
124147.968 |
149572.617 |
237161.787 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(869.312) |
19266.971 |
(14472.347) |
|
|
Employees benefits
expense |
572.666 |
484.953 |
535.858 |
|
|
Other expenses |
16389.519 |
15840.860 |
23640.444 |
|
|
TOTAL |
144324.590 |
188754.162 |
250423.739 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
5999.960 |
9158.852 |
9424.267 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
4214.750 |
5726.211 |
5208.363 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
1785.210 |
3432.641 |
4215.904 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
206.525 |
154.199 |
210.856 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1578.685 |
3278.442 |
4005.048 |
|
|
|
|
|
|
|
Less |
TAX |
505.097 |
767.607 |
762.250 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1073.588 |
2510.835 |
3242.798 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
75.08 |
175.60 |
226.79 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
499.700 |
666.800 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.72 |
1.28 |
1.26 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
4.03 |
4.68 |
3.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.19 |
3.63 |
3.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.23 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.13 |
4.42 |
5.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.12 |
1.07 |
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 |
142.986 |
142.986 |
142.986 |
|
Reserves & Surplus |
11413.943 |
13881.071 |
14909.052 |
|
Net worth |
11556.929 |
14024.057 |
15052.038 |
|
|
|
|
|
|
long-term borrowings |
499.700 |
0.000 |
171.392 |
|
Short term borrowings |
65344.602 |
61525.787 |
31849.925 |
|
Current Maturities of
Long Term Debt |
666.800 |
499.700 |
0.000 |
|
Total borrowings |
66511.102 |
62025.487 |
32021.317 |
|
Debt/Equity ratio |
5.755 |
4.423 |
2.127 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
257730.195 |
195624.307 |
148936.088 |
|
|
|
(24.097) |
(23.866) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
257730.195 |
195624.307 |
148936.088 |
|
Profit |
3242.798 |
2510.835 |
1073.588 |
|
|
1.26% |
1.28% |
0.72% |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
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 |
Note:
Registered address has been shifted from the Ambal Building, 3rd
Floor, 727 Mount Road, Chennai – 600006, Tamilnadu, India to the present
address.
FINANCIAL RESULTS FOR
THE YEAR 2013-14
The Company has achieved a total Revenue to the tune of Rs.150320.000 Million, which is lower by 24% when compared to the turnover of Rs.197910.000 Million achieved during the previous fiscal. The decrease in turnover was mainly attributed to decrease in the fertilizer subsidy of P and K and reduction in the quantum of sales primarily due to substantial reduction in the import of Di-Ammonium Phosphate (DAP) as well as pile up of stocks in the market.
The Company has earned a Pre-tax Profit of Rs.1580.000 Million against budgeted profit of Rs.1200.000 Million which showed a favourable variance as the projections were made when the market conditions were adverse / difficult. This favourable variance was primarily due to unanticipated recovery of the rupee during the fag end of the financial year 2013-14. The pre-tax profit of Rs.1580.000 Million and the net profit of Rs.1070.000 Million showed a substantial decline as compared to Rs.3280.000 Million and Rs.2510.000 Million achieved during the previous fiscal respectively. The decrease in profitability is due to various factors as detailed below:
The company consciously / strategically brought down its imports of DAP by 26% approximately from Rs.1.277 Million mts. to Rs.0.947 Million Mts. Most of the DAP suppliers did not offer any rebates / incentives in spite of softening of international prices of DAP.
The subsidy for DAP and MOP was reduced by Rs. 2000 per MT and Rs.3100 per MT respectively effective 1.4.13 and consequently MRPs of these products needed to be revised upward which impacted demand.
In addition to the above, unfavourable weather conditions in terms of insufficient, erratic and delayed monsoon during the year resulting in sub-optimal rainfall especially during the Rabi season negatively impacted demand for fertilizers and consequently the profitability of the company.
The factor intrinsically responsible for lower profitability of the Company was the steep decline in the value of Indian rupee vis-vis US dollar. The forex parity, which was USD 1 = Rs.54.31 as on 31.3.13 depreciated sharply during the first half of the year and touched a low of Rs.68.85 on 20th August, 2013 and gradually recovered to close at R.62.60 as on 30.9.13 and Rs.61.91 as on 31.12.13 but irrationally weakened to Rs.63.32 in the third week of January, 2014 but fortunately recovered to close at Rs.59.88 on 31.3.2014. This sporadic volatility virtually halved our profitability for the current financial year as compared to the previous fiscal.
In spite of abnormal delay in receipt of subsidy from Government of India as well as interest recovered on account of Special Banking Funding through SBI by the Department of Fertilisers, the company by adopting various innovative financial structures and also obtaining unsecured Short Term Loans of various tenors at competitive interest rates from various banks in India and abroad contributed to reduction in the interest cost to the extent of Rs.1500.000 Million. In their opinion, the company’s ability to source cost effective funds in spite of Reserve Bank of India’s policy which continue to follow high interest rate regime with the objective of controlling inflation which stifled growth across all sectors of economy helped the company to maintain reasonable profits.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Term loans from banks |
28191.040 |
58275.196 |
|
Total |
28191.040 |
58275.196 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10495368 |
21/03/2014 |
180,000,000.00 |
HDFC BANK LIMITED |
115, DR. RADHAKRISHNAN SALAI, MYLAPORE, CHENNAI - 600004, TAMILNADU, INDIA |
C04688685 |
|
2 |
10342549 |
06/03/2012 |
5,000,000,000.00 |
ALLAHABAD BANK |
41 ANNA THEATRE COMPLEX, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
B35152974 |
|
3 |
10279253 |
18/03/2011 |
9,500,000,000.00 |
BANK OF BARODA |
MOUNT ROAD BRANCH, 1, CLUB HOUSE ROAD, ANNA SALAI, CHENNAI - 600002, TAMIL NADU, INDIA |
B10230373 |
|
4 |
10243441 |
09/09/2010 |
3,000,000,000.00 |
ALLAHABAD BANK |
INTERNATIONAL FINANCE BRANCH, ANNA THEATER BUILDING, ANNA SALAI, CHENNAI - 600002, TAMIL NADU, INDIA |
A96403340 |
|
5 |
10178943 |
09/09/2009 |
7,500,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 64 GREAMS ROAD, CHENNAI - 600006, TAMIL NADU, INDIA |
A71063317 |
|
6 |
10164035 |
04/06/2009 |
750,000,000.00 |
STATE BANK OF PATIALA |
MID CORPORATE BRANCH, 30 WHITES ROAD, CHENNAI - 600014, TAMILNADU, INDIA |
A64535156 |
|
7 |
10118626 |
29/07/2008 |
2,000,000,000.00 |
STATE BANK OF PATIALA |
WHITES ROAD BRANCH,
NO;30, WHITES ROAD, CHENNAI - 600014, |
A43988757 |
|
8 |
10112981 |
16/06/2008 |
5,000,000,000.00 |
CANARA BANK |
CORPORATE SERVICE BRANCH, SPENCER TOWERS, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
A41500950 |
|
9 |
10092062 |
27/02/2008 |
2,500,000,000.00 |
ALLAHABAD BANK |
INTERNATIONAL BRANCH, 41 ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
A33952326 |
|
10 |
10066562 |
25/10/2007 * |
3,000,000,000.00 |
ALLAHABAD BANK |
INTERNATIONAL BRANCH, 41 ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
A28572683 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.23 |
|
|
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.