MIRA INFORM REPORT
|
Report No. : |
301735 |
|
Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SULPHUR MILLS LIMITED |
|
|
|
|
Registered
Office : |
604/605, 349 Business Point, |
|
|
|
|
Country : |
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|
|
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Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.07.1960 |
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|
|
|
Com. Reg. No.: |
11-011752 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1.760 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1960PLC011752 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS8736K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
Manufacturer of Agro Chemicals/ Products. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 5570000 |
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s established position in the niche sulphur-based agricultural chemical segment supported by
healthy financial risk profile, adequate liquidity position and decent
profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
May 19, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
May 19, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered/ Head Office : |
604/605, 349 Business Point, Western Express Highway, Andheri (East), Mumbai – 400069, Maharashtra,
India |
|
Tel. No.: |
91-22-66772551/ 43452222 |
|
Fax No.: |
91-22-43452245 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
GIDC Panoli, District Bharuch, Gujarat, India |
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Factory 2 : |
MIDC, Plot No. 8, Turbhe Naka, Thane – Belapur Road, Navi Mumbai – 400025, Maharashtra, India |
|
Tel. No.: |
91-22-24932026/ 24937685/ 24938936 |
|
Fax No.: |
91-22-24939586 |
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|
|
|
Branch Office 1 : |
309, Meghdoot, Nehru Place, New Delhi – 110019, India |
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Branch Office 2 : |
1/8/144, Prenderghast Road, P.B. No. 2009, Secunderabad – 500003, Andhra Pradesh, India |
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Branch Office 3 : |
541, N.S.R. Road, Saibaba Colony, Coimbatore – 641011, Tamilnadu, India |
DIRECTORS
AS ON 20.09.2014
|
Name : |
Mr. Deepak Pranjivandas Shah |
|
Designation : |
Managing director |
|
Address : |
501/502, Vandana Apartments, Janki Kutir, Juhu Vile Parle [East], Mumbai - 400049, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1947 |
|
Qualifications : |
B.S. (Mech. Engg.), USA |
|
Date of Appointment : |
01.10.1976 |
|
PAN No.: |
AMYPS5101N |
|
DIN No.: |
00864335 |
|
|
|
|
Name : |
Mr. Suketu Chandrakant
Doshi |
|
Designation : |
Whole-time director |
|
Address : |
Sneha Kutir, 5th
Floor, Peddar Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1957 |
|
Qualifications : |
B. Pharma |
|
Date of Appointment : |
01.04.1985 |
|
PAN No.: |
AJSPD4877H |
|
DIN No.: |
00639815 |
|
|
|
|
Name : |
Mrs. Bimal Deepak Shah |
|
Designation : |
Whole-time director |
|
Address : |
501/502, Vandana Apartments, Janki Kutir, Juhu Vile Parle (West), Mumbai - 400049, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1979 |
|
Qualifications : |
B.S.(Chemistry,
Agriculture) USA,M.S(Plant/Soil Science) USA |
|
Date of Appointment : |
01.04.2006 |
|
PAN No.: |
AELPS3417A |
|
DIN No.: |
00506415 |
|
|
|
|
Name : |
Mr. Binoy Shailesh
Shah |
|
Designation : |
Whole-time director |
|
Address : |
Shanti Kutir, 1st
Floor, Next to Citizen Hotel, Juhu Beach, Mumbai -
400049, Maharashtra, India |
|
Date of Birth/Age : |
21.03.1969 |
|
Qualifications : |
B.E(Electronics)
USA, MBA-Agri Finance |
|
Date of Appointment : |
31.12.1996 |
|
PAN No.: |
AELPS3417A |
|
DIN No.: |
00679812 |
|
|
|
|
Name : |
Mrs. Shilpa Deepak Shah |
|
Designation : |
Whole-time director |
|
Address : |
501, Vandana Apartments, Janaki
Kutir, Juhu, Mumbai -
400049, Maharashtra, India |
|
Date of Birth/Age : |
30.11.1947 |
|
Qualifications : |
M.A.(Economics)
USA |
|
Date of Appointment : |
31.12.1996 |
|
PAN No.: |
AAEPS3917L |
|
DIN No.: |
00639833 |
|
|
|
|
Name : |
Mrs. Komal Deepak Shah |
|
Designation : |
Whole-time director |
|
Address : |
501, Vandana Apartments, Janaki
Kutir, Juhu, Mumbai -
400049, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1977 |
|
Qualifications : |
Bachelors in
Chemical Engg-USA, Masters in Bio-Chemistry USA,
MBA-Spain |
|
Date of Appointment : |
01.03.2013 |
|
PAN No.: |
AAVPS2577H |
|
DIN No.: |
01619650 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 20.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
83.69 |
|
Others |
16.31 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agro Chemicals/ Products. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B.D. Jokhakar and Company Chartered Accountants |
|
Address : |
Raja Bahadur Mansion, 8, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFB1729J |
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|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· SM Crop Care Bio-Tech Private Limited [U24200MH2005PTC155325] SM Holdings Private Limited Sumil Chemical
Industries Private Limited [U24110MH1984PTC034472] |
|
|
|
|
Subsidiary company
: |
· SM Cropcare Guatemala Public Limited Company Sulphur Chemical
Mills (Pty) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
176,005 |
Equity Shares |
Rs. 10/- each |
Rs. 1.760 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
1.760 |
1.760 |
1.859 |
|
(b) Reserves & Surplus |
1949.152 |
1771.282 |
1664.419 |
|
(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) |
1950.912 |
1773.042 |
1666.278 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
45.512 |
38.914 |
32.157 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.912 |
1.590 |
1.124 |
|
Total Non-current
Liabilities (3) |
46.424 |
40.504 |
33.281 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
22.027 |
210.868 |
|
(b)
Trade payables |
1179.148 |
912.308 |
698.196 |
|
(c)
Other current liabilities |
289.845 |
210.050 |
124.404 |
|
(d) Short-term
provisions |
309.826 |
250.979 |
64.223 |
|
Total Current
Liabilities (4) |
1778.819 |
1395.364 |
1097.691 |
|
|
|
|
|
|
TOTAL |
3776.155 |
3208.910 |
2797.250 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
374.695 |
88.781 |
50.680 |
|
(ii)
Intangible Assets |
131.163 |
104.482 |
73.786 |
|
(iii)
Capital work-in-progress |
0.000 |
249.208 |
182.147 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
244.118 |
237.439 |
229.722 |
|
(c) Deferred tax assets (net) |
12.300 |
10.894 |
8.526 |
|
(d) Long-term Loan and Advances |
139.889 |
40.311 |
110.064 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
902.165 |
731.115 |
654.925 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
800.056 |
584.036 |
487.640 |
|
(c)
Trade receivables |
1110.420 |
1079.597 |
827.862 |
|
(d) Cash
and cash equivalents |
826.550 |
710.545 |
804.193 |
|
(e)
Short-term loans and advances |
136.964 |
103.617 |
22.630 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2873.990 |
2477.795 |
2142.325 |
|
|
|
|
|
|
TOTAL |
3776.155 |
3208.910 |
2797.250 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4880.708 |
3489.044 |
3274.756 |
|
|
|
Other Income |
98.316 |
95.655 |
112.481 |
|
|
|
TOTAL (A) |
4979.024 |
3584.699 |
3387.237 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2416.393 |
1366.644 |
1402.634 |
|
|
|
Purchases of Stock-in-Trade |
890.440 |
780.052 |
723.374 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(193.448) |
11.941 |
(38.887) |
|
|
|
Employees benefits expense |
195.680 |
168.075 |
100.071 |
|
|
|
Other expenses |
908.215 |
666.486 |
596.057 |
|
|
|
TOTAL (B) |
4217.280 |
2993.198 |
2783.249 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
761.744 |
591.501 |
603.988 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.503 |
5.118 |
14.974 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
761.241 |
586.383 |
589.014 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
92.297 |
45.593 |
28.986 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
668.944 |
540.790 |
560.028 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
243.974 |
190.133 |
183.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
424.970 |
350.657 |
376.188 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2085.400 |
1444.300 |
1589.300 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1102.560 |
672.987 |
|
|
|
|
Capital Goods |
57.468 |
52.941 |
|
|
|
TOTAL IMPORTS |
1160.028 |
725.928 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2415 |
1992 |
2024 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.71 |
10.05 |
11.49 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
15.61 |
16.95 |
18.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.01 |
19.95 |
23.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.31 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02 |
0.03 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62 |
1.78 |
1.95 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1.859 |
1.760 |
1.760 |
|
Reserves & Surplus |
1664.419 |
1771.282 |
1949.152 |
|
Net
worth |
1666.278 |
1773.042 |
1950.912 |
|
|
|
|
|
|
Long-term borrowings |
32.157 |
38.914 |
45.512 |
|
Short term borrowings |
210.868 |
22.027 |
0.000 |
|
Total
borrowings |
243.025 |
60.941 |
45.512 |
|
Debt/Equity ratio |
0.146 |
0.034 |
0.023 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3274.756 |
3489.044 |
4880.708 |
|
|
|
6.544 |
39.887 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3274.756 |
3489.044 |
4880.708 |
|
Profit |
376.188 |
350.657 |
424.970 |
|
|
11.49% |
10.05% |
8.71% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90243522 |
31/05/2001 |
67,000,000.00 |
BANK OF INDIA |
TURBHE BRANCH , PLOT
NO 34, SECTOR 24, TURBHE, MUMBAI, MAHARASHTRA - 400705, INDIA |
- |
|
2 |
90243213 |
17/11/1994 |
2,500,000.00 |
BANK OF INDIA |
TURBHE BRANCH,
NEW BOMBAY, THANE, MAHARASHTRA - 400001, INDIA |
- |
|
3 |
90243211 |
17/11/1994 * |
2,500,000.00 |
BANK OF INDIA |
TURBHE BRANCH,
THANE BELAPUR ROAD, THANE, MAHARASHTRA - 400001, INDIA |
- |
|
4 |
90239557 |
17/11/1990 |
5,500,000.00 |
BANK OF INDIA |
TURBHE BRANCH,
THANE BELAPUR ROAD, THANE, MAHARASHTRA - 400001, INDIA |
- |
|
5 |
90243043 |
08/01/1990 * |
3,500,000.00 |
BANK OF INDIA |
TURBHE BRANCH,
THANE BELAPUR ROAD, THANE, MAHARASHTRA - 400001, INDIA |
- |
|
6 |
90242940 |
16/09/1988 * |
1,500,000.00 |
BANK OF INDIA |
TURBHE BRANCH,
THANE BELAPUR ROAD, THANE, MAHARASHTRA - 400001, INDIA |
- |
|
7 |
90242923 |
13/09/1989 * |
800,000.00 |
BANK OF INDIA |
TURBHE BRANCH,
THANE BELAPUR ROAD, THANE, MAHARASHTRA - 400001, INDIA |
- |
|
8 |
90239073 |
22/12/2006 * |
500,000.00 |
BANK OF INDIA |
TURBHE BRANCH, THANE
BELAPUR ROAD, THANE, MAHARASHTRA - 400001, INDIA |
- |
|
9 |
90242916 |
22/12/1986 * |
800,000.00 |
BANK OF INDIA |
TURBHE BRANCH,
THANE BELAPUR ROAD, THANE, MAHARASHTRA - 400001, INDIA |
- |
|
10 |
90238804 |
15/11/1984 * |
920,000.00 |
BANK OF INDIA |
TURBHE BRANCH,
THANE BELAPUR ROAD, THANE, MAHARASHTRA - 400001, INDIA |
- |
|
11 |
90242855 |
02/05/1969 |
500,000.00 |
BANK OF INDIA |
70-80. MAHATMA
GANDHI ROAD, THANE, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs. In Millions) |
31.03.2013 (Rs. In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits from directors |
3.305 |
2.520 |
|
Deposits from shareholders |
0.425 |
1.210 |
|
Public deposits |
0.200 |
0.200 |
|
Deposits from others |
41.582 |
34.984 |
|
|
|
|
|
Total |
45.512 |
38.914 |
OPERATIONS AND
OUTLOOK:
Gross Turnover during the year is Rs. 4984.400
Millions as against previous year Rs. 3568.400
Millions, where there is an increase of 39.68%. However, the Company will make
more efforts in coming years to tap the sizeable potential for the growth. The
profitability of the company last year was Rs.
540.800 Millions which was 15.63% of turnover versus this year is Rs. 668.900 Millions which is 13.80% of turnover.
BUSINESS:
(A) EXPORT:
Export sales of the Company this year is Rs.
2179.600 Millions as against previous year Rs.
1498.300 Millions (increase of 45.47%). The phenomenal growth was centered
through business coming from Brazil, where the major contribution came from
certain products that increased in volume based on certain protected technology
the company has. Further in regards to Brazil, such other business from Brazil
is expected to achieve such growths. Other markets showed little growth;
however growth from more other markets such as in Latin America, USA, Africa
and Europe would be based on certain key registrations, which are expected in
the years 2014-15 and 2015-16.
(B) DOMESTIC:
Domestic sales of the Company this year is Rs.
2667.300 Millions as against previous year Rs.
1960.600 Millions which increased by 36.05%. The increase in domestic business
was centered around increased volumes of key products such as Fertis, Cosavet DF, Pearl and
Pronto has shown significant growth over last year.
Further lot of efforts on branding and marketing in the domestic segment
has given the company good brand recognition in certain key areas in India.
Further emphasis on new channel development and product development in the
field and on new upcoming registrations shall take the domestic business to a
greater levels in the coming years.
FUTURE EXPANSIONS:
The company has expanded its capacity for WDG and Microencapsulation
formulations. Currently the capacity of formulations for WDG has been increased
to 35,000 MT with the recent commissioning of a newly designed 20,000 WDG plant
(where there was a delay in commissioning due to an un expected accident in the
plant).
Further with a phase 2 for this WDG plant (which would be commissioned
by Dec 2015) which will additionally add further capacity and make the company
the largest WDG manufacturer in the world. Further investments in lands have
been done in expanding the manufacturing base and also in the lookout for a
potential backward integration of active manufacturing.
PROSPECTS:
The Company has received patents for its Sulphur
90% WDG (a low dosage specialized Sulphur fertilizer)
in USA, Australia, China, New Zealand, South Korea, Vietnam etc. and have
started promoting/field trials in various countries.
The company is further strengthening its product portfolio of
insecticides, fungicides and herbicides to cater to the global and Indian
agricultural need with value added formulations and with a differentiation
through formulation technology.
The company is working on various technologies in formulation
development based on which it has successfully filed and received various IPR.
Apart from this the company is further leveraging its leadership in Sulphur and to work along various combinations with Sulphur to meet the need of integrated Nutrient management
globally and in India.
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Other
pollution reduction equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
Leasehold
improvements
Copyrights,
patents and other operating rights
Other
intellectual property rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.29 |
|
|
1 |
Rs. 98.39 |
|
Euro |
1 |
Rs. 76.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.