MIRA INFORM REPORT
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Report No. : |
302452 |
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Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
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Name : |
DEEPAK
FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED |
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Registered
Office : |
Opposite
Golf Course, Shastri Nagar, Yerawada, Pune - 411006, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.05.1979 |
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Com. Reg. No.: |
11-021360 |
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Capital Investment
/ Paid-up Capital : |
Rs.882.049 Millions |
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CIN No.: [Company Identification
No.] |
L24121MH1979PLC021360 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD10002G |
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PAN No.: [Permanent Account No.] |
AAACD1388D |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Trading of Fertilisers, Agri Services, Bulk
Chemicals, Mining Chemical and also Real Estate Business. |
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No. of Employees
: |
1471 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels 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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term Bank facilities = AA+ |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
October 13, 2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term Bank facilities = A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
October 13, 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
Office : |
Opposite
Golf Course, Shastri Nagar, Yerawada, Pune - 411006, Maharashtra, India |
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Tel. No.: |
91-20-26684155/
26684342/ 26684597/ 26684235/ 26458000/ 66458000 |
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Fax No.: |
91-20-26687499/
26683727 |
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E-Mail : |
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Website : |
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Corporate Office : |
Sai Hira, Survey No. 93, Mundhwa, Pune - 411036, Maharashtra, India |
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Tel. No.: |
91-20-66458000 |
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Fax No.: |
91-20-26683727 |
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Factory : |
Plot K1, K-7 and K-8, MIDC Industrial Area, P.O. Taloja A. V., District Raigad - 410208, Maharashtra, India |
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Tel. No.: |
91-22-67684000 |
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Fax No.: |
91-22-27412413 |
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E Mail: |
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Marketing/
Project Office : |
Plot
No.32, Sector 16, Vashi, Navi Mumbai – 400705, Maharashtra, India |
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Branch Office
: |
Located at: · Delhi, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. C. K. Mehta |
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Designation : |
Chairman
Emeritus |
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Name : |
Mr. S. C. Mehta |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Partha Bhattacharyya |
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Designation : |
Executive Director |
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Name : |
Mr. R. A. Shah |
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Designation : |
Director |
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Date of Birth /
Age : |
82 Years |
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Qualification : |
B.A., L.L.B., Solicitor |
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Experience : |
Solicitor having rich and vast experience in the field of
Corporate Laws and Corporate Governance. |
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Date of
Appointment : |
26.12.1979 |
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Directorships as on
31st
March, 2014 : |
· Clariant Chemicals (India) Limited · Godfrey Phillips India Limited · Pfizer Limited · Procter and Gamble Hygiene and Healthcare Limited · Colgate-Palmolive (India) Limited · Abbott India Limited · Asian Paints Limited · The Bombay Dyeing and Manufacturing Company Limited · BASF India Limited · Century Enka Limited · Lupin Limited · Wockhardt Limited · Jumbo World Holdings Limited (Foreign Company) · Atul Limited Alternate Directorships · Modi Care Limited · RPG Life Sciences Limited ·
Schrader Duncan Limited |
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Name : |
Mr. D. Basu |
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Designation : |
Director |
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Date of Birth /
Age : |
78 Years |
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Qualification : |
M.A. (Economics) |
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Experience : |
Rich and vast experience in the Banking and Finance
Sectors. |
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Date of Appointment
: |
27.07.2000 |
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Directorships as on
31st
March, 2014 : |
· The Peerless General Finance and Investment Company Limited · Peerless Securities Limited · RAIN CII Carbon (Vizag) Limited · RAIN Commodities Limited · Chambal Fertilisers and Chemicals Limited · Asian Paints Limited ·
SBI Cards and Payment Services Private Limited |
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Name : |
Mr. N. C. Singhal |
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Designation : |
Director |
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Date of Birth /
Age : |
77 Years |
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Qualification : |
M.A. (Economics), M.Sc. (Statistics), P.G. Diploma in Public Administration |
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Experience : |
Rich and vast experience in the field of Banking and
Finance |
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Date of
Appointment : |
25.03.1997 |
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Directorships as on
31st
March, 2014 : |
· Max India Limited · Birla Sunlife Asset Management Company Limited · SCI Forbes Limited · Tolani Shipping Limited · Binani Industries Limited · Samalpatti Power Company Private Limited · Amal Limited; Capital First Limited · Essar Shipping Limited · Essar Ports Limited ·
Essar Bulk Terminals Limited |
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Name : |
Mr. U. P.
Jhaveri |
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Designation : |
Director |
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Date of Birth /
Age : |
68 Years |
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Qualification : |
B.E. (Chemical) |
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Experience : |
Rich and vast experience in project management, plant
operation, optimisation, reliability, productivity improvement etc. in large fertilizer
and chemical plants. |
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Date of
Appointment : |
21.10.2004 |
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Directorships as on
31st
March, 2014 : |
Promantec Consultants Private Limited Dezigma Solar Private Limited |
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Name : |
Mr. S. R. Wadhwa |
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Designation : |
Director |
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Date of Birth /
Age : |
78 Years |
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Qualification : |
M.A., L.L.M., CAIIB, Masters Diploma in Public Administration |
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Experience : |
Rich and vast experience in the field of Finance and Tax |
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Date of
Appointment : |
18.10.2005 |
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Directorships as on
31st
March, 2014 : |
Smartchem Technologies Limited |
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Name : |
Dr. S. Rama Iyer |
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Designation : |
Director |
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Date of Birth /
Age : |
74 Years |
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Qualification : |
B.E.(Chemical), M. Tech. and Ph.D. from IIT, Mumbai |
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Experience : |
Rich and vast hands on experience of four decades and
knowledge in the areas of process technology, design engineering, project
management and construction management of large projects both in India and
abroad |
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Date of
Appointment : |
23.10.2007 |
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Directorships as on
31st
March, 2014 : |
· Indsil Hydropower and Manganese Limited · Gujarat Flourochemicals Limited · Larsen and Toubro Infotech Limited · Thirumalai Chemicals Limited · Equirus Capital Private Limited ·
INOX Wind Limited |
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Name : |
Mrs. Parul S. Mehta |
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Designation : |
Director |
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Date of Birth /
Age : |
49 Years |
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Qualification : |
B.Com. |
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Experience : |
Experience in the areas of corporate public relations and
social welfare activities |
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Date of
Appointment : |
20.10.2005 |
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Directorships as on
31st
March, 2014 : |
Nova Synthetic Limited |
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Name : |
Mr. Anil Sachdev |
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Designation : |
Director |
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Date of Birth /
Age : |
59 Years |
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Qualification : |
B.Sc., MBA |
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Experience : |
Leading HR Consultant with expertise in talent management,
leadership development and organisational transformation |
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Date of
Appointment : |
23.10.2008 |
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Directorships as on
31st
March, 2014 : |
· Grow Talent Company Limited · Soil Education India Private Limited ·
Great Retail Brands Private Limited |
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Name : |
Mr. Pranay Vakil |
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Designation : |
Director |
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Date of Birth /
Age : |
67 Years |
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Qualification : |
B.Com., C.A., L.L.B., FRICS |
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Experience : |
Rich and vast experience in realty sector |
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Date of
Appointment : |
25.05.2010 |
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Directorships as on
31st
March, 2014 : |
· Praron Consultancy (India) Private Limited · Rutley Real Estate Investment Management (India) Private Limited · Godrej Properties Limited · Onward Technologies Limited ·
Usha Breco Limited |
KEY EXECUTIVES
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Name : |
Mr. Tushar Dey |
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Designation : |
Executive Vice-President (Legal) and Company Secretary |
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MANAGEMENT TEAM : |
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Name : |
Mr. Somnath Patil |
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Designation : |
President and CFO |
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Name : |
Dr. Rajeev Chemburkar |
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Designation : |
President Chemicals |
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Name : |
Mr. Guy R. Goves |
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Designation : |
President – Agribusiness |
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Name : |
Mr. Pandurang Landge |
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Designation : |
President – Projects |
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Name : |
Mr. Carl Anders Lindgren |
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Designation : |
President and Technical Advisor for TAN |
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Name : |
Mr. Alok Goel |
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Designation : |
President – Strategy and Business Development |
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Name : |
Mr. Naresh Kumar Pinisetti |
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Designation : |
President - Human Resources |
SHAREHOLDING PATTERN
AS ON 30.09.2014
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Category of Shareholder |
No.
of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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|
21445716 |
24.31 |
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|
18655372 |
21.15 |
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40101088 |
45.46 |
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Total shareholding of Promoter and Promoter Group (A) |
40101088 |
45.46 |
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(B) Public Shareholding |
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|
1037572 |
1.18 |
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|
23259 |
0.03 |
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|
1191224 |
1.35 |
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|
12540731 |
14.22 |
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|
14792786 |
16.77 |
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|
8986279 |
10.19 |
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|
18160653 |
20.59 |
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|
3738529 |
4.24 |
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|
2425608 |
2.75 |
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|
14361 |
0.02 |
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|
2226497 |
2.52 |
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|
184750 |
0.21 |
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|
33311069 |
37.77 |
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Total Public shareholding (B) |
48103855 |
54.54 |
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Total (A)+(B) |
88204943 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
88204943 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Fertilisers, Agri Services,
Bulk Chemicals, Mining Chemical and also Real Estate Business. |
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Products : |
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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 : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
1471 (Approximately) |
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Bankers : |
· Bank of Baroda · IDBI Bank Limited · The Hongkong and Shanghai Banking · Corporation Limited · DBS Bank Limited · ICICI Bank Limited · State Bank of India · Yes Bank Limited · Kotak Bank Limited |
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Facilities : |
SHORT TERM
BORROWINGS 1. Buyer’s credits are generally due within 180 days and carry variable average interest rate for the year 0.97 % (1.71%) are secured by a first charge by way of hypothecation of stocks of raw materials, stock-in-process, consumable stores and book debts. 2. Cash credit is repayable on demand and carries variable interest rate average for the year is 11.62% (13.25%). There is no utilisation of cash credit facilities as at the year end. 3. (iii) Cash credit facilities sanctioned by banks including working capital demand loans are secured by a first charge by way of hypothecation of stocks of raw materials, stock-in-process, consumable stores and book debts. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. K. Khare and Company Chartered Accountants |
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Solicitors : |
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Name : |
· Crawford Bayley and Company · J. Sagar Associates · AZB and Partners |
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Associates : |
· Ishanya Brand Services Limited ·
Ishanya Realty Corporation Limited |
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Jointly Controlled Entity : |
Desai Fruits and
Vegetables Private Limited |
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Subsidiaries : |
· Smartchem Technologies Limited · Deepak Nitrochem Pty. Limited · Deepak Mining Services Private Limited · Yerrowda Investments Limited · Runge Pincock Minarco India Private Limited ·
SCM Soilfert Limited |
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Entity over which
relatives of key managerial personnel are able to exercise significant
influence : |
Deepak Nitrite Limited |
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Entities over which key managerial personnel are able to exercise
significant influence: |
· Blue Shell Investments Private Limited · Nova Synthetic Limited · The Lakaki Works Private Limited · Superpose Credits and Capital Private Limited · Storewell Credits and Capital Private Limited · High Tide Investments Private Limited · Deepak Asset Reconstruction Private Limited · Mahadhan Investment and Finance Private Limited · SCM Fertichem Limited · Ishanya Foundation · Deepak Foundation |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs. 1250.000 Millions |
|
1000000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 100.000 Millions |
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Total |
|
Rs. 1350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
88204943 |
Equity Shares |
Rs.10/- each |
Rs. 882.049 Millions |
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Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Balance as at the
beginning of the year |
88204943 |
882.049 |
|
Add: Issued
during the year |
-- |
-- |
|
Balance as at the
end of the year |
88204943 |
882.049 |
Terms/ Rights attached
with Equity Shares
The Company has
only one class of issued Equity Shares having at par value of Rs.10 per Share.
Each holder of Equity Shares is entitled to one vote per Share.
The Company
declares and pay dividend in Indian Rupee except in the case of overseas
Shareholders where dividend is paid in respective foreign currencies
considering foreign exchange rate applied at the date of remittance. The
dividend proposed by the Board of Directors is subject to the approval of
Shareholders in the ensuring Annual General Meeting.
In the event of
liquidation of the Company the holders of Equity Share will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts in proportion to their shareholding.
Details of equity shares held by shareholders holding more than 5%
shares :
|
Name of
Shareholders |
Number
of Shares |
% holding |
|
S. C. Mehta |
19.281 |
21.86% |
|
Nova Synthetic Limited |
17.267 |
19.58% |
|
Fidelity Puriton Trust Fund-Fidelity low prices |
7.569 |
8.58% |
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 |
882.049 |
882.049 |
882.049 |
|
(b) Reserves & Surplus |
14,029.096 |
12,260.457 |
11,352.951 |
|
(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) |
14,911.145 |
13,142.506 |
12,235.000 |
|
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|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5,920.684 |
7,141.504 |
5,098.395 |
|
(b) Deferred tax liabilities (Net) |
1,177.548 |
1,222.838 |
1,012.460 |
|
(c) Other long term
liabilities |
2.191 |
7.702 |
11.898 |
|
(d) long-term
provisions |
233.708 |
197.888 |
143.142 |
|
Total Non-current
Liabilities (3) |
7,334.131 |
8,569.932 |
6,265.895 |
|
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|
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(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2,296.493 |
3,044.302 |
2,694.172 |
|
(b) Trade
payables |
3,498.653 |
2,076.125 |
2,130.779 |
|
(c) Other
current liabilities |
2,744.304 |
2,079.193 |
2,202.402 |
|
(d) Short-term
provisions |
807.176 |
699.378 |
643.192 |
|
Total Current
Liabilities (4) |
9,346.626 |
7,898.998 |
7,670.545 |
|
|
|
|
|
|
TOTAL |
31,591.902 |
29,611.436 |
26,171.440 |
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
13,796.017 |
14,023.589 |
12,945.584 |
|
(ii)
Intangible Assets |
85.079 |
103.361 |
127.491 |
|
(iii)
Capital work-in-progress |
939.335 |
265.431 |
1,200.586 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2,788.227 |
956.578 |
976.412 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
408.067 |
581.936 |
357.945 |
|
(e) Other
Non-current assets |
57.183 |
82.204 |
0.000 |
|
Total Non-Current
Assets |
18,073.908 |
16,013.099 |
15,608.018 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
262.160 |
2,483.262 |
211.952 |
|
(b)
Inventories |
3,387.584 |
2,397.844 |
2,064.606 |
|
(c) Trade
receivables |
7,693.975 |
6,451.646 |
5,651.060 |
|
(d) Cash
and cash equivalents |
924.756 |
1,020.122 |
1,456.901 |
|
(e)
Short-term loans and advances |
1,148.660 |
1,135.973 |
1,143.186 |
|
(f) Other current
assets |
100.859 |
109.490 |
35.717 |
|
Total
Current Assets |
13,517.994 |
13,598.337 |
10,563.422 |
|
|
|
|
|
|
TOTAL |
31,591.902 |
29,611.436 |
26,171.440 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
38,162.795 |
26,079.490 |
23,425.333 |
|
|
|
Other Income |
470.398 |
602.914 |
396.569 |
|
|
|
TOTAL (A) |
38,633.193 |
26,682.404 |
23,821.902 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16,527.636 |
12,524.950 |
11,347.137 |
|
|
|
Purchases of Stock-in-Trade |
11,438.421 |
6,301.675 |
4,392.298 |
|
|
|
Changes in Inventories of Finished Goods and Stock-in-Trade- (Increase) / Decrease |
(473.730) |
(309.631) |
(293.461) |
|
|
|
Employee Benefits Expense |
1,634.195 |
1,450.164 |
1,393.170 |
|
|
|
Other Expenses |
3,995.345 |
2,913.200 |
2,580.901 |
|
|
|
Exceptional Items |
113.520 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
33,235.387 |
22,880.358 |
19,420.045 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5,397.806 |
3,802.046 |
4,401.857 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1,007.507 |
821.737 |
682.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4,390.299 |
2,980.309 |
3,719.617 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,026.397 |
974.536 |
819.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3,363.902 |
2,005.773 |
2,900.555 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
925.059 |
536.722 |
770.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2,438.843 |
1,469.051 |
2,129.738 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods (on FOB basis) |
805.872 |
784.585 |
779.995 |
|
|
|
Other income |
151.663 |
138.178 |
23.046 |
|
|
TOTAL EARNINGS |
957.535 |
922.763 |
803.041 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
6962.522 |
2514.946 |
2773.251 |
|
|
|
Components and spare parts |
70.860 |
70.924 |
96.608 |
|
|
|
Capital goods |
73.787 |
67.045 |
221.649 |
|
|
|
Stock-in-trade |
4141.399 |
4056.620 |
2684.687 |
|
|
TOTAL IMPORTS |
11248.568 |
6709.535 |
5776.195 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.65 |
16.65 |
24.15 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
9453.700 |
10205.400 |
|
Total Expenditure |
|
8406.800 |
9596.000 |
|
PBIDT (Excl OI) |
|
1046.900 |
609.400 |
|
Other Income |
|
71.700 |
91.300 |
|
Operating Profit |
|
1118.600 |
700.700 |
|
Interest |
|
257.400 |
299.600 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
861.200 |
401.100 |
|
Depreciation |
|
301.100 |
274.100 |
|
Profit Before Tax |
|
560.100 |
127.000 |
|
Tax |
|
161.600 |
26.800 |
|
Provisions and contingencies |
|
0000 |
0.000 |
|
Profit After Tax |
|
398.500 |
100.200 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
398.500 |
100.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.39 |
5.63 |
9.09 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
14.14 |
14.58 |
18.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.07 |
7.07 |
12.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.15 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.55 |
0.78 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45 |
1.72 |
1.38 |
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 |
882.049 |
882.049 |
882.049 |
|
Reserves & Surplus |
11352.951 |
12260.457 |
14029.096 |
|
Net
worth |
12235.000 |
13142.506 |
14911.145 |
|
|
|
|
|
|
long-term borrowings |
5098.395 |
7141.504 |
5920.684 |
|
Short term borrowings |
2694.172 |
3044.302 |
2296.493 |
|
Total
borrowings |
7792.567 |
10185.806 |
8217.177 |
|
Debt/Equity
ratio |
0.637 |
0.775 |
0.551 |
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 |
23,425.333 |
26,079.490 |
38,162.795 |
|
|
|
11.330 |
46.333 |
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
|
23,425.333 |
26,079.490 |
38,162.795 |
|
Profit |
2,129.738 |
1,469.051 |
2,438.843 |
|
|
9.09% |
5.63% |
6.39% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
SR. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10426207 |
09/04/2013 |
3,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B74446279 |
|
2 |
10372880 |
28/11/2013 * |
15,000,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL & FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST,
MUMBAI, MAHARASHTRA |
B91795773 |
|
3 |
10248341 |
11/10/2010 |
500,000,000.00 |
CENTRAL BANK OF INDIA |
MMO BUILDING, 6TH FLOOR, 55, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A97674899 |
|
4 |
10245057 |
07/10/2010 |
1,150,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
PLOT NO. 139-140B,
WESTERN EXPRESS HIGHWAY, SAHAR |
A96437066 |
|
5 |
10206363 |
24/02/2010 |
1,000,000,000.00 |
CENTRAL BANK OF INDIA |
MMO BLDG, 6TH FLOOR, 55, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A81243370 |
|
6 |
10204739 |
18/12/2012 * |
960,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICE BRANCH, MANTRI COURT, 1ST FLOOR, 39, RAMABAI AMBEDKAR ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
B65872426 |
|
7 |
10146660 |
17/05/2013 * |
1,250,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400020, INDIA |
B75911362 |
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
During the year, economic activity broadly strengthened with much of the
impetus for growth coming from advanced economies of US and Europe. Emerging
market economies faced domestic challenges and many of them witnessed a general
slowdown. Overall, the outlook for world economic growth is projected to be
around 3.6%, and is expected to rise further to 3.9% in 2015. India’s GDP
growth dipped to below 5% largely due to as high inflation, a large fiscal
deficit and steep interest rates. Impediments in infrastructure projects due to
delay in environmental and land clearances, coupled with an increase of capital
outflow and currency depreciation, hit the economy. However, the extended
monsoons provided the much-needed succour, resulting in favourable agricultural
growth pulling the economy marginally up. In addition, the rupee which
depreciated nearly 20% during the first half of the year was stabilized due to
the focused initiatives undertaken by the Government and the Reserve Bank of
India (RBI). With the global scenario firming up and with improving export
competitiveness, India’s growth is expected to improve in FY 2014-15. It is estimated
to be in the range of 5.5% in FY 2014-15 and 6.4% in FY 2015-16, though the
outlook going forward will depend on the policies of the new government.
BUSINESS OVERVIEW
AGRI-BUSINESS
FERTILISERS
INDUSTRY OVERVIEW
The fertiliser sector has been passing through difficult times in recent
years. Production of Urea, DAP and NPK has remained more or less stagnant. The
industry has been in poor financial health mainly on account of cost pressures
and the rise in working capital requirements. The ailing industry’s woes have
been further aggravated by the lack of desired clarity in the policy for PandK
fertilisers particularly in relation to priority of access to domestic gas,
uncertain imports, imbalanced use of fertilisers and deteriorating soil health
in the country. Depreciating rupee and mounting subsidy bill for fertilisers
also posed a serious challenge to the operational health of the industry.
However, a good south-west monsoon led to marked improvement in the
prospects for crops of the Kharif and Rabi seasons during FY 2013-14. As a
result, the consumption of Urea and MOP improved, though marginally, by 1% and
2.6% over the previous year. However, the demand degrowth continued in DAP and
NP/NPK by 25% and 2.4% respectively.
BUSINESS OVERVIEW
The Company is one of the leading and reputed manufacturers of Nitro
Phosphate fertilisers (nitrogen in both nitrate and ammonical forms) and
speciality fertilisers like Sulphur Bentonite, with business operations rooted
in the philosophy of making a difference to all its stakeholders. For the first
time in the history of the Company, the fertilisers sales crossed ` 1,000
Crore, growing to ` 1,410 Crore from ` 995 Crore in the preceding year.
The Company offers consistent and high purity Nitro Phosphate
fertilisers. It operates largely in important foodgrain and cash crop
(sugarcane and cotton) regions, which had a favorable impact on its business.
Besides this the Company’s focus on growing high margin water solubles, efficiently
managing bulk imports of fertilisers and effective management of supply chain
have been the key drivers of strong performance for the fertilizer business in
the year .
BULK FERTILISERS
The Company sold 4,79,364 MT of bulk fertilisers which was 35% higher
than the last year’s sales of 3,55,954 MT. In value terms, it was Rs.11547.800
Millions which is higher by Rs.329.24 Millions (40%) over last year’s sale of
Rs.825.54 Millions.
The growth in volume of sales was on account of an increase in in-house
produced ANP (marketed under brand name MAHAPOWER) production by 37% and also
in trading activities by 32% over the last year. The addition of new grade of
NPK in the Company’s product portfolio and continuous availability of Mahadhan
Mahapower also boosted growth. A good monsoon, particularly in their core
command area, further helped us to achieve their strategic goal of high growth
as compared to the rest of the industry.
TECHNICAL AMMONIUM
NITRATE (TAN)
INDUSTRY OVERVIEW
TAN is the most preferred and cost-effective commercial blasting
chemical, essential for coal mining, metal mining, limestone mining as well as
in several infrastructure activities. The market for TAN is estimated to be
growing at 6% to 7% annually and the estimated current market requirement in
India is close to 7,00,000 MTPA.
The Company is the largest manufacturer of TAN in India, with a
production capacity of 4,29,000 MTPA. Superior quality, excellent logistic management
capabilities and compliance with the newly introduced AN Rules, positions the
Company as a preferred manufacturer and provides a pricing edge against
competition.
Recognising the huge growth potential in this area, the Company is
further augmenting its warehousing capabilities, bringing the product closer to
the customer and strengthening its competitive edge. The move is well aligned
to the Company’s customer-centric ethos and its strong thrust on making a
meaningful difference to its key stakeholders.
BUSINESS OVERVIEW
The Company’s TAN manufacturing facilities are located at Taloja in
Maharashtra and of its subsidiary at Srikakulam in Andhra Pradesh. A new
facility at Paradip in Odisha is being evaluated and if found viable, is
expected to be set up, after all applicable approvals, by June 2017. The new
proposed facility will help the Company cater to the growing demand, both in
India and in the global markets.
With the stabilisation of its plants, improved product quality and a
strong marketing strategy, the Company has
increased the sales volume of TAN from 2,33,337 MT in the previous year
to 3,10,016 MT during the year i.e. FY
2013-14.
The shift of preference by customers for domestic TAN manufacturers
resulted in 36% topline growth.
EXPORTS
There has been significant improvements in the quality of their TAN,
which is now at par with global standards. This is expected to enable the
Company achieve significant growth in export volumes going forward as compared
to the export of around 10,000 MT during the year .
INDUSTRIAL
CHEMICALS BUSINESS
INDUSTRIAL REVIEW
A leading producer of industrial chemicals in India, the Company
manufactures world-class quality products that include ISO Propyl Alcohol
(IPA), Nitric Acid, Liquid Carbon Dioxide etc. These products cater to various
sectors which among others include pharmaceuticals, pesticides, drugs and dye
intermediates, refining of precious metals, resins, textiles and fertilisers.
BUSINESS OVERVIEW
In respect of industrial chemicals, the Company recorded a 34% growth in
sales in FY 2013-14 over the previous year. The quantity increased to 3,71,981
MT in FY 2013-14, as compared to 2,77,193 MT in the previous year.
FINANCIAL OVERVIEW
FINANCIAL ANALYSIS
In the backdrop of the subdued macroeconomic environment, FY 2013-14
witnessed increased scale, and high growth performance, which speaks volumes
for your Company’s de-risked and robust business model. The top line grew from
Rs.26079.500 Millions in FY 2012-13 to Rs.38162.800 Millions in FY 2013-14,
recording a growth of 46%. The robust growth in top line is attributed to the
performance improvement initiatives undertaken by your Company, which helped
achieve higher capacity utilization for its key products on a sustained basis
and also enhanced operational efficiencies at all its plants. The overall cost
of goods sold increased from Rs.18517.000 Millions in FY 2012-13 to
Rs.27492.300 Millions in FY 2013-14 on account of higher business volume.
Finance costs witnessed an increase of 23%, mainly on account of higher working
capital requirements as a result of higher level of activities. The interest
cost was higher, compared to the previous year at Rs.1007.500 Millions. The
stabilization of rupee in the latter half of FY 2013-14 helped in reducing the
finance costs. The Company’s Profit before Tax (PBT) was recorded at
Rs.3363.900 Millions for the year FY 2013-14 - an increase of 68% over the
previous year. Profit after Tax (PAT) for the year was Rs.2438.800 Millions, an
increase of 66% over the previous year.
The Earnings per Share (EPS) stood at Rs.27.65 in FY 2013-14, compared
to Rs.16.65 in FY 2012-13 and Cash Earnings per Share (CEPS) for the Company
stood at Rs.39.29 in FY 2013-14, compared to Rs.27.70 in FY 2012-13.
The Operating Profit Margin stood at 10.59 % in FY 2013-14, an increase
of 202 basis points over the previous year. The Net Profit Margin stood at
6.43% in FY 2013-14, an increase of 77 basis points over the previous year.
The Company remains a low debt company. Its long-term debt to equity
ratio stands at 0.49 as on 31st March, 2014. It was at 0.62 in the previous
year. The Company is underleveraged and has a good borrowing capacity to
finance its growth plans.
STATEMENT OF STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2014
(RS. IN MILLIONS)
|
PARTICULARS |
Quarter Ended (Unaudited) |
Quarter Ended (Unaudited) |
Half Year Ended (Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
10115.500 |
9394.500 |
19510.000 |
|
b) Other operating income |
89.900 |
59.200 |
149.100 |
|
Total
income from Operations (net) |
10205.400 |
9453.700 |
19659.100 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
3192.300 |
3719.800 |
6912.100 |
|
b) Purchases of stock in trade |
4262.400 |
4581.700 |
8844.100 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
912.600 |
(1331.500) |
(418.900) |
|
d) Employees benefit expenses |
330.600 |
392.400 |
723.000 |
|
e) Depreciation and amortization expenses |
274.100 |
301.100 |
575.200 |
|
f) Other expenditure |
898.100 |
1044.400 |
1942.500 |
|
Total expenses |
9870.100 |
8707.900 |
3240.700 |
|
3. Profit from operations before other income and
financial costs |
335.300 |
745.800 |
1081.100 |
|
4. Other income |
91.300 |
71.700 |
163.000 |
|
5. Profit from ordinary activities before finance costs |
426.600 |
817.500 |
1244.100 |
|
6. Finance costs |
299.600 |
257.400 |
557.000 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
127.000 |
560.100 |
687.100 |
|
8.
Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
127.000 |
560.100 |
687.100 |
|
10.Tax expenses |
26.800 |
161.600 |
188.400 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
100.200 |
398.500 |
498.700 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
100.200 |
398.500 |
498.700 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
882.000 |
882.000 |
882.000 |
|
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 |
1.14 |
4.52 |
5.65 |
|
(b) Diluted |
1.14 |
4.52 |
5.65 |
|
ii) Earnings per share (after extraordinary items) of Rs.10/- each (not annualised) |
|
|
|
|
(a) Basic |
1.14 |
4.52 |
5.65 |
|
(b) Diluted |
1.14 |
4.52 |
5.65 |
|
PARTICULARS |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
48103855 |
48103855 |
48103855 |
|
- Percentage of shareholding |
54.54 |
54.54 |
54.54 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
40101088 |
40101088 |
40101088 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
45.46 |
45.46 |
45.46 |
|
|
|
|
|
|
B.
Investor Complaints [Nos.] |
|
|
|
|
Pending at the beginning of the quarter |
|
0 |
|
|
Receiving during the quarter |
|
2 |
|
|
Disposed of during the quarter |
|
2 |
|
|
Remaining unreserved at the end of the quarter |
|
0 |
|
NOTES:
1)
The above unaudited financial results for the
quarter and half year ended 30th September, 2014 have been subjected to a
limited review by the statutory auditors of the Company.
These results were reviewed by the Audit
Committee. The Board of Directors at its meeting held on 4th November, 2014
approved the same.
2)
As per the requirements of the Companies Act, 2013,
the Company has re-assessed the remaining useful life and residual value of the
fixed assets taking into consideration requirement of Schedule II of the Act.
This has resulted in an additional charge of depreciation amounting to Rs.
9.935 Millions for the quarter and Rs.46.870 Millions for the six month ended
30th September, 2014. The written down value of assets of Rs. 38.657 Millions
as on 1st April 2014 (net of deferred tax of Rs. 19.905 Millions), whose
residual life is exhausted, has been adjusted against General Reserve.
3)
Effective from 15th May, 2014 the domestic gas
supply to the Company has been stopped, pursuant to an Order passed by the
Ministry of Petroleum and Natural Gas. As a consequence, the Company’s Ammonia,
CO2 and Nitro phosphate plants have been under shut down. The Company is of the
view that this abrupt decision to stop the gas supply is arbitrary and
discriminatory. The Company has moved the Delhi High Court against the said
Order. The Company had simultaneously approached the Department of Fertilisers
to reconsider its decision of gas cut. The Government of India has, since,
constituted an inter-Ministerial Committee to review its decision.
4)
SCM Soilfert Limited (SSL), a Wholly Owned
Subsidiary of the Company, made an open offer to acquire 26% equity shares of
Mangalore Chemicals & Fertilizers Limited in terms of Regulation 15(2) of
the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, in
which the Company is “person acting in concert”. The tendering period For
DEEPAK FERTILISERS closed on 20th October, 2014 and the post offer formalities
are in the process of being completed.
5)
Previous Year’s / Period’s figures have been
reclassified / regrouped wherever necessary.
6)
Ratios have been computed as follows:
a)
Debt Equity Ratio= (Aggregate of Long Term Debts
and Deferred Tax Liability) / (Shareholders Funds less Misc. Expenditure to the
extent not written off).
b)
DSCR= (Earnings before Interest, Depreciation and
Tax)/ (Long Term Loan principal repaid+ Interest Expenses).
c)
ISCR= (Earnings before Interest, Depreciation and
Tax)/ (Interest Expenses).
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
PARTICULARS |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1. Segment Revenue |
|
|
|
|
a. Chemicals |
|
|
|
|
Manufactured |
4251.500 |
4,622.300 |
8873.800 |
|
Traded |
2445.100 |
2,148.000 |
4593.100 |
|
Total |
6696.600 |
6,770.300 |
13466.900 |
|
(b) Fertilisers |
|
|
|
|
Manufactured |
159.500 |
1,354.600 |
1541.100 |
|
Traded |
3362.580 |
1,512.300 |
4875.100 |
|
Total |
3522.080 |
2,866.900 |
6416.200 |
|
(c) Realty |
19.400 |
17.900 |
37.300 |
|
(d) Others |
26.500 |
34.900 |
61.400 |
|
Total |
10264.800 |
9,690.000 |
19954.800 |
|
Less : Inter Segment Revenue |
59.400 |
236.300 |
295.700 |
|
Net Sales / Income from Operations |
10205.400 |
6,453.700 |
19659.100 |
|
|
|
|
|
|
2. Segment Result (Profit before
Interest and Tax) |
|
|
|
|
a) Chemicals |
446.200 |
715.300 |
1193.000 |
|
(b) Fertilisers |
97.600 |
281.300 |
378.900 |
|
(c) Realty |
(39.400) |
(50.600) |
(90.000) |
|
(d) Others |
18.200 |
25.200 |
43.400 |
|
Total |
522.600 |
971.200 |
1525.300 |
|
|
|
|
|
|
Less : (i) Interest |
299.600 |
257.400 |
557.000 |
|
(ii) Other un-allocable expenditure net off un-allocable
income. |
96.000 |
153.700 |
281.200 |
|
Total Profit Before Tax from Ordinary Activities |
127.000 |
560.100 |
687.100 |
|
|
|
|
|
|
Profit before Tax |
|
|
|
|
3. Capital Employed |
|
|
|
|
a) Chemicals |
16186.900 |
15,673.700 |
16186.900 |
|
(b) Fertilisers |
5142.300 |
4,701.000 |
5142.300 |
|
(c) Realty |
2507.800 |
2,510.200 |
2507.800 |
|
(d) Others |
314.700 |
326.800 |
314.700 |
|
(e) Unallocated |
7607.000 |
6,683.000 |
7607.000 |
|
Total |
31758.700 |
15,673.700 |
31758.700 |
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claim by suppliers |
398.996 |
330.837 |
|
Income tax demands |
329.899 |
66.508 |
|
Excise demands |
286.697 |
221.228 |
|
Sale tax /VAT demands |
273.581 |
258.514 |
|
|
|
|
|
Total |
1289.173 |
877.087 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
PRESS RELEASES
DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED
REGISTERS MUTED PERFORMANCE IN Q1 FY 15
·
On
Q-on Q basis revenue drops 12%, PBT drops 54% & PAT by 56%
·
On
YoY basis, due to significant growth in trading operations, company managed to
grow its revenue by 27%, while PBT drops by 6% & PAT by 7%
Pune, July 31, 2014: Deepak Fertilisers and
Petrochemicals Corporation Ltd (DFPCL) today announced its financial results
for the Quarter-ended June 30, 2014 (Q1 FY 15).
The Company recorded a 12% decline in total
income to Rs.9453.700 Millions for the quarter ended on 30th June,
2014 (Q1 FY 15) from Rs.10695.900 Millions in the preceding quarter of the
previous financial year (FY14). Profit before tax decreased to Rs.560.100
Millions in Q1 FY 15 as against Rs.1225.900 Millions in Q4 FY 14 and Profit
after tax stood at Rs.398.500 Millions in Q1 FY 15 as against Rs.914.400
Millions in Q4 FY 14.
However on YoY basis, revenue increased by
27% on the back of significant growth in trading operations, while PBT
decreased by 6% & PAT by 7%
The performance of the Company during the
quarter was adversely affected on account of abrupt stoppage of gas supply to
its plant at Taloja consequent to a decision by Ministry of Petroleum and
Natural Gas. The Company was compelled to shut down some of its plants, like
Ammonia, ANP and CO2 due to non-availability of natural gas. Being an
integrated plant, the gas stoppage also affected the utilities plants, thereby
increasing the operating costs.
The Company has challenged the decision of
stoppage of gas supply before Delhi High Court and is hopeful of resolution of
the issue to the satisfaction of all concerned.
The Chemicals segment registered a growth of
26% to Rs.6770.300 Millions in Q1 FY 15 from Rs.5361.000 Millions in Q1 FY 14,
riding on the back of 124% growth in trading operations. During the quarter,
Propylene plant of one of our key raw material supplier was under planned shut
down for around 40 days affecting the IPA production. Further subdued demand
for Technical Ammonium Nitrate impacted the segment results. Segment profit
therefore dropped by 5% during the quarter to Rs.715.300 Millions as against
Rs.752.900 Millions during the same period last year.
DEEPAK FERTILISERS STRONG Q3 PERFORMANCE; NET PROFIT DOUBLES
- Profit before Tax (PBT) is up by 117% on YoY basis and Profit after Tax (PAT) is up by 103%
- Revenue grows by 63%
- Fertilisers and Chemicals segment revenue up 78% and 57% respectively
Mumbai/Pune, January 29, 2014: Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL) today announced its financial results for the Quarter-ended December 31, 2013 (Q3 FY 14).
Total Income, on a Q-on-Q basis, grew marginally, while Profit before Tax grew 42% and Profit after Tax grew 41%. The combined performance of Chemicals as well as Fertilisers segments helped the Company in achieving such a positive result.
The Chemicals segment registered a growth of 57% to Rs. 6509.900 Millions in Q3 FY 14 from Rs.4139.400 Millions in Q3 FY13. The key products like Iso Propyl Alcohol and Technical Ammonium Nitrate registered a growth of 12% and 36% respectively. Profits for the Chemicals segment stood at Rs. 795.400 Millions in Q3 FY 14 as against Rs.560.700 Millions in Q3 FY 13 registering a growth of 42%. Easing of raw materials prices like Ammonia and its subsequent stability, better realization of products like Methanol and IPA contributed towards profitability of the segment.
A good
monsoon, strong portfolio of brands and the Company’s continued focused efforts
towards operational excellence helped the Agri-business register a 78% growth
to Rs.4015.500 Millions in the current quarter as against Rs.2251.300 Millions
in the same period last year. The quarter witnessed a sharp rise in volumes of
company’s manufactured fertilizers and traded non-subsidized specialty
fertilizers. Segment profitability for the Agri-business thus grew to Rs.
550.700 Millions in Q3 FY 14 against Rs.139.400 Millions in Q3 FY 13. On Q-on-Q
basis the segment revenue dropped by 11% because of lower bulk fertilizer
traded volume, but profit grew by 14% mainly due to improved margins on
non-subsidized specialty fertilizers and marked to market forex gains.
Finance cost for Q3 FY14 was lower than Q2 FY14 due to stable currency situation. Exceptional item in Q3 FY14 represents the amount paid towards the company’s Voluntary Retirement Scheme.
For the nine months period ending on December 31, 2013, DFPCL recorded a growth of 41% on a Y-on-Y basis with income from operations rising to Rs.27460.600 Millions from Rs.19472.000 Millions in same period last year. Profit before Tax stood at Rs.2138.000 Millions during the nine months period as against Rs.1596.900 Millions in comparable period last year. Profit after Tax stood at Rs.1524.400 Millions in the current period against Rs.1177.900 Millions in same period last year.
Mr. Sailesh C. Mehta, Chairman and Managing Director – DFPCL, said: “Our continuous efforts towards maximizing capacity utilization and operational excellence supported by favorable external factors like softening of raw material prices and stabilizing of currency have resulted in an overall strong performance of the organization. The capacity utilization of two of our key products i.e. IPA and Nitro Phosphate fertilizer are near maximum and in case of third key product Ammonium Nitrate, despite temporary sluggish growth in the mining industry, the plant is ramping up towards full capacity utilization.
Considering the significant growth prospects in the core sectors of agriculture, mining and pharma, in which the company operates, we are actively pursuing various organic and inorganic growth opportunities; which we should be able to finalize in the forthcoming quarters.”
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 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. 63.45 |
|
|
1 |
Rs. 95.99 |
|
Euro |
1 |
Rs. 75.28 |
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 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
68 |
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.