MIRA
INFORM REPORT
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Report No. : |
302426 |
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Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
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Name : |
UPL LIMITED (w.e.f. 11.10.2013) |
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Formerly Known
As : |
UNITED PHOSPHORUS LIMITED |
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Registered
Office : |
3-11, G.I.D.C., Vapi, Valsad – 396195, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.01.1985 |
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Com. Reg. No.: |
04-025132 |
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Capital
Investment / Paid-up Capital : |
Rs.857.200 Millions |
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CIN No.: [Company Identification
No.] |
L24219GJ1985PLC025132 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Public limited liability company. Company’s shares are listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Agro Chemicals, Fungicide, Herbicide,
Plant Growth and Regulators. |
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No. of Employees
: |
2560 employees in |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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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 : |
Exist |
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Comments : |
Subject is a well – established company having fine track record. The rating takes into consideration dominant market position of UPL in
the global agro chemicals market supported by diversified product portfolio,
integrated operations across geographies, healthy revenue growth, decent
profitability margins and comfortable liquidity position. 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
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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.
INFORMATION DECLINED
MANAGEMENT NON-CO-OPERATIVE (91-022-26468000)
LOCATIONS
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Registered Office / Factory 1: |
3-11, G.I.D.C, Vapi, District Valsad - 396195, Gujarat, India |
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Tel. No.: |
91-260-2400717/ 2401945/ 2401960/ 2401718/ 2401719 |
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Fax No.: |
91-260-2401823 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Corporate / Administrative Office: |
Uniphos House,Madhu Park, 11th Road, ChitrakarDhurandar Marg, Khar(West), Mumbai - 400052, Maharashtra, India |
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Tel. No.: |
91-22-26468000 |
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Fax No.: |
91-22-26041010 |
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E-Mail : |
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Factory 2 : |
Green Park Area, Block No 103/B,A/D, Gandhi Nagar - 180004,Jammu, India |
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Tel No.: |
91-191-2430671 |
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Factory 3 : |
CHEMO ELECTRONIC
LAB. Nahuli – Vapi City,Valsad District - 396195,Gujarat, India |
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Tel No.: |
91-260-2730156/ 2730158/ 2730159 |
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91-260-2730160 |
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Factory 4 : |
Plot No. 750, G.I.D.C.,Jhagadia,District Bharuch,Gujarat, India |
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Tel. No.: |
91-2645-26012/15/ 26016 |
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Fax No.: |
2645-26017/ 18 |
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Factory 5 : |
Serial No.225, Village Gopipura,Via BaskaTaluka,Halol City,District Panchmal - 389350,Gujarat, India |
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Tel No.: |
91-2676-247068/ 247052 |
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Fax No.: |
91-2676-247068 |
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Factory 6: |
117, G.I.D.C.,Ankleshwar City, Bharuch District - 393002, Gujarat, India |
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Tel No.: |
91-2646-251223/ 250336/ 251249/ 250279/ 250379 |
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Fax No.: |
91-2646-250297 |
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Factory 7: |
3405/6, G.I.D.C.,Ankleshwar City, Bharuch District - 393002,Gujarat, India |
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Tel No.: |
91-2646-250578/ 250493/ 250563 |
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Fax No.: |
91-2646-251434 |
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Factory 8: |
3101/2, G.I.D.C.,Ankleshwar City, Bharuch District - 393002, Gujarat, India |
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Tel No.: |
91-2646-251189/ 225174/ 224473/ 252684 |
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Fax No.: |
91-2646–250615 |
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Factory 9 : |
Agrochemical Plant, DurgachakHaldia, Midnapore District– 721602, West Bengal, India |
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Tel No.: |
91-33-22486908 |
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Sales Office : |
V-Fortune Building,3rd Floor, S V Road, Next to Surya Children's Hospital, NearVijay Sales, Opposite Petrol Pump, Santacruz (West), Mumbai- 400052, Maharashtra, India |
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Tel. No.: |
91-22-27847769/ 27811554 |
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Fax No.: |
91-79-27842399 |
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Email : |
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Godown : |
Survey No 154/B/1, Shed 2, S V Cooperative Industrial Estate, I D A
Bollaram,Jinnaram, Medak - 502313, Andhra Pradesh, India |
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Overseas Offices : |
Located At : ·
Zambia ·
China ·
Australia ·
Japan ·
Russia ·
Korea ·
Vietnam ·
New Zealand ·
UK |
DIRECTORS
As on 31.03.2014
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Name : |
Mr. R. D. Shroff |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. J. R. Shroff |
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Designation : |
Global CEO of the Group |
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Name : |
Mr. A. C. Ashar |
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Designation : |
Director – Finance |
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Name : |
Mrs. S. R. Shroff |
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Designation : |
Vice Chairman |
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Name : |
Mr. K. Banerjee |
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Designation : |
Whole - Time Director |
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Name : |
Mr. Pradeep Goyal |
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Designation : |
Director |
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Name : |
Dr. P. V. Krishna |
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Designation : |
Director |
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Name : |
Dr. Reena Ramachandran |
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Designation : |
Director |
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Name : |
Mr. PradipMadhavji |
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Designation : |
Director |
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Name : |
Mr. Vinod Sethi |
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Designation : |
Director |
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Name : |
Mr. Suresh P. Prabhu |
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Designation : |
Director |
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Name : |
Mr. Suresh P. Prabhu |
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Designation : |
Director |
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Name : |
Mr. V. R. Shroff |
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Designation : |
Executive Director |
KEY EXECUTIVES
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Name : |
Mr. M. B. Trivedi |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % |
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(A) Shareholding of Promoter and
Promoter Group |
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3758181 |
0.88 |
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123970160 |
28.94 |
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127728341 |
29.82 |
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Total shareholding of Promoter and
Promoter Group (A) |
127728341 |
29.82 |
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(B) Public Shareholding |
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33876694 |
7.91 |
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356194 |
0.08 |
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2042321 |
0.48 |
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199456885 |
46.57 |
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235732094 |
55.04 |
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26662799 |
6.23 |
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26674743 |
6.23 |
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5766170 |
1.35 |
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5733007 |
1.34 |
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|
6740 |
0.00 |
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5603399 |
1.31 |
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122868 |
0.03 |
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64836719 |
15.14 |
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Total Public shareholding (B) |
300568813 |
70.18 |
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Total (A)+(B) |
428297154 |
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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|
307120 |
0.00 |
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307120 |
0.00 |
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Total (A)+(B)+(C) |
428604274 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Agro Chemicals, Fungicide, Herbicide,
Plant Growth and Regulators. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports: |
-- |
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Imports : |
-- |
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Terms : |
-- |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2560 employees in India and 3595 employees globally. |
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Bankers : |
· Dena Bank Bank Of Baroda State Bank of India Union Bank of India Canara Bank IDBI Bank Limited The KarurVysya Bank Limited Axis Bank Limited Andhra Bank State Bank of Hyderabad ICICI Bank Limited ING Vysya Bank Limited |
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Facilities : |
NOTE a. Outstanding loans carry an interest rate of Base Rate/Libor plus margin ranging from 70 bps to 400 bps b. Outstanding loan is secured by hypothecation of inventories, bills receivables, book debts and all movables assets of the Company both present and future, wherever situated. |
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Auditors : |
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Name : |
S.V. Ghatalia and Associates LLP Chartered Accountants |
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Name : |
RA and Company Cost Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Associates : |
· Sanguine Holdings Private Limited Advanta Limited (formerly known as Advanta India Limited) Tatva Global Enviroment Limited AdvantaSemilas SAIC, Argentina Tatva Global Environment (Deonar) Limited Chemisynth (Vapi) Limited Ultima Search Kerala Enviro Infrastructure Limited Uniphos International Limited Pacific Seeds Pty Limited, Australia Uniphos Enterprises Limited Unicorn Seeds Private Limited UPL Environmental Engineers Limited Sipcam UPL Brasil S.A. Vikram Farm |
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Joint Ventures: |
· Accolade Properties Private Limited (Upto September 27, 2012) United Phosphorus (Bangladesh) Limited SadafuliFinvest Private Limited (Upto September 27, 2012) |
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Subsidiaries : |
· UPL Limited, Mauritius (formerly known as Uniphos Limited) UPL Investment Private Limited UPL Colombia S.A.S Agrindustrial, S.A., Spain UPL Limited Korea (formerly known as United Phosphorus
(Korea) Limited) Agrodan, ApS United Phosphorus (Shanghai) Company Limited AnningDecco Fine Chemical Co. Limited, China United Phosphorus (Taiwan) Limited Bio-win Corporation
Limited, Mauritius United Phosphorus Cayman Limited Canegrass LLC, USA United Phosphorus de Mexico, S.A. de C.V. Cerexagri B.V. -
Netherlands United Phosphorus do BrasilLtda UPL Costa Rica S.A
(formerly known as Cerexagri Costa Rica, S.A.) United Phosphorus GMBH, Germany Cerexagri Delaware,
Inc.,USA United Phosphorus Holdings B.V., Netherlands Cerexagri
Italia S.R.L. United Phosphorus Holdings Cooperatief U.A. Cerexagri
S.A.S., France United Phosphorus Inc., U.S.A.
CerexagriZiraatVeKimyaSanayiVeTicaret Limited Sirketi, Turkey UPL Australia Limited (formerly known as United
PhosphorusLimited) Cerexagri, Inc. (PA) United Phosphorus Limited, Belgium S P R L Citrashine
(Pty) Limited, South Africa United Phosphorus Limited, Gibraltar Compania Espanola
Industrial Quimica de ProductosAgricolas Y Domesticos, S.A.U.,Spain UPL Limited, Hongkong (formerly known as United Phosphorus
Limited) DeccoIbericaPostcosecha, S.A.U., Spain (formerly
CerexagriIberica) United Phosphorus Limited, Japan Decco Italia SRL,Italy UPL New Zealand Limited (formerly known as United
Phosphorus Limited) Decco US Post-Harvest Inc (US) United Phosphorus Limited, U.K. Decco Worldwide Post-Harvest Holdings B.V. United Phosphorus PolskaSp.zo.o - Poland Decco Worldwide Post-Harvest Holdings Cooperatief U.A. United Phosphorus Switzerland Limited DesarrolloQuimico Industrial, S.A., Spain (DEQUISA S.A.) United Phosphorus Vietnam Co., Limited Friedshelf 1114 (Pty) Limited Global Chem Trade Corp., Panama (Dissolved on January 1,
2013) Safepack Products Limited, Israel Icona S A – Argentina Samrod Chemicals (Pty) Limited IconaSanluis S A – Argentina Shroffs United Chemicals Limited Jiangsu Kaznam Chemical Group.,Panama (Dissolved on March
18, 2013) SWAL Corporation Limited JSC United Phosphorus Limited, Russia Transterra Invest, S. L. U., Spain Optima Farm Solutions Limited (acquired during the year) RiceCo International Inc., Bahamas Phosfonia, S.L.,Spain UPL Limited, Gibraltar (formerly
known as Uniphos Limited) PT CaturAgrodayaMandiri, Indonesia DeccoJefkins Mexico Sapi, Mexico PT. United Phosphorus Indonesia UPL Aviation Limited United Phosphorus Holding, Brasil B.V. United Phosphorus Industria e Comercio de ProdutosQuimicos
Ltda. Brazil RiceCo LLC UniphosIndύstria e Comercio de ProdutosQuimicos Ltda.
Brazil Upl do brasilIndustria e Comercio de InsumosAgropecuarios
S.A. Neo-Fog S.A. (acquired during the year) DVA Technology Argentina S.A. JPB Courtage S.A.R.L. (acquired during the year) United Phosphorous Bolivia S.R.L AgriChem B.V Decco Chile SpA AgriChemHeivelia GmbH. UPL AgromedTarimIlaclariveTohumculukSanayiveticaret A.S. AgriChemPolskaSp Z.O.O. UPI Finance LLC Agricultural Chemicals N.V. United Phosphorous Corp. Philippines Aspen Holdings SAS United Phosphorous Global LLP Aspen SAS United Phosphorous (India) LLP SD Agchem (Netherlands) B.V. Pro Long Limited Blue Star BV |
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Enterprises over
which key management personnel and their relatives have significant
influence: |
· Bharuch Enviro Infrastructure Limited Bloom Packaging Private Limited Bloom Seal Containers Private Limited Daman Ganga Pulp and Papers Private Limited Demuric Holdings Private Limited Enviro Technology Limited UniphosEnvirotronic Private Limited Jai Research Foundation Jai Trust Nerka Chemicals Private Limited Pot Plants |
CAPITAL STRUCTURE
AS ON 31.03.2014
AuthorisedCapital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1275000000 |
Equity Shares |
Rs.2/-each |
Rs.2550.000 Millions |
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14000000 |
Preference Shares |
Rs.100/-each |
Rs.1400.000 Millions |
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5000000 |
Preference Shares |
Rs.10/-each |
Rs.50.000 Millions |
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Total |
|
Rs.4000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
428604274 |
Equity Shares |
Rs.2/-each |
Rs.857.208
Millions |
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
31.03.2014 |
|
|
|
No. Lacs |
Amount in Millions |
|
At the beginning of the year |
4,426 |
885.200 |
|
Buy-back during the year |
(140) |
(28.000) |
|
Outstanding at the end of the year |
(140) |
857.200 |
Terms/ rights
attached to equity shares:
The Company has one class of equity shares having par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
During the year ended 31st March, 2014, the amount of per share dividend recognised as distributions to equity sharehorderswas Rs. 4 (31st March, 2013: Rs. 2.50).
Aggregate number of
bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date:
|
Particulars |
31.03.2014 No. Lacs |
|
Equity shares allotted as fully paid bonus shares by capitalization of securities premium |
-- |
|
Equity shares bought back by the Company. |
332 |
Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
31.03.2014 |
|
|
|
No. Lacs |
% Holding |
|
Nerka Chemicals Private Limited |
986 |
23.01 |
|
Uniphos Enterprises Limited |
986 |
5.91 |
As per of the Company, including its register of shareholders/ members and other declarations received fromshareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
BUY-BACK OF SHARES
During the year, the Company has bought back a total of 1,40,00,000 (Previous Year 1,92,00,000) equity shares of Rs.2 eachat a total consideration of Rs.2825.800Millions(Previous Year: Rs. 2234.900Millions) (excluding brokerage, taxes and other charges).Accordingly, the face value of shares bought back amounting to Rs. 28.000 Millions(Previous Year: Rs. 38.400Millions) has been adjustedagainst share capital and the balance amount of Rs.2797.800 Millions (Previous Year: Rs. 2196.400Millions) and related expensesamounting to Rs.14.300Millions(Previous Year: Rs. 10.900Millions) have been adjusted in securities premium. Further, during thecurrent year in accordance with the notified section 69 of the Companies Act, 2013, the Company has transferred an amountof Rs. 280 Lacs, being a sum equal to nominal value of equity shares bought back, from surplus balance in the statement ofprofit and loss to capital redemption reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
857.200 |
885.200 |
923.600 |
|
(b) Reserves &
Surplus |
32219.200 |
32691.700 |
34136.600 |
|
(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) |
33076.400 |
33576.900 |
35060.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
10600.000 |
14000.000 |
11000.000 |
|
(b) Deferred tax
liabilities (Net) |
1173.400 |
909.000 |
827.800 |
|
(c) Other long term
liabilities |
3067.000 |
2098.100 |
1360.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
14840.400 |
17007.100 |
13187.800 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1101.600 |
6381.100 |
3515.800 |
|
(b) Trade payables |
13711.500 |
9406.600 |
6186.600 |
|
(c) Other current
liabilities |
5734.600 |
2200.500 |
3139.200 |
|
(d) Short-term provisions |
2360.700 |
1586.800 |
1551.600 |
|
Total Current Liabilities
(4) |
22908.400 |
19575.000 |
14393.200 |
|
|
|
|
|
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TOTAL |
70825.200 |
70159.000 |
62641.200 |
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10829.500 |
8338.800 |
8103.700 |
|
(ii) Intangible Assets |
4893.200 |
5166.200 |
5650.500 |
|
(iii) Capital
work-in-progress |
991.300 |
2361.500 |
1136.400 |
|
(iv) Intangible assets
under development |
188.400 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
6711.500 |
6710.600 |
6571.200 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
13303.000 |
11153.200 |
10473.700 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
36916.900 |
33730.300 |
31935.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
2329.900 |
1250.000 |
|
(b) Inventories |
8722.000 |
6205.400 |
5500.300 |
|
(c) Trade receivables |
14117.900 |
18045.600 |
13899.900 |
|
(d) Cash and cash
equivalents |
1854.000 |
1882.200 |
975.300 |
|
(e) Short-term loans and
advances |
8142.900 |
7061.400 |
8186.800 |
|
(f) Other current assets |
1071.500 |
904.200 |
893.400 |
|
Total Current Assets |
33908.300 |
36428.700 |
30705.700 |
|
|
|
|
|
|
TOTAL |
70825.200 |
70159.000 |
62641.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
49682.700 |
39394.400 |
33156.400 |
|
|
Other Income |
3178.400 |
1296.500 |
1438.500 |
|
|
TOTAL |
52861.100 |
40690.900 |
34594.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
20145.800 |
17133.400 |
15578.900 |
|
|
Purchases of
Stock-in-Trade |
8021.400 |
4722.600 |
3423.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1539.900) |
(382.000) |
(1168.500) |
|
|
Employees benefits
expense |
2578.700 |
2374.600 |
1846.500 |
|
|
Other expenses |
13807.700 |
11279.300 |
8766.700 |
|
|
TOTAL |
43013.700 |
35127.900 |
28446.700 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
9847.400 |
5563.000 |
6148.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2432.900 |
1013.200 |
1643.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
7414.500 |
4549.800 |
4504.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1690.900 |
1577.600 |
1434.900 |
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL ITEMS |
198.600 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
5525.000 |
2972.200 |
3069.600 |
|
|
|
|
|
|
|
Less |
TAX |
1367.700 |
890.900 |
799.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
4157.300 |
2081.300 |
2270.400 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Exports of goods calculated on F.O.B. basis |
27833.700 |
21884.300 |
16747.900 |
|
|
Interest |
429.000 |
425.300 |
466.500 |
|
|
Dividend |
1125.000 |
54.400 |
197.000 |
|
|
Others |
24.400 |
7.000 |
5.200 |
|
|
TOTAL EARNINGS |
29412.100 |
22371.000 |
17416.600 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
11196.200 |
9093.500 |
7124.100 |
|
|
Traded Goods |
5149.900 |
2241.000 |
697.100 |
|
|
Components and spare parts |
5.800 |
9.200 |
8.800 |
|
|
Capital goods |
176.500 |
411.400 |
128.900 |
|
|
TOTAL IMPORTS |
16528.400 |
11755.100 |
7958.900 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
9.45 |
4.60 |
4.92 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
13915.400 |
13824.600 |
|
Total Expenditure |
12089.400 |
12781.500 |
|
PBIDT (Excl OI) |
1826.000 |
1043.100 |
|
Other Income |
168.200 |
1970.000 |
|
Operating Profit |
1994.200 |
3013.100 |
|
Interest |
8.800 |
402.800 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
1985.400 |
2610.300 |
|
Depreciation |
410.500 |
487.500 |
|
Profit Before Tax |
1574.900 |
2122.800 |
|
Tax |
506.800 |
108.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
1068.100 |
2014.500 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
1068.100 |
2014.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.37 |
5.28 |
6.85 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
19.82 |
14.12 |
18.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.78 |
4.87 |
5.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.09 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35 |
0.61 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48 |
1.86 |
2.13 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
923.600 |
885.200 |
857.200 |
|
Reserves & Surplus |
34136.600 |
32691.700 |
32219.200 |
|
Net worth |
35060.200 |
33576.900 |
33076.400 |
|
|
|
|
|
|
long-term borrowings |
11000.000 |
14000.000 |
10600.000 |
|
Short term borrowings |
3515.800 |
6381.100 |
1101.600 |
|
Total borrowings |
14515.800 |
20381.100 |
11701.600 |
|
Debt/Equity ratio |
0.414 |
0.607 |
0.354 |
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 |
33156.400 |
39394.400 |
49682.700 |
|
|
|
18.814 |
26.116 |
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 |
33156.400 |
39394.400 |
49682.700 |
|
Profit |
2270.400 |
2081.300 |
4157.300 |
|
|
6.85% |
5.28% |
8.37% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
LITIGATION DETAILS
HIGH COURT OF GUJARAT
|
CIVIL APPLICATION
(STAMP NUMBER) (FOR STAY) NO. 3609 OF 2014 |
|
STATUS : PENDING |
CCIN NO : 001006201403609 |
|
|
|||
|
|
||
|
|
||
|
S.NO. |
NAME OF THE PETITIONER |
ADVOCATE ON RECORD |
|
1 |
STATE OF GUJARAT |
GOVERNMENT PLEADER FOR: PETITIONER(S) |
|
S.NO. |
NAME OF THE RESPONDANT |
ADVOCATE ON RECORD |
|
1 |
UNITED PHOSPHORUS LTD. |
-- |
|
PRESENTED ON |
: 02/04/2014 |
REGISTERED ON |
: - |
|
|
BENCH CATEGORY |
: - |
DISTRICT |
: VALSAD |
|
|
CASE ORIGINATED FROM |
: THROUGH STATE |
LISTED |
: 0 TIMES |
|
|
STAGENAME |
: - |
|||
|
CLASSIFICATION |
DB - CIVIL APPLICATION
- CODE OF CIVIL PROCEDURE, 1908 - STAY / INTERIM RELIEF - IN LETTERS PATENT
APPEAL |
|||
|
ACT |
CIVIL
PROCEDURE CODE, 1908 |
|||
|
OFFICE DETAILS |
|
S. NO. |
FILING DATE |
DOCUMENT NAME |
ADVOCATE NAME |
COURT FEE ON DOCUMENT |
DOCUMENT DETAILS |
|
1 |
02/04/2014 |
APPEARANCE NOTE |
GOVERNMENT PLEADER |
0 |
GOVERNMENT PLEADER(1) FOR P:1 - 2 |
|
2 |
02/04/2014 |
MEMO OF APPEAL/PETITION/SUIT |
GOVERNMENT PLEADER |
20 |
GOVERNMENT PLEADER(1), FOR P:1 - 2 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10392596 |
27/08/2012 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B56987159 |
|
2 |
10314745 |
07/09/2011 |
2,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B24019390 |
|
3 |
10261587 |
24/12/2010 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B03607926 |
|
4 |
10227852 |
21/06/2010 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A88992797 |
|
5 |
10220148 |
09/04/2010 |
2,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A85891174 |
|
6 |
10186793 |
09/11/2009 |
1,350,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A73556698 |
|
7 |
10142689 |
31/12/2008 |
3,700,000,000.00 |
DENA BANK |
CORPORATE BUSINESS
BRANCH, C-10, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA
- |
A57003386 |
|
8 |
90099990 |
09/09/2010 * |
16,000,000,000.00 |
DENA BANK |
CORPORATE BUSINESS BRANCH, DENA CORPORATE CENTRE, C-10, `G' BLOCK, BANDRA-KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A95586277 |
|
9 |
80002425 |
10/01/2005 |
497,500,000.00 |
RABO INDIA FINANCE PVT LTD |
FORBES BLDG, C R
MARG FORT, MUMBAI, MAHARASHTRA - |
- |
|
10 |
90099860 |
19/07/2004 |
2,500,000.00 |
UTI BANK LTD |
UNIVERSAL INSURANCE BUILDING, SIR PM ROAD ;FORT, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
11 |
90100953 |
04/12/2003 |
420,000,000.00 |
ANDHRA BANK |
CORPORATE FINNACIAL BRANCH, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
12 |
90099612 |
23/03/2004 * |
180,000,000.00 |
ANDHRA BANK |
NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
13 |
90098952 |
16/02/1999 |
99,200,000.00 |
GLOBAL TRUST BANK LTD |
303-48-3 ;SARDAR PATEL ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
14 |
90101732 |
23/04/2001 * |
205,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Unsecured redeemable Non-convertible Debentures |
11500.000 |
14000.000 |
|
Less : Non-convertible Debentures bought back by the company pending
extinguishment |
(900.000) |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Cash credit, packing credit and working capital demand
loan accounts from banks |
979.400 |
1912.800 |
|
Buyers credit from banks |
|
3884.100 |
|
Loans from others |
50.000 |
50.000 |
|
Total |
11629.400 |
19846.900 |
|
NOTE
LONG
TERM BORROWINGS Unsecured Redeemable Non-Convertible
Debentures · NCDs amounting to Rs. 30,00.000 Million (Previous Year: Rs. 30,00.000 Million) have been issued under two series and are redeemable at par at the end of 10th year Rs. 15,00.000 Millioni.e June, 2022 and 7th year Rs. 15,00.000 Millioni.e June, 2019 from the date of allotment. Out of the above, NCDs amounting to Rs. 9,00.000Million have been bought back by the Company. NCDs amounting to Rs. 25,00.000Million (Previous Year: Rs
25,00.000 Million) are redeemable at par at the end of 15th year i.e July
2026 from the date of allotment . The NCDs carry a call option at the end of
10th year from the date of allotment. NCDs aggregating to Rs. 30,00.000 Million (Previous Year:
Rs 30,00.000 Million) have been issued under four series and are redeemable
at par of Rs 7,50.000 Million each at the end of 12th year, 11th year, 9th
year and 8th year i.e. October 2022, October 2021, October 2019 and October
2018 respectively from the date of allotment. NCDs aggregating to Rs. 30,00.000Million (Previous Year:
Rs. 30,00.000 Million) have been issued in two series and are redeemable at
par at the end of 10th year Rs. 15,00.000 Million i.e. April 2020 and 7th
year Rs. 15,00.000 Million i.e. April 2017 from the date of allotment. The NCDs carry a call option at the end of 6th year i.e.
April 2016 and 5th year i.e. April 2015 respectively from the date of
allotment. NCDs amounting to Rs. 25,00.000Million (Previous Year: Rs
25,00.000 Million ) are redeemable at par at the end of 5th year i.e January,
2015 from the date of allotment. NCDs mentioned above carry a coupon rate ranging from
9.50% to 10.70%. SHORT
TERM BORROWINGS · Short term buyers credit outstanding Rs. Nil (Previous Year: Rs. 38,84.100 Million) were unsecured and carried an interest rate ranging from Libor plus 60 bps to 120 bps. ·
Unsecured short term demand loan carrying an
interest rate of 12.50% p.a. |
||
CORPORATE INFORMATION
UPL Limited (formerly known as United Phosphorus Limited (the Company)) is a public Company domiciled in India andincorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. TheCompany is engaged in the business of agrochemicals, industrial chemicals, chemical intermediates and speciality chemicals.
CHANGE OF NAME OF THE COMPANY
During the year the name of the Company has
been changed from ‘United Phosphorus
Limited’ to ‘UPL Limited’ vide Special Resolution passed at the Extra-ordinary
General Meeting of the members of the Company held on 30th September, 2013 and
consequently Fresh Certificate of Incorporation dated 11th October, 2013 has
been issued by the Registrar of Companies, Gujarat.
OPERATIONAL PERFORMANCE
During the year, there was significant
improvement in business conditions due to bountiful and widespread monsoon. In
the initial part of the year the crop prices remained stronger. However due to
good harvests, the prices softened subsequently. There was a very strong volume
growth in all the regions. In India, higher yields were expected from Rice,
Cotton, Wheat, Pulses, Potato etc. The Companylaunched two new products, namely
Ulala and Atabron which performed very well. The Company continues to focus on
some of the power brands such as Lancer Gold, StarthenePower, Saathi, Saaf and
Phoskill. Due to favourable monsoon, the Company was in a position to offset
part of the increase in the costs of inputs to the customers.
On the global front, the Latin American
market, including Brazil, improved significantly. Brazil continued to be on
strong growth curve with additional cultivation area for Soyabean. In other
countries also, Soyabean and cotton cultivation areas increased due to higher
commodity prices. In Europe, there were prolonged winters and late spring,
adversely affecting sale of herbicides. The sale of fungicides increased. Some
CIS countries like Ukraine is facing political crisis resulting into disruption
of business in these areas. Australia witnessed third continuous year of
drought. However, the conditions seem to be improving now. The Company is also
making inroads intoAfrican markets. Once it gets more registrations, the
Company will get higher access to these markets. In North America, the market
was significantly impacted due to late spring and drought in western region.
The herbicide sales have improved, especially, for rice crops. The Company has
introduced Metribuzin, a herbicide with great potential in US market.
US Dollar appreciated against various
currencies. Even Euro and pound sterling appreciated. Currencies of some of the
countries like Brazil depreciated.
It is indeed a significant achievement for
the Company as it crossed magical figure of 10,000.000 Million of global sales,
during the year. The management wants to express and share their happiness with
all the stake holders of the Company. It is also significant to note that the
sales are balanced over different regions of the world equitably. This ensures
that there is no over dependence on any particular region for sales.
The year has ended on a highly satisfactory
note. Some of the highlights of global performance are as under:
a) Revenue from operations have increased
by 17% to 109020.000Million.
b) EBIDTA has gone up to 22%
c) Profit before taxes has gone up by 23%
to 11570.000Million
d) Profit for the year has gone up by 23%
to 9500.000Million
FUTURE OUTLOOK
In the coming years, the Company expects to improve its performance in various geographies of the world. These will include markets of USA, Europe, Latin America, Asian countries etc. The Company is also focusing to make inroads into vast African markets. The countries which have tremendous potential for Company’s products are India and Brazil. The Company expects to increase its sales manifold in these countries. With introduction of many new products in the market every year, the Company expects to improve its performance in future as well. Overall, the Company expects a very bright future.
ACQUISITIONS/
DISINVESTMENT
During the year, the Company, through its step down whollyowned subsidiary has acquired further shares out of thefresh issue of shares issued by UPL do Brasil and accordinglyincreased its stake in UPL do Brasil from 51% to 73%. Thebalance 27% are held by other existing shareholders.
UPL do Brasil is engaged in the production, marketing,selling and distribution of crop protection products andspecialties in the Brazilian agrochemicals market. It has aformulation plant in Brazil with expansion plans currently
under execution to build capabilities in different cropprotection product categories.
The Company through its overseas subsidiary has enteredinto an agreement with an Italian company SipcamS.p.A
(Sipcam), to sell its entire stake of 50% in the Brazilianagrochemical company Sipcam UPL Brasil S.A, subject to
fulfillment of certain conditions and approvals. The grossconsideration amount of the transaction is US$58.50 million(Approximately INR 3.51 billion). Sipcam is the current 50%joint venture partner with UPL in Sipcam UPL Brasil S.A.This will be the first major divestment by UPL and the entireprocess is expected to be completed by June 2014, subjectto necessary approvals.
This divestment will release the funds to the Company whichwill be available for new opportunities and meet growingbusiness requirements. It will also help UPL to have morefocused approach for Brazilian agrochemical market whichis one of the largest agrochemicals market in the world.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC REVIEW
Global economy: The global economyexperienced subdued growth for yetanother year in 2013. As per the World
Economic Outlook (January 2014),the global output grew 3.0% in 2013against 3.1% in 2012. The first halfof the year remained subdued, whilethe second half experienced betterconditions. Most developed economiescontinued to counter the lingeringeffects of the slowdown. A numberof emerging economies, which hadalready experienced slowdown for twoyears, encountered new headwinds in2013. Advanced economiesgrew 1.3% (1.4% in 2012) whileemerging economies grew 4.7%(4.9% in 2012).
Indian economy: The Indian economicgrowth slowed for another straight yearwith GDP growth of 4.7% compared
to 4.5% in 2012-13. Fiscal deficit was4.6%, lower than the targeted 4.8%.Growth in 2013-14 was attributed tothe agriculture sector projected togrow at 4.6 (1.4% in 2012-13). Growthin the manufacturing sector contractedduring the year under review owing tolower industrial output.US growth is projected at 2.8% in2014, up from 1.9% in 2013. Eurozoneis turning the corner from recessionto recovery, growth projected tostrengthen to 1% in 2014 and 1.4% in2015. Emerging market and developingeconomy growth is expected to increaseto 5.1% in 2014 and 5.4% in 2015.
OPERATIONAL REVIEW
OVERVIEW
UPL manufactured best-in-classcrop protection chemicals andindustrial chemicals across 28manufacturing locations spread acrossthe globe. The Company’s integratedfacilities helped reduce external rawmaterial dependence and ensuredmanufacturing excellence at a lowercost. The Company possessed thelargest phosphorus manufacturingcapacity in the world, validatingUPL’s emergence as one of the mostprofitable agrochemical companies inthe world.
The Company selectively enhancedcapacity to enter its next growth phase,analysing assets for effective utilisationand discarding non-performing assets.The Company’s manufacturing unitspossessed flexible swing capacities to
respond to changes in market demand.
The Company focused on enhancingcore manufacturing competence,reinforcing its position as the mostcompetitive in its sector. UPLstrategically outsourced products fromthird party manufacturers matching therequired price-value.
The Company created groups(Technology group, Maxpro group,Environment group and Green Caregroup) to enhance efficiency andproductivity.
The Company’s internal projectmanagement team facilitated thecommissioning of projects in recordtime. UPL erected its UPH-203 plantin a record 83 days against the globalbenchmark of 240 days.
The Company invested in environmentalmanagement infrastructure acrossmanufacturing units. UPL installedtriple effect evaporators, effluenttreatment plants, incinerators,hazardous gas leakage detectionsystems and alarms with the objectiveto minimise emissions comparedwith norms set by pollution controlboards. The Company made a forwardlookinginvestment in environmentmanagement assets.
The Company was the first in theindustry to install a total organiccontent meter, which was later madea standard by the Gujarat PollutionControl Board. As a responsiblemeasure, all the Company’s plants wereequipped with effluent treatment plants.
OUTLOOK
Going ahead, the Company expects tocommission its 25-MW coal-fired powerplant by 2014-15 and rationalise coststo enhance profits.
MARKETING REVIEW
OVERVIEW
UPL enjoys a leadership position in theIndian crop protection market (13%market share) and sales presencein over 120 countries. In such ascenario, the marketing initiatives ofthe Company assumed importance.It is by virtue of these initiatives thatthe Company effectively established adialogue with end-users, understoodtheir needs and helped the Companycustomise the right farmersolutions.
The Company’s strong marketingexercises were backed by robustdistribution. The Company has a largereach through a network of distributorsand retailers in the countries of itspresence.
The Company’s marketing successrevolved around a multi-farm lifecycle,multi-crop speciality and multi-countrypresence. The result was that UPLcommissioned 50 marketing officesand subsidiaries; it enjoyed productregistrations/product presence in 124countries.
OUTLOOK
Going ahead, the Company plans tolaunch 75 to 80 products in 2014-15,consolidating its global market position.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2014
(Rs. in millions)
|
PARTICULARS |
QUARTER ENDED |
HALF YEAR ENDED |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
UNAUDITED |
UNAUDITED |
|
|
|
|
|
|
|
Income from
Operations |
|
|
|
|
a)
Net Sales/ Income from Operations (Net of Excise Duty) |
13586.300 |
13604.400 |
27190.700 |
|
b)
Other Operating Income |
238.300 |
311.000 |
549.300 |
|
Total
Income from Operations (net) |
13824.600 |
13915.400 |
2774.000 |
|
|
|
|
|
|
a)
Cost of materials consumed |
6478.400 |
5526.300 |
12004.700 |
|
b)
Purchases of stock in trade |
2545.200 |
1960.800 |
4506.000 |
|
c)
Changes in inventories of finished goods, work in progress and stock in trade |
(1044.000) |
(338.700) |
(1382.700) |
|
d)
Employee benefits expense |
828.800 |
751.200 |
1580.000 |
|
e)
Depreciation and amortisation expense |
487.500 |
410.500 |
898.000 |
|
f)
Other expenses (refer note 2) |
4077.300 |
4189.800 |
8267.100 |
|
Total expenses |
13373.200 |
12499.900 |
25873.100 |
|
Profit/ (Loss) from Operations before Other
Income, Finance Cost and Exceptional Items (1 - 2) |
451.400 |
1415.500 |
1866.900 |
|
Other Income |
1970.000 |
168.200 |
2138.200 |
|
Profit/ (Loss) from ordinary activities before Finance
Cost and Exceptional Items (3 + 4) |
2421.400 |
1583.700 |
4005.100 |
|
Finance Costs |
298.600 |
8.800 |
307.400 |
|
Profit/ (Loss) from ordinary activities after
Finance Cost and before Exceptional Items (5 - 6) |
2122.800 |
1574.900 |
3697.700 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit / (Loss) from Ordinary Activities before
Tax (7 - 8) |
2122.800 |
1574.900 |
3697.700 |
|
Tax
Expense |
108.300 |
506.800 |
615.100 |
|
Net Profit / (Loss) from Ordinary activities
after Tax (9 - 10) |
2014.500 |
1068.100 |
3082.600 |
|
Paid
up Equity Share Capital [Face Value - Rs.2 per share] |
857.200 |
857.200 |
857.200 |
|
Reserves
excluding Revaluation Reserves |
-- |
-- |
|
|
Earning
Per Share (EPS) Basic
and diluted EPS before and after Extraordinary Itemsfor the period and for
the previous year |
|
-- |
|
|
-Basic
Earning Per Share (Rs.2.00 each) |
4.70 |
2.49 |
7.19 |
|
-Diluted
Earning Per Share(Rs.2.00 each) |
4.70 |
2.49 |
7.19 |
|
Debt
Equity Ratio |
-- |
-- |
0.42 |
|
Debt
Service Coverage Ratio |
-- |
-- |
7.44 |
|
Interest
Service Coverage Ratio |
-- |
-- |
6.12 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public
Shareholding |
|
|
|
|
- Number of Shares |
300875933 |
300875933 |
300875933 |
|
- Percentage of Shareholding |
70.20% |
70.20% |
70.20% |
|
Promoters and
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
15165000 |
14565000 |
15165000 |
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
11.87% |
11.40% |
11.87% |
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
3.54% |
3.40% |
3.54% |
|
b) Non
Encumbered |
|
|
|
|
- Number of Shares |
112563341 |
113163341 |
112563341 |
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
88.13% |
88.60% |
88.13% |
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
26.26% |
26.40% |
26.26% |
|
PARTICULARS |
For the quarter ended 30thSeptember,
2014 |
|
B INVESTORS COMPLAINTS (Nos.) |
|
|
(as informed by sharepro service, Registrar and
Transfer Agent of the Company) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
54 |
|
Disposed during the quarter |
54 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES
1. The above Standalone Unaudited Financial Results were reviewed by the Audit Committee and thereafter approved at the Meeting of the Board of Directors held on 21stOctober, 2014. The statutory auditors have carried out a limited review of the financials of the Company as required under Clause 41 of the Listing Agreement.
2. Other Income / Expenses includes net exchange (gain) / loss on account of foreign exchange on exports, imports and export commission. Such (gain)/loss is Rs 78.400Millions, Rs 6.200Millions, and Rs (598.800) Millions(included in other income) for the quarters ended 30th September, 2014, 30th June 2014 and 30th September 2013 respectively; Rs 84.600Millionsand Rs (1292.100) Millions(included in other income) for the half years ended 30th September 2014 and 30th September 2013 and Rs (1232.900) Millions (included in other income) lacs for the year ended 31st March, 2014.
3. Finance Costs include net exchange gain/ (loss) arising on foreign currency loans/ advances and related derivatives. Such gain/(loss) is Rs 104.200Millions, Rs 507.700Millionsand Rs (932.600) Millionsfor the quarters ending 30th September 2014, 30th June 2014 and 30th September 2013 respectively; Rs 611.800 Millions and Rs (1059.000) Millionsfor half years ending 30th September, 2014 and 30th September 2013 respectively and a net loss of Rs 653.600Millionsfor the year ended 31st March 2014.
4. The Company has revised the depreciation rate on certain fixed assets as per the useful life specified in Schedule-II of the Companies Act, 2013 or re-assessed by the Company. Had there not been any change in the useful life of assets, depreciation for the quarter would have been lower by Rs. 18.800Millions.
5. Ratios have been computed as follows
:-
Debt comprises Long-Term borrowings, Short-Term borrowings and Current maturities of Long Term borrowings
Debts Service Coverage Ratio = Earnings before Interest, Tax, Depreciation and Amortisation/(Interest on Long Term borrowings + Principal repayments)
Interest Service Coverage Ratio = Earning before Interest and Tax/ Interest and Other Finance Charges on Debt
6 Previous period's/ year's figures have been regrouped/ rearranged wherever necessary.
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
|
Particular |
As
At 30.09.2013 (Unaudited) |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders’
funds |
|
|
|
(a) Share capital |
857.200 |
|
|
(b) Reserves and surplus |
35414.600 |
|
|
Sub-total
- Shareholders' funds |
36271.800 |
|
|
|
|
|
2 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
10600.000 |
|
|
(b) Deferred Tax Liabilities (Net) |
1077.500 |
|
|
(c) Other long-term liabilities |
2527.000 |
|
|
Sub-total
- Non-current liabilities |
14204.500 |
|
|
|
|
|
3 |
Current
liabilities |
|
|
|
(a) Short-term borrowings |
2039.600 |
|
|
(b) Trade payables |
17550.700 |
|
|
(c) Other current liabilities |
5817.500 |
|
|
(d) Short-term provision |
433.100 |
|
|
Sub-total - Current
liabilities |
25840.900 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
76317.200 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Fixed assets |
18326.700 |
|
|
(b) Non-current investments |
6838.700 |
|
|
(c) Long-term loans and advances |
13010.500 |
|
|
Sub-total
- Non-current assets |
38175.900 |
|
2 |
Current assets |
|
|
|
(a) Inventories |
10423.500 |
|
|
(b) Trade receivables |
16596.400 |
|
|
(c) Cash and cash equivalents |
644.900 |
|
|
(d) Short-term loans and advances |
9513.800 |
|
|
(e) Other current assets |
962.700 |
|
|
Sub-total
- Current assets |
38141.300 |
|
|
TOTAL
- ASSETS |
76317.200 |
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(a) Disputed Income-Tax Liability (excluding interest) |
114.300 |
17.900 |
|
(b) Disputed Excise Duty / Service Tax liability
(excluding interest) |
1275.400 |
1025.300 |
|
(c) Disputed Sales Tax liability |
286.900 |
251.200 |
|
(d) Disputed Custom Duty liability |
355.800 |
355.800 |
|
(e) Disputed Fiscal Penalty for cancellation of licences |
334.800 |
334.800 |
|
(f) Disputed penalty levied by Competition Commission of
India for Cartelization of Prices |
2524.400 |
2524.400 |
|
(g) Disputed penalty on Water Tax |
16.100 |
16.100 |
|
(h) Bills discounted under Letter of Credit and remaining
unpaid at the date of the balance sheet |
20.700 |
60.200 |
|
(i) Corporate guarantees given on behalf of subsidiary
companies: |
|
|
|
(i) United Phosphorus Limited, U.K. |
2177.200 |
1825.600 |
|
(ii) United Phosphorus Limited, Hong Kong |
509.300 |
461.400 |
|
(iii) United Phosphorus Inc. USA |
732.500 |
663.600 |
|
(iv) United Phosphorus Inc. USA/ Decco US Post Harvest |
149.800 |
135.700 |
|
(v) UPL Columbia SAS |
0.000 |
217.100 |
|
(vi) United Phosphorus Limited, Australia |
539.200 |
190.000 |
|
(vii) Bio-Win Corporation Limited, Mauritius |
20482.800 |
15436.900 |
|
(viii) Cerexagri Italia, SRL, Italy |
1357.600 |
833.600 |
|
(ix) Ceraxagri SAS., France |
1810.200 |
1389.300 |
|
(x) Ceraxagri B.V., Netherlands |
1892.500 |
1458.700 |
|
(xi) Icona S.A. Argentina |
1198.300 |
1085.700 |
|
(xii) United Phosphorus Cayman Limited, Cayman Islands |
898.700 |
814.300 |
|
(xiii) Advanta India Limited |
2995.800 |
2714.300 |
|
(j) Claims against the Company not acknowledged as debts |
50.200 |
48.900 |
FIXED ASSETS
·
Land- Freehold
·
Land-Leasehold
·
Building
·
Plant and Machinery
·
Laboratory Equipments
·
Office Equipments
·
Furniture, Fixture and
Equipments
·
Vehicles
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.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
66 |
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.