MIRA INFORM REPORT
|
Report No. : |
303567 |
|
Report Date : |
23.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
COROMANDEL INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
1-2-10, Sardar Patel Road, Secunderabad, Hyderabad – 500003, Andhra
Pradesh |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
16.10.1961 |
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|
|
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Com. Reg. No.: |
01-000892 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs. 283.181 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24120AP1961PLC000892 |
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|
|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDC00011E |
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|
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PAN No.: [Permanent Account No.] |
AAACC785ZK |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the Manufacture and Trading of Farm
Inputs. |
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|
|
|
No. of Employees
: |
8145 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 64000000 |
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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 an old and established company having fine track record.
Financial positions of the company is sound. Fundamentals are strong and healthy.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AA+” |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
December 12, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
December 12, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
1-2-10, Sardar Patel Road, Secunderabad, Hyderabad – 500003, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-27842034/ 27847212 |
|
Fax No.: |
91-40-27844117 |
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E-Mail : |
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Website : |
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Branch : |
Office No. 504, 5th Floor, Eatern Court, Sion-Trombay Road,
Opposite, Wasan Motors, Chembur, Mumbai – 400071, Maharashtra, India |
|
|
|
|
Factory : |
Fertiliser
Plants : Sriharipuram, Po Box No. 1116, Malkapuram Post, Visakhapatnam –
530011, Andhra Pradesh, India Phone: 91-891-2578400 to 2578419 Fax: 91-891-2577665 N. Seetaram - General Manager - Mfg. Email:Seetaramn@cfl.murugappa.com
Compound
Fertilisers Factory Ennore, Chennai – 600507, Tamilnadu, India Phone: 91-44-5733600 Satyanarayana Rao - General Works Manager Email:Satyanarayanarao@cfl.murugappa.com CROP PROTECTION
PLANTS AT: ·
Ranipet in Tamilnadu · Beach Road, Kakinada, Andhra Pradesh ·
Ankleshwar in Gujarat ·
Baribrahmana, Jammu and Kashmir |
DIRECTORS
|
Name : |
Mr. A Vellayan |
|
Designation : |
Chairman |
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Name : |
Mr. V Ravichandran |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. K
Balasubramanian |
|
Designation : |
Director (Upto 23.07.2013) |
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|
Name : |
Mr. B V R Mohan
Reddy |
|
Designation : |
Director |
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|
Name : |
Mr. Prasad Chandran |
|
Designation : |
Additional Director |
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|
Name : |
Ms. Ranjana Kumar |
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Designation : |
Director |
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|
Name : |
Mr. Uday Chander Khanna |
|
Designation : |
Director |
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|
Name : |
Mr. M M
Venkatachalam |
|
Designation : |
Director |
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|
Name : |
Mr. Kapil Mehan |
|
Designation : |
Managing Director |
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|
Name : |
Mr. J. S. Sarma |
|
Designation : |
Additional Director (08.08.2013
– 28.02.2014) |
KEY EXECUTIVES
|
Name : |
Mr. G Ravi Prasad |
|
Designation : |
President - Marketing (Fertilisers and Organic) |
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|
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|
Name : |
Mr. Amir Alvi |
|
Designation : |
Sr Vice President and Head of Manufacturing (Fertilisers) |
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|
Name : |
Mr. Arun Leslie
George |
|
Designation : |
Sr Vice President and Head of HR |
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|
Name : |
Mr. P Gopalakrishna |
|
Designation : |
Sr Vice President – Speciality Nutrients and Business Development |
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|
Name : |
S Govindarajan |
|
Designation : |
Sr. Vice President and Head – SSP Business |
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|
Name : |
Mr. Harish Malhotra |
|
Designation : |
Sr Vice President - Commercial |
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|
Name : |
Mr. Ripu Daman Singh |
|
Designation : |
Sr. Vice President and Head – Retail |
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Name : |
Mr. S
Sankarasubramanian |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. P Varadarajan |
|
Designation : |
Vice President - Legal & Company Secretary |
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|
Name : |
Mr. Kapil Mehan |
|
Designation : |
Managing Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
3404464 |
1.19 |
|
|
177162310 |
61.97 |
|
|
42140 |
0.01 |
|
|
42140 |
0.01 |
|
|
180608914 |
63.18 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
180608914 |
63.18 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
13255682 |
4.64 |
|
|
141514 |
0.05 |
|
|
3830284 |
1.34 |
|
|
18712450 |
6.55 |
|
|
1840 |
0.00 |
|
|
35941770 |
12.57 |
|
|
|
|
|
|
22902836 |
8.01 |
|
|
|
|
|
|
23472048 |
8.21 |
|
|
8730099 |
3.05 |
|
|
14225595 |
4.98 |
|
|
70460 |
0.02 |
|
|
9600000 |
3.36 |
|
|
91897 |
0.03 |
|
|
4402804 |
1.54 |
|
|
55934 |
0.02 |
|
|
4500 |
0.00 |
|
|
69330578 |
24.25 |
|
Total Public shareholding (B) |
105272348 |
36.82 |
|
Total (A)+(B) |
285881262 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
285881262 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacture and Trading of Farm
Inputs. |
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|
Products : |
Farm Inputs |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
(i)
Fertilisers |
|
|
|
|
Ammonium Phosphatic Fertilisers |
MT |
2315000 |
2104014 |
|
Di-Ammonium Phosphate (DAP) |
MT |
815000 |
434475 |
|
Single Super Phosphate |
MT |
132000 |
104472 |
|
|
|
|
|
|
(ii) Plant Protection Products |
|
|
|
|
Technicals |
MT |
11840 |
7204 |
|
Formulations
- Liquids (in KL) |
MT |
10400 |
7171 |
|
Formulations
– Granules/Powder |
MT |
6920 |
5338 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
8145 (Approximetly) |
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Bankers : |
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Facilities : |
Notes: Long Term
Borrowings The term loans
from banks comprise of External Commercial Borrowings (ECB) secured by
Paripassu charge on fixed assets of Visakhapatnam and Kakinada plants and
rupee loans secured by way of first charge on certain movable and immovable
SSP plant’s related assets of the Company. The ECB’s carry interest rates
with spread ranging 170 bps to 215 bps over 3 months LIBOR and are repayable
over the next four years and have been fully hedged for exchange and interest
rates. Long-term rupee loans carry interest of 2.85% above base rate and are
repayable over next two years Short term Borrowing : Secured
short-term borrowings comprises working capital demand loans, buyers credit
denominated in foreign currency and cash credit balances secured by a
pari-passu charge of stock of raw materials, work-in-process, finished goods,
stores and spare parts and book debts including subsidy receivables of the
Company. Further, certain short-term borrowings are secured by first
pari-passu charge on certain movable and immovable assets of the Company;
certain cash credit and working capital demand loans are further secured by
way of second pari-passu charge on certain movable fixed assets of the
Company. Charge is yet to be created by the Company in respect of short term
borrowing availed from SBI led consortium amounting Rs. 66.700 Millions
against Company’s subsidy receivables. |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
1-8-384 and 385,
3rd Floor, Gowra Grand, S.P. Road, Begumpet, Secunderabad – 500003, Andhra
Pradesh, India |
|
Tel No.: |
91-40-66032600 |
|
Fax No.: |
91-40-66032714 |
|
|
|
|
Cost Auditors: |
·
Mr. V Kalyanaraman ·
Mr. Dantu Mitra |
|
|
|
|
Holding Company: |
·
E.I.D. Parry (India) Limited |
|
|
|
|
Subsidiaries : |
·
Liberty Phosphate Limited (LPL ·
Liberty Urvarak Limited (LUL) ·
Liberty Pesticides and Fertilisers Limited (LPFL) ·
Sabero Organics Gujarat Limited (Sabero) ·
Sabero Organics America Ltda (SOAL) ·
Sabero Australia Pty Limited, Australia (Sabero
Australia) ·
Sabero Europe BV (Sabero Europe) ·
Sabero Argentina S.A. (Sabero Argentina) ·
Sabero Organics Mexico S.A. (Sabero Mexico) ·
Parry Chemicals Limited (PCL) ·
Dare Investments Limited (DIL) ·
CFL Mauritius Limited (CML) ·
Coromandel Brasil Limitada (CBL) |
|
|
|
|
Fellow subsidiary: |
·
Sadashiva Sugars Limited (SSL) ·
Parry Infrastructure Company Private Limited
(PICPL) ·
Parry Sugar Industries Limited (PSIL) |
|
|
|
|
Joint venture: |
·
Coromandel Getax Phosphates Pte Limited (CGPL) ·
Coromandel SQM (India) Private Limited (CSQM) ·
Tunisian Indian Fertilisers. SA (TIFERT) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs. 1/- each |
Rs.350.000 Millions |
|
5000000 |
Cumulative Redeemable preference Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs.400.000
Millioins |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
283181822 |
Equity Shares |
Rs. 1/- each |
Rs.283.181
Millions |
|
|
|
|
|
Reconciliation of number of
shares and amount outstanding at the beginning and at the end of the year :
(a) Equity shares:
|
|
Year ended 31 March 2014 |
Year ended 31 March 2013 |
||
|
|
Number |
Rs. In Millions |
Number |
Rs. In Millions |
|
Per last Balance Sheet |
283057818 |
283.100 |
282569542 |
262.600 |
|
Add: Equity shares allotted pursuant to exercise of stock options |
124004 |
0.100 |
488276 |
0.500 |
|
Balance at the end of the year |
283181822 |
283.200 |
283057818 |
283.100 |
(b) Preference shares:
|
|
Year ended 31 March 2014 |
Year ended 31 March 2013 |
||
|
|
Number |
Rs. In Millions |
Number |
Rs. In Millions |
|
Per last Balance Sheet |
-- |
-- |
-- |
-- |
|
Add: On Amalgamation |
5000000 |
50.000 |
-- |
-- |
|
Less: Redeemed during the year |
5000000 |
50.000 |
-- |
-- |
|
Balance at the end of the year |
-- |
-- |
-- |
-- |
(ii)
Rights, preferences and restrictions relating to each class of share capital:
Equity shares:
The Company has one
class of equity shares having a face value of Rs. 1/- each. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the Shareholders in the ensuing Annual
General Meeting, except in the case of interim dividend.
Cumulative redeemable preference shares:
The Company has a
class of cumulative redeemable preference shares having face value of Rs. 10/-
each with such rights, privileges and conditions respectively attached thereto
as may be from time to time confi rmed by the
regulations of the
Company. Pursuant to the Scheme of Amalgamation (Refer Note 26) the cumulative
redeemable preference shares carry cumulative dividend of 8% per annum in
relation to capital paid upon them and are on original terms and conditions in
which they were issued by erstwhile Liberty Phosphate Limited, the amalgamating
company.
(iii) As at 31
March 2014, E.I.D Parry (India) Limited (Holding Company) held 17,71,55,580
(2013: 17,71,55,580)
equity shares of Rs.1/- each fully
paid-up representing 62.56% (2013: 62.59%) of the paid-up capital. There
are no other shareholders holding more
than 5% of the issued capital.
(iv) As at 31 March
2014, shares reserved for issue under the ‘ESOP 2007’ scheme is 93,98,050
(2013:
95,22,054) equity shares of Rs.1/- each
(refer Note 29).
(v) Details of bonus shares issued, shares
issued for consideration other than cash during the period of fi
ve years immediately preceeding the reporting date:
1,20,37,182 equity shares of Rs. 2/- each
fully paid up were allotted to the shareholders of Godavari Fertilisers
and Chemicals Limited in the ratio of 3
shares of the Company for every 2 shares of Godavari Fertilisers and
Chemicals Limited pursuant to the Scheme
of
Amalgamation between Godavari Fertilisers
and Chemicals Limited and the Company during the year ended
31 March 2008.
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 |
283.200 |
283.100 |
282.600 |
|
Share Capital suspense |
2.600 |
0.000 |
0.000 |
|
(b) Reserves & Surplus |
22047.400 |
21473.000 |
23429.300 |
|
(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) |
22333.200 |
21756.100 |
23711.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2313.200 |
7720.300 |
2727.900 |
|
(b) Deferred tax
liabilities (Net) |
1868.600 |
1797.900 |
674.500 |
|
(c) Other long term
liabilities |
300.900 |
301.200 |
339.900 |
|
(d) long-term provisions |
171.100 |
164.000 |
162.900 |
|
Total Non-current
Liabilities (3) |
4653.800 |
9983.400 |
3905.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
11617.400 |
14675.500 |
21447.500 |
|
(b) Trade payables |
25724.200 |
22026.500 |
20427.200 |
|
(c) Other current
liabilities |
4548.800 |
3209.300 |
2245.100 |
|
(d) Short-term provisions |
1745.900 |
1822.000 |
1323.400 |
|
Total Current Liabilities
(4) |
43636.300 |
41733.300 |
45443.200 |
|
|
|
|
|
|
TOTAL |
70623.300 |
73472.800 |
73060.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12061.900 |
11362.400 |
8004.000 |
|
(ii) Intangible Assets |
49.200 |
58.100 |
67.000 |
|
(iii) Capital
work-in-progress |
269.200 |
279.400 |
1331.300 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
7438.300 |
8795.100 |
6279.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
576.800 |
877.900 |
514.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
20395.400 |
21372.900 |
16195.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.800 |
0.400 |
0.400 |
|
(b) Inventories |
16714.000 |
12648.900 |
18556.100 |
|
(c) Trade receivables |
12941.400 |
16108.900 |
8870.200 |
|
(d) Cash and cash
equivalents |
4570.300 |
4527.600 |
9178.500 |
|
(e) Short-term loans and
advances |
15860.500 |
18741.700 |
20133.800 |
|
(f) Other current assets |
139.900 |
72.400 |
126.000 |
|
Total Current Assets |
50227.900 |
52099.900 |
56865.000 |
|
|
|
|
|
|
TOTAL |
70623.300 |
73472.800 |
73060.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
64792.600 |
55585.400 |
49688.700 |
|
|
Government subsidies |
28594.300 |
29620.500 |
47463.900 |
|
|
Other operating revenue |
418.300 |
396.500 |
1080.100 |
|
|
Other Income |
613.700 |
670.300 |
1166.700 |
|
|
TOTAL (A) |
94418.900 |
86272.700 |
99399.400 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
59475.500 |
48586.900 |
58606.500 |
|
|
Purchases of
Stock-in-Trade |
12292.200 |
15299.900 |
19349.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1239.500) |
1472.000 |
(2588.700) |
|
|
Employees benefits expense |
2437.600 |
2050.200 |
1882.200 |
|
|
Other expenses |
13453.300 |
10848.300 |
10370.600 |
|
|
Exceptional item |
126.100 |
0.000 |
355.300 |
|
|
TOTAL (B) |
86545.200 |
78257.300 |
87975.000 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
7873.700 |
8015.400 |
11424.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
2109.600 |
1766.700 |
1165.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
5764.100 |
6248.700 |
10259.300 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
820.300 |
585.400 |
561.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
4943.800 |
5663.300 |
9697.700 |
|
|
|
|
|
|
|
Less |
TAX (I) |
1495.300 |
1223.400 |
2765.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
3448.500 |
4439.900 |
6932.700 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD (K) |
0.000 |
4810.000 |
3180.000 |
|
|
|
|
|
|
|
Add |
Earlier year excess
proposed dividend and dividend distribution tax (L) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
250.000 |
0.000 |
|
|
Transfer to General
Reserve |
2500.000 |
3000.000 |
|
|
|
Interim dividend
[includes `7 lakhs on final dividend for
2011-12 (`5
lakhs on final dividend for 2010-11)] |
|
0.000 |
1130.000 |
|
|
Prpposed Dividend |
|
1270.000 |
850.000 |
|
|
Tax on Dividend |
|
220.000 |
320.000 |
|
|
Total (M) |
NA |
4240.000 |
5300.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
3448.500 |
5009.900 |
4812.700 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
||
|
Basic |
12.05 |
15.70 |
24.57 |
|
|
Diluted |
12.03 |
15.65 |
24.43 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.32 |
7.99 |
13.95 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.15 |
14.42 |
22.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.86 |
8.79 |
14.82 |
|
|
|
|
|
|
|
Return on Investment
(ROI) (PBT/Networth) |
|
0.22 |
0.26 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.62 |
1.03 |
1.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.25 |
1.25 |
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 |
282.600 |
283.100 |
283.200 |
|
Share Capital suspense |
0.000 |
0.000 |
2.600 |
|
Reserves & Surplus |
23429.300 |
21473.000 |
22047.400 |
|
Net worth |
23711.900 |
21756.100 |
22333.200 |
|
|
|
|
|
|
long-term borrowings |
2727.900 |
7720.300 |
2313.200 |
|
Short term borrowings |
21447.500 |
14675.500 |
11617.400 |
|
Total borrowings |
24175.400 |
22395.800 |
13930.600 |
|
Debt/Equity ratio |
1.020 |
1.029 |
0.624 |
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 |
49688.700 |
55585.400 |
64792.600 |
|
|
|
11.867 |
16.564 |
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 |
49688.700 |
55585.400 |
64792.600 |
|
Profit |
6932.700 |
4439.900 |
3448.500 |
|
|
13.95% |
7.99% |
5.32% |
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 |
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% |
No |
|
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 |
No |
|
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 |
LITIGATION DETAILS
:
CRLRC 1914 /
2011
CRLRCSR 30675 / 2011 CASE
IS : PENDING
|
PETITIONER SHRE VENKATA PADMAVATHI FERTILISERS,
PAMARRU (M), EG. DISTRICT PET. ADV.: RAVI PRASAD Subject : Other offences not covered above |
RESPONDENT COROMANDEL INTERNATIONAL LTD., VISAKHAPATNAM AND ANR, REP PP RESP. ADV.: PUBLIC PROSECUTOR DISTRICT : VISAKHAPATNAM |
|
FILING DATE : 14-09-2011 POSTING STAGE : FOR ADMISSION REG. DATE : 14-09-2011 LISTING DATE : 14-09-2011 STATUS :
NOTICES |
|
|
HON’BLEJUDGE(S): RAJA ELANGO |
|
UNSECURED LOANS:
|
Particular |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
Long Term Borrowing |
|
|
|
9% Unsecured
redeemable non-conbertible fully paid bonus debenture of Rs. 15/- each |
0.000 |
4242.300 |
|
Loan from a related
party – subsidiary |
12.700 |
0.000 |
|
Short Term Borrowing |
|
|
|
Loans repayable
on demand from banks |
5193.000 |
13907.800 |
|
Short terms from
banks |
833.600 |
0.000 |
|
Total |
6039.300 |
18150.100 |
Note:
Long Term Borrowing:
9% Unsecured redeemable non-convertible fully paid bonus debentures have been prepaid and redeemed at par during the year.
Short Term Borrowing :
Unsecured loans repayable on demand comprises buyers credit denominated in foreign currency loans and rupee loans availed from banks.
Operations
The south-west monsoon in 2013-14 was one of the best experienced in
recent years and positively influenced Kharif sowing and output. The Company
leveraged the favourable monsoon conditions and its complete portfolio
of agri-inputs comprising of fertilisers, crop protection and specialty
nutrients to register robust growth. Further, the Company has expanded its
retail footprint in Andhra Pradesh and Karnataka and improved its performance
by growing the non-fertiliser segment thereby registering profitable growth
over previous year.
The consumption levels of P&K fertilisers which had declined to
historic lows in 2012-13 recovered in 2013-14 due to increased sowing, good
monsoon and improved groundwater conditions. This has helped the industry to
reduce the pipeline inventory significantly.
The Company also reduced its inventory of finished products, improved
collections and increased its sales volume resulting in an increase in market
share. In addition, the Company maintained tight controls on conversion costs
and fixed costs and effectively managed phosphoric acid availability to improve
capacity utilization. The new production stream, C-train at Kakinada produced
various grades of complex fertilisers and DAP. Higher working capital due to
pipeline inventory and receivables has impacted the overall financing costs and
focused efforts helped in easing the position considerably in the current year.
During the year, the Company pursuant to the Scheme of Amalgamation approved
by the Hon’ble High Courts of Andhra Pradesh and Gujarat, has completed the
transfer of the entire business undertaking of LPL and LUL,including all its
assets and liabilities effective 1st April 2013. The Company has also acquired
the business undertaking from M/s Tungabhadra Fertilisers and Chemicals Company
Limited (TFCCL) on a slump sale basis. With the addition of LPL and LUL
manufacturing facilities in the northern and western parts of India and the
associated marketing network, the Company will be able to leverage the combined
marketing network to increase the sale of phosphatics and Single Super
Phosphate (SSP). In the year 2013-14 the excessive field stock of SSP inventory
and high input cost of raw materials have impacted performance of
SSP operations.
During the year the Crop Protection business recorded strong growth over
previous years by leveraging its domestic distribution network and its direct
presence in key Latin America and Asia Pacific markets. The Company has added
to its portfolio of export registrations and initiated a regional focus
approach with a view to expand its overseas presence. Domestic formulations
business benefitted from demand arising out of increased sowing of critical
crops like paddy, cotton and pulses. To create a new identity and to present
the farmers with a stronger value proposition, the Company launched a new
umbrella brand “Gromor Suraksha”. The business also improved its production
efficiencies at its technical manufacturing locations and completed various
projects that have improved the overall product quality, safety and plant
reliability. With the proposed merger of Company’s subsidiary Sabero Organics
Gujarat Limited, the crop protection SBU is poised for growth leveraging
domestic market network and global presence.
Specialty Nutrients business has registered a healthy growth in all
three product categories – Water Soluble Fertilisers (WSF), Sulphur Products
and Micro Nutrients. The Company is the market leader in Water Soluble
Fertilisers and Sulphur product segments. During the year, six new products
were introduced to offer need based crop solutions and the business is focused
on achieving scale by adopting a crop based approach to sales and
marketing efforts.
The Retail business completed a series of new initiatives and robust
processes in the year 2013-14 to facilitate long term growth. The business
focused on positioning every outlet as a “Complete Farming Solution” platform
through range expansion in the Non-Fertilisers segments. These initiatives have
resulted in Retail registering a significant growth during the year.
The Company has recorded a total revenue of Rs. 94420.000 Millions.
Profit for the year before depreciation, interest and taxation was Rs. 8000.000
millions and Profit before tax was Rs. 4940.000 Millions. Net Profit after tax
was Rs. 3450.000 Millions.
Subsidiary
Companies:
Sabero Organics
Gujarat Limited (Sabero)
Sabero’s total revenue for the year ended 31st March 2014 was Rs.
7214.300 Millions with a Net profit of Rs. 331.300 Millions as Annual Report
2013-14 11 compared to a profit of Rs. 77.300 Millions in the previous year.
During the year the Boards of the Company and Sabero have approved a
Scheme of Amalgamation for merger of Sabero with the Company, subject to approval
of the respective shareholders, creditors, concerned High Courts and such other
authorities, as may be required. The Scheme will be with effect from 1st April
2014 but would become operative after receipt of necessary approvals. Meetings
of the shareholders and creditors of the Company and Sabero are scheduled to be
held on 16th June 2014 and 20th June 2014, respectively.
CFL Mauritius
Limited:
The Company (a 100% subsidiary) incurred loss of US $ 0.18 million
(equivalent to Rs. 10.700 Millions) during the year ended 31st December 2013.
Primary source of income for this subsidiary is dividend income from Foskor
(Pty) Limited and during the year, the subsidiary did not receive any dividend
from Foskor. The Company has during the year made a further investment of Rs.
250.700 Millions in this company.
Parry Chemicals
Limited (PCL):
The Company (a 100% subsidiary) earned a total revenue of Rs. 33.200 Millions for the year ended 31st March
2014 and Profit after Tax was Rs. 29.100 Millions.
PCL, during the year had sold 558249 equity shares of Sabero Organics
Gujarat Limited (Sabero) representing 1.65% of the equity capital of Sabero to
its holding company, Coromandel.
Dare Investments
Limited (DIL):
During the year Dare Investments Limited, which was a wholly owned
subsidiary of PCL, has become a direct subsidiary of the Company. The Company
had during the year made a further investment of Rs. 49.500 Millions in this
company.
Coromandel Brasil
Limitada:
The Limited Liability Partnership is primarily engaged in getting
product registrations in Brazil and procuring orders for supplies from India.
It incurred net loss of Brazilian Reals 0.26 million (equivalent to Rs. 07.000
Millions) for the year ended 31st December 2013.
Liberty Pesticides
and Fertilisers Limited (LPFL):
During the year, LPFL which was a wholly owned subsidiary of LPL, has
become a direct subsidiary of the Company and it did not have any significant
operations during 2013-14.
Joint Venture
Companies
Coromandel Getax Phosphates
Pte Limited
The Joint Venture Company based in Singapore formed for leveraging
opportunities for rock phosphate mining/ sourcing continued scouting for
opportunities during the year.
Coromandel SQM
(India) Private Limited
The Joint Venture Company, formed to set up a Water Soluble Fertilisers
(WSF) Plant at Kakinada; Andhra Pradesh has earned a total income of Rs.
632.400 Millions for the year ended 31st March 2014 and the net profit was
Rs.15.900 Millions
Strategic Investment
Tunisian Indian
Fertilisers S.A. (TIFERT)
Company has a strategic investment of 15% equity stake in TIFERT, a
company based in Tunisia, manufacturing phosphoric acid. With the restoration
of near normalcy in Tunisia the plant was commissioned last year and the
Company received phosphoric acid from TIFERT and the plant is getting
stabilized. The Company’s strategic investment in TIFERT is aimed at securing
uninterrupted supply of phosphoric acid for the Company’s operations especially
for expanded capacity at Kakinada.
Foskor (Pty)
Limited (South Africa):
Coromandel along with CFL Mauritius Limited holds 14% equity of Foskor
(Pty) Limited. Coromandel continues to leverage its relationship with Foksor in
sourcing phosphoric acid, the key raw material, for manufacturing phosphatic
fertilisers.
Safety, Health and
Environment (SHE)
Company’s focus on Safety, Health and Environment continued during the
year under review across all locations with all manufacturing plants
maintaining high safety standards. Company has put in place robust processes
and performance indicators to track its SHE performance. There was a
significant reduction in reportable incidents during the year. The Company
maintained high standards of environmental performances with all facilities
operating well within norms. The Company continued its efforts to track health
indicators of all its operating staff working in critical areas through its
occupational health centres at its factories.
Process safety focused on fertiliser plants and special drive carried
out during annual turnaround time facilitated to address the process related
‘near miss’ incidents. Structural safety initiatives undertaken at Ennore and
Visakhapatnam units will continue to improve the structural integrity.
Increased emphasis laid on contractor safety training, performance monitoring,
continuous communication and initiation of a reward mechanism resulted in
healthy plant safety environment.
Action plan implemented based on DuPont safety management evaluation
assessment will continue to strengthen the safety culture of the organisation.
All the plants continued to make significant progress in attaining external SHE
recognition, and have been certified with ISO 14001 Environmental Management
System certification and conforms to Process Safety Management System. The
overall safety and environment continued to improve during the year.
Awards/Recognition
The Company continues to receive numerous awards/ accolades from industry
associations. During the year the Company received the following
awards/accolades:
•
‘India’s
Best Board - 2013’ Award, instituted by Economic Times and Hay Group.
•
Dun &
Bradstreet Corporate Awards 2012 - Top Indian company under the sector - fertilisers.
•
FAI Award on
application of Information and Communication Technology (ICT) in Agriculture
-2013’. The award was given in
recognition of the pioneering efforts involving ICT in agriculture initiated by
the retail division while discharging farmer extension services.
•
“Retailer of
the Year Award” under Rural Impact & CSR category from Asia Retail
Congress.
•
First prize
in State Energy Conservation from the Government of Andhra Pradesh for
commendable efforts towards significant improvement in conservation of energy.
Outlook
Having weathered the headwinds from multiple directions in 2012-13– forex, high prices, imports, high channel inventories and a failed monsoon – Coromandel has made significant strides in 2013-14 to position the business for long-term growth. The Company will continue to focus on maintaining cost leadership in the industry and will focus on further reducing costs. With the commissioning and stabilization of C-Train, the Company has positioned
itself to be the leading Phosphatic fertiliser player in the country. In addition, the Company has improved its manufacturing facilities at Visakhapatnam and Ennore to ensure sustainable operations for the long-term. Besides this, the company is looking forward towards attaining selfsufficiency of Visakhapatnam unit in terms of phosphoric acid requirements. With this they will be able to meet the requirements of manufacturing higher volumes and maintain their cost leadership. They are confident that the manufacturing base of the Company has been positioned to be capable of meeting the needs of the phosphatic fertiliser sector.
The business will continue to strengthen itself as a Complex fertiliser player by offering region specific value added solutions to the farmer and pursue fortified fertilisers (B, ZN, S) to address soil deficiencies. With the acquisition of LPL and LUL, Coromandel has positioned itself to cater to a different customer base in a geography
Where Coromandel brands have relatively low presence. The company will leverage marketing synergies across both businesses to maximize sales of SSP and Complex fertilisers.
In 2014-15 the company will commercialize the technologies developed in 2013-14 for several specialty products – water solubles, sulphur and mirconutrients. The company will also develop fortification technology for enhancing the performance of existing fertiliser grades through incorporation of proprietary additives. In the area of Agronomic research, the company will conduct extensive trials with the objective of mapping products to different soil/crop combinations.
In the current business environment, the Company will maintain strong focus on working capital levels to reduce interest costs and unlock cash from trade channels. Finally, the Company will continue to actively manage foreign exchange exposure and continually optimize positions to reduce downside risk to the business. Growing demand for food grains to feed a larger population, food security legislation, limited land and water resources are all factors which will be key drivers of future growth for agri-input and crop protection products. With the depreciation of currency and increasing global demand for generics, Indian Industry is expected to benefit from growth in exports of agrochemicals significantly in coming years. In order to address the growing need, the Company will focus on specialities and scale up formulation sales based on captive technicals including additional range being manufactured by Sabero. The Company is also actively expanding its global footprint by leveraging Sabero and will continue to increase its presence in Latin America, Africa and South East Asia. In addition, the Company will continue to maintain a global focus and increase its reach by increasing its portfolio of global registrations. The company will also increase its strengths in R&D by pursuing the establishment of a product synthesis center with capability to develop combination products.
The SND business will leverage its knowledge driven crop approach to capture the emerging markets across the country. The team will focus on providing complete nutrition solutions in high potential crop clusters by addressing customer needs and requirements. Customized crop products to farmers and dealers will be the key drivers for growth in the period ahead. Crop Knowledge will form core of this approach which will be acquired through tie ups.
Retail focus in 2014-15 will be on offering significantly superior customer value proposition compared to general trade and improved execution. Coromandel Retail has been steadily gaining customer trust by offering complete farming solution including high quality products at fair prices. Market Research initiatives like setup of Farmer Panels and Continuous Feedback Systems will be used to understand latest trends and developments in farming
and tapping lateral needs of farmers. Market Research information will be leveraged to design customer loyalty programs and reward systems. Number of stores extending Farm credit service will be scaled up.
Extensive CRM systems will be introduced at store level to track Store team reach and effective implementation of customer service. Information Technology (IT) enabled technical advisory services will be provided to enhance the stores’ technical strength. Focus on ‘Gromor Webinar’ and ‘Gromor Scientist’ and conducting precision farming demos will continue. All customer initiatives will be aligned to increase farmers’ Return on Investment.
Risk management
Overview
Risk Management at Coromandel is an integral part of our business model, focusing to mitigate adverse impact of risks on their business objectives and enable the Company to leverage market opportunities effectively.
With the implementation of additional supporting infrastructure elements, the company is in the process of implementing Comprehensive Enterprise Risk Management, which will cover full spectrum approach to Risk Management across the enterprise. This will result in movement along the Capability Maturity continuum from Comprehensive to Integrated to Strategic levels.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER,
2014
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
(Unaudited) |
||
|
1. |
Income from
Operations |
|
|
|
|
|
a)
Net Sales/ Income from Operations |
32407.600 |
16775.200 |
49182.800 |
|
|
b)
Other Operating Income |
45.900 |
78.900 |
124.800 |
|
|
Total Income
From Operations |
32453.500 |
16854.100 |
49307.600 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
16619.800 |
12317.900 |
28937.700 |
|
|
Purchase of Stock In Trade |
4226.900 |
4648.700 |
8875.600 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
3981.200 |
(4565.200) |
(584.000) |
|
|
Employee Benefits Expenses |
621.900 |
572.000 |
1193.900 |
|
|
Depreciation and Amortization Expenses |
224.500 |
216.100 |
440.600 |
|
|
Freight and distribution expenses |
1968.300 |
1245.000 |
3213.300 |
|
|
Other Expenses |
1861.300 |
1660.800 |
3522.100 |
|
|
Total |
29503.900 |
16095.300 |
45599.200 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
2949.600 |
758.800 |
3708.400 |
|
|
|
|
|
|
|
4. |
Other Income |
135.100 |
165.300 |
300.400 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
3084.700 |
924.100 |
4008.800 |
|
|
|
|
|
|
|
6. |
Financial Cost |
539.500 |
556.600 |
1096.100 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
2545.200 |
367.500 |
2125.000 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
2545.200 |
367.500 |
2125.000 |
|
|
|
|
|
|
|
10. |
Tax Expense |
841.400 |
111.300 |
955.700 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
1703.800 |
253.200 |
1957.000 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
1703.800 |
253.200 |
1957.000 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
285.800 |
285.800 |
285.800 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
Basic |
5.96 |
0.89 |
6.85 |
|
|
Diluted |
5.96 |
0.88 |
6.84 |
|
|
|
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
105182119 |
105123251 |
105182119 |
|
|
- Percentage of Shareholding |
36.80% |
36.78% |
36.80% |
|
|
|
|
|
|
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
10000 |
10000 |
10000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
0.006% |
0.006% |
0.006% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
0.003% |
0.003% |
0.003% |
|
|
|
|
|
|
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
180598914 |
180622764 |
180598914 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
99.99% |
99.99% |
99.99% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
63.19% |
63.20% |
63.19% |
|
Particulars
|
Quarter Ended 30.09.2014 |
|
INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES
|
PARTICULARS |
30.09.2014 Unaudited |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
285.800 |
|
Reserve &
surplus |
23935.800 |
|
Sub-total - Shareholders' funds |
24221.600 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
2141.400 |
|
Deferred Tax
liabilities |
1753.800 |
|
Other current
liabilities |
300.100 |
|
Long term
provisions |
158.700 |
|
Sub-total - Non-current liabilities |
4354.000 |
|
Current
liabilities |
|
|
Short term
borrowings |
16821.600 |
|
Trade payables |
26565.300 |
|
Other current
liabilities |
4163.000 |
|
Short term
provisions |
203.200 |
|
Sub-total - Current liabilities |
47753.100 |
|
Total - Equity & Liabilities |
76328.700 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
12116.700 |
|
Non-current
investment |
7497.500 |
|
Long term loans
& advances |
567.500 |
|
Sub-total - Non-current Assets |
20181.700 |
|
Current assets |
|
|
Current
Investments |
1.800 |
|
Inventories |
20933.500 |
|
Trade
receivables |
14936.500 |
|
Cash & bank
balances |
2909.100 |
|
Short term loans
& advances |
17279.100 |
|
Other current
assets |
87.000 |
|
Sub-total - Current Assets |
56147.000 |
|
Total – Assets |
76328.700 |
Note:
1. The above financial results are drawn in
accordance with the accounting policies consistently followed by the Company.
2. The above results were reviewed and
recommended by the Audit Committee at their meeting held on 1st
November, 2014 and approved by the Board of Directors at their meeting held on
July 23, 2014. The Statutory Auditors have carried out a limited review of
these financial results.
3. (a) During the quarter, pursuant to the
execrcise of stock options by certain employees under the ESOP 2007 scheme, the
company has allotted 35018(Quarter ended 30 september 2013 :81600) equity share
of Rs.1 each st the respective excerise price.
(b) Pursuant to the Amalgamation of liberty
phosphate limited (LPL) and liberty Unvrk Limited (LUL). The company has
allotted 2574193 equity share of the company to the public shareholders of LPL
LUL being a wholly-owned subsidiary of the company. No equiry shares were
issued to the shareholders of LUL the shre held by the Company in LPL and LUL
HAVE accordingly been extinguished
4. Updated on Amalgamation of SABERO Organic
Gujarat Limited (Sabero) with the company the prntion filed by the company has
been approved by the Hon’ble High Court of judicature at Hyderabad for the
State of telngana and the state of Andhra Pradesh. In respect of Petition Filed
by sabero sanction of the Hon’ble High Court of Judicature of Gujarat is awarded.
As per the Scheme, the Appointed/ Transfer date
for amalgamation is April 1, 2014 and on the Record Date to be fixed after
receipt of all approvals, the shareholders of Sabero shall be issued 5 equity
shares of each in the Company for every 8 equity shares of Rs. 10 each held in
Sabero. The shares held by the Company in Sabero shall accordingly get
extinguished.
5. Exceptional item of the previous year
represents interest demand in respect of disputed taxes relating to earlier
years.
6. On 12th October 2014, the
“Hudbhud” cyclone hit Vishakhapatnam and impacted the company’s manufacturing
unit causing certain damage/stoppage operation related to that unit. The
company has adequate insurance coverage under the industrial all risk s
insurance policy and will be loging the claim.
7. Prusant to the joint venture intered
into by the company with the Yanmar Company Limited and Mistsi and Company
(Asia Pacific) Pte. Limited, a joint venture company Yanmar Coromandel
Agrisolution Private Limited (Yanmar India) was incorporated (on 14 July 2014)
to engage in the business of manufacturer, sales and after-sales service of
agricultural Machinery. In terms of aforesaid agreement, capital contribution
have been made into Yanmar India in the current quarter.
8. The Consolidated Results for the quarter
ended June 30, 2014 include consolidated results of subsidiaries - Sabero
Organics Gujarat Limited, its subsidiaries and associate, results of
wholly-owned subsidiaries - Liberty Pesticides and Fertilisers Limited, Parry
Chemicals Limited, Dare Investments Limited, CFL Mauritius limited, Coromandel
Brasil Limitada and, Joint venture Companies - Coromandel Getax Phosphates Pte
Limited and Coromandel SQM (India) Private Limited.
9. The Company, its subsidiaries and its joint
ventures are primarily engaged in the farm inputs business, which in the
context of Accounting Standard 17, is considered the only significant business
segment.
10. Figures of the previous quarters/year have
been regrouped and reclassified wherever considered necessary to correspond
with current quarter presentation.
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10447446 |
03/09/2013 |
1,056,000,000.00 |
HONGKONG AND SHANGHAI BANKING CORPORATION |
21 COLLYER QUAY, #10-02, HSBC BUILDING, SINGAPORE, - 049320, SINGAPORE |
B84231620 |
|
2 |
10381818 |
29/09/2012 |
450,800,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, - 0, MAURITIUS |
B60191418 |
|
3 |
10381820 |
29/09/2012 |
465,600,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, - 0, MAURITIUS |
B60191574 |
|
4 |
10381819 |
29/09/2012 |
892,400,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, - 0, MAURITIUS |
B60191491 |
|
5 |
10289148 |
12/05/2011 |
3,000,000,000.00 |
ICICI BANK LIMITED |
CORPORATE BANKING GROUP, 6TH FLOOR, ICICI BANK TOWE, PLOT NO.12, NANAKRAMGUDA, SERILLINGAMPALLY, HYDERABAD, ANDHRA PRADESH - 500032, INDIA |
B13857669 |
|
6 |
10294088 |
30/11/2012 * |
451,800,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18 CYBERCITY, EBENE,-0, MAURITIUS |
B65691891 |
|
7 |
10246365 |
30/11/2012 * |
468,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18 CYBERCITY, EBENE,- 0, MAURITIUS |
B65689127 |
|
8 |
10231502 |
14/07/2011 * |
4,500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WORLD TRADE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B17713066 |
|
9 |
10149101 |
06/05/2011 * |
4,500,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
6-3-1107 & 1108, RAJBHAVAN ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
B12373965 |
|
10 |
10128572 |
23/12/2013 * |
1,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR A |
B94088523 |
FIXED ASSETS:
- Land
- Freehold
- Leasehold
- Buildings
- Roads
- Railway Siding
- Plant and equipment
- Furniture and Fixtures Vehicles
NEW
COROMANDEL TO MERGE LIBERTY PHOSPHATE AND LIBERTY URVARAK WITH ITSELF
Coromandel International Ltd,
a Murugappa Group company and India’s second largest phosphatic fertiliser
player, has announced the merge of its two subsidiaries - Liberty Phosphate Limited (LPL) and Liberty Urvarak Limited (LUL) - with
itself. According to a company press release, the Board of Directors of
Coromandel International, and the Board of Directors of Liberty Phosphate
Limited (LPL), a subsidiary of Coromandel International and LUL, a wholly-owned
subsidiary of Coromandel, have approved the merger of LPL and LUL with
Coromandel through a scheme of Arrangement, subject to approval of the stock
exchanges, shareholders, creditors, concerned High Courts/Tribunal, and other
regulators as applicable.
Coromandel, along with its wholly owned
subsidiary LUL, holds 79.62% equity stake in LPL. Public shareholders of LPL
shall be issued shares in Coromandel in the ratio of 7 equity shares of Re 1
each of Coromandel for every 8 equity shares of Rs 10 each of LPL in terms of
the scheme. The shares held by Coromandel and LUL in LPL shall get
extinguished.
COROMANDEL RECEIVES FIRST CONSIGINMENT
FROM TUNISIAN JOINT VENTURE
Kapil Mehan, Managing Director,
Coromandel, said, “The merger will provide greater operational flexibility in
leveraging sales and distribution networks of both the companies besides
realising synergy benefits in the areas of manufacturing, procurement and new
product development. The combined entity will facilitate Coromandel to reach
its vision of 1 million MT in single super phosphate (SSP) segment.”
Liberty group is one of India’s largest
manufacturers of powdered and granulated SSP with
about 14% market share. The group has 6 existing plants located in Baroda,
Udaipur, Pali, Kota, Nimrani and Hospet and is expected to have installed
capacity of 9.6 lakh MT and combined licensed capacity of 0.809 Million MT.
Liberty Phosphate is also setting up a 0.132 Million MT green field SSP unit at
Rae Bareli.
For the Financial year 2011-12, LPL reported a
turnover of Rs 4890.000 Millions and net profit of Rs 540.000 Millions.
Combined revenues & net profits for all 3 entities for 2011-12 was Rs
6450.000 Millions and Rs 680.000 Millions, respectively. LUL also has a holding
of 5.01% in LPL.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.69 |
|
|
1 |
Rs. 93.32 |
|
Euro |
1 |
Rs. 71.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
65 |
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.