MIRA INFORM REPORT
|
Report No. : |
332994 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SULPHUR MILLS LIMITED |
|
|
|
|
Registered
Office : |
604/605, 349 Business Point, Western Express Highway, Andheri (East),
Mumbai – 400069, Maharashtra |
|
Tel. No.: |
91-22-66772551/ 43452222 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.07.1960 |
|
|
|
|
Com. Reg. No.: |
11-011752 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1.760 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1960PLC011752 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS8736K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Agro Chemicals/ Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 5500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s established position in the niche
sulphur-based agricultural chemical segment supported by healthy financial
risk profile, adequate liquidity position and decent profitability margins of
the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
May 19, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
May 19, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Bhavin Patel |
|
Designation : |
General Manager |
|
Contact No.: |
91-22-43452222 |
LOCATIONS
|
Registered/ Head Office : |
604/605, 349 Business Point, Western Express Highway, Andheri (East),
Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-66772551/ 43452222 |
|
Fax No.: |
91-22-43452245 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
GIDC Panoli, District Bharuch, Gujarat, India |
|
|
|
|
Factory 2 : |
MIDC, Plot No. 8, Turbhe Naka, Thane – Belapur Road, Navi Mumbai – 400025, Maharashtra, India |
|
Tel. No.: |
91-22-24932026/ 24937685/ 24938936 |
|
Fax No.: |
91-22-24939586 |
|
|
|
|
Branch Office 1 : |
309, Meghdoot, Nehru Place, New Delhi – 110019, India |
|
|
|
|
Branch Office 2 : |
1/8/144, Prenderghast Road, P.B. No. 2009, Secunderabad – 500003, Andhra Pradesh, India |
|
|
|
|
Branch Office 3 : |
541, N.S.R. Road, Saibaba Colony, Coimbatore – 641011, Tamilnadu, India |
DIRECTORS
As On 20.09.2014
|
Name : |
Mr. Deepak Pranjivandas Shah |
|
Designation : |
Managing director |
|
Address : |
501/502, Vandana Apartments, Janki Kutir, Juhu Vile Parle [East],
Mumbai - 400049, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1947 |
|
Qualifications : |
B.S. (Mech.
Engg.), USA |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AMYPS5101N |
|
DIN No.: |
00864335 |
|
|
|
|
Name : |
Mr. Suketu Chandrakant Doshi |
|
Designation : |
Whole-time director |
|
Address : |
Sneha Kutir, 5th Floor, Peddar Road, Mumbai - 400026, Maharashtra,
India |
|
Date of Birth/Age : |
29.11.1957 |
|
Qualifications : |
B. Pharma |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AJSPD4877H |
|
DIN No.: |
00639815 |
|
|
|
|
Name : |
Mrs. Bimal Deepak Shah |
|
Designation : |
Whole-time director |
|
Address : |
501/502, Vandana Apartments, Janki Kutir, Juhu Vile Parle (West),
Mumbai - 400049, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1979 |
|
Qualifications : |
B.S.(Chemistry,
Agriculture) USA,M.S(Plant/Soil Science) USA |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AELPS3417A |
|
DIN No.: |
00506415 |
|
|
|
|
Name : |
Mr. Binoy Shailesh Shah |
|
Designation : |
Whole-time director |
|
Address : |
Shanti Kutir, 1st Floor, Next to Citizen Hotel, Juhu Beach, Mumbai -
400049, Maharashtra, India |
|
Date of Birth/Age : |
21.03.1969 |
|
Qualifications : |
B.E(Electronics)
USA, MBA-Agri Finance |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AELPS3417A |
|
DIN No.: |
00679812 |
|
|
|
|
Name : |
Mrs. Shilpa Deepak Shah |
|
Designation : |
Whole-time director |
|
Address : |
501, Vandana Apartments, Janaki Kutir, Juhu, Mumbai - 400049,
Maharashtra, India |
|
Date of Birth/Age : |
30.11.1947 |
|
Qualifications : |
M.A.(Economics)
USA |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AAEPS3917L |
|
DIN No.: |
00639833 |
|
|
|
|
Name : |
Mrs. Komal Deepak Shah |
|
Designation : |
Whole-time director |
|
Address : |
501, Vandana Apartments, Janaki Kutir, Juhu, Mumbai - 400049,
Maharashtra, India |
|
Date of Birth/Age : |
17.06.1977 |
|
Qualifications : |
Bachelors in
Chemical Engg-USA, Masters in Bio-Chemistry USA, MBA-Spain |
|
Date of Appointment : |
01.08.2013 |
|
PAN No.: |
AAVPS2577H |
|
DIN No.: |
01619650 |
KEY EXECUTIVES
|
Name : |
Mr. Bhavin Patel |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS
As On 20.09.2014
SHAREHOLDING DETAILS FILE ATTACHED
As On 20.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
83.69 |
|
Others |
16.31 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agro Chemicals/ Products. |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Bank of India |
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Facilities : |
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Auditors : |
|
|
Name : |
B.D. Jokhakar and Company Chartered Accountants |
|
Address : |
Raja Bahadur Mansion, 8, Ambalal Doshi Marg, Fort, Mumbai
– 400001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFB1729J |
|
|
|
|
Subsidiary company
: |
· SM Cropcare Guatemala Public Limited Company ·
Sulphur Chemical Mills (Pty) Limited |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· SM Crop Care Bio-Tech Private Limited [U24200MH2005PTC155325] · SM Holdings Private Limited · Sumil Chemical Industries Private Limited [U24110MH1984PTC034472] |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
176005 |
Equity Shares |
Rs. 10/- each |
Rs. 1.760 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1.760 |
1.760 |
1.859 |
|
(b) Reserves & Surplus |
1949.152 |
1771.282 |
1664.419 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1950.912 |
1773.042 |
1666.278 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
45.512 |
38.914 |
32.157 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.912 |
1.590 |
1.124 |
|
Total
Non-current Liabilities (3) |
46.424 |
40.504 |
33.281 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
22.027 |
210.868 |
|
(b)
Trade payables |
1179.148 |
912.308 |
698.196 |
|
(c)
Other current liabilities |
289.845 |
210.050 |
124.404 |
|
(d)
Short-term provisions |
309.826 |
250.979 |
64.223 |
|
Total
Current Liabilities (4) |
1778.819 |
1395.364 |
1097.691 |
|
|
|
|
|
|
TOTAL |
3776.155 |
3208.910 |
2797.250 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
374.695 |
88.781 |
50.680 |
|
(ii)
Intangible Assets |
131.163 |
104.482 |
73.786 |
|
(iii)
Capital work-in-progress |
0.000 |
249.208 |
182.147 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
244.118 |
237.439 |
229.722 |
|
(c) Deferred tax assets
(net) |
12.300 |
10.894 |
8.526 |
|
(d) Long-term Loan
and Advances |
139.889 |
40.311 |
110.064 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
902.165 |
731.115 |
654.925 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
800.056 |
584.036 |
487.640 |
|
(c)
Trade receivables |
1110.420 |
1079.597 |
827.862 |
|
(d)
Cash and cash equivalents |
826.550 |
710.545 |
804.193 |
|
(e)
Short-term loans and advances |
136.964 |
103.617 |
22.630 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2873.990 |
2477.795 |
2142.325 |
|
|
|
|
|
|
TOTAL |
3776.155 |
3208.910 |
2797.250 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
4880.708 |
3489.044 |
3274.756 |
|
|
Other Income |
98.316 |
95.655 |
112.481 |
|
|
TOTAL |
4979.024 |
3584.699 |
3387.237 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2416.393 |
1366.644 |
1402.634 |
|
|
Purchases of Stock-in-Trade |
890.440 |
780.052 |
723.374 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(193.448) |
11.941 |
(38.887) |
|
|
Employees benefits expense |
195.680 |
168.075 |
100.071 |
|
|
Other expenses |
908.215 |
666.486 |
596.057 |
|
|
TOTAL |
4217.280 |
2993.198 |
2783.249 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
761.744 |
591.501 |
603.988 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.503 |
5.118 |
14.974 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
761.241 |
586.383 |
589.014 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
92.297 |
45.593 |
28.986 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
668.944 |
540.790 |
560.028 |
|
|
|
|
|
|
|
Less |
TAX |
243.974 |
190.133 |
183.840 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
424.970 |
350.657 |
376.188 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export Earnings |
2085.400 |
1444.300 |
1589.300 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1102.560 |
672.987 |
|
|
|
Capital Goods |
57.468 |
52.941 |
|
|
|
TOTAL IMPORTS |
1160.028 |
725.928 |
NA
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2415 |
1992 |
2024 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
637.264 |
464.840 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.71 |
10.05 |
11.49 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
15.61 |
16.95 |
18.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.01 |
19.95 |
23.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.31 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02 |
0.03 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62 |
1.78 |
1.95 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1.859 |
1.760 |
1.760 |
|
Reserves & Surplus |
1664.419 |
1771.282 |
1949.152 |
|
Net
worth |
1666.278 |
1773.042 |
1950.912 |
|
|
|
|
|
|
Long-term borrowings |
32.157 |
38.914 |
45.512 |
|
Short term borrowings |
210.868 |
22.027 |
0.000 |
|
Total
borrowings |
243.025 |
60.941 |
45.512 |
|
Debt/Equity ratio |
0.146 |
0.034 |
0.023 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3274.756 |
3489.044 |
4880.708 |
|
|
|
6.544 |
39.887 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3274.756 |
3489.044 |
4880.708 |
|
Profit |
376.188 |
350.657 |
424.970 |
|
|
11.49% |
10.05% |
8.71% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90243522 |
31/05/2001 |
67,000,000.00 |
BANK OF INDIA |
TURBHE BRANCH , PLOT NO 34, SECTOR 24, TURBHE, MUMBAI, Maharashtra - 400705, INDIA |
- |
|
2 |
90243213 |
17/11/1994 |
2,500,000.00 |
BANK OF INDIA |
TURBHE BRANCH, NEW BOMBAY, THANE, Maharashtra - 400001, INDIA |
- |
|
3 |
90243211 |
17/11/1994 * |
2,500,000.00 |
BANK OF INDIA |
TURBHE BRANCH, THANE BELAPUR ROAD, THANE, Maharashtra - 400001, INDIA |
- |
|
4 |
90239557 |
17/11/1990 |
5,500,000.00 |
BANK OF INDIA |
TURBHE BRANCH, THANE BELAPUR ROAD, THANE, Maharashtra, INDIA |
- |
|
5 |
90243043 |
08/01/1990 * |
3,500,000.00 |
BANK OF INDIA |
TURBHE BRANCH, THANE BELAPUR ROAD, THANE, Maharashtra, INDIA |
- |
|
6 |
90242940 |
16/09/1988 * |
1,500,000.00 |
BANK OF INDIA |
TURBHE BRANCH, THANE BELAPUR ROAD, THANE, Maharashtra - 400001, INDIA |
- |
|
7 |
90242923 |
13/09/1989 * |
800,000.00 |
BANK OF INDIA |
TURBHE BRANCH, THANE BELAPUR ROAD, THANE, Maharashtra - 400001, INDIA |
- |
|
8 |
90239073 |
22/12/2006 * |
500,000.00 |
BANK OF INDIA |
TURBHE BRANCH, THANE BELAPUR ROAD, THANE, Maharashtra - 400001, INDIA |
- |
|
9 |
90242916 |
22/12/1986 * |
800,000.00 |
BANK OF INDIA |
TURBHE BRANCH, THANE BELAPUR ROAD, THANE, Maharashtra - 400001, INDIA |
- |
|
10 |
90238804 |
15/11/1984 * |
920,000.00 |
BANK OF INDIA |
TURBHE BRANCH, THANE BELAPUR ROAD, THANE, Maharashtra - 400001, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits from directors |
3.305 |
2.520 |
|
Deposits from shareholders |
0.425 |
1.210 |
|
Public deposits |
0.200 |
0.200 |
|
Deposits from others |
41.582 |
34.984 |
|
Total |
45.512 |
38.914 |
OPERATIONS AND
OUTLOOK
Gross Turnover during the year is Rs. 4984.400 Million as against
previous year Rs. 3568.400 Million, where there is an increase of 39.68%.
However, the Company will make more efforts in coming years to tap the sizeable
potential for the growth. The profitability of the company last year was Rs.
540.800 Million which was 15.63% of turnover versus this year is Rs. 668.900
Million which is 13.80% of turnover.
BUSINESS:
(A) EXPORT:
Export sales of the Company this year is Rs. 2179.600 Million as against
previous year Rs. 1498.300 Million (increase of 45.47%). The phenomenal growth
was centered through business coming from Brazil, where the major contribution
came from certain products that increased in volume based on certain protected
technology the company has. Further in regards to Brazil, such other business
from Brazil is expected to achieve such growths. Other markets showed little
growth; however growth from more other markets such as in Latin America, USA,
Africa and Europe would be based on certain key registrations, which are
expected in the years 2014-15 and 2015-16.
(B) DOMESTIC:
Domestic sales of the Company this year is Rs. 2667.300 Million as
against previous year Rs. 1960.600 Million which increased by 36.05%. The
increase in domestic business was centered around increased volumes of key
products such as Fertis, Cosavet DF, Pearl and Pronto has shown significant
growth over last year.
Further lot of efforts on branding and marketing in the domestic segment
has given the company good brand recognition in certain key areas in India.
Further emphasis on new channel development and product development in the
field and on new upcoming registrations shall take the domestic business to a
greater levels in the coming years.
FUTURE EXPANSIONS:
The company has expanded its capacity for WDG and Microencapsulation
formulations. Currently the capacity of formulations for WDG has been increased
to 35,000 MT with the recent commissioning of a newly designed 20,000 WDG plant
(where there was a delay in commissioning due to an un expected accident in the
plant).
Further with a phase 2 for this WDG plant (which would be commissioned
by Dec 2015) which will additionally add further capacity and make the company
the largest WDG manufacturer in the world. Further investments in lands have
been done in expanding the manufacturing base and also in the lookout for a
potential backward integration of active manufacturing.
PROSPECTS:
The Company has received patents for its Sulphur 90% WDG (a low dosage
specialized Sulphur fertilizer) in USA, Australia, China, New Zealand, South
Korea, Vietnam etc. and have started promoting/field trials in various
countries.
The company is further strengthening its product portfolio of insecticides,
fungicides and herbicides to cater to the global and Indian agricultural need
with value added formulations and with a differentiation through formulation
technology.
The company is working on various technologies in formulation
development based on which it has successfully filed and received various IPR.
Apart from this the company is further leveraging its leadership in
Sulphur and to work along various combinations with Sulphur to meet the need of
integrated Nutrient management globally and in India.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Other pollution reduction equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipment
· Other equipment
· Leasehold improvements
· Copyrights, patents and other operating rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.49 |
|
|
1 |
Rs. 99.42 |
|
Euro |
1 |
Rs. 69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.