MIRA INFORM REPORT

 

 

Report No. :

311340

Report Date :

11.03.2015

 

IDENTIFICATION DETAILS

 

Name :

BASF INDIA LIMITED

 

 

Registered Office :

3rd Floor, Vibgyor Towers, Plot No. C-62, ‘G’ Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400098, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.05.1943

 

 

Com. Reg. No.:

11-003972

 

 

Capital Investment / Paid-up Capital :

Rs. 432.850 Million

 

 

CIN No.:

[Company Identification No.]

L33112MH1943FLC003972

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufactures and sells agricultural solutions, performance products, chemicals, and functional materials. 

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (76)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

35000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having excellent track record.

 

Financial position of the company is sound. Fundamentals of the company are strong and healthy.

 

Directors are reported to be well experienced and respectable businessman.

 

Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment.

 

The company can be considered good for 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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

Non-Convertible Debentures = AAA

Rating Explanation

Highest degree of safety and carry lowest credit risk.

Date

November 28, 2014

 

Rating Agency Name

CRISIL

Rating

Commercial Paper = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

November 28, 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 :

3rd Floor, Vibgyor Towers, Plot No. C-62, ‘G’ Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400098, Maharashtra, India

Tel. No.:

91-22-66618000

Fax No.:

Not Available

Website :

www.india.basf.com

 

 

Factory 1 :

Plot Nos. 12 and 13, TTC Industrial Area, Thane-Belapur Road, Turbhe, Navi Mumbai - 400 705, Maharashtra, India

 

 

Factory 2 :

Plot Nos. C-68 and C-68 Pt., TTC Industrial Area, MIDC, Thane Belapur Road, Turbhe, Navi Mumbai - 4 00 613, Maharashtra, India

 

 

Factory 3 :

Bala/Thokur Village, Surathkal-Bajpe Road, Mangalore Taluka - 575030,  Dakshina Kannada District, Karnataka, India

 

 

Factory 4 :

Bommasandra Industrial Area, Anekal Taluka, Bangalore, Karnataka, India

 

 

Factory 5 :

Plot Nos. 6214/6216, GIDC Phase IV Ankleshwar-393 002, Gujarat, India

 

 

Factory 6 :

Plot No. 8001, GIDC Phase VI Ankleshwar-393 002, Gujarat, India

 

 

Factory  7 :

4B, Dahej Industrial Estate, Village Dahej, Taluka Vagra, District Bharuch -392130, Gujarat, India

 

 

Factory 8 :

Khasra No. 87/1, Village: Beer Plassis, Nalagarh, District: Solan, Himachal Pradesh, India

 

 

Factory 9 :

Gate No. 3, Jalan Industrial Complex, 46/48/49/53, Jangalpur, Howrah, West Bengal, India

 

 

Branches :

Located at :

 

  • Ahmedabad
  • Bangalore
  • Chennai
  • Delhi
  • Hyderabad
  • Kolkata
  • Pune

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Dr. Raman Ramachandran

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Gops Pillay

Designation :

Director

 

 

Name :

Mr. Thilo Bischoff

Designation :

Director

 

 

Name :

Dr. Rainer Diercks

Designation :

Director

 

 

Name :

Dr. G. Ramaseshan

Designation :

Director

 

 

Name :

Mr. Rajesh Naik

Designation :

Director

 

 

Name :

Mr. Andrew Postlethwaite

Designation :

Director

 

 

Name :

Mr. S. Regunathan

Designation :

Director

 

 

Name :

Mr. R. A. Shah

Designation :

Director

 

 

Name :

Mr. R. R. Nair

Designation :

Director

 

 

Name :

Mr. Pradip P. Shah

Designation :

Director

 

 

Name :

Mr. Arun Bewoor

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Pradeep Chandan

Designation :

Chief Executive - Legal, Compliance and Company Secretary

 

 

Management  Committee :
  • Dr. Raman Ramachandran
  • Mr. Thilo Bischoff
  • Mr. S. Regunathan
  • Dr. Rajan Venkatesh
  • Mr. Yatindra Borkar
  • Mr. Pradeep Chandan
  • Mr. Prabir Das
  • Mr. Sandeep Gadre
  • Mr. Ajai Gupta
  • Mr. Susheel Mittal
  • Mr. Rajesh Naik
  • Dr. G. Ramaseshan
  • Mr. P. P. Srees
  • Mr. V. Srinivasan
  • Mr. K. Thyagarajan

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.12.2014

 

Category of Shareholder

No. of Shares

% of Holdings

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

31743220

73.33

http://www.bseindia.com/include/images/clear.gifSub Total

31743220

73.33

Total shareholding of Promoter and Promoter Group (A)

31743220

73.33

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

902856

2.09

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

604770

1.40

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

30

0.00

http://www.bseindia.com/include/images/clear.gifInsurance Companies

1176388

2.72

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

342188

0.79

http://www.bseindia.com/include/images/clear.gifSub Total

3026232

6.99

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

2181956

5.04

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 1 lakh

5425224

12.53

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 1 lakh

664335

1.53

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

244673

0.57

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

242115

0.56

http://www.bseindia.com/include/images/clear.gifTrusts

225

0.00

http://www.bseindia.com/include/images/clear.gifForeign Nationals

2333

0.01

http://www.bseindia.com/include/images/clear.gifSub Total

8516188

19.67

Total Public shareholding (B)

11542420

26.67

Total (A)+(B)

43285640

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

43285640

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufactures and sells agricultural solutions, performance products, chemicals, and functional materials. 

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Not Available

 

 

Bankers :
  • Citibank N.A
  • Deutsche Bank AG
  • The Honkong and Shanghai Banking Corporation Limited
  • HDFC Bank Limited
  • BNP Paribas
  • The Bank of Tokyo and Mitsubishi UFJ Limited

 

 

 

 

 

Internal Auditor :

 

Name :

Mahajan and Aibara

Chartered Accountants

Address :

1, Chawla House 62, Wodehouse Road, Colaba, Mumbai - 400005, Maharashtra, India

 

 

Cost Auditor :

 

Name :

R. Nanabhoy and Company

Cost Accountants

Address :

Jer Mansion, 70 August Kranti Marg, Mumbai – 400036, Mahrashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Ultimate holding company :

BASF Societas Europaea (‘SE’)

 

 

Other related parties with whom transactions have taken place during the year Fellow Subsidiaries :
  • BASF A/S
  • BASF Agro B.V
  • BASF Agro B.V. Arnhem (NL)
  • BASF Agrochemical Products B.V.
  • BASF Agricultural Specialties Pty Limited
  • BASF Antwerpen N.V.
  • BASF Asia-Pacific Service Centre Sdn. Bhd.
  • BASF Australia Limited
  • BASF Auxiliary Chemicals Company Limited
  • BASF Bangladesh Limited
  • BASF Beauty Care Solutions France S.A.S
  • BASF Belgium Coordination Center Comm. V.
  • BASF Business Services Holding GmbH
  • BASF Canada Inc.
  • BASF Care Chemicals (Shanghai) Company Limited
  • BASF Catalysts India Private Limited
  • BASF Chemicals & Polymers Pakistan (Private) Limited
  • BASF Chemicals Company Limited
  • BASF Chemicals India Private Limited (Earlier known as Cognis Specialty Chemicals Private Limited
  • BASF Chemcat (Thailand) Limited
  • BASF (China) Company Limited
  • BASF Coatings GmbH
  • BASF Coatings Intl Trade (Shanghai) Company Limited
  • BASF Coatings Intl Trade Company Limited
  • BASF Coatings Limited
  • BASF Coatings S.A.
  • BASF Coatings S.A.S.
  • BASF Coatings Spa
  • BASF Color Solutions Germany GmbH
  • BASF Company Limited
  • BASF Construction Chemical (China) Company Limited
  • BASF Construction Chemicals (UK) Limited
  • BASF Construction Chemicals Espana S.L.
  • BASF Construction Chemicals Europe AG
  • BASF Construction Chemicals France S.A.S.
  • BASF Construction Chemicals Italia Spa
  • BASF Mexicana S.A. DE C.V.
  • BASF (MALAYSIA) SDN. BHD.
  • BASF Nederland B.V.
  • BASF Oy
  • BASF Pakistan (Private) Limited
  • BASF Paper Chemicals (Jiangsu) Company Limited
  • BASF Paper Chemicals (Huizhou)
  • BASF Performance Products plc
  • BASF Performance Products Limited
  • BASF Personal Care and Nutrition GmbH
  • BASF Peruana S.A.
  • BASF Petronas Chemicals Sdn. Bhd
  • BASF Pharma (Evionnaz) SA
  • BASF Philippines Inc
  • BASF Plant Science Company GmbH
  • BASF PLC
  • BASF Poliuretani Italia SpA
  • BASF Polyurethane Licensing GmbH
  • BASF Polyurethane Specialties (China) Company Limited
  • BASF Polyurethanes (China) Company Limited
  • BASF Polyurethanes (Malaysia) Sdn. Bhd.
  • BASF Polyurethanes (Thailand) Limited
  • BASF Polyurethanes GmbH
  • BASF Qingdao Pigments Company Limited
  • BASF S.A.
  • BASF Schwarzheide GmbH
  • BASF Schweiz AG
  • BASF Shanghai Coatings Company Limited
  • BASF Singapore Pte. Limited
  • BASF South Africa (PTY) Limited
  • BASF South East Asia Pte Limited
  • BASF Taiwan Limited
  • BASF (Thai) Limited
  • BASF UK Limited
  • BASF Vietnam Company Limited
  • BASF Vitamins Company Limited
  • BASF Yapi Kimyasallari SAN. A.S
  • BASF - YPC Company Limited
  • BASF Construction Chemicals UAE LLC
  • BASF Construction Polymers GmbH
  • BASF Construction Systems (China). Company Limited
  • BASF Corporation
  • BASF Construction Solutions GmbH (Formerly known as BASF Construction Chemicals GmbH)
  • BASF East Asia Regional Headquarters Limited
  • BASF Espanola S.L.
  • BASF FZE
  • BASF Gao-Qiao Performance Chemicals (Shanghai) Company Limited
  • BASF Grenzach GmbH
  • BASF Health and Care Products France S.A.S.
  • BASF Hong Kong Limited
  • BASF INOAC Polyurethanes Limited
  • BASF Intertrade (Shanghai) Company Limited
  • BASF Iran (PJS) Company
  • BASF Italia Spa
  • BASF Japan Limited
  • BASF Kanoo Gulf FZE
  • BASF Kanoo Polyurethanes LLC
  • BASF Lanka (Private) Limited
  • BASF LLC
  • BTC Europe GmbH
  • Cognis Australia Pty. Limited
  • Cognis Taiwan Limited
  • Construction Research and Technology GmbH
  • Elastogran Kanoo Polyurethane Systems LLC
  • Inge Gmbh
  • K+S Aktiengesellschaft
  • K+S Kali GmbH
  • P.T. BASF Care Chemicals Indonesia
  • P.T. BASF Indonesia
  • PCI Augsburg GmbH
  • PolyAd Services GmbH
  • Shanghai MBT and SCG High-tech Construction Chemicals Company Limited
  • Shanghai BASF Polyurethane Company Limited
  • Shanghai Gaoqiao-BASF
  • Styrolution GmbH
  • Styrolution India Private Limited
  • Styrolution South East Asia Pte. Limited
  • Styrolution ABS (India) Limited
  • Watson Bowman ACME Corp

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

54359715

Equity Shares

Rs. 10/- each

Rs. 543.579 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

43285640

Equity Shares

Rs. 10/- each

Rs. 432.900 Million

 

 

 

 

 

Equity shares held by Ultimate Holding Company/Holding Company and/or their associates or subsidiaries

 

Names of Shareholders

 

Relationship

No. of shares

BASF Societas Eurpaea

Ultimate Holding Company

20393259

BASF Schweiz AG

Subsidiary of Ultimate Holding Company

8907900

BASF Construction Solutions GmbH (Formerly known as BASF Construction Chemicals GmbH)

Subsidiary of Ultimate Holding Company

1896061

 

 

Rights, preferences and restrictions attached to the shares

 

The Company has one class of equity shares having a par value of Rs. 10/- per share. 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 case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

 

Equity shares in the Company held by each shareholder holding more than 5% shares

 

Names of Shareholders

 

Relationship

No. of shares

Percentage

BASF Societas Eurpaea

Ultimate Holding Company

20393259

48.37%

BASF Schweiz AG

Subsidiary of Ultimate Holding Company

8907900

20.58%

 

 

 

Reconciliation of number of equity shares outstanding as at the beginning and at the end of reporting period

 

Particulars

Number of shares

Rs. In Million

Shares outstanding at the beginning of the year

43284958

432.900

Shares Issued during the year

--

--

Shares outstanding at the end of the year

43284958

432.900

 

 

Information on equity shares allotted without receipt of cash or allotted as bonus shares or shares bought back

 

-       12,579,839 equity shares were allotted to the erstwhile shareholders of Ciba India Limited and Ciba Research (India) Private Limited consequent to the amalgamation w.e.f. February 1, 2010.

 

-       2,515,653 equity shares were allotted to the erstwhile shareholders of BASF Coatings India Private Limited and BASF Construction Chemicals India Private Limited consequent to the amalgamation w.e.f. April 1, 2010.

 

 

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

432.900

432.900

432.900

(b) Reserves & Surplus

12068.800

10992.600

10054.300

(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)

12501.700

11425.500

10487.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

7417.600

2582.700

203.800

(b) Deferred tax liabilities (Net)

0.000

9.300

1.800

(c) Other long term liabilities

2271.200

509.700

489.900

(d) long-term provisions

326.800

286.000

201.800

Total Non-current Liabilities (3)

10015.600

3387.700

897.300

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3133.300

1011.800

1545.100

(b) Trade payables

11627.200

9426.800

6647.700

(c) Other current liabilities

2692.500

2460.700

2060.700

(d) Short-term provisions

374.100

344.100

297.400

Total Current Liabilities (4)

17827.100

13243.400

10550.900

 

 

 

 

TOTAL

40344.400

28056.600

21935.400

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5089.800

4118.200

3873.500

(ii) Intangible Assets

171.000

235.800

58.500

(iii) Capital work-in-progress

7921.400

3193.200

838.700

(iv) Intangible assets under development

0.000

0.000

114.700

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

10.400

0.000

0.000

(d)  Long-term Loan and Advances

1790.500

1772.600

1071.800

(e) Other Non-current assets

1387.400

675.100

39.700

Total Non-Current Assets

16370.500

9994.900

5996.900

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

11460.100

8952.500

7455.200

(c) Trade receivables

8597.600

6815.300

6248.500

(d) Cash and cash equivalents

150.600

155.500

339.100

(e) Short-term loans and advances

3257.500

2080.000

1845.500

(f) Other current assets

508.100

58.400

50.200

Total Current Assets

23973.900

18061.700

15938.500

 

 

 

 

TOTAL

40344.400

28056.600

21935.400

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

44298.900

39406.300

35159.400

 

 

Other Income

78.300

39.200

51.100

 

 

TOTAL                                     (A)

44377.200

39445.500

35210.500

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

22315.800

18460.100

17626.100

 

 

Purchases of Stock-in-Trade

10606.400

10483.300

7916.600

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1578.300)

(922.700)

(197.500)

 

 

Employees benefits expense

3298.800

2929.900

2425.390

 

 

Other expenses

6814.300

5936.200

5289.310

 

 

TOTAL                                     (B)

41457.000

36886.800

33059.900

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

2920.200

2558.700

2150.600

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

161.300

171.200

136.100

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

2758.900

2387.500

2014.500

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

711.000

601.800

517.300

 

 

 

 

 

Less

EXCEPTIONAL ITEMS BEFORE TAX

(104.300)

(95.400)

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX 

1943.600

1690.300

1497.200

 

 

 

 

 

Less

TAX                                                                 

664.900

549.500

488.600

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

1278.700

1140.800

1008.600

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

810.000

808.000

808.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

886.200

936.300

807.400

 

 

Dividend

173.100

173.100

173.100

 

 

Tax on Dividend

29.400

29.400

28.100

 

BALANCE CARRIED TO THE B/S

1000.000

810.000

808.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

29.54

26.35

23.30

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

 

31.03.2013

31.03.2012

 

 

 

 

 

Net Profit Margin

PAT / Sales

(%)
2.87

2.89

2.87

 

 
 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)
6.59

6.49

6.12

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

6.00

6.80

7.14

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.16

0.15

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debts/Networth)

 

0.84

0.31

0.17

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.34

1.36

1.51

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

432.900

432.900

432.900

Reserves & Surplus

10054.300

10992.600

12068.800

Net worth

10487.200

11425.500

12501.700

 

 

 

 

long-term borrowings

203.800

2582.700

7417.600

Short term borrowings

1545.100

1011.800

3133.300

Total borrowings

1748.900

3594.500

10550.900

Debt/Equity ratio

0.167

0.315

0.844

 

 

 

 

 

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

35159.400

39406.300

44298.900

 

 

12.079

12.416

 

 

 

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

35159.400

39406.300

44298.900

Profit

1008.600

1140.800

1278.700

 

2.87%

2.89%

2.89%

 

 

 

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

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

-------

22]

Litigations that the firm / promoter involved in

-------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

-------

26]

Buyer visit details

-------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

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

 

 

FINANCIAL RESULTS

 

Despite the challenging economic scenario, the sales of your Company during the year under report registered good growth over the previous year. Sales, net of excise at Rs. 44298.900 million, represent an increase of 12.4%, over the previous year. Profit before tax for the year ended 31st March, 2014 stood at Rs. 1943.600 million as compared to Rs. 1690.300 million for the previous year which represents an increase of 15.0%.

 

Profit after tax at Rs. 1278.700 million during the year ended 31st March, 2014 was higher by 12.1% compared to the previous year.

 

The Agricultural Solutions Segment has shown good growth in sales and significant increase in profits during the year ended 31st March, 2014 mainly on account of introduction of new products and adoption of innovative marketing initiatives.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

The Indian economy recorded growth of 4.5% (revised) in 2012-2013 and is estimated to continue its subdued growth of less than 5% in 2013-2014. Good monsoon is estimated to lead to a healthy growth rate of 3.6% in agriculture, up from 1.5% a year earlier. However, high interest rate, rising inflation, sharp depreciation of rupee against the dollar and weak global market lead to low industrial and services growth. Manufacturing sector is estimated to remain flat in 2013-2014 compared to growth of 1.1% in the previous year.

 

During 2013-2014, the domestic automotive industry was hit adversely by high inflation and rising interest rates. Two-wheeler segment grew at 7%, while the passenger and commercial vehicles declined by 3.9% and 18.7%, respectively.

 

The domestic pharmaceutical market is estimated to have increased at 8% due to increased opportunities in the exports of generic medicines and greater penetration in rural markets.

 

Indian construction industry is expected to grow by 2.6% in 2013-2014.

 

The products manufactured by the Company serve several sectors including agriculture, automobiles, construction, pharmaceuticals, consumer durables, consumer care, paint, paper, leather and textiles. In a challenging year which saw many market segments remain flat or decline, your Company continued to strengthen its position in the market.

 

 

AGRICULTURAL SOLUTIONS

 

The Agricultural Solutions business includes agrochemicals like insecticides, herbicides, fungicides and specialties.

 

The Crop Protection industry in which this business of the Company operates is dependent on the monsoon. The Agricultural Solutions business registered a good growth in sales and profits during the year under review mainly on account of introduction of new products and adoption of innovative marketing initiatives.

 

The SAMRUDDHITM (prosperity) programme, where the Company operates as a total solution provider to the farmers contributed significantly to this growth. This program was recognized as a good example of corporate engagement in rural India by the German Society of International Cooperation and the Indian Institute of Corporate Affairs.

 

With appropriate pricing policies for agricultural commodities and higher investment and production, the agricultural sector is expected to perform better.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

80056920

15/07/2000

10,000,000.00

ICICI BANK LIMITED

215,FREE PRESS HOUSE,, NARIMAN POINT, MUMBAI, Maharashtra - 400021,

INDIA

-

 

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Loans and advances from others

7417.600

2582.700

 

 

 

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

3133.300

1011.800

 

 

 

Total

10550.900

3594.500

 

 

FIXED ASSETS

 

  • Freehold Land
  • Buildings
  • Plant and Machinery
  • Furniture and Fixtures
  • Vehicles
  • Office Equipments
  • Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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. 62.69

UK Pound

1

Rs. 94.55

Euro

1

Rs. 67.66

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

JYO

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

9

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

76

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.