MIRA INFORM REPORT
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Report No. : |
324945 |
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Report Date : |
29.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL CROP CARE LIMITED |
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Registered
Office : |
184-87, Swami
Vivekanand Road, Jogeshwari (West), Mumbai – 400102, Maharashtra |
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Tel. No.: |
91-22-66464200 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
21.03.1964 |
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Com. Reg. No.: |
11-012878 |
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Capital
Investment / Paid-up Capital : |
Rs. 55.208 Million |
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CIN No.: [Company Identification
No.] |
L74999MH1964PLC012878 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04609D |
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PAN No.: [Permanent Account No.] |
AAACW3810D |
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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 business of agro chemicals and manufactures technical grade pesticides and formulations. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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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 |
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Maximum Credit Limit : |
USD 9600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is established company incorporated in the year 1964 and it is
having good track record. Company is engaged into manufacturing of
crop-protection chemicals. Company financial risk profile is healthy, marked by low gearing and
adequate debt protection metrics supported by strong net worth position of
the company. Company is established player in the crop-protection industry in
India, supported by its strong and recognized brand and extensive
distribution network. However, trade relations are reported to be fair. Business is active.
Payments are reported to be regular and as per commitment. In view of established market position in the domestic market and healthy
financial risk profile, the company can be considered for the business
dealing with 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: A + |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
21.01.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1 + |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
21.01.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Panchu |
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Designation : |
Manager |
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Contact No.: |
91-22-42522200 |
|
Date : |
29.05.2015 |
LOCATIONS
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Registered Office : |
184-87, Swami
Vivekanand Road, Jogeshwari (West), Mumbai – 400102, Maharashtra, India |
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Tel. No.: |
91-22-66464200 |
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Fax No.: |
91-22-26784522/ 26783657 |
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E-Mail : |
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Website : |
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Corporate
Office : |
13 and 14, Aradhana
Industrial Development Corporation, Near Virwani Industrial Estate, Goregaon
(East), Mumbai – 400063, Maharashtra,
India |
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Tel. No.: |
91-22-42522200 |
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Fax No.: |
91-22-42522380 |
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Manufacturing
Units : |
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Factories : |
Located at: · 6/2, Ruvapari Road, Bhavnagar – 364 005, India · Kaira Gajod Highway, Gajod, Kutch, Gujarat, India · Plot No. 60, B, Nanji Industrial Estate, Kharadpada, Silvassa – 396 230, Union Territory of Dadra and Nagar Haveli, India |
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Windmills : |
Located at: · Plot No. A/2, Village: Dhank, Taluka: Upleta, District: Rajkot, Gujarat, India · Survey No. 160, Village: Navadra, Taluka: Kalyanpur, District: Jamnagar, Gujarat, India · Survey No. 16/1, Village: Jodhapar, Taluka: Kalyanpur, District: Jamnagar, Gujarat, India · Survey Nos. 1180/14 and 1180/15, Village: Vandhiya, Taluka: Bhachau, District: Kutch, Gujarat, India |
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Regional
Offices: |
Located at: · 6/2, Ruvapari Road, Bhavnagar – 364005, Gujarat, India 91-278-2212401 ·
Plot No. 205-209 Bhuj-Mundra Road, Near Kera Village, Taluka : Bhuj,
District: Kutch, Gajod-370430 Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. A C Shroff |
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Designation : |
Chairman |
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Name : |
Mr. Dipesh K. Shroff |
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Designation : |
Managing Director
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Date of Birth/ Age : |
03.02.1960 |
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Qualification : |
Diploma in Civil Engineering, Cert. in M.E.P. |
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Experience : |
32 years |
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Date of Appointment : |
01.09.2003 |
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Other Directorships : |
· Agrocel Industries Limited · Shroff Engineering Limited · Transpek Industry Limited · Hyderabad Chemicals Limited · Excel Industries Limited · Kutch Crop Services Limited · Hyderabad Chemical Products Limited · Neo Seeds India Limited · TML Industries Limited · Oasis Agritech Limited · Excel Crop Care (Europe) N.V. · Excel Bio Resources Limited · Excel Crop Care (Africa) Limited |
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Name : |
Mr. Ninad D. Gupte |
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Designation : |
Joint Managing Director (with effect from 1st
August, 2012) |
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Date of Birth/ Age : |
60 years |
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Qualification : |
B.Sc., PGDBM (XLRI – Jamshedpur) |
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Experience : |
27 years |
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Name : |
Mr. Prakash K.
Shroff |
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Designation : |
Executive
Director |
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Date of Birth/ Age : |
68 years |
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Qualification : |
Diploma in Electrical Engineering |
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Experience : |
45 years |
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Name : |
Mr. J. R. Naik |
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Designation : |
Director |
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Date of Birth/ Age : |
23.09.1958 |
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Qualification : |
B.Com, F.C.A. |
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Date of Appointment : |
01.02.2003 |
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Other Directorships : |
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Name : |
Mr. Mukul G. Asher |
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Designation : |
Director |
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Date of Birth/ Age : |
17.12.1943 |
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Qualification : |
B.A.(Hons.), M.A., Ph.D. |
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Date of Appointment : |
03.09.2003 |
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|
Name : |
Mr. Sandeep
Junnarkar |
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Designation : |
Director |
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Date of Birth/ Age : |
02.07.1951 |
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Qualification : |
B.Sc.(Hons.), LL.B. |
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Date of Appointment : |
03.09.2003 |
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Other Directorships : |
· Everest Industries Limited · IL&FS Infrastructure Development Corporation Limited · Jai Corp. Limited · Jai Realty Ventures Limited · Reliance Industrial Infrastructure Limited · Reliance Industrial Investments and Holdings Limited · Reliance Ports and Terminals Limited · Sterlite Industries (India) Limited |
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Name : |
Mr. B. V. Bhargava |
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Designation : |
Director |
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Date of Birth/ Age : |
16.04.1936 |
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Qualification : |
M.Com., LL.B. |
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Date of Appointment : |
29.10.2003 |
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Other Directorships : |
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Name : |
Mr. Sharad L. Patel |
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Designation : |
Director |
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Date of Birth/ Age : |
25.11.1933 |
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Qualification : |
Master’s Degree in
Mechanical Engineering from the University of Michigan, Ann Arbor, U.S.A. |
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Date of Appointment : |
28.12.2004 |
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Name : |
Mr. Vinayak B. Buch |
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Designation : |
Director |
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Date of Birth/ Age : |
21.02.1940 |
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Qualification : |
Master’s Degree in Economics and Econometrics |
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Date of Appointment : |
25.01.2006 |
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Name : |
Mr. Deepak Bhimani |
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Designation : |
Director |
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Date of Birth/ Age : |
31.08.1939 |
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Qualification : |
Post-graduation in the field of Textile Chemistry |
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Date of Appointment : |
16.07.2008 |
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Other Directorships : |
Jayant Agro Organics Limited |
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Name : |
Mr. David Pullan |
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Designation : |
Director |
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Name : |
Mr. L. Rajagopalan, |
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Designation : |
Alternate to Dr. Mukul G. Asher (with
effect from 29th May, 2013) |
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Name : |
Mr. S. Nallakuttalam |
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Designation : |
Director |
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Date of Birth/ Age : |
20.05.1961 |
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Qualification : |
B.Sc., MBA |
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Date of Appointment : |
12.02.2014 |
KEY EXECUTIVES
|
Name : |
Mr. Pravin D.
Desai |
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Designation : |
Vice President (Finance and Accounts) and
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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|
426748 |
3.88 |
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|
2212142 |
20.10 |
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|
2638890 |
23.98 |
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|
81830 |
0.74 |
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|
81830 |
0.74 |
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Total shareholding of Promoter and Promoter Group (A) |
2720720 |
24.72 |
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(B) Public Shareholding |
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|
212217 |
1.93 |
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|
3838 |
0.03 |
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|
817757 |
7.43 |
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|
822 |
0.01 |
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|
1034634 |
9.40 |
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|
2834439 |
25.75 |
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|
2452676 |
22.29 |
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|
292268 |
2.66 |
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|
1670893 |
15.18 |
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|
53893 |
0.49 |
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|
1617000 |
14.69 |
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|
7250276 |
65.88 |
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Total Public shareholding (B) |
8284910 |
75.28 |
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Total (A)+(B) |
11005630 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
11005630 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of agro chemicals and manufactures technical grade pesticides and formulations. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Raw material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers, End Users, OEM’s
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
(a) Indian Rupee term loan from a bank carries interest @ 10.41% p.a. The loan is repayable initially in 8 quarterly instalments of Rs.16.500 Million and subsequently in 8 quarterly instalments of Rs.8.500 Million each from 30.06.2011. The loan is secured by first exclusive charge on Windmill at Vandhiya (Kutch) and Plant and Machinery and Equipments situated at Gajod and Silvassa units of the Holding Company. (b) Foreign currency term loan carries interest @ LIBOR + 150 bps (8.15% p.a. on a fully hedged basis). The loan is repayable in 8 half yearly instalments of Rs.28.656 Million each from 07.03.2013. The Loan is secured by mortgage of a plot of land, Plant and Machinery and Equipments of the Holding Company situated at Bhavnagar. (c) Term loan under vehicle finance scheme was taken during the financial year 2008-09 and carries interest rate ranging from 10% to 11.74% p.a. The loan is repayable in 59 monthly instalments of Rs.0.287 Million each along with interest, from the date of loan and secured by hypothecation of the vehicles acquired by utilising the said loan. Short Term
Borrowing (a) The secured borrowings from banks [Balance as at 31.03.2014 : Rs. 23,3.062 Million (Previous Year : Rs. 42,4.092 Million)] are secured by way of hypothecation of all tangible movable assets, both present and future, including stock of raw materials, finished goods, work-in-process, stores & trade receivables of the Holding Company. |
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Auditors : |
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Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
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Address : |
14th Floor The Ruby 29 Senapati Bapat Marg Dadar (West),
Mumbai-400028, Maharashtra, India |
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Tel No.: |
91-22-61920000 |
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Fax No.: |
91-22-61921000 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
* On 30th March, 2011, the Company established Excel Brasil Agronegocious Ltda, a wholly owned subsidiary company, in Brazil. The Company has not made any investment in the shares of the said subsidiary company till 31st March, 2014. |
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Associate
Companies: |
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Joint Venture: |
Multichem Industries (a partnership firm) |
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Enterprises over
which key management personnel and their relatives have significant
influence: |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.
55.028 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs 5/- each |
Rs.60.000 Million |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11005630 |
Equity Shares |
Rs.5/- each |
Rs. 55.028 Million |
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Notes :
(a) There is no change in the Share Capital during the current and preceding year.
(b) The Company has only one class of equity shares having par value of Rs. 5 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 March 2014, the amount of per share dividend recognised as distribution to equity shareholders was Rs. 12.50 (Previous Year: Rs. 3). In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
(c) Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
No. of Shares (% of
Shareholding) |
|
(i) Nufarm Limited |
16,17,000 (14.69%) |
|
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|
|
(ii) Ratnabali Capital Markets Limited |
15,32,635 (13.93%) |
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(iii) Utkarsh Chemicals Private Limited |
8,36,753 (7.60%) |
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(iv) Life Insurance Corporation of India |
7,24,420 (6.58%) |
LISTING DETAILS:
|
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BSE : 532511 NSE : EXCELCROP |
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Stock Exchange Place : |
The Stock Exchange, Mumbai, National Stock Exchange of India Limited |
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
55.028 |
55.028 |
55.028 |
|
(b) Reserves & Surplus |
3308.798 |
2839.651 |
2328.090 |
|
(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) |
3363.826 |
2894.679 |
2383.118 |
|
|
|
|
|
|
(3)
Deferred Government Liabilities |
|
1.745 |
2.477 |
|
|
|
|
|
|
(4) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
28.656 |
85.969 |
177.282 |
|
(b) Deferred tax liabilities
(Net) |
167.237 |
120.297 |
102.746 |
|
(c) Other long term
liabilities |
3.934 |
3.128 |
0.000 |
|
(d) long-term provisions |
94.092 |
115.203 |
81.132 |
|
Total
Non-current Liabilities (3) |
293.919 |
324.597 |
361.160 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
631.757 |
233.062 |
482.840 |
|
(b) Trade payables |
1567.121 |
2267.865 |
1345.557 |
|
(c) Other current liabilities |
329.678 |
298.841 |
260.623 |
|
(d) Short-term provisions |
263.816 |
256.402 |
236.945 |
|
Total
Current Liabilities (4) |
2792.372 |
3056.170 |
2325.965 |
|
|
|
|
|
|
TOTAL |
6450.117 |
6277.191 |
5072.720 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1608.125 |
1332.104 |
1273.831 |
|
(ii) Intangible Assets |
0.000 |
31.532 |
11.655 |
|
(iii) Capital work-in-progress |
0.000 |
23.949 |
8.682 |
|
(iv) Intangible assets under
development |
0.000 |
35.276 |
54.947 |
|
(b) Non-current Investments |
92.674 |
52.515 |
52.514 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
106.198 |
101.378 |
53.447 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1806.997 |
1576.754 |
1455.076 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2083.664 |
2425.080 |
1515.087 |
|
(c) Trade receivables |
1812.520 |
1485.755 |
1418.447 |
|
(d) Cash and cash equivalents |
185.398 |
110.427 |
202.888 |
|
(e) Short-term loans and
advances |
438.000 |
549.880 |
380.921 |
|
(f) Other current assets |
123.538 |
129.295 |
100.301 |
|
Total
Current Assets |
4643.120 |
4700.437 |
3617.644 |
|
|
|
|
|
|
TOTAL |
6450.117 |
6277.191 |
5072.720 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1946.937 |
9656.009 |
7649.069 |
|
|
|
Other Income |
120.884 |
67.283 |
63.024 |
|
|
|
TOTAL (A) |
2067.821 |
9723.292 |
7712.093 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1260.556 |
6303.240 |
3842.573 |
|
|
|
Purchases of Stock-in-Trade |
27.844 |
529.810 |
1352.950 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
37.584 |
(717.531) |
206.966 |
|
|
|
Employees benefits expense |
185.892 |
601.075 |
492.249 |
|
|
|
Other expenses |
496.943 |
1921.886 |
1246.931 |
|
|
|
Exceptional Items |
(29.793) |
(64.748) |
0.000 |
|
|
|
TOTAL
(B) |
1979.026 |
8573.732 |
7141.669 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
88.795 |
1149.560 |
570.424 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.381 |
47.126 |
129.832 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
65.414 |
1102.434 |
440.592 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.845 |
137.073 |
138.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.569 |
965.361 |
302.384 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.332 |
292.850 |
88.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
17.237 |
672.511 |
214.239 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basic |
NA |
2849.818 |
2953.730 |
|
|
TOTAL EARNINGS |
NA |
2849.818 |
2953.730 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
3321.874 |
1595.349 |
|
|
|
Components and Stores parts |
NA |
0.000 |
1.619 |
|
|
|
Capital Goods |
NA |
0.000 |
0.000 |
|
|
|
Traded Goods |
NA |
20.729 |
27.999 |
|
|
TOTAL IMPORTS |
NA |
3342.603 |
1624.967 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.57 |
61.11 |
19.47 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
91.313 |
92.205 |
|
Cash generated from operations |
NA |
874.533 |
794.401 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.89 |
6.96 |
2.80 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.56 |
11.91 |
7.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.29 |
15.66 |
6.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.33 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.20 |
0.14 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66 |
1.54 |
1.56 |
STOCK
PRICES
|
Face Value |
Rs.5 |
|
Market Value |
Rs.803 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
55.028 |
55.028 |
55.028 |
|
Reserves & Surplus |
2328.090 |
2839.651 |
3308.798 |
|
Net
worth |
2383.118 |
2894.679 |
3363.826 |
|
|
|
|
|
|
long-term borrowings |
177.282 |
85.969 |
28.656 |
|
Short term borrowings |
482.840 |
233.062 |
631.757 |
|
Total
borrowings |
752.327 |
410.344 |
660.413 |
|
Debt/Equity
ratio |
0.316 |
0.142 |
0.196 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7649.069 |
9656.009 |
1946.937 |
|
|
|
26.238 |
(79.837) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7649.069 |
9656.009 |
1946.937 |
|
Profit |
214.239 |
672.511 |
17.237 |
|
|
2.80% |
6.96% |
0.89% |
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 |
No |
|
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) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
Yes |
|
19] |
Major customers |
Yes |
|
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 |
Yes |
|
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 |
10371287 |
30/08/2012 * |
280,000,000.00 |
DBS BANK LIMITED |
3rd Floor, Fort House,, Dr. D N Road, Fort, Mumbai, Maharashtra -
400001, INDIA |
B58385899 |
|
2 |
10288934 |
30/05/2011 |
200,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN |
B13757307 |
|
3 |
90241040 |
17/02/2005 * |
837,900,000.00 |
BANK OF INDIA |
`ANDHERI W, MUMBAI, Maharashtra - 400058, INDIA |
- |
|
4 |
80007912 |
10/07/2006 * |
72,390,000.00 |
CENTRAL BANK OF INDIA |
MULLA HOUSE,, 51, MAHATMA GANDHI ROAD,, MUMBAI, Maharashtra - 400023,
INDIA |
A02703262 |
|
5 |
90241025 |
14/05/2010 * |
2,000,000,000.00 |
BANK OF INDIA |
28, S.V. ROAD,, ANDHERI(WEST) BRANCH,, MUMBAI, Maharashtra - 400058,
INDIA |
A86564127 |
* Date of charge modification
CORPORATE INFORMATION
(As on 31.03.2014)
Subject is a public company domiciled in India and incorporated under
the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges
in India. The Company is engaged in the business of agro chemicals and
manufactures technical grade pesticides and formulations. The Company also
manufactures and markets other agri inputs like soil enrichers, bio-pesticides,
plant growth regulators and soil and plant nutrition products. The Company has
presence in both domestic and international markets.
OPERATIONS
During the year,
the net sales increased by over 25% from Rs. 7463.800 Million in the previous
year to Rs. 9371.600 Million. Domestic sales turnover rose by about 45% to Rs.
6402.000 Million from Rs. 4429.300 Million in the previous year. Export
turnover marginally decreased from Rs. 303.45 Million in the previous year to
Rs. 2969.600 Million in the year. The Company’s profit before tax in 2013-14
increased to Rs. 965.400 Million as against Rs. 302.400 Million in the previous
year. Well-spread and timely monsoon across the country helped in increasing
domestic sales and improving margins. The Company could pass on input cost
increases to the market. In 2012-13, the Company had significant amount of
export of one traded product which was ‘spot opportunity based’ and
non-recurring in nature. This explains the marginal reduction in export sales
in the year under review. In 2013-14, own manufactured products account for
larger share in export turnover in comparison to traded products.
During the year,
the Board approved a Scheme of Arrangement for demerger of Chemical Business of
TML Industries Limited and its transfer to the Company. It was subsequently
decided not to pursue the proposal owing to an assessment of it securing
requisite shareholder approval.
NEW
PRODUCTS/IMPROVEMENTS/EXPANSIONS
In the year, the
Company introduced a broad spectrum fungicide under the brand name ‘Caviet’.
This is the first and the only such Indian product available in the domestic
market. This product is a highly potent fungicide with paddy, groundnut and
chilli as the target crops. The product is well received by the farmers. The
Company re-launched some of its existing products which had gone out of focus.
Last year, the Company had introduced ‘Celstar’ – a plant growth regulator,
used mainly in mango cultivation. This product has grown remarkably well in the
year.
The Company has
taken several initiatives to optimise utilisation of manufacturing facilities
of Endosulfan plants. A large part of this facility has been converted into
multi-product facilities leading to vastly improved capacity utilisation. The
Company introduced new insecticide and fungicide formulations and a microbial
bio-pesticide which is now produced in-house. The Company has also improved its
facilities for recycling of waste water in its Bhavnagar manufacturing site.
The Company continues its efforts in the areas of product and process improvement
for enhancing yields, reducing manufacturing costs, reducing effluents and
effluent treatment costs and also for staying innovative and competitive in the
market. The Company also continues to focus on energy conservation and energy
cost reduction.
OUTLOOK
The agriculture
sector in India continues to receive focussed attention from governments,
government bodies, banks, financial institutions and other agencies and
authorities. The private sector has been steadily investing in farming and agro
based businesses. Farm produces fetch decent price to farmers. All these
factors have contributed to decent growth of agriculture in 2013-14 in spite of
tardy growth registered by service and industrial segments of the domestic
economy. Fears of adverse impact of El Nino and sub-normal monsoon being
forecast for India coupled with recent hail storm and other adverse climatic
conditions point to uncertain agricultural outlook. The Company, however, has
over 30% of its turnover coming from exports to different geographies and this
should significantly mitigate risk of possible weak domestic monsoon. The
Company continues its efforts to focus on growth of branded products and
continues to strive to increase exports and develop and introduce new products
at regular intervals.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE & DEVELOPMENTS:
The Company is
engaged in the business of agrochemicals. The Indian agrochemicals industry is
the fourth largest globally with estimates of its size going up to US $ 4 billion
– almost 40-50% of production being exported.
India has over 400
million acres of land under cultivation and an estimated 60% of its population
is largely dependent on agriculture directly and indirectly. It has only 2% of the
world’s land mass but supports 16% of the world population. India is one of the
leading producers of food grains and agriculture produce. It is among the world
leaders in producing rice, wheat, cotton, fruits, vegetables, sugarcane, tea,
milk and spices. Food shortages, rising food prices, increasing food demand
fuelled by increasing population, stagnant land area under cultivation, growing
concern for food security and the recently introduced food security law in
India underline the importance of food crop production. Agrochemicals play an
immensely important role in farming and food security.
The industry
comprises of insecticides, weedicides, fungicides, plant growth promoters and
regulators, fumigants and rodenticides as the major product segments.
The industry is
highly competitive, dynamic and fragmented. It operates both in the organized
and unorganized sectors. The industry comprises of diverse players ranging from
small and medium ones dealing in generic molecules to large multinationals with
high-priced new generation and patented molecules. The industry has players who
manufacture only technical grade pesticides as well as those who are pure
formulators. It also has some balanced players who produce both - technical
grade pesticides and their formulations. Some players also manufacture
intermediates for technical grade pesticides. The Company is one of the major
industry players with a balanced portfolio of technical as well as formulation
products together with backward integration for some products.
Among the
agrochemicals, insecticides have dominated consumption pattern in India.
However, their share is steadily declining over the years owing to a variety of
reasons. For the past few years consumption of weedicides and fungicides is
increasing. Shortage and increasing cost of farm labour and the
cost-effectiveness of chemical weedicides in weed control is leading to
increasing demand for weedicides. Growth of horticulture owing to increasing
demand for good quality fruits and vegetables and growing export of fruits and
vegetables are giving rise to higher demand for fungicides. Of late,
bio-pesticides are gaining popularity and their demand is increasing owing to
environmental safety, low toxicity, lower chance of resistance development and
non-polluting production process. The Company has made foray in this area.
Cotton and rice
account for over 50% of pesticides consumption in India. Wheat, soyabean,
oilseeds, pulses, plantation crops, fruits and vegetables are the other major
consumers of agrochemicals. Lately, owing to increasing awareness and better
commodity prices, farmers are showing willingness to try new, better quality
and expensive pesticides. The shift is towards low dosage, more effective and
better quality pesticides. However, generic pesticides continue to be the
mainstay of pesticides usage.
The fortunes of
the agrochemicals industry are interwoven with those of agriculture. The
relatively slow pace of agricultural growth in India in the past few decades is
reflected in the industry growth.
Low manufacturing
costs and the ability and expertise in efficient handling of toxic and
hazardous products and processes has made the Indian industry one of the large
exporters. India is the thirteenth largest exporter of agrochemicals in the
world. The Indian industry has built large capacities much beyond the domestic
needs. Exports account for almost 40-50% of the industry production. Domestic
market has been attracting multinationals due to good growth opportunity. The
domestic segment has been witness to a steady increase in market acceptance of
new generation and patented molecules.
The agrochemical
industry is highly regulated both domestically and internationally. The
regulatory framework poses entry barrier to various geographical markets and
necessitates large investments in research, data generation and product
registration and involves long gestation from conceptualization to actual
launch of a new product. The R & D costs for development of products and
processes are high in the industry.
Supply of high
quality products at competitive prices, development of new products and
innovative formulations and investment in research, data generation and product
registration are emerging as key success factors.
The Company is
well balanced in terms of manufacturing capabilities for technical grade and
formulated products. It has presence in all the product segments -
insecticides, weedicides, fungicides, fumigants and rodenticides. The Company’s
product basket also includes soil and plant nutrition products, bio-pesticides
and plant growth promoters and regulators. The Company is one of the few
industry players having both chemical and biological products in its portfolio.
The Company has
successfully overcome the challenges posed by the sudden ban on Endosulfan, its
then star product. Over the last three years since the ban, it vigorously
promoted its other products and introduced new products which have adequately
made up for the loss of Endosulfan business.
Opportunities and Threats:
Agriculture is the
mainstay of the Indian rural economy and supports over two-thirds of the
country’s population. Agriculture continues to receive governmental support in
the form of favourable agriculture policies, minimum support price for major
farm produce, subsidies, developmental programmes and schemes and availability
of low cost credit and finance through various schemes. With attractive minimum
support/open market prices for several crops, farmers can afford to spend on
quality farm inputs. Private sector also visualises good growth potential for
investment in agriculture and agro-based businesses. Rapidly developing food
processing industry is helping in a large measure the growth of the farming
sector. Steady growth of the rural economy is another factor attracting the
private sector to rural areas in general and to agriculture in particular.
According to one
industry estimate, India suffers about 30% crop losses owing to pests. It is
important to prevent or reduce such losses. Agrochemicals play a vital role in
preservation of crops, growth of agriculture and ensuring food security. With
the recent introduction of food security law in India, agriculture has come
under fresh focus. This augurs well for agri input industries. With large food
grain stocks being carried by the government agencies and the food processing
industry, the importance of and the demand for ‘post-harvest crop protection
chemicals’ is rising. Several countries, including India, lose large foodgrain
stocks owing to inefficient food grain storage practices. Post-harvest crop
protection products like fumigants and rodenticides play a vital role in food
grain preservation. This product segment has been showing good growth in the
past several years. The Company is one of the few players in this business
segment.
One expert
estimate states that only 35-40% of the cultivated land in India is under crop
protection. Pesticides consumption in India is very low by the world
consumption standards and offers scope for increasing it by educating farmers
on safe, appropriate and judicious use of agrochemicals. There is a need to
bring awareness among the farmers about optimal use of agro chemicals along
with bio-pesticides, agrochemicals application techniques and the pitfalls of
over-dosages of agrochemicals with a view to achieve higher yields, better crop
quality and desirable cropping patterns and farming practices to ensure
sustainability. Changing cropping patterns and farm practices also offer growth
opportunity to the industry. Amongst the States also there are large
disparities in per acre pesticide consumption. Growing population points to
growth of agri inputs including crop protection products. All these factors
underline the growth potential for agrochemicals in the domestic market.
Genetically
modified (GM) cotton crop dominates the cotton acreage in India and new
improved GM cotton varieties are being introduced at regular intervals. GM
cotton has opened up opportunity for growth of weedicides and soil nutrition
products. Similarly, increasing usage of hybrid and high value seeds is giving
rise to demand for high quality and high value agrochemicals. Growth of
horticulture, which is highly remunerative to the farmers, is also fuelling
growth of agrochemicals, especially fungicides and other high priced products.
Globally, many
molecules are going off-patent in the coming years. This opens up growth
opportunity for Indian generic players.
The Company, with
its vast experience in pest control practices, wide product range and efficient
and effective distribution network, has been taking various steps like
launching new products and formulations, introducing combination products,
improving processes to enhance yield and quality and reducing costs in order to
maintain its leading position in several products and stay competitive. The
Company’s weedicides and fungicides product range is gaining new markets and
customers. The Company has been steadily expanding production capacity for
weedicides, fungicides and their formulations. The Company’s post-harvest crop
protection products are posting good growth in domestic and international
markets.
The Company
strives to find applications for its products among the newer crops through
research and field trials and thereby widen application for its existing
products to more crops. The Company has been successfully penetrating new
geographies in the domestic market. The Company’s product portfolio also
includes biological products such as soil and plant nutrition products,
bio-pesticides and plant growth promoters and regulators. These products,
though small in market size, have niche market position, hold good growth
potential and play an important role in the plant and soil nutrition, organic
farming and soil health management segments.
The export market
continues to offer good growth opportunities. The Company has been
strengthening its presence in the overseas market by exploring new geographies,
promoting existing and new products, emphasizing on brand building, protecting
its existing product registrations and making investment in new product
registrations.
CONTINGENT LIABILITIES:
(Rs. in Million)
|
Particulars |
31.03.2014 |
|
(a) Disputed Excise duty liability |
0.163 |
|
(b) Disputed Service-tax liability |
3.547 |
|
(c) Disputed Income-tax liability |
73.513 |
|
(d) Disputed Sales-tax liability |
13.766 |
|
(e) Guarantees given by the Company's banker on behalf of the Company
to third parties |
11.617 |
|
(g) Liability in respect of employee(s) disputes |
Amount Unascertainable |
|
(h) Claims against the Company not acknowledged as debts |
33.423 |
|
(i) Penalty levied by Competition Commission of India for a violation
of section 3 of the Competition Act, 2002 |
29.213 |
FIXED ASSETS:
· Land - Freehold
· Land – Leasehold
·
Buildings
·
Plant
and Machinery
·
Electrical
Installations
·
Laboratory
Equipments
·
Furniture
and Fixtures
·
Office
Equipments
·
Vehicles
· Technical Books
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.62.67 |
|
|
1 |
Rs.93.26 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
RKH |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.