MIRA INFORM REPORT
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Report No. : |
349601 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
DEEPAK
FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED |
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Registered
Office : |
Opposite
Golf Course, Shastri Nagar, Yerawada, Pune – 411006, Maharashtra |
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Tel. No.: |
91-20-26684155 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
31.05.1979 |
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Com. Reg. No.: |
11-021360 |
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Capital
Investment / Paid-up Capital : |
Rs.882.049 Million |
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CIN No.: [Company Identification
No.] |
L24121MH1979PLC021360 |
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IEC No.: |
0388031573 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNED00993G |
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PAN No.: [Permanent Account No.] |
AAACD1388D |
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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 company is engaged in the business of fertilisers, agri services, bulk chemicals, mining chemical and value added real estate.
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No. of Employees
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1486 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 44000000 |
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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 was incorporated in the year 1979 and it is engaged in offering industrial and agriculture chemicals and agri products. It manufactures methanol, nitric acid, Iso propyl alcohol, carbon dioxide and hydrogen. Its agribusiness segment provides nutrients and fertilizers. It also offers specialty retailing services under the brand name Ishanya. For the financial year ended 2015, revenue of the company has been marginally declined by 2.93% whereas net profit reported of 67.88% during the year under a review. Ratings continue to derive strength from the company’s long track record of operations in the fertiliser and industrial chemical segments backed by experienced promoters and management team, established brands for the company’s products especially within the fertiliser vertical and a diverse and well-established distribution network including warehouses and dealerships networks. Rating also takes into account of company’s above average financial profile supported by adequate net worth base along with sound debt protection indicates and favorable liquidity position. However, rating strengths is partially offset by the volatility in the prices of raw materials namely natural gas, propylene, ammonia and phosphorous and exposure to agro-climactic risks for fertiliser business. 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long-term instruments-non-convertible
debentures = AA- |
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Rating Explanation |
High degree of safety and very low credit
risk |
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Date |
20.10.2015 |
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Rating Agency Name |
CARE |
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Rating |
Commercial Paper Issue = A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
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Date |
20.10.2015 |
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
31-03-2015.
INFORMATION DENIED BY
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Name : |
Mr. Somnath Annasaheb |
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Designation : |
Chief Financial Officer |
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Contact No.: |
91-20-26684155 |
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Date : |
16.11.2015 |
LOCATIONS
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Registered
Office : |
Opposite
Golf Course, Shastri Nagar, Yerawada, Pune – 411006, Maharashtra, India |
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Tel. No.: |
91-20-26684155/
26684342/ 26684597/ 26684235/ 26458000/ 66458000 |
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Mobile No.: |
91-9822209351
(Mr.
Sanjay Gundi) |
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Fax No.: |
91-20-26687499/
26683727 |
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E-Mail : |
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Website : |
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Corporate Office : |
Sai-Hera, Mundhwa, Pune – 411036, Maharashtra, India |
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Tel. No.: |
91-20-6645 8000 |
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Factory : |
Plot No.
K-1, K-7 and K-8, MIDC Industrial Area, Taloja, A. V., District Raigad –
410208, Maharashtra, India |
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Tel. No.: |
91-22-67684000 |
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Fax No.: |
91-22-27412413 |
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Marketing /
Project Office : |
Plot No.
32, Sector 16, Opposite Modern College, Vashi, Navi Mumbai - 400703,
Maharashtra, India |
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Branch Office
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Located
At Delhi, India |
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Area Offices : |
Located at:
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DIRECTORS
As on 31.03.2015
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Name : |
Mr. C. K. Mehta |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. S. C. Mehta |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Partha Bhattacharyya |
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Designation : |
Executive Director |
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Name : |
Mr. R. A. Shah |
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Designation : |
Director (Resigned as Independent Director of the Company
w.e.f. 30th September, 2014. Appointed as Additional Director in the category
of Non-Independent & Non-Executive Director w.e.f. 11th February, 2015) |
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Date of Birth /
Age : |
82 Years |
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Qualification : |
B.A., L.L.B., Solicitor |
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Date of
Appointment : |
26.12.1979 |
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Name : |
Mr. D. Basu |
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Designation : |
Director |
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Date of Birth / Age
: |
78 Years |
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Qualification : |
M.A. (Economics) |
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Date of
Appointment : |
27.07.2000 |
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Name : |
Mr. N. C. Singhal |
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Designation : |
Director |
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Date of Birth /
Age : |
77 Years |
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Qualification : |
M.A. (Economics), M.Sc. (Statistics), P.G. Diploma in Public
Administration |
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Date of
Appointment : |
25.03.1997 |
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Name : |
Mr. U. P.
Jhaveri |
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Designation : |
Director |
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Date of Birth /
Age : |
68 Years |
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Qualification : |
B.E. (Chemical) |
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Date of
Appointment : |
21.10.2004 |
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Name : |
Mr. S. R. Wadhwa |
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Designation : |
Director |
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Date of Birth /
Age : |
78 Years |
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Qualification : |
M.A., L.L.M., CAIIB, Masters Diploma in Public Administration |
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Date of
Appointment : |
18.10.2005 |
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Name : |
Dr. S. Rama Iyer |
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Designation : |
Director |
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Date of Birth /
Age : |
74 Years |
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Qualification : |
B.E.(Chemical), M. Tech. and Ph.D. from IIT, Mumbai |
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Date of
Appointment : |
23.10.2007 |
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Name : |
Mrs. Parul S. Mehta |
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Designation : |
Director |
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Date of Birth /
Age : |
49 Years |
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Qualification : |
B.Com. |
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Date of
Appointment : |
20.10.2005 |
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Name : |
Mr. Anil Sachdev |
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Designation : |
Director |
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Date of Birth /
Age : |
59 Years |
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Qualification : |
B.Sc., MBA |
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Date of
Appointment : |
23.10.2008 |
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Name : |
Mr. Pranay Vakil |
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Designation : |
Director |
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Date of Birth /
Age : |
67 Years |
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Qualification : |
B.Com., C.A., L.L.B., FRICS |
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Date of
Appointment : |
25.05.2010 |
KEY EXECUTIVES
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MANAGEMENT TEAM : |
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Name : |
Mr. Somnath Patil |
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Designation : |
President and Chief Financial Officer |
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Name : |
Mr. Guy R. Goves |
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Designation : |
President – Agribusiness |
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Name : |
Mr. Pandurang Landge |
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Designation : |
President – Projects |
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Name : |
Mr. Carl Anders Lindgren |
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Designation : |
President and Technical Advisor for TAN |
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Name : |
Mr. Alok Goel |
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Designation : |
President – Strategy and Business Development |
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Name : |
Mr. Naresh Kumar Pinisetti |
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Designation : |
President - Human Resources |
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Name : |
Mr. Paresh Trivedi |
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Designation : |
President - Chemicals |
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Name : |
Mr. Tushar Dey |
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Designation : |
Executive Vice-President (Legal) and Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2015
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Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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26104701 |
29.60 |
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18655372 |
21.15 |
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44760073 |
50.75 |
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Total shareholding of Promoter
and Promoter Group (A) |
44760073 |
50.75 |
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(B) Public Shareholding |
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1954323 |
2.22 |
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27787 |
0.03 |
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1812082 |
2.05 |
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12435355 |
14.10 |
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465804 |
0.53 |
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465804 |
0.53 |
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16695351 |
18.93 |
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3763878 |
4.27 |
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Individual shareholders holding
nominal share capital up to Rs.0.100 million |
17437412 |
19.77 |
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Individual shareholders holding
nominal share capital in excess of Rs.0.100 million |
3084043 |
3.50 |
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2464186 |
2.79 |
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20674 |
0.02 |
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2258762 |
2.56 |
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184750 |
0.21 |
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26749519 |
30.33 |
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Total Public shareholding (B) |
43444870 |
49.25 |
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Total (A)+(B) |
88204943 |
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) |
88204943 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject company is engaged in the business of fertilisers, agri services, bulk chemicals, mining chemical and value added real estate.
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Products : |
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Brand Names : |
Ishanya |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1486 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
B. K. Khare and Company Chartered Accountants |
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Solicitors 1 : |
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Name : |
Crawford Bayley and Company |
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Solicitors 2 : |
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Name : |
AZB and Partners |
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Solicitors 3 : |
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Name : |
Desai and Diwanji |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates : |
· Ishanya Brand Services Limited · Ishanya Realty Corporation Limited |
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Subsidiaries
: |
· Smartchem Technologies Limited (STL) · Deepak Nitrochem Pty Limited · Deepak Mining Services Private Limited (DMSPL) · Yerrowda Investments Limited · RungePincockMinarco India Private Limited (Subsidiary of DMSPL) · SCM Soilfert Limited · Platinum Blasting Services Pty Limited (Subsidiary of STL) ·
SCM Fertichem Limited |
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Jointly
Controlled Entity : |
· Desai Fruits and Vegetables Private Limited |
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Enterprises Over Which Key Managerial
Personnel Are Able To Exercise Significant Influence : |
· Blue Shell Investments Private Limited · Nova Synthetic Limited · The Lakaki Works Private Limited · Superpose Credits and Capital Private Limited · Storewell Credits and Capital Private Limited · High Tide Investments Private Limited · Deepak Asset Reconstruction Private Limited · Mahadhan Investment and Finance Private Limited · Ishanya Foundation · Deepak Foundation |
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Enterprises Over Which Relatives Are Able
To Exercise Significant Influence : |
· Deepak Nitrite Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Million |
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1000000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.100.000 Million |
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Total |
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Rs.1350.000
Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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88204943 |
Equity Shares |
Rs.10/- each |
Rs.882.049 Million |
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a.
Reconciliation of the number of shares
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Equity Shares |
Number
of Shares |
Rs. In Million |
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Balance as at the
beginning of the year |
88204943 |
882.049 |
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Add: Issued
during the year |
-- |
-- |
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Balance as at the
end of the year |
88204943 |
882.049 |
b.
Terms/ Rights
attached with Equity Shares
The Company has only one class of issued Equity Shares having at par value of Rs.10 per Share. Each holder of Equity Shares is entitled to one vote per Share.
The Company declares and pay dividend in Indian Rupee except in the case of overseas Shareholders where dividend is paid in respective foreign currencies considering foreign exchange rate applied at the date of remittance. The dividend proposed by the Board of Directors is subject to the approval of Shareholders in the ensuring Annual General Meeting.
In the event of liquidation of the Company the holders of Equity Share will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.
c.
Details of equity shares held by shareholders
holding more than 5% shares
|
Name of
Shareholder |
Number
of Shares (In
Lacs) |
% holding |
|
Shri S. C. Mehta |
212.84 |
24.13% |
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Nova Synthetic Limited |
172.67 |
19.58% |
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Fidelity Puriton Trust Fund-Fidelity low priced Stock Fund |
75.69 |
8.58% |
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Total |
461.20 |
52.29% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
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I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
882.049 |
882.049 |
882.049 |
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(b) Reserves & Surplus |
14366.573 |
14029.096 |
12260.457 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
15248.622 |
14911.145 |
13142.506 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
3385.417 |
5920.684 |
7141.504 |
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(b) Deferred tax liabilities (Net) |
1244.943 |
1177.548 |
1222.838 |
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(c) Other long term
liabilities |
8.199 |
2.191 |
7.702 |
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(d) long-term
provisions |
260.964 |
233.708 |
197.888 |
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Total Non-current
Liabilities (3) |
4899.523 |
7334.131 |
8569.932 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
7851.099 |
2296.493 |
3044.302 |
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(b) Trade
payables |
2306.427 |
3498.653 |
2076.125 |
|
(c) Other
current liabilities |
3803.216 |
2744.304 |
2079.193 |
|
(d) Short-term
provisions |
528.251 |
807.176 |
699.378 |
|
Total Current
Liabilities (4) |
14488.993 |
9346.626 |
7898.998 |
|
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TOTAL |
34637.138 |
31591.902 |
29611.436 |
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II.
ASSETS |
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|
(1)
Non-current assets |
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|
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
13445.391 |
13796.017 |
14023.589 |
|
(ii)
Intangible Assets |
60.704 |
85.079 |
103.361 |
|
(iii) Capital
work-in-progress |
1405.656 |
939.335 |
265.431 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1081.848 |
2788.227 |
956.578 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
665.617 |
408.067 |
581.936 |
|
(e) Other
Non-current assets |
19.519 |
57.183 |
82.204 |
|
Total Non-Current
Assets |
16678.735 |
18073.908 |
16013.099 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
1932.490 |
262.160 |
2483.262 |
|
(b)
Inventories |
4029.594 |
3387.584 |
2397.844 |
|
(c) Trade
receivables |
9352.527 |
7693.975 |
6451.646 |
|
(d) Cash
and cash equivalents |
383.617 |
924.756 |
1020.122 |
|
(e) Short-term
loans and advances |
2097.115 |
1148.660 |
1135.973 |
|
(f) Other
current assets |
163.060 |
100.859 |
109.490 |
|
Total
Current Assets |
17958.403 |
13517.994 |
13598.337 |
|
|
|
|
|
|
TOTAL |
34637.138 |
31591.902 |
29611.436 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
37117.663 |
38104.394 |
26079.490 |
|
|
|
Other Income |
382.804 |
448.641 |
602.914 |
|
|
|
TOTAL (A) |
37500.467 |
38553.035 |
26682.404 |
|
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
13946.444 |
16527.636 |
12524.950 |
|
|
|
Purchases of Stock-in-Trade |
15958.013 |
11438.421 |
6301.675 |
|
|
|
Changes in Inventories of Finished Goods and Stock-in-Trade- (Increase) / Decrease |
(725.659) |
(473.730) |
(309.631) |
|
|
|
Employee Benefits Expense |
1426.813 |
1634.195 |
1450.164 |
|
|
|
Other Expenses |
3534.987 |
3915.187 |
2913.200 |
|
|
|
Exceptional Items |
3.485 |
113.520 |
0.000 |
|
|
|
TOTAL (B) |
34144.083 |
33155.229 |
22880.358 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3356.384 |
5397.806 |
3802.046 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1101.071 |
1007.507 |
821.737 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2255.313 |
4390.299 |
2980.309 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/ AMORTISATION (F) |
1173.078 |
1026.397 |
974.536 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1082.235 |
3363.902 |
2005.773 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
298.720 |
925.059 |
536.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
783.515 |
2438.843 |
1469.051 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10375.704 |
8949.895 |
8305.502 |
|
|
|
|
|
|
|
|
|
Less |
Transitional impact of change in useful life of assets (net of deferred tax of Rs.22.645 million) |
35.917 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to Debenture Redemption Reserve |
22.920 |
95.830 |
116.563 |
|
|
|
Transferred to General Reserve |
0.000 |
247.000 |
147.500 |
|
|
|
Proposed Dividend on Equity Shares (Net) |
352.832 |
573.345 |
485.140 |
|
|
|
Tax on Proposed Dividend (Net) |
57.289 |
96.859 |
75.455 |
|
|
BALANCE CARRIED
TO THE B/S |
10690.261 |
10375.704 |
8949.895 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods (on FOB basis) |
879.965 |
805.872 |
784.585 |
|
|
|
Other income |
78.949 |
151.663 |
138.178 |
|
|
TOTAL EARNINGS |
958.914 |
957.535 |
922.763 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
4062.907 |
6962.522 |
2514.946 |
|
|
|
Components and spare parts |
106.199 |
70.860 |
70.924 |
|
|
|
Capital goods |
47.456 |
73.787 |
67.045 |
|
|
|
Stock-in-trade |
11697.266 |
4141.399 |
2597.062 |
|
|
TOTAL IMPORTS |
15913.828 |
11248.568 |
5249.977 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.88 |
27.65 |
16.65 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
2604.167 |
1398.918 |
1053.227 |
|
Cash generated from operations |
(515.654) |
5103.005 |
2804.948 |
|
Net cash from operating activities |
(729.630) |
4136.637 |
2490.137 |
QUARTERLY
RESULTS
(Rs. In Million)
|
Particulars |
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
10721.800 |
10484.700 |
|
Total Expenditure |
9789.000 |
9556.800 |
|
PBIDT (Excluding Other Income) |
932.800 |
927.900 |
|
Other income |
331.700 |
33.500 |
|
Operating Profit |
1264.500 |
961.400 |
|
Interest |
318.100 |
317.000 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
946.400 |
644.400 |
|
Depreciation |
293.000 |
295.800 |
|
Profit Before Tax |
653.400 |
348.600 |
|
Tax |
200.100 |
84.500 |
|
Provisions and contingencies |
NA |
NA |
|
Profit after tax |
453.300 |
264.100 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
453.300 |
264.100 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
2.11 |
6.40 |
5.63 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.04 |
14.17 |
14.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
3.37 |
12.07 |
7.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.23 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.91 |
0.64 |
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.45 |
1.72 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.139.95/- |
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 |
882.049 |
882.049 |
882.049 |
|
Reserves & Surplus |
12260.457 |
14029.096 |
14366.573 |
|
Net
worth |
13142.506 |
14911.145 |
15248.622 |
|
|
|
|
|
|
long-term borrowings |
7141.504 |
5920.684 |
3385.417 |
|
Short term borrowings |
3044.302 |
2296.493 |
7851.099 |
|
|
1053.227 |
1398.918 |
2604.167 |
|
Total
borrowings |
11239.033 |
9616.095 |
13840.683 |
|
Debt/Equity
ratio |
0.855 |
0.645 |
0.908 |
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 |
26079.490 |
38104.394 |
37117.663 |
|
|
|
46.109 |
(2.590) |
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
|
26079.490 |
38104.394 |
37117.663 |
|
Profit |
1469.051 |
2438.843 |
783.515 |
|
|
5.63% |
6.40% |
2.11% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
STATE OF COMPANY’S AFFAIRS
The operations of the
Company were adversely affected during the year, in view of the stoppage of
supply of domestic gas pursuant to an order by Ministry of Petroleum and
Natural Gas (MoPNG) w.e.f. 15th May, 2014. The Company has since challenged the
order of MoPNG in the Hon’ble High Court of Delhi. All proceedings in the
Hon’ble High Court of Delhi have been completed and the final order is awaited.
As a result of stoppage of supply of domestic natural gas the Nitrophosphate Plant
at Taloja has been closed since 15th May, 2014.
The closure of the
Nitrophosphate plant at Taloja led to a major drop in production and
correspondingly, in profits of the Company. However, the Company was able to
largely contain the consequent reduction of topline at Rs.37117.700 million
(including Rs.16726.300 million from trading operations) for the year, which
was marginally below the previous year’s level of Rs.38104.400 million
(including Rs.11934.200 million from trading operations). Profit before Tax
(PBT) for the year was Rs.1082.200 million as against Rs.3363.900 million in
the previous year. Net Profit for the current year was recorded at Rs.783.500
million as compared to Rs.2438.800 million in the previous year.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Short Term
Borrowings |
|
|
|
- Commercial Paper Borrowings |
3460.403 |
0.000 |
|
|
|
|
|
Total |
3460.403 |
0.000 |
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR
ENDED 30TH SEPTEMBER 2015
(Rs. In Million)
|
Particulars |
Quarter Ended |
Six Months Ended |
|
|
|
30.06.2015 |
30.09.2015 |
30.09.2015 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
10651.500 |
10409.100 |
21060.600 |
|
b) Other operating income |
70.300 |
75.600 |
145.900 |
|
Total
income from Operations(net) |
10721.800 |
10484.700 |
21206.500 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
3441.600 |
3554.500 |
6996.100 |
|
b) Purchases of stock in trade |
7647.100 |
5446.100 |
13093.200 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(2717.800) |
(922.100) |
(3639.900) |
|
d) Employees benefit expenses |
411.300 |
437.700 |
849.000 |
|
e) Depreciation and amortization expenses |
293.000 |
295.800 |
588.800 |
|
f) Other expenditure |
1006.800 |
1040.600 |
2047.400 |
|
Total expenses |
10082.000 |
9852.600 |
19934.600 |
|
3. Profit from operations before other income and
financial costs |
639.800 |
632.100 |
1271.900 |
|
4. Other income |
331.700 |
33.500 |
365.200 |
|
5. Profit from ordinary activities before finance costs |
971.500 |
665.600 |
1637.100 |
|
6. Finance costs |
318.100 |
317.000 |
635.100 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
653.400 |
348.600 |
1002.000 |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
653.400 |
348.600 |
1002.000 |
|
10.Tax expenses |
200.100 |
84.500 |
284.600 |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
453.300 |
264.100 |
717.400 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
453.300 |
264.100 |
717.400 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
8820 |
8820 |
8820 |
|
15. Paid-up capital (Listed Debentures) |
|
|
38333 |
|
16. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
|
|
17.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
Basic |
5.14 |
2.99 |
8.13 |
|
Diluted |
5.14 |
2.99 |
8.13 |
|
18. Debt equity ratio |
|
|
0.40 |
|
19. Debt service coverage ratio |
|
|
1.53 |
|
20. Interest service coverage ratio |
|
|
3.50 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
43444870 |
43444870 |
43444870 |
|
- Percentage of shareholding |
49.25 |
49.25 |
49.25 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
44760073 |
44760073 |
44760073 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
50.75 |
50.75 |
50.75 |
|
|
|
|
|
|
|
|||
|
B.
Investor Complaints |
30.09.2015 |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
Receiving during the quarter |
0 |
|
|
|
Disposed of during the quarter |
0 |
|
|
|
Remaining unreserved at the end of the quarter |
0 |
|
|
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
Quarter Ended |
Six Months Ended |
|
|
|
30.06.2015 |
30.09.2015 |
30.06.2015 |
|
|
UNAUDITED |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Chemicals |
|
|
|
|
Manufactured |
4683.800 |
4837.500 |
9521.300 |
|
Traded
|
2279.200 |
2156.900 |
4436.100 |
|
Total |
6963.000 |
6994.400 |
13957.400 |
|
b) Fertilisers |
|
|
|
|
Manufactured |
265.800 |
1406.300 |
1672.100 |
|
Traded
|
3540.500 |
2550.400 |
6090.900 |
|
Total |
3806.300 |
3956.700 |
7763.000 |
|
c)
Realty |
24.900 |
26.900 |
51.800 |
|
d)
Others |
29.000 |
29.000 |
58.000 |
|
Total |
10823.200 |
11007.000 |
21830.200 |
|
Less: Inter –
segment revenue |
101.400 |
522.300 |
623.700 |
|
Net Sales/income
from operations |
10721.800 |
10484.700 |
21206.500 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Chemicals |
759.400 |
967.400 |
1726.800 |
|
b)
Fertilisers |
141.000 |
(27.100) |
113.900 |
|
c)
Realty |
(42.000) |
(50.200) |
(92.200) |
|
d)
Others |
20.200 |
20.300 |
40.500 |
|
Total segment
results |
878.600 |
910.400 |
1789.000 |
|
(Add)/Less:
Finance Costs |
318.100 |
317.000 |
635.100 |
|
Other
un-allocable expenditure net off un-allocable other operating income |
(92.900) |
244.800 |
151.900 |
|
Total Profit
Before Tax |
653.400 |
348.600 |
1002.000 |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
(Segment Assets
– Segment Liabilities) |
|
|
|
|
a)
Chemicals |
14465.400 |
14631.100 |
14631.100 |
|
b)
Fertilisers |
6150.000 |
8128.800 |
8182.800 |
|
c)
Realty |
2441.800 |
2418.900 |
2418.900 |
|
d)
Others |
297.600 |
294.400 |
294.400 |
|
e)
Unallocable Assets/ (Liabilities) net of borrowings |
(7652.900) |
(9561.200) |
(9561.200) |
|
|
|
|
|
|
Total
Capital Employed In the Company |
15701.900 |
15966.000 |
15966.000 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10426207 |
09/04/2013 |
3,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B74446279 |
|
2 |
10372880 |
28/11/2013 * |
15,000,000,000.00 |
IL and FS TRUST COMPANY LIMITED |
Il & Fs Financial
Centreplot No C22 G Block Bandra, Kurla Complex Bandra East, Mumbai,
Maharashtra |
B91795773 |
|
3 |
10248341 |
11/10/2010 |
500,000,000.00 |
CENTRAL BANK OF INDIA |
Mmo Building, 6th Floor, 55, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400023, India |
A97674899 |
|
4 |
10245057 |
07/10/2010 |
1,150,000,000.00 |
The Hongkong And Shanghai Banking Corporation Limited |
Plot No. 139-140b,
Western Express Highway, Sahar |
A96437066 |
|
5 |
10206363 |
24/02/2010 |
1,000,000,000.00 |
CENTRAL BANK OF INDIA |
Mmo Bldg, 6th Floor, 55, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, India |
A81243370 |
|
6 |
10204739 |
18/12/2012 * |
960,000,000.00 |
BANK OF BARODA |
Corporate Financial Service Branch, Mantri Court, 1st Floor, 39, Ramabai Ambedkar Road, Pune, Maharashtra - 411001, India |
B65872426 |
|
7 |
10146660 |
17/05/2013 * |
1,250,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower, 'E', Cuffe Parade,, Colaba,, Mumbai, Maharashtra - 400020, India |
B75911362 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Equipment
·
Electric Installation
·
Furniture and Fixtures
·
Office Equipment
·
Laboratory Equipment
·
Vehicles
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.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
68 |
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.