MIRA INFORM REPORT

 

 

Report No. :

344814

Report Date :

12.10.2015

 

IDENTIFICATION DETAILS

 

Name :

INSECTICIDES (INDIA) LIMITED

 

 

Registered Office :

401-402, Lusa Tower, Azadpur Commercial Complex, New Delhi-110033

Tel. No.:

91-11-27679700

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

18.12.1996

 

 

Com. Reg. No.:

55-083909

 

 

Capital Investment / Paid-up Capital :

Rs. 126.830 Million

 

 

CIN No.:

[Company Identification No.]

L65991DL1996PLC083909

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

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

 

 

Line of Business :

Subject is engaged in the manufacturing activities of Agro Chemicals, Pesticides and Technical Products for agriculture purposes.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 8300000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1996, and promoted by Mr. Rajesh Aggarwal and his family members. It has four manufacturing units in Chopanki (Rajasthan), Samba and Udhampur (Jammu and Kashmir), and Dahej (Gujarat).

 

The rating reflect company’s healthy business risk profile, driven by its promoters extensive industry experience, strong brand positioning, and wide geographical reach, robust financial risk profile, marked by low gearing and sound debt protection metrics, and its promoter’s conservative approach to debt.

 

This rating strengths is partially offset by company’s large working capital requirements marked by large inventory and susceptibility to inherent risks in the domestic agrochemicals market and to volatility in raw material prices.

 

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

 

In a view of aforesaid, the company can be considered good for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Bank Facilities = A-

Rating Explanation

Adequate degree of safety and low credit risk

Date

October 2014

 

Rating Agency Name

CRISIL

Rating

Short Term Bank Facilities = A2+

Rating Explanation

Strong degree of safety and low credit risk

Date

October 2014

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Pankaj Gupta

Designation :

Company Secretary

Contact No.:

91-11-27679700

Date :

09.10.2015

 

 

LOCATIONS

 

Registered Office :

401-402, Lusa Tower, Azadpur Commercial Complex, New Delhi-110033, India

Tel. No.:

91-11-27679700

Fax No.:

Not Available

E-Mail :

investor@insecticidesindia.com

Website :

www.insecticidesindia.com

 

 

Factory 1 :

E-442, RIICO Industrial Area, Chopanki, Bhiwadi – 301707, Rajasthan, India

 

 

Factory 2 :

E-439-440, RIICO Industrial Area, Chopanki, Bhiwadi – 301707, Rajasthan, India

 

 

Factory 3 :

E-443-444, RIICO Industrial Area, Chopanki, Bhiwadi – 301707, Rajasthan, India

 

 

Factory 4 :

SIDCO Industrial Growth Centre, Samba – 184121, Jammu and Kashmir, India

 

 

Factory 5 :

IID Centre, Battal Ballian, Udhampur – 182101, Jammu and Kashmir, India

 

 

Factory 6 :

CH-21, GIDC Industrial Estate, Dahej District- Bharuch – 392130, Gujarat, India

 

 

Manufacturing Locations :

Located at:

 

  • Chopanki
  • Dahej
  • Samba
  • Udhampur

 

 

R&D Center :
  • Chopanki

 

 

Branch office/Depot :
  • Ahmedabad
  • Bhatinda
  • Bangalore
  • Bhubaneshwar
  • Coimbatore
  • Ghaziabad
  • Gadarpur
  • Gowahati
  • Hajipur
  • Hisar
  • Howrah
  • Hyderabad
  • Indore
  • Jalgaon
  • Jaipur
  • Karnal
  • Kundli
  • Ludhiana
  • Nagpur
  • Pune
  • Ranchi
  • Raipur
  • Sri Ganganagar
  • Sindhanur
  • Silliguri
  • Vijaywada

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Hari Chand Aggarwal

Designation :

Chairman

Address :

FD – 42, Vishakha Enclave, Pitampura, Delhi – 110 034, India

Date of Birth/Age :

15.11.1948

Date of Appointment :

02.05.2002

 

 

Name :

Mr. Rajesh Aggarwal

Designation :

Managing Director

Address :

FD – 42, Vishakha Enclave, Pitampura, Delhi – 110 034, India

Date of Birth/Age :

02.09.1970

Date of Appointment :

02.05.2002

 

 

Name :

Mrs. Nikunj Aggarwal

Designation :

Whole Time Director

 

 

Name :

Mr. Virjesh Kumar Gupta

Designation :

Director

 

 

Name :

Mr. Navneet Goel

Designation :

Director

 

 

Name :

Mr. Gopal Chandra Agarwal

Designation :

Director

 

 

Name :

Mr. Navin Shah

Designation :

Director

 

 

Name :

Mr. Anil Kumar Singh

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Pankaj Gupta

Designation :

Company Secretary and Compliance Officer

 

 

SHAREHOLDING PATTERN

 

AS ON 30.06.2015

 

Category of Shareholder

No. of Shares

% of Shares

(A) Shareholding of Promoter and Promoter Group

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

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

13954500

73.35

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

254550

1.34

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

14209050

74.69

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

 

 

Total shareholding of Promoter and Promoter Group (A)

14209050

74.69

(B) Public Shareholding

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

 

 

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

248187

1.30

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

1016186

5.34

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

757899

3.98

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

2022272

10.63

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

 

 

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

655595

3.45

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

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

1614648

8.49

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

376540

1.98

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

146344

0.77

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

81021

0.43

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

55779

0.29

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

862

0.00

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

8682

0.05

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

2793127

14.68

Total Public shareholding (B)

4815399

25.31

Total (A)+(B)

19024449

100.00

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

 

 

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

0

0.00

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

0

0.00

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

0

0.00

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

19024449

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the manufacturing activities of Agro Chemicals, Pesticides and Technical Products for agriculture purposes.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • Punjab National Bank
  • Citi Bank N.A
  • Standard Chartered Bank
  • Yes Bank Limited
  • HDFC Bank Limited
  • ICICI Bank
  • The Hong Kong Shanghai Banking
  • Corporation Limited (HSBC)
  • IndusInd Bank Limited
  • State Bank of India
  • DBS Bank Limited

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Term loans

 

 

Indian rupee loan from banks - Vehicle Loans

6.339

6.215

Indian rupee loan from banks - Term Loan

377.941

0.000

Foreign currency loan from banks

152.344

295.855

 

 

 

SHORT TERM BORROWING

 

 

Loans repayable on demand From banks

1344.617

1083.250

Cash credit from banks

984.200

876.516

Buyers Credit Loans

80.636

164.524

 

 

 

Total

2946.077

2426.360

 

NOTE

 

LONG TERM BORROWINGS

 

a) Nature of Security and terms of repayment for secured borrowing:

 

i) Term Loans from banks for vehicles have been secured by hypothecation of vehicles. Further, vehicles loans have been guaranteed by the personal guarantee of the directors- Mr. Hari Chand Aggarwal and Mr. Rajesh Aggarwal. These loans are repayable in 36 monthly installments from the date of the loans along with interest rates ranging between 10.50% to 12.50% per annum.

 

ii) The Foreign Currency outstanding loan amounting to 70.625 Million (Previous Year -1128.37 Lacs) has been secured by the first charge over Plant and Machineries situated at CH-21, GIDC Industrial Estate, Dahej Plant (Gujarat). Further, the loan has been guaranteed by the personal guarantee of the directors- Mr. Hari Chand Aggarwal and Mr. Rajesh Aggarwal. The outstanding loan is repayable in 6 quarterly instalments. The interest is to be paid on quarterly basis at Libor plus 2.5%. Further, the company has entered into the derivative contract for hedging of the currency swaps and interest rate swaps

 

iii) The Foreign Currency outstanding loan amounting to 136.757 Million  (Previous Year - 205.975 Million) has been secured by the exclusive first charge over assets being financed including Land and Building and Plant and Machineries situated at CH-21, GIDC Industrial Estate, Dahej Plant (Gujrat). Further, the loan has been guaranteed by the personal guarantee of the directors- Mr. Hari Chand Aggarwal and Mr. Rajesh Aggarwal. The outstanding loan is repayable in 7 quarterly instalments. The interest is to be paid on quarterly basis at Libor plus 3.5%. Further, the company has entered into the derivative contract for hedging of interest rate swaps and 36% of currency swaps.

 

iv) The Foreign Currency outstanding loan amounting to 102.131 Million (Previous Year – 120.508 Million) has been secured by the exclusive first charge over assets being financed including Land and Building and Plant and Machineries situated at CH-21, GIDC Industrial Estate, Dahej Plant (Gujrat). Further, the loan has been guaranteed by the personal guarantee of the directors- Mr. Hari Chand Aggarwal and Mr. Rajesh Aggarwal. The outstanding loan is repayable in 13 quarterly instalments. The interest is to be paid on quarterly basis at Libor plus 3.00%. Further, the company has entered into the derivative contract for hedging of the currency swaps and interest rate swaps.

 

v) The Indian Rupees Term Loans outstanding amounts to Rs. 465.095 Million (1750 Lacs + 2900.95 Lacs) (Previous Year -Nil) have been secured by the exclusive first charge over assets being financed including Land and Building and Plant and Machineries situated at CH-21, GIDC Industrial Estate, Dahej Plant (Gujarat). Further, the loan has been guaranteed by the personal guarantee of the directors- Mr. Hari Chand Aggarwal and Mr. Rajesh Aggarwal. These outstanding loans are repayable quarterly in 10 and 17 installments alongwith interest @ 12.50% & @ 11.95% respectively.

 

SHORT TERM BORROWINGS

 

Working Capital Loans (Demand Loan, Cash Credit and Buyers Credits) from banks are secured by first pari passu charge over present and future stock and book debts and moveable fixed assets of the company. These loans are additionally secured by equitable mortgage on pari-passu basis over Lands and Buildings of the company and residential property of the director at Pitampura Delhi and negative lien on company’s Samba Unit (J&K) Udhampur Unit (J and K) and office at Azad Pur (Delhi). Further, these loans have been guaranteed by the personal guarantee of the directors -Mr. Hari Chand Aggarwal and Mr. Rajesh Aggarwal. Further, the company has entered into the derivative contract for hedging of buyer’s credit amounting to 38.815 Million during the year (P.Y. – 62.194 Million)

 

Auditors :

 

Name :

Mohit Parekh and Company

Chartered Accountants

Address :

Delhi, India

 

Cost Auditors :

 

Name :

A.G.S. and Associates

Chartered Accountants

Address :

Delhi, India

 

 

Internal Auditors :

 

Name :

Devesh Parekh and Company

Chartered Accountants

Address :

Delhi, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Other related parties where common control exists and with whom the company had transactions during the year:
  • Paras Agro Industries
  • ISEC Organics Limited
  • Evergreen Mineral Industries
  • Valve Phneumaticals
  • Vinod Metal Industries
  • Oats and IIL India Laboratories Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 19.09.2014

 

Authorised Capital: Rs. 250.000 Million

 

Issued, Subscribed & Paid-up Capital: Rs. 206.678 Million

 

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000000

Equity Shares

Rs.10/- each

Rs. 250.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12682966

Equity Shares

Rs.10/- each

Rs. 126.830 Million

 

 

 

 

 

Note:- The company has declared Bonus Shares in the ratio of 2:1 during the year. However, the same has been issued in the month of May 15, i.e. in succeeding financial year.

 

a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

 

Equity shares

As at March 31, 2015

Number of shares

Rs. In Million

At the beginning of the period

12682966

126.830

Issued during the period

--

--

Outstanding at the end of the period

12682966

126.830

 

b) Rights, preferences and restrictions attached to shares:

 

The company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount, in proportion to their shareholding.

 

During the financial year ended on 31st, March 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 2.50 (Previous Year Rs. 3.00) including Bonus Shares.

 

c) The details of Shareholders holding more than 5% shares:

 

Name of the Shareholder

As at March 31, 2015

Number of shares

% Held

Rajesh Aggarwal

3528600

27.82

Pushpa Aggarwal

1434600

11.31

Rajesh Aggarwal (HUF)

1302000

10.27

Hari Chand Aggarwal (HUF)

996000

7.85

Nikunj Aggarwal

750000

5.91

Life Insurance Corporation of India

675000

5.32

 

 

LISTING DETAILS:

 

Subject Stock Code :

BSE : 532851

NSE : INSECTICID

 

 

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

126.830

126.830

126.830

(b) Reserves & Surplus

2787.285

2338.729

1995.397

(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)

2914.115

2465.559

2122.227

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

536.624

302.070

300.812

(b) Deferred tax liabilities (Net)

155.692

132.666

101.810

(c) Other long term liabilities

39.351

42.893

48.353

(d) long-term provisions

6.029

3.264

5.704

Total Non-current Liabilities (3)

737.696

480.893

456.679

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2409.453

2124.290

1699.745

(b) Trade payables

2098.275

2036.041

1306.764

(c) Other current liabilities

780.975

645.251

491.861

(d) Short-term provisions

267.125

161.701

244.132

Total Current Liabilities (4)

5555.828

4967.283

3742.502

 

 

 

 

TOTAL

9207.639

7913.735

6321.408

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2018.610

1670.319

1365.108

(ii) Intangible Assets

28.474

35.236

38.370

(iii) Capital work-in-progress

376.469

537.190

448.688

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

110.854

110.854

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

59.242

47.447

56.023

(e) Other Non-current assets

21.856

62.721

47.360

Total Non-Current Assets

2615.505

2463.767

1955.549

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3914.037

3116.597

2253.504

(c) Trade receivables

1668.081

1278.743

1165.059

(d) Cash and cash equivalents

65.573

90.337

46.911

(e) Short-term loans and advances

575.935

662.658

722.960

(f) Other current assets

368.508

301.633

177.425

Total Current Assets

6592.134

5449.968

4365.859

 

 

 

 

TOTAL

9207.639

7913.735

6321.408

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

 

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

9641.915

8640.817

6166.793

 

Other Income

4.353

4.537

2.062

 

TOTAL                                    

9646.268

8645.354

6168.855

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

6796.368

5502.887

3711.910

 

Purchases of Stock-in-Trade

496.228

1018.418

415.777

 

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

(809.715)

(506.202)

19.231

 

Employees benefits expense

344.441

293.040

249.232

 

Other expenses

1704.010

1515.024

1077.539

 

TOTAL                                    

8531.332

7823.167

5473.689

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1114.936

822.187

695.166

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

331.569

269.117

173.519

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

783.367

553.070

521.647

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

141.682

66.555

57.646

 

 

 

 

 

 

PROFIT BEFORE TAX

641.685

486.515

464.001

 

 

 

 

 

Less

TAX                                                                 

93.247

87.089

110.824

 

 

 

 

 

 

PROFIT AFTER TAX

548.438

399.426

353.177

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1811.425

1505.166

1242.904

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

64.169

48.652

46.400

 

Dividend

47.561

38.049

38.049

 

Tax on Dividend

9.682

6.466

6.466

 

BALANCE CARRIED TO THE B/S

2238.451

1811.425

1505.166

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

8.612

23.182

1.847

 

TOTAL EARNINGS

8.612

23.182

1.847

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

1997.852

1581.848

1237.921

 

Stores & Spares

17.700

1.746

2.412

 

TOTAL IMPORTS

2015.552

1583.594

1240.333

 

 

 

 

 

 

Earnings Per Share (Rs.)

43.24

31.49

27.85

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

270.022

153.724

112.638

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operation

(57.342)

(57.342)

(13.271)

 

 

QUARTERLY RESULTS

 

(Rs. In Million)

PARTICULARS

 

30.06.2015

Unaudited

Net Sales

2854.000

Total Expenditure

2504.100

PBIDT (Excl OI)

349.900

Other Income

0.500

Operating Profit

350.400

Interest

76.200

Exceptional Items

NA

PBDT

274.200

Depreciation

39.600

Profit Before Tax

234.600

Tax

36.600

Provisions and contingencies

NA

Profit After Tax

198.000

Extraordinary Items

NA

Prior Period Expenses

NA

Other Adjustments

NA

Net Profit

198.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

5.69

4.62

5.73

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

11.56

9.52

11.27

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

7.36

6.70

7.90

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.22

0.20

0.22

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.01

0.98

0.94

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.19

1.10

1.17

 

 

STOCK PRICES

 

Face Value

Rs. 10.00/-

Market Value

Rs. 414.00/-

 

 

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

126.830

126.830

126.830

Reserves & Surplus

1995.397

2338.729

2787.285

Share Application money pending allotment

0.000

0.000

0.000

Net worth

2122.227

2465.559

2914.115

 

 

 

 

long-term borrowings

300.812

302.070

536.624

Short term borrowings

1699.745

2124.290

2409.453

Current Maturities of Long Term Debt

112.638

153.724

270.022

Total borrowings

2113.195

2580.084

3216.099

Debt/Equity ratio

0.996

1.046

1.104

 

 

 

 

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

6166.793

8640.817

9641.915

 

 

40.118

11.586

 

 

 

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

6166.793

8640.817

9641.915

Profit

353.177

399.426

548.438

 

5.73%

4.62%

5.69%

 

 

 

 

 

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)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

-----

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

-----

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

-----

33

Market information

-----

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10588304

07/08/2015

2,290,000.00

PUNJAB NATIONAL BANK

K-8, MINTO ROAD, CONNOUGHT CIRCUS, NEW DELHI, Delhi - 110001,

 INDIA

C62749858

2

10585831

28/07/2015

420,000.00

PUNJAB NATIONAL BANK

K-8, MINTO ROAD, CONNOUGHT CIRCUS, NEW DELHI, Delhi - 110001,

 INDIA

C61626982

3

10574708

03/06/2015

1,000,000.00

PUNJAB NATIONAL BANK

K-8, MINTO ROAD, CONNOUGHT CIRCUS, NEW DELHI, Delhi - 110001,

 INDIA

C56340235

4

10569002

15/05/2015

730,000.00

Punjab National Bank

K-8, Minto Road,, Connaught Circus, New Delhi,

 Delhi - 110001, INDIA

C53450458

5

10567621

05/05/2015

650,000,000.00

DBS BANK LTD.

DLF CAPITOL POINT, BABA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA

C52762192

6

10560164

21/03/2015

290,000,000.00

STANDARD CHARTERED BANK

CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001,

INDIA

C49498975

7

10534053

01/12/2014

950,000,000.00

AXIS BANK LTD.

2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, 
NEW DELHI, Delhi - 110001, INDIA

C35471952

8

10529406

07/10/2014

280,000.00

PUNJAB NATIONAL BANK

K-8, MINTO ROAD, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001,

 INDIA

C32456550

9

10523433

04/07/2015 *

900,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA

C59055707

10

10522177

17/09/2014

1,400,000.00

PUNJAB NATIONAL BANK

K-8, MINTO ROAD, CONNOUGHT CIRCUS, NEW DELHI, Delhi - 110001,

 INDIA

C22710032

 

* Date of charge modification

 

 

CORPORATE INFORMATION

 

Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company has its primary listings on the BSE Limited and National Stock Exchange in India. Subject is engaged in the manufacturing activities of Agro Chemicals, Pesticides and Technical Products for agriculture purposes. The Company caters to both domestic and international markets.

 

 

COMPANY OVERVIEW

 

Subject is today amongst the leading agrochemicals companies in India. With a strong product portfolio and a pan India presence, they are among the few companies in the country to have a complete integrated portfolio. Their product basket consists of formulations, technical and household products. With an increasing market share, their brands are fast emerging as most trusted crop protection tools in the Indian agriculture sector. They have entered into strategic partnerships and joint ventures with global agrochemicals players for licensing, marketing and distributor agreements. Over the years, they have also established a strong distribution network, spread across the country with more than 5000 distributors

 

 

REVIEW OF PERFORMANCE

 

During the year, the Net Turnover of the Company rose to Rs. 9641.915 Million as against Rs. 8640.816 Million reported last year, registering a growth of 12%. The Company has earned Net Profit Rs. 548.439 Million, as against the net profit of Rs. 399.427 Million reported last year, registering a growth of 37%. The improvement in performance of your Company could mainly be attributed to better capacity utilization, ongoing emphasis on productivity and efficiency, improvement in all areas of operation.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY OVERVIEW – AGRICULTURE

 

Agriculture has been an integral way of life and continues to be the single most important livelihood of more than half the population of the country. Agricultural policy focus in India across decades has been on self-suffi ciency and self-reliance in food grains production. Since independence, agriculture sector has grown manifold, with food grain production rising from 52 million tonnes in 1951-52 to 265 million tonnes in 2013-14. At 157.35 million hectares, India holds the second largest agricultural land in the world. India is blessed with 20 different agri-climatic regions and all major 15 major climates in the world. The country also possesses 46 of the 60 soil types in the world. Agriculture sector saw a CAGR of 2.8% from FY07-14. Agriculture and allied sectors saw a growth of 3.6% in FY14. (Source: Ministry of Agriculture).

 

 

OUTLOOK

 

The Indian crop protection industry is estimated to be USD 4.25 billion in FY14 and is expected to grow at a CAGR of 12% to reach USD 7.5 billion by FY 18. Exports currently constitute almost 50% of Indian crop protection industry and are expected to grow at a CAGR of 16% to reach USD 4.2 billion by FY18, resulting in 60% share in Indian crop protection industry. Domestic market on the other hand would grow at 8% CAGR, as it is predominantly monsoon dependent, to reach USD 3.3 billion by FY18.

 

 

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS

31.03.2015

Letter of Credits (FLC & ILC)

882.599

Bank Guarantee

32.693

Import Bills Accepted with Banks

Nil

Excise Matter with Appellate Authority, New Delhi (Period Covered – March, 2002 to October,2002)

Nil

Excise Matter with Appellate Authority, New Delhi (Period Covered – Sept.,2004 to August,2007)

18.611

Sales Tax Matters

47.355

 

 

Total

981.258

 

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2015

 

Rs. in Million

Sr.

No.

Particular

Quarter

 Ended

 

 

30.09.2015

 

 

Unaudited

 

 

 

1.

Net Sales/Income From Operation

3090.900

 

Less: Excise Duty

236.900

 

Net Sales/Income from Operations

2854.000

 

Other Operating Income

--

 

Total Income From Operations (Net)

2854.000

 

 

 

2.

Expenditure

 

 

Cost of materials consumed

1855.700

 

Purchase of stock in trade

117.700

 

Changes in inventories of finished goods, work in progress and stock in trade

35.000

 

Employee benefits expenses

84.800

 

Depreciation and amortization expenses

39.600

 

Other expenses

410.900

 

Total Expenses

2543.700

 

 

 

3.

Profit From Operations before Other Income, Interest and Exceptional Items (1-2)

310.300

 

 

 

4.

Other Income

0.500

 

 

 

5.

Profit Before Interest and Exceptional Items (3+4)

310.800

 

 

 

6.

Interest

76.200

 

 

 

7.

Profit After Interest but before Exceptional Items (5-6)

234.600

 

 

 

8.

Exceptional Items

--

 

 

 

9.

Profit from Ordinary Activities before Tax (7+8)

234.600

 

 

 

10.

Tax Expense

 

 

a) Current tax

30.700

 

b) Deferred tax

5.900

 

Total

36.600

 

 

 

11.

Net Profit from Ordinary Activities after Tax (9-10)

198.000

 

 

 

12.

Extraordinary Item (net of expense)

--

 

 

 

13.

Net Profit for the period (11-12)

198.000

 

 

 

14.

Paid-up Equity Share Capital (Face Value of Rs.10/- Each)

190.200

 

 

 

15.

Reserves Excluding Revaluation Reserve

--

 

 

 

16.

Basic and Diluted Earnings Per Share (EPS) (Rs.)-Not Annualized

 

 

a) Basic and diluted EPS before extraordinary items

10.41

 

b) Basic and diluted EPS after extraordinary items

10.41

 

 

 

17.

Public Shareholding

 

 

-Number of Shares

4815399

 

- Percentage of Shareholding

25.31

 

 

 

18.

Promoters and Promoter Group Shareholding

 

 

a) Pledged/Encumbered

 

 

- Number of Shares

--

 

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

--

 

- Percentage of Shares (as a % of the Total Share Capital of the Company)

--

 

 

 

 

b) Non Encumbered

 

 

- Number of Shares

14209050

 

- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)

100%

 

- Percentage of Shares (as a % of the Total Share Capital of the Company)

74.69%

 

 

Particulars

Quarter Ended 30.06.2015

Pending at the beginning of the quarter

Nil

Received during the quarter

2

Disposed of during the quarter

2

Remaining unresolved at the end of the quarter

Nil

 

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

Rs. in Million

Sl.

No.

 

Particulars

 

Nine Months Ended

30.06.2015

Unaudited

1

Segment Revenue

 

 

Formulations

2569.400

 

Technical

880.400

 

Unallocated

 

 

TOTAL

3449.800

 

 

 

 

Less : Inter Segment Revenue (Net of Excise)

595.800

 

 

 

 

NET SALES / INCOME FROM OPERATION

2854.000

 

 

 

2

Segment Results

 

 

Formulations

--

 

Technical

--

 

Unallocated

310.300

 

TOTAL

310.300

 

 

 

 

Less : Finance Cost

76.200

 

Add : Unallocable Income

0.500

 

NET PROFIT (+) / LOSS(-) BEFORE TAX

234.600

 

 

 

3

Capital Employed

 

 

Formulations

 

 

Technical

6051.900

 

Unallocated

 

 

TOTAL

6051.900

 

Note:

 

1. The above Un-audited Financial Results were reviewed by the Audit Committee and thereafter were approved and taken on record by the Board of Directors in its Meeting held on August 05, 2015.

 

2. Statutory Auditors have carried out a limited review of the financial results for the quarter ended June 30, 2015.

3. Figures of the previous year have been regrouped/rearranged/reclassified. Wherever necessary.

4. During the quarter, the Bonus Shares (One Bonus Share for existing Two fully paid up Equity Shares) have credited in the account of respective shareholders, whose name appeared in the Register of Members on the record date i.e. April 17, 2015.

 

 

FIXED ASSETS

 

  • Freehold Land
  • Plant and Machinery
  • Factory Equipments
  • Generator
  • Furniture and Fixture
  • Office Equipments
  • Computer and acc.
  • 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. 64.78

UK Pound

1

Rs. 99.54

Euro

1

Rs. 73.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

53

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

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

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