MIRA
INFORM REPORT
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Report No. : |
346091 |
|
Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
INSECTICIDES ( |
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Registered
Office : |
401-402, |
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Tel. No.: |
91-11-27679700 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
18.12.1996 |
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Com. Reg. No.: |
55-083909 |
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Capital
Investment / Paid-up Capital : |
Rs. 126.830 Million |
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CIN No.: [Company Identification
No.] |
L65991DL1996PLC083909 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 manufacturing activities of Agro
Chemicals, Pesticides and Technical Products for agriculture purposes. |
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No. of Employees
: |
979 (Approximately) |
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 |
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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 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 |
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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 |
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Tel. No.: |
91-11-27679700 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1 : |
E-442, RIICO Industrial Area, Chopanki, Bhiwadi – 301707,
Rajasthan, India |
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Factory 2 : |
E-439-440, RIICO Industrial Area, Chopanki, Bhiwadi –
301707, Rajasthan, India |
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Factory 3 : |
E-443-444, RIICO Industrial Area, Chopanki, Bhiwadi –
301707, Rajasthan, India |
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Factory 4 : |
SIDCO Industrial Growth Centre, Samba – 184121, Jammu and
Kashmir, India |
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Factory 5 : |
IID Centre, Battal Ballian, Udhampur – 182101, Jammu and
Kashmir, India |
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Factory 6 : |
CH-21, GIDC Industrial Estate, Dahej District- Bharuch – 392130,
Gujarat, India |
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Manufacturing Locations : |
Located at: ·
Chopanki ·
Dahej ·
Samba ·
Udhampur |
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R&D Center : |
·
Chopanki |
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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. Rajesh Aggarwal |
|
Designation : |
Managing Director |
|
Address : |
FD – 42, Vishakha Enclave, Pitampura, |
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Date of Birth/Age : |
02.09.1970 |
|
Date of Appointment : |
02.05.2002 |
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DIN No.: |
00576872 |
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Name : |
Mrs. Nikunj Aggarwal |
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Designation : |
Whole Time Director |
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Address : |
FD-42, Vishakha Enclave, Pitampura, Delhi - 110034, India |
|
Date of Appointment : |
02.05.2013 |
|
DIN No.: |
06569091 |
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|
Name : |
Mr. Hari Chand Aggarwal |
|
Designation : |
Chairman |
|
Address : |
FD – 42, Vishakha Enclave, Pitampura, |
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Date of Birth/Age : |
15.11.1948 |
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Date of Appointment : |
02.05.2002 |
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DIN No.: |
00577015 |
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Name : |
Mr. Virjesh Kumar Gupta |
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Designation : |
Director |
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Address : |
C-1/66, Bhim Nagri, Safdarjung Development Area, Delhi - 110016, India |
|
Date of Appointment : |
25.09.2012 |
|
DIN No.: |
06382540 |
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|
Name : |
Mr. Navneet Goel |
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Designation : |
Director |
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Address : |
M-570, Guru Harkishan Nagar, Delhi - 110087, Delhi, India |
|
Date of Appointment : |
26.07.2007 |
|
DIN No.: |
01752305 |
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|
|
|
Name : |
Mr. Gopal Chandra Agarwal |
|
Designation : |
Director |
|
Address : |
240, Ghalib Apartments, Parwana Road, Pitampura, Delhi - 110034, INDIA |
|
Date of Appointment : |
26.10.2007 |
|
DIN No.: |
00372830 |
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|
|
|
Name : |
Mr. Navin Shah |
|
Designation : |
Director |
|
Address : |
26/53, Punjabi Bagh, Delhi - 110026, India |
|
Date of Appointment : |
23.06.2009 |
|
DIN No.: |
02701860 |
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|
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|
Name : |
Mr. Anil Kumar Singh |
|
Designation : |
Director |
|
Address : |
J-1A Krishan Vihar, Pooth Kalan, Delhi - 110041, INDIA |
|
Date of Appointment : |
24.04.2009 |
|
DIN No.: |
02525852 |
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 |
|
|
|
|
|
|
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|
13954500 |
73.35 |
|
|
254550 |
1.34 |
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|
14209050 |
74.69 |
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Total shareholding
of Promoter and Promoter Group (A) |
14209050 |
74.69 |
|
(B) Public
Shareholding |
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|
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|
|
|
|
248187 |
1.30 |
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|
1016186 |
5.34 |
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|
757899 |
3.98 |
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|
2022272 |
10.63 |
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|
|
|
|
|
655595 |
3.45 |
|
|
|
|
|
|
1614648 |
8.49 |
|
|
376540 |
1.98 |
|
|
146344 |
0.77 |
|
|
81021 |
0.43 |
|
|
55779 |
0.29 |
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|
862 |
0.00 |
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|
8682 |
0.05 |
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|
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 |
|
|
|
|
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) |
19024449 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing activities of Agro
Chemicals, Pesticides and Technical Products for agriculture purposes. |
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Products : |
· Agro Chemicals · Pesticides ·
Technical Products |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
979 (Approximately) |
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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 |
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Facilities : |
(Rs.
In Million)
|
||||||||||||||||||||||||||||||||||||||||||
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Auditors : |
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|
Name : |
Mohit Parekh and Company Chartered Accountants |
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Address : |
Delhi, India |
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Cost Auditors : |
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|
Name : |
A.G.S. and Associates Chartered Accountants |
|
Address : |
Delhi, India |
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Internal Auditors : |
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|
Name : |
Devesh Parekh and Company Chartered Accountants |
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Address : |
Delhi, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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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 Pneumatics · Vinod Metal Industries |
|
|
|
|
Joint Venture: |
· Oats and IIL India Laboratories Private Limited |
CAPITAL STRUCTURE
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 |
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. 422.90/- |
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 |
%20LIMITED%20-%20346091%2019-Oct-2015_files/image008.gif)
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 |
%20LIMITED%20-%20346091%2019-Oct-2015_files/image010.gif)
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% |
%20LIMITED%20-%20346091%2019-Oct-2015_files/image012.gif)
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 LIMITED |
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 LIMITED |
2ND FLOOR,
STATESMAN HOUSE, 148, BARAKHAMBA ROAD, |
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 157.350 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. 64.97 |
|
UK Pound |
1 |
Rs. 100.55 |
|
Euro |
1 |
Rs. 73.99 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.