MIRA INFORM REPORT
|
Report No. : |
339634 |
|
Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
KRIBHCO SHYAM FERTILIZERS LIMITED |
|
|
|
|
Registered
Office : |
A-60, Kailash Colony, New Delhi - 110048 |
|
Tel. No.: |
91-11-25892542 / 29243412 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.12.2005 |
|
|
|
|
Com. Reg. No.: |
55-143452 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8000.571 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24121DL2005PLC143452 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELK07642F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCK6999B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of
nitrogenous fertilizer viz. urea through our integrated urea and ammonia. |
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|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19000000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “KRISHAK BHARATI COOPERATIVE LIMITED”. It
is an established company having satisfactory track record. The company possesses moderate financial risk profile and it has
incurred huge accumulated losses over a year. However, the rating takes into consideration strong financial and
managerial supported that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong holding support, the company can be considered for
business dealings at usual trade terms and condition. |
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 rating : AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
31.07.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : AA- |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
31.07.2015 |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Vainkat Raman |
|
Designation : |
Additional General Manager |
|
Contact No.: |
91-120-2443695 |
|
Date : |
03.09.2015 |
LOCATIONS
|
Registered Office : |
A-60, Kailash Colony, New Delhi – 110048, India |
|
Tel. No.: |
91-11-25892542 / 29243412 |
|
Fax No.: |
91-11-25793752 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Kribhco Bhawan, A -10, Sector – 1, Gautam Budh Nagar, Noida – 201301,
Uttar Pradesh, India |
|
Tel. No.: |
91-120-2443701 / 2443695 |
|
Fax No.: |
91-120-2545464 |
|
|
|
|
Factory : |
Village and Post Office : Piprola, Shahjahanpur – 242001, Uttar Pradesh,
India |
|
Tel. No.: |
91-5842-240001/04 |
|
Fax No.: |
91-5842-240005 |
|
E-Mail : |
DIRECTORS
AS ON: 27.06.2014
|
Name : |
Sambasiva Rao Nannapaneni |
|
Designation : |
Director |
|
Address : |
D-III /2 Kribhco Township, Plot No. -122, Sector-35, Noida - 201301, Uttar Pradesh, India |
|
Date of Appointment : |
19.06.2014 |
|
DIN No.: |
06400663 |
|
|
|
|
Name : |
Rakesh Kamra |
|
Designation : |
Whole-Time Director |
|
Address : |
D-4/4162, Vasant Kunj, New Delhi - 110070, India |
|
Date of Appointment : |
01.01.2014 |
|
DIN No.: |
00874346 |
|
|
|
|
Name : |
Rajan Chowdhry |
|
Designation : |
Director |
|
Address : |
A-1/123, Ground Floor,, Paschim Vihar, New Delhi - 110063, India |
|
Date of Appointment : |
21.03.2013 |
|
DIN No.: |
02199935 |
|
|
|
|
Name : |
Chandrapal Singh Yadav |
|
Designation : |
Director |
|
Address : |
466, Sipri Bazar, Masiha Ganj, Jhansi - 284003, Uttar Pradesh, India |
|
Date of Appointment : |
08.12.2005 |
|
DIN No.: |
00023382 |
|
|
|
|
Name : |
Alok Tandon |
|
Designation : |
Director |
|
Address : |
LCG04, The Laburnum Apaartments, Near Sushant Lok, Sector-28, Gurgaon - 122002, Haryana, India |
|
Date of Appointment : |
08.12.2005 |
|
DIN No.: |
00027563 |
|
|
|
|
Name : |
Waghji Rugnath Boda |
|
Designation : |
Director |
|
Address : |
Jivapara Street, Tankara, Rajkot - 363650, Gujarat, India |
|
Date of Appointment : |
26.07.2010 |
|
DIN No.: |
01816525 |
|
|
|
|
Name : |
Vijai Narain Rai |
|
Designation : |
Director |
|
Address : |
B - 106, Garima Vihar, Sector - 35, Dist. Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India |
|
Date of Appointment : |
20.03.2015 |
|
DIN No.: |
00036496 |
|
|
|
|
Name : |
Nishi Arora Sabharwal |
|
Designation : |
Director |
|
Address : |
C-201 Philips CGHS Limited, Plot No-3, Sector-23, Dwarka,, New Delhi - 110075, India |
|
Date of Appointment : |
20.03.2015 |
|
DIN No.: |
06963293 |
|
|
|
|
Name : |
Virendra Prakash Kaushik |
|
Designation : |
Managing Director |
|
Address : |
143c, Madangir Village, Main Road, New Delhi - 110062, India |
|
Date of Appointment : |
01.05.2007 |
|
DIN No.: |
00059733 |
KEY EXECUTIVES
|
Name : |
Mr. Vainkat Raman |
|
Designation : |
Additional General Manager |
|
|
|
|
Name : |
Bipin Chandra Phuloria |
|
Designation : |
Secretary |
|
Address : |
D-65B, IIND Floor, Freedom Fighter Colony, Neb Sarai, New Delhi - 110068, India |
|
PAN No.: |
ADLPP4916A |
|
Date of Appointment : |
23.02.2007 |
|
|
|
|
Name : |
Rakesh Kamra |
|
Designation : |
CFO |
|
Address : |
D-4/4162, Vasant Kunj, New Delhi - 110070, India |
|
PAN No.: |
AAQPK1687B |
|
Date of Appointment : |
27.06.2014 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Equity Share Capital |
|
Krishak Bharati Cooperative Limited (KRIBHCO)* |
680034286 |
85.00 |
|
STL Fertilizers Private Limited, India |
120022855 |
15.00 |
|
Shyam Basic Infrastructure Projects Private Limited, India |
2 |
0.00 |
|
Total |
800057143 |
100.00 |
- Including
five shares held by individual as nominees of KRIBHCO
Equity Share Break up (Percentage of Total Equity)
AS ON 27.06.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
nitrogenous fertilizer viz. urea through our integrated urea and ammonia. |
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Products : |
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Brand Names : |
KRIBHCO |
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Agencies Held : |
Not Divulged |
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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 : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Term of
Repayments
|
|
Auditors : |
|
|
Name : |
S.K. Mehta and Company Chartered Accountants |
|
|
|
|
Name : |
K.G. Goyal and Associates Cost Accountants |
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|
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Memberships : |
--- |
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|
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Collaborators : |
-- |
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Holding / Associates Enterprise : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital
|
No. of Shares |
Type |
Value |
Amount |
|
100,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80,00,57,143 |
Equity Shares |
Rs.10/- each |
Rs.8000.571
Million |
|
|
|
|
|
Further Notes
(I) During the period of five financial years immediately preceding the Balance Sheet date, the company has not:
(i) allotted any fully paid up equity shares by way of bonus shares;
(ii) allotted any equity shares pursuant to any contract without payment being received in cash;
(iii) brought back any equity shares.
(II) During the year the company has not issued/bought back any shares.
(III) The Company has only one class of equity shares having a par value Rs.10/- per share. The holders of the equity shares are entitled to receive dividends as declared from time to time and are entitled to voting rights proportionate to their share holding at the meetings of shareholders.
Details of Number of
Shares held by the Holding Enterprise
|
Particulars |
Number of Equity Shares |
|
|
|
31.03.2014 |
Rs. In Million |
|
Krishak Bharati Cooperative Limited |
68,00,34,286 |
6800.343 |
Details of Shareholders holding more than 5% shares in the Company
|
Particulars |
Number of Equity Shares |
|
|
|
31.03.2014 |
% of Holdings |
|
Krishak Bharati Cooperative Limited |
680’034,286 |
85 |
|
STL Fertilizers Private Limited |
120.022,855 |
15 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8000.571 |
8000.571 |
8000.571 |
|
(b) Reserves & Surplus |
(1292.926) |
(1040.259) |
(1201.885) |
|
(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) |
6707.645 |
6960.312 |
6798.686 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6690.157 |
282.557 |
3311.575 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
101.610 |
93.624 |
0.000 |
|
(d) long-term
provisions |
115.590 |
111.114 |
99.079 |
|
Total Non-current
Liabilities (3) |
6907.357 |
487.295 |
3410.654 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
10056.331 |
12465.133 |
6302.829 |
|
(b) Trade
payables |
762.099 |
622.925 |
542.583 |
|
(c) Other
current liabilities |
379.579 |
1850.889 |
5570.983 |
|
(d) Short-term
provisions |
16.498 |
36.400 |
65.696 |
|
Total Current
Liabilities (4) |
11214.507 |
14975.347 |
12482.091 |
|
|
|
|
|
|
TOTAL |
24829.509 |
22422.954 |
22691.431 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
12650.358 |
13645.924 |
14526.752 |
|
(ii)
Intangible Assets |
235.343 |
349.075 |
473.745 |
|
(iii)
Capital work-in-progress |
101.181 |
51.218 |
61.814 |
|
(iv)
Intangible assets under development |
0.000 |
5.385 |
5.385 |
|
(b) Non-current Investments |
525.000 |
735.000 |
735.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.852 |
15.354 |
5.231 |
|
(e) Other
Non-current assets |
0.874 |
1.505 |
5.066 |
|
Total Non-Current
Assets |
13515.608 |
14803.461 |
15812.993 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
692.897 |
642.830 |
484.699 |
|
(c) Trade
receivables |
9867.388 |
6018.045 |
4772.525 |
|
(d) Cash
and cash equivalents |
22.232 |
43.318 |
840.704 |
|
(e) Short-term
loans and advances |
722.700 |
904.694 |
769.504 |
|
(f) Other
current assets |
8.684 |
10.606 |
11.006 |
|
Total
Current Assets |
11313.901 |
7619.493 |
6878.438 |
|
|
|
|
|
|
TOTAL |
24829.509 |
22422.954 |
22691.431 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
16286.632 |
13378.541 |
12655.552 |
|
|
|
Other Income |
62.837 |
80.531 |
115.012 |
|
|
|
TOTAL |
16349.469 |
13459.072 |
12770.564 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
11945.440 |
8941.588 |
8317.354 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(23.900) |
(130.103) |
(82.702) |
|
|
|
Employees benefits expense |
432.004 |
390.923 |
389.693 |
|
|
|
Other expenses |
1728.334 |
1483.077 |
1442.173 |
|
|
|
Prior period adjustments (Net) |
12.469 |
(0.339) |
(4.419) |
|
|
|
TOTAL |
14094.347 |
10685.146 |
10062.099 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2255.122 |
2773.926 |
2708.465 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1347.352 |
1395.894 |
1285.624 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
907.770 |
1,378.032 |
1,422.841 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1159.242 |
1174.087 |
1126.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(251.472) |
203.945 |
296.505 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.195 |
42.319 |
61.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(252.667) |
161.626 |
234.795 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1040.259) |
(1201.885) |
(1436.680) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1292.926) |
(1040.259) |
(1201.885) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export Earnings |
Nil |
3.865 |
2.364 |
|
|
|
TOTAL EARNINGS |
Nil |
3.865 |
2.364 |
|
|
|
|
|
|
|
|
|
|
IMPORT |
|
|
|
|
|
|
|
Capital Goods |
22.627 |
14.812 |
17.275 |
|
|
|
Store and Spares |
13.974 |
11.788 |
14.597 |
|
|
TOTAL IMPORT |
36.601 |
26.600 |
31.872 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.32) |
0.20 |
0.29 |
|
CURRENT MATURITIES
OF LONG TERM BORROWINGS DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term borrowings |
92.400 |
1641.018 |
5289.809 |
|
Cash generated from operations |
(1208.487) |
(2296.472) |
2033.004 |
|
Net Cash from Operating Activities |
(1268.038) |
(2368.987) |
2027.143 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(1.55) |
1.21 |
1.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.85 |
20.73 |
21.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.04) |
0.94 |
1.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
0.03 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.51 |
2.07 |
2.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
0.51 |
0.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
8000.571 |
8000.571 |
8000.571 |
|
Reserves & Surplus |
(1201.885) |
(1040.259) |
(1292.926) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
6798.686 |
6960.312 |
6707.645 |
|
|
|
|
|
|
long-term borrowings |
3311.575 |
282.557 |
6690.157 |
|
Short term borrowings |
6302.829 |
12465.133 |
10056.331 |
|
Current maturities of long term borrowings |
5289.809 |
1641.018 |
92.400 |
|
Total borrowings |
14904.213 |
14388.708 |
16838.888 |
|
Debt/Equity ratio |
2.192 |
2.067 |
2.510 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
12655.552 |
13378.541 |
16286.632 |
|
|
|
5.713 |
21.737 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
12655.552 |
13378.541 |
16286.632 |
|
Profit |
234.795 |
161.626 |
(252.667) |
|
|
1.86% |
1.21% |
(1.55%) |
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 |
No |
|
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 |
No |
|
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 |
PERFORMANCE HIGHLIGHTS
During the year
2013-14 was a landmark year in the history of the Company. The Company has
surpassed all its previous of production, by producing highest ever production
of 1.036 Million MT of Urea and 0. 620 Million MT of Ammonia with capacity
utilization of 119.90% and 123.50% for Urea and Ammonia respectively. The
energy consumption was also low with 5.576 Gcal/MT for Urea and 7.898 Gcal/MT
for Ammonia production. Out of the total production of Urea during the year,
the production bof Neem-Coated-Urea was .362 Million MT which was 35% of total
Urea production permitted by Government of India.
In view of the
excellent performance of the Shahjahanpur plant and highest degree of
productivity, the plant has now maintained Urea production level of more than one
million MT per year and Ammonia production of more than six lac MT per year for
four years in a row.
The Company crossed the “cut-off” level of 9,09,810 MT and “qualifying” production level of 9,55,301 MT of Urea fixed by Department of Fertilizer, Government of India, thus making it eligible for Import Parity Price (IPP) Scheme. Consequently the entire production beyond the “cut-off” level amounting to 1,25,942 MT qualified for pricing under the IPP.
During the year, the Company achieved excellent performance in its dispatch and sales operations. With the sincere efforts made by KRIBHCO’s marketing department, 10.37 LMT Urea was dispatched to various destinations. A total of 10.38 LMT urea was sold in FY 2013-14 which also includes opening stock as on 01.04.2014.
The financial year 2013-14 ended with a net loss of Rs. 252.600 Million as against a net profit after tax of Rs.161.6 Million in 2012-2013. Although manufacturing, administrative, selling and distribution expenses have marginally increased but contribution from quantity produced beyond the “cut-off” level of production fell almost by 60% earned in the last year, adversely affecting the profitably of this year.
Falling import parity price and of high cost of spot gas to the quantity produced beyond the “cut-off” point, resulted in lower contribution, which was one of the main reasons for the losses during the year. During the previous financial year the quantity produced beyond the “cut-off” point was only 0.98 LMT, whereas in this year 1.259 LMT was eligible for IPP based subsidy. The benefit of increase in quantity eligible for IPP subsidy was offset by the effect of lower international price of urea.
FUTURE OUTLOOK
For FY 2014-15 outlook is very positive and the Company has targeted to surpass all its previous of production and energy consumption. Accordingly, production target for FY 2014-15 has been set at 10.41 LMT of Urea with a energy consumption of 5.560 Gcal/MT of Urea. To achieve these targets, a comprehensive performance plan has been prepared which sets performance parameters and targets for each and every department and section. No major shutdown has been planned during FY 2014-15 and the production plan envisages plant operation for 350 stream days with three short shutdowns of five days each to take care of plant exigencies and breakdowns.
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWING |
|
|
|
UP Trade Tax Loan in lieu of Trade Tax Deferment
|
190.157 |
282.557 |
|
SHORT TERM
BORROWING |
|
|
|
All the unsecured loans of Rs. 5847.889 Million (Previous Year Rs.
694.1998 Million) are guaranteed by Corporate Guarantees of holding
enterprise- KRIBHCO. Union Bank of
India |
1470.000 |
3070.000 |
|
Vijaya Bank |
1491.589 |
0.000 |
|
China Trust Commercial Bank |
200.000 |
0.000 |
|
Deutsche Bank |
466.300 |
0.000 |
|
State Bank of Bikaner and Jaipur |
2220.000 |
1750.000 |
|
Corporation Bank |
0.000 |
1440.000 |
|
Federal Bank |
0.000 |
681.998 |
|
Total |
6038.046 |
7224.555 |
|
NOTE : LONG TERM BORROWING The financial assistance has been provided by the Pradeshiya Industrial and Investment Corporation of Uttar Pradesh Limited. (PICUP) under Trade Tax Deferment Scheme of State Govt. of UP., and is re-payable in yearly installment of Rs.92.400 Million, Rs.1,04.640 Million and Rs. 85.517 Million which falls due on 31st May 2014, 31st May, 2015 and 31st May, 2016 respectively. Bank Guarantee is provided by the Company against the above loan. SHORT TERM
BORROWING All the unsecured loans of Rs. 5847.889 Million (Previous Year Rs. 6941.998 Million) are guaranteed by Corporate Guarantees of holding enterprise- KRIBHCO. |
||
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
2013-2014 (Rs. In Million) |
2012-2013 (Rs. In Million) |
|
Stamp Duty on Mortgage |
1900.000 |
1900.000 |
|
Disputed Trade Tax Matters |
203.923 |
179.365 |
|
Income Tax Matters |
- |
73.759 |
|
Demand received from Excise and Custom Department |
82.800 |
16.600 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10562974 |
26/03/2015 |
1,000,000,000.00 |
THE SARASWAT COOPERATIVE BANK LIMITED |
20-A, LAJPAT NAGAR-IV, RING ROAD, NEW DELHI, DELH |
C50724517 |
|
2 |
10544477 |
29/12/2014 |
2,500,000,000.00 |
HDFC BANK LTD |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL |
C41162041 |
|
3 |
10490758 |
19/05/2014 |
1,500,000,000.00 |
THE ROYAL BANK OF SCOTLAND N. V. |
15 HANSALAYA BUILDING, BARAKHAMBA ROAD,, NEW DELH |
C03936010 |
|
4 |
10448638 |
20/08/2013 |
1,500,000,000.00 |
UNION BANK OF INDIA |
73-74, SHEETLA HOUSE, NEHRU PLACE, NEW DELHI, DEL |
B84820976 |
|
5 |
10446958 |
13/08/2013 |
870,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 41600 |
B83999276 |
|
6 |
10396767 |
13/12/2012 |
1,500,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH, KASTURBA GANDHI MARG, NEW DELH |
B65803629 |
|
7 |
10382584 |
17/03/2015 * |
7,000,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VY |
C49990500 |
|
8 |
10256654 |
24/12/2010 |
1,500,000,000.00 |
IDBI BANK LIMITED |
RED CROSS BHAWAN, 1 RED CROSS ROAD, NEW DELHI, DE |
B01738319 |
|
9 |
10017369 |
04/08/2006 |
1,000,000,000.00 |
HDFC BANK LIMITED |
B - 6/3, SAFDARJUNG ENCLAVE, NEW DELHI, DELHI - 1 |
A03622297 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
- Leasehold land and Site Development
- Building
- Factory Building
- Non Factory Building
- Plant and Machinery
- Capital Spares
- Furniture and Fixture
- Office Equipments
- Computer
- Vehicle
Intangible Assets
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 records 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. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Information
Gathered by : |
|
|
|
|
|
Analysis Done by
: |
|
|
|
|
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
|
|
PAID-UP CAPITAL |
1~10 |
|
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILITY |
1~10 |
|
|
--LIQUIDITY |
1~10 |
|
|
--LEVERAGE |
1~10 |
|
|
--RESERVES |
1~10 |
|
|
--CREDIT LINES |
1~10 |
|
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
|
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.