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MIRA INFORM REPORT
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Report No. : |
491867 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ASTEC LIFESCIENCES LIMITED (w.e.f 27.04.2006) |
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Formerly Known
As : |
ASTEC LIFESCIENCES PRIVATE LIMITED (w.e.f 03.03.2006) ASTEC CHEMICALS PRIVATE LIMITED (w.e.f 19.08.1994) URSHILA TRADERS PRIVATE LIMITED |
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Registered
Office : |
Godrej One, 3rd Floor, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai- 400 079, Maharashtra |
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Tel. No.: |
91-22-25188010 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
25.01.1994 |
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Com. Reg. No.: |
11-076236 |
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Capital
Investment / Paid-up Capital : |
INR 195.129 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1994PLC076236 |
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IEC No.: |
0394035402 |
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TIN/CST No.: |
27270386878 |
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GSTIN: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACA4832D |
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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
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The Company manufactures a wide range of Agrochemical active ingredients and pharmaceutical intermediates (Registered Activity) |
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No. of Employees
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247 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in 1994 and it is manufacturer of agro and pharma chemicals. “Godrej Agrovet Limited” is the holding company of the subject as it hold 55.54% stake. As per the financials of March 2017, the company has registered a growth of 32.98% in its revenue as compared to its previous year’s revenue and ha reported good profit margin of 6.07% under review. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with low solvency indicators and good liquidity position. Rating also takes into account the vast experience f company’s promoters in the agro-chemicals and established market positions of the company. Shares are quoted high on stock exchanges. (Shares are traded at a price of INR 578.20 against its face value of INR 10 on BSE.) However, rating strength is partially offset by high concentration of fungicides in its sales portfolio along with the high working capital intensity of operations owing to the seasonal nature of the agrochemicals business. As per unaudited quarterly financials of December 2017, the company has achieved revenue of INR 742.85 million and has reported good profit margin of 9.67%. Payments are reported to be regular. In view of aforesaid, the company can be considered good for business dealing at secured and safe trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Long term rating = A |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
16.10.2017 |
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Rating Agency Name |
ICRA |
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Rating |
Short term rating = A1 |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
16.10.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 13.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
Management non-cooperative (Tel No.:91-22-25188010/25195749)
Tel No.:91-22-61205600 (Given number belongs to group company)
LOCATIONS
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Registered Office : |
Godrej One, 3rd Floor, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai- 400 079, Maharashtra, India |
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Tel. No.: |
91-22-25188010 |
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Fax No.: |
91-22-22618289 |
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E-Mail : |
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Website : |
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Research and |
F-39, MIDC, Phase-II, Dombivali (East), Thane – 421 204, Maharashtra,
India |
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Factory 1 : |
B-17, B-18 and B-21, MIDC Mahad, Birwadi Industrial Area, Mahad,
District Raigad – 413 341, Maharashtra, India |
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Factory 2 : |
B-16, MIDC Mahad, Birwadi Industrial Area, Local Unit Mahad, District
Raigad – 413 341, Maharashtra, India |
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Factory 3 : |
Additional MIDC, Plot No.K-2/1/1, Mahad, District Raigad – 413 341,
Maharashtra, India |
DIRECTORS
As on 31.03.2017
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Name : |
Mr. Ashok Vishwanath Hiremath |
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Designation : |
Managing Director |
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Address : |
3, Jal Kiran, 35, Cuffe Parade, Coloba,
Mumbai- 400005, Maharashtra, India |
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Date of Appointment : |
25.01.1994 |
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DIN No.: |
00349345 |
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Name : |
Mr. Arijit Mukherjee |
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Designation : |
Whole Time Director |
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Address : |
Plot No. 52/1, Flat No. 702, Sector 20B, Airoli, Navi Mumbai -400708, Maharashtra, India |
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Date of Appointment : |
06.11.2015 |
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DIN No.: |
07334111 |
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Name : |
Mr. Nadir Burjor Godrej |
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Designation : |
Director |
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Address : |
40-D, B.G. Kher Marg, 2nd Floor, Malabar
Hill, Mumbai -400006, Maharashtra, India |
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Date of Appointment : |
12.10.2015 |
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DIN No.: |
00066195 |
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Name : |
Mr. Balram Singh Yadav |
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Designation : |
Director |
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Address : |
A 3703, Vivarea, Sane Guruji Marg,
Mahalaxmi, Near Jacobs Circle, Mumbai -400011, Maharashtra, India |
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Date of Appointment : |
12.10.2015 |
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DIN No.: |
00294803 |
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Name : |
Mr. Vinod Chintamani Malshe |
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Designation : |
Director |
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Address : |
33 / 34 3rd Floor,10 -Kamdhenu, Kalpataru
Constructions, Hari Om Nagar Mulund, Mumbai -400603, Maharashtra, India |
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Date of Appointment : |
28.03.2008 |
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DIN No.: |
00642540 |
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Name : |
Mr. Sitendu Sharma |
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Designation : |
Director |
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Address : |
Flat No. A - 103, Keshar Upvan Co-Operative
Housing Society, Gawand Baug, 2nd Pokhran Road, Thane 400610, Maharashtra,
India |
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Date of Appointment : |
27.09.2007 |
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DIN No.: |
01956423 |
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Name : |
Mr. Brahma Nand Vyas |
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Designation : |
Director |
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Address : |
House No. 45, N Road New Keshav Nagar,
Udaipur- 313001, Rajasthan, India |
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Date of Appointment : |
29.01.2016 |
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DIN No.: |
02796071 |
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Name : |
Mr. Vijay Kashinath Khot |
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Designation : |
Director |
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Address : |
Flat No. 103, Wing A2, Lok Yamuna, Military
Road, Off Marol Maroshi Road, Andheri (East), Mumbai- 400059, Maharashtra,
India |
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Date of Appointment : |
29.01.2016 |
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DIN No.: |
03520249 |
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Name : |
Dr. Leena Rajan Raje |
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Designation : |
Director |
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Address : |
Block No.63/64, Building No. 10, 6th Floor,
Kamdhenu Complex, Hari Om Nagar, Mulund (East), Mumbai -400081, Maharashtra,
India |
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Date of Appointment : |
23.09.2014 |
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DIN No.: |
06961551 |
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Name : |
Mr. Rakesh Dogra |
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Designation : |
Director |
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Address : |
Flat No-2002, C Wing, Fairfield
Co-Operative Housing Society Limited, Lodha Luxuria Eastern Express Highway,
Majiwade, Thane – (West), Thane- 400601, Maharashtra, India |
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Date of Appointment : |
06.11.2015 |
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DIN No.: |
07334098 |
KEY EXECUTIVES
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Name : |
Mr. Tejal Virendra Jariwala |
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Designation : |
Company Secretary |
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Address : |
Navjivan Society, Bldg-4, 6th Floor, Block-19, Lamington Road, Mumbai -400008, Maharashtra, India |
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Date of Appointment : |
01.07.2013 |
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PAN No.: |
AJIPJ1782D |
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Name : |
Mr. Saurav Bhala |
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Designation : |
Chief Finance Officer |
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Address : |
B/1701, Athene, Lodha Paradise, Eastern Express Hi Majiwada, Thane (West), Kasarvadavali, Thane- 400601, Maharashtra, India |
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Date of Appointment : |
25.10.2017 |
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PAN No.: |
AHLPB9628F |
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AUDIT
COMMITTEE |
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NOMINATION
AND REMUNERATION COMMITTEE |
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STAKEHOLDERS’
RELATIONSHIP COMMITTEE |
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CORPORATE
SOCIAL RESPONSIBILITY COMMITTEE |
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RISK
MANAGEMENT COMMITTEE |
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COMPENSATION
COMMITTEE |
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MANAGING
COMMITTEE |
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MAJOR SHAREHOLDERS
As on 31.12.2017
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Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
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(A) Promoter & Promoter Group |
13099566 |
67.08 |
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(B) Public |
6428089 |
32.92 |
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Grand Total |
19527655 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
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Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
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A1) Indian |
0.00 |
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Individuals/Hindu undivided Family |
1945506 |
9.96 |
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ASHOK VISHWANATH HIREMATH |
1945506 |
9.96 |
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Any Other (specify) |
11154060 |
57.12 |
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GODREJ AGROVET LIMITED |
11154060 |
57.12 |
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Sub Total A1 |
13099566 |
67.08 |
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A2) Foreign |
0.00 |
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A=A1+A2 |
13099566 |
67.08 |
Statement showing shareholding pattern of the Public
shareholder
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Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % |
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B1) Institutions |
0.00 |
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Mutual Funds/ |
392950 |
2.01 |
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SUNDARAM MUTUAL FUND A/C SUNDARAM RURAL
INDIA FUND |
333000 |
1.71 |
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Foreign Portfolio Investors |
142977 |
0.73 |
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Financial Institutions/ Banks |
12000 |
0.06 |
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Sub Total B1 |
547927 |
2.81 |
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B2) Central Government/ State
Government(s)/ President of India |
0.00 |
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Central Government/ State Government(s)/ President
of India |
2724 |
0.01 |
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Sub Total B2 |
2724 |
0.01 |
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B3) Non-Institutions |
0.00 |
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Individual share capital upto INR 0.200
million |
3082061 |
15.78 |
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Individual share capital in excess of INR
0.200 million |
1482160 |
7.59 |
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KAUSHIK DAGA |
398642 |
2.04 |
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SHREANS DAGA |
571087 |
2.92 |
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NBFCs registered with RBI |
200 |
0.00 |
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Any Other (specify) |
1313017 |
6.72 |
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Bodies Corporate |
863490 |
4.42 |
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KEDIA SECURITIES PRIVATE LIMITED |
200000 |
1.02 |
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Own Leasing And Finance Private Limited |
256202 |
1.31 |
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Clearing Members |
119162 |
0.61 |
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NRI |
96824 |
0.50 |
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NRI – Repat |
158567 |
0.81 |
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NRI – Non- Repat |
74974 |
0.38 |
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Sub Total B3 |
5877438 |
30.10 |
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B=B1+B2+B3 |
6428089 |
32.92 |
BUSINESS DETAILS
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Line of Business : |
The Company manufactures a wide range of Agrochemical active ingredients and pharmaceutical intermediates (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
247 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors: |
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Name : |
BSR and Company LLP Chartered Accountants |
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Address: |
5th Floor, Lodha Excelus, Apollo Mills Compound, N.M Joshi Marg,
Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Tel No.: |
91-22-43455300 |
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Fax No.: |
91-22-43455399 |
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Statutory Auditors: |
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Name : |
Shah and Kathariya Chartered Accountants |
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Secretarial Auditors: |
P. K. Pandya and Company Practicing Company
Secretaries |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
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Fellow
subsidiaries : |
A. Subsidiaries of Astec
LifeSciences Limited: 1. Behram Chemicals
Private Limited 2. Astec Europe Sprl 3. Commercializadora
Agricola Agroastrachem Cia Ltda B. Subsidiaries of Godrej
Agrovet Limited (GAVL): 1. Godvet Agrochem
Limited 2. Godrej Seeds &
Genetics Limited (upto March 18, 2017) 3. Creamline Dairy
Products Limited 4. Nagavalli Milkline
Private Limited Limited(a subsidiary of Creamline Dairy Products Limited) C. Subsidiaries of Godrej
& Boyce Mfg. Co. Limited(Fellow subsidiaries upto March 29, 2017): 1. Godrej Infotech
Limited 2. Godrej (Singapore)
Pte. Limited(incorporated in Singapore) 3. Veromatic
International BV (incorporated in the Netherlands) 4. Busbar Systems (India)
Ltd (a wholly-owned subsidiary) 5. Mercury Mfg. Co.
Limited(a wholly-owned subsidiary) 6. Godrej Americas Inc.
(a wholly-owned subsidiary incorporated in the USA) 7. India Circus Retail
Private Limited D.
Subsidiaries of Godrej Industries Limited(GIL) : 1. Godrej Agrovet
Limited(GAVL) 2. Godrej Properties
Limited(GPL) 3. Ensemble Holdings
& Finance Limited 4. Godrej International
Limited(incorporated in the Isle of Man) 5. Natures Basket Limited 6. Godrej International
Trading & Investments Pte Limited(Incorporated in Singapore) 7.
Godrej International Limited(Labuan Malaysia) E. Subsidiaries of Godrej
Properties Limited (GPL): 1. City Infraprojects
Limited 2. Godrej Realty Private
Limited 3. Godrej Real Estate
Private Limited 4. Godrej Buildcon
Private Limited 5. Godrej Projects
Development Private Limited Limited(GPDPL) 6. Godrej Redevelopers
(Mumbai) Private Limited Limited(a subsidiary of GPDPL) 7. Godrej Garden City
Properties Private Limited 8. Godrej Landmark
Redevelopers Private Limited 9. Godrej Green Homes
Limited 10. Godrej Home
Developers Private Limited 11. Godrej Hillside
Properties Private Limited 12.
Godrej Prakriti Facilities Private Limited (a subsidiary of Happy Highrises
Limited) 13. Godrej Investment
Advisers Private Limited 14. Godrej Highrises
Properties Private Limited 15. Godrej Genesis
Facilities Management Private Limited (a subsidiary of Happy Highrises
Limited) 16. Godrej Residency
Private Limited 17. Godrej Skyline
Developers Private Limited 18. Godrej Vikhroli
Properties India Limited (Godrej Vikhroli Properties LLP converted into a
Public Limited Company) 19.
Prakritiplaza Facilities Management Private Limited F. Subsidiaries of Godrej
Infotech Limited(Fellow subsidiaries upto March 29, 2017): 1. Godrej Infotech
Americas Inc. (a wholly-owned subsidiary incorporated in North Carolina, USA) 2. Godrej Infotech (Singapore)
Pte. Limited(a wholly-owned subsidiary incorporated in Singapore) 3. LVD Godrej Infotech NV
(a subsidiary incorporated in Belgium) G. Subsidiaries of Godrej
(Singapore) Pte. Limited(Fellow subsidiaries upto March 29, 2017): 1. JT Dragon Pte. Limited(Incorporated
in Singapore) 2. Godrej (Vietnam) Co.
Limited (Incorporated in Vietnam) (a wholly owned subsidiary of JT Dragon
Pte. Limited) H. Subsidiaries of
Veromatic International BV: 1. Veromatic Services BV
(incorporated in the Netherlands) 2. Prowama Trading BV
(incorporated in the Netherlands) (formerly Water Wonder Benelux BV)
liquidated on 28th December 2015 I. Other Subsidiaries
(where Godrej & Boyce Mfg. Co. Limitedowns directly and/or indirectly
through one or more subsidiaries, more than one-half of the
equity share capital) (Fellow subsidiaries upto March 29, 2017): 1. Godrej Consumer
Products Limited(GCPL) 2. Godrej One Premises
Management Private Limited J. Subsidiaries and
Sub-subsidiaries of Godrej Consumer Products Limited (GCPL) (Fellow
subsidiaries upto March 29, 2017): 1. Godrej South Africa
(Proprietary) Limited(formerly, Rapidol (Pty) Limited) (incorporated in South
Africa) 2. Godrej Netherlands BV
(incorporated in the Netherlands) 3. Godrej UK Limited(a
subsidiary of Godrej Netherlands BV) 4. Godrej Global Mid East
FZE (incorporated in Sharjah, U.A.E.) (a subsidiary of Godrej Consumer
Products Holding (Mauritius)
Limited) 5. Godrej Consumer
Products Mauritius Limited 6. Godrej Consumer
Products Holding (Mauritius) Limited(incorporated in Mauritius) 7. Godrej Household
Products Lanka (Private) Limited(incorporated in Sri Lanka) 8. Godrej Household
Products Bangladesh Private Limited Limited(incorporated in Bangladesh) 9. Godrej Consumer
Products Bangladesh Limited(incorporated in Bangladesh) 10. Godrej Mauritius
Africa Holdings Limited(incorporated in Mauritius) 11. Godrej West Africa
Holdings Limited(incorporated in Mauritius) (a subsidiary of Godrej Mauritius
Africa Holdings Limited) 12.
Godrej Consumer Products (UK) Limited(a subsidiary of Godrej UK Limited) 13. Godrej Consumer
Investments (Chile) Spa, (incorporated in Chile) (a subsidiary of Godrej
Netherlands BV) 14. Godrej Mideast
Holdings Limited (Incorporated in Dubai) (a 100 % subsidiary of Godrej
Indonesia IP Holdings Limited) (w.e.f. July 28, 2015) 15. Godrej Holdings
(Chile) Limitada, (incorporated in Chile) (a subsidiary of Godrej Consumer
Investments (Chile) Spa) 16. Cosmetica Nacional,
(incorporated in Chile) (a subsidiary of Godrej Holdings (Chile) Limitada) 17. Plasticos Nacional,
(incorporated in Chile) (a subsidiary of Cosmetica Nacional) 18. Kinky Group
(Proprietary) Limited(a subsidiary of Godrej Mauritius Africa Holdings
Limited) 19. Godrej Nigeria
Limited(incorporated in Nigeria) (a subsidiary of Godrej Consumer Products
Mauritius Limited) 20. Indovest Capital
Limited(incorporated in Malaysia) (a subsidiary of Godrej Consumer Products
Holding (Mauritius) Limited) 21. Godrej Consumer
Products Dutch Cooperatief UA, (incorporated in the Netherlands) (a
subsidiary of Godrej Consumer Products Holding (Mauritius) Limited) 22. Godrej Consumer
Products (Netherlands) BV (incorporated in the Netherlands) (a subsidiary of
Godrej Consumer Products Dutch Cooperatief UA) 23. Godrej Consumer
Holdings (Netherlands) BV (incorporated in the Netherlands) (a subsidiary of
Godrej Consumer Products Dutch Cooperatief UA) 24. PT Megasari Makmur
(incorporated in Indonesia) (a subsidiary of Godrej Consumer Holdings
(Netherlands) BV) 25. PT Intrasari Raya
(incorporated in Indonesia) (a subsidiary of Godrej Consumer Holdings
(Netherlands) BV) 26. PT Ekamas Sarijaya
(incorporated in Indonesia) (a subsidiary of Godrej Consumer Holdings
(Netherlands) BV) 27. PT Indomas Susemi
Jaya (incorporated in Indonesia) (a subsidiary of Godrej Consumer Holdings
(Netherlands) BV) 28. PT Sarico Indah
(incorporated in Indonesia) (a subsidiary of Godrej Consumer Holdings
(Netherlands) BV) 29. Panamar Produccioness
S.A (incorporated in Argentina) (a subsidiary of Godrej Netherlands Argentina
BV) 30. Argencos S.A.
(incorporated in Argentina) (a subsidiary of Godrej Netherlands Argentina BV) 31. Laboratoria Cuenca
S.A. (incorporated in Argentina) (a subsidiary of Godrej Netherlands
Argentina BV) 32. Deciral S.A.
(incorporated in Uruguay) (a subsidiary of Laboratoria Cuenca S.A.) 33. Issue Group Brazil
Ltda. (incorporated in Brazil) (a subsidiary of Godrej Netherlands Argentina
BV) 34. Consell S.A .
(incorporated in Argentina) (a subsidiary of Laboratoria Cuenca S.A.) 35. Subinite Pty
Limited(incorporated in South Africa) (a subsidiary of Godrej West Africa
Holdings Limited) 36. Lorna Nigeria Ltd
(incorporated in Nigeria) (a subsidiary of Godrej Mauritius Africa Holdings
Limited) 37. Weave IP Holding Mauritius
Private Limited Limited(incorporated in Mauritius) (a subsidiary of Godrej
West Africa Holdings Limited) 38. Weave Trading
Mauritius Private Limited Limited(incorporated in Mauritius) (a subsidiary of
Godrej Mauritius Africa Holdings Limited) 39. Hair Trading
(Offshore) S. A. L. (incorporated in Lebanon) (a subsidiary of Weave Trading
Mauritius Pvt Limited) 40. Weave Mozambique
Limitada (incorporated in Mozambique) (a subsidiary of Godrej West Africa
Holdings Limited) 41. Godrej East Africa
Holdings Limited(incorporated in Mauritius) (a subsidiary of Godrej Consumer
Products Limited) 42. Style Industries
Limited(incorporated in Kenya) (a subsidiary of DGH Phase Two Mauritius
Private Limited Limited) 43. DGH Phase Two
Mauritius (incorporated in Mauritius) (a subsidiary Godrej East Africa
Holdings Limited) 44. Godrej Tanzania
Holdings Limited(incorporated in Mauritius) (a subsidiary of Godrej Consumer
Products Limited) 45. DGH Tanzania Ltd
(incorporated in Tanzania) (a subsidiary of Godrej Tanzania Holdings Limited) 46. Sigma Hair Ind
Limited(incorporated in Tanzania) (a subsidiary of DGH Tanzania Limited) 47. Weave Ghana
Limited(incorporated in Ghana) (a subsidiary of Godrej Mauritius Africa
Holdings Limited) 48. Godrej Consumer
Products US Holding Limited (Incorporated in Mauritius) 49. Darling Trading
Company Mauritius Limited(incorporated in Mauritius) (a subsidiary of Godrej
Mauritius Africa Holdings Limited) 50 Godrej Africa Holdings
Limited(incorporated in Mauritius) (a subsidiary of Godrej Mauritius Africa
Holdings Limited) 51. Godrej Indonesia IP
Holdings Limited(incorporated in Mauritius) (a subsidiary of Godrej Consumer
Products Holding (Mauritius) Limited) 52. Frika Weave (Pty)
Limited(incorporated in South Africa) (a subsidiary of Godrej Mauritius
Africa Holdings Limited) 53. Belaza Mozambique LDA
(w.e.f April 30, 2015) 54. Charm Industries
Limited(w.e.f. August 14, 2015) 55. Canon Chemicals
Limited 56. Godrej Hair Weave
Nigeria Limited 57. Godrej International
Trading Company, Sharjah 58. DGH Angola (name
changed from ‘Godrej Megasari Holdings’) 59. Godrej Hair Care
Nigeria Limited 60. Godrej Household
Insecticide Nigeria Limited 61. Hair Credentials
Zambia Limited 62. Godrej SON Holdings
Inc., USA 63. Old Pro International
Inc 64. Strength of Nature
LLC, USA 65. Strength of Nature
South Africa Proprietary Limited 66. Style Industries
Uganda Limited 67.
Weave Senegal Limited |
|
|
|
|
Entities
under common control |
1.
Opus Chemicals Private Limited 2.
Greenguard Technologies Private Limited 3.
Altimax Financial Services Private Limited 4.
Sahbhagi Financial Services Private Limited 5.
Astec Crop Care Private Limited (ceased to be a subsidiary w.e.f. February
17, 2016) 6.
Godrej Investments Private Limited 7.
NBG Enterprise LLP 8.
Annamudi Real Estate LLP 9.
Hikal Limited 10.
Kilpest India Limited 11.
Nichem Solutions 12.
Cabernet Trading and Advisors LLP |
CAPITAL STRUCTURE
After 28.07.2017
Authorised Capital : INR 250.000 Million
Issued, Subscribed & Paid-up Capital : INR 195.277 Million
As On 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19512855 |
Equity Shares |
INR 10/- each |
INR 195.129
Million |
|
|
|
|
|
a) Reconciliation of
number of equity shares outstanding at the beginning and the end of the year :
|
No of Equity Shares |
31.03.2017 |
|
|
|
|
Outstanding at the beginning of the year |
19.455 |
|
Issued during the year |
0.058 |
|
Outstanding at the end of the year |
19.513 |
d During the year, the Company has issued 57800 equity shares under the Employee Stock Option Plan/Scheme.
e Rights, preferences
and restrictions attached to Equity shares
The Company has issued only one class of equity shares having a par value of INR 10 each. Each equity shareholder is entitled to one vote per equity share.
f Shares of the
Company held by holding / ultimate holding company
|
Name of the
Shareholders |
31.03.2017 |
|
|
|
Number |
% |
|
Godrej Agrovet Limited (Immediate holding company) |
10837139 |
55.54% |
g Shareholders holding
more than 5% shares in the Company is set out below:
|
Name of the
Shareholders |
31.03.2017 |
|
|
|
Number |
% |
|
Godrej Agrovet Limited (holding company) |
10837139 |
55.54% |
|
Ashok Hiremath |
1945506 |
9.97% |
Equity shares reserved
for issue under employee stock option scheme
Information related to Employee Stock Option Plan/Scheme, including details of options issued, exercised and lapsed during the financial year and options outstanding at the end of the reporting period.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
195.129 |
194.551 |
194.551 |
|
(b) Reserves & Surplus |
1184.726 |
987.809 |
1170.564 |
|
(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) |
1379.855 |
1182.360 |
1365.115 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.019 |
81.770 |
126.240 |
|
(b) Deferred tax liabilities (Net) |
11.955 |
0.000 |
55.945 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
291.019 |
|
(d) long-term
provisions |
0.664 |
4.492 |
7.408 |
|
Total Non-current
Liabilities (3) |
16.638 |
86.262 |
480.612 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1259.988 |
1085.748 |
725.721 |
|
(b) Trade
payables |
573.736 |
679.841 |
790.039 |
|
(c) Other
current liabilities |
100.108 |
243.534 |
172.824 |
|
(d) Short-term
provisions |
5.569 |
13.658 |
45.213 |
|
Total Current
Liabilities (4) |
1939.401 |
2022.781 |
1733.797 |
|
|
|
|
|
|
TOTAL |
3335.894 |
3291.403 |
3579.524 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
991.071 |
926.951 |
1242.289 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
30.048 |
|
(iii)
Capital work-in-progress |
75.553 |
181.917 |
113.688 |
|
(iv)
Intangible assets under development |
0.000 |
16.560 |
8.783 |
|
(b) Non-current Investments |
0.053 |
0.053 |
9.981 |
|
(c) Deferred tax assets (net) |
0.000 |
21.884 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
286.678 |
239.246 |
211.042 |
|
Total Non-Current
Assets |
1353.355 |
1386.611 |
1615.831 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.917 |
|
(b)
Inventories |
655.514 |
707.468 |
623.983 |
|
(c) Trade
receivables |
1106.508 |
801.376 |
988.050 |
|
(d) Cash
and cash equivalents |
41.265 |
60.105 |
112.161 |
|
(e) Short-term
loans and advances |
0.806 |
97.803 |
238.582 |
|
(f) Other
current assets |
178.446 |
238.040 |
0.000 |
|
Total
Current Assets |
1982.539 |
1904.792 |
1963.693 |
|
|
|
|
|
|
TOTAL |
3335.894 |
3291.403 |
3579.524 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2980.285 |
2211.697 |
2516.364 |
|
|
Other Income |
23.742 |
28.516 |
18.218 |
|
|
TOTAL |
3004.027 |
2240.213 |
2534.582 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1791.207 |
1427.090 |
1565.591 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2.764 |
(38.157) |
24.120 |
|
|
Employees benefits
expense |
203.757 |
148.032 |
114.392 |
|
|
Other expenses |
354.977 |
367.268 |
295.227 |
|
|
Exceptional Item |
106.021 |
31.476 |
169.383 |
|
|
TOTAL |
2458.726 |
1935.709 |
2168.713 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
545.301 |
304.504 |
365.869 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
122.298 |
124.946 |
121.009 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
423.003 |
179.558 |
244.860 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
136.731 |
103.616 |
119.981 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
286.272 |
75.942 |
124.879 |
|
|
|
|
|
|
|
Less |
TAX |
95.330 |
72.404 |
(22.864) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
190.942 |
3.538 |
147.743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
1295.917 |
1175.193 |
1127.218 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
995.332 |
853.095 |
|
|
Capital Goods |
NA |
6.368 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
1001.700 |
853.095 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
Basic |
9.79 |
0.18 |
7.91 |
|
|
Diluted |
9.77 |
0.18 |
7.91 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1.589 |
101.992 |
80.301 |
|
Cash generated from operations |
258.015 |
81.814 |
57.580 |
|
Net cash flows from (used in) operating activity |
191.631 |
32.492 |
31.509 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
722.710 |
959.290 |
742.850 |
|
Total Expenditure |
627.940 |
812.350 |
608.420 |
|
PBIDT (Excl OI) |
94.770 |
146.940 |
134.430 |
|
Other Income |
29.540 |
16.850 |
16.880 |
|
Operating Profit |
124.310 |
163.790 |
151.310 |
|
Interest |
29.860 |
27.880 |
25.750 |
|
Exceptional Items |
NA |
NA |
41.520 |
|
PBDT |
94.450 |
135.910 |
167.080 |
|
Depreciation |
34.790 |
35.310 |
36.660 |
|
Profit Before Tax |
59.660 |
100.600 |
130.430 |
|
Tax |
19.760 |
33.590 |
58.610 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
39.890 |
67.010 |
71.820 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
39.890 |
67.010 |
71.820 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
135.52 |
132.25 |
143.32 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.69 |
2.76 |
2.55 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
116.91 |
173.88 |
184.19 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.83 |
0.43 |
0.59 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.51 |
0.27 |
0.26 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.58 |
0.67 |
0.54 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability /
Networth) |
0.92 |
1.07 |
0.68 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.41 |
1.71 |
1.27 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.77 |
0.95 |
1.02 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.46 |
2.44 |
3.02 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
6.41 |
0.16 |
5.87 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
5.72 |
0.11 |
4.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
13.84 |
0.30 |
10.82 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.02 |
0.94 |
1.13 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.68 |
0.59 |
0.77 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.41 |
0.36 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
6.49 |
6.53 |
4.79 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.02 |
0.94 |
1.13 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 578.20 (BSE) |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
194.551 |
194.551 |
195.129 |
|
Reserves & Surplus |
1170.564 |
987.809 |
1184.726 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1365.115 |
1182.360 |
1379.855 |
|
|
|
|
|
|
long-term borrowings |
126.240 |
81.770 |
4.019 |
|
Short term borrowings |
725.721 |
1085.748 |
1259.988 |
|
Current maturities of
long-term debts |
80.301 |
101.992 |
1.589 |
|
Total
borrowings |
932.262 |
1269.510 |
1265.596 |
|
Debt/Equity
ratio |
0.683 |
1.074 |
0.917 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2516.364 |
2211.697 |
2980.285 |
|
|
|
(12.107) |
34.751 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2516.364 |
2211.697 |
2980.285 |
|
Profit |
147.743 |
3.538 |
190.942 |
|
|
5.87% |
0.16% |
6.41% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
195.129 |
194.551 |
|
(b) Reserves &
Surplus |
1185.089 |
985.736 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application
money pending allotment |
1.504 |
0.895 |
|
Total Shareholders’ Funds
(1) + (2) |
1381.722 |
1181.182 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
4.019 |
81.770 |
|
(b) Deferred tax
liabilities (Net) |
12.267 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
|
(d) long-term provisions |
0.664 |
4.492 |
|
Total Non-current
Liabilities (3) |
16.950 |
86.262 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
1259.988 |
1085.748 |
|
(b) Trade payables |
570.706 |
679.976 |
|
(c) Other current
liabilities |
100.966 |
250.354 |
|
(d) Short-term provisions |
5.569 |
13.658 |
|
Total Current Liabilities
(4) |
1937.229 |
2029.736 |
|
|
|
|
|
TOTAL |
3335.901 |
3297.180 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
994.308 |
930.274 |
|
(ii) Intangible Assets |
35.091 |
16.410 |
|
(iii) Capital
work-in-progress |
75.553 |
181.917 |
|
(iv) Intangible assets
under development |
0.000 |
16.560 |
|
(b) Non-current
Investments |
0.053 |
0.053 |
|
(c) Deferred tax assets
(net) |
0.000 |
21.573 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
247.166 |
218.509 |
|
Total Non-Current Assets |
1352.171 |
1385.296 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
655.514 |
712.505 |
|
(c) Trade receivables |
1106.626 |
806.143 |
|
(d) Cash and cash
equivalents |
42.311 |
60.482 |
|
(e) Short-term loans and
advances |
0.806 |
97.803 |
|
(f) Other current assets |
178.473 |
234.951 |
|
Total Current Assets |
1983.730 |
1911.884 |
|
|
|
|
|
TOTAL |
3335.901 |
3297.180 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
2986.746 |
2329.766 |
|
|
Other Income |
23.742 |
72.150 |
|
|
TOTAL |
3010.488 |
2401.916 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
1796.619 |
1605.943 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2.764 |
(136.719) |
|
|
Employees benefits
expense |
203.757 |
158.887 |
|
|
Other expenses |
354.725 |
386.040 |
|
|
Exceptional Item |
106.021 |
31.476 |
|
|
TOTAL |
2463.886 |
2045.627 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
546.602 |
356.289 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
122.353 |
128.062 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
424.249 |
228.227 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
136.819 |
103.984 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
287.430 |
124.243 |
|
|
|
|
|
|
Less |
TAX |
95.644 |
73.580 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
191.786 |
50.663 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
Basic |
9.81 |
2.55 |
|
|
Diluted |
9.78 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
The Company is a public limited company, which is domiciled and incorporated in the Republic of India with its registered office situated at “Godrej One”, 3rd Floor, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai- 400 079, Maharashtra.(*) The Company was incorporated under the Companies Act, 1956 on January 25, 1994. The Company manufactures a wide range of Agrochemical active ingredients and pharmaceutical intermediates.
MANAGEMENT DISCUSSION
& ANALYSIS REPORT
Indian Economy &
Agriculture Overview
Indian economy is undergoing transformation and will keep on doing so for the next few years. They foresee the economy shifting towards more formal and organized play in the next few years, which will result in consolidation across many sectors. They expect the same to happen in the Indian Agro chemical play too. Indian agriculture had a great season with South West monsoon being normal after two drought years. 24 out of the 36 monsoon divisions in the country received normal rainfall during the Financial Year 2016- 17. Good monsoons helped to improve the poor sentiment prevailing in the rural economy. The country is looking at bumper Kharif and Rabi crops on back strong monsoon. Important to note is the significant jump in production of Pulses and Oilseeds in the country. Strong Minimum Support Prices (MSPs) and good remuneration in the market made the farmers shift significant acreages to Pulses and Oilseeds crops. The Kharif and Rabi acreage were 3% and 6% higher than the last year, most of the crops have seen significant jump in production. The Pulses and Oilseeds crop production is expected to be on a record high this year – Oilseeds production in expected to touch 34 million MT against 25 million MT last year, i.e., 34% growth over last year and Pulses production is expected to touch 22.1 million MT against 16.4 million MT last year, i.e., 35% growth over last year.
Structure of the
Indian Agro-chemical Industry & Developments
The Indian agrochemical market has been growing on an average of around 8%, but the exports from India are clocking double digit growth rates. While India is emerging as an alternate supply base for agrochemicals amongst global companies – part of the growth is being driven by Chinese clampdown on some of the unregulated chemical manufacturers in the country.
The future of Indian agrochemical industry looks bright on many counts –
• The usage of agrochemicals in the country is amongst the lowest in the world (as compared to
developed / developing agri economies);
• Indian is slowly emerging as a global supplier of agrochemicals to global companies, as more
chemistries go off patent, it creates unique opportunity for Indian companies to strengthen their games. Azole fungicides in India are around INR 10000.000 million business and they have built a strong presence across the portfolio and there is no marked resistance that has developed across any of the addressable crop for fungicides. Apart from formulations being sold with one Technical, there are interesting combinations that are emerging in fungicides which can significantly enhance the application of the molecules in the crops.
Company’s Financial
and Operational Performance
The Company had a strong Financial Year 2016-17 with the sales of the business growing by 36.55% and Profit After Tax (PAT) of the Company improving to INR 1,90.942 million during the Financial Year 2016-17. Acquisition by Godrej Agrovet Limited (GAVL) has helped the Company to build GAVL into a strong front play for its chemistries. Going ahead, they will keep on strengthening the same.
The Contract Manufacturing business has grown from strength to strength. They expect this vertical to be a strong growth driver in future for the Company. For the same, the Company’s manufacturing capabilities were assessed by host of global agrochemical companies. They will keep on working towards building a strong Contract Manufacturing business pipeline for future growth.
OUTLOOK
The azole fungicide category has remained a strong growth driver for fungicide in India and globally with no significant reporting of resistance being developed on this category. They expect the category to grow at a healthy pace in future in India and globally. The Company is also working on enhancing its offering within the azole fungicide products and developing a robust pipeline for Contract Manufacturing business.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
From banks |
|
|
|
Working
capital loan |
|
|
|
Foreign
Currency |
190.422 |
54.751 |
|
Rupee |
700.000 |
574.787 |
|
|
|
|
|
From
others ICD's
from related parties |
0.000 |
300.000 |
|
ICD's
from other parties |
0.000 |
0.186 |
|
|
|
|
|
Total |
890.422 |
929.724 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
C39125901 |
10531301 |
ICICI BANK LIMITED |
12/11/2014 |
30/12/2014 |
- |
840000000.0 |
LANDMARKRACE COURCE CIRCLE ALKAPURI VADODARA -390015 GUJARAT INDIA |
|
2 |
C39130000 |
10519630 |
ICICI BANK LIMITED |
13/08/2014 |
30/12/2014 |
- |
65000000.0 |
LANDMARKRACE COURCE CIRCLE ALKAPURI VADODARA -390015 GUJARAT INDIA |
|
3 |
B81331951 |
10441804 |
IDBI Bank Limited |
18/07/2013 |
- |
- |
220000000.0 |
CBG - NARIMAN POINT BRANCH, 224 A, 2ND FLOOR,A WING, MITTAL COURT, NARIMAN POINT MUMBAI-400021,MAHARASHTRA, INDIA |
|
4 |
B04808325 |
10265432 |
IDBI Bank Limited |
10/01/2011 |
- |
- |
52000000.0 |
IDBI TOWERWTC COMPLEX CUFFE PARADE MUMBAI-400005,MAHARASHTRA, INDIA |
|
5 |
A68073527 |
10172696 |
IDBI Bank Limited |
30/06/2009 |
- |
- |
30000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADE MUMBAI-400005,MAHARASHTRA, INDIA |
|
6 |
G69152973 |
10443772 |
IDBI Bank Limited |
11/03/2013 |
- |
21/11/2017 |
100000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADE MUMBAI-400005,MAHARASHTRA, INDIA |
|
7 |
G69151538 |
10444906 |
IDBI Bank Limited |
11/08/2013 |
- |
21/11/2017 |
100000000.0 |
224A, 2ND FLOOR, A-WING, MITTAL COURT NARIMAN POINT MUMBAI-400021,MAHARASHTRA, INDIA |
|
8 |
G49784010 |
10339278 |
IDBI Bank Limited |
03/02/2012 |
- |
05/07/2017 |
178000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADE MUMBAI-400005,MAHARASHTRA, INDIA |
|
9 |
G02976405 |
10178426 |
SATATE BANK OF HYDERABAD |
27/07/2009 |
- |
29/04/2016 |
50000000.0 |
OVERSEAS BRANCH, 1204, ASHOK MAHAL,TULLOCH ROAD, COLABA MUMBAI-400039,MAHARASHTRA, INDIA |
|
10 |
G02973311 |
10023050 |
STATE BANK OF HYDERABAD |
23/09/2006 |
- |
29/04/2016 |
100000000.0 |
OVERSEAS BRANCH, ASHOK MAHAL, 1204, TILLOCH MARG,COLABA,MUMBAI-400039,MAHARASHTRA, INDIA |
STATEMENT
OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12.2017
(INR
in Million)
|
Particulars |
3
Months ended 31.12.2017 |
3
Months ended 30.09.2017 |
9
Months ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income
from operations |
|
|
|
|
a)
Revenue from operations |
742.850 |
959.288 |
2424.843 |
|
b)
Other operating income |
16.882 |
16.851 |
63.269 |
|
Total Income from Operations (net) |
759.738 |
976.139 |
2488.112 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost
of Materials Consumed |
445.240 |
589.102 |
1561.799 |
|
Purchases
of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
Changes
in inventories of finished goods, work-in-progress
and traded goods |
(11.117) |
72.861 |
(28.212) |
|
Excise
duty |
0.000 |
0.000 |
32.610 |
|
Employee
benefits expense |
55.862 |
50.815 |
162.263 |
|
Finance
Costs |
25.746 |
27.884 |
83.488 |
|
Depreciation
and amortisation expense |
36.659 |
35.308 |
106.757 |
|
Other
expenses |
118.435 |
99.569 |
320.244 |
|
Total Expenses |
670.825 |
875.539 |
2238.949 |
|
|
|
|
|
|
Profit/(Loss) before
exceptional Items |
88.907 |
100.600 |
249.163 |
|
Exceptional
Items |
41.521 |
- |
41.521 |
|
Profit/(Loss) from ordinary activities before tax |
130.428 |
100.600 |
290.684 |
|
Tax
expense |
58.604 |
33.586 |
111.955 |
|
Net
Profit/(Loss) for the period |
71.824 |
67.014 |
178.729 |
|
Other
comprehensive income (net of income tax) |
3.396 |
(2.063) |
(8.424) |
|
Total
comprehensive income after taxes and minority interest |
75.220 |
64.951 |
170.305 |
|
Paid-up
Equity share capital |
195.277 |
195.207 |
195.277 |
|
Earnings
Per Share before extraordinary items (Face value of INR 10/- each) (not
annualised) |
|
|
|
|
Basic |
3.68 |
3.43 |
9.16 |
|
Diluted |
3.67 |
3.43 |
9.13 |
Note:
1. The above results have been reviewed by the Audit
Committee and approved by the Board of Directors at its Meeting held on 31 st
January, 2018. The Statutory Auditors of the Company have carried out a limited
review of the aforesaid results and have expressed an unmodified review
opinion.
2. Financial Results for all the periods
presented have been prepared in accordance with the recognition and measurement
principles of Indian Accounting Standards (Ind-AS) notified under the Companies
(Indian Accounting Standards) Rules, 2015.
3. The Company has only one reportable segment
i.e. Agrochemicals as per Ind-AS 108 "Operating Segments" specified
under Section 133 of the Companies Act, 2013
4. Figures of corresponding previous year /
period have been re-grouped/re-classified wherever necessary, to conform to
this period's classification.
5. Exceptional Items (as disclosed in the
columns "3 months ended 31st December, 2017" and "Year to date
figures for the Nine Months Period ended 31st December, 2017" comprises
(a) gain on mutually cancelled agreement for supply of product with one of its
multi-national customer aggregating INR 193.283 million; (b) inventory written
off aggregating INR 72.783 million; and (c) property, plant & equipment
written off aggregating INR 78.979 million.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the
company not acknowledged as debts |
|
|
|
- Excise matter |
|
|
|
The excise duty demand relating to the usance of raw material procured in DTA and used in an 100% EOU. The above amounts includes upto date interest |
453.063 |
231.890 |
|
The excise duty demand relating to clearance of goods from DTA unit though manufactured from 100% EOU. The above amount includes up-to-date interest. |
169.177 |
576.965 |
|
The demand is relating to Storage of material of DTA unit in and an 100% EOU unit. The above amount included upto date interest |
3.900 |
15.808 |
|
The demand is relating to clearance of goods from 100% EOU unit not as per the Proviso of section 3(1) of the Central Excise Act, 1944 |
0.000 |
26.375 |
|
The demand is relating to wrong availment of Cenvat Credit on Custom Duty for closure of old advance licences |
1.964 |
0.000 |
|
|
|
|
|
- Income tax |
|
|
|
The company has preferred appeal against the order of assessing officer and CIT in which demand of ` 437.86 Lacs has been determined for various assessment years as under. The said demand also included interest payable up to the date of passing order by the competent authority i.e. assessing officer / CIT. |
|
|
|
Pending before CIT (Appeal) |
17.829 |
0.589 |
|
Pending before ITAT |
20.041 |
11.660 |
|
Pending before High Court |
5.916 |
2.716 |
|
|
|
|
|
Customs |
|
|
|
The company has replied the SCN no. 1624 / 2013 -14 dated 9th July 2013 issued by the Commissioner of Custom - Raigarh alleging that goods imported in Unit B-16 were kept in unit B-17 and therefore are liable for confiscation. The persona hearing of the said SCN is pending. The said amount includes upto date interest |
1.370 |
2.043 |
|
- Sales tax |
|
|
|
Pending before JSCT(Appeal) |
14.847 |
14.052 |
|
Pending before Dy. Comm. Sales tax, Thane |
361.305 |
339.626 |
|
Contin. Liabilities against pending C & H Forms |
16.329 |
15.409 |
|
|
|
|
|
- Civil Matter |
|
|
|
Nath Bio-Genes (India) Ltd has filed a suit against the Company alleging that some product supplied by the company was responsible for the poor germination of its seeds |
650.000 |
650.000 |
|
Guarantees
outstanding |
80.790 |
33.906 |
|
Letters of Credit given by company (Different letter of credits issued to various suppliers for supply of material to us |
19.990 |
15.680 |
FIXED ASSETS
- Plant and Equipment
- Leasehold Land
- Factory Building
- Office Building
- Electrical Installation
- Furniture, fittings and equipment
- Vehicles
- Computers
- Office equipment’s
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
|
INR |
|
US Dollar |
1 |
INR 63.61 |
|
|
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.