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MIRA INFORM REPORT
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Report No. : |
487693 |
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Report Date : |
24.01.2018 |
IDENTIFICATION DETAILS
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Name : |
NACL INDUSTRIES LIMITED [w.e.f. 03.09.2017] |
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Formerly Known
As : |
NAGARJUNA AGRICHEM LIMITED CHEMANGRO INTERNATIONAL LIMITED [w.e.f. 11.01.1993] EAST INDIA FINANCE LIMITED |
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Registered
Office : |
Plot No. 12-A, “C”- Block, Lakshmi Towers, No. 8-2-248/1/7/78, Nagarjuna Hills, Panjagutta, Hyderabad-500082, Telangana |
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Tel. No.: |
91-40-33605123 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
11.11.1986 |
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Com. Reg. No.: |
36-016607 |
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Capital
Investment / Paid-up Capital : |
INR 156.144 Million |
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CIN No.: [Company Identification
No.] |
L24219TG1986PLC016607 |
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IEC No.: |
Not Divulged |
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GST No.: |
36AAACN6932H1ZF |
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TIN No.: |
37720123037 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACN6932H |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Crop Protection and manufactures both Technicals (Active Ingredient -AI) and Formulations. It manufactures all kinds of pesticides, insecticides, acaricides, herbicides, fungicides and other plant growth chemicals. (Registered Activity) |
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No. of Employees
: |
1161 (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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Maximum Credit Limit : |
USD 6283700 |
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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 the year 1986. It is a subsidiary of KLR Products Limited. The company is in the business of crop protection and manufacturers both technical (Active Ingredients- A1) and formulations. It manufactures all type of pesticides, insecticides, acaricides, herbicides, fungicides and other plant growth chemicals. As per the financial of 2017, the company has achieved a fair growth of 7.86% in its revenue as compared to the previous year and has reported an average net profit margin of 4.33%. The company possesses sound financial position marked by strong net worth base along with strong debt coverage indicator due to low debt balance sheet profile and comfortable liquidity parameters. The company has its share price trading at around INR 56.70 on BSE as on January 22, 2018 as against the Face Value (FV) of INR 1. Business is active. Payments are reported to be regular and as per commitment. In view of healthy financial position, the company can be considered good for normal 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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Loans=A- |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
06.10.2017 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Loans=A2 |
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Rating Explanation |
Strong degree of safety and low credit risk |
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Date |
06.10.2017 |
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 24.01.2018.
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 DECLINED BY
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Name : |
Mr. P S V N Verma |
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Designation : |
Senior Manager in Purchase |
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Contact No.: |
91-9603334422 |
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Date : |
21.01.2018 |
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-40-33605123]
[91-9603334401 is ringing]
LOCATIONS
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Registered/ Corporate Office : |
Plot No. 12-A, “C”- Block, Lakshmi Towers, No. 8-2-248/1/7/78, Nagarjuna Hills, Panjagutta, Hyderabad-500082, Telangana, India |
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Tel. No.: |
91-40-33605123/ 24 /25/26/27/ 33602153 |
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Mobile No.: |
91-9603334422 [Mr. P S V N Verma] |
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Fax No.: |
91-40-23350234/ 23358062 |
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E-Mail : |
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Website : |
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Factory 1 : |
Shadnagar, Nandigaon (Village) Kothur (Mandal), Mahabub Nagar – 509223, Telangana, India |
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Factory 2 : |
Plot No.: 177, Arinama Akkivalasa Etcherla Mandal Srikakulam - 532403, Andhra Pradesh, India |
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Tel. No.: |
91-8942-231172/ 305400 |
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Fax No.: |
91-8942-231171 |
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Factory 3 : |
Ravulapalem Mandal, Ethakota, East Godavari – 5333238, Andhra Pradesh,
India |
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Tel. No.: |
91-8855-305617 |
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Fax No.: |
91-8855-257276 |
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R&D Centre : |
Sy No. 1710 and 1711, Anthi Reddy Guda, Nandigoan (V), Kothur (M),
Mahboob Nagar, Andhra Pradesh, India |
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Regional Warehouses : |
Located at: · Hyderabad · Nagpur · Ahmedabad · Karnal · Ethakota |
DIRECTORS
AS ON: 31.03.2017
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Name : |
Mr. Vijay Shankar Vishwanathan |
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Designation : |
Managing Director |
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Address : |
Flat No. 204, 2nd Floor, Mount Kailash Apartment, Banjara Hills,
Hyderabad - 500034, Telangana,
India |
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Date of Birth/Age : |
17.11.1956 |
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Qualification : |
F.C.A. |
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Expertise in specific functional areas : |
He has over 34 years experience in large Organizations at Senior levels. He has extensive experience in General Management with special emphasis on Strategic, Finance and Commercial functions. |
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Date of Appointment : |
11.05.2011 |
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DIN No.: |
00015366 |
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Name : |
Mr. Datla Ranga Raju |
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Designation : |
Director |
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Address : |
A Block, 201, Paradie Apartments, Seetammadhara Visakhapatnam - 530013, Telangana, India |
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Date of Appointment : |
30.04.1997 |
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DIN No.: |
00066546 |
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Name : |
Mr. Kailasam Raghuraman |
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Designation : |
Director |
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Address : |
No. 39, Amaravathy Nagar Arumbakkam S.O. Chennai 600106, Tamilnadu,
India |
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Date of Appointment : |
30.07.2009 |
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DIN No.: |
00320507 |
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Name : |
Mrs. Kanumuru Lakshmi Raju |
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Designation : |
Director |
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Address : |
'Digvijayam' Plot No.933A, Road No.47, Jubilee Hills, Hyderabad -
500033, Telangana, India |
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Date of Appointment : |
24.06.2004 |
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DIN No.: |
00545776 |
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Name : |
Mr. Sudhakar Kudva |
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Designation : |
Director |
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Address : |
Flat No.5, Building No.2 B Anand Park Co-Op. Housing Society, Off.S
Hankarshet, Pune - 411037, Maharashtra, India |
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Date of Birth/Age : |
05.12.1950 |
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Qualification : |
B.Com. (Hons), F.C.A. |
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Expertise in specific functional areas : |
Mr. Sudhakar Kudva, a Chartered Accountant, has over 38 years of work experience in India and abroad in a wide range of industries including the Lakshmi Mittal Group. (in Arcelor Mittal Ltd., as Executive Director-Commercial). His areas of expertise are Finance, Treasury and General Management. |
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Date of Appointment : |
16.09.2008 |
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DIN No.: |
02410695 |
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Name : |
Mr. Vijayaraghavan |
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Designation : |
Director |
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Address : |
203, United Enclave, 7-1-28/4, Ameerpet, Hyderabad - 500082,
Telangana, India |
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Date of Birth/Age : |
22.07.1949 |
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Qualification : |
B.Tech (Metallurgy), PGDBM from IIM-A |
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Expertise in specific functional areas : |
He has over 39 years of wide corporate experience. He worked in various senior positions in wide industry spectrum of Companies like L&T, ITW Signode, Nagarjuna Fertilisers and Chemicals Limited and Sterlite Industries. His experiences include various manufacturing fields, marketing and general management. |
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Date of Appointment : |
09.08.2014 |
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DIN No.: |
02491073 |
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Name : |
Mr. Raghavender Ramappa Mateti |
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Designation : |
Director |
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Address : |
C-1311, National Park View-2 Raheja Estate, Borivali East, Mumbai -
400066, Maharashtra, India |
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Date of Appointment : |
26.02.2014 |
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DIN No.: |
06826653 |
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Name : |
Mr. Ranvir Sain Nanda |
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Designation : |
Director |
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Address : |
H.No.8-2-618/1/D, Road No.11, Banjara Hills,
Hyderabad-500034, Telangana, India |
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Date of Birth/Age : |
04.03.1944 |
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Qualification : |
B.Sc., Engg. (Mech.) |
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Brief Profile including expertise in
specific functional areas : |
Mr.R.S.Nanda, is having more than four decades of rich experience both in Government and Private Corporate Sector. After working in various senior positions in Kanoria Chemicals, EID-Parry and Cyanamid India, etc., he was also elevated to the position of President and Managing Director of Coromandel Fertilisers Limited (a Murugappa Group Company). Mr. Nanda was a Director on the Board of various premier Companies like EID-Parry (India) Limited, Godavari Fertilisers & Chemicals Limited, Fertilizers Association of India, Indian Potash Limited, Nagarjuna Fertilisers and Chemicals Limited etc. He was also Chairman of the Confederation of Indian Industry, Andhra Pradesh State Council and the Fertilizer Association of India, Southern Region. |
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Date of Appointment : |
27.05.2017 |
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DIN No.: |
00008255 |
KEY EXECUTIVES
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Name : |
Mr. Satish Kumar Subudhi |
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Designation : |
Company Secretary |
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Address : |
102, Krishna Plaza Apartments, Plot No.1-65, Near Dubai Gate, Hasmathpet, Old Bowenpally Secunderabad 500011, Telangana, India |
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Date of Appointment : |
03.10.2011 |
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PAN No.: |
AQLPS2002H |
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Name : |
Mr. Raghava Kuppanna Satyanarayana Prasad |
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Designation : |
Chief Finance officer |
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Address : |
H No 30-642/5 F No 206 Plaza Block, Rock View Apts Chandra Giri Colony, Safilguda, Hyderabad - 500056, Telangana, India |
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Date of Appointment : |
30.05.2014 |
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PAN No.: |
AFSPR7017P |
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Name : |
Mr. Amit Taparia |
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Designation : |
Vice President - Procurement and IT |
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Name : |
Mr. C. Varada Rajulu |
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Designation : |
Vice President - Manufacturing (Srikakulam) |
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Name : |
Mr. G.Jagannadha Rao |
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Designation : |
Executive Vice President - Exports |
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Name : |
Mr. Harish Chandra Bijlwan |
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Designation : |
Vice President - Operation and Technology |
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Name : |
Mr. J.Satyanarayana Das |
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Designation : |
Vice President - Manufacturing (Ethakota) |
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Name : |
Mr. Manikkam Natarajan |
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Designation : |
Executive Vice President - Marketing and Sales |
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Name : |
Mr. R.K.S.Prasad |
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Designation : |
Executive Vice President-Finance & Chief Financial Officer |
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Name : |
Dr. Venkatesan Subbusamy |
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Designation : |
Sr. General Manager - Registration and Regulatory Affairs |
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Name : |
Mr. Satish Kumar Subudhi |
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Designation : |
Company Secretary & Head - Legal |
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Name : |
Mr. S.Mani Prasad |
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Designation : |
Sr. General Manager - Corporate HPD |
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Name : |
Mr. P S V N Verma |
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Designation : |
Senior Manager in Purchase |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
116641860 |
74.64 |
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(B) Public |
39637274 |
25.36 |
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Total |
156279134 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
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 % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
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Individuals/Hindu
undivided Family |
30,18,360 |
1.93 |
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K. LAKSHMI RAJU |
30,18,360 |
1.93 |
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Any Other
(specify) |
11,36,23,500 |
72.71 |
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KLR PRODUCTS LIMITED |
11,36,23,500 |
72.71 |
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Sub Total A1 |
11,66,41,860 |
74.64 |
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A2) Foreign |
0.00 |
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A=A1+A2 |
11,66,41,860 |
74.64 |
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Statement showing shareholding pattern of the Public
shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
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B1) Institutions |
0 |
0.00 |
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Foreign
Portfolio Investors |
3171124 |
2.03 |
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ARES DIVERSIFIED |
3171124 |
2.03 |
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Financial
Institutions/ Banks |
8273 |
0.01 |
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Sub Total B1 |
3179397 |
2.03 |
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B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
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B3)
Non-Institutions |
0 |
0.00 |
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Individual share
capital upto INR 0.200 Million |
16640287 |
10.65 |
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Individual share
capital in excess of INR 0.200 Million |
10027090 |
6.42 |
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Any Other
(specify) |
9790500 |
6.26 |
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NRI – Repat |
562945 |
0.36 |
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NRI – Non- Repat |
212729 |
0.14 |
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NSDL or CDSL transit |
852973 |
0.55 |
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NAGARJUNA AGRICHEM LIMITED UNCLAIMED
SUSPENSE ACCOUNT |
1697543 |
1.09 |
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Clearing Members |
235677 |
0.15 |
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ESOP or ESOS or ESPS |
135126 |
0.09 |
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Director or Director's Relatives |
54996 |
0.04 |
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Bodies Corporate |
7736054 |
4.95 |
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Sub Total B3 |
36457877 |
23.33 |
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B=B1+B2+B3 |
39637274 |
25.36 |
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BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Crop Protection and manufactures both Technicals (Active Ingredient -AI) and Formulations. It manufactures all kinds of pesticides, insecticides, acaricides, herbicides, fungicides and other plant growth chemicals. (Registered Activity) |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
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 : |
1161 (Approximately) |
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Bankers : |
· Indian Overseas Bank Hyderabad, Telangana, India · State Bank of India. · HDFC Bank Limited · IDBI Bank Limited · New India Co-Operative Bank Limited ·
SVC Co-Operative Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
M. Bhaskara Rao and Company Chartered Accountants |
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Address : |
5-D, Kautilya, Somajiguda, Hyderabad – 500082, Telangana, India |
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Tel. No.: |
91-40-23311245/23393900 |
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Mobile No.: |
91-40-23399248 |
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E-Mail : |
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Cost Auditors : |
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Name : |
K. Narasimha Murthy and Company Cost Accountants |
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Address : |
3-6-365, 104 & 105, Pavani Estate, Himayathnagar - 500029, Telangana,
India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
KLR Products Limited (Formerly GSR Products Limited) |
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Associate Company : |
Nasense Labs Private Limited (Formerly USP Organics Private Limited) |
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Subsidiary Companies : |
· Nagarjuna Agrichem (Australia) Pty Limited, Australia, · LR Research Laboratories Private Limited |
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Enterprises over which Key Managerial Personnel
are able to exercise significant influence : |
·
Indo International Fertilizers Limited ·
Nagaarjuna Shubho Green Technologies Private
Limited |
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Enterprises under the significant influence
of persons having significant influence over this company : |
·
Nagarjuna Fertilizers & Chemicals Limited ·
Bhagiradha Chemicals & Industries Limited |
CAPITAL STRUCTURE
AFTER 05.08.2017
Authorised Capital : INR
200.000 Million
Issued, Subscribed & Paid-up Capital : INR 156.279 Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 1/- each |
INR 200.000 Million |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
156144008 |
Equity Shares |
INR 1/- each |
INR 156.144 Million |
|
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a) Reconciliation of Share Capital
|
Equity Shares |
As at 31st March 2017 |
|
|
|
Number
of Shares |
INR
In Million |
|
Share capital at the beginning of the year (Equity Shares of INR 1/- each) |
155911508 |
155.912 |
|
Add : Shares allotted under ESOS-2015 (Equity Shares of INR 1/- each) |
232500 |
0.232 |
|
Share capital at the end of the year (Equity Shares of INR 1/- each) |
156144008 |
156.144 |
b)
Rights, Preferences and Restrictions attached to Equity shares
The Company has only one class of Equity shares having a par value of INR 1/- per share. Each holder of Equity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.
c) The Board of Directors in the meeting held on 27th May,2017 has recommended a final dividend of Re. 0.125 per Equity Share of Re.1 each, subject to the approval of members in the ensuing Annual General Meeting.
d) Shares
in the Company held by the Holding Company and Other Share holders holding more
than 5%
|
Name of
Shareholder |
As at 31st March 2017 |
||
|
|
% of share holding |
Number of Shares held |
Amount |
|
Share Capital |
|
|
|
|
KLR Products Limited, Holding Company |
72.77% |
113623500 |
113.624 |
e) Equity
Shares reserved for issue under employee stock options outstanding as at the
end of the year :
|
Summary of Stock Option |
No. of Stock Options |
|
Options Reserved |
1150000 |
|
Options Outstanding as on 01.04.2016 |
930000 |
|
Options granted during the year |
Nil |
|
Options forfeited / lapsed during the year |
Nil |
|
Options exercised during the year |
232500 |
|
Options Outstanding as on 31.03.2017 |
697500 |
|
Options vested but not exercised as on 31.03.2017 |
Nil |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
156.144 |
155.912 |
155.912 |
|
(b) Reserves & Surplus |
2043.168 |
1677.578 |
1606.585 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2199.312 |
1833.490 |
1762.497 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
300.776 |
355.491 |
141.041 |
|
(b) Deferred tax liabilities (Net) |
218.583 |
180.089 |
184.769 |
|
(c)
Other long term liabilities |
130.393 |
135.973 |
124.919 |
|
(d)
long-term provisions |
26.588 |
20.236 |
14.988 |
|
Total
Non-current Liabilities (3) |
676.340 |
691.789 |
465.717 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1676.123 |
1803.011 |
1832.646 |
|
(b)
Trade payables |
1350.355 |
1068.807 |
1639.651 |
|
(c)
Other current liabilities |
472.161 |
439.806 |
552.688 |
|
(d)
Short-term provisions |
207.435 |
251.503 |
383.953 |
|
Total
Current Liabilities (4) |
3706.074 |
3563.127 |
4408.938 |
|
|
|
|
|
|
TOTAL |
6581.726 |
6088.406 |
6637.152 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1356.849 |
1600.304 |
1735.383 |
|
(ii)
Intangible Assets |
65.182 |
66.724 |
21.577 |
|
(iii)
Capital work-in-progress |
28.123 |
23.321 |
62.577 |
|
(iv) Intangible assets under development |
40.511 |
33.892 |
56.119 |
|
(b) Non-current
Investments |
102.414 |
101.764 |
100.733 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
53.184 |
103.067 |
120.267 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1646.263 |
1929.072 |
2096.656 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2117.289 |
1831.449 |
1864.220 |
|
(c)
Trade receivables |
2361.187 |
1882.707 |
2214.701 |
|
(d)
Cash and cash equivalents |
80.151 |
136.121 |
124.853 |
|
(e)
Short-term loans and advances |
361.020 |
235.669 |
234.150 |
|
(f)
Other current assets |
15.816 |
73.388 |
102.572 |
|
Total
Current Assets |
4935.463 |
4159.334 |
4540.496 |
|
|
|
|
|
|
TOTAL |
6581.726 |
6088.406 |
6637.152 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
8348.142 |
7739.602 |
7455.146 |
|
|
|
Other Income |
168.513 |
185.580 |
259.584 |
|
|
|
TOTAL |
8516.655 |
7925.182 |
7714.730 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4353.951 |
3965.284 |
4740.522 |
|
|
|
Purchases of Stock-in-Trade |
405.565 |
343.279 |
498.151 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(217.352) |
69.299 |
(301.486) |
|
|
|
Employees benefits expense |
624.419 |
551.563 |
490.705 |
|
|
|
Other expenses |
1567.451 |
1423.704 |
1586.262 |
|
|
|
Excise Duty |
1006.209 |
825.556 |
0.000 |
|
|
|
Exceptional Items |
(255.704) |
0.000 |
0.000 |
|
|
|
TOTAL |
7484.539 |
7178.685 |
7014.154 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1032.116 |
746.497 |
700.576 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
377.310 |
370.296 |
349.169 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
654.806 |
376.201 |
351.407 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
282.335 |
267.622 |
246.417 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
372.471 |
108.579 |
104.990 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.617 |
18.820 |
28.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
361.854 |
89.759 |
76.805 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB basis |
1035.216 |
1420.883 |
1425.791 |
|
|
TOTAL EARNINGS |
1035.216 |
1420.883 |
1425.791 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1312.455 |
1499.703 |
1413.625 |
|
|
|
Capital Goods |
7.605 |
7.627 |
3.422 |
|
|
TOTAL IMPORTS |
1320.060 |
1507.330 |
1417.047 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic |
2.32 |
0.58 |
0.49 |
|
|
|
Diluted
|
2.31 |
0.58 |
0.49 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
150.417 |
158.250 |
299.167 |
|
|
|
|
|
|
Cash generated from operations |
406.038 |
417.833 |
426.227 |
|
|
|
|
|
|
Net Cash From Operating Activities |
574.748 |
460.576 |
403.960 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
103.24 |
88.79 |
108.43 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.54 |
4.11 |
3.37 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
103.56 |
90.54 |
114.24 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.49 |
0.41 |
0.38 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.69 |
0.43 |
0.37 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.63 |
0.67 |
0.73 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.97 |
1.26 |
1.29 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.69 |
1.94 |
2.50 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.68 |
0.94 |
1.06 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.74 |
2.02 |
2.01 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
4.33 |
1.16 |
1.03 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.50 |
1.47 |
1.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
16.45 |
4.90 |
4.36 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.33 |
1.17 |
1.03 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.76 |
0.65 |
0.61 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.33 |
0.30 |
0.27 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
13.62 |
14.86 |
14.58 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.33 |
1.17 |
1.03 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 56.70/- |
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 |
155.912 |
155.912 |
156.144 |
|
Reserves & Surplus |
1606.585 |
1677.578 |
2043.168 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1762.497 |
1833.490 |
2199.312 |
|
|
|
|
|
|
long-term borrowings |
141.041 |
355.491 |
300.776 |
|
Short term borrowings |
1832.646 |
1803.011 |
1676.123 |
|
Current Maturities of Long term borrowings |
299.167 |
158.250 |
150.417 |
|
Total
borrowings |
2272.854 |
2316.752 |
2127.316 |
|
Debt/Equity
ratio |
1.290 |
1.264 |
0.967 |
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 |
7455.146 |
7739.602 |
8348.142 |
|
|
|
3.816 |
7.863 |
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 |
7455.146 |
7739.602 |
8348.142 |
|
Profit |
76.805 |
89.759 |
361.854 |
|
|
1.03% |
1.16% |
4.33% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G49439508 |
100113083 |
RBL BANK LIMITED |
25/07/2017 |
- |
- |
300000000.0 |
1ST LANE SHAHUPURI,KOLHAPUR,KOLHAPURMa416001IN |
|
2 |
G36930121 |
100079699 |
New India Co-op Bank Limited |
19/01/2017 |
- |
- |
90000000.0 |
Anant Vishram Nawekar Marg,Babasaheb Worlikar Chowk,Prabhadevi, MumbaiMumbaiMH400025IN |
|
3 |
G22180731 |
100060112 |
New India Co-op Bank Limited |
22/09/2016 |
- |
- |
75000000.0 |
Anant Vishram Nawekar Marg,Babasaheb Worlikar Chowk,Prabhadevi, MumbaiMumbaiMH400025IN |
|
4 |
G11863024 |
100032715 |
State Bank of India |
07/05/2016 |
21/07/2016 |
- |
3007600000.0 |
CAG Branch - 13039, O Zone, 2nd floor, No.6-3-669,Panjagutta Main road, HyderabadHyderabadTG500082IN |
|
5 |
G70575923 |
100024475 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LTD |
18/03/2016 |
20/10/2017 |
- |
300000000.0 |
AMRUTHA ESTATES, SOMAJIGUDA,NEAR ERRAMANZIL BUS STOP,HYDERABADHYDERABADTG500082IN |
|
6 |
G01411214 |
10601653 |
New India Co-op Bank Limited |
19/10/2015 |
29/03/2016 |
- |
60000000.0 |
New India Bhavan, Anant Vishram Nawekar Marg,Babasaheb Worlikar Chowk, PrabhadeviMumbaiMH400025IN |
|
7 |
G01409564 |
10569441 |
New India Co-op Bank Limited |
28/04/2015 |
29/03/2016 |
- |
70000000.0 |
Corporate Office, New India Bhavan, A.V. NagwekarMarg, B. Worlikar Chowk, Prabhadevi,MumbaiMH400025IN |
|
8 |
C63820534 |
10023769 |
IDBI Bank Limited |
29/09/2006 |
09/09/2015 |
- |
970000000.0 |
IDBI Bank LimitedIDBI Tower,World Trade Centre Complex,Cuffe ParadeMumbaiMH400005IN |
|
9 |
Y10370261 |
90262175 |
ICICI BANK LIMITED |
16/07/2002 |
- |
- |
15000000.0 |
TGV MANSION; 6-02-1012KHAIRATBADHYDERABADAPIN |
|
10 |
Y10370070 |
90261984 |
BANK OF BARODA |
02/12/2000 |
04/04/2001 |
- |
204000000.0 |
INDUSTRIAL FINANCE BRANCHBASHEERBAGHHYDERABADAPIN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
5.441 |
9.036 |
|
|
|
|
|
Total |
5.441 |
9.036 |
CORPORATE INFORMATION
NAGARJUNA AGRICHEM LTD, is a Public Limited Company listed with Bombay Stock Exchange. It is part of the
Nagarjuna group based at Hyderabad. The Company is in the business of Crop Protection and manufactures both
Technicals (Active Ingredient -AI) and Formulations. It manufactures all kinds of pesticides, insecticides, acaricides, herbicides, fungicides and other plant growth chemicals. The Company’s Formulation Business is mainly in the Indian Market and sells through its large retail dealer network of nearly 12500 dealers, spread across India. The Company has an impressive range of branded formulations. It also exports Technicals and formulations and does Toll Manufacture for various Multinational Companies.
PERFORMANCE:
Given the challenging market environment, the Company
recorded (Consolidated) revenue of INR 8522.900 Million during the year as
against INR 7928.200 Million achieved in the previous year, showing an increase
of 7.50%. The EBIT and Cash profit (Consolidated) stood at INR 493.100 Million
and INR 398.100 Million (before exceptional items) respectively during the
year, compared to INR 477.400 Million and INR 374.700 Million respectively in
the previous year. The growth in revenue has been mainly attributable to
improved performance of domestic formulations sales.
DOMESTIC & EXPORT
MARKETS:
The southwest monsoon ended the 2016 season with three percent deficit against IMD’s (India Meteorological Department) earlier projections of rains being “above normal”. Although the same is termed as normal rainfall keeping in view the long period average (LPA) rainfall that India received, it was not evenly distributed. In the overall comfortable situation, there were pockets of distress with Karnataka, Punjab, parts of Gujarat and Kerala getting less than their usual share of rains. Adding to it, the Northeast Monsoon has ended with a deficit rainfall of 60%, leaving South India affected for the second year in a row. Tamil Nadu and parts of Karnataka were badly affected and thus severely affected agrochemical usage both in Khariff and Rabi crops. This has resulted in less than expected offtake, inventory built up, depressed margins and liquidity constraints in the market.
Despite the adverse market conditions, your Company achieved domestic sales of INR 6250.000 Million for the year as against Rs 545.00 crores in the previous year, a net increase by 14.68% to the previous year. This growth is mainly attributable to aggressive positioning, focus on sale of priority products, addition of new products,, improved flexibility of Ethakota formulation plant. Given the favorable monsoon predicted for the year 2017, the prospects for domestic market looks promising in quarters ahead. In it’s to efforts to keep introducing new products in tune with the changing market needs, the Company has launched two new products namely “Atonik”, a plant growth regulator and “Slogan”, a Fungicide, during the year under review. The same have been well received by farming community. On the Exports front, the bleak situation for insecticides demand in Brazil and other importing Countries continued during the year under review, resulting in Contract Customers not buying products. Large volume products such as Profenofos, Tricyclozole and Acephate were impacted. With regard to Company’s initiatives of direct marketing of branded formulated products in other geographies mainly in African and South Asian Countries during the previous few years is growing albeit slowly. Although, factors like delay in the renewal of registrations in few countries, prolonged drought in Zambia, political instability in Yemen, high inventory levels at distributor levels in many countries, strengthening of dollar, price pressure for few formulations etc., have resulted in the low formulation off-take, the outlook for this segment of business looks positive and promising. In the direction of exploring newer business opportunities by way of direct marketing branded products in other geographies, the Company continue to focus on obtaining various product registrations in other Countries. The Company is also in process of registering various branded products in other African and South Asian Countries towards penetrating those markets.
Despite all odds, the Exports Division could maintain the performance because of various initiatives taken earlier. It could achieve export sales of INR 1098.700 Million in the year as compared to INR 1464.900 Million in the previous year. Keeping in view the future growth prospects in Contract (toll) manufacturing activities, the Company has been maintaining continued amicable and better relationship with the contract manufacturing customers. This has helped the Company to restore the confidence and enabled it to get renewed orders from them.
PLANT OPERATIONS:
With the overall satisfactory performance during the year, the Srikakulam technical plant has achieved an annual production of 5,302 MT as compared to 4,160 MT in the previous year, recording an increase in production by about 27% over previous year. Despite continued slackening of demand both in domestic and export market in the wake of unfavorable market conditions, the plant could achieve the desired results mainly due to its alignment for the production of various intermediates for captive consumption as well as marketing both in export and domestic market. The plant has continued to take various newer initiatives for cost savings and capacity utilization, besides regular efforts of streamlining, debottlenecking and augmenting plant efficiencies and enhancing productivity.
The Directors are pleased to inform that the Quatitative Assessment lab of the Srikakulam plant was awarded the Certificate of Accreditation from the National Accreditation Board for Testing and Calibration of Laboratories (NABL) and also received an Appreciation Award for its best safety practices from National Safety Council, during the year.
Ethakota formulation unit has been able to satisfactorily meet not only the domestic formulation market demand but also the demand from the newer and expanding export market. The unit achieved a production of 21,333 MT/KL during the year, comparing to the previous year production of 17,365 MT/KL registering a growth of about 22.85%. The continued focus on areas of improving flexibility, enhancing capacities, increased productivity, de-bottlenecking, quality control, and better supply chain initiatives are yielding results.
The working environment in both the units has been amicable led to maintaining cordial relationship with workers Unions and other Stakeholders. The Company has been successful in renewing the periodic contracts with those Unions.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GLOBAL ECONOMIC
SCENARIO:
Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing and trade. World growth is expected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018. Emerging market and developing economies have become increasingly important in the global economy in recent years. They now account for more than 75 percent of global growth in output and consumption, almost double the share of just two decades ago. The external environment has been important for this transformation.
Asia continues to perform well, even as recovery in the major industrial economies remains weak. The region forecasts to expand by 5.7% in 2017 and 2018, as against nearly the 5.8% growth achieved in 2016. Recent political developments highlight a fraying consensus about the benefits of cross-border economic integration. A potential widening of global imbalances coupled with sharp exchange rate movements, should those occur in response to major policy shifts, could further intensify protectionist pressures. Increased restrictions on global trade and migration would hurt productivity and incomes, and take an immediate toll on market sentiment.
The global crop protection chemicals market is estimated to be valued at USD 54.89 Billion in 2016 and projected to reach USD 70.57 Billion by 2021, at a CAGR of 5.15% from 2016 to 2021. With the increase in demand for food security for the growing population along with the limited agricultural land available in the world, and rise in crop loss due to various pest attacks, the use of crop protection chemicals is expected to enhance the market growth.
INDIAN ECONOMIC
SCENARIO:
India has emerged as the fastest growing major economy in the world as per the Central Statistics Organisation (CSO) and International Monetary Fund (IMF). India’s growth is expected to rebound to 7.2% in the 2017-18 fiscal and 7.7% in 2018-19 after disruptions caused by demonetization, the IMF said, while recommending the removal of long-standing structural bottlenecks to enhance market efficiency.
Agriculture sector is estimated grown at 4.1% in 2016-17 as opposed to 1.2 % in 2015-16; the higher growth in agriculture sector as the monsoon rains was much better in the year than the previous two years. Growth rate of the industrial sector is estimated to moderate to 5.2% in 2016-17 from 7.4 % in 2015-16 as against Service sector is estimated to grow at 8.9 % in 2016-17, almost the same as in 2015-16.
INDUSTRY OVERVIEW:
The Indian agriculture sector remains the backbone of the nation’s economy accounting for 15.35% of the country’s Gross Domestic Product (GDP) as per the estimates of Central Statistics Office (CSO). Indian agriculture is highly monsoon dependent, out of the 142 million hectares of net sown area, only 45% or 64 million hectares have access to irrigation facilities. According to CSO, the market size of agriculture and its allied sectors (including agriculture, livestock, forestry and fishery) during FY16 was about INR 1.602 Million and has shown a marginal growth of about 1-2% compared to earlier year
Currently, India is the fourth largest global producer of pesticides with an estimated market size of around $4.5 billion in FY17 after United States, Japan and China. Considering the above average rainfall across India which concomitantly leads to increase in agricultural production, it is expected that the growth in consumption of Indian pesticides would be about 10%. India’s share in global pesticide market is around 10% in FY17. India’s pesticides consumption is one of the lowest in the world with per hectare consumption of just 0.6 Kg compared to US (5-7 Kg/ha) and Japan (11-12 Kg/ha). In India, paddy accounts for the maximum share of pesticide consumption around (26%-28%) followed by cotton (18% -20%). Erratic rains typically impact sowing and make farmers miss the application of pesticides. The two consecutive years of FY14 & FY15 has suffered poor monsoons which lead to a slump in pesticide sales. However, players have managed to reduce the impact of a poor monsoon on domestic sales during that period by ramping up their export presence. Poor irrigation infrastructure has led to a strong correlation between Indian agriculture and monsoon. However, FY17 turned out to be a good monsoon year after two consecutive years of below normal south-west monsoon (June-September) rainfall; however the North East monsoon was poor resulting in South states like Tamil Nadu and Kerala having to declare the state as drought affected. Furthermore as per IMD forecast India is likely to receive healthy monsoon rains in FY 17-18 at 96 percent of the 50- year average of 89 cm, thus bearing a positive effect on all the industries dependent on agriculture, so as Agrochemical Industry.
According to a report by Tata Strategic Management Group, the Indian agrochemical generated a value of $4.4 billion in FY15 and is expected to grow at 7.5% per annum to reach $6.3 billion by FY20. Approximately 50% of the demand comes from domestic consumers and the rest from exports. During the same period, the domestic demand is expected to grow at 6.5% per annum and exports at 9% per annum.
OUTLOOK:
According to a market report published by Lucintel, the future in the global pesticide industry looks good with opportunities in insecticides, fungicides and herbicides market. The major drivers of growth for this market are increasing population, limited availability of arable land, and increasing awareness of using pesticides. With the various headwinds, the global Agrochemicals market is expected to demonstrate modest, yet steady growth. The Asia Pacifi c market has however evolved as a huge market for the crop protection and is expected to experience healthy growth rate in the near future.
The Government of India initiatives to enhance farmer’s income, revive rural demand and eliminate rural poverty including higher investments in irrigation, increased coverage under crop-insurance, a fund to develop dairies, wider access to credit, expansion of agri-markets by de-notifying fruits and vegetables etc., has made the total budget allocation for the rural, agriculture and allied sectors in the year 2017- 18 to INR 1872230.000 Million, which is 24% higher than the previous year 2016-17. The socio-economic focus across the segments including farmers, rural population, youth, poor and underprivileged will have a significant impact on the inclusive development of the country, going forward. The emerging trends will have a direct impact on the dynamics of the Agriculture sector as a whole so as the Pesticides Industry as well.
Industry as well. Further consolidation and business tie ups are the major opportunities in the industry. However, most of the players in the industry display high working capital intensity primarily on account of high credit extended to the farmers and seasonal demand. Hence, strong distribution network, appropriate pricing, brand recall and dealer margins are some of the critical factors for an industry player to succeed.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Quarter ended |
Half Year Ended |
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from Operations |
3068.400 |
1815.100 |
4883.500 |
|
Other Income |
4.200 |
46.900 |
51.100 |
|
Total
Income from Operations |
3072.600 |
1862.000 |
4934.600 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1583.300 |
1247.400 |
2830.700 |
|
Purchases of Stock-in-Trade |
188.800 |
66.600 |
255.400 |
|
Changes in inventories of finished goods and
work-in-progress |
362.100 |
(342.700) |
19.400 |
|
Excise Duty |
--- |
191.200 |
191.200 |
|
Employee benefits expense |
187.000 |
154.900 |
341.900 |
|
Finance Costs |
79.500 |
80.400 |
159.900 |
|
Depreciation and Amortization expenses |
70.400 |
69.600 |
140.000 |
|
Other Expenditure |
496.500 |
391.100 |
887.600 |
|
Total
Expenses |
2967.600 |
1858.500 |
4826.100 |
|
Profit/(Loss) before Exceptional Items and tax |
105.000 |
3.500 |
108.500 |
|
Exceptional Items |
--- |
--- |
--- |
|
Profit / (Loss) before Tax |
105.000 |
3.500 |
108.500 |
|
Tax Expense |
|
|
|
|
Current
tax |
58.800 |
17.700 |
76.500 |
|
Deferred
tax |
(25.400) |
(32.500) |
(57.900) |
|
Total tax expenses |
33.400 |
(14.800) |
18.600 |
|
Profit/ loss for the period |
71.600 |
18.3000 |
89.900 |
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
|
|
|
|
Remeasurement of defined benefit obligation |
--- |
2.200 |
2.200 |
|
Income tax expense on remeasurement |
--- |
(0.800) |
(0.800) |
|
Other comprehensive income for the period, net of tax |
--- |
1.400 |
1.400 |
|
Total comprehensive income for the
period |
71.600 |
19.700 |
91.300 |
|
Paid-up Equity Share Capital (Face value INR 1/- each) |
156.100 |
156.100 |
156.100 |
|
Earnings per Share (EPS) |
|
|
|
|
Basic |
0.46 |
0.12 |
0.58 |
|
Diluted |
0.46 |
0.12 |
0.57 |
STANDALONE
UNAUDITED STATEMENT OF ASSETS AND LIABILITIES
|
PARTICULARS
|
|
|
30.09.2017 |
|
|
|
|
(Unaudited) |
|
ASSETS |
|
|
|
|
Non-Current Assets |
|
|
|
|
Property Plant and equipment |
|
|
1452.000 |
|
Capital work in progress |
|
|
37.400 |
|
Intangible assets |
|
|
70.300 |
|
Intangible assets under development |
|
|
36.000 |
|
Financial assets |
|
|
|
|
Non-current Investments |
|
|
52.700 |
|
Loans and receivables |
|
|
16.700 |
|
Others financial assets |
|
|
31.900 |
|
Other Non-Current Assets |
|
|
62.600 |
|
Total |
|
|
1759.600 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Inventories |
|
|
1955.800 |
|
Financial assets |
|
|
|
|
Trade receivables |
|
|
3487.500 |
|
Cash and cash equivalents |
|
|
39.800 |
|
Other financial assets |
|
|
14.400 |
|
Other Current Assets |
|
|
188.400 |
|
Total |
|
|
5685.900 |
|
|
|
|
|
|
Total Assets |
|
|
7445.500 |
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
EQUITY |
|
|
|
|
(a) Equity Share Capital |
|
|
156.100 |
|
(b) Other Equity |
|
|
2159.900 |
|
Total |
|
|
2316.000 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
financial Liabilities |
|
|
|
|
Borrowings |
|
|
280.000 |
|
Other financial Liabilities |
|
|
136.300 |
|
Provisions |
|
|
29.100 |
|
Deferred Tax Liabilities (Net) |
|
|
1.400 |
|
Total |
|
|
446.800 |
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
financial Liabilities |
|
|
|
|
Borrowings |
|
|
1599.400 |
|
Trade payables |
|
|
2294.700 |
|
Other financial liabilities |
|
|
239.000 |
|
Other current liabilities |
|
|
261.600 |
|
Current tax liabilities |
|
|
60.600 |
|
Provisions |
|
|
227.400 |
|
Total Current
Liabilities |
|
|
4682.700 |
|
|
|
|
|
|
Total Equity and
liabilities |
|
|
7445.500 |
Notes:
1. These unaudited financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 04, 2017. The statutory auditors have carried out a limited review of the financial results.
2. The Company changed its name from Nagarjuna Agrichem Limited to NACL
Industries Limited with effect from September 04, 2017.
3. (a) NACL Industries Limited (formerly Nagarjuna Agrichem Limited) ("the
Company") adopted Indian Accounting Standards ("Ind AS") from
April 01, 2017 with transition date of April 01, 2016 and accordingly these
financial results have been prepared in accordance with the recognition and
measurement principles laid down in the Indian Accounting Standard (Ind AS) -
34 -Interim financial reporting prescribed under Section 133 of the Companies
Act, 2013 read with the relevant rules issued thereunder and other accounting
principles generally accepted in India.
(b). Pursuant to the SEBI circular dated July 05, 2016, the published figures
for the quarter and half year ended September 30, 2016 have been recast to Ind
AS to the extent applicable to the Company.
(c). A reconciliation between the profits as reported earlier and the Ind AS
recast profits for the quarter and half year ended September 30, 2016 is given
below:
|
Particulars |
Quarter
ended |
Half
year ended |
|
|
30.09.2016 (Unaudited) |
30.09.2016 (Unaudited) |
|
Profit after tax as reported under previous GAAP |
69.700 |
92.700 |
|
Finance costs on Fair valuation of Deferred Sales Tax Liability |
(0.400) |
(0.800) |
|
Finance costs on Fair valuation of Security deposits |
--- |
--- |
|
Transaction Cost relating to borrowings |
0.500 |
0.300 |
|
Provision for bad and doubtful debts |
(24.400) |
(24.400) |
|
Actuarial (gains)/ losses in respect of employee benefit expenses |
4.100 |
1.100 |
|
Deferred Tax adjustments |
6.400 |
8.100 |
|
Profit after tax as reported under Ind AS |
55.900 |
77.000 |
|
Other comprehensive Income (net of tax) |
(2.500) |
(0.700) |
|
Total Comprehensive Income as reported under Ind AS |
53.400 |
76.300 |
(d). The financial results for the quarter and half year ended September 30, 2016 and the reconciliation statement thereof presented as above have not been reviewed by the auditors and are presented based on the information compiled by the management.
(e). Submission of Ind AS compliant financial results for the year ended March
31, 2017 not being mandatory, Unaudited Financial Results for the year and
Statement of Assets and Liabilities as at March 31, 2017 are not disclosed.
4. Effective July 01, 2017, revenue from operations is presented on a net
basis, on implementation of Goods & Service Tax. Hence, the revenues of the
quarter and half year ended September 30, 2017, June 30, 2017 and September 30,
2016 are not strictly comparable.
5. The Company is primarily engaged in the Farm Inputs Business, which in the
context of Ind AS 108 "Operating Segments" is considered the only
significant business segment.
6. The Company's Business is seasonal in nature and the performance can be
impacted by weather conditions.
7. These quarterly financial results may require adjustments before
constituting the final Ind AS financial statements as of and for the year
ending March 31, 2018 due to changes in financial reporting requirements
arising from new or revised standards or interpretations issued by MCA/ICAI or
changes in the use of one or more optional exemptions from full retrospective
application of certain Ind AS as permitted under Ind AS 101.
8. In accordance with clause 33(3)(b)(i) of the Securities and Exchange Board
of India (Listing obligations and disclosure requirements) Regulation, 2015,
the Company has opted to submit the quarterly financial results on Standalone
basis.
9. Comparative figures have been re-grouped and recast wherever necessary, to
make them comparable.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Commitments/
Contingent Liabilities |
|
|
|
Letters of Credit issued by Bankers |
667.253 |
651.095 |
|
Counter Guarantees given to Bankers |
35.460 |
27.000 |
|
Claims against the Company not
acknowledged as debts in respect of |
|
|
|
Disputed Excise Duty (Payments made under protest INR 1.486 Million) |
3.513 |
3.513 |
|
Disputed Service Tax (Payments made under protest INR 0.352 Million) |
5.643 |
5.880 |
|
Disputed Income Tax Demands (Payments made under protest INR 43.040 Million) |
43.040 |
43.040 |
|
Disputed Sales Tax Demands (Payments made under protest INR 3.568 Million) |
2.332 |
3.038 |
|
Others |
12.457 |
12.457 |
|
Estimated
amount of contracts, remaining to be executed on Capital account and not provided for (net of advance) |
7.109 |
11.339 |
FIXED ASSETS:
Tangible Assets
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
· Computers & peripherals
Intangible Assets
· Goodwill
· SAP Upgradation licence / Implementation fee
· R&D Projects
· Technical Knowhow
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 63.77 |
|
UK Pound |
1 |
INR 89.20 |
|
Euro |
1 |
INR 78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
IND |
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.