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|
MIRA INFORM REPORT
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Report No. : |
496131 |
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Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ARIES AGRO LIMITED [w.e.f. 16.02.2008] |
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Formerly Known
As : |
ARIES AGRO-VET INDUSTRIES LIMITED [w.e.f. 30.12.1994] ARIES AGRO-VET INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Aries House, Plot No – 24, Deonar, Govandi (East), Mumbai – 400043,
Maharashtra |
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Tel. No.: |
91-22 25564052 / 53 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
27.11.1969 |
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Com. Reg. No.: |
11-014465 |
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Capital
Investment / Paid-up Capital : |
INR 130.043 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1969PLC014465 |
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IEC No.: [Import-Export Code No.] |
0389025445 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACA5035G1Z1 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACA5035G |
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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
: |
Company engaged in manufacturing Micronutrients for agriculture produce. The Company also deals in Veterinary products on a small scale. The Company is also dealing and manufacturing Soluble Fertilisers and Sulphur based fertilizers. [Registered Activity] |
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No. of Employees
: |
822 (Approximately) |
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1969 having satisfactory track record. For the financial year 2017, the company has achieved decent growth in its revenue as compared to its previous year along with fair profit margin during the year. Rating takes into consideration, the healthy financial risk profile marked by adequate net worth base and comfortable debt coverage indicators. Rating continue to derive strength from its long and established track record of its business operations backed by its well experienced promoters in the micronutrient industry, diversified product portfolio and wide spread of distribution network. The company is listed on BSE and NSE and the price quoted at BSE is held at 205.20 against its face value of INR 10. Further as per quarterly results (Unaudited) till December 2017, the company has achieved net revenue of INR 823.670 million and has clocked a net profit margin of 8.09%. However, these rating strengths gets partially offset by susceptibility of the company’s profitability to volatility in raw material prices, exposure to foreign exchange fluctuation risk and intensely competitive nature of industry. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
05.01.2018 |
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Rating Agency Name |
CARE |
|
Rating |
Short Term Rating = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
05.01.2018 |
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 07.03.2018.
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
MANAGEMENT NON CO-OPERATIVE (Tel No.91-22-25564052)
LOCATIONS
|
Registered / Corporate Office/ Head Office/ Factory: |
Aries House, Plot No – 24, Deonar, Govandi (East), Mumbai – 400043,
Maharashtra, India. |
|
Tel. No.: |
91-22-25564052, 25564053 |
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Fax No.: |
91-22-25564054, 25502753,
25571711 |
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E-Mail : |
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Website : |
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Branches/ Stock
Locations: |
Located At:
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Plant Location: 1 : |
Aries House, Plot No – 24, Deonar, Govandi (East), Mumbai – 4000043, Maharashtra, India. |
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Tel No. |
91-22-25564052 / 53 |
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Fax No.: |
91 22 2556 4054 / 2550 2753 |
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Plant Location: 2 : |
302, 3rd Floor, Srishti Homes, Sanjeeva Reddy Nagar, Hyderabad – 500003, Telangana, India |
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Tel No. |
91-40-23711446 / 65503932 |
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Plant Location: 3 : |
Plot No.836, Banthara, Lucknow-Kanpur Highway, Sikandarpur, Tehsil and District Lucknow – 227101, Uttar Pradesh, India |
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Tel No. |
91-522-2861018. |
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Plant Location: 4 : |
1202/1 and 1202/2, Village: Rajpur, Taluka: Kadi, District: Mehsana – 382740, Gujarat, India |
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Plant Location: 5 : |
Golden Harvest Middle East FZC (a Subsidiary of Aries Agro Limited) Plot P3-04, Post Box No.9267, Sharjah Airport International Free Zone (SAIF), Sharjah, UAE |
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Plant Location: 6 : |
Amarak Chemicals FZC (a Subsidiary of Golden Harvest Middle East FZC thereby a Step Down Subsidiary of Aries Agro Limited), Al Hayl Industrial Area, P. O. Box 5283, Fujairah Free Zone(FFZ) Fujairah, UAE |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Jimmy Mirchandani |
|
Designation : |
Chairman and
Managing Director |
|
Address : |
Mirabelle, Plot D, Din Quarry Road, Deonar, Mumbai, 400088,
Maharashtra, India |
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Date of Birth/Age : |
10th January, 1956 |
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Qualification : |
B.Sc. (Veterinary), LL B |
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Date of Appointment : |
15.01.1976 |
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DIN No.: |
00239021 |
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|
Name : |
Mr. Rahul Thakurdas
Mirchandani |
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Designation : |
Executive
Director |
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Address : |
Mirabelle, Deonar Farm Road,, Deonar,, Mumbai, 400088, Maharashtra,
India |
|
Date of Birth/Age : |
12th August, 1975 |
|
Qualification : |
B.Com, CFA, MBA,
Ph. D (Management Studies) from NMIMS. |
|
Date of Appointment : |
01.10.2015 |
|
DIN No.: |
00239057 |
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|
Name : |
Mr. Siva Subra Ramaratnam Mani |
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Designation : |
Director |
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Address : |
B 5 Basera, Din Quarry Road, Deonar, Mumbai, 400088, Maharashtra,
India |
|
Date of Appointment : |
16.08.2004 |
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DIN No.: |
00527270 |
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Name : |
Mr. Chakradhar Bharat Chhaya |
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Designation : |
Director |
|
Address : |
204, Gokul Sangeet, 2nd Floor,, 22, Linking Road Extension, Santacruz
(West),, Mumbai, 400054, Maharashtra, INDIA |
|
Date of Appointment : |
17.09.2010 |
|
DIN No.: |
00968966 |
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|
Name : |
Mr. Bhumitra Vinodchandra Dholakia |
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Designation : |
Director |
|
Address : |
G-1004, 10th Floor, "G" Wing, Jade Garden,, MIG Colony,
Gandhi Nagar, Bandra (East),, Mumbai, 400051, Maharashtra, INDIA |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
01871816 |
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|
|
|
Name : |
Mrs. Nitya Mirchandani |
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Designation : |
Director |
|
Address : |
Mirabelle, Plot No-D, 2nd Floor, Dinquarry Road, Deonar Farm Road,
Deonar, Mumbai, 400088, Maharashtra, India |
|
Date of Birth/Age : |
29.01.1978 |
|
Qualification : |
B.A., Diploma in
Human Resource Management |
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Date of Appointment : |
30.05.2014 |
|
DIN No.: |
06882384 |
KEY EXECUTIVES
|
Name : |
Mr. Ramamurthy Sundaresan |
|
Designation : |
Chief Financial Officer |
|
Address : |
Row House No. 2, Swastik Park, Azad Nagar, Off: Ghod Bunder Road, Thane, 400607, Maharashtra, India |
|
Date of Appointment
: |
30.05.2014 |
|
PAN No.: |
AARPS9246D |
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|
Name : |
Mr. Qaiser P. Ansari |
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Designation : |
Company Secretary and Compliance Officer |
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Audit Committee: |
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Stakeholders
Relationship Committee: |
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Nomination &
Remuneration Committee |
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Treasury Committee: |
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Corporate Social
Responsibility Committee: |
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SHAREHOLDING PATTERN
AS ON December 2017
|
Category of shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957) As a % |
|
|
(A) Promoter & Promoter Group |
6847926 |
52.66 |
|
|
(B) Public |
6156413 |
47.34 |
|
|
Grand Total |
13004339 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total Nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR 1957) As a % |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
6847926 |
52.66 |
|
|
JIMMY MIRCHANDANI |
3524830 |
27.11 |
|
|
RAHUL MIRCHANDANI |
2623221 |
20.17 |
|
|
AKSHAY MIRCHANDANI |
361875 |
2.78 |
|
|
AMOL MIRCHANDANI |
335000 |
2.58 |
|
|
NITYA MIRCHANDANI |
3000 |
0.02 |
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Sub Total A1 |
6847926 |
52.66 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
6847926 |
52.66 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name
of the Shareholders |
Total No. shares
held |
Shareholding %
calculated as per SCRR 1957 As a % |
|
|
B1) Institutions |
|
||
|
Financial Institutions/
Banks |
800 |
0.01 |
|
|
Sub Total B1 |
800 |
0.01 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
Central Government/ State
Government(s)/ President of India |
140453 |
1.08 |
|
|
INVESTOR EDUCATION AND
PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE AFFAIRS |
139676 |
1.07 |
|
|
Sub Total B2 |
140453 |
1.08 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital
upto INR 0.200 Million |
3461565 |
26.62 |
|
|
Individual share capital
in excess of INR 0.200 Million |
1466403 |
11.28 |
|
|
VIJAY KISHANLAL
KEDIA-PARTNERSHIP FIRM |
410921 |
3.16 |
|
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VIJAY KISHANLAL KEDIA |
341245 |
2.62 |
|
|
S. SHYAM |
340818 |
2.62 |
|
|
VIJAYA S |
200000 |
1.54 |
|
|
NBFCs registered with RBI |
7467 |
0.06 |
|
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Any Other (specify) |
1079725 |
8.30 |
|
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NRI – Non- Repat |
62634 |
0.48 |
|
|
NRI – Repat |
114382 |
0.88 |
|
|
Bodies Corporate |
737935 |
5.67 |
|
|
SAKHI BARTER Private
Limited |
170886 |
1.31 |
|
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Clearing Members |
164774 |
1.27 |
|
|
Sub Total B3 |
6015160 |
46.26 |
|
|
B=B1+B2+B3 |
6156413 |
47.34 |
BUSINESS DETAILS
|
Line of Business : |
Company engaged in manufacturing Micronutrients for agriculture produce. The Company also deals in Veterinary products on a small scale. The Company is also dealing and manufacturing Soluble Fertilisers and Sulphur based fertilizers. [Registered Activity] |
||||
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
||||
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||||
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Imports : |
Not Divulged |
||||
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
822 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG-TERM BORROWINGS Secured Term Loans
from Banks referred above to the extent of :
SHORT-TERM BORROWINGS
Working Capital Facilities from Banks are secured by way of
Charge on Company’s Inventory, Book Debts, Charge on Land, Building, Plant
& Machinery and all other movable fixed assets of the Company and
guaranteed by Directors |
|
Statutory Auditor:- |
|
|
Name: |
Kirti D. Shah and Associates, Chartered Accountants |
|
Address : |
501, Nestor Court, Behind Vinayak Society, Old Police Lane, Off S.V.
Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
|
Tel No.: |
91-22-26210260 |
|
Fax No.: |
91-22-26210265 |
|
Email: |
|
|
|
|
|
Cost Auditor : |
|
|
Name: |
R. Nanabhoy and Company Chartered Accountants |
|
|
|
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Secretarial Auditor:- |
Mr. A. Sekar Chartered Accountant |
|
|
|
|
Internal Auditor:- |
Kirti Manek and company Chartered Accountants |
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Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
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|
Subsidiaries : |
|
|
|
|
|
Enterprises over
which the Key Management Persons has significant Influence of Control |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13004339 |
Equity Shares |
INR 10/- each |
INR 130.043
Million |
|
|
|
|
|
Reconciliation of
Number of Shares Outstanding:
|
Particulars |
As at 31.03.2017 |
|
|
No. of Shares |
|
Equity Shares at the beginning of the year |
13004339 |
|
Add : - Issued during the year |
-- |
|
Less :- Shares cancelled during the year |
-- |
|
Equity Shares at the end of the year |
13004339 |
List of shareholder’s holding more than 5 percent of shares:
|
Name of the Shareholder |
As at 31.03.2017 |
|
|
No. of Shares |
% of Held |
|
|
Dr. Jimmy Mirchandani |
3524830 |
27.11% |
|
Dr. Rahul Mirchandani |
2623221 |
20.17% |
|
Total |
6148051 |
47.28% |
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 |
130.043 |
130.043 |
130.043 |
|
(b) Reserves &
Surplus |
1220.978 |
1126.781 |
1221.275 |
|
(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) |
1351.021 |
1256.824 |
1351.318 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
139.895 |
116.922 |
129.684 |
|
(b) Deferred tax
liabilities (Net) |
38.235 |
38.315 |
37.552 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
10.890 |
8.889 |
7.049 |
|
Total Non-current
Liabilities (3) |
189.020 |
164.126 |
174.285 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
960.525 |
997.302 |
948.713 |
|
(b) Trade payables |
296.540 |
224.991 |
320.513 |
|
(c) Other current
liabilities |
375.493 |
337.630 |
154.931 |
|
(d) Short-term provisions |
9.854 |
9.547 |
93.803 |
|
Total Current Liabilities
(4) |
1642.412 |
1569.470 |
1517.960 |
|
|
|
|
|
|
TOTAL |
3182.453 |
2990.420 |
3043.563 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
246.831 |
256.428 |
210.069 |
|
(ii) Intangible Assets |
1.172 |
1.312 |
0.889 |
|
(iii) Capital
work-in-progress |
150.000 |
90.500 |
92.920 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
202.764 |
202.764 |
202.764 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
600.767 |
551.004 |
506.642 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1149.056 |
992.822 |
996.849 |
|
(c) Trade receivables |
801.285 |
808.905 |
976.738 |
|
(d) Cash and cash
equivalents |
105.852 |
91.652 |
84.642 |
|
(e) Short-term loans and
advances |
1.233 |
1.232 |
478.692 |
|
(f) Other current assets |
524.260 |
544.805 |
0.000 |
|
Total Current Assets |
2581.686 |
2439.416 |
2536.921 |
|
|
|
|
|
|
TOTAL |
3182.453 |
2990.420 |
3043.563 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2167.917 |
2075.980 |
2341.119 |
|
|
Other Income |
15.262 |
14.260 |
15.228 |
|
|
TOTAL |
2183.179 |
2090.240 |
2356.347 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
660.033 |
569.022 |
1000.562 |
|
|
Purchases of
Stock-in-Trade |
430.251 |
435.400 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(148.429) |
(8.883) |
(10.452) |
|
|
Employees benefits
expense |
256.683 |
223.476 |
245.219 |
|
|
Other expenses |
570.736 |
542.458 |
738.968 |
|
|
TOTAL |
1769.274 |
1761.473 |
1974.297 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
413.905 |
328.767 |
382.050 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
211.940 |
207.165 |
212.966 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
201.965 |
121.602 |
169.084 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
18.529 |
17.563 |
18.172 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
183.436 |
104.039 |
150.912 |
|
|
|
|
|
|
|
Less |
TAX |
65.001 |
40.071 |
29.479 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
118.435 |
63.968 |
121.433 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
536.671 |
509.037 |
624.942 |
|
|
|
|
|
|
|
Add |
Short Provision for Tax
Earlier Years |
0.000 |
0.000 |
(3.304) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
0.000 |
5.000 |
10.000 |
|
|
Dividend |
19.507 |
26.009 |
26.009 |
|
|
Tax on Dividend Proposed |
3.971 |
5.325 |
5.325 |
|
|
Ind AS Impact |
(3.862) |
0.000 |
68.455 |
|
|
Balance Carried to the
B/S |
635.490 |
536.671 |
509.037 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
13.113 |
12.062 |
11.243 |
|
|
TOTAL EARNINGS |
13.113 |
12.062 |
11.243 |
|
|
|
|
|
|
|
|
Value of Imports
Calculated on CIF Bases |
254.583 |
203.943 |
303.434 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
9.11 |
4.92 |
9.08 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
16.367 |
22.701 |
66.602 |
|
Cash generated from operations |
361.585 |
291.679 |
413.197 |
|
Net cash flow from (operating activities |
296.503 |
253.018 |
354.343 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
556.370 |
824.650 |
823.670 |
|
Total Expenditure |
463.160 |
644.740 |
657.120 |
|
PBIDT (Excluding Other Income) |
93.210 |
179.910 |
166.550 |
|
Other income |
NA |
NA |
NA |
|
Operating Profit |
93.210 |
179.910 |
166.550 |
|
Interest |
39.450 |
69.780 |
55.900 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
53.760 |
110.130 |
110.650 |
|
Depreciation |
4.960 |
5.710 |
5.860 |
|
Profit Before Tax |
48.800 |
104.420 |
104.790 |
|
Tax |
17.330 |
35.560 |
38.160 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
31.480 |
68.860 |
66.630 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
31.480 |
68.860 |
66.630 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
134.91 |
142.22 |
152.28 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.71 |
2.57 |
2.40 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
99.27 |
81.76 |
116.92 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.36 |
0.33 |
0.38 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.04 |
0.94 |
1.26 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.57 |
0.57 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.83 |
0.90 |
0.85 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.22 |
1.25 |
1.12 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.29 |
0.28 |
0.22 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.95 |
1.59 |
1.79 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
5.46 |
3.08 |
5.19 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.72 |
2.14 |
3.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
8.77 |
5.09 |
8.99 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.57 |
1.55 |
1.67 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.87 |
0.92 |
1.01 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.42 |
0.42 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
8.59 |
8.74 |
8.80 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.57 |
1.55 |
1.67 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 205.20/- |
FINANCIAL ANALYSIS
[all figures are
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 |
130.043 |
130.043 |
130.043 |
|
Reserves & Surplus |
1221.275 |
1126.781 |
1220.978 |
|
Net
worth |
1351.318 |
1256.824 |
1351.021 |
|
|
|
|
|
|
Long-Term Borrowings |
129.684 |
116.922 |
139.895 |
|
Short Term Borrowings |
948.713 |
997.302 |
960.525 |
|
Current Maturities of Long term debt |
66.602 |
22.701 |
16.367 |
|
Total
borrowings |
1144.999 |
1136.925 |
1116.787 |
|
Debt/Equity
ratio |
0.847 |
0.905 |
0.827 |
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 |
2341.119 |
2075.980 |
2167.917 |
|
|
|
(11.325) |
4.429 |
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
|
2341.119 |
2075.980 |
2167.917 |
|
Profit |
121.433 |
63.968 |
118.435 |
|
|
5.19% |
3.08% |
5.46% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
130.043 |
130.043 |
|
(b) Reserves &
Surplus |
|
1621.884 |
1585.868 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
1751.927 |
1715.911 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
139.895 |
117.914 |
|
(b) Deferred tax
liabilities (Net) |
|
38.235 |
38.315 |
|
(c) Other long term
liabilities |
|
382.212 |
428.918 |
|
(d) long-term provisions |
|
19.299 |
17.973 |
|
Total Non-current
Liabilities (3) |
|
579.641 |
603.120 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1218.107 |
1523.141 |
|
(b) Trade payables |
|
349.636 |
289.378 |
|
(c) Other current
liabilities |
|
587.419 |
330.852 |
|
(d) Short-term provisions |
|
13.298 |
13.137 |
|
Total Current Liabilities
(4) |
|
2168.460 |
2156.508 |
|
|
|
|
|
|
TOTAL |
|
4500.028 |
4475.539 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
708.683 |
852.841 |
|
(ii) Intangible Assets |
|
1.172 |
1.312 |
|
(iii) Capital
work-in-progress |
|
222.040 |
164.090 |
|
(iv) Goodwill |
|
0.000 |
17.742 |
|
(b) Non-current
Investments |
|
21.192 |
21.648 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
953.087 |
1057.633 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1415.102 |
1423.811 |
|
(c) Trade receivables |
|
1423.863 |
1183.276 |
|
(d) Cash and cash
equivalents |
|
111.046 |
92.071 |
|
(e) Short-term loans and
advances |
|
46.498 |
55.032 |
|
(f) Other current assets |
|
550.432 |
663.716 |
|
Total Current Assets |
|
3546.941 |
3417.906 |
|
|
|
|
|
|
TOTAL |
|
4500.028 |
4475.539 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
2525.056 |
2627.407 |
|
|
Other Income |
|
30.612 |
14.171 |
|
|
TOTAL |
|
2555.668 |
2641.578 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
825.082 |
828.639 |
|
|
Purchases of
Stock-in-Trade |
|
430.251 |
435.400 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(70.103) |
(3.827) |
|
|
Employees benefits
expense |
|
282.995 |
257.940 |
|
|
Other expenses |
|
667.353 |
649.115 |
|
|
TOTAL |
|
2135.578 |
2167.267 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
420.090 |
474.311 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
233.706 |
246.757 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
186.384 |
227.554 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
66.892 |
105.804 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
119.492 |
121.750 |
|
|
|
|
|
|
|
Less |
TAX |
|
65.001 |
40.071 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
54.491 |
81.679 |
|
|
|
|
|
|
|
|
Other
Comprehensive Income |
|
(4.622) |
(2.883) |
|
|
|
|
|
|
|
|
Total comprehensive
Income for the year |
|
49.869 |
78.796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
5.43 |
5.56 |
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) |
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 |
GENERAL INFORMATION
NATURE OF INDUSTRY:
The company can be broadly classified as a focused Specialty Plant Nutrition Company engaged in manufacturing Micronutrients for agriculture produce. The Company also deals in Veterinary products on a small scale. The Company is also dealing and manufacturing Soluble Fertilisers and Sulphur based fertilizers.
CORPORATE INFORMATION
Subject the Company was incorporated at Mumbai in 1969 for manufacturing of small range of mineral feed additives for animals and birds and then diversified into mineral additives for the agriculture use and currently is into business of manufacturing micronutrients and other nutritional products for plants and animals.
In January, 2007 the Company incorporated Aries Agro Care Private Limited as a Wholly Owned Subsidiary for carrying business in the Branch of agro protection, seeds etc.
In January, 2007 the Company incorporated Aries Agro Equipments Private Limited as a Wholly Owned Subsidiary for carrying business in all type of farm equipments, machinery etc.
In 2008 the Company acquired 75% Shares in Golden Harvest Middle East FZC, Sharjah, UAE, by virtue of which the said Golden Harvest Middle East FZC has become a Subsidiary of the Company. Golden Harvest Middle East FZC is in the business of manufacturing chelated micronutrients.
In June, 2008 the Company incorporated Aries Agro Produce Private Limited as a Subsidiary for carrying business in all kinds of farming etc.
In the year 2010 the Company’s Overseas Subsidiary viz M/S Golden Harvest Middle East FZC acquired 75% Shares of M/S Amarak Chemicals FZC based in Fujairah Free Zone, UAE by virtue of which M/S Amarak Chemicals FZC has become a Step Down Subsidiary of Aries Agro Limited.
Aries Agro Limited is an Indian Multinational Company that offers the widest range of products in the primary, secondary and microfertilizer sector, ranging from individual elements to mixed specialty plant nutrient fertilizers. Since 1969, Aries has pioneered several innovative concepts of farming to Indian agriculturists, including the wonder of Chelation Technology, bio-degradable complexes of plant nutrients, water soluble NPK fertilizers, value added secondary nutrients, natural and biological products and water treatment formulations.
OPERATIONS STANDALONE
During the year, the Earnings before Interest, Depreciation and Tax was 18.02 % of Net Sales compared to 15.45 % of Net Sales in the previous year. The Total Revenue (excluding Other Income) for the year net of discount / rebates was INR 2296.473 Million as against INR 2128.346 Million in the previous year. Profit after tax for the year was 5.16% of Net Sales compared to 3.01% of Net Sales in the previous year.
FINANCIAL REVIEW
The profitability from operations in India improved due to cost management and improved operation efficiency. However, during the second half of the year additional discounts were passed on to improve cash dlow post demonetization. It was felt prudent to do so since there was limited cash flow available in the market and collecting funds at this time was difficult without such additional costs. Demand in the southern markets especially Tamil Nadu was lower than expected.
With the collective support of staff and Aries customers the. Company was able to improve its revenue from Indian operations by 18.15 percentage with an increase in profitability with 85.15% in comparison with the previous year.
The global operations were closed and reinstallation with fresh identical machinery in India. Therefore, revenue from overseas were lower and a one time loss on sale of machinery of the consolidated operations.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
OVERVIEW OF INDUSTRY:
The Company is part of the growing specialty plant nutrition industry which is a niche sector within the crop nutrition segment of agricultural inputs. During the year under review the monsoons recorded All India average of 97% of the LPA (Long Period Average). The Kharif rainfall was as per expectation. However, the winter rains especially in South India were extremely deficient. AS a result, the second half performance was comparatively lower than expected. Some states, especially Tamil Nadu recorded severe drought conditions. The second half was also affected by demonetization which restricted sales and collections for almost three months before conditions improved towards the end of the fourth quarter. Stress on the rural economy post demonetization required the Company to provide extra schemes to ensure continued funds inflow during the second half of the year. This had impact on second half margins. This situation was faced by almost all companies in the rural sector and the impact was fairly significant during Q3 and slightly less significant in Q4.
OUTLOOK:
2017 monsoons are expected to be 98% of normal and the Company is hopeful that it will achieve good growth in revenues and profitability. A series of dealers meetings and booking bazaars were conducted during April 2017 at Amritsar, Puri, Goa and Kakdwip. The orders with payment instruments totaling to INR 3058.800 Million arein hand with bookings made by 1250 number of dealers. Following from the experience of the previous financial year, the company is planning inventories and production based on this order book and conversion of bookings into actual sales is estimated as 75% similar to the previous Financial Year. The major focus area includes:
- Increase penetration in Acquaculture. Aqua culture is a new market and is a non monsoon dependent sector. During the year under review we had sales of around 12 Crores in Andhra Pradesh, West Bengal and Chhattisgarh in this sector. We are looking forward to a wider penetration this year. It is noteworthy that existing agri products are being positioned for aquaculture
- Increase in exports in Asian Region after receiving Export License
- Launch slow release granules for some existing soil applied products.
The Company is introducing 7 new products in the plant nutrition sector and this will be launched in August and October 2017 which will support growth in the topline and bottom line.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans from Banks |
132.541 |
106.605 |
|
SHORT TERM
BORROWINGS |
|
|
|
From Related Parties |
0.000 |
10.316 |
|
Total |
132.541 |
116.921 |
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED DECEMBER 2017
(INR in Million)
|
Particulars |
Quarter Ended |
Quarter Ended |
Year to date
Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
813.596 |
819.737 |
2184.377 |
|
Other Operating Income |
10.071 |
4.916 |
18.683 |
|
Total
Income from Operations |
823.667 |
824.653 |
2203.060 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
145.521 |
263.019 |
591.667 |
|
Purchase of Stock in Trade |
203.490 |
145.256 |
498.465 |
|
Changes in inventories of finished goods and
work-in-progress |
60.617 |
4.594 |
(47.177) |
|
Excise Duty on Sales |
0.000 |
0.000 |
34.328 |
|
Employee benefits expense |
59.028 |
53.728 |
171.346 |
|
Finance Costs |
55.898 |
69.784 |
165.136 |
|
Depreciation and Amortization expenses |
5.855 |
5.714 |
16.532 |
|
Other Expenditure |
188.466 |
178.131 |
514.743 |
|
Total
Expenses |
718.875 |
720.226 |
1945.040 |
|
Profit
/ (Loss) from ordinary activities before Exceptional items |
104.792 |
104.427 |
258.020 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit
/ (Loss) before Tax |
104.792 |
104.427 |
258.020 |
|
Tax Expense |
38.159 |
35.356 |
91.047 |
|
Profit
/ (Loss) after Tax |
66.633 |
68.864 |
166.973 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
130.043 |
130.043 |
130.043 |
|
Reserves (excluding Revaluation Reserve) |
-- |
-- |
-- |
|
Earnings
per Share (EPS) - INR |
|
|
|
|
Basic
|
5.12 |
5.30 |
12.84 |
|
Diluted |
5.12 |
5.30 |
12.84 |
NOTES:
1. These Results have been prepared in accordance with the recognition and measurement principles laid down in 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 pronouncements generally accepted in India. Financial Results for all the periods presented have been prepared in accordance with the recognition and measurement principles in Ind AS 34.
2. As the Company's business activity falls within a single primary business
segment, the disclosure requirements of Accounting Standard (Ind AS-108)"
Operating Segments ", are not applicable.
3. Since the Company's business relates to Micronutrient Fertilizers, Plant
Nutrient Solutions etc. the same is impacted by cropping pattern, seasonality
and Erratic weather conditions across the Globe in general and India in
particular. Accordingly, quarterly figures are not representative of the full
year's performance.
4. The Statutory Auditors have carried out a Limited Review of both Standalone
and Consolidated Results for the Quarter and Nine Months ended 31st December,
2017.
5. The above Financial Results were reviewed and recommended by the Audit
Committee and there upon approved by the Board of Directors at their respective
meetings held on 12th February, 2018.
6. The Un-Audited Standalone / Consolidated financial results are for the
Quarter and Nine Months ended 31st December, 2017.
7. The Consolidated Un-Audited Financial Results have been prepared in
accordance with Ind AS 110" Consolidated Financial Statements".
8. Post the applicability of Goods and Service Tax (GST) w.e.f. 1st July, 2017,
Total Income from Operations are disclosed net of GST. However, the
corresponding figures for the previous periods except 30th September, 2017 was
inclusive of excise duty. Accordingly, Total Income from Operations for the
Quarter and Nine Months ended 31st December, 2017 are not comparable with the
figures of previous periods.
9. Previous Period's / Year's figures have been re-grouped / re-arranged
wherever necessary to correspond with the Current Period's figures.
10. The above results will be made available at the Company's Website at
www.ariesagro.com on or after 13th February, 2018.
INDEX OF CHARGES:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G74245663 |
100148481 |
ICICI BANK
LIMITED |
29/12/2017 |
- |
- |
10000000.0 |
LAND MARK, RACE
COURSE CIRCLE, VADODARA – 380003, GUJARAT, INDIA |
|
2 |
G56964877 |
10232191 |
AXIS BANK
LIMITED |
19/07/2010 |
26/09/2017 |
- |
760000000.0 |
TRISHUL 3RD
FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD -502307,
GUJARAT, INDIA |
|
3 |
G57141137 |
10185677 |
CANARA BANK |
23/10/2009 |
26/09/2017 |
- |
530000000.0 |
CHEMBUR MAIN BRANCH
70A, M.D.S. MARG, CHEMBUR, MUMBAI – 502307, MAHARASHTRA, INDIA |
|
4 |
G57379620 |
10153773 |
HDFC BANK
LIMITED |
25/03/2009 |
26/09/2017 |
- |
410000000.0 |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 502307, MAHARASHTRA, INDIA |
|
5 |
G34487041 |
10135581 |
HDFC BANK
LIMITED |
14/11/2008 |
03/01/2017 |
- |
410000000.0 |
HDFC BANK HOUSE,
SENAPATI BAPAT MARGLOWER PAREL (WEST), MUMBAI – 400013, MAHARASHTRA, INDIA |
|
6 |
B88894829 |
10130358 |
ICICI BANK
LIMITED |
07/11/2008 |
18/10/2013 |
- |
100000000.0 |
LANDMARK, RACE
COURCE CIRCLE, ALKAPURI, VADODARA – 390015, GUJARAT, INDIA |
|
7 |
B92194190 |
10126307 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
08/02/2008 |
06/12/2013 |
- |
100000000.0 |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION
COMPLEX, VASHINAVI MUMBAI – 400703, MAHARASHTRA, INDIA |
|
8 |
G06751051 |
10336413 |
AXIS BANK
LIMITED |
08/02/2012 |
10/02/2012 |
02/07/2016 |
80000000.0 |
TRISHUL 3RD
FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD – 380006,
GUJARAT, INDIA |
|
9 |
C61210522 |
10146512 |
ICICI BANK
LIMITED |
03/02/2009 |
- |
10/08/2015 |
260104000.0 |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, VADODARA – 390015, GUJARAT, INDIA |
|
10 |
B57525644 |
10227118 |
YES BANK LIMITED |
15/06/2010 |
27/03/2011 |
04/09/2012 |
200000000.0 |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI – 400018,
MAHARASHTRA, INDIA |
FIXED ASSETS:
- Land
- Factory
Building
- Residential
Flat
- Plant And
Machinery
- Electrical
Installations
- Laboratory
Equipment’s
- Office
Equipment
- Furniture and
Fixtures
- Air
Conditioners
- Computer
- Vehicle
- Commercial Vehicle
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 64.96 |
|
|
1 |
INR 90.33 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
Report Prepared
by : |
GEET |
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.