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%20LIMITED%20-%20509300%2018-May-2018_files/image002.jpg){kind=small}
%20LIMITED%20-%20509300%2018-May-2018_files/image004.jpg)
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MIRA
INFORM REPORT
|
Report No. : |
509300 |
|
Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
AGRO PHOS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
M-87, Trade Centre, 18M, South Tukoganj, Indore-452001, Madhya Pradesh |
|
Tel. No.: |
91-731-2529488/89/91 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
19.09.2002 |
|
|
|
|
Com. Reg. No.: |
10-015285 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 202.741 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24123MP2002PLC015285 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing of fertilisers such as Single Super Phosphate (SSP), Nitrogen Phosphate and Potassium (NPK), Zinc Sulphate, Organic manure and Calcium Sulphate commonly known as soil conditioner or gypsum. Our Company also undertakes trading of Diammoium Phosphate (DAP), Urea, Ammonium Sulphate and other fertilizers (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2002 and it is engaged as manufacturer of fertilizer and agrochemical products. For the financial year 2017, the company has achieved decent growth in its revenue as compared to its previous year but has reported thin profit margin during the year. Rating takes into consideration, the satisfactory financial risk profile marked by comfortable solvency position and strong net worth base. Rating continue to derive strength from experienced management with established track record of operations and established marketing network with reputed customer base. The company is listed on NSE at the price as on 14th May 2018 is held at 40.40 against its face value of INR 10. As per quarterly results of September 2017, the company has achieved revenue of INR 239.602 million and has clocked a profit margin of 1.23%. However, these rating strengths gets partially offset by risk regarding availability of raw material and foreign exchange rate fluctuation, dependency of revenue on climate condition, continuous reduction in subsidy for Single Super Phosphate (SSP) by the government. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
02.04.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating = A3 |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
02.04.2018 |
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
31-03-2018.
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 18.05.2018
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
Management non-cooperative (Tel No.:91-731-2529489)
Tel No.:91-731-2529488 (Continuously ringing)
Tel No.:91-731-2529490 (not responding)
LOCATIONS
|
Registered Office : |
M-87, Trade Centre, 18M, South Tukoganj, Indore-452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2529488/89/91 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Fertilizer
Manufacturing Units: |
13, A/2, Industrial Area, A.B. Road, Dewas, Madhya Pradesh, India |
|
|
|
|
Meghnagar Unit: |
135A-138A, Industrial Area, Meghnagar, Jhabua, Madhya Pradesh, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Raj Kumar Gupta |
|
Designation : |
Managing Director |
|
Address : |
A-7, Mangal Murti Nagar Indore- 452001,
Madhya Pradesh, India |
|
Date of Appointment : |
24.09.2002 |
|
DIN No.: |
00244925 |
|
|
|
|
Name : |
Mr. Vishnu Kant Gupta |
|
Designation : |
Whole Time Director |
|
Address : |
Rh-18, Scheme No. 54, Indore - 452001,
Madhya Pradesh, India |
|
Date of Appointment : |
16.03.2012 |
|
DIN No.: |
05233476 |
|
|
|
|
Name : |
Mr. Vijai Singh Bharaktiya |
|
Designation : |
Director |
|
Address : |
414-A, Mahalaxmi Nagar, Indore - 452001,
Madhya Pradesh, India |
|
Date of Appointment : |
16.08.2016 |
|
DIN No.: |
00017285 |
|
|
|
|
Name : |
Mr. Vani Gupta |
|
Designation : |
Director |
|
Address : |
34, Kamla Kayenj Balkeshwar, Agra – 282004,
Uttar Pradesh, India |
|
Date of Appointment : |
16.08.2016 |
|
DIN No.: |
07590997 |
|
|
|
|
Name : |
Mr. Palash Gupta |
|
Designation : |
Additional Director |
|
Address : |
11/2, Dr Roshan Singh Bhandari Marg,
Indore- 452001, Madhya Pradesh, India |
|
Date of Appointment : |
18.01.2018 |
|
DIN No.: |
03599982 |
|
|
|
|
Name : |
Mr. Abhay Gupta |
|
Designation : |
Director |
|
Address : |
A-7 Mangal Murty Nagar Navlakha, Indore-
452001, Madhya Pradesh, India |
|
Date of Appointment : |
24.08.2016 |
|
DIN No.: |
07595771 |
|
|
|
|
Name : |
Mr. Abhishek Kalekar |
|
Designation : |
Director |
|
Address : |
Mig 748, Ward No.12, Vikas Nagar, Dewas-
455001, Madhya Pradesh, India |
|
Date of Appointment : |
08.03.2017 |
|
DIN No.: |
07758751 |
KEY EXECUTIVES
|
Name : |
Mr. Vidit Garg |
|
Designation : |
Chief Finance Officer |
|
Address : |
404-A/2 Block, Sanskriti Parishar, Navlakha,
Samwad Nagar, Indore- 452001, Madhya Pradesh, India |
|
Date of Appointment : |
08.03.2017 |
|
PAN No.: |
BAVPG2982D |
|
|
|
|
Name : |
CS Karishma Kakkar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Neelam Jain |
|
Designation : |
Company Secretary |
|
Address : |
257, D.K.N. Scheme No. 74, Sector C, Vijay Nagar Indore - 452010, Madhya Pradesh, India |
|
Date of Appointment : |
28.08.2017 |
|
PAN No.: |
Annpj1325p |
MAJOR SHAREHOLDERS
As on 31.03.2018
|
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 |
11002425 |
54.27 |
|
|
(B) Public |
9271690 |
45.73 |
|
|
Grand Total |
20274115 |
100.00 |
%20LIMITED%20-%20509300%2018-May-2018_files/image008.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of fertilisers such as Single Super Phosphate (SSP), Nitrogen Phosphate and Potassium (NPK), Zinc Sulphate, Organic manure and Calcium Sulphate commonly known as soil conditioner or gypsum. Our Company also undertakes trading of Diammoium Phosphate (DAP), Urea, Ammonium Sulphate and other fertilizers (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
|
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Auditor: |
|
|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
|
Address : |
702, Shekhar Central, Palasia Square, A.B Road, Indore – 452001, Madhya
Pradesh, India |
|
Tel No.: |
91-731-4069301, 4936817 |
|
|
|
|
Statutory Auditor: |
|
|
Name : |
Rajendra Goyal and Company Chartered Accountants |
|
Address : |
1St Floor kalyan Vishranti Grah, Rly. Station- Jhabua Tower Road, Indore - 452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2511780, 2510289 |
|
E-Mail : |
|
|
|
|
|
Cost Auditor: |
M.P. Turakhia and Associates Chartered Accountants |
|
|
|
|
Secretarial
Auditors: |
M/s Neelesh Gupta and Company Company Secretaries |
|
|
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Other related parties : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21000000 |
Equity Shares |
INR 10/- each |
INR 210.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20274115 |
Equity Shares |
INR 10/- each |
INR 202.741 Million |
|
|
|
|
|
Share Capital
Reconciliation
|
Particulars |
As at 31st March, 2017 |
|
|
Equity shares with
voting rights |
Number of Shares |
INR in million |
|
|
|
|
|
Balance as at commencement of the year |
2878823 |
28.788 |
|
Bonus Share Issued |
11515292 |
115.153 |
|
New Equity Shares Issued during the year |
5880000 |
58.800 |
|
Balance as at the end of the year |
20274115 |
202.741 |
Details of shares
held by each shareholder holding more than 5% shares
|
Particulars |
As at 31st March, 2017 |
|
|
Class of shares/Name
of shareholder |
Number of Shares |
%holding in that class of shares |
|
Equity shares with
voting rights |
|
|
|
Raj Kumar Suhane |
4075435 |
20.10 |
|
Vishnu Kant Gupta |
1596075 |
7.87 |
|
Ramesh Chand Suhane |
1795050 |
8.85 |
Note Details of
shares issued as Bonus Shares
During the FY 2016-17, Company has issued 11515292 quiry shares of INR 10/- each as fully paid Bonus Shares by capitalising amount aggregating to INR 115152920/- out of balance lying in Share Premium Account and Profit and Loss Account
FINANCIAL DATA
[all figures are
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 |
202.741 |
28.788 |
28.788 |
|
(b) Reserves & Surplus |
169.539 |
202.148 |
176.563 |
|
(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) |
372.280 |
230.936 |
205.351 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11.076 |
49.881 |
57.580 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
3.302 |
13.007 |
24.207 |
|
(d) long-term
provisions |
0.818 |
0.891 |
0.000 |
|
Total Non-current
Liabilities (3) |
15.196 |
63.779 |
81.787 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
214.415 |
154.637 |
115.438 |
|
(b) Trade
payables |
226.561 |
210.621 |
101.720 |
|
(c) Other
current liabilities |
27.090 |
26.459 |
15.256 |
|
(d) Short-term
provisions |
31.199 |
31.713 |
26.006 |
|
Total Current
Liabilities (4) |
499.265 |
423.430 |
258.420 |
|
|
|
|
|
|
TOTAL |
886.741 |
718.145 |
545.558 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
157.982 |
165.879 |
168.441 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.356 |
1.734 |
1.254 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3.500 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
18.916 |
29.406 |
45.588 |
|
(d) Long-term Loan and Advances |
29.918 |
28.117 |
23.961 |
|
(e) Other
Non-current assets |
86.122 |
43.264 |
3.036 |
|
Total Non-Current
Assets |
297.794 |
268.400 |
242.280 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
129.302 |
131.929 |
88.576 |
|
(c) Trade
receivables |
295.749 |
154.627 |
80.723 |
|
(d) Cash
and cash equivalents |
34.175 |
10.884 |
13.965 |
|
(e)
Short-term loans and advances |
25.764 |
22.535 |
19.911 |
|
(f) Other
current assets |
103.957 |
129.770 |
100.103 |
|
Total
Current Assets |
588.947 |
449.745 |
303.278 |
|
|
|
|
|
|
TOTAL |
886.741 |
718.145 |
545.558 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
798.732 |
789.887 |
673.032 |
|
|
Other Income |
2.595 |
4.245 |
1.855 |
|
|
TOTAL |
801.327 |
794.132 |
674.887 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
315.961 |
325.304 |
237.580 |
|
|
Purchases of
Stock-in-Trade |
150.666 |
164.722 |
143.764 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
35.131 |
(32.599) |
12.784 |
|
|
Employees benefits
expense |
17.778 |
17.760 |
15.135 |
|
|
Other expenses |
214.561 |
225.281 |
175.119 |
|
|
TOTAL |
734.097 |
700.468 |
584.382 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
67.230 |
93.664 |
90.505 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
28.054 |
32.051 |
20.380 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
39.176 |
61.613 |
70.125 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
10.539 |
10.487 |
4.820 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
28.637 |
51.126 |
65.305 |
|
|
|
|
|
|
|
Less |
TAX |
16.653 |
27.041 |
(34.837) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
11.984 |
24.085 |
100.142 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
184.969 |
160.884 |
60.742 |
|
|
|
|
|
|
|
|
Bonus Share Issued |
(99.974) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
96.979 |
184.969 |
160.884 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.72 |
1.67 |
35.62 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
7.584 |
6.034 |
|
Cash generated from operations |
(34.675) |
3.588 |
21.058 |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
(44.546) |
(4.167) |
7.032 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
135.15 |
71.45 |
43.78 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.70 |
5.11 |
8.34 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
177.22 |
156.88 |
97.36 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.52 |
0.71 |
1.02 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.42 |
0.56 |
0.53 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.58 |
0.67 |
0.59 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.61 |
0.92 |
0.87 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.34 |
1.83 |
1.26 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.43 |
0.73 |
0.83 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.40 |
2.92 |
4.44 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
1.50 |
3.05 |
14.88 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.35 |
3.35 |
18.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.22 |
10.43 |
48.77 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.18 |
1.06 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.92 |
0.75 |
0.83 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.42 |
0.32 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.11 |
7.37 |
6.22 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.18 |
1.06 |
1.17 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 40.40 |
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 |
28.788 |
28.788 |
202.741 |
|
Reserves & Surplus |
176.563 |
202.148 |
169.539 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
205.351 |
230.936 |
372.280 |
|
|
|
|
|
|
long-term borrowings |
57.580 |
49.881 |
11.076 |
|
Short term borrowings |
115.438 |
154.637 |
214.415 |
|
Current maturities of
long-term debts |
6.034 |
7.584 |
0.000 |
|
Total
borrowings |
179.052 |
212.102 |
225.491 |
|
Debt/Equity
ratio |
0.872 |
0.918 |
0.606 |
%20LIMITED%20-%20509300%2018-May-2018_files/image010.gif)
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 |
673.032 |
789.887 |
798.732 |
|
|
|
17.362 |
1.120 |
%20LIMITED%20-%20509300%2018-May-2018_files/image012.gif)
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 |
673.032 |
789.887 |
798.732 |
|
Profit |
100.142 |
24.085 |
11.984 |
|
|
14.88% |
3.05% |
1.50% |
%20LIMITED%20-%20509300%2018-May-2018_files/image014.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
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 |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The company is a closely held public limited company incorporated under the Companies Act, 1956 bearing Corporate Identity No. U24123MP2002PLC015285 dt. 19.09.2002. The Company was initially incorporated as a private limited company under part IX of the Companies Act, 1956 and has been converted into public limited company w.e.f. 28.02.2004 and accordingly all assets, liabilities, rights, entitlements, contracts etc. of erstwhile partnership firm M/s. Agro Phos (India) vest into the Company as a going concern. Company commenced its business from the date of incorporation and established its manufacturing facilities at Industrial Area, Dewas (M.P.) During the year 2014-15 company has commenced commercial production from its new manufacturing facility at Meghnagar Distt. Jhabua (M.P.) The principal place of business as well as the Registered and Corporate Office of the company is located at Indore (M.P.)
OVERVIEW
Incorporated in 2002, their Company M/s. Agro Phos (India) Limited is an ISO 9001:2008 certified Company engaged in the manufacturing of fertilisers such as Single Super Phosphate (SSP), Nitrogen Phosphate and Potassium (NPK), Zinc Sulphate, Organic manure and Calcium Sulphate commonly known as soil conditioner or gypsum. Their Company also undertakes trading of Diammoium Phosphate (DAP), Urea, Ammonium Sulphate and other fertilizers depending upon the demand of the customer.
Their manufacturing facilities are located at Dewas and Meghnagar, Madhya Pradesh Their Company is well equipped with in-house testing laboratory to test the products as per quality standards and relevant chemical composition. In their quest to maintain high standards of quality for their products, we have imported testing machine to test the product in real time basis. The final product has to pass special quality test to ensure that it is of the requisite quality and contains the requisite chemical composition. We use gazette bags for packing of their products. These bags are very easy to handle and facilitates easy stacking as well. Apart from providing quality products at an affordable cost, their company also emphasizes on the product reach through its distribution network. We have over 200 dealers and distributors. The company has built Market capabilities and Distribution network to meet out the requirement in domestic markets & continually strives to enhance market presence as well as explore new markets & territories for growth.
INDIAN ECONOMY
OVERVIEW
In India, agriculture is the largest sector of economic activity. It provides food, raw materials and above all, the
employment to a very large proportion of population. The national output depends on the output in agriculture, as
it is one of the most dominating sectors in India. For the same reason, it has to provide the capital required for its own development and make available surplus for national economic development. At the same time, the exports of primary produce earn valuable foreign exchange which can be used to import capital goods for the development of industry and infrastructure. Because of all these reasons, an improved and efficient agriculture is a dire necessity in their economy. The vital role of agriculture arises out of the position the agrarian sector occupies in the overall economy of the country. 80 percent per cent of the population resides in the rural areas and 72 per cent of the work force depends on agriculture for their livelihood. Agriculture is the back-bone of the Indian economy, and hence, the very existence of economic activities of entire people in the country is dependent on the state and health of its agriculture sector. Since last 40 years, the fertilizer industry in India has grown tremendously. The Government is keen to see that fertilizer reaches the farmers in the distant and hilly areas. This is the reason why it has been decided to decontrol the prices, distribution and movement of phosphatic and potassic fertilizers. Some steps are implemented to assure an increase in the supply of chemical fertilizers at reasonable prices. In India. Fertilizer Industry is the push on accelerating fertilizer consumption by fixing, on the one hand, low and similar price for fertilizers, and on the other hand providing the manufacturers ample compensation through the retention price and subsidy scheme. Due to such corrective steps, the fertilizer nutrient demand has gone up.
OUTLOOK AND PROSPECTS
Fertilizer is a substance to soil to improve plants’ growth and yield. First used by ancient farmer’s fertilizer technology developed significantly as the chemical needs of growing plants were discovered. Modern synthetic fertilizers are composed mainly of nitrogen, phosphorous and potassium compounds us the secondary nutrients added. The use of synthetic fertilizers has significantly improved the quality and quantity at the food available today and Government’s ambitious target towards doubling the farmer income by 2022 so demand of the fertilizer will also increase in future.
Industry structure
and developments:
The fertilizer industry in India consists of three major players; The Government owned Public Sector undertakings,
Cooperative Societies like KRIBHCO, IFFCO and units from Private sector. There are about 33 major producers producing N, NP and NPK fertilizers in the country at present. The fertilizer industry of India had made constructive use of the fertilizer subsidy provided by the Government of India to ensure that the country achieved reasonable self-sufficiency in food grain production. The fertilizer industry has organized itself through Fertilizer Association of India to coordinate with the Government of India to achieve the macro-economic objectives related to agricultural sector and to provide other services. Indian fertilizer industry has succeeded in meeting almost fully the demand of all chemical fertilizers.
OUTLOOK:
Its universally accepted that the use of chemical fertilizer in an integral of the package of practice for raising the agricultural production to a higher place. Studies continued by the Food and Agricultural Organization of the United Nations (FAO) have established beyond about that there is a close relationship between the Gerry crop yields and fertilizer consumption level. More over the nutritional requirement of different crops could not be fully met with the use of organic manures like FYM and other bulky organic manures like neem cack, castor cack, groundnut cack etc. for want of their availability in adequate quantities And Increasing agriculture production in Indian by area increasing process is no longer possible as cultivable and left over is only marginal. Further a considerable cultivable land is being diverted year after year for housing and industrial etc. Hence self sufficiency in food lies in increasing the field per unit area per unit time through adoption of modern agricultural technology. Fertilizer have the advantages of smaller bulk easy transport relatively quick in an availability at plan- food constituents and the facility of their application in proportion suited to the actual requirements of crops and soils and to improve their agriculture output India needs more fertilizers.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
OD against IMP LC Bills from Union Bank of India, Siyaganj Indore (A/c No. 326207120000006) |
27.271 |
0.000 |
|
|
|
|
|
Total |
27.271 |
0.000 |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30.09.2017
|
PARTICULARS |
|
30.09.2017 |
|
|
|
[Unaudited] |
|
1. Income from Operations |
|
|
|
Net Sales/income from
operations |
|
239.602 |
|
Other Operating Income |
|
3.417 |
|
Total income from operations (net) |
|
243.019 |
|
|
|
|
|
Expenses |
|
|
|
Cost of materials consumed |
|
72.643 |
|
Purchases of stock-in trade |
|
71.981 |
|
Changes in inventories of finished goods. work-in-progress and stock
in trade |
|
1.312 |
|
Employee benefits expense |
|
10.030 |
|
Depreciation and Amortization Expenses |
|
5.350 |
|
Other Expenses |
|
59.423 |
|
Total expenses |
|
220.739 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items |
|
22.280 |
|
Finance Costs |
|
14.389 |
|
Profit/ (Loss) from ordinary activities before tax |
|
7.891 |
|
Tax expenses |
|
4.955 |
|
Net Profit / (Loss) from ordinary activities after tax |
|
2.936 |
|
Extraordinary item (net of tax expense) |
|
0.000 |
|
Net Profit / (Loss) for the period |
|
2.936 |
|
Paid up equity share capital (Face Value of INR 10/-each) |
|
202.741 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
|
|
|
Earnings per share (before extraordinary items) of INR 10/- each (not
annualized): |
|
|
|
(a) Basic |
|
0.14 |
|
(b) Diluted |
|
0.14 |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2017
|
SOURCES OF FUNDS |
|
30.09.2017 |
|
|
[Unaudited] |
|
|
I. EQUITY AND LIABILITIES |
|
|
|
(1) Shareholders' Funds |
|
|
|
(a) Share Capital |
|
202.741 |
|
(b) Reserves &
Surplus |
|
172.474 |
|
(c) Money received
against share warrants |
|
0.000 |
|
|
|
|
|
(2) Share Application
Money Pending Allotment |
|
0.000 |
|
Total Shareholders’ Funds
|
|
375.215 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
|
11.875 |
|
(b) Deferred tax
liabilities (Net) |
|
1.188 |
|
(c) Other long term
liabilities |
|
0.000 |
|
(d) long-term provisions |
|
0.823 |
|
Total Non-current
Liabilities (3) |
|
13.886 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
|
187.618 |
|
(b) Trade payables |
|
188.936 |
|
(c) Other current liabilities |
|
33.605 |
|
(d) Short-term provisions |
|
4.125 |
|
Total Current Liabilities
(4) |
|
414.284 |
|
|
|
|
|
TOTAL |
|
803.385 |
|
|
|
|
|
II. ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
|
153.024 |
|
(ii) Intangible Assets |
|
0.000 |
|
(iii) Capital work-in-progress |
|
1.758 |
|
(iv) Intangible assets
under development |
|
0.000 |
|
(b) Non-current
Investments |
|
3.500 |
|
(c) Deferred tax assets
(net) |
|
15.581 |
|
(d) Long-term Loan and
Advances |
|
2.391 |
|
(e) Other Non-current
assets |
|
50.551 |
|
Total Non-Current Assets |
|
226.805 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
|
|
|
(b) Inventories |
|
140.254 |
|
(c) Trade receivables |
|
286.380 |
|
(d) Cash and cash equivalents |
|
5.147 |
|
(e) Short-term loans and advances |
|
62.90 |
|
(f) Other current assets |
|
81.899 |
|
Total Current Assets |
|
576.580 |
|
|
|
|
|
TOTAL |
|
803.385 |
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G60039252 |
100119331 |
Axis Bank Limited |
03/08/2017 |
23/10/2017 |
- |
230000000.0 |
KAMAL PALACE1 YASHWANT COLONY, Y N ROAD INDORE-452003, MADHYA PRADESH, INDIA |
|
2 |
B61375911 |
10384486 |
MADHYA PRADESH FINANCIAL CORPORATION |
23/10/2012 |
- |
- |
65000000.0 |
FINANCE HOUSEBOMBAY AGRA ROAD INDORE-452001 MADHYA PRADESH, INDIA |
|
3 |
G78388451 |
100020755 |
Punjab National Bank |
18/03/2016 |
- |
08/02/2018 |
40000000.0 |
INDIRA COMPLEX BRANCH INDORE-452001 MADHYA PRADESH, INDIA |
|
4 |
G52622206 |
90209627 |
UNION BANK OF INDIA |
19/07/2004 |
30/08/2016 |
06/09/2017 |
210000000.0 |
377,JAWAHAR MARGSIYAGANJ, INDORE -452001 MADHYA PRADESH, INDIA |
|
5 |
G10359149 |
10053403 |
Union Bank of India |
29/03/2007 |
19/02/2013 |
26/08/2016 |
50000000.0 |
377, JAWAHAR MARG INDORE-452001 MADHYA PRADESH, INDIA |
|
6 |
B73349797 |
10053404 |
UNION BANK OF INDIA |
29/03/2007 |
- |
17/04/2013 |
5380000.0 |
SIYAGANJ BRANCH377, JAWAHAR MARG, SIYAGANJ INDORE-452007 MADHYA PRADESH, INDIA |
|
7 |
B73351405 |
10053405 |
UNION BANK OF INDIA |
29/03/2007 |
- |
17/04/2013 |
2000000.0 |
SIYAGANJ BRANCH377, JAWAHAR MARG, SIYAGANJ INDORE-452007 MADHYA PRADESH, INDIA |
|
8 |
B73733586 |
10007835 |
UNION BANK OF INDIA |
19/05/2006 |
- |
17/04/2013 |
2000000.0 |
SIYAGANJ INDORE-452001 MADHYA PRADESH, INDIA |
|
9 |
B73893422 |
10158851 |
HDFC BANK LIMITED |
30/04/2009 |
- |
16/04/2013 |
655000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL W MUMBAI-400013 MAHARASHTRA INDIA |
|
10 |
B73890915 |
10158852 |
HDFC BANK LIMITED |
30/04/2009 |
- |
16/04/2013 |
545000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL W MUMBAI-400013 MAHARASHTRA INDIA |
CONTINGENT
LIABILITIES: (As on 31.03.2017)
(a) Claims against the Company not acknowledged as debts - NIL (Previous year - NIL)
(b) Bank guarantees issued by Union Bank of India for a aggregate sum of INR 14.400 million (Previous Year – INR 1.300 million) (margin money deposited in the form of bank fixed deposits with the same bank for a sum of INR 3.600 million (Previous Year – INR 325 million)
(c ) Foreign Letter of Credit issued by Union Bank of India for a sum of INR 10.125 million (Previous Year – INR 40.207 million and outstanding as at the year end. Margin money in the form of fixed deposits of the same bank for a sum of INR 2.554 million (Previous Year – 10.000 million).
(d) Revolving Letter of Credit issued by Union Bank of India for a sum of INR 0.350 million (Previous Year – INR 1.337 Million) and outstanding as at the year end. Margin money in the form of fixed deposits of the same bank for a sum of INR 0.087 million (Previous Year – INR 0.544 million).
(e) Excise Duty Liability in respect of Demand raised by Excise Department amounting to INR NIL (Previous Year INR 0.325 million) (Including Interest) for March 2011 to July 2012.
(f) Other contingent liability NIL (Previous year - NIL)
FIXED ASSETS
- Leasehold Land
- Factory Building
- Office Building
- Plant and Machinery
- Computers and Software
- Bag Closere Machine
- Air Conditioner
- Office Equipment
- Two Wheelers
- Vehicles(Car)
- Jcb Excavator
- Lab Equipment’s
- Gasgen Set
- Furniture and Fixture
- Mobile Equipment
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 67.52 |
|
|
1 |
INR 91.48 |
|
Euro |
1 |
INR 80.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.