Paradeep Phosphates is the third-largest private-sector manufacturer of non-urea fertilizers in India (Source: CRISIL
Paradeep Phosphates is the third-largest private-sector manufacturer of non-urea fertilizers in India (Source: CRISIL Report*). It is primarily engaged in manufacturing, trading, distribution, and sales of a variety of complex fertilizers such as DAP, three grades of NPK, Zypmite, Phospho-gypsum, and HFSA.
It was incorporated in 1981. Zuari Maroc Phosphates Private Limited (ZMPPL), a joint venture of Zuari Agro Chemicals Limited (ZACL) and Morroco’s OCP Group, currently holds 80.45% of the equity share capital of the company, with the balance being held by the Government of India (GoI). The Government of India has proposed to sell its entire shareholding in the company through the Offer for Sale of this IPO and will cease to be a promoter of the company on the listing of the equity shares after the IPO.
Industry with rising demand supported by government subsidies and regulations.
Second largest manufacturer of Phosphatic fertilizers in India (as per CRISIL report*).
The second-largest backward integrated manufacturer in the private sector with Phosphoric acid capacity in India, accounting for approximately 14% of the total domestic installed capacity of Phosphoric acid in India (as per CRISIL report*).
Long-term relations with suppliers.
Secure and certified manufacturing facility and infrastructure and unutilized land available for expansion.
Manufacturing facility located near the Paradeep port, where the company owns a captive berth with 14 meters draft with facilities to unload solid and liquid cargo.
Established brand name backed by an extensive sales and distribution network.
Any developments affecting the performance of the agricultural sector are likely to affect the business.
The business is subject to climatic conditions and is cyclical in nature.
Any change in government policies towards the agriculture sector or a reduction in subsidies and incentives provided to farmers could adversely affect the business.
The company currently has only one manufacturing facility located in Paradeep, Odisha.
There are outstanding litigations involving the company, its promoters, and its directors.
Significant portion of revenues in the past has been derived from a limited number of states, namely Maharashtra, Uttar Pradesh, and Odisha.
The company is dependent on a limited number of suppliers to supply key raw materials and any delay in the supply may adversely affect the business.
The company has in the past entered into related party transactions and will continue to do so in the future - there is no assurance that the company could not have achieved more favorable terms if such transactions had not been entered into with related parties.
Intensely competitive industry.
As of March 31, 2021, the company had consolidated total borrowings of Rs 1251.17 crore - the lenders of the company have imposed certain restrictive conditions on it under the financing agreements.
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