MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
GUJARAT INSECTICIDES LIMITED |
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Registered Office : |
Plot No. 805/806, GIDC Estate, Ankleshwar – 393 002, District-
Bharuch, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.08.1980 |
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Com. Reg. No.: |
04-003929 |
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CIN No.: [Company
Identification No.] |
U24299GJ1980PTC003929 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDG00760E |
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PAN No.: [Permanent
Account No.] |
AAACG8436D |
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Legal Form : |
Subject is a closely held public limited liability
company. The company is a subsidiary
of Gharda Chemicals Limited |
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Line of Business : |
Manufacturers of Insecticides,
Intermediate and Formulations, Agro Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 2818628 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company. Available information indicates high financial responsibility of the company. Financial position is good. Reserve position is strong. Trade relations are fair. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. Mr. Choksi of the company remained non – co – operative
and declined to part with any information. |
LOCATIONS
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Registered Office : |
P. B. No.805-806, GIDC Estate, Ankleshwar – 393 002,
District Bharuch, |
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Tel. No.: |
91-2646-220032/ 222271/ 223914/ 250305/ 251472 |
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Fax No.: |
91-2646-238465 |
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E-Mail : |
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Website : |
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Area : |
73084 sq. ft. |
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Location : |
Owned |
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Head Office : |
8, Darshan Society, M. P. Desai Marg, Near Sardar Bhavan,
Navrangpura, Ahmedabad – 380 009, |
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Tel. No.: |
91-79-26421760 |
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Corporate Office: |
5 / 6 |
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Tel. No.: |
91-22-26452492 / 26422230 / 26430654 |
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Fax No.: |
91-22-26404224 / 26514313 |
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Branches : |
Plot No. 2, Block No. 43, Autonagar, Tel. No.: 91-40-2402 7582 Fax No.: 91-40-2402 7582 / 2780 8543 5-6, Jer Mansion, 1st Floor, Plot No. 12, V. P. Varde Road, Off Turner Road, Bandra (West), Mumbai – 400 050, Maharashtra Tel. No.: 91-22-26452492 /2645 2493/26405466/2415 Fax No.: 91-22-2640 4224/26418353 518, Ansal Chambers II, Tel. No.: 91-11-2560 3313/26177010 Fax No.: 91-11-2551 3697/26195339 No. 7, 7th
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Overseas Office : |
Holbrook House, 72, Fax : 44-208-655-4102 660, Fax : 1-215-9689574 628, Fax : 00-612-9966-9779 |
DIRECTORS
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Name : |
Mr. Vinayak Bajirao Buch |
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Designation : |
Director |
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Address : |
Jhankar Plot No. 139, Sector 8, Ghandinagar – 382 043, |
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Date of Birth/Age : |
21.02.1940 |
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Date of Appointment : |
27.11.1993 |
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Name : |
Mr. Keki Hormusji Gharda |
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Designation : |
Managing Director |
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Address : |
5, 6, |
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Date of Birth/Age : |
25.09.1929 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Hoshang Cooverji Patel |
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Designation : |
Director |
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Address : |
50, |
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Date of Birth/Age : |
08.03.1934 |
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Date of Appointment : |
02.09.1994 |
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Name : |
Mr. Somaiya Jitendra Parshottam |
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Designation : |
Director |
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Address : |
9, Lovenet, Dreamland Society, Shastrinagar, Mulund,
Thane, Mumbai – 400 082, |
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Date of Birth/Age : |
10.07.1941 |
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Date of Appointment : |
31.12.1990 |
KEY EXECUTIVES
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Name : |
Mr. A. D. Buch |
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Designation : |
Company Secretary |
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Name : |
M/s Kapoor and Ved |
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Designation : |
Company Secretary |
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Address : |
208, Sudarshan Complex, Near |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Gharda Keki Hormusji |
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10 |
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Mrs. Somaiya Jitendra Purshottam |
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10 |
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Gharda Chemicals Limited |
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487520 |
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Gharda Investment Syndicate |
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162500 |
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Mr. Hoshang Cooverji jointly with Gharda Chemicals Limited |
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10 |
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Mrs. Aban Gharda jointly with Gharda Chemicals Limited |
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10 |
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Maroo Udayan Arvind jointly with Gharda Chemicals Limited |
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5 |
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Panikker P.A. jointly with Gharda Chemicals Limited |
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5 |
Equity Share Break – up: ( Percentage of Total Equity):
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Sr. No. |
Category |
Percentage |
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1 |
Directors or relatives of Directors |
0.01 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Insecticides, Intermediate and Formulations, Agro Chemicals. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Materials and Spares |
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Countries : |
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PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Insecticides [T]* |
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2230 MT |
657.3 |
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Intermediates |
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1800 MT |
2307.8 |
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Formulations |
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300 MT |
255.4 |
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Formulations |
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3500 KL |
1936.4 |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
561 |
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
M/s. Ramanlal G. Shah and Company Chartered Accountants |
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Address : |
Shreeji House, Behind M. J. Library, Ellisbridge,
Ahmedabad – 380 006, |
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Tel. No.: |
91-79-26578819, 26575530 |
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Fax No.: |
91-79-26575401 |
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Parent Company : |
Gharda Chemicals Limited |
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Memberships : |
v
Ankleshwar Industries Association, v
v
v National Safety Council v CHEMEXIL v
Pesticides Association of v
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Associates/Subsidiaries : |
Gharda Investment Syndicate, Mumbai |
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Holding Company: |
Gharda Chemicals Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.10/- each |
Rs. 12.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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487560 |
Equity Shares |
Rs.10/- each |
Rs.4.875
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.876 |
4.876 |
6.500 |
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2] Reserves & Surplus |
699.781 |
667.888 |
788.300 |
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NETWORTH |
704.657 |
672.764 |
794.800 |
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LOAN FUNDS |
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1] Secured Loans |
101.744 |
130.592 |
48.100 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
101.744 |
130.592 |
48.100 |
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DEFERRED TAX LIABILITIES |
1.494 |
4.671 |
0.000 |
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TOTAL |
807.895 |
808.027 |
842.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
167.858 |
145.047 |
107.600 |
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INVESTMENT |
23.996 |
22.167 |
6.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
358.617
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441.543 |
486.200 |
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Sundry Debtors |
379.975
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347.939 |
434.500 |
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Cash & Bank Balances |
29.995
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38.368 |
53.300 |
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Other Current Assets |
0.018
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0.015 |
0.000 |
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Loans & Advances |
451.253
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492.211 |
494.800 |
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Total
Current Assets |
1219.858
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1320.076 |
1468.800 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
160.795
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187.750 |
259.400 |
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Provisions |
443.022
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491.513 |
480.100 |
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Total
Current Liabilities |
603.817
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679.263 |
739.500 |
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Net Current Assets |
616.041
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640.813 |
729.300 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
807.895 |
808.027 |
842.900 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
947.117 |
928.674 |
1135.300 |
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Other Income |
90.613 |
74.945 |
0.000 |
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Total Income |
1037.730 |
1003.619 |
1135.300 |
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Profit/(Loss) Before Tax |
51.224 |
47.870 |
19.800 |
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Provision for Taxation |
19.332 |
17.084 |
11.200 |
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Profit/(Loss) After Tax |
31.892 |
30.786 |
8.600 |
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Export Value |
76.082 |
6.519 |
65.845 |
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Import Value |
45.833 |
9.902 |
58.545 |
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Expenses: |
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Consumption of Raw Materials |
475.142 |
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Purchase of Trading Goods |
80.405 |
75.775 |
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Manufacturing and other Expenses |
285.123 |
299.103 |
1115.500 |
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Financial Charges |
36.076 |
17.460 |
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Depreciation |
21.804 |
16.955 |
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Total Expenditures |
898.55 |
879.083 |
1115.500 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total
Income |
(%) |
3.07
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3.06 |
3.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.40
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5.15 |
5.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.19
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3.62 |
4.17 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07
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0.07 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.00
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1.20 |
1.10 |
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Current Ratio (Current Asset/Current Liability) |
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2.02
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1.94 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
Ř
Ř
Ř Plant & Machineries,
Ř Furniture & Fixtures,
Ř Office Equipments,
Ř Electrical Installations and
Ř Vehicles.
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Name of the company |
GUJARAT INSECTICIDES LIMITED |
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Presented By |
Mr. A.D. Buch Company
Secretary |
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1) Date and
description of instrument creating the change |
Hypothecation
Aghreement dated, 20th October, 1997 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 235.000 millions consisting following
working capital facilities: Sr.
Nature of facility ( Rs. in millions) |
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1. C.C. ( Hypothecation of 15.000 Stock and Book
Debts) 2 .Demand Loan (Under Loan
System).
35.000 3. BP-BD
10.000 4. Packing
Credit 10.000 5.FBP/UFBP
30.000 Inland / Foreign
L/C
60.000 (DP and DA basis
18/0 Days) Performance
Guarantee
25.000 Additional Limit
for Peak Period (June to
November) 1. Demand Loan 7.500 2. C.C. (
Hypothecation
2.500 of Stocks and
Book Debts) 3. BP-BD 20.000 4.FBP/UFBP 20.000 Total
235.000 |
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Agreed to be lent
and advanced by the lenders to the company together with interest, cost,
charges, expenses, and all other monies payable by the company to the
lenders, in terms of the aforesaid Hypothecation Agreement dated 20.10.1997
executed between the company on the one part and the lenders on the other
part. |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
a)The repayment
of all monies under the banking facilities shall be secured by the company by
way of Hypothecation of all the raw materials, finished goods, consumable ,
stores and spares and all the book debts both present and future. Here in
after, during the continuance of aforesaid agreement brought into or upon or
now or here after in course of transit to any godown, Jatha or other place of
storage at Ankleshwar or other plce whatsoever in the possession or
occupation of the company. b) All the book
debts, now owing to the lenders and also the book debts which may at any time
during the continuance aforesaid agreement become owing to the lenders in the
course of business by any person, firm, company or body corporate or by the
government or any other statutory or semi – government authority corporation,
undertaking, etc |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
a) The charge operates as security, inter
– alia, for the due repayment by the company to the lender of its working
capital facilities of Rs. 315.000 millions together with interest, cost,
charges, expenses and all other monies, payable by the company to the lenders in terms of the
Hypothecation Agreement. b) The company has undertaken to keep the
goods hypothecation in marketable and good condition at its own cost and to
insure the same in the joint names of the company and the lenders. c ) All the goods hypothecated and all the
realizations and insurance proceeds thereof and all documents in respect of
the said security are to be kept distinguishable and held as the exclusive
property of the lenders. d) The security created under the said
instrument of Hypothecation Agreement is to be a continuing security e) Interest at the rate of 0.75% over PLR
i.e. 14.25 % p.a. plus interest tax with quarterly rest f) The company shall maintain a margin of
25% on raw material.ls, 30% on others, 40% on book debts and 15% on packing credits
(stock of raw materials for exports). |
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5) Name and
Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying
the charge |
Deed of
Hypothecation dated, 24th March, 2003 |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
By the said Deed of hypothecation overall limit sanctioned to the company has been increased from Rs. 315.000 millions as under: ( Rs. In millions) Particulars Existing New Cash Credit ( Hypothecation) 110.000 130. 000 BP/BD 40.000 40.000 Packing Credit 25.000 25.000 FBP/UFBP 55.000 70.000 Inland / Foreign, L/C 60.000 60.000 Miscellaneous Guarantee 25.000 25.000 All other terms and conditions of the original document dated 20 th , October would remain unchanged |
WEBSITE DETAILS:
Gujarat Insecticides Limited (GIL), a joint sector company, was started in 1980, by Gharda Chemicals Limited, as a step in diversification, in association with the Gujarat Government-owned "Gujarat Agro Industries Corporation Limited". GIL is now a 100% subsidiary of Gharda Chemicals Limited.
Since inception, GIL has recorded a steady growth in sales and profits, with turnover reaching Rs. 1000 millions in 2002-2003. In the process, the company has established a strong presence in the domestic, as well as international market. It was recipient of Certificate of Merit, in 1996, for Outstanding Export performance in Agro-Chemicals, awarded by Chemexcil, Mumbai.
GIL has impressive manufacturing facilities at Ankleshwar, where it employs 480 people. Here, sophisticated technical grade pesticides (and their formulations) like Quinalphos, Carbendazim, Cypermethrin, Fenvalerate and intermediate (Metaphenoxy benzaldehyde) are manufactured. GIL has introduced Metaphenoxy benzylalcohol during 1999 - 2000. An excellent capacity utilization for all the products has led to expansion plans. The company's R & D programme is helping to upgrade several of its manufacturing processes, using modern techniques and analytical equipments.
GIL is the first Agrochemical Company in
Subsequently Quality Management System has been upgraded to ISO 9001 : 2000 in May 2003.
Over the past 20 years, GIL has grown from strength to
strength. Today, together with Gharda Chemicals Limited, the group is the
largest agrochemical manufacturer and exporter in
GIL actively participates in educational, social and rural development projects, and for this the company has received national recognition such as : AWARD for Social Responsibility by ICMA, Mumbai (1998).
Recognisations &
Awards
1996 Certificate of
Merit for Outstanding Export performance in Agro-Chemicals by
Chemexcil, Mumbai
1998 AWARD for Social Responsibility by ICMA, Mumbai
1999 PRASHANSA
PATRA Safety Award by National Safety Council of
2000 Certificate of Merit for Excellence in Management of Safety, Health & Environment by
ICMA, Mumbai
2001 National
Energy Conservation Award by Ministry of Power, Government of
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.01 |
|
|
1 |
Rs.81.39 |
|
Euro |
1 |
Rs.55.30 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
9 |
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OPERATING SCALE |
1~10 |
9 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
9 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
9 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
78 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|