MIRA
INFORM REPORT
|
Report Date : |
07.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIRIS
CROP SCIENCE LIMITED |
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Registered Office : |
1503, Vikram Tower, Rajendra Place, New Delhi – 110008 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.01.2003 |
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Com. Reg. No.: |
55-118515 |
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CIN No.: [Company
Identification No.] |
U24219DL2003PLC118515 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS18581D |
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Legal Form : |
Closely held public limited liability
company |
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Line of Business : |
Manufacturer of
agrochemical technicals, intermediates and formulation. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
450000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is now
controlled by new management having proven track. Directors are reported as
experienced, respectable and having satisfactory means of their own. Their
trade relations are reported as fair. Payments are usually correct and as per
commitments. The company can be
considered good for any normal business dealings. It can be regarded as a
promising partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
1503, Vikram Tower, Rajendra Place, New Delhi – 110008, India |
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Tel. No.: |
91-11-51538383, 25731818 |
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Fax No.: |
91-11-25727781/ 51538600 |
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E-Mail : |
info@bharatrasayan.com/ info@bharatgroup.co.in, shwetasingh@bharatgroup.co.in |
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Website : |
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Area : |
5133
Sq.ft. (Corporate Office with other Associate Companies) |
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Location : |
Rented |
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Factory
1 : |
Mambapur, Gummadidala Village, Jinnaram Mandal, Dist. Medak – 502313, Andhra Pradesh |
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Tel.
No.: |
91-8458-274206/ 274207 |
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Fax
No.: |
91-8458-275282 |
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Area : |
951337
Sq.ft. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Sat Narain Gupta |
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Designation : |
Director |
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Address : |
7, East Avenue Road, Punjab Bagh, New Delhi, NCT of Delhi-110026 |
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Date of Birth/Age : |
05/04/1948 |
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Date of Appointment : |
16/01/2003 |
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Name : |
Mr. Seethapathi Ramnathan |
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Designation : |
Whole time Executive Director |
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Address : |
190, Tharamangalam Road, Jalakantapuram, Salem District, Tamilnadu-636501 |
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Date of Birth/Age : |
10/05/1956 |
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Date of Appointment : |
01/02/2004 |
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Name : |
Mr. Mahabir Prasad Gupta |
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Designation : |
Director |
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Address : |
55, Inder Enclave, Rohtak Road, New Delhi, NCT of Delhi-110087 |
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Date of Birth/Age : |
12/01/1954 |
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Date of Appointment : |
16/01/2003 |
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Name : |
Mr. Rajendra Prasad Gupta |
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Designation : |
Director |
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Address : |
65/41, First Floor, West Punjabi Bagh, New Delhi, NCT of Delhi-110026 |
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Date of Birth/Age : |
05/03/1966 |
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Date of Appointment : |
16/01/2003 |
KEY EXECUTIVES
|
Name
: |
Mamta Jain and Associates |
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Designation
: |
Company Secretary |
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Address
: |
1C/13 Rajnigandha, New Roshtak Road, Karol Bagh, New Delhi – 110005` |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
B. R. Agro Tech Limited |
986000 |
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Bharat Insecticides Limited |
986000 |
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Bharat Rasayan Limited |
1315900 |
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Kiran Pandit and Madhusudan Pandit |
100000 |
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Mahabir Prasad Gupta and Deep Chand Gupta |
100 |
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Rajiv Pandit and Madhusudan Pandit |
200000 |
|
Sulphur Mills Limited |
1400000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
agrochemical technicals, intermediates and formulation. |
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Products : |
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Exports to : |
UK,
Germany and France |
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Imports from : |
Switzerland,
UK and China |
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Terms : |
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Selling : |
Credit
(90/105-135 days) |
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Purchasing : |
L/C,
Cash and Credit (90 days) |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Chloropyriphos Technical |
MT |
|
360.000 |
1158.459 |
|
ISOproturon Technical |
MT |
|
1440.000 |
331.488 |
|
Tri Chloro Acetyle Chloride Chloride
Chloropyriphos Technical |
MT |
|
540.000 |
1302.500 |
|
Paracumedine (PCU) |
MT |
|
1080.000 |
118.806 |
GENERAL
INFORMATION
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Bankers : |
State Bank of India, DSIDC Rohtak Road, Industrial Complex, Delhi |
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Facilities : |
Secured Loans Working
Capital Borrowings State
Bank of India – Rs.77.478 millions Unsecured Loans
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Banking Relations : |
Satisfactory |
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Auditors : |
Suresh
Sant & Company Chartered
Accountants 811-812,
Aggarwal Cyber Plaza, Netaji Subhsh Place, Pittam Pura, Delhi-110034 |
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Tel. No.: |
91-52470400-402 |
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Mobile No.: |
91-9810130465 |
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Associates : |
Ř
Bharat
Rasayan Limited, 1501, Vikram Tower, Rajendra Place, New Delhi-110008 Business Activity : Manufacturers of technical grade
pesticides and its intermediates Ř
BR
Agrotech Limited1501, Vikram Tower, Rajendra Place, New Delhi-110008 Business Activity : Manufacturers of
Pesticides Formulations Ř
Bharat
Seeds Limited Ř
BRL
Finlsease Limited Ř
Sulpher
Mills Limited Ř
Bharat
Insecticides Limited, 1501, Vikram Tower, Rajendra Place, New Delhi-110008 Business Activity : Manufacturers of
Pesticides Formulations |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
4988000 |
Equity Shares |
Rs. 10/- each |
Rs. 49.880 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
49.880 |
49.880 |
49.880 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.916 |
30.553 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(3.397) |
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NETWORTH |
112.796 |
80.433 |
46.483 |
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|
LOAN FUNDS |
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1] Secured Loans |
55.553 |
77.478 |
23.355 |
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2] Unsecured Loans |
127.633 |
59.160 |
86.819 |
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TOTAL BORROWING |
183.186 |
136.638 |
110.174 |
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DEFERRED TAX LIABILITIES |
7.213 |
5.655 |
0.000 |
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TOTAL |
303.195 |
222.726 |
156.657 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
105.314 |
101.648 |
95.591 |
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Capital work-in-progress |
0.000 |
3.863 |
8.121 |
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INVESTMENT |
0.888 |
0.887 |
0.886 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.995 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
68.005
|
60.145 |
19.868 |
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Sundry Debtors |
111.645
|
41.038 |
24.715 |
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|
Cash & Bank Balances |
12.143
|
4.494 |
5.176 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
36.175
|
38.861 |
10.470 |
|
Total Current Assets |
227.968
|
144.538 |
60.229 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
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|
|
|
Current Liabilities |
26.685
|
25.033 |
10.579 |
|
|
Provisions |
4.497
|
3.488 |
0.000 |
|
Total Current Liabilities |
31.182
|
28.521 |
10.579 |
|
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Net Current Assets |
196.786
|
116.017 |
49.650 |
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MISCELLANEOUS EXPENSES |
0.207 |
0.311 |
0.414 |
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TOTAL |
303.195 |
222.726 |
156.657 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
443.723 |
408.874 |
71.093 |
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Profit/(Loss)
Before Tax |
48.464 |
56.751 |
(5.393) |
|
Provision
for Taxation |
16.101 |
22.801 |
(1.996) |
|
Profit/(Loss)
After Tax |
32.363 |
33.950 |
(3.397) |
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|
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Export
Value |
39.419 |
113.451 |
5.771 |
|
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Import
Value |
NA |
59.110 |
10.529 |
|
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|
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Total
Expenditure |
395.259 |
352.123 |
76.486 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
7.29
|
8.30 |
(4.78) |
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Net
Profit Margin (PBT/Sales) |
(%) |
10.09
|
13.88 |
(7.58) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
14.54
|
23.05 |
(3.46) |
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|
Return
on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.70 |
(0.02) |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.90
|
2.05 |
2.60 |
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|
Current
Ratio (Current
Asset/Current Liability) |
|
7.31
|
5.07 |
5.69 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References :
Ř Whyte Chemicals Limited, UK
Ř Wendt-Chemie Vestriebes gesellchaft
Ř Georges S. Paras SA, France
Ř Kolmar Petrochemicals AG, Switzerland
Ř Sipochem Jiangru Corporation, Nanjing, China
Ř JMET Corporation Jiangsu Sanity International Group, China
Ř Anshan Pan Asia Import Export Company Limited, China
Ř Rallis India Limited, Apeejay House, 7th Floor, Dinsha Vaccha Road, Churchgate, Mumbai
Ř Sulphur Mils Limited, 604/605, 349, Business Point, Western Express Highway, Andheri (East), Mumbai
Tel. No.: 91-22-67931403
Ř Hyderabad Chemical Suppliers Limited, A-24/25, APIE, Balangou, Hyderabad
Concerned Person : Mr. B. Ballard
Tel. No.:91-40-23772502
Subject is manufacturing the following :
v Chloropyrifos 100 MT P.A
v Butachlor 1500 MT P.A
v Isoproturon 1500 MT P.A
v Diuron 1200 MT P.A (Under Process Development)
v Insecticides
v Fungicides
v Intermediate
The subject is having facilities to manufacture key intermediates of the following :
v Para Cumidine
v Chloro Acetyl Chloride (CAC)
v Tri Chloro Acetyl Chloride (TCAC)
Subject is having well equipped laboratory with latest analytical equipments for quality control with highly qualified and experienced team for quality assurance.
Subject exports Technical Grade Pesticides, Formulations and Intermediates to Asia, South America, Africa and European Countries.
Group
Companies
Bharat Group Companies :
v Bharat Rasayan Limited
v Bharat Insecticides Limited
v BR Agrotech Limited
v Siris Crop Sciences Limited
The Bharat Group is a multi product, multi locational and one of India's leading manufacturers and exporter of a large range of Agrochemicals and Intermediates for crop protection and Pharma intermediates. A strong commitment to maintain stringent Quality Standards, care for Environment and the society are the guiding principles which has transformed this company in rising from a humble beginning a decade back to a leading manufacturer and exporter of Synthetic Pyrethroid and organo Phosphorous group Crop Protection Chemicals along with their key intermediates today.
Its Growth is accelerated with the addition of new facilities, new products and
markets. They chart new territories for our products while keeping our
commitment for a safe and environment friendly product.
The Group has state of the art manufacturing facilities strategically located in India along with branches, warehouses, dealer and a large distribution network covering the length and width of the Country to effectively cater to its end users.
Group
Profile
Bharat Rasayan Limited
1501, Vikram Tower,
Rajendra Place, New Delhi – 110008
Date Of Incorporation
: 15th May, 1989
Legal Status : Public
Limited Liability Company
Tel
No : 91-11-25731818/ 51538383/ 51538384
Fax No. :
91-11-51538600/ 25727781
Email : bharat.brl@vsnl.net.in
Website : www.bharatrasayan.com/ www.bharatgroup.com
Chief Executive
Officer : Mr. S. N. Gupta
Line of Business :
Pesticides/ Agro Chemical
v Manufacturer of Technical Grade Pesticides confirming to International Standards.
v Plant capacity more than 2000 mt P.A
v Formulation facilities available for bulk packing.
v Well established R&D center led by a team of highly qualified people.
v Pilot plant facility to undertake process research on new products.
v In house facility for treatment of solid, liquid and gaseous effluent treatment system.
v Permanent Registration No. with Dun & Bradstreet is 91-846-1229.
v Export House status granted by Government of India.
v ISO 9001:2000 acreditation in process.
v A Public Limited company with 30% stake of Indian Public.
v
Listed on the National Stock Exchange
and Bombay stock Exchange.
Bharat Insecticides Limited
Year Of Incorporation
: 1977
Legal Status : Public
Limited Liability Company
v Located in National Capital Region adjacent to New Delhi.
v Facilities for Emulsified Concentrate (EC), Soluble Powder(SP), Dust Powder(DP), Granular (Gr), Wettable Powder (WP) & Soluble Liquid (SL) type of Formulations.
v Formulator of wide range of Insecticides, Fungicides and Herbicides in various concentrations and Packing Sizes.
v Formulation capacity exceeds 6,000 KL per year.
v
Laboratory Equipped with HPLC, GLC
& Latest Analytical Instruments.
v Seventeen warehouses at Strategic Locations throughout India for Prompt Service to the Farmers.
B R Agrotech Limited
The Company Located in the state of H.P and is a leading name in pesticide industry engaged in manufacturing and marketing of pesticide for crop protection and public health use. Quality is the essence of products manufactured at BR Agrotech Limited. and quality control is maintained at each step in production process with well qualified team of Chemists and production staff. Besides BR Agrotech takes special care in pollution control and have installed all accessories and equipment to meet the stringent laws of the country. We have installed a microniser (ACM30) having capacity to micronise 300 to 400 Kg of material per hour. They have capacity to manufacture 150 to 200 MT of Alpha Cypermethrin 5% WP/Deltamethrin 2.5 % WP per month. The company manufacture and supply public health & Hygeine products to Public Health agencies of the Govt. Ministry of Health, Government of Nepal, RITES and also to various other procurement agencies under World Health Organisation sponsored projects of Public Health & Hygeine / Malaria Eradication Programmes.
The company’s reputation for quality has enabled us to get running orders from reputed companies of India like Rallis India Limited, Crop Care Limited, PI Industries Limited, MARKFED, Gujrat Agro Industries Corporation, Bharat Insecticides Limited and a number of other pesticide companies in India.
The company’s fixed assets include land, building, furniture and fixtures, office equipment, computers, vehicles and plant and machinery.
Financial
Highlights
During the year under review, company’s sales (Net of Excise) increased to Rs.395.377 millions as compared to Rs.69.974 millions in the previous year, registering a growth of 465.03%. Hence the Net Profit of the company has also increased to Rs.33.950 millions as compared to loss of Rs.3.397 millions in the previous year.
Exports
:
Company made exports (including as supporting manufacturers) Rs.115.418 millions during the year 2004.05 (previous year Rs.24.176 millions).
Website Details :
Subject acquired in 2003 from Rallis India Limited is a state of the art plant having three dedicated units for the manufacturing of agrochemicals. The plant located at Hyderabad is in the hub of south India's agriculture belt. One of the unique features of this plant is its built flexibility to manufacture the latest agrochemical technicals and formulations.
Three Dedicated Units of the Plant
for
Ř Chloropyrifos 1100 Mt P.A
Ř Butachlor 1500 Mt P.A
Ř Isoproturon 1500 Mt P.A
Ř Diuron 1200 Mt P.A (Under Process Development)
They also possess Facilities To
Manufacture Key Intermediates Such As
Ř Para Cumidine.
Ř Chloro Acetyl Chloride (Cac).
Ř Tri Chloro Acetyl Chloride (Tcac)
Subject has a ell-equipped laboratory with latest analytical equipments for quality control with highly qualified and experienced team for quality assurance.
Environment Concerns
As part of their commitment to manage a successful business, they take environment conservation and protection seriously. They believe in curtailing the generation of pollutants to eliminate and minimise end treatments. They have incorporated appropriate effluent handling and disposal systems. This helps in the continuous and daily monitoring of solid, semi-solid and gaseous affluent discharges, to keep the allowable limits in check. Employees are provided training for Risk Assessments, On Site Emergency Plans, Safety Audits and Formulation of Safety Operating Procedures etc and education to create awareness and commitment towards maintaining the required standards in the company. Subject is also working at spreading awareness and helping in solving any environment related problems.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.13 |
|
UK
Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.56.99 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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/normal. |
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 |
|