MIRA
INFORM REPORT
|
Report Date : |
23.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
AGRO SOLVENT PRODUCTS PRIVATE LIMITED |
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Registered Office : |
2nd Floor, Gopal Bhawan, Sanday Complex, Jayenoragano,
Gwalior-474009, Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.05.1982 |
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Com. Reg. No.: |
10-1976 |
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CIN No.: [Company
Identification No.] |
U15141MP1982PTC001976 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLA00391G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on business as Manufacturers, Processors, Converters,
Importers, Exporters and to Plant, Cultivate, Produce, Buy, Sell, Trade,
Contract, Alter, Manipulate, Exchange and Dealers in Cake, Cattle-food,
Protein and their by products and all kinds of edible oil seeds (including
Ground nuts, Cotton seeds, Lin seeds, Ani seeds, Copra and other crops) To carry on the business of seed crushers, solvent extractors
hydrogenated oil makers and oil refiners. To carry on the business of manufacture of vegetable products margarine
and all kinds of fats and oleaginous emulsions food and food products, cattle
feed and protein biscuits and to buy, sell, hedge, manufacture, refine,
prepare and deal in all kinds of fats, oils, oleaginous substances, food and
food products and all the required ingredients for the manufacture of the
Company’s products. To establish and carry on and generally to deal with in the business
of manufacture of soap, soap powder, detergents and toilet requisites. |
RATING &
COMMENTS
|
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 375000 |
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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 a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
2nd Floor, Gopal Bhawan, Sanday Complex, Jayenoragano,
Gwalior-474009, Madhya Pradesh, India |
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Tel. No.: |
91-751-2323960/ 2320419 |
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Fax No.: |
91-751-2320368 |
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E-Mail : |
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Website : |
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Factory 1 : |
Govind Niwas, Datia-475661, Madhya Pradesh, India |
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Tel. No.: |
91-751-2623960/ 2320419 |
DIRECTORS
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Name : |
Mr. Suresh Kalra |
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Designation : |
Chairaman |
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Address : |
A/24, Basant Vihar, Gwalior-474002, Madhya Pradesh |
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Date of Birth/Age : |
10.11.1950 |
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Date of Appointment : |
26.05.1982 |
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Name : |
Mr. Naresh Kalra |
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Designation : |
Whole Time Director |
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Address : |
D/80, Basant Vihar, Gwalior-474002, Madhya Pradesh |
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Date of Birth/Age : |
07.08.1959 |
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Date of Appointment : |
30.11.1989 |
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Name : |
Mr. Mahesh Kumar Malhotra |
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Designation : |
Whole Time Director |
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Address : |
Khirkee Mohalla, Kila Gate, Gwalior-474008, Madhya Pradesh |
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Date of Birth/Age : |
07.04.1952 |
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Date of Appointment : |
30.11.1989 |
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Name : |
Mr. Prabhat Kumar Raj |
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Designation : |
Director |
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Address : |
E-1/189, Mahavir Nagar, Bhopal-462016, Madhya Pradesh |
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Date of Birth/Age : |
16.11.1944 |
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Date of Appointment : |
15.11.1985 |
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Name : |
Mr. Jayant Kothari |
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Designation : |
Whole Time Director |
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Address : |
129, Malviya Nagar, Bhopal-462003, Madhya Pradesh |
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Date of Birth/Age : |
02.11.1951 |
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Date of Appointment : |
31.08.1993 |
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Name : |
Mr. Dharam Pal Khanna |
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Designation : |
Director |
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Address : |
26, Jayant Nagar, Annexe, Indore, Madhya Pradesh |
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Date of Birth/Age : |
04.11.1934 |
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Date of Appointment : |
06.01.1990 |
KEY EXECUTIVES
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Name : |
Mr. Shamit Kalra |
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Designation : |
Business Development Manager (Marketing) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Suresh Kalra |
51990 |
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Mr. Naresh Kalra |
3200 |
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Mrs. Sarita Kalra |
19600 |
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Mr. Mahesh Kumar Malhotra |
960 |
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Mr. Shamit Kalra |
6600 |
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Mr. Ankit Kalra |
5600 |
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Mr. Suresh Kalra (HUF) |
50 |
BUSINESS DETAILS
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Line of Business : |
To carry on business as Manufacturers, Processors, Converters,
Importers, Exporters and to Plant, Cultivate, Produce, Buy, Sell, Trade,
Contract, Alter, Manipulate, Exchange and Dealers in Cake, Cattle-food,
Protein and their by products and all kinds of edible oil seeds (including
Ground nuts, Cotton seeds, Lin seeds, Ani seeds, Copra and other crops) To carry on the business of seed crushers, solvent extractors
hydrogenated oil makers and oil refiners. To carry on the business of manufacture of vegetable products
margarine and all kinds of fats and oleaginous emulsions food and food
products, cattle feed and protein biscuits and to buy, sell, hedge,
manufacture, refine, prepare and deal in all kinds of fats, oils, oleaginous
substances, food and food products and all the required ingredients for the
manufacture of the Company’s products. To establish and carry on and generally to deal with in the business
of manufacture of soap, soap powder, detergents and toilet requisites. |
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Products : |
Cooking Medium, De-Oiled Cakes, Lecithin, Acid Oil and Soy Distillate |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
88000 |
Equity Shares |
Rs.10/- each |
Rs.8.800
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
8.800 |
8.800 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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87.543 |
119.653 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
96.343 |
128.453 |
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LOAN FUNDS |
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1] Secured Loans |
|
111.837 |
157.603 |
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2] Unsecured Loans |
|
10.600 |
14.200 |
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TOTAL BORROWING |
|
122.437 |
171.803 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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218.780 |
300.256 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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64.012 |
71.763 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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9.371 |
1.400 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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152.940 |
194.198 |
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Sundry Debtors |
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8.019 |
31.022 |
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Cash & Bank Balances |
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6.322 |
2.605 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
14.786 |
14.696 |
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Total
Current Assets |
|
182.067 |
242.521 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.428 |
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Provisions |
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Total
Current Liabilities |
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36.670 |
15.428 |
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Net Current Assets |
|
145.397 |
227.093 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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218.780 |
300.256 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Total Income |
|
924..904 |
1212.553 |
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Profit/(Loss) Before Tax |
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(31.160) |
66.735 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(31.160) |
66.735 |
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Expenditures : |
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Interest |
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16.262 |
19.739 |
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Other Expenditure |
|
939.802 |
1396.079 |
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Total Expenditure |
|
956.064 |
1415.818 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(3.37) |
5.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(3.37) |
5.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(12.66) |
21.23 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.32) |
0.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.65 |
1.46 |
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Current Ratio (Current Asset/Current Liability) |
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4.96 |
15.72 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
AGRO SOLVENT PRODUCTS PRIVATE LIMITED |
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Presented By |
Mr.
Suresh Kalra, Managing Director |
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1) Date and description of instrument creating the change |
29.11.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.204.000 millions |
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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 |
All th present and future goods including stocks of raw materials, stock in process, finished goods, movable and the assets such as outstanding moneys, receivables, claims , bills, invoices, documents, contracts, engagements, securities, investments and rights etc. First charge over all the fixed assets of the company, present and future, including plant and machinery of the company situated at Govind Niwas, Datia or anywhere in India. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operated as security inter allia for the due repayment by the company for it term loan and working capital facilities from State Bank of India, amounting to Rs.204.000 millions |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Commercial Branch, (formerly Industrial Financial Branch) SBI Bhawan, City Centre, Gwalior |
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6) Date and brief description of instrument modifying the charge |
Sanction letter from Bank dated 11.01.2005 Supplemental agreement for loan for overall limits dated 29.03.2005 Supplemental agreement of hypothecation of goods and assets dated 29.03.2005 Letter regarding the grant of individual limits within the overall limits dated 09.06.2001 Form of agreement when the person/persons furnishing the security is/are also a holder/holders of the account dated 29.03.2005 – Doc. Sy. No.111.11 Omnibus counter guarantee dated 29.03.2005 |
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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. |
The working capital limits has been increased to Rs.300.000 millions with the following breakup : Fund based : Rs.280.000 millions Non fund Based : Rs.20.000 millions Total Working capital limits : Rs.300.000 millions |
Website Details :
Subject is a closely held private limited company incorporated under Companies Act 1956 on 26.05.1982 with a paid capital of Rs.2.200 millions. The company established its Solvent Extraction plant of 50 TPD and Refining Plant of 25 TPD at Datia, 65 Kilometers away from Gwalior on Gwalior Jhansi State Highway. Today the Company could consolidate the plant into a most modern oil complex with state of the art manufacturing facilities comprising of 800 TPD solvent extraction, 100TPD vegetable oil refining, and lecithin manufacturing. The company has established its stand as the only surviving unit out of the many started in the vicinity, having a paid up capital of Rs. 8.800 millions. The humble beginning of the unit with about 80 employees on its rolls, now have established its existence with almost 450 on its rolls and for about 1000 people a bread provider indirectly. From the initial turnover of approximately Rs.7.000 millions, the company is expected to cross its Rs.1500 millions turnover in the financial year 2006-07.
Mr. Suresh Kalra an Electrical Engineer is handling the day-to-day affairs of the Company as Chairman and Managing Director, assisted by a group of Technocrats consisting of Engineers, Oil Technologists and Commercial experts. Other than catering to the requirements of the domestic oil market, it exports Animal Meal Additive, Soybean Lecithin to many countries.
The company is proud of its management, which is committed to deliver the best to the clients. Maintain the quality specifications as laid down by various standards and norms. Use the machinery and manpower available to the best of their capacity. Keep cost effectiveness without sacrificing the quality requirements. Maintain sanity of work and environment. Maintain punctuality in every possible sphere.
Realizing the fact that Quality of the product is the very
life of an Industry, the company believes no compromise in the quality of its
products. Subject is committed to deliver the quality contracted to its
customers. It can come and say no to a buyer, but will not deliver a
substandard quality. Therefore, their slogan entitles, "Quality is their commitment.
Subsidiary :
Subject, currently has only one subsidiary company. Looking at the IT boom, subject diversified itself from agribusiness by opening a software development firm, Systems Lifecycle Private Limited (SLC). This firm is based in New Delhi
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.44.17 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.58.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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 |
|
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions