MIRA
INFORM REPORT
|
Report Date : |
20th
January, 2007 |
IDENTIFICATION
DETAILS
|
Correct Name : |
VARDHAMAN
FERTILISERS AND SEEDS PRIVATE LIMITED
|
|
|
|
|
Registered Office : |
B-1,
Vibha Co-Operative Housing Society, 73/1, Erandawana, Pune – 411 004,
Maharashtra, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
09.07.1987 |
|
|
|
|
Com. Reg. No.: |
11-44043 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24121MH1987PTC044043 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABFG9238K |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
To
carry on the business of manufacturers, producers, processors, purchasers,
sellers, distributors, importers, exporters, dealers in all kinds of
fertilisers including granulated fertilisers such as N P K compound
granulated fertilisers, nitrogenous fertilisers such as – ammonium nitrate,
die and mono ammonium phosphatic liquid ammonia, ammonium sulphate and urea,
phosphatic fertilisers such as rock phosphate, single super phosphate, triple
super phosphate, and phosphoric acid as well as poly phosphate potassium
fertilisers such as muriatic of potash, sulphate of potash manors, manure
mixture, chemicals, micro nutrients, organic and inorganic, algae,
disinfectants, pesticides, insecticides, fungicides, phenols, phenolic and
all other compounds dips, sprayers, dusters, vermifuges, enriches, protective
and preservatives for agriculture, horticulture, fruit growing and like
purpose and products allied products and by products therefrom. To
carry on the business of manufacturers, producers, processors, purchasers,
sellers, distributors, importers, exporters, and dealers of all kinds of
seeds including all types of grain seeds, all kinds of edible and non edible
oil seeds, all types of vegetables seeds all kinds of fruits and flower seeds
and like products allied products and by products therefrom. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
65000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is
active. Payments are reported as usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
B-1,
Vibha Co-Operative Housing Society, 73/1, Erandawana, Pune –
411 004, Maharashtra, India |
|
|
|
|
Factory :
|
Pune –
Mumbai Road, Wakadewadi, Pune – 411 003, Maharashtra, India |
|
Tel. No. : |
91-20-25810898 |
|
Fax No. : |
91-20-24022676 |
DIRECTORS
|
Name : |
Mr.
Ravikant Ramchandra Shah |
|
Designation : |
Managing
Director |
|
Address : |
B-1,
Vibha Co-Operative Housing Society, 73/1, Erandawana, Pune – 411 004,
Maharashtra, India |
|
Date of Birth/Age : |
12.02.1944 |
|
Date of Appointment : |
07.07.1997 |
|
|
|
|
Name : |
Mr.
Vijaykumar Fulchand Doshi |
|
Designation : |
Director
|
|
Address : |
Pride
Paradise Co-Operative Housing Society, CS No. 1041, Flat 101, Bhamburda,
Shivajinagar, Pune – 411 016, Maharashtra, India |
|
Date of Birth/Age : |
26.10.1955 |
|
Date of Appointment : |
09.07.1987 |
|
|
|
|
Name : |
Mrs.
Rekha Ravikant Shah |
|
Designation : |
Director
|
|
Address : |
B-1,
Vibha Co-Operative Housing Society, 73/1, Erandawana, Pune – 411 004,
Maharashtra, India |
|
Date of Birth/Age : |
16.03.1952 |
|
Date of Appointment : |
08.09.1990 |
|
|
|
|
Name : |
Mrs.
Shubhada Vijaykumar Doshi |
|
Designation : |
Director
|
|
Address : |
Pride
Paradise Co-Operative Housing Society, CS No. 1041, Flat 101, Bhamburda,
Shivajinagar, Pune – 411 016, Maharashtra, India |
|
Date of Birth/Age : |
16.03.1932 |
|
Date of Appointment : |
08.09.1990 |
|
|
|
|
Name : |
Mr.
Mahavir Kasturchand Doshi |
|
Designation : |
Director
|
|
Address : |
B-1,
Vibha Co-Operative Housing Society, 73/1, Erandawana, Pune – 411 004,
Maharashtra, India |
|
Date of Birth/Age : |
16.01.1974 |
|
Date of Appointment : |
08.03.2002 |
|
|
|
|
Name : |
Ms.
Reshma Adarsh Mehta |
|
Designation : |
Director
|
|
Address : |
P O
Dudhani, Solapur, Maharashtra, India |
|
Date of Birth/Age : |
20.08.1963 |
|
Date of Appointment : |
07.12.1990 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mrs.
Rekha Ravikant Shah / Ms. Sonali Ravikant Shah |
|
1762 |
|
Mr.
Vijaykumar Fulchand Doshi / Mr.
Sudeep Vijaykumar Doshi |
|
1145 |
|
Mrs.
Shubhada Vijaykumar Doshi / Mr.
Darshan Vijaykumar Doshi |
|
1370 |
|
Ms.
Vandana Rajshekhar Doshi / Mr. Rajshekhar Kasturchand Doshi |
|
675 |
|
Mr.
Rajshekhar Kasturchand Doshi / Ms.
Vandana Rajshekhar Doshi |
|
825 |
|
Ms.
Anjali Mahavir Doshi / Mr. Mahavir Kasturchand Doshi |
|
975 |
|
Mr.
Mahavir Kasturchand Doshi / Ms. Anjali Mahavir Doshi |
|
675 |
|
Ms.
Vijaya Kasturchand Doshi / Mr. Bhartesh Kasturchand Doshi |
|
675 |
|
Mr.
Bhartesh Kasturchand Doshi / Ms. Vijaya Kasturchand Doshi |
|
675 |
|
Mr.
Ravikant Ramchand Shah / Mrs. Rekha Ravikant Shah |
|
5115 |
|
Mrs.
Shubhada Vijaykumar Doshi / Mr. Vijaykumar Fulchand Doshi |
|
8145 |
|
Mr.
Ravikant Ramchand Shah |
|
11887 |
|
Ms.
Reshma Ravikant Shah / Mrs. Rekha Ravikant Shah |
|
300 |
|
Ms.
Sonali Ravikant Shah / Mrs. Rekha Ravikant Shah |
|
975 |
|
Mr. J
J Shah |
|
1 |
|
Mr.
Rohit Jugalkishor Sharma |
|
3000 |
|
Mr.
Vijaykumar Fulchand Doshi / Mrs. Shubhada Vijaykumr Doshi |
|
3230 |
|
Mr.
Sandesh Bahubali Kothadia / Mrs. Swati Sandesh Kothadia |
|
525 |
|
Mr.
Darshan Kiran Shah |
|
150 |
|
Ms.
Mugdha Kiran Shah |
|
150 |
|
Mr.
Vijaykumar Fulchand Doshi / Mr. Sunil Bahubali Kothadia |
|
540 |
|
Mrs.
Shubhada Vijaykumar Doshi / Ms. Poonam Sunil Kothadia |
|
480 |
|
Mr.
Ravikant Ramchand Shah / Mr. Sandesh Bahubali Kothadia |
|
1020 |
|
Ms.
Sheetal Shah / Ms. Sushma Sheetal Shah |
|
693 |
|
Mr.
Ratanchand C Shah / Mrs. Kamal Ratanchand Shah |
|
600 |
|
Mrs.
Rekha Ravikant Shah / Mr. Ravikant Ramchand Shah |
|
13125 |
|
Mr.
Vijaykumar Fulchand Doshi |
|
4225 |
|
Mrs.
Rekha Ravikant Shah |
|
9318 |
|
Mrs.
Shubhada Vijaykumar Doshi |
|
8055 |
|
Mr.
Sudeep Vijaykumar Doshi |
|
1893 |
|
Mr.
Darshan Vijaykumar Doshi |
|
1855 |
|
Mrs.
Reshma Adarsh Mehta |
|
1560 |
|
Ms.
Rupali Rohit Sharma |
|
1470 |
|
Ms.
Shrutika Ravikant Shah |
|
1000 |
|
Ms.
Sonali Ravikant Shah |
|
925 |
|
Ms.
Shrutika Ramvinayak |
|
320 |
|
Mr. Vijaykumar Fulchand Doshi / Mr.
Darshan Vijaykumar Doshi |
|
280 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on the business of manufacturers, producers, processors, purchasers,
sellers, distributors, importers, exporters, dealers in all kinds of
fertilisers including granulated fertilisers such as N P K compound
granulated fertilisers, nitrogenous fertilisers such as – ammonium nitrate,
die and mono ammonium phosphatic liquid ammonia, ammonium sulphate and urea,
phosphatic fertilisers such as rock phosphate, single super phosphate, triple
super phosphate, and phosphoric acid as well as poly phosphate potassium
fertilisers such as muriatic of potash, sulphate of potash manors, manure
mixture, chemicals, micro nutrients, organic and inorganic, algae,
disinfectants, pesticides, insecticides, fungicides, phenols, phenolic and
all other compounds dips, sprayers, dusters, vermifuges, enriches, protective
and preservatives for agriculture, horticulture, fruit growing and like
purpose and products allied products and by products therefrom. To
carry on the business of manufacturers, producers, processors, purchasers,
sellers, distributors, importers, exporters, and dealers of all kinds of
seeds including all types of grain seeds, all kinds of edible and non edible
oil seeds, all types of vegetables seeds all kinds of fruits and flower seeds
and like products allied products and by products therefrom. |
|
|
|
|
Products : |
|
|
|
|
|
Imports from : |
Belgium,
Israel, Finland |
|
|
|
GENERAL
INFORMATION
|
No. of Employees : |
6 |
|
|
|
|
Bankers / Financial Institutions : |
New Excelsior Building, A K Marg, Fort, Mumbai – 400 001,
Maharashtra, India
Deccan Gyamkhana, Pune, Maharashtra, India |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Gosavi
Yardi and Company Mr.
Chandrashekhar R Yardi Chartered
Accountants |
|
Address : |
Ketki
9, Sadshiv Peth, Near Alka Cinema, Pune – 411 030, Maharashtra, India |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity
Shares |
Rs. 100/- |
Rs. 9.000 millions |
|
10000 |
Preference
Shares |
Rs. 100/- |
Rs. 1.000 millions |
|
|
Total |
|
Rs. 10.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
88107 |
Equity
Shares |
Rs. 100/- |
Rs. 8.810 millions |
|
9060 |
Preference
Shares |
Rs. 100/- |
Rs. 0.906 millions |
|
|
Total |
|
Rs. 9.716
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.716 |
9.716 |
|
|
2] Reserves & Surplus |
|
6.847 |
3.746 |
|
|
NETWORTH |
|
16.563 |
13.462 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
22.445 |
22.606 |
|
|
2] Unsecured Loans |
|
2.720 |
0.245 |
|
|
TOTAL BORROWING |
|
25.165 |
22.851 |
|
|
|
|
|
|
|
|
TOTAL |
|
41.728 |
36.313 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
16.187 |
17.124 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
47.106 |
49.853 |
|
|
Sundry Debtors |
|
15.532 |
13.197 |
|
|
Cash & Bank Balances |
|
3.678 |
2.079 |
|
|
Other Current Assets |
|
0.781 |
0.686 |
|
|
Loans & Advances |
|
1.909 |
2.291 |
|
Total Current Assets |
|
69.006 |
68.106 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
43.626 |
49.103 |
|
|
Total Current Liabilities |
|
43.626 |
49.103 |
|
|
Net Current Assets |
|
25.380 |
19.003 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.161 |
0.186 |
|
|
|
|
|
|
|
|
TOTAL |
|
41.728 |
36.313 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
158.238 |
89.024 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
3.429 |
(2.176) |
|
Provision
for Taxation |
|
0.329 |
0.000 |
|
Profit/(Loss)
After Tax |
|
3.100 |
(2.176) |
|
|
|
|
|
|
Total
Expenditure |
|
154.809 |
91.200 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
1.96 |
(2.44) |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
2.17 |
(2.44) |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
4.02 |
(2.55) |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.20 |
(0.16) |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
5.15 |
6.34 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.58 |
1.38 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers
Charges Report as per Registry
Name of the Company : Vardhaman Fertilisers
and Seeds Private Limited
Presented by : -- Vardhaman Fertilisers and Seeds Private Limited
|
1.
Date and description of the instrument creating or evidencing the charge
|
1] No
instrument was executed but an equitable mortgage was created by the company
on the 30.06.2000 in favour of Maharashtra State Financial Corporation by
deposit to title deeds of the company immovable properties at Gat No. 124
Hissa No. 1, within the village limit of Kolegaon Taluka Mohol, District
Solapur admeasuring 10100 sq. meters with Maharashtra State Financial
Corporation with intent to create a security thereon by way of equitable
mortgage pursuant to a resolution passed by the Board of Directors of the
company on the 29.06.2000 2]
Letter of hypothecation dated
30.06.2000 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
4.800 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
1]
Mortgage by deposit of title deeds of company land and building situated at
Gat No. 124 Hissa No. 1, within the village limit of Kolegaon, Taluka Mohol,
District Solapur admeasuring 10100 sq. meters describe in the 1st
schedule hereto 2]
Hypothecation of company’s plant and machinery sitated at Gat No. 124 Hissa
No. 1, within the village limit of Kolegaon, Taluka Mohol, District Solapur
admeasuring 10100 sq. meters |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
A] In
consideration for the aforesaid loan the company has created : 1]
Mortgage by deposit of title deeds of company’s land and building and 2]
Hypothecation of company’s plant and machinery (short particulars where of
are stated in the proceeding co.3) in favour of the corporation. B] Rs.
2.050 millions paid upon creation of equitable mortgage on 30.06.2000 and
execution of letter of hypothecation dt. 30.06.2000 C] The
total amount of Rs. 4.800 millions to be repaid by the company within a
period of 5 years by 9 half yearly instalments commencing from 20.12.2000 and
ending on 30.12.2000 D] The
loan to carry interest at 15.5% p.a. from 30.06.2000 payable quarterly on the
15th February, 15th May, 16th August and 15th
November, in each year, provided that in case of default in payment of
interest / principal other dues an additional interest as may be decided by
the corporation upto the rate of 2% p.a. shall be payable in addition to the
said rate of 15.5% p.a. in respect of defaulted amount for the defaulted
period, provided further that in case the mortgagor company commits default
in repayment of principal or payment of interest or other dues and withdraws
its funds invested in the unit and / or the mortgagor co. makes payment to
other creditors in presence to corporation and / or the mortgagor co. acts in
contraventions to the terms and conditions of loan and / or makes repayments of unsecured loan then
in either or each such eventualities the corporation shall have a right to
charge further additional interest at the rate of 1.5% p.a. over and above
the aforesaid additional rate of interest stipulated hereinabove on defaulted
amount for a defaulted period. E] The
company to maintain a minimum margin of 23% on fixed assets between market
value of the mortgaged premises and the amount of outstanding loan. |
|
5.
Names, address and description of the
persons entitled to charge |
The
Maharashtra State Financial Corporation, New Excelsior Building, A K Marg,
Fort, Mumbai – 400 001, Maharashtra, India |
|
6.
Date and brief description of instrument modifying the charge |
Nil |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
N A |
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.44.21 |
|
UK
Pound |
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.57.23 |
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 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|