MIRA
INFORM REPORT
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Report Date : |
18.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ARPIT AGRO INDUSTRIES PRIVATE LIMITED |
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Formerly Known As: |
SHREE DEEPALI AGRO INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
F-71, MIDC Area, Jalgaon – 425003, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.09.1997 |
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Com. Reg. No.: |
110392 |
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CIN No.: [Company
Identification No.] |
U15100MH1997PTC110392 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKA02987F |
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PAN No.: [Permanent
Account No.] |
AAECA3557B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Pulses. |
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 61588 |
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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 : |
F-71, MIDC Area, Jalgaon – 425003, |
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Tel. No.: |
91-257-2272352 / 2270050 / 2210050 |
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Mobile No.: |
91-9422775093 |
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Fax No.: |
91-257-2272654 |
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E-Mail : |
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Website : |
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Area : |
48000 sq. fts. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mahavir Jain |
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Designation : |
Managing Director |
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Date of Birth/Age : |
38 Years |
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Qualification : |
Post Graduate |
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Experience : |
10 – 22 Years |
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Name : |
Mr. Anil Jain |
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Designation : |
Director |
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Date of Birth/Age : |
34 Years |
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Qualification : |
Graduate |
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Experience : |
14 Years |
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Name : |
Mr. Mansukhlal JayJeevan Panchamiya |
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Designation : |
Director |
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Name : |
Mr. Kishor Mansukhlal Panchamiya |
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Designation : |
Director |
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Name : |
Mr. Hitesh Mansukhlal Panchamiya |
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Designation : |
Director |
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Name : |
Mr. Namish Mansukhlal Panchamiya |
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Designation : |
Director |
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Name : |
Mr. Mahavirchand S. Bothra |
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Designation : |
Director |
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Date of Appointment : |
28.05.2002 |
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Name : |
Mr. Anil Bothra |
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Designation : |
Director |
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Date of Appointment : |
28.05.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Hansaben M. Panchamiya |
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50 |
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Mrs. Meenaben K. Panchamiya |
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50 |
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Mrs. Kmalaben K. Panchamiya |
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50 |
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Mrs. Sanalben A. Panchamiya |
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50 |
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Mr. Mansukhlal J. Panchamiya |
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10 |
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Mr. Kishor M. Panchamiya |
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2651 |
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Mr. HItesh M. Panchamiya |
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10 |
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Mr. Namish M. Panchamiya |
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2285 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Pulses. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Raw Material for Pulses |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / CAD |
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Purchasing : |
L/C / Cash |
GENERAL INFORMATION
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Suppliers : |
Malhar Communications |
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Customers : |
Wholesalers |
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No. of Employees : |
100 |
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Bankers : |
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Facilities : |
State Bank of Mortgage on 09.09.2004 of Rs. 15.500 millions against Hypothecation
and Movables, Book Debts and Other Assets, Properties situated at Jalgaon |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. S. Kawdiya and Company Chartered Accountants |
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Address : |
D-19, 2nd Floor, V V Municipal Market, Navi Peth, Jalgaon
425 001 |
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Tel. No.: |
224 526 |
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Associates/Subsidiaries : |
Arpit Agro Products Address: F-71, MIDC
Area, Jalgaon – 425003, Line of
Business: Trading of Pulses, Grains, etc. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity shares |
Rs. 100/- each |
Rs. 3.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5156 |
Equity shares |
Rs. 100/- each |
Rs. 0.515
million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.615 |
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2] Share Application Money |
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0.790 |
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3] Reserves & Surplus |
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8.991 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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12.396 |
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LOAN FUNDS |
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1] Secured Loans |
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6.613 |
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2] Unsecured Loans |
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11.493 |
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TOTAL BORROWING |
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18.106 |
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DEFERRED TAX LIABILITIES |
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0.655 |
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TDS Payable |
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0.077 |
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TOTAL |
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31.234 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15.532 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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39.988 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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39.988 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.305 |
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Provisions |
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Total
Current Liabilities |
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24.305 |
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Net Current Assets |
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15.683 |
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MISCELLANEOUS EXPENSES |
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0.019 |
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TOTAL |
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31.234 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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300.000 |
200.000 |
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Other Income |
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NA |
0.000 |
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Total Income |
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NA |
200.000 |
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Profit/(Loss) Before Tax |
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NA |
0.708 |
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Provision for Taxation |
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NA |
0.000 |
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Profit/(Loss) After Tax |
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NA |
0.708 |
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Expenditures : |
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Administrative Expenses |
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NA |
0.113 |
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Salaries, Wages, Bonus, etc. |
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NA |
0.161 |
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Directors Remuneration |
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NA |
0.120 |
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Payment to Auditors |
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NA |
0.006 |
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Interest |
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NA |
0.788 |
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Insurance Expenses |
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NA |
0.099 |
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Other Expenditure |
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NA |
1.776 |
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Total Expenditure |
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NA |
3.063 |
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Expected Sales (2008): Rs.400.000 millions
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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0.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.27 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.75 |
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Current Ratio (Current Asset/Current Liability) |
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1.64 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assts:
- Plot at MIDC
- Boring
Machine
- Construction
in Progress
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Corporation identity number or foreign company registrations number of
the company |
U15100MH1997PTC110392 |
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Name of the company |
ARPIT AGRO INDUSTRIES PRIVATE LIMITED |
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Address |
Jalaram Sales Corporation, 22, Market Yard, Jalgaon 425 003, Jalgaon, |
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This Form is for |
Modification of Charge |
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Type of Charges |
Equitable mortgage or mortgage of property
by depositing the title deeds |
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Particular of the charge holder
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State Bank of |
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Nature or description of the instrument creating charge |
NA |
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Date of the instrument creating charge |
NA |
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Amount Secure by the charge |
Rs, 15.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
NA |
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Description of the property charge whether it is a charge on |
Immovable properties |
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Modification charge Charge identification number of the charge to be modified |
NA |
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Date of instrument modifying the charge |
23.03.2006 |
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Particulars of the Property charged
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NA |
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Name of the
company |
ARPIT AGRO INDUSTRIES PRIVATE LIMITED |
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Presented By |
Mr. Mahavirchand Bothara |
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1) Date and
description of instrument creating the change |
Date 09.03.2004 Memorandum of
Deposit for creation of charge for overall limit (Registered at S
No 17 date 01.01.2004) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 15.500
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 |
Properties
situated at Plot No. F-71, MIDC Area, Jalgaon, District Jalgaon |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
As per Bank Rules |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument
modifying the charge |
Date 21.02.2005 Recital to be
made in the title deed register for enhanced facilities where mortgage by
deposit of title deed is being charged. |
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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 original
charge was created on 09.03.2004 Rs. 15.500 millions Now by the
present modification the said charge of Rs. 15.500 millions is enhanced to
Rs. 20.000 millions |
As Per Website Details:
About Them
The company is established in 1993, the managing Director Mr. Mahavir Jain has an 20 years of
experince of the field. With a mission for national growth he has intiated the
best techniques to achieve international standard in manufacturing pulses, the
reason is simple the Arpit Agro pulses are exported to over 20 countries across the world.
Infrastructure
The area of the company is around 48000sq.ft. which obviously
encompasses the highly advanced technology. The Arpit Agro pulse Industry has
best modern technology at the
work. The entire processing and packaging is done under one roof. The quality
of pulse produced due to skill workers and professional experts.
Export
At the national
level the Arpit Agro Pulses are supplied in all major cities and is easily
available at almost all Grocery Shops, Food departmental stores and Malls. At
the international level Arpit Agro pulses are exported to the countries of 5
continenets like
Products:
Pulses and dals are extremely nutritious and healthy, being a major food of Indian as
well as every Vegeterian Human being on this living world. Pulses are the main
source of proteins, fibre & vitamins.
Their variety includes Rajma (baked beans), Masoor, Moong, Arhar, Urad, Channa
and Toor Dal. Their dals adhere to the highest standards of quality.
They retain their delicious flavor and do not lose their appetizing color,
texture and aroma.
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 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.40.36 |
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|
1 |
Rs.82.23 |
|
Euro |
1 |
Rs.55.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
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 |
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