%20PRIVATE%20LTD%20-%20ONDD%2031-Jul-2007_files/image002.jpg){kind=small}
MIRA INFORM
REPORT
|
Report
Date : |
31.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
MAHAFEED
SPECIALITY FERTILIZER ( |
|
|
|
|
Formerly
Known As : |
PIONEER AGRITECHNOSCAN AND EXPORTERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
9
Chandrama, |
|
|
|
|
Country
: |
|
|
|
|
|
Financials
(as on) : |
31.03.2007 |
|
|
|
|
Date
of Incorporation : |
08.04.1994 |
|
|
|
|
Com.
Reg. No.: |
11-77630 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U70200MH1994PTC077630 |
|
|
|
|
TAN
No.: (Tax
Deduction & Collection Account No.) |
PNEP02054D |
|
|
|
|
PAN
No.: (Permanent
Account No.) |
AABCP0342G |
|
|
|
|
Legal
Form : |
Private limited liability company |
|
|
|
|
Line
of Business : |
Exporter, Trader, Importer and Marketer of Speciality 100
% Water Soluble NPK Fertilizer and Chelated Micronutrients. |
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
159216 |
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject is a well-established company having satisfactory
track records. Trade relations are fair. Financial position is good. Payments
are usually correct and as per commitments. The company can be considered good for any normal business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
9
Chandrama, |
|
Tel.
No.: |
91-20-25412413/14 |
|
Fax
No.: |
91-20-25412415 |
|
Mobile
No.: |
91-9822331909 |
|
E-Mail
: |
|
|
Website
: |
|
|
Area : |
1200 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Gate. No. 281/1, Plot No. 21, At Kasar Amboli, Tal- Mulsi,
District Pune-412108, |
|
Tel.
No.: |
91-20-22923648 |
|
Mobile
No.: |
91-9423006518 |
|
Area : |
1800 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch
: |
Pimpalgaon (B), District Nashik, |
|
Area : |
1500 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Branch
: |
Tasgaon, District Sangli, |
|
Area : |
1400 sq. ft. |
DIRECTORS
|
Name : |
Dr. T. T. Patil |
|
Designation
: |
Managing Director |
|
Address
: |
9
Chandrama, |
|
Age : |
59 years |
|
Date
of Birth : |
16.02.1948 |
|
Qualification
: |
MSC (Aqri) Ph. D. |
|
Experience
: |
27 years |
|
|
|
|
Name : |
Mr. Praveen T. Patil |
|
Designation
: |
Whole Time Director |
|
Address
: |
9
Chandrama, |
|
Age : |
32 years |
|
Date
of Birth : |
25.04.1975 |
|
Qualification
: |
B. E. (Chemical), MBA (Marketing) |
|
Experience
: |
12 years |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. Dr. T
T Patil |
|
264120 |
|
Mr.
Praveen T Patil |
|
204120 |
|
Mrs. S T
Patil |
|
24000 |
|
Mrs.
Nalini T Jadhav |
|
6000 |
|
Mrs.
Pratibha Bachhav |
|
6000 |
|
Total |
|
504240 |
BUSINESS
DETAILS
|
Line
of Business : |
Exporter, Trader, Importer and Marketer of Speciality 100 %
Water Soluble NPK Fertilizer and Chelated Micronutrients. |
|
|
|
|
Product
: |
§
Water Soluble NPK Fertilizer §
Chelated Micronutrients |
|
|
|
|
Brand
Names : |
MAHAFEED |
|
|
|
|
Exports
to : |
UAE, |
|
|
|
|
Imports
from : |
|
|
|
|
|
Terms
: |
|
|
Selling : |
Cash / Credit (30 – 60 days) |
|
|
|
|
Purchasing : |
L/C / Credit (90 days) |
GENERAL
INFORMATION
|
Customers
: |
§
Wholesalers §
Retailers §
End Users |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of
Employees : |
50 |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers
: |
Dena Bank Kothrud-Poud Phata
Branch |
||||||||||||||||||||||||||||||
|
|
Rs. in Millions |
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
|
|
Name: |
RMR Shah and Company Chartered Accountants |
|
Address: |
Pune – 411 030 |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
7,50,000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
5,04,240 |
Equity Shares |
Rs.10/- each |
Rs. 5.042 Millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
5.042 |
5.042 |
5.042 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
34.762 |
27.099 |
16.908 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
39.804 |
32.141 |
21.950 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
9.840 |
1.901 |
1.404 |
|
|
2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
9.840 |
1.901 |
1.404 |
|
|
DEFERRED
TAX LIABILITIES |
0.758 |
0.745 |
0.687 |
|
|
Deposit,
Advances & other Liabilities |
8.037 |
1.303 |
1.558 |
|
|
TOTAL |
58.439 |
36.090 |
25.599 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
21.638 |
21.156 |
8.073 |
|
|
Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
3.058 |
0.600 |
|
|
DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
26.096 |
|
|
Sundry
Debtors |
20.949
|
25.203 |
6.642 |
|
|
Cash
& Bank Balances |
6.837
|
4.998 |
10.917 |
|
|
Other
Current Assets |
11.789
|
9.809 |
13.869 |
|
|
Stock in
Trade |
31.307
|
34.972 |
0.000 |
|
Total Current Assets |
70.882
|
74.984 |
57.524 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
34.143
|
63.172 |
40.598 |
|
|
Total Current
Liabilities |
34.143
|
63.172 |
40.598 |
|
|
Net Current Assets |
36.739
|
11.812 |
16.926 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.062 |
0.064 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
58.439 |
36.090 |
25.599 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Total
Income |
184.588 |
189.777 |
114.832 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
12.134 |
15.209 |
9.822 |
|
|
Provision for Taxation |
4.122 |
5.028 |
3.624 |
|
|
Profit/(Loss) After Tax |
8.012 |
10.181 |
6.198 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Finance Charges |
1.844 |
1.453 |
|
|
|
Administrative Expenses |
27.131 |
33.317 |
|
|
|
Selling Expenses |
9.252 |
11.903 |
27.595 |
|
|
Other Expenditure |
2.672 |
2.554 |
|
|
Total
Expenditure |
40.900 |
49.228 |
27.595 |
|
%20PRIVATE%20LTD%20-%20ONDD%2031-Jul-2007_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT /
Total Income |
(%) |
4.34
|
5.36
|
2.40
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.57
|
8.01
|
8.55
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.11
|
15.81
|
14.97
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.47
|
0.44
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
2.02
|
1.91
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.18
|
1.41
|
LOCAL
AGENCY FURTHER INFORMATION
AS PER WEBSITE:
The company is leading importer & marketer of
Speciality 100 % Water Soluble NPK fertilizers and Chelated Micronutrients. The
company are also leading exporter of Sulphates.
Subject is associated with
import & export of Speciality Fertilizers and tied up exclusively with
About Us
The reputation of Mahafeed is based on the efficacious speciality product. The products
are desired by intense study, through research & experiments carried out by
the experts of the company.
Products
All products are tried & tested ones. The positive outcome of their uses in
all kinds of conditions is an evidence of the foolproof nature of experiments
& trials conducted by the experts.
1. Water Soluble NPK Fertilizers
2. Chelated Micronutrients
3. Sulphates
4. NPK-19-19-19, 13-40-13, 16-8-24
5. Mono Ammonium Phosphate (12-61-0)
6. Mono Potassium Phosphate (0-52-34)
7. Potassium Nitrate (13-0-45)
8. Sulphate of Potash (0-0-50+18 Sulphar) (Granular for Blending)
9. Calcium Nitrate
10. Magnesium Sulphate (Hepta Hydrate)
11. Zinc Sulphate (Hepta Hydrate)
12. Ferrous Sulphate (Hepta Hydrate)
Quality
The impressive result that the products have yielded, used by the customers, in
varying conditions is the biggest endorsement of the quality. The quality is a
result of several activities they undertake in the house to check the
efficiency of the chemicals. All the chemicals go through several processes of
testing by the chemists who put the products to use in different artificially
made conditions replicating the natural climatic, soil & other geographical
attributes of various arable locations.
Infrastructure
To do justice to a demanding methodology as above you need an infrastructure,
which is permissive of all the processes. They have high-tech equipment used by
experienced & qualified experts. The equipment are constantly kept under
observation of technicians who ensure that they are in a proper & efficient
state.
Clients
The company has a commendable client list both in
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. 40.54 |
|
|
1 |
Rs. 82.02 |
|
Euro |
1 |
Rs. 55.31 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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
|
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 |