MIRA
INFORM REPORT
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Report Date : |
10.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
APC NUTRIENTS PRIVATE LIMITED |
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Registered Office : |
102 Sumer Kendra Pandurang Budhkar Marg, Worli, Mumbai – 400018,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.01.1995 |
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Com. Reg. No.: |
084330 |
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CIN No.: [Company
Identification No.] |
U74999MH1995PTC084330 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA12317E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, Importer and Marketing of Poultry Feed
Supplements/ Aqua Feed Supplements. |
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 27820 |
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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 record. 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. |
INFORMATION PARTED
BY
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Name : |
Mr. P C S Balaji |
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Designation : |
General Manager |
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Contact No.: |
91-9849016375 |
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Date : |
09.04.2008 |
LOCATIONS
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Registered
Office : |
102, Sumer Kendra, Pandurang Budhkar Marg, Worli, Mumbai –
400018, Maharashtra, India |
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Tel. No. |
91 – 22 – 4965344 |
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Fax No. |
91 – 22 – 4937297 |
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Email : |
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Website : |
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Corporate Office/ Factory : |
43 Vikas Centre, 106 S V Road, Santacruz (West), Mumbai – 400054,
Maharashtra, India |
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Tel. No.: |
91-22-26613759/6015 |
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Mobile No.: |
91-9849016375 (PCS Balaji) |
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Fax No.: |
91-22-2615255 |
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E-Mail : |
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Website : |
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Area : |
600 sq. ft. |
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Location : |
Owned by company |
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Branch Office : |
507 Minerva House, S D Road, Secunderabad – 500003, Andhra Pradesh,
India |
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Tel No.: |
91-40-27899273 |
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Fax No.: |
91-40-27815777 |
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Area : |
1500 sq. ft. |
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Location : |
Owned by director |
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Warehouse : |
Hyderabad |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Ravindra Menon |
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Designation : |
Chairman and Managing Director |
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Address : |
B-303, EDEN, 111 Hira Nandani, Garden, Powai, Mumbai – 400076,
Maharashtra, India |
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Date of Birth/Age : |
29.04.1950 |
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Date of Appointment : |
04.01.1995 |
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Name : |
Mr. Ravindra K. Pasta |
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Designation : |
Director |
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Address : |
Rukshmani Villa, 145, LT Gupte Road, Shivaji Park, Mumbai – 400028,
Maharashtra, India |
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Date of Birth/Age : |
26.08.1952 |
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Date of Appointment : |
04.01.1995 |
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Name : |
Mr. Mohan Menon |
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Designation : |
Director |
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Address : |
202 Mount Unique, 25 Mountmary Road, Bandra West, Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
10.08.1948 |
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Date of Appointment : |
11.10.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 09.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Ravindra Menon |
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93500 |
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Mr. Ravindra K. Pasta |
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1000 |
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Mr. Mohan Menon |
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500 |
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Total |
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95000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer and Marketing of Poultry Feed
Supplements/ Aqua Feed Supplements. |
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Products : |
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Exports : |
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Products : |
Poultry Feed Supplements |
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Countries : |
European Countries (Worldwide) |
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Imports : |
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Products : |
Poultry Feed Supplements |
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Countries : |
European Countries (Worldwide) |
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Terms : |
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Selling : |
L/C and Credit (60-90 days) |
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Purchasing : |
L/C and Credit (60-90 days) |
PRODUCTION STATUS
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Particulars |
Unit |
Actual
Production |
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Pond C |
Kg |
870 |
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Opti Oxygen |
Kg |
1734 |
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Pool-Vit |
- |
- |
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Carphin |
- |
- |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 20 |
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Bankers : |
R P Road, Andhra Pradesh, India
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Facilities : |
C/C and L/C Facilities |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sangani Associates Chartered Accountant |
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Address : |
Mumbai |
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Name : |
S. M. Pradhan and Company, Chartered Accountant |
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Address : |
5, Vijayalaxmi Gokhale Road, Mulund (E), Mumbai – 400 081,
Maharashtra, India |
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Tel No.: |
91-22-5686888 |
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Fax No.: |
91-22-5686888 |
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Associates/Subsidiaries : |
APC
Pharmaceuticals and Chemicals 43 Vikas Centre, 106 S V Road, Santacruz (West), Mumbai – 400054,
Maharashtra, India Manufacturer of Pharmaceuticals etc. APC
Pharmaceuticals and Chemicals Limited Hong Kong APC Overseas
Limited Hong Kong APC Technologies
Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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95000 |
Equity Shares |
Rs.10/- each |
Rs.0.950
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.950 |
0.950 |
0.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.005 |
4.180 |
3.364 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.955 |
5.130 |
4.314 |
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LOAN FUNDS |
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1] Secured Loans |
0.784 |
2.782 |
0.000 |
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2] Unsecured Loans |
7.616 |
9.394 |
8.808 |
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TOTAL BORROWING |
8.400 |
12.176 |
8.808 |
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DEFERRED TAX LIABILITIES |
0.185 |
0.179 |
0.177 |
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TOTAL |
15.540 |
17.485 |
13.299 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.306 |
2.610 |
0.879 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.331
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7.251 |
1.755 |
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Sundry Debtors |
15.634
|
12.452 |
13.657 |
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Cash & Bank Balances |
0.910
|
0.266 |
2.417 |
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Other Current Assets |
0.146
|
0.311 |
0.145 |
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Loans & Advances |
1.337
|
0.956 |
2.730 |
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Total
Current Assets |
24.358
|
21.236 |
20.704 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
9.854
|
5.501 |
4.651 |
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Provisions |
1.270
|
0.860 |
3.633 |
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Total
Current Liabilities |
11.124
|
6.361 |
8.284 |
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Net Current Assets |
13.234
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14.875 |
12.420 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.540 |
17.485 |
13.299 |
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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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48.347 |
47.032 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
48.347 |
47.032 |
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Profit/(Loss) Before Tax |
|
3.074 |
1.725 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
3.074 |
1.725 |
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Expenditures : |
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Interests |
|
1.616 |
1.337 |
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Depreciation |
|
0.303 |
0.203 |
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Other Expenditure |
|
43.354 |
43.767 |
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Total Expenditure |
|
45.273 |
45.307 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
6.36
|
3.67 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
6.36
|
3.67 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.53
|
7.23 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.44
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0.34 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.81
|
3.61 |
3.96 |
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Current Ratio (Current Asset/Current Liability) |
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2.19
|
3.34 |
2.50 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
APC NUTRIENTS PRIVATE LIMITED |
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Presented By |
Mr. Ravindra K.
Pasta, Director |
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1) Date and description of instrument creating the change |
Cash Credit
Agreement Dated 25th February, 2005 Agreement
Recollateral security vehicles machinery dated 25th February, 2005 Agreement for
opening inland irrevocable letter of credit dated 25th February,
2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 Millions (OCC – Rs.1.000
Million and ILC/FLCS (DA/DP)- Rs.1.000 Million |
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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 |
Hypothecation of
Stocks and Book Debts Stock Procured
against ILC/ FLCs Exclusive charge
on fixed assets of the company having net block of Rs.0.980 Million as per
ABS 31.03.2004 Personal
Guarantee of Mr. Ravindra N. Menon, Director of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin – 25% Rate of Interests
– 10% p.a. (monthly compounded) This rate of interests is subject to charge
made by the Bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Industrial
Financial Branch, S P Road, Secunderabad, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Profile:
Subject is a key member of the APC Group, registered in
India to service the animal health industry namely aquaculture (shrimp fish),
poultry and cattle, and to cater to the nutrient needs of the agriculture
sector. Their main objectives are to provide detailed advice and guidance to
our foreign partner companies who wish to market their products and to offer
specialised services to their clients.
As part of their service offering they have an established
R&D centre in Hyderabad, India, which works hand in hand with their
dedicated Marketing and Technical teams, resulting in custom-tailored marketing
solutions for the products. They also produce a number of products in technical
collaboration with foreign companies. Subject has an extensive distribution
network of 110 outlets throughout India.
Trade Reference:
- Godrej
- Shanti Poultry Farms
- Sugana Farms
Fixed Assets
- Furniture and Fixtures
- Office Equipment
- Typewriter
- Air Conditioner
- Fax Machine
- Mobile Phone
- Packing Machine
- Equipments (Aqua Kit)
- Equipment (Mixer)
- Printer.
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 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.40.02 |
|
UK Pound |
1 |
Rs.78.77 |
|
Euro |
1 |
Rs.62.97 |
SCORE & RATING
EXPLANATIONS
|
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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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. |
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 |
|