MIRA
INFORM REPORT
|
Report Date : |
28.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ADVANCE AGRISEARCH LIMITED |
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Registered Office : |
Block No.275-B, Peerufalia, National Highway No.8, Dhadachi, Valsad – 396001,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.10.1997 |
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Com. Reg. No.: |
033116 |
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CIN No.: [Company
Identification No.] |
U01135GJ1997PLC033116 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTA02153E |
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PAN No.: [Permanent
Account No.] |
AAAAA1198E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Wood Preservatives, Insect
Control Aerosols, Maintenance Products, Thermal Ceramic Insulations cum water
proofing Coating and Roosing Cement for Construction/ Building, Metal
Packaging etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 225828 |
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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. Trade relations are reported as 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
|
Name : |
Mr. G. Ganesh |
|
Designation : |
General Manager – International Business |
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Contact No.: |
91-9323147365 |
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Date : |
24.04.2008 |
LOCATIONS
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Registered Office : |
Block No.275-B, Peerufalia, National Highway No.8, Dhadachi, Valsad –
396001, Gujarat, India |
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Tel. No.: |
91-2632-224203/ 224407/ 242032/ 329242/ 329984/ 85/ |
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Fax No.: |
91-2632-224579 |
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E-Mail : |
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Website : |
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Area : |
1.5 Lacs. sq. ft. |
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Location : |
Owned by company |
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Factory : |
38, Raipur Audyogik Sahkari Kshetra, Raipur – 247667, Roorkee, District Haridwar, Uttarakhand Area: 1 Lacs. sq. ft. Location: Owned by Company Regional Sales
Office (North) Plot No. 228, Gali No.11, Molarband Extention, Badarpur, New Delhi - 110 044 Phone : 91-11-64669382 Contact: Mr. Partho Ghosh (092508 15132) Area: 2000 sq. ft. Location: Owned by director Regional Sales office (West) G-2, Raval Towers, Near Hardik Palace Hotel, Mira Road(E)
- 401107, Mumbai Phone: +91-22-2855 3262 Contact: Mr. S.M. Hyder – (Mob: 9323255465) Area: 700 sq. ft. Location: Leased Contact: Mr. Deepak Chatterjee Phone: 094334 78361 G-2, Raval Towers, Near Hardik Palace Hotel, Mira Road
(East) - 401107, Mumbai (India). Contact: Mr. G. Ganesh, Email: exports@aal.in Mobile: 093231 47365 Tel. No. 91-22-28553262 Telefax: 91-22-2855 3262 |
DIRECTORS
|
Name : |
Mr. Desraj Nandlal Arora |
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Designation : |
Director |
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Address : |
Uplabdhi, 5 Shanti Niketan Society, Tithal Road, Valsad – 396001,
Gujarat, India |
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Date of Birth/Age : |
11.03.1943 |
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Date of Appointment : |
30.04.1999 |
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Name : |
Mr. Sameer Arora |
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Designation : |
Director |
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Address : |
Uplabdhi, 5 Shanti Niketan Society, Tithal Road, Valsad – 396001,
Gujarat, India |
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Date of Birth/Age : |
12.12.1972 |
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Date of Appointment : |
26.03.1999 |
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Name : |
Mrs. Geeta Arora |
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Designation : |
Director |
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Address : |
Uplabdhi, 5 Shanti Niketan Society, Tithal Road, Valsad – 396001,
Gujarat, India |
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Date of Birth/Age : |
17.01.1973 |
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Date of Appointment : |
30.04.1999 |
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Name : |
Mr. Jignesh Anubhai Shah |
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Designation : |
Director |
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Address : |
102 Parshwadeep Apartment, Near Mahalaxmi Char Rasta, Palci, Ahmedabad
– 380007, Gujarat, India |
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Date of Birth/Age : |
03.12.1970 |
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Date of Appointment : |
24.09.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mrs. Geeta Arora |
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124200 |
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Mrs. Veena Arora |
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184500 |
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Mr. Desraj N. Arora |
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427150 |
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Mr. Sameer Arora |
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262950 |
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Mrs. Mukta G. Khanna |
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1000 |
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Mr. Rajesh C. Jariwala |
|
100 |
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Mr. Pankaj B. Patel |
|
100 |
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Total |
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1000000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
|
99.00 |
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Bodies Corporate (not mentioned above) |
|
1.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Wood Preservatives, Insect
Control Aerosols, Maintenance Products, Thermal Ceramic Insulations cum water
proofing Coating and Roosing Cement for Construction/ Building, Metal
Packaging etc. |
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Products : |
· Wood
Preservatives · Insect
Control Aerosols · Maintenance
Products · Thermal
Ceramic Insulations · Water
Proofing Coating And Roosing Cement For Construction/ Building · Metal
Packaging · Household
Herbal Anti Termite Products · Herbal
Insect Control Products · Biocide · Sealants · Wood
Guard · Wood
Care Products · Termite
Destroyer, · Hygiene
Products Manufacturers · Coated
Abrasive Paper · Metal
Container · Dursban · Lethal
Chloro |
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Brand Name : |
· TERMIGUARD · TIMBERGUARD |
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Exports : |
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Products : |
All Products |
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Countries : |
· West Africa
Countries · Nigeria |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) Advance |
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Purchasing : |
L/C and Credit (30 days), Advance |
GENERAL
INFORMATION
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Customers : |
Distributors |
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No. of Employees : |
500 around |
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Bankers : |
· ICICI Bank,
Valsad Branch · Shamrao Vithal
Co-op Bank Anand Building
82/84, Kazi Syed Street, Mandvi, Mumbai – 400003, Maharashtra, India |
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Facilities : |
CC from Shamrao Vithal Co-op Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Krishnan and Company Chartered Accountant |
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Address : |
C/5/21, Raj Shopping Center, GIDC Char Raste, Vapi – 396195, Gujarat,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
50.000 |
50.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.457 |
6.097 |
1.838 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
56.457 |
56.097 |
11.838 |
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LOAN FUNDS |
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1] Secured Loans |
51.061 |
46.157 |
22.301 |
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2] Unsecured Loans |
10.057 |
2.067 |
0.643 |
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TOTAL BORROWING |
61.118 |
48.224 |
22.944 |
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DEFERRED TAX LIABILITIES |
1.354 |
1.006 |
0.449 |
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TOTAL |
118.929 |
105.327 |
35.231 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
57.772 |
53.236 |
10.248 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.050 |
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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 |
22.481
|
15.761 |
4.905 |
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Sundry Debtors |
91.879
|
48.903 |
21.149 |
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Cash & Bank Balances |
3.048
|
1.738 |
0.363 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.224
|
2.517 |
1.192 |
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Total
Current Assets |
122.632
|
68.919 |
27.609 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
58.942
|
13.434 |
1.407 |
|
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Provisions |
3.466
|
3.681 |
1.286 |
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Total
Current Liabilities |
62.408
|
17.115 |
2.693 |
|
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Net Current Assets |
60.224
|
51.804 |
24.916 |
|
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MISCELLANEOUS EXPENSES |
0.833 |
0.187 |
0.017 |
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TOTAL |
118.929 |
105.327 |
35.231 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
261.668 |
203.095 |
69.251 |
|
|
Other Income |
0.211 |
0.030 |
0.009 |
|
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Total Income |
261.879 |
203.125 |
69.260 |
|
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
3.609 |
4.337 |
1.481 |
|
|
Provision for Taxation |
0.664 |
1.190 |
0.408 |
|
|
Profit/(Loss) After Tax |
2.945 |
3.147 |
1.073 |
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Expenditures : |
|
|
|
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Raw Material Consumed |
236.731 |
164.827 |
57.581 |
|
|
Consumption of stores and spares Parts |
0.554 |
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(4.644) |
3.882 |
0.921 |
|
|
Salaries, Wages, Bonus, etc. |
6.399 |
6.795 |
1.738 |
|
|
Managerial Remuneration |
1.265 |
1.176 |
0.310 |
|
|
Payment to Auditors |
0.018 |
0.018 |
0.009 |
|
|
Interest |
7.840 |
6.763 |
2.605 |
|
|
Insurance Expenses |
0.112 |
0.186 |
0.086 |
|
|
Power & Fuel |
3.721 |
3.763 |
0.016 |
|
|
Depreciation & Amortization |
2.085 |
3.474 |
0.837 |
|
|
Other Expenditure |
4.189 |
7.904 |
3.675 |
|
Total Expenditure |
258.270 |
198.788 |
67.778 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.12
|
1.55 |
1.55 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.38
|
2.13 |
2.14 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.00
|
3.55 |
3.91 |
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.08 |
0.12 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.19
|
1.16 |
2.16 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
4.03 |
10.25 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Monsanto
· Huber Microlnks
· Pidilite
Form 8:
|
Name of the company |
ADVANCE AGRISEARCH LIMITED |
|
Presented By |
The Shamrao Vithal Co-op Bank Limited Mandvi Branch, Mumbai – 400003 |
|
1) Date and description of instrument creating the change |
Common Deed of
Hypothecation of Movable/ Assets/ Debts Dated 28.03.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.800 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 the present
and future, stock of finished goods, raw materials and packing Materials
including stock-in-process, of the borrower; All book debts,
past, present and future, not exceeding 90 days, due to the borrower; All that plant
and machinery of all kinds situated at factory at valsad details of the said
plant and machinery are given in the annexure No.1 of the borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the
cash credit facility granted by the Bank of the borrower. Rate of
interests: 16.25% p.a. being
2.25% over and above the Bank Prime Lending Rate (PLR) which is 14% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
The Shamrao Vithal Co-op Bank Limited Mandvi Branch, Mumbai – 400003, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Supplementary
Deed of Hypothecation for Additional Advance dated 07.11.2003 |
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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. |
By the earlier
modification dated 11.04.2002 line charge had been enhanced from Rs.2.800
Millions to Rs.5.000 Millions By this
modification the property mentioned in column No.3, herein above shall further
hold good 10 secure the additional Cash Credit facility of Rs.3.000 Millions
and Clean Supply Bill Purchases facility bill discount accommodation of
Rs.1.000 Millions has been granted by the Bank to the borrower, Hence the
charge has been enhanced from Rs.5.000 Millions to Rs.13.000 Millions The rate of
Interests has also been modified of 14.50% p.a. Therefore the
overall charge now stands at Rs.13.000 Millions |
|
Corporate
identity number (CIN) Foreign company registration number |
U01135GJ1997PLC033116 |
|
Name of the
Company |
ADVANCE AGRISEARCH LIMITED |
|
Address |
Block No.275-B, Peerufalia, National Highway No.8, Dhadachi, Valsad –
396001, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Movable Property
(not being pledge) |
|
Particulars of
the charge holder |
The Shamrao
Vithal Co-op Bank Limited Anand Building
82/84, Kazi Syed Street, Mandvi, Mumbai – 400003, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Supplementary
Deed to Common Deed of Hypothecation for Plant and Machinery. |
|
Date of the
instrument creating or modifying the charge |
03.10.2007 |
|
Amount secured by
the charge |
Rs.8.500 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Rate of
Interests: PLR – 0.50% p.a. Terms of
Repayment: Repayment in case
of Term Loan of Rs.0.300 Million by way of 60 equal monthly installments of
Rs.0.007 Million each, Repayment in case
of Term Loan of Rs.8.200 Million by way of 60 equal monthly installments of
Rs.0.204 Million each, Commencing from
19th day of May 2007. Margin: As may be decided
from time to time by the Bank. Extent and
operation of the charge: To secure the due
repayment of Term Loans of Term Loans of Rs.8.500 Millions granted by the
Bank to the Company. |
|
Short particulars
of the property charged (including location of the property) |
All that plant
and machinery of the company as per the Annexure I. |
|
Particular of the
present modification |
By this
modification, the additional Term Loan of Rs.0.300 Million has been granted
by the Bank to the Company, Hence therefore the overall now stands at
Rs.8.500 Millions |
Profile:
Established in 1997 as a small SSI unit at Damdachi Valsad,
Gujarat, Subject has now become the leader in Herbal Insecticides and
Termiticide market segment in India.
Subject has an installed capacity of 10, 00,000 liters for manufacturing its
herbal based products like Termiguard, Eliminator, and Herbal Anti-Termite wood
Preservative certified by Institute of Wood Research, Science and Technology,
Malleshwaram, Bangalore, India.
Subject has now launched an expansion plan in Roorkee, Uttaranchal, whereby the
plant capacity is being expanded to 50, 00,000 liters per annum.
Apart from Herbal Anti-Termite wood preservative, Subject has now, an array of
useful diverse products targeting several segments of the market, offering
proven customers’ benefits, fulfilling specific needs and building an
exhaustive list of satisfied customers and a reputation for unmatched quality
built over the past years.
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.40.18 |
|
UK Pound |
1 |
Rs.79.25 |
|
Euro |
1 |
Rs.62.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|