MIRA
INFORM REPORT
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Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
FORSBERG AGRITECH INDIA PRIVATE LIMITED |
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Registered Office : |
123, GIDC, Makarpura, Baroda – 390010, Gujarat. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
21.07.1992 |
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Incorporation No.: |
04 - 18018 |
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IEC No.: |
3494003131 |
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PAN No.: [Permanent
Account No.] |
AAACF3360M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of all types of seeds and spices processing machinery
under Forsberg incorporation, USA Brand name. |
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 6955 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track.
Director are reported as experienced, responsible and having satisfactory
mean of their own. Their trade relations are fair. Payment are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Anil Thakre |
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Designation : |
Managing Director |
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Contact No.: |
91-9825095588 |
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Date : |
20.08.2008 |
LOCATIONS
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Registered Office /Factory : |
123, GIDC, Makarpura, Baroda – 390010, Gujarat, India |
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Tel. No.: |
91-265- 3098131 / 3098127 / 2649151 |
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Mobile No.: |
91-9825095588 |
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Fax No.: |
91-265-2649151 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. Anil V. Thakre |
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Designation : |
Director |
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Address : |
Vaikunth Society, Near Reliance Petrol Pump, Gotri Road, Vadodara –
390021, India |
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Date of Birth/Age : |
01.08.1927 |
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Qualification : |
B Sc (Agreeculture) |
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Experience : |
40 Years |
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Date of Appointment : |
21.07.1992 |
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Name : |
Mrs. Nivediti A. Thakre |
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Designation : |
Director |
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Address : |
Vaikunth Society, Near Reliance Petrol Pump, Gotri Road, Vadodara –
390021, India |
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Date of Birth/Age : |
11.05.1945 |
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Qualification : |
B Com, B Sc |
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Experience : |
25 Years |
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Date of Appointment : |
21.07.1992 |
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Name : |
Mr. Mahendra H. Trivedi |
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Designation : |
Director |
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Date of Birth/Age : |
16.12.1952 |
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Date of Appointment : |
21.07.1992 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Anil V. Thakre |
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2099 |
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Mrs. Nivediti A. Thakre |
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1801 |
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Mr. Mahendra H. Trivedi |
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6100 |
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Total |
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10000 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 of all types of seeds and spices processing machinery under
Forsberg incorporation, USA Brand name. |
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Products : |
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Exports : |
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Products : |
Processing Plant, Machinery and Equipment |
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Countries : |
UAE, Nigeria, Mozambique, Tanzania, Uganda |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
29 (Office – 9, Factory - 20) |
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Bankers : |
Bank of India, Allora Park Baroda ICICI Bank Citi Bank |
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Facilities : |
CC Limit – Rs.1.200 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M.J.M. Patel and Company Chartered Accountant |
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Address : |
FF – 5, Avishkar Complex, Old Padra Road, Vadodara – 390015, India |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000 |
Equity Shares |
Rs. 100/- Each |
Rs.1.200
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- Each |
Rs.1.000 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.690 |
1.690 |
1.527 |
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4] (Accumulated Losses) |
(1.299) |
(0.964) |
0.000 |
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NETWORTH |
1.391 |
1.726 |
2.527 |
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LOAN FUNDS |
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1] Secured Loans |
1.920 |
2.080 |
1.509 |
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2] Unsecured Loans |
0.363 |
1.761 |
2.223 |
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TOTAL BORROWING |
2.283 |
3.841 |
3.732 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.674 |
5.567 |
6.260 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.581 |
3.870 |
3.821 |
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Capital work-in-progress |
3.218 |
1.842 |
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 |
0.000 |
0.000 |
2.695 |
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Sundry Debtors |
5.225 |
5.397 |
4.856 |
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Cash & Bank Balances |
0.175 |
0.136 |
0.018 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.052 |
0.200 |
0.310 |
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Total
Current Assets |
5.452
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5.733 |
7.879 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.224 |
4.915 |
5.442 |
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
5.224
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5.224 |
5.442 |
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Net Current Assets |
0.228 |
0.818 |
2.438 |
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MISCELLANEOUS EXPENSES |
7.561 |
4.424 |
0.000 |
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TOTAL |
3.674 |
5.567 |
6.260 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
18.433 |
11.637 |
14.497 |
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Other Income |
0.521 |
0.550 |
0.244 |
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Total Income |
18.954 |
12.187 |
14.741 |
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Profit/(Loss) Before Tax |
0.531 |
0.262 |
0.312 |
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Provision for Taxation |
0.165 |
0.100 |
0.125 |
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Profit/(Loss) After Tax |
0.335 |
0.162 |
0.187 |
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Expenditures : |
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0.276 |
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Depreciation & Amortization |
18.423 |
11.926 |
0.366 |
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Other Expenditure |
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13.787 |
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Total Expenditure |
18.423 |
11.926 |
14.429 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
01.76
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00.82 |
01.26 |
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Net Profit Margin (PBT/Sales) |
(%) |
02.88
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02.25 |
02.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
04.33
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02.08 |
02.66 |
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Return on Investment (ROI) (PBT/Networth) |
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38.17
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15.17 |
12.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.39
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5.07 |
3.63 |
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Current Ratio (Current Asset/Current Liability) |
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1.06
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1.16 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance
Chart
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Existence Verification |
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Name |
FORSBERG AGRITECH INDIA PRIVATE LIMITED |
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Phone/ Mobile Numbers |
9825095588 |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited |
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Income Tax Registration |
AAACE3360M |
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Central Sales Tax Registration |
24691600008 – C |
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VAT/ TIN Registration |
24191600008 – V |
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Import Export Code |
3494003131 |
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Name of Bank |
Bank of India |
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Current Account Number |
205830100002006 |
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Account Since |
15 Years |
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Credibility Factors |
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IndiaMART Client Since |
3 Years (Approximated) |
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Years of Establishment |
1992 |
Trade Reference
Customers List will be furnished with details
Over 400 Client
Pravin Masalawala – Pune
Banko Products India Private Limited – Baroda
Bankers Charges
Report as per Registry
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Name of the company |
FORSBERG AGRITECH INDIA PRIVATE LIMITED |
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Presented By |
Mr. Anil V. Thakore / M/s. Nivedita Anil
Thakore |
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1) Date and description of instrument creating the change |
Principle
Agreement of Charge and Hypothecation of stock dated 05.12.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.900 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
all the stock including raw material, work in progress, finish goods owned by
the company howsoever and where over situated. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit
(Hypothecation of stock) Rs.0.900 Million |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Elora Branch Subhanpura, Baroda – 07 |
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6) Date and brief description of instrument modifying the charge |
Supplementary
agreement of hypothecation dated 15.09.2005 |
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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. |
Vide the
supplementary agreement of hypothecation the cash credit (Hypothecation of
stock) limit is increase by Rs.1.300 Millions from the present Rs.0.900
Million thus the total cash credit (Hypothecation of Stock) Limit is Rs.2.200
Millions. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.72 |
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UK Pound |
1 |
Rs.81.45 |
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Euro |
1 |
Rs.64.47 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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