MIRA
INFORM REPORT
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Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
MANSOON AGRO BIO LIMITED |
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Registered Office : |
106/12, Industrial T P Scheme II, Ramtekadi Hadaspar, Pune-411013,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.05.1995 |
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Com. Reg. No.: |
11-88998 |
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CIN No.: [Company
Identification No.] |
U01111PN1995PLC088998 |
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PAN No.: [Permanent
Account No.] |
AADCMI8401 |
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Legal Form : |
A Closely held public limited liability company. |
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Line of Business : |
Manufacturer, Trader and Exporter of Corn Club |
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 57000 |
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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 and reputed company having fine track. Financial
position is good. Payments are correct and as per commitments. The company is doing well. It can be considered good for any normal
business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in medium run. |
INFORMATION PARTED
BY
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Name : |
Mr. Sunil Londhe |
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Designation : |
Accountant |
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Contact No.: |
91-20-24262240 |
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Mobile No.: |
91-9860255717 |
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Date : |
19.08.2008 |
LOCATIONS
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Registered Office : |
106/12, Industrial T P Scheme II, Ramtekadi Hadaspar, Pune-411013,
Maharashtra, India |
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Tel. No.: |
91-20-32528400 |
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Mobile No.: |
91-9763711600/ 9373558393 |
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Fax No.: |
91-20-24262240141 |
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E-Mail : |
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Website : |
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Area : |
100000 sq ft ( Owned) |
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Corporate Office : |
469/4, Sadashiv Peth, Pune-411030, Maharashtra, India |
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Factory : |
Nikar Apartment, Opposite Police Ground, F.C Road, Pune, Maharashtra,
India |
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Mobile No.: |
91-976371150 |
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Area : |
800 sq.ft. ( Owned) |
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Cold Storage : |
Located at:-
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DIRECTORS
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Name : |
Mr. Rahul Bhaskar Mhaske |
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Designation : |
Chairman and Director |
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Address : |
Seema Apartments, 31, Erandwane, Pune-411004, Maharashtra, India |
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Date of Birth/Age : |
04.10.1970 |
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Experience : |
B.E, Mechanical |
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Date of Appointment : |
31.05.1995 |
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Name : |
Mr. Bhaskar Kisanarao Mhaske |
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Designation : |
Director |
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Address : |
Seema Apartments, 31, Erandwane, Pune-411004, Maharashtra, India |
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Date of Birth/Age : |
11.07.1938 |
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Experience : |
B.E. Mechanical |
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Date of Appointment : |
31.05.1995 |
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Name : |
Ms. Radha Rahul Mhaske |
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Designation : |
Director |
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Address : |
Seema Apartments, 31, Erandwane, Pune-411004, Maharashtra, India |
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Date of Birth/Age : |
04.04.1974 |
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Experience : |
Some Science |
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Date of Appointment : |
27.11.2000 |
KEY EXECUTIVES
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Name : |
Mr. Sunil Londhe |
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Designation : |
Accountant |
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Tel. No.: |
91-20-24262240 |
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Mobile No.: |
91-9860255717 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Name of Shareholder |
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No. of Shares |
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Saee rahul Mhaske |
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2500 |
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Rukmini Rahul Mhaske |
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2500 |
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Rahul Mhaske |
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41352 |
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Radha Kisanrao Mhaske |
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39700 |
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Bhaskar Mhaske |
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8510 |
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Seema Mhaske |
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2510 |
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Vandana Mhaske |
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2510 |
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Mohan Yadav |
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50 |
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Dnyaneshwar Zurange |
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200 |
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Dnyandeve Zanjrne |
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50 |
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Janarden Adsul |
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160 |
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Vikas Hole |
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450 |
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Sunita Mhaske |
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2510 |
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Suresh Akhade |
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100 |
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Tukaram Kisan Awate |
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100 |
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Balu Barge |
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100 |
As on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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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, Trader and Exporter of Corn Club |
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Products : |
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Terms : |
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Selling : |
Credit ( 30-60 Days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
42 (Office 12, Factory 30) |
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Bankers : |
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Facilities : |
OD and CC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
BSN Associates Chartered Accountant |
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Address : |
730, Sadashiv Peth, Kumthekar road, Pune-411030, Maharashtra, India |
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Tel. No.: |
91-20-24471067/ 24477356 |
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Fax No.: |
91-20-24471067 |
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Associates/Subsidiaries : |
Corn Club, Nirankar Apartment, F.C Road, Pune Line of Business: Retail |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
432812 |
Equity shares |
Rs. 10/-each |
Rs. 4.328
Millions |
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 |
2.164 |
2.164 |
0.661 |
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2] Share Application Money |
0.772 |
0.020 |
1.068 |
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3] Reserves & Surplus |
8.482 |
4.953 |
1.771 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.418 |
7.137 |
3.500 |
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LOAN FUNDS |
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1] Secured Loans |
13.552 |
7.220 |
1.227 |
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2] Unsecured Loans |
1.800 |
0.000 |
0.000 |
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TOTAL BORROWING |
15.352 |
7.220 |
1.227 |
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DEFERRED TAX LIABILITIES |
0.799 |
0.371 |
0.369 |
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TOTAL |
27.569 |
14.728 |
5.096 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.516 |
3.850 |
3.396 |
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Capital work-in-progress |
0.223 |
7.552 |
0.000 |
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INVESTMENT |
0.906 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.206 |
0.104 |
0.017 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.608
|
0.895 |
1.557 |
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Sundry Debtors |
5.979
|
1.852 |
1.514 |
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Cash & Bank Balances |
1.041
|
2.212 |
1.352 |
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Other Current Assets |
2.149
|
0.945 |
0.262 |
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Loans & Advances |
0.050
|
1.130 |
0.022 |
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Total
Current Assets |
12.827
|
7.034 |
4.707 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.573
|
2.487 |
2.664 |
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Provisions |
1.605
|
1.411 |
0.420 |
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Total
Current Liabilities |
7.178
|
3.898 |
3.084 |
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Net Current Assets |
5.649
|
3.136 |
1.623 |
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MISCELLANEOUS EXPENSES |
0.069 |
0.086 |
0.060 |
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TOTAL |
27.569 |
14.728 |
5.096 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
26.617 |
21.426 |
17.062 |
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Other Income |
0.278 |
0.114 |
0.057 |
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Total Income |
26.895 |
22.066 |
17.119 |
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Profit/(Loss) Before Tax |
4.561 |
3.746 |
1.928 |
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Provision for Taxation |
0.354 |
0.078 |
0.253 |
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Profit/(Loss) After Tax |
4.207 |
3.668 |
1.675 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
1.731 |
4.421 |
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Expenditures : |
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Raw Material Consumed |
10.346 |
8.826 |
8.770 |
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Increase or decrease in finished goods work-
in-process |
0.000 |
0.747 |
0.773 |
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Salaries, Wages, Bonus, etc. |
1.713 |
1.440 |
0.779 |
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Managerial Remuneration |
0.540 |
0.415 |
0.000 |
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Payment to Auditors |
0.070 |
0.045 |
0.020 |
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Interest |
0.966 |
0.263 |
0.153 |
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Insurance Expenses |
0.016 |
0.007 |
0.022 |
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Power & Fuel |
1.352 |
0.853 |
0.576 |
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Depreciation & Amortization |
0.695 |
0.188 |
0.155 |
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Other Expenditure |
6.636 |
5.536 |
3.943 |
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Total Expenditure |
22.334 |
18.320 |
15.191 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
15.64
|
16.62 |
9.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
17.14
|
17.48 |
11.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.68
|
34.42 |
23.79 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.52 |
0.55 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.97
|
1.56 |
1.23 |
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Current Ratio (Current Asset/Current Liability) |
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1.79
|
1.80 |
1.53 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from 469/4,
Sadashiv Peth, Opposite New English School, Off Tilak Road, Pune-411030,
Maharashtra, India to present address w.e.f. 02.01.2008
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Details |
|
Existence Verification |
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|
Name |
MANSOON AGRO BIO LIMITED |
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Address |
106/12, Industrial T P Scheme II, Ramtekadi Hadaspar, Pune-411013,
Maharashtra, India |
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Statutory Approvals |
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Income Tax Registration |
AADCMI8401 |
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VAT/ TIN Registration |
27480021606V 01.04.2006 |
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Name of Bank |
Kotak Mahindra Bank |
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Current Account Number |
07212970000021 |
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Account Since |
From 2006 |
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Trade Affiliations |
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SSI Registration |
270251200731 23.01.2007 |
Trade References:
- Sajan Shah (
B.S.N. Anocider)
- Sudhir Chobe
( Athra Udyog)
Bankers Charges
Report as per Registry
|
Name of the company |
MANSOON AGRO BIO LIMITED |
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Presented By |
Mr. Rahul B.
Mhaske, Director |
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1) Date and description of instrument creating the change |
a. 3th January,
2006 Deed of Hypothcation b. 3th January,
2006, Mortgage by deposit of title deeds (no instrument is executed) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of Rs.
5.000 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 |
i) All the
equipment, plant, machinery and other assets acquired or to be acquired by
the Company out of the Loan together with all spares, tools and accessories
whether installed or not and whether nor lying or stored in or about or shall
hereafter form time to time during the continuance of the security of these
presents be brought into or upon or be stored or be in or about all the
company’s factories, premises, and godowns or wherever else the same may be
or be held by any party to other order or disposition of the Company or in
the course of transit or on high seas or on order. Or delivery, howsoever and
where so ever in the possession of the Company. ii) The Whole of
the freehold rights of the company I the immovable properties. All that piece
and parcel of property on plot of land admeasuring approximately 1000 square
meters bearing final Plot No. 106, sub plot No, 12, Hadapsar Industrial
Townshi Scheme No.2, Hadapsar, District Pune, which is bounded as under. On or towards the
East : Sub Plot No. 15/ FB105 On or towards the
South : Sub Plot No. 11 and 13/FP No. 105 On or towards the
West : Sub Plot No. 9/ FP No. 105 On or towards the
North : 118 mtrs TPS Road Together with all
buildings constructed / to be constructed thereon and all plant ad machinery
attacjed to the earth or permanently fastened to any thing attached to the
earth. Both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as to clause (i) above as First charge and as to clause (ii) as
First charge to secure the due repayment and discharge by the Company to
SIDBI of its Term Loan of Rs. 5.000
Millions together with interest, further interest, liquidated damages, costs,
charges, expenses and all Loan Agreement. The Company has
undertaken to keep the hypothecated goods in marketable and good condition at
its own costs and to insure the same in the joint names of the Company and
SIDBI. All the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of SIDBI. The security
created under the said Deed of Hypothecation is to be a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Small Industries
Development Bank of India, SIDBI Tower, 15, Ashok Marg, Lucknow-226001, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U01111PN1995PLC088998 |
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Name of the
company |
MANSOON AGRO BIO LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Pune-411030,
Maharashtra , India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Small Industrial Development Bank of India, SIDBI Tower, 15, Ashok
Marg, Lucknow-226001, Uttar Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 20th November 2006 |
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Date of
instrument Creating the charge |
20.11.2006 |
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Amount secured by
the charge |
Rs. 1.875
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11% per annum Terms of
Repayment 36 monthly
instalments consisting of 35 monthly installments each of Rupees Fity Two
Thousand only and the last installment of Rupees Fifty Five Thousand onlyl Margin Rupees Six Lakhs
and twenty Five Thousand only Extent and Operation
of the charge First charge to
secure due repayment and discharged to SIDBI of its terms loan of Rs. 1.875
Million together with interest, further interest, liquidated damages, cost,
charges, expenses and other moneys payable under the said agreement. Company
under takes to keep hypothecated goods in marketable and goods conditions at
its own cost and insure the same in the joint names of the company and SIDBI.
Goods hypothecated, realization, insurance proceeds and all documents to be
kept distiguisable and held. |
|
Short particulars
of the property charged |
First charge over
the Plant, equipment, machineries, machineries spares, tools, accessories and
all other assets which have been or proposed to be acquired under the scheme. |
AS PER WEBSITE
Profile:
The company is involved in importing
seeds , Contract farming ,
Processing and marketing of Frozen sweet corn kernels.
Sweet Corn was a craze in foreign country and this was unknown to India. Sweet Corn
was unknown to india market till 1992.
MABL ventured to Import of Sweet Corn
seeds from Australia, Thailand and started contract farming.
Near Pune in 1992.
Directors cultivated Sweet Corn in their family farm mastered the art and
imparted training's to farmers by forming their association.
Along with this ,Directors developed ready to serve food made of sweet
corn kernels and established speciality retails store is the name of CORN CLUB.
This chain of retail outlets created
craze among young and old for sweet corn products and
established brand name. CORN CLUB is registered Trade Mark
Mission and
Vision:
Monsoon Mapp = Mandi (Market) for Agri
Processed Products
Subject Is developing market for Agri Processed Products where in the
manufacturers can directly sell their products to their customers.
- MABL will
facilitate the trade.
- This will be
intra as well as inter city trade
- First India
city model is coming up in Pune.
Also, MAPP will provide logistic service of refer vans for bulks as well as
part loads throughout India, by networking all the refer van operators.
This will enable two - way cargo movement and transport cost will come
down substantially.
VISION FOR FUTURE :
To create household Brand name among consumers, people in general,
farmers & suppliers.
To explore International market for Sweet Corn Products.
To obtain International certification for their products.
PLANS TO ACHIEVE VISION :
As stated above, they have put a state
of art processing facility at an invesment of Rs. 20.000 Millions (Further, to
keep in pace with development in Industry they may contemplate to put up
additional facility of deep freezer of 10000 MT on Pune -Nagar Highway which
will store all the frozen products for the Monsoon MAPP suppliers.
These plans will be initiated by inviting National and International investors
or making IPO to prospective investors.
Monsoon Mart :
The retail food store division is initiating the prospects of wine lounge in Pune
to market the quality wines made by the Maharashtrian winers.
MABL has initiated the association of Maharashtra food processing and cool
chain industry association, which is a platform of all the processors and cold
storers from the stat of Maharashtra.
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.43.73 |
|
UK Pound |
1 |
Rs.80.57 |
|
Euro |
1 |
Rs.64.29 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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
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 |
|