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MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
FARM IMPLEMENTS (INDIA) PRIVATE LIMITED |
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Registered Office : |
590/2, Gounderpalayamn, CTPP Post, Chennai – 600 120, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.07.1984 |
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Com. Reg. No.: |
18-11044 |
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CIN No.: [Company
Identification No.] |
U01130TN1984PTC011044 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEF03229C |
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PAN No.: [Permanent
Account No.] |
AAACF1402G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Agricultural, Chemical and
Industrial Machineries Equipments and Machineries. |
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 80000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 fair. Business is active. No
complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Murthy |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9841561676 |
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Date : |
09.12.2008 |
LOCATIONS
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Registered Office : |
590/2, Gounderpalayamn, CTPP Post, Chennai – 600 120, Tamilnadu, India
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Tel. No.: |
91-4119-67743 / 44-27966909 |
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E-Mail : |
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Website : |
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Corporate Office : |
10, Kumarappa Street,
Nungambakkam, Chennai - 600 034, Tamilnadu,. India |
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Tel. No.: |
91-44-8261676 |
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Fax No.: |
91-44-8265345 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Duvoor Subramania Reddy Balachandra Babu |
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Designation : |
Managing Director |
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Address : |
51, Rama Reddy Palem, Minjur, Ponneri Taluk, Tiruvallur – 601 203,
Tamilnadu, India |
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Date of Birth/Age : |
20.04.1945 |
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Date of Appointment : |
28.07.1984 |
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Name : |
Mr. Duvoor Hemachandra Reddy |
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Designation : |
Director |
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Address : |
58, Rama Reddy Palem, Minjur, Ponneri Taluk, Tiruvallur – 601 203,
Tamilnadu, India |
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Date of Birth/Age : |
21.06.1948 |
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Date of Appointment : |
30.09.1993 |
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Name : |
Mr. Nuganahalli Kesava Prasad |
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Designation : |
Director |
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Address : |
F Block, Flat No. 401, Adarsh Palace, Jai Nagar, 4th Cross,
5th Block, Bangalore – 560 041, Karnataka, India |
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Date of Birth/Age : |
17.04.1941 |
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Date of Appointment : |
26.09.1991 |
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Name : |
Mr. K Rama Prasad |
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Designation : |
Director |
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Address : |
No. 47, Cunningham Road, Bangalore – 560 052, Karnataka, India |
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Date of Birth/Age : |
31.03.1936 |
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Date of Appointment : |
30.09.1985 |
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Name : |
Mr. Jiggish Shanthilal Desai |
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Designation : |
Director |
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Address : |
No. 21/22, C V Raman Road, Alwarpet, Chennai – 600 018, Tamilnadu,
India |
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Date of Birth/Age : |
24.06.1964 |
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Date of Appointment : |
27.09.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 20.08.2007)
|
Names of Shareholders |
No. of Shares |
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D S Balachandra Babu |
234970 |
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D Srimathi |
16250 |
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D Surekha |
16250 |
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D Chittaranjan |
66160 |
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Chayasunder Krishnan |
16250 |
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D Hemachandra Reddy |
55690 |
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K Rama Prasad |
20750 |
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Deepa Rama Prasad |
10750 |
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Jigish S Desai |
51830 |
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Sridevi Prasad |
5400 |
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Roopa Prasad |
2800 |
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Deepa Prasad |
2800 |
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N K Prasad |
100 |
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Total |
500000 |
List of Allotment (As on 31.03.2007)
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Names of Allotees |
No. of Shares |
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D S Balachandra Babu |
80230 |
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Duvoor Chittaranjan |
21500 |
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D Srimathi |
13500 |
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Chayasunder Krishnan |
13500 |
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D Surekha |
13500 |
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D Hemachandra Reddy |
20000 |
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Jiggish Shanthilal Desai |
20000 |
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Deepa Rama Prasad |
10000 |
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Total |
192230 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Agricultural, Chemical and
Industrial Machineries Equipments and Machineries. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
60 |
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Bankers : |
Bank of Ceylon 1090, P H Road, Chennai – 600 084, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Price Patt and Company Chartered Accountants |
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Address : |
No. 44, Sir P S Sivasamy Salai, II Street, Mylapore – 600 004,
Tamilnadu, India |
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Tel. No.: |
91-44-24996708 / 24993234 |
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Collaborators : |
·
Thirge Agro Howard, Denmark ·
Bunmei Noki Company Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 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 |
5.000 |
3.078 |
3.078 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.939 |
4.979 |
2.664 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.939 |
8.057 |
5.742 |
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LOAN FUNDS |
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1] Secured Loans |
8.225 |
4.001 |
6.859 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
8.225 |
4.001 |
6.859 |
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DEFERRED TAX LIABILITIES |
0.466 |
0.410 |
0.756 |
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TOTAL |
24.630 |
12.468 |
13.357 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.146 |
3.492 |
2.505 |
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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 |
33.327
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20.591 |
14.022 |
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Sundry Debtors |
2.567
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1.487 |
1.540 |
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Cash & Bank Balances |
2.207
|
1.083 |
0.602 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.216
|
3.313 |
1.363 |
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Total
Current Assets |
42.317
|
26.474 |
17.527 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.103
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14.883 |
7.410 |
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Provisions |
5.730
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3.189 |
0.925 |
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Total
Current Liabilities |
26.833
|
18.072 |
8.335 |
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Net Current Assets |
15.484
|
8.402 |
9.192 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.574 |
1.660 |
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TOTAL |
24.630 |
12.468 |
13.357 |
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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 and Other Income |
98.137 |
77.654 |
44.507 |
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Total Income |
98.137 |
77.654 |
44.507 |
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Profit/(Loss) Before Tax |
11.415 |
4.911 |
1.150 |
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Provision for Taxation |
4.285 |
2.246 |
0.200 |
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Profit/(Loss) After Tax |
7.130 |
2.665 |
0.950 |
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Earnings in Foreign Currency : |
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Export Sales |
12.627 |
0.779 |
NA |
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Export Sales commission |
- |
0.275 |
NA |
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Total Earnings |
12.627 |
1.054 |
NA |
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Imports : |
13.278 |
21.819 |
NA |
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Expenditures : |
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Interest |
0.812 |
0.685 |
1.053 |
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Depreciation & Amortization |
0.432 |
0.532 |
0.320 |
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Other Expenditure |
85.478 |
71.526 |
41.984 |
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Total Expenditure |
86.722 |
72.743 |
43.357 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.27
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3.43 |
2.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.63
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6.32 |
2.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.18
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16.39 |
5.74 |
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Return on Investment (ROI) (PBT/Networth) |
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0.72
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0.61 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.20
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2.74 |
2.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.58
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1.46 |
2.10 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
·
Plant and Machinery
·
Computers
·
Furniture and Fittings
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Air Conditioners
·
Electrical Equipments
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Telephone Equipments
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Vehicles
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Typewriters and Calculators
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Office Equipments
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Design, Drawings and Technical Data
Dividend
In view of the excellent performance and profits, the Directors are
pleased to recommend a dividend of 20% on the share capital. This would entail
an out lay of Rs.1.000 million and Dividend Tax of Rs.0.170 million.
To comply with the statute the Directors recommend a transfer of
Rs.3.500 millions to the General Reserve prior to appropriation for Dividend
and Tax thereon.
Future Plans
The Company is taking many more steps to improve its performance and
profitability. The Company is also concentrating on new products for trading in
new markets in India and abroad.
Form No. 8
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Corporate
identity number of the company |
U01130TN1984PTC011044 |
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Name of the
company |
FARM IMPLEMENTS (INDIA) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
590/2, Gounderpalayamn, CTPP Post, Chennai – 600 120, Tamilnadu, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
Bank of Ceylon 1090, P H Road, Chennai – 600 084, Tamilnadu, India |
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Nature of
instrument creating charge |
Hypothecation of
Goods and Securities Hypothecation of
Book Debts |
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Date of
instrument Creating the charge |
25.06.2008 |
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Amount secured by
the charge |
Rs.16.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As determined by
the Banker from time to time Terms of
repayment As determined by
the Banker from time to time Margin As determined by
the Banker from time to time Others
All other terms
and conditions as per the sanction letter and instruments executed on
25.06.2008. |
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Particulars of
the property charged |
Hypothecation of
Current Assets viz. Stock of Raw Materials, Goods in Process, Finished Goods and
Book Dents arising out of genuine Trade Transactions. |
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Web Details
Profile
Small Beginning
They are the pioneers in introducing state - of - the art, Tractor P.T.O. operated machinery to suit Indian farmer's need and aspiration to make their Tractor a multi purpose prime mover. The Company was started in 1984.
They started with the product ' ROTAVATOR '. They tested this product extensively for 2 years and launched it in 1986.
Different Products
Through the Dealership Network of 80 Dealers, they have been supplying the machines and have already made the existence in the whole Indian Market. At present they have different products like HOLE DIGGER, ROTASLASHER, FRONT LOADER, BALER, SHREDDER CUM BALER, CHOPPER, AGRICULTURAL DRIVE SHAFTS AND GEAR BOXES, WALK BEHIND SUGARCANE HARVESTER AND DETOPPER CUM LEAF STRIPPER, ETC. to offer, interestingly all are unique.
Apart from Indian market, the Rotavators are exported to other countries also.
Employees are their assets !
They have 60 employees, of which 40 are in factory and 20 are in marketing, who are well-trained in their respective fields.
Technical Collaboration
They have technical collaboration with " THIRGE AGRO HOWARD" of DENMARK, which has been well known for it's products for more than 50 years, controlling major brands like, HOWARD, VETO, NORDSTEN, GYRO, etc. Another technical collaboration with M/s. BUNMEI NOKI COMPANY LIMITED., of Japan was made for the manufacture of Sugarcane Harvester in India.
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.49.12 |
|
UK Pound |
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.52 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|