MIRA
INFORM REPORT
|
Report Date : |
22.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GUJARAT AGROCHEM
LIMITED |
|
|
|
|
Formerly Known As : |
GUJARAT
VET-PHARMA PRODUCTS LIMITED |
|
|
|
|
Registered Office : |
Plot No. 2901 to
2905, G.I.D.C., Panoli, Ankleshwar, District Bharuch, Ankleshwar – 393002, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
22.03.1995 |
|
|
|
|
Com. Reg. No.: |
025118 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24119GJ1995PLC025118 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG09465B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCG1228L |
|
|
|
|
Legal Form : |
A Closely Held Public
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of
Agrochemicals and Intermediates |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
|
|
|
|
|
Maximum Credit Limit : |
USD 700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow by average
60 days |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having moderate track. Profit margin is under severe pressure.
Payments are reported as slow. The company has incurred some loss in 2006-07.
It can be
considered for small to mediocre business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
|
Name : |
Mr. Prabhakar |
|
Designation : |
Finance Manager |
|
Date : |
18.12.2008 |
LOCATIONS
|
Registered
Office/ Factory : |
Plot No. 2901 to
2905, G.I.D.C., Panoli, Ankleshwar, District Bharuch, Ankleshwar – 393002, |
|
Tel. No.: |
91-2646-272638 |
|
Fax No.: |
91-2646-272605 |
|
Website : |
|
|
Area : |
35000 sq. mts. |
|
Location : |
Leased |
|
|
|
|
Corporate
Office : |
A-106/B-101, Gayatri
Darshan, Thakur Complex, Near S. C. N. Sports Club, Off. |
|
Tel. No.: |
91-22-56997211 |
|
Fax No.: |
91-22-56997215 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1800 sq. ft. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Surendra
Kumar Hedge |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. S. Nityanand
Hegde |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Prasad K.
Shetty |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Krishna D.
Shetty |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shashidar B.
Shetty |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashok G.
Paigankar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hasmukhlal B. Shah |
|
Designation : |
Director |
MAJOR SHAREHOLDERS
|
Names of
Shareholders |
No. of Shares |
|
|
|
|
S. N. Hegde |
2461200 |
|
Prasad K. Shetty |
2358706 |
|
S. K. Hedge |
2167466 |
|
K. D. Shetty |
2167466 |
|
S. B. Shetty |
2039968 |
|
A. G. Paigankar |
509992 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Agrochemicals and Intermediates |
|
|
|
|
Products : |
It is an intermediate for the manufacture of Insecticides Cypermethrin, Alpha Cypermethrine, Permethrin, etc.
It is a synthetic pyrethroid class of Insecticide, widely used to control pests in a variety of crops like cotton, vegetable, potatoes, etc.
Is one of the important insecticides in the synthetic pyrethroid class.
It is a selective systemic herbicides used in controlling a wide range of grasses and broad leaved weeds with a good persistence of activity in the soil.
Is a widely used insecticide to control various kinds of pests in agriculture crops. |
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit (120 days), CAD, DP |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (90 days) |
PRODUCTION
STATUS
|
Class of Goods |
Unit |
Capacity |
|
|
|
|
|
Cypermethric Acid
Chloride |
MT |
600 |
|
Cypermethric
Technical |
MT |
600 |
|
Permethrin
Technical |
MT |
200 |
|
Alphacypermethrin
Technical |
MT |
150 |
|
|
MT |
500 |
|
Ethofumesate
Technical |
MT |
100 |
GENERAL
INFORMATION
|
Customers : |
Manufacturer |
|
|
|
|
No. of Employees : |
180 (Contract
Workers – 55) |
|
|
|
|
Bankers : |
Tel. No.: 91-22-28058425
Kandivali West branch, Mumbai – 400 067 Tel. No.: 91-22-28621475
Borivali (West),
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Mr. N. S. Shetty Chartered
Accountants |
|
Address : |
Arjun, Plot No. 6
A, Kalyangram Society, |
CAPITAL
STRUCTURE
Authorised
Capital: Rs.85.568
Millions
Issued, Subscribed & Paid-up Capital: Rs.85.568 Millions
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
85.568 |
87.364 |
58.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
61.095 |
41.672 |
63.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
146.663 |
129.036 |
121.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
119.639 |
115.856 |
99.100 |
|
|
2] Unsecured Loans |
8.714 |
1.619 |
0.000 |
|
|
TOTAL BORROWING |
128.353 |
117.475 |
99.100 |
|
|
DEFERRED TAX LIABILITIES |
35.303 |
33.829 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
310.319 |
280.340 |
220.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
235.510 |
230.059 |
233.200 |
|
|
Capital work-in-progress |
0.000 |
7.825 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.737 |
5.629 |
5.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
137.884
|
124.971
|
88.000
|
|
|
Sundry Debtors |
33.612
|
40.312
|
76.800
|
|
|
Cash & Bank Balances |
25.403
|
18.047
|
35.200
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
72.361
|
35.239
|
60.900
|
|
Total Current Assets |
269.260
|
218.569
|
260.900 |
|
|
Less
: CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
199.315
|
181.736
|
272.600
|
|
|
Provisions |
0.873
|
0.006
|
6.600
|
|
Total Current Liabilities |
200.188
|
181.742
|
279.200 |
|
|
Net Current Assets |
69.072
|
36.827
|
(18.300) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
310.319 |
280.340 |
220.600 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
602.601 |
426.300 |
962.600 |
|
|
Other Income |
1.965 |
3.000 |
2.700 |
|
|
Total Income |
604.566 |
429.300 |
965.300 |
|
|
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
24.194 |
(19.800) |
42.300 |
|
|
Provision for
Taxation |
4.041 |
1.900 |
19.300 |
|
|
Profit/(Loss)
After Tax |
20.153 |
(21.700) |
23.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Employees Cost |
15.932 |
15.800 |
20.400 |
|
|
Manufacturing Expenses |
69.892 |
32.400 |
51.400 |
|
|
Administrative Expenses |
25.865 |
30.000 |
51.500 |
|
|
Raw Material Consumed |
412.900 |
320.800 |
707.400 |
|
|
Excise Duty |
12.766 |
21.100 |
19.100 |
|
|
Miscellaneous Expenses |
16.822 |
1.400 |
2.000 |
|
|
Increase/(Decrease) in Finished Goods |
(18.623) |
(36.000) |
2.600 |
|
|
Interest |
29.368 |
25.800 |
24.000 |
|
|
Power & Fuel |
0.000 |
22.600 |
29.600 |
|
|
Depreciation & Amortization |
15.450 |
15.200 |
15.000 |
|
Total Expenditure |
580.372 |
449.100 |
923.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
3.33
|
(5.05) |
2.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.01
|
(4.64) |
4.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.79
|
(4.41) |
8.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
(0.15) |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.24
|
2.32 |
3.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.20 |
0.93 |
LOCAL
AGENCY FURTHER INFORMATION
HISTORY
Subject was
incorporated on 22nd March, 1995 at
Recently, the name
of the company was changed to present and Registered Office of the company has
been transferred from Gujarat to Mumbai in
Trade Reference:
v
Transpek
Industries Limited, Mumbai
Tel. No.: 91-22-2877 0304
v
Mitsui
& Company,
Tel. No.: 32.2.6782111
v
Rallis
India Limited, Mumbai
Tel. No.: 91-22-22078221
v
BASF India Limited, Mumbai
Tel. No.: 91-22-24618000
WEBSITE
DETAILS ATTACHED
PROFILE
Subject is a world class manufacturer of agrochemicals and its intermediates. Began as a fledging company with annual production of 187 tons per annum. Within a short span has achieved a stupendous growth of over a 1000% increase in production.
The company is promoted by a group of dedicated technocrats and backed by professional expertise.
BOARD OF DIRECTORS
Mr. S. N. Hegde
Managing Director
Armed with an expertise in corporate administration and combining it with more than two decades of experience being at the helm of the industry, Mr. S. N. Hegde has led a fledgling entrant and turned it into a company which is recognised today for its tremendous growth achievement in the last five years. He is also responsible for setting up high standards on Quality Assurance and laying continuous stress on maintaining top of the line environment and safety facilities.
Mr. Prasad K.
Shetty
Joint Managing Director
Possessing sharp and precise acumen, Mr. Prasad Shetty makes crucial decisions concerning procurement of raw materials and all other vital components and is responsible for the smooth and continuous production processes. His vast experience in the industry has ably seen the company to achieving optimum production levels over the past years.
Mr. S. K. Hegde
Whole Time Director
He
has excelled in the fields of financial and business administration. Backed by
several years of hands on experience, Mr. S. K. Hegde has successfully overseen
the vital transition of finance to production and back. The results are there
to see. Under his expertise, the company has surpassed projected sales
turnovers with huge success.
Mr. A. G. Paigankar
Executive Director
Over more than three decades of experience in the international agrochemical market has made Mr. A. G. Paigankar a name to reckon with in marketing as well as corporate circles. He is the important link between the company's successful products reaching world recognised brand leaders in the national as well as the international market.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.47.08 |
|
|
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|