MIRA
INFORM REPORT
|
Report Date : |
11.01.2008 |
IDENTIFICATION
DETAILS
|
Correct Name : |
VARDHAMAN
FERTILISERS AND SEEDS PRIVATE LIMITED
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Registered Office : |
B-1, Vibha Co-Operative
Housing Society, 73/1, Erandawana, Pune – 411 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.07.1987 |
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Com. Reg. No.: |
11-44043 |
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CIN No.: [Company
Identification No.] |
U24121MH1987PTC044043 |
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PAN No.: [Permanent
Account No.] |
AABFG9238K |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of NPK Compound Granulated Fertilizers for soil
Application, Marketing of Water Soluble Fertilizer for drip / sprinkler
fertigation system, Rendering Training of operational Services for running of
granulation / water soluble Complex NPK Fertilizer plants & fertilizer
soil, water, plant tissue analysis in lab |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 63572 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
B-1, Vibha
Co-Operative Housing Society, 73/1, Erandawana, Pune – 411 004,
Maharashtra, India |
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E-Mail : |
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Factory :
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Pratibha Tower,
18 A / 2B, Third Floor, Pune – Mumbai Road, Wakadewadi, Pune – 411 003,
Maharashtra, India |
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Tel. No. : |
91-20-25810898 |
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Fax No. : |
91-20-24022676 |
DIRECTORS
|
Name : |
Mr. Ravikant
Ramchandra Shah |
|
Designation : |
Managing Director
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|
Address : |
B-1, Vibha
Co-Operative Housing Society, 73/1, Erandawana, Pune – 411 004, Maharashtra,
India |
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Date of Birth/Age : |
12.02.1944 |
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Date of Appointment : |
07.07.1997 |
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Name : |
Mr. Vijaykumar
Fulchand Doshi |
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Designation : |
Director |
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Address : |
Pride Paradise
Co-Operative Housing Society, CS No. 1041, Flat 101, Bhamburda, Shivajinagar,
Pune – 411 016, Maharashtra, India |
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Date of Birth/Age : |
26.10.1955 |
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Date of Appointment : |
09.07.1987 |
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Name : |
Mrs. Rekha
Ravikant Shah |
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Designation : |
Director |
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Address : |
B-1, Vibha
Co-Operative Housing Society, 73/1, Erandawana, Pune – 411 004, Maharashtra, India |
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Date of Birth/Age : |
16.03.1952 |
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Date of Appointment : |
08.09.1990 |
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Name : |
Mrs. Shubhada
Vijaykumar Doshi |
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Designation : |
Director |
|
Address : |
Pride Paradise Co-Operative
Housing Society, CS No. 1041, Flat 101, Bhamburda, Shivajinagar, Pune – 411
016, Maharashtra, India |
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Date of Birth/Age : |
16.03.1932 |
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Date of Appointment : |
08.09.1990 |
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Name : |
Mr. Mahavir
Kasturchand Doshi |
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Designation : |
Director |
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Address : |
B-1, Vibha
Co-Operative Housing Society, 73/1, Erandawana, Pune – 411 004, Maharashtra,
India |
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Date of Birth/Age : |
16.01.1974 |
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Date of Appointment : |
08.03.2002 |
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Name : |
Ms. Reshma Adarsh
Mehta |
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Designation : |
Director |
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Address : |
P O Dudhani,
Solapur, Maharashtra, India |
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Date of Birth/Age : |
20.08.1963 |
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Date of Appointment : |
07.12.1990 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mrs. Rekha
Ravikant Shah / Ms. Sonali Ravikant Shah |
|
1762 |
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Mr. Vijaykumar
Fulchand Doshi / Mr. Sudeep
Vijaykumar Doshi |
|
1145 |
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Mrs. Shubhada
Vijaykumar Doshi / Mr. Darshan
Vijaykumar Doshi |
|
1370 |
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Ms. Vandana
Rajshekhar Doshi / Mr. Rajshekhar Kasturchand Doshi |
|
675 |
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Mr. Rajshekhar
Kasturchand Doshi / Ms. Vandana
Rajshekhar Doshi |
|
825 |
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Ms. Anjali
Mahavir Doshi / Mr. Mahavir Kasturchand Doshi |
|
975 |
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Mr. Mahavir Kasturchand
Doshi / Ms. Anjali Mahavir Doshi |
|
675 |
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Ms. Vijaya
Kasturchand Doshi / Mr. Bhartesh Kasturchand Doshi |
|
675 |
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Mr. Bhartesh
Kasturchand Doshi / Ms. Vijaya Kasturchand Doshi |
|
675 |
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Mr. Ravikant Ramchand
Shah / Mrs. Rekha Ravikant Shah |
|
5115 |
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Mrs. Shubhada
Vijaykumar Doshi / Mr. Vijaykumar Fulchand Doshi |
|
8145 |
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Mr. Ravikant
Ramchand Shah |
|
11887 |
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Ms. Reshma
Ravikant Shah / Mrs. Rekha Ravikant Shah |
|
300 |
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Ms. Sonali Ravikant
Shah / Mrs. Rekha Ravikant Shah |
|
975 |
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Mr. J J Shah |
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1 |
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Mr. Rohit
Jugalkishor Sharma |
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3000 |
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Mr. Vijaykumar
Fulchand Doshi / Mrs. Shubhada Vijaykumr Doshi |
|
3230 |
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Mr. Sandesh Bahubali
Kothadia / Mrs. Swati Sandesh Kothadia
|
|
525 |
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Mr. Darshan Kiran
Shah |
|
150 |
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Ms. Mugdha Kiran
Shah |
|
150 |
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Mr. Vijaykumar
Fulchand Doshi / Mr. Sunil Bahubali Kothadia |
|
540 |
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Mrs. Shubhada Vijaykumar
Doshi / Ms. Poonam Sunil Kothadia |
|
480 |
|
Mr. Ravikant
Ramchand Shah / Mr. Sandesh Bahubali Kothadia |
|
1020 |
|
Ms. Sheetal Shah
/ Ms. Sushma Sheetal Shah |
|
693 |
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Mr. Ratanchand C
Shah / Mrs. Kamal Ratanchand Shah |
|
600 |
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Mrs. Rekha
Ravikant Shah / Mr. Ravikant Ramchand Shah |
|
13125 |
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Mr. Vijaykumar
Fulchand Doshi |
|
4225 |
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Mrs. Rekha
Ravikant Shah |
|
9318 |
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Mrs. Shubhada
Vijaykumar Doshi |
|
8055 |
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Mr. Sudeep
Vijaykumar Doshi |
|
1893 |
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Mr. Darshan Vijaykumar
Doshi |
|
1855 |
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Mrs. Reshma
Adarsh Mehta |
|
1560 |
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Ms. Rupali Rohit
Sharma |
|
1470 |
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Ms. Shrutika
Ravikant Shah |
|
1000 |
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Ms. Sonali
Ravikant Shah |
|
925 |
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Ms. Shrutika
Ramvinayak |
|
320 |
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Mr. Vijaykumar Fulchand Doshi / Mr. Darshan Vijaykumar Doshi |
|
280 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of NPK Compound Granulated Fertilizers for soil Application,
Marketing of Water Soluble Fertilizer for drip / sprinkler fertigation
system, Rendering Training of operational Services for running of granulation
/ water soluble Complex NPK Fertilizer plants & fertilizer soil, water,
plant tissue analysis in lab.
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Products : |
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Imports from : |
Belgium, Israel,
Finland |
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GENERAL
INFORMATION
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Customers : |
˛ Green Houses ˛ Floriculture Units ˛ ICAR Research Institutions ˛ Hi-Tech Agriculture Project ˛ Biotech Seed Production Unit ˛ Tissue Culture Units ˛ Plantation, Fruits, Vegetable Growers ˛ Grape Export Units ˛ Cash Crop Growers Like Sugarcane, Cotton, Coffee, Tea,
Vanilla |
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No. of Employees : |
6 |
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Bankers / Financial Institutions : |
New Excelsior Building, A
K Marg, Fort, Mumbai – 400 001, Maharashtra, India
Deccan Gyamkhana, Pune,
Maharashtra, India |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gosavi Yardi and
Company Chartered
Accountants |
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Address : |
Ketki 9, Sadshiv
Peth, Near Alka Cinema, Pune – 411 030, Maharashtra, India |
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Associates : |
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Membership : |
© Confederation Of Indian Industry © Fertilizer Association Of India © Maharashtra Mishrakhat Utpadak Sanghatana © Fertilizer Mixture Manufacturer's Association Of India (R) © Indian Speciality Fertilizers Association |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs. 100/- |
Rs. 9.000 millions |
|
10000 |
Preference Shares
|
Rs. 100/- |
Rs. 1.000 millions |
|
|
Total |
|
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
88107 |
Equity Shares |
Rs. 100/- |
Rs. 8.810 millions |
|
9060 |
Preference Shares
|
Rs. 100/- |
Rs. 0.906 millions |
|
|
Total |
|
Rs. 9.716 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
9.716 |
9.716 |
9.716 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.177 |
6.847 |
3.746 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
15.893 |
16.563 |
13.462 |
|
|
LOAN FUNDS |
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1] Secured Loans |
31.913 |
22.445 |
22.606 |
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2] Unsecured Loans |
3.575 |
2.720 |
0.245 |
|
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TOTAL BORROWING |
35.488 |
25.165 |
22.851 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
52.195 |
41.728 |
36.313 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.221 |
16.187 |
17.124 |
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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 |
53.327
|
47.106 |
49.853 |
|
|
Sundry Debtors |
13.231
|
15.532 |
13.197 |
|
|
Cash & Bank Balances |
3.903
|
3.678 |
2.079 |
|
|
Other Current Assets |
1.585
|
0.781 |
0.686 |
|
|
Loans & Advances |
1.922
|
1.909 |
2.291 |
|
Total
Current Assets |
73.968
|
69.006 |
68.106 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
34.786
|
43.626 |
49.103 |
|
|
Provisions |
3.545
|
|
|
|
Total
Current Liabilities |
38.331
|
43.626 |
49.103 |
|
|
Net Current Assets |
35.638
|
25.380 |
19.003 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.136 |
0.161 |
0.186 |
|
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|
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|
TOTAL |
52.195 |
41.728 |
36.313 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including
other income] |
|
158.238 |
89.024 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
3.429 |
(2.176) |
|
Provision for Taxation |
|
0.329 |
0.000 |
|
Profit/(Loss) After Tax |
|
3.100 |
(2.176) |
|
|
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Expenditures : |
|
|
|
|
Total Expenditure |
|
154.809 |
91.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
1.96 |
(2.44) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.17 |
(2.44) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
4.02 |
(2.55) |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.20 |
(0.16) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.41
|
5.15 |
6.34 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
1.58 |
1.38 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
VARDHAMAN FERTILISERS AND SEEDS PRIVATE LIMITED |
|
Presented
By |
Central Bank of
India, Pune |
|
1) Date and description of instrument creating the change |
1. Letter of hypothecation
to secure demand cash credit against goods dated: 16.07.91 2. Letter of
hypothecation to secure demand cash credit against book debts dated: 16.07.91 Both the
documents constitute a single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.600 millions |
|
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
raw material, semi-finished goods, finished goods, consumable spares and book
debts |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest: @18.50% Margin: 50% |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of India Deccan Gymkhana
Branch, Pune – 411004 |
|
6) Date and brief description of instrument modifying the charge |
Letter of
hypothecation to secure demand cash credit against goods and by way of
collateral security against book debts and all other moveable assets etc.
dated 19.06.2000. Agreement of
hypothecation to secure overdrafts against book debts and also by way of
collateral security against machinery, spares, stores, furniture, fixtures,
electric installations, office equipments, vehicles, products, stock in trade
etc. dated 19.06.2000 (Both documents constitute a single charge) |
|
Corporate
identity number (CIN) Foreign company registration number |
U24121MH1987PTC044043 |
|
Name of the
Company |
VARDHAMAN FERTILISERS AND SEEDS PRIVATE LIMITED |
|
Address |
B-1, Vibha Co-Operative Housing Society, 73/1, Erandawana, Pune – 411 004, Maharashtra, India |
|
This form is for |
Modification of
charges |
|
Type of Charge |
Immovable property,
book debts and movable property (not being pledge) |
|
Particulars of
the charge holder |
Central Bank of
India Deccan Gymkhana
Branch, Pune – 411004 E-Mail: creditpuneero@centralbank.co.in |
|
Amount secured by
the charge |
Rs.33.500
millions |
|
Brief of the
principal terms and conditions |
Rate of Interest: Cash credit at
BPLR Minus 1% i.e at present 10.50% p a. Overdraft
against book debts at BPLR i.e. at present 11.50% p a Term of Repayment: Cash Credit of
Rs.26.500 millions on demand Overdraft of
Rs.7.000 million on demand |
|
Description of
the property charged indicating |
Margin: Cash credit
against stock 25% Overdraft against
book dents 50% |
|
Date of Instrument
modifying the charges |
21.04.2007 |
|
Particular of the
present modification |
Cash credit limit
increased to Rs.28.500 millions and overdraft against book debts increased to
Rs.7.000 millions. Thus total fund based limits increased to Rs.33.500
millions. |
As Per Website
Details
Company Profile:
Dhanlaxmi group of companies Pune was incorporated as a private limited
company / partnership firm in 1985. Along with its established sister concerns DHANLAXMI
ENGINEERING ENTERPRISES (DEE - established in 1981) which operate in Pune as
partnership firm.
The group is engaged in the execution of Turnkey Projects of Granulated
fertilizer Plants and Material Handling Equipments. The group has embarked upon
diversification into supplies of Assembly Line Conveyors for T.V. and VCR
Manufacture, Sand/Mould Handling System for foundries and special purpose
machines such as Brick Moulding machine.
VARDHAMAN FERTILIZERS AND SEEDS PVT. LTD.
Manufacturer
of NPK Compound Granulated Fertilizers for soil Application, Marketing of Water
Soluble Fertilizer for drip / sprinkler fertigation system,Rendering Training
of operational Services for running of granulation / water soluble Complex NPK
Fertilizer plants & fertilizer soil, water, plant tissue analysis in lab.
VARDHAMAN HI-TECH AGRO
PRODUCTS
Manufacturer
of 100% water soluble complex fertilizer for drip /sprinkler/ foliar spray
application.Manufacturer of micronutrient fertilizers and their mixtures.
DHANLAXMI ENGINEERING
ENTERPRISES.
TURNKEY
SUPPLIER OF NPK & SSP Granulation Plants, E.O.T. Grabbing Cranes, S.S.P.
Plants, Specialised Assembly Line Conveyors for Assembling of 2/3 Wheelers
TV/VCR Washing M/C, Air Conditioners etc. Material Handling Systems. Dynamic
Weigh Belt fedders, Load cell based batching systems. Consultancy Services
being Catered to Agro Based Industries for preparation of T.E.F.R. and
Designing services
TEKNO-KOM ENGINEERS
TURNKEY
SUPPLIER OFMould Handling Systems & sand Plants,Brick & Cement Block
Manufacturing Unit,Foundry Equipments, Auto weighing and bagging m/c for
packing of cement, ferti. Food grains etc. Packing plants for fertilizers,
cement & other allied industry.
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.39.29 |
|
UK Pound |
1 |
Rs.77.02 |
|
Euro |
1 |
Rs.58.16 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|