MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NETAFIM IRRIGATION INDIA PRIVATE LIMITED |
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Formerly Known As : |
EXCEL DRIP AND AGRISERVICES PRIVATE LIMITED |
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Registered Office : |
Plot No.268-270, GIDC, Manjusar – Savli, Taluk Savli, Vadodara – 391
775, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
25.09.1997 |
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Com. Reg. No.: |
04-50144 |
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CIN No.: [Company
Identification No.] |
U01100GJ1997PTC050144 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN09892B |
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PAN No.: [Permanent
Account No.] |
AAACE4738J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Irrigation
Equipments and Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 1900000 |
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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 subsidiary of Netafim, Israel. General financial position
is good. Business is active. Payments are reported as usually made as per
commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/ Factory / Head Office : |
Plot No.268-270, GIDC, Manjusar – Savli, Taluk Savli, Vadodara – 391
775, Gujarat, India |
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Tel. No.: |
91-2667-264601/ 602 |
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Fax No.: |
91-2667-264600 |
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E-Mail : |
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Website : |
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Corporate Office : |
297, C. S. T. Road, Vidyanagari, Kalina, Mumbai – 400098, Maharashtra,
India |
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Tel No.: |
91-22-56952764 |
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Fax No.: |
91-22-26526833 |
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Email : |
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Regional Offices : |
Vadodara 302, Taksh
Paradigm, Near Star Mart, 3rd Floor, Old Padra Road, Vadodara - 390 015.
Gujarat, India Tel.:
91-265 - 232 0515 / 20 Fax:
91-265 - 232 0515. Jaipur 110, First Floor, Center Tower, (Near Cine Star Cinema)
Plot No. B-12, Central Spine, Sector-5,
Vidyadhar Nagar, Jaipur - 302023 Phone: 91-141-2231375 Raipur 208, Second Floor, Jairam Complex, Raipur - 492
001,Chattisgarh Phone- 91-771- 4069496 , 4056613 Fax- 91-771- 2886688. Pune Office No. 1 and 2, First Floor, Building No. C1,
Saudamini Complex, Bhusari Colony, Paud Road, Kothrud, Pune - 411 038.
Maharashtra Tel: 91-20 - 25286080 Telefax: 91-20-25281337 Jalgaon 52/B, Zilla Peth, Behind Sainath Mandir, Shri Vivekanand Nagar, Jalgaon - 425 001. Maharashtra Tel: 91-257 – 2229736 Bangalore B-80, Rajaji Nagar Industrial Estate, Bangalore - 566044,
Karnataka. Hyderabad First Floor, 3-10 /2, Behind Vimal Cinema, Hyderabad -
500042 Tel: 91-40 - 23777753 / 63 Coimbatore. 20/E.T.G. Nagar, Veerakeralam, Coimbatore-641007. Ph. 91-422 – 2471284 Ahmedabad 405, Parshwa Tower, Near Pakwan-2, Sarkej-Gandhinagar
Highway, Bodakdev, Ahmedabad - 380 015. Gujrat. Tel.: 91-79 - 5003 1024. Anantapur Block No. 6, Bhaskar Godown, Gutti Road, Anantapur – 515001, Andhra Pradesh, India Tel.: 91-8554 - 276726 |
DIRECTORS
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Name : |
Mr. Zvi Adolf Feler |
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Designation : |
Managing Director |
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Address : |
Hotel Welcom, Alkapuri, Vadodara – 390005, Gujarat, India |
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Date of Birth/Age : |
29.12.1948 |
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Date of Appointment : |
01.10.2001 |
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Name : |
Mr. Jossef Avraham Lavi |
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Designation : |
Director |
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Address : |
Kibbutz Hatzerim, D. N. Negev 4, Israel 85505 |
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Date of Birth/Age : |
09.11.1947 |
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Date of Appointment : |
15.03.1999 |
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Date of Ceasing : |
25.10.2000 |
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Name : |
Mr. Yair Itzhak Shatz |
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Designation : |
Managing Director |
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Address : |
Kibbutz Yiftah, D. N. Merom, Israel 13840 |
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Date of Birth/Age : |
19.12.1935 |
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Date of Appointment : |
25.09.1997 |
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Date of Ceasing : |
17.09.1999 |
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Name : |
Mr. Yehonatan Ariye Frankel |
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Designation : |
Director |
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Address : |
Kibbutz Yiftah, D. N. Merom, Israel 13840 |
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Date of Birth/Age : |
30.11.1950 |
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Date of Appointment : |
25.09.1997 |
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Date of Ceasing : |
02.07.2000 |
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Name : |
Mr. Eyal Yehuda Avishay |
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Designation : |
Director |
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Address : |
Moshav Ya’ad, D. N. Misgav, D. N. Misgav, Israel 20155 |
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Date of Birth/Age : |
10.12.1960 |
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Date of Appointment : |
09.07.2002 |
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Name : |
Mr. Avishay Hamburger |
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Designation : |
Director |
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Address : |
49, Yerushalayim Street, Kfar Sava 44369 Isral |
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Date of Birth/Age : |
10.09.1947 |
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Date of Appointment : |
23.09.2003 |
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Name : |
Mr. Ram Levy |
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Designation : |
Director |
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Address : |
Yonatan 6B. Gan Yavne, Israel 70800 |
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Date of Birth/Age : |
19.12.1964 |
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Date of Appointment : |
26.02.2006 |
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Name : |
Mr. Randhirsinh Abasinh Chauhan |
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Designation : |
Director |
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Address : |
59, Mihir Park Society, Opposite-Rajvee Park, Society Old Padra Road,
Vadodara – 390015, Gujarat, India |
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Date of Birth/Age : |
17.11.1970 |
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Date of Appointment : |
30.10.2006 |
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Email : |
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Name : |
Mr. Amit Mappa |
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Designation : |
Director |
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Date of Birth/Age : |
12.06.1973 |
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Date of Appointment : |
26.03.2006 |
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Name : |
Mr. Setumadhav Rangarao |
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Designation : |
Director |
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Date of Birth/Age : |
01.05.1953 |
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Date of Appointment : |
01.03.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 26.02.2006) |
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No. of Shares |
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Netafim Limited, Israel |
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8309824 |
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Fischer Behar Chen and Company |
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1 |
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Total |
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8309825 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Irrigation
Equipments and Products. |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
Price Waterhouse Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra,
India |
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Name 2 : |
Rajan D. Kamat Chartered Accountant |
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Address : |
31, Nutan Bharat Society, Alkapuri Vadodara – 390007, Gujarat, India |
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Holding Company:
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· Netafim Limited, Israel · Derech Hashalom 10, Telaviv, Israel |
CAPITAL STRUCTURE
(As on
31.12.2007):
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8309825 |
Equity Shares |
Rs.10/- each |
Rs.83.098
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2007 |
31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
83.098 |
61.222 |
61.222 |
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2] Share Application Money |
0.000 |
21.876 |
21.876 |
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3] Reserves & Surplus |
289.199 |
132.300 |
21.639 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
372.297 |
215.398 |
104.737 |
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LOAN FUNDS |
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1] Secured Loans |
380.852 |
386.477 |
94.046 |
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2] Unsecured Loans |
2.267 |
12.279 |
24.083 |
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TOTAL BORROWING |
383.119 |
398.756 |
118.129 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
8.786 |
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TOTAL |
755.416 |
614.154 |
231.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
320.899 |
190.126 |
107.435 |
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Capital work-in-progress |
14.926 |
25.923 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
24.492 |
10.172 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
217.401
|
177.041 |
62.926 |
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Sundry Debtors |
525.839
|
507.701 |
189.988 |
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Cash & Bank Balances |
25.456
|
2.535 |
6.626 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
52.138
|
54.854 |
24.359 |
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Total
Current Assets |
820.834
|
742.131 |
283.899 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
406.653
|
348.548 |
148.923 |
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Provisions |
19.082
|
10.335 |
18.568 |
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Total
Current Liabilities |
425.735
|
358.883 |
167.491 |
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Net Current Assets |
395.099
|
383.248 |
116408 |
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MISCELLANEOUS EXPENSES |
0.000 |
4.685 |
7.809 |
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TOTAL |
755.416 |
614.154 |
231.652 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
|
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Sales Turnover |
|
1319.830 |
586.740 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
1319.830 |
586.740 |
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Profit/(Loss) Before Tax |
|
178.200 |
47.150 |
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Provision for Taxation |
|
67.540 |
21.310 |
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Profit/(Loss) After Tax |
|
110.660 |
25.840 |
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Export Value |
|
2.970 |
15.520 |
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Imports : |
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Raw Materials |
|
92.400 |
32.640 |
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Stores & Spares |
|
103.110 |
0.360 |
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Capital Goods |
|
78.120 |
2.960 |
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Total Imports |
|
273.630 |
35.960 |
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Expenditures : |
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Financial Charges |
|
20.990 |
6.600 |
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Depreciation & Amortization |
|
16.870 |
10.650 |
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Other Expenditure |
|
1103.770 |
522.340 |
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Total Expenditure |
|
1141.630 |
539.590 |
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nOte :
·
December 2007,
Profit & Loss not available in the Government
Records.
KEY RATIOS
|
PARTICULARS |
|
31.12.2007 |
31.12.2006 |
31.12.2005 |
|
PAT / Total Income |
(%) |
NA
|
8.38 |
4.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
13.50 |
8.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
18.40 |
12.05 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.83 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.17
|
3.52 |
2.73. |
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Current Ratio (Current Asset/Current Liability) |
|
1.93
|
2.07 |
1.70 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the Company has been shifted from 297, C. S. T.
Road, Vidyanagari, Kalina, Mumbai – 400098, Maharashtra, India to the present
address w.e.f. 14.12.2006.
Website Details
Profile:
Subject is the Indian subsidiary
of Netafim Israel was incorporated on 25th of September 1997.
For last 8 years Company is
manufacturing and supplying wide range of Irrigation Equipments and products
along with 30 years of Netafim's knowledge and experience of providing
comprehensive irrigation solutions all over the world. Today more than 150000
acres of Indian farms are irrigated by Netafim Drip Irrigation Systems.
Company pioneered drip irrigation
technology in the 1960's, and continued to lead the industry in top - of -the -
line equipments and services. Company is the world's leading developer,
manufacturer and distributor of low-flow irrigation products and drip systems
with the largest market share, having operations in more than 110 countries and
turnover of Rs.15000.000 Millions. It has 11 manufacturing plants all over the
world: (Israel - 4 plants, USA, Australia, India, South Africa, Brazil, China
and France) and soon also in Chile and Ukraine.
Company technology relies upon
technical and agronomic support. Its capability to provide farmers with
Agronomic support is an enduring reason for its success. Company India adheres
to the same rigorous Netafim International Standards and has trained experts to
provide all levels of agronomic support.
Company Drip Systems are installed
in India on more than 150000 acres which includes following -
- 15000 acres under Sugarcane
- 10000 acres under Vegetables
- 10000 acres under Banana
- 5000 acres under Grapes
- 300 acres under Green Houses
- 600 acres under Medicinal Plants
- 700 acres under Sericulture
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.42.30 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.66.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|