MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASTEC LIFESCIENCE LIMITED |
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Registered Office : |
4th Floor, Kamanwala Chamber, Sir P. M. Road, Mumbai 400001,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.01.1994 |
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Com. Reg. No.: |
076236 |
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CIN No.: [Company
Identification No.] |
U99999MH1994PLC076236 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA20370A |
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PAN No.: [Permanent
Account No.] |
AAACA4832D |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Agro Chemicals |
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 760000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade
relations are fair. Business is
active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sameer Walekar |
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Designation : |
Accountant |
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Date : |
14.06.2008 |
LOCATIONS
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Registered Office : |
4th Floor, Kamanwala Chamber, Sir P. M. Road, Mumbai
400001, Maharashtra, India |
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Tel. No.: |
91-22-22618212 |
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Fax No.: |
91-22-22618289 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. fts. |
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Location : |
Rented |
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Factory 1 : |
Located at Dombivli [50 Kms from Mumbai] |
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Location : |
Owned |
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Factory 2 : |
Located at Mahad – 2 plants [180 kms from Mumbai] |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ashok Vishwanath Hiremath |
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Designation : |
Director |
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Address : |
3, Jai Kiran, 35, Cuffe Parade, Colaba, Mumbai 400005, Maharashtra, India
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Date of Birth/Age : |
31.05.1955 |
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Date of Appointment : |
01.02.1994 |
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Name : |
Dr. Tiwari Baburam Pyarelal |
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Designation : |
Director |
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Address : |
2, Jalkiran, 85, Cuffe Parade, Mumbai 400005, Maharashtra, India |
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Date of Birth/Age : |
01.07.1946 |
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Date of Appointment : |
11.08.1994 |
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Name : |
Mr. Laxmikant R. Kabra |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 20.09.2005]
|
Names of Shareholders |
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No. of Shares |
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Ashok Vishwanath Hiremath |
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14900 |
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Ashok Vishwanath Hiremath |
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8111 |
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Ashok Vishwanath Hiremath |
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1 |
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Tiwari Baburam Pyarelal |
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15000 |
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Hiremath Vishwath Suresh |
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15000 |
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Hiremath Vishwanath Ashok |
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50 |
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Hiremath Ashok Chitra |
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50 |
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Total |
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53112 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Agro Chemicals |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw material for agro products |
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Countries : |
China |
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Terms : |
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Selling : |
L/C and Credit [90 days to 120 days] |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
100 |
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Bankers : |
Axis Bank, Nariman Point, Mumbai 400021 State Bank of Hyderabad, Mumbai 400004 |
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Facilities : |
Term Loan Rs. 300.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. M. Kathariya and Company Chartered Accountants |
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Address : |
Room No. 6, Kermani Building, 4th Floor, 27, P. M. Road,
Fort, Mumbai 400001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17000000 |
Equity Shares |
Rs. 10/- each |
Rs. 170.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
857180 |
Equity Shares |
Rs. 10/-
each |
Rs. 8.571
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
8.571 |
5.311 |
5.311 |
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2] Share Application Money |
0.00 |
11.890 |
0.000 |
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3] Reserves & Surplus |
144.973 |
87.915 |
55.132 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
153.544 |
105.116 |
60.443 |
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LOAN FUNDS |
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1] Secured Loans |
224.313 |
150.963 |
44.987 |
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2] Unsecured Loans |
6.400 |
1.565 |
1.325 |
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TOTAL BORROWING |
230.713 |
152.528 |
46.312 |
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DEFERRED TAX LIABILITIES |
9.803 |
7.784 |
5.839 |
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TOTAL |
394.060 |
265.428 |
112.594 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
215.417 |
129.660 |
61.464 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.540 |
0.092 |
0.284 |
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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 |
123.523
|
120.992 |
53.548 |
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Sundry Debtors |
110.764
|
55.426 |
55.236 |
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Cash & Bank Balances |
11.723
|
8.919 |
3.778 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
58.160
|
37.199 |
31.962 |
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Total
Current Assets |
304.170
|
222.536 |
144.524 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
108.633
|
78.333 |
81.757 |
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Provisions |
23.152
|
10.849 |
14.921 |
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Total
Current Liabilities |
131.785
|
89.182 |
96.678 |
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Net Current Assets |
172.385
|
133.354 |
47.846 |
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MISCELLANEOUS EXPENSES |
5.718 |
2.322 |
3.000 |
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TOTAL |
394.060 |
265.428 |
112.594 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
343.775 |
266.993 |
217.686 |
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Other Income |
0.321 |
1.650 |
3.887 |
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Total Income |
344.096 |
268.643 |
221.573 |
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Profit/(Loss) Before Tax |
41.373 |
40.058 |
18.116 |
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Provision for Taxation |
-- |
-- |
3.980 |
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Profit/(Loss) After Tax |
41.373 |
40.058 |
14.136 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
[20.583] |
[51.055] |
0.000 |
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Raw material consumed |
0.000 |
0.000 |
151.488 |
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Consumption of stores and spare parts |
0.000 |
0.000 |
0.779 |
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Salaries, Wages, Bonus, etc. |
9.835 |
8.650 |
7.376 |
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Managerial Remuneration |
0.000 |
0.000 |
2.400 |
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Payment to Auditors |
0.110 |
0.090 |
0.056 |
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Interest |
9.666 |
6.248 |
4.542 |
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Insurance Expenses |
3.307 |
2.042 |
2.070 |
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Power & Fuel |
8.725 |
6.480 |
5.292 |
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Depreciation & Amortization |
14.095 |
6.318 |
2.377 |
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Other Expenditure |
277.568 |
249.812 |
27.077 |
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Total Expenditure |
302.723 |
228.585 |
203.457 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
12.02
|
14.91 |
6.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.04
|
15.00 |
8.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.96
|
11.37 |
8.79 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
|
0.39 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.36
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2.29 |
2.36 |
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Current Ratio (Current Asset/Current Liability) |
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2.30
|
2.50 |
1.49 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered office of the company
has been shifted from 802, Raheja Chambers, Free Press Journal Road,
Nariman Point, Mumbai, Maharashtra, India to 4th Floor, Kamanwala Chamber,
Sir P. M. Road, Mumbai 400001, Maharashtra, India w.e.f. 28.02.2008.
Trade References:
- Aarati Drugs Limited, Tarapur
- Atul Limited, Gujarat
- Contropest India Limited, Bangalore
Operation
Operations During the year, the Company's Sales rose by 22.06%
and the net profit after tax increased by a resounding 156.67%. This impressive
growth can be attributed to their motto 'change is part of the plan'. Although
the markets were unpredictable, the company adapted to the rapidly changing
environment to achieve this performance. Their new grass roots Export oriented
unit was commissioned in a short span of five months on the 28th of May, 2005.
The plant was well designed and no significant teething problems were faced
during commissioning. The full impact of this new capacity will be seen in the
year 2006-07 and 2007-08. The plant has been inspected by representatives of a
number of multinational companies and in their opinion the plant meets their
stringent standards vis-a-vis design, safety and environmental issues. The
Company has made investments to provide infrastructure for substantial capacity
creation. The Company is in negotiations with various customers for long-term
supply arrangements and they are confident that this will be finalized in the coming
months. These arrangements should enable the Company to have a steady revenue
stream. The company expects many registrations to come through in Europe and
other developed markets which should lead to a substantial increase in
sales.
Appropriations
An Amount of Rs. 30.000 Millions is credited to General Reserve. Out of the
amount available for appropriation,
The Directors have recommended a dividend of 33% on Equity Shares (Rs. 33/- per
share of Rs. 100/-each). The dividend tax on the proposed dividend is Rs. 0.246
Millions.
Subsidiary Company
The company has recently established a subsidiary in Europe
which will be engaged in product registration activities
Form 8
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U99999MH1994PLC076236 |
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Name of the
company |
ASTEC
LIFESCIENCE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
802, Raheja Chambers, Free Press Journal Road, Nariman Point, Mumbai,
Maharashtra, India |
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Type of charge |
Immovable property Movable property |
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Particular of
charge holder |
The Shamrao
Vithal Co-operative Bank Limited Maker Towers,
‘E], 1st Floor, Cuffe Parade, Mumbai 400005, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed. However, the equitable
mortgage has been created by way of deposit of title deeds |
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Date of instrument
Creating the charge |
24.01.2007 |
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Amount secured by
the charge |
Rs. 217.990
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest As may be
decided. From time to time by the bank. [b] Terms of
repayment As may be
decided, from time to time by the bank [c] Margin AS may be
decided, by the bank [d] Extent and
operation of the charge To secure the due
repayment of various facilities aggregating to Rs. 217.990 Millions together with all interest costs, charges
and expenses thereon, granted by the bank to the company. |
|
Short particulars
of the property charged |
All that
immovable properties belonging to the company |
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 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. 42.87 |
|
UK Pound |
1 |
Rs. 83.41 |
|
Euro |
1 |
Rs. 66.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--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 |
|