MIRA
INFORM REPORT
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Report Date : |
12.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHARAT PESTICIDES INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
403, Lalita Complex, 352/3, Rasala Road, Near Jain Temple, Navrangpura,
Ahmedabad – 380 009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.11.1971 |
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Com. Reg. No.: |
04-1989 |
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CIN No.: [Company
Identification No.] |
U24299GJ1971PTC001989 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB00780D |
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PAN No.: [Permanent
Account No.] |
AAACB8874A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Pesticides and Fertilizers |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 97000 |
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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. Trade relations are fair. Business is active. Payments are reported as
usually correct and per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
403, Lalita Complex, 352/3, Rasala Road, Near Jain Temple,
Navrangpura, Ahmedabad – 380 009, Gujarat , India |
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Tel. No.: |
91-79-26449936 / 26448872 / 26440493/ 27473838 |
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Fax No.: |
91-79-26448872 |
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E-Mail : |
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Corporate Office: |
403, Lalita Complex , Between Jain Temple and Mithakhali Six Roads,
Navrangpura, Ahmedabad – 380 009, Gujarat, India |
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Tel. No.: |
91-79-26448872 |
DIRECTORS
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Name : |
Mr. Bhaveshbhai Vrajmohan Shah |
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Designation : |
Director |
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Address : |
4/A, Rekha Park Society, Vijay Nagar Cross Road, Naranpura, Ahmedabad
– 380 013, Gujarat, India |
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Date of Birth/Age : |
30.09.1971 |
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Date of Appointment : |
16.04.1998 |
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Name : |
Mr. Kenal Vrijmohan Shah |
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Designation : |
Director |
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Address : |
4/A, Rekha Park Society, Vijay Nagar Cross Road, Naranpura, Ahmedabad
– 380 013, Gujarat, India |
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Date of Birth/Age : |
31.10.1969 |
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Date of Appointment : |
16.04.1998 |
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Name : |
Mr. Vrajmohan Ramanlal Shah |
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Designation : |
Director |
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Address : |
4/A, Rekha Park Society, Vijay Nagar Cross Road, Naranpura, Ahmedabad
– 380 013, Gujarat, India |
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Date of Birth/Age : |
13.12.1941 |
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Date of Appointment : |
16.11.1971 |
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Name : |
Mr. Ramanlal Vrajmohan Shah |
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Designation : |
Director |
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Date of Birth/Age : |
03.12.1941 |
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Date of Appointment : |
16.11.1971 |
KEY EXECUTIVES
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Name : |
Mr. Rakesh M Pathak |
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Designation : |
Company Secretary |
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Address : |
26, Tatsat Society, Niyojan Nagar, Ambawadi, Ahmedabad – 380 015,
Gujarat, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders [As on 31.03.2007] |
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No. of Shares |
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Mr. Ramanlal Vrajmnohan Shah |
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24158 |
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Mr. V R Shah HUF |
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4700 |
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Mr. Ramanlal Vrajmohasn Shah And Mrs. Vilasben Shah |
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12032 |
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Mr. Kenal Vrajmohan Shah |
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22137 |
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Mr. K V Shah HUF |
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4700 |
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Mr. Bhavesh Vrajmohan Shah |
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21855 |
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Mr. B V Shah HUF |
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4700 |
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Total
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94282 |
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Equity Shares Breakup (Percentage of Total Equity): [As on 31.03.2007]
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Pesticides and Fertilizers |
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Products: |
· Pesticides (KL) · Trading goods · Pesticides |
GENERAL
INFORMATION
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Bankers : |
Bank of Baroda Ashram Road, Ahmedabad – 380 009, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Borkar and Mazumdar Chartered Accountants |
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Address : |
B 408, Premium House, Opposite Gandhigram Railway Station, Ashram
Road, Ahmedabad – 380 006, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
94282 |
Equity Shares |
Rs. 100/- each |
Rs. 9.428
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.428 |
9.428 |
0.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.724 |
12.901 |
19.272 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.152 |
22.329 |
19.472 |
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LOAN FUNDS |
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1] Secured Loans |
7.261 |
3.311 |
1.546 |
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2] Unsecured Loans |
0.240 |
0.000 |
0.000 |
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TOTAL BORROWING |
7.501 |
3.311 |
1.546 |
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DEFERRED TAX LIABILITIES |
0.446 |
0.341 |
0.429 |
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TOTAL |
32.099 |
25.981 |
21.447 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.348 |
7.353 |
7.758 |
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Capital work-in-progress |
3.937 |
0.058 |
0.058 |
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INVESTMENT |
1.154 |
1.154 |
1.154 |
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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 |
16.475
|
16.705 |
5.945 |
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Sundry Debtors |
11.861
|
6.985 |
5.582 |
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Cash & Bank Balances |
12.588
|
1.249 |
5.852 |
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Other Current Assets |
0.000
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0.00 |
0.000 |
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Loans & Advances |
3.410
|
4.239 |
3.950 |
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Total
Current Assets |
44.334
|
29.178 |
21.329 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
23.443
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10.027 |
5.002 |
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Provisions |
1.231
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1.735 |
3.850 |
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Total
Current Liabilities |
24.674
|
11.762 |
8.852 |
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Net Current Assets |
19.660
|
17.416 |
12.477 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.099 |
25.981 |
21.447 |
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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 (Estimated) |
65.000 |
54.009 |
NA |
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Other Income |
2.546 |
1.713 |
0.640 |
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Total Income |
67.546 |
55.722 |
0.640 |
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Profit/(Loss) Before Tax |
3.208 |
4.503 |
4.732 |
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Provision for Taxation |
1.384 |
1.647 |
1.821 |
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Profit/(Loss) After Tax |
1.824 |
2.856 |
2.911 |
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Expenditures : |
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Financial Charges |
1.452 |
0.961 |
0.354 |
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Depreciation & Amortization |
0.822 |
0.933 |
0.919 |
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Total Expenditure |
2.274 |
1.894 |
1.273 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.70
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5.13 |
454.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.94
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8.33 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.77
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12.31 |
16.24 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.20 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.33
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0.67 |
0.53 |
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Current Ratio (Current Asset/Current Liability) |
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1.79
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2.48 |
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U24299GJ1971PTC001989 |
|
Name of the company |
BHARAT PESTICIDES INDUSTRIES PRIVATE LIMITED |
|
Address |
403 Lalita Complex , 352 / 3 Rasala Road, Near
Jain Temple, Navrangrupa, Ahmedabad – 380 009, Gujarat, India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Immovable property · Any interest in immovable property |
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Particular of the charge holder
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Bank of Baroda Address: Ashram Road Branch Ashram Road, Ahmedabad – 380 009, Gujarat,
India Email Id:
ashram@bankofbaroda.com |
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Nature or description of the instrument creating charge |
No instrument was executed but on 7th day of February, 2008
a mortgage by way of constructive delivery of company’s immovable properties
was created. |
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Date of the instrument creating charge |
07.02.2008 |
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Amount Secure by the charge |
Rs. 41.200 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: The borrower shall pay interest, commission, charges and other sums as
specified in the sanction letter No. ASH / ADV/2006 /628 dated 21.11.23006 or
as amended from time to time. Terms of repayment: The borrower shall pay Interest, commission, charges and other sums as
specified in the sanction letter no. ASH / ADV / 2006/628 dated 21st
November, 2006 or as amended from time to time. Margin: The borrower shall pay Interest, commission, charges and other sums as
specified in the sanction letter no. ASH / ADV / 2006/628 dated 21st
November, 2006 or as amended from time to time. Extent and operation of the
charge: First charge on immovable properties described in Annexure for Rs.
41.200 millions. The Charge of the Bank extends to the principal amount of
loan together with Interest, additional Interest, penal Interest, commission,
costs, charges and expenses and other moneys including all increase as a
result of fluctuation in rates of exchange of foreign currency payable by
company under respective Deeds of Letters of Sanction loan agreements as
amended from time to time. |
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Particulars of the Present modification |
The charge has been extended to Rs.41.200 millions. Charge of the bank
extends to the principal amount of loan together with interest, Additional
Interest, penal Interest, commission, costs, charges and expenses and other
moneys including all increase as a result of fluctuation in rates of exchange
of foreign currency payable by company under respective Deeds of Letters of
Sanction / loan agreement as amended from time to time. |
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.40.45 |
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UK Pound |
1 |
Rs.82.25 |
|
Euro |
1 |
Rs.63.20 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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 |
|