MIRA
INFORM REPORT
|
Report Date : |
28.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RICHFIELD FERTILIZERS PRIVATE LIMITED |
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Formerly Known As : |
RICHFIELD FERTILIZERS LIMITED |
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Registered Office : |
Plot No.B-27, MIDC, Ambad, Nashik – 422010, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.04.2001 |
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Com. Reg. No.: |
131579 |
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CIN No.: [Company
Identification No.] |
U24129MH2001PTC131579 |
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IEC. No.: |
3103005741/25.8.2003 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKR01542C |
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Legal Form : |
Private limited Liability Company |
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Line of Business : |
Manufacturers,
Makers, Dealers, Importers, Exporters and Traders of all kinds of
fertilizers, pesticides natural or mixed fertilizers and other materials
including their intermediates, derivatives, by products, Co-products,
constituents, mixtures, components and compounds. |
RATING &
COMMENTS
|
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 26056 |
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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 meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mrs. Priti Patki |
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Designation : |
Head Accountant, In finance |
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Contact No.: |
91-253-2383398/ 9423969429 |
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Date : |
21.05.2008 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.B-27, MIDC, Ambad, Nashik – 422010, Maharashtra, India |
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Tel. No.: |
91-253-2380063/64/2581406
(R) |
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Mobile No: |
91-9422251554 |
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Fax No.: |
91-253-2382710 |
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E-Mail : |
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Area: |
1500 Sq. ft (8500
sq. ft Built-up) |
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Location: |
Owned |
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Branches : |
Located at: ·
Ahmedabad ·
Narayangaon ·
Sangli ·
Hubli ·
Hyderabad ·
Gujarat ·
Andhra
Pradesh ·
Paipur ·
Indore ·
Pimprigaon |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Vinayak V.
Shembekar |
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Designation : |
Director |
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Address : |
G No.465/3/1,
Farm House, Satpur – 425001, Maharashtra, India |
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Date of
Birth/Age : |
19.08.1943 |
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Date of
Appointment : |
01.09.2005 |
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Name : |
Mr. Vilas V.
Shembekar |
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Designation : |
Director |
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Date of
Birth/Age : |
13TH
February, 1954 |
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Casing Date : |
28.03.2003 |
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Date of
Appointment : |
12.04.2001 |
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Name : |
Mr. Kirit M Mehta
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Designation : |
Director |
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Date of
Birth/Age : |
05th
May, 1954 |
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Casing Date : |
28.03.2003 |
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Date of
Appointment : |
12.04.2001 |
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Name : |
Mr. Ashok S.
Agarwal |
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Designation : |
Director |
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Address : |
Udoy Bhonu
Co-Operative Housing Society Limited, Sumit-B, 711, 65/10, Main Avenue,
Santa-400056 |
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Date of
Birth/Age : |
08.04.1946 |
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Date of
Appointment : |
20.03.2003 |
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Name : |
Mr. Satish R
Arora |
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Designation : |
Director |
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Address : |
251/252,
Winbledon central, 21-33 Worple Road, London |
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Date of
Birth/Age : |
21.12.1937 |
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Date of
Appointment : |
24.10.2002 |
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Name : |
Mr. Anant R.
Kshirsagar |
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Designation : |
Director |
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Address : |
61/891, Rama
Govind Priyadarshni Park, Nashik-422009 |
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Date of
Birth/Age : |
11.09.1954 |
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Date of
Appointment : |
30.09.2003 |
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Name : |
Mr. Vinayak P
Patil |
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Designation : |
Director |
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Address: |
“Babul” Kadambvan
Satpur, Ambad Link Road, Satpur, Nashik – 420012 |
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Date of
Birth/Age : |
19.08.1943 |
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Experience: |
40 Years |
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Date of
Appointment : |
01.09.2005 |
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Name : |
Dr. Swapnil M
Bachchhav |
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Designation : |
Director |
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Address: |
“Supeabha”
Balwant Nagar, Anadwali Shivag, Gangapur Road, Nashil – 422013 |
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Date of
Birth/Age : |
40 Years |
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Qualification:
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M. Sc, Ph. D |
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Experience: |
14 Years |
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Name : |
Mrs. Pratibha S Bachchhav
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Designation : |
Director |
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Address: |
“Supeabha”
Balwant Nagar, Anadwali Shivag, Gangapur Road, Nashil – 422013 |
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Date of
Birth/Age : |
37 Years |
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Qualification:
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B. Sc |
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Experience: |
5 Years |
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Name : |
Dr. Murlidhar B Bachchhav
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Designation : |
Director |
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Address: |
“Supeabha”
Balwant Nagar, Anadwali Shivag, Gangapur Road, Nashil – 422013 |
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Date of
Birth/Age : |
03.12.1940 |
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Qualification:
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M. Sc, PH. D |
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Experience: |
40 Years |
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Date of
Appointment : |
09.08.2005 |
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Name : |
Mr. Ashok Auti |
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Designation : |
Director |
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Address : |
Flat No.12
Bhagirathi Apartment, Inira Nagar, Nashik, Maharashtra, India |
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Date of
Birth/Age : |
01.06.1970 |
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Qualification:
|
M S C |
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Date of
Appointment : |
01.09.2005 |
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Name : |
Mrs. Tanuja
Bhosale |
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Designation : |
Director |
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Date of
Birth/Age : |
40 years |
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Qualification:
|
B S C |
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Name : |
Mr. Indrani K.
Khanna |
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Designation : |
Director |
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Address: |
1303 Odyassey, Hiranandani
Gardens, Powai, Mumbai – 400076, Maharashtra, India |
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Date of
Birth/Age : |
08.08.1943 |
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Date of
Appointment : |
17.06.2003 |
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Name : |
Mr. Anant R.
Kshirsagar |
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Designation : |
Director |
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Address: |
61/891 Rama Govind,
Priyadarshini Park, Near Vanvaibhav Society, Nashik – 422009, Maharashtra
India |
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Date of
Birth/Age : |
11.09.1954 |
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Date of
Appointment : |
17.06.2003 |
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|
Name : |
Mr. Anirudh K.
Khanna |
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Designation : |
Director |
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Address: |
1303 Odyassey,
Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
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Date of
Birth/Age : |
22.01.1983 |
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Date of
Appointment : |
01.12.2004 |
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Name : |
Mrs. Neelanjana
K. Khanna |
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Designation : |
Director |
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Address: |
1303 Odyassey, Hiranandani
Gardens, Powai, Mumbai – 400076, Maharashtra, India |
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Date of
Birth/Age : |
14.06.1979 |
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Date of
Appointment : |
01.12.2004 |
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Other
directorship Companies : |
EPC Industries
Limited Director U25200MH1981PTC025731 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 08.08.2005)
|
Names of Shareholders |
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No. of Shares |
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Richifield
Springs Limited (UK) |
|
49940 |
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Yogesh Kumar Jain
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10 |
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Shivraj Lakshman |
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10 |
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Subhash W. Sawant
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|
10 |
|
Prashant Kumar J
Mukharjee |
|
143000 |
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Vinayak V.
Shembekar |
|
10 |
|
Vilas V.
Shembekar |
|
10 |
|
Kirit M Mehta |
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10 |
(As on 31.03.2007)
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Category |
|
Percentage
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Makers, Dealers, Importers, Exporters and Traders of all kinds of fertilizers,
pesticides natural or mixed fertilizers and other materials including their
intermediates, derivatives, by products, Co-products, constituents, mixtures,
components and compounds. |
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Products : |
NPK Fertilisers |
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Imports : |
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Countries : |
·
European ·
Belgium ·
Spain ·
UAE ·
Holland ·
China |
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Terms : |
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Selling : |
Cash and Credit
(60 days) |
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Purchasing : |
Credit (90-120
days) |
GENERAL
INFORMATION
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Customers : |
· End Users · Dealers · Distributors |
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No. of Employees : |
55 |
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Bankers : |
·
Vishwas
Co-operative Bank Limited , VishwasPark, Date
Nagar, Sawarkar Nagar, Nashik – 422005, India ·
Union Bank
of India, SSI Branch Satpur, Nashik – 422007 |
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Facilities : |
·
Vishwas Co-operative
Bank Limited - Rs. 3.000 millions ·
Union Bank
of India CC – Rs.15.000
Millions L/C – Rs.
Rs.20.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. Mukadam and
Associates Chartered Accountants |
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Address : |
Block No. 104-A,
Anand Estate, 189-A, Sane Guriji Marg, Chinchpokli (w), Mumbai-400011 |
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Tel. No.: |
91-22-23001840 |
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Fax. No.: |
91-22-23073055 |
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Associates : |
EPC Industries
Limited U25200MH1981PTC025731 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
390000 |
Equity Shares |
Rs.10/- each |
Rs.3.900 millions
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.01.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.900 |
2.900 |
2.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.614 |
2.574 |
0.511 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6.514 |
5.474 |
3.411 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.060 |
3.942 |
3.495 |
|
|
2] Unsecured Loans |
1.400 |
0.750 |
0.073 |
|
|
TOTAL BORROWING |
7.460 |
4.692 |
3.568 |
|
|
DEFERRED TAX LIABILITIES |
0.686 |
0.176 |
0.175 |
|
|
|
|
|
|
|
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TOTAL |
14.660 |
10.342 |
7.154 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.412 |
6.458 |
5.203 |
|
|
Capital work-in-progress |
0.000 |
0.926 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.150 |
0.150 |
0.150 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.095
|
5.215
|
0.000 |
|
|
Sundry Debtors |
8.931
|
13.662
|
0.000 |
|
|
Cash & Bank Balances |
2.923
|
3.602
|
14.440 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
2.415
|
2.537
|
0.000 |
|
Total
Current Assets |
28.364
|
25.016 |
14.440 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
24.068
|
22.261
|
12.690 |
|
|
Provisions |
0.236
|
0.000 |
0.000 |
|
Total
Current Liabilities |
24.304
|
22.261 |
12.690 |
|
|
Net Current Assets |
4.060
|
2.755
|
1.750 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.038 |
0.053 |
0.051 |
|
|
|
|
|
|
|
|
TOTAL |
14.660 |
10.342 |
7.154 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.01.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
54.735 |
44.320 |
|
Total Income |
|
54.735 |
44.320 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
2.111 |
0.336 |
|
Provision for Taxation |
|
0.000 |
0.124 |
|
Profit/(Loss) After Tax |
|
2.111 |
0.212 |
|
|
|
|
|
|
Import Value |
|
41.324 |
NA |
|
|
|
|
|
|
Total Expenditure |
|
52.624 |
43.984 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.01.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
3.85
|
0.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.85
|
0.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
6.70
|
1.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.38
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.88
|
4.92
|
4.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.12
|
1.13 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Solufeed Plant
Product and Services Private Limited
·
SQM, Europe,
Belgium
·
Trade
corporation International. Spain
·
Bio-chem
International, Punjab
·
Swall
Corporation, Mumbai
·
Desmukh
Chemicals, Nashik
·
Saukar
Accident Hospital, Lokmanya Nagar, Gangapur Road, Nashik – 422002
Tel. No.:
91-253-2576254
Fax. No.:
91-253-2316626
Fixed Assets:
·
Land
·
Factory
Building
Form 8:
|
Name of the company |
RICHFIELD FERTILIZERS LIMITED |
|
Presented By |
RICHFIELD FERTILIZERS LIMITED |
|
1) Date and description of instrument creating the change |
Registered
Mortgage Deed Dated 21st February, 2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 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 |
All the piece and
parcel of the property constructed on Plot No. B-27, MIDC, Ambad, Nashik – 422010
admeasuring 1500 sq. mtrs along with construction premises and things,
fixtures, furniture etc. affixed/ contained in additional industrial estate
within the village limits of Ambad Nashik, Tal and District Nashik |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Validity of Limits
– 36 months EMI Rs.0.102
Millions per Months Interests rate –
13% p.a. Penal Interests –
03% on the outstanding |
|
5) Name and Address and description of the person entitled to the charge. |
Vishwas
Co-operative Bank Limited VishwasPark, Date
Nagar, Sawarkar Nagar, Nashik – 422005, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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.42.89 |
|
UK Pound |
1 |
Rs.84.84 |
|
Euro |
1 |
Rs.67.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--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 |
|