MIRA
INFORM REPORT
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Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
TIRTH AGRO TECHNOLOGY PRIVATE LIMITED |
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Registered Office : |
401 Atul Appartment, 4 Ram Krishna Nagar, B/H Ramkrishna Ashram, DR.
Yagnik Road, Rajkot – 360001, Gujarat. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.07.2000 |
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Com. Reg. No.: |
04-038435 |
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CIN No.: [Company
Identification No.] |
U72900GJ2000PTC038435 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Agricultural Implements. |
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 7450 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having almost steady business. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Praveen Yadav |
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Designation : |
Accounts Assistant |
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Date : |
14.11.2008 |
LOCATIONS
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Registered Office : |
401 Atul Appartment, 4 Ram Krishna Nagar, B/H Ramkrishna Ashram, DR.
Yagnik Road, Rajkot – 360001, Gujarat, India. |
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Tel. No.: |
91-281-2386047 / 2386037 |
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Mobile No.: |
91-9374100612 |
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Fax No.: |
91-281-2380852 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.ft. |
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Location : |
Owned |
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Factory 1 : |
Behind Hindustan Oil Mill cake, Near Krishna Park Hotel, National
Highway 8b, Gondal Road, Rajkot- 360002, Gujarat, India. |
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Tel. No.: |
91-281-2386047/ 2377204 / 2380852 |
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Fax No.: |
91-281-2380852 |
DIRECTORS
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Name : |
Mr. Hasmukhbhai Gohil |
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Designation : |
Director |
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Address : |
3, Marutinagar, Kevalam Apartment, 3rd Floor, 304, Airport
Road, Rajkot – 360003, Gujarat, India. |
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Date of Birth : |
22.12.1975 |
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Qualification : |
Mechanical Engineer. |
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DIN No.: |
00619221 |
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Date of Appointment : |
26.07.2000 |
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Name : |
Mr. Ashwin Gohil |
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Designation : |
Director |
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Address : |
St No.4, Ram Krishna Nagar, B/H Ramkrishna Ashram,Rajkot – 360001,
Gujarat, India. |
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Date of Birth : |
08.12.1973 |
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Qualification : |
Mechanical Engineer. |
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DIN No.: |
00619253 |
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Date of Appointment : |
26.07.2000 |
KEY EXECUTIVES
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Name : |
Mr. Praveen Yadav |
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Designation : |
Accounts Assistant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Hasmukhbhai Gohil |
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270000 |
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Mr. Ashwin Gohil |
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245000 |
LIST OF ALLOTTEE AS ON 15.03.2007
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Names of Shareholders |
No. of Shares |
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Mr. Gatorbhai L.
Gohil |
25000 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Agricultural Implements. |
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Products : |
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Brand Names : |
“SHAKTIMAN” |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit (30 days), T/T |
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Purchasing : |
L/C, Credit (30 -90 days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
200 |
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Bankers : |
SSI Branch, Gondal
Road, Rajkot – 360001, Gujarat, India.
Small Scale Industries Branch,
Gayatri Complex, Gondal Road, Rajkot 360 001, Gujarat, India
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Facilities : |
Secured Loans
Unsecured Loans
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Banking
Relations : |
- |
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Auditors : |
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Name : |
H.Jamnadas and Company Chartered Accountant |
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Address : |
217-219, Heera Panna Complex, DR. Yagnik Road, Rajkot – 360001,
Gujarat, India. |
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Sister Concerns: |
AG Agro Industries |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- Each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- Each |
Rs.5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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380.000 |
Expected Sales (2008-09) : Rs.500.000 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 |
0.500 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.990 |
0.309 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.490 |
0.409 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
0.050 |
1.297 |
1.246 |
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2] Unsecured Loans |
1.980 |
1.418 |
1.107 |
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TOTAL BORROWING |
2.030 |
2.715 |
2.353 |
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DEFERRED TAX LIABILITIES |
0.424 |
0.124 |
0.000 |
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TOTAL |
3.944 |
3.248 |
2.453 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.727 |
4.975 |
3.351 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.025 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.373
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0.172 |
0.168 |
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Sundry Debtors |
20.610
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8.371 |
4.224 |
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Cash & Bank Balances |
0.156
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0.078 |
0.014 |
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Other Current Assets |
0.010
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0.010 |
0.000 |
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Loans & Advances |
0.872
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0.483 |
0.020 |
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Total
Current Assets |
22.012
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9.105 |
4.426 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.642
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10.732 |
5.405 |
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Provisions |
0.162
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0.110 |
0.000 |
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Total
Current Liabilities |
29.804
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10.842 |
5.405 |
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Net Current Assets |
(7.792)
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(1.737) |
(0.979) |
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MISCELLANEOUS EXPENSES |
0.009 |
0.010 |
0.012 |
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Profit and Loss Accountant |
0.000 |
0.000 |
0.044 |
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TOTAL |
3.944 |
3.248 |
2.453 |
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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 and Other Income |
40.648 |
31.445 |
6.736 |
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Total Income |
40.648 |
31.445 |
6.736 |
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Profit/(Loss) Before Tax |
2.047 |
1.086 |
0.370 |
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Provision for Taxation |
1.366 |
0.733 |
0.366 |
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Profit/(Loss) After Tax |
0.681 |
0.353 |
0.004 |
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Expenditures : |
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Interest |
0.277 |
0.185 |
0.206 |
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Depreciation & Amortization |
0.903 |
0.474 |
0.364 |
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Other Expenditure |
38.601 |
30.359 |
6.366 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.67
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1.12 |
0.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.03
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3.45 |
5.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.06
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7.71 |
4.75 |
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Return on Investment (ROI) (PBT/Networth) |
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1.37
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2.65 |
3.7 |
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Debt Equity Ratio (Total Liability/Networth) |
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21.36
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33.14 |
77.58 |
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Current Ratio (Current Asset/Current Liability) |
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0.73
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0.83 |
0.81 |
LOCAL AGENCY FURTHER
INFORMATION
OPERATION AND
PROSPECTS:
During the year the company has achieved turnover of Rs.40.648 Millions
as against Rs.31.445 Millions during the previous year. The company has earned
profit of Rs.2.324 Millions before depreciation and interest. The company has
earned profit of Rs. 1.144 millions after providing for depreciation and
interest. The directors are trying their level best to improve performance of
the company in terms of turnover and profitability. The prospects of the
company’s business are bright and positive.
Bankers Charges
Report as per Registry
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Name of the company |
TIRTH AGRO
TECHNOLOGY PRIVATE LIMITED |
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Presented
By |
Shri Ashvinbhai Gatorbhai Gohil |
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1) Date and description of instrument creating the change |
Equitable
Mortgage dated:- 23.08.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 Millions |
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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 |
Land of Plot
No.32 admeasuring 520.28 sq.mtr.N.A. Land revenue survey No.37 of Village
Vavdi, Taluka Rajkot and Land of Plot No.33 admeasuring 320.25 sq.mtr. of N.A.
land revenue survey no. 37 of Village Vavdi, Taluka Rajkot. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The title deed of
the immovable properties of the company referred in para 3 above has
deposited with intent to create a security by way of EQUITABLE MORTGAGE on
the said properties to secure the due repayment of the Bank of all amounts
under the various credit facilities granted or to be granted by Bank to the
extent of Rs.2.000 Millions to M/s A.G. Agro Industries. And to secure
guarantee provided by the company to the Bank for making advances to M/s A.G.
Agro Industries. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India, Small Scale Industries
Branch, Gayatri Complex, Gondal Road, Rajkot – 360 001, Gujarat, India. |
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6) Date and brief description of instrument modifying the charge |
Supplementary
Memorandum dated : -09.02.2004 |
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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. |
The title deed of
the immovable properties of the company referred in para 3 above, which is
already deposited with the Bank for securing due repayment and discharge by
the M/s A.G. Agro Industries to the Bank, has now deposited with intent to
create a security by way of SPPLEMENTARY MOMORANDUM on the said properties to
secure the due repayment of the Bank of all amounts advanced or to be
advanced and of all amounts under the various credit facilities granted or to
be granted by Bank to the Company (M’s Tirth Agro Technology Private Limited)
to the extent of Rs.1.500 Millions together with interest, compound interest,
additional interest in case of default, liquidated damages, commitment
charge, premia on repayment or redemption, costs, charges, expenses and other
monies payable by the company. |
FORM 8
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10065217 |
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Corporate
identity number of the company |
U72900GJ2000PTC038435 |
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Name of the
company |
TIRTH AGRO TECHNOLOGY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
401 Atul Appartment, 4 Ram Krishna Nagar, B/H Ramkrishna Ashram, DR.
Yagnik Road, Rajkot – 360001, Gujarat, India. |
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Type of charge |
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Particular of
charge holder |
State Bank of Saurashtra, SSI Branch, Gondal Road, Rajkot – 360001, Gujarat, India Email :- rjt.ssib@sbs.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
deposit for creation of charge for term loan/cash credit/ODBD/FBWC
Limits/Overall limit Dated:- 16.10.2007 |
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Date of
instrument Creating the charge |
16.10.2007 |
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Amount secured by
the charge |
Rs.45.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As prescribed by
the bank. Term of Repayment Term loan of Rs.
25.000 Millions is repayable in 17 quarterly installments of Rs.1.389
millions, and 18th installment for Rs. 1.387 millions commencing
from 6 months from the first disbursement. Working capital
loan is repayable on demand. Margin Raw materials,
stock in process, finished goods, store and spares at 25%. Book debts at 50% Extent and operation of the charge The charge shall
operate as a first and exclusive charge in favour of State Bank of
Saurashtra, SSI Branch, Rajkot till due repayment of loan, interest and any
other charge due on it. Others
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Short particulars
of the property charged |
1)
Property-industrial
land and building, situated at plot No. 21, 22, Vavdi R.S. No.34/1, District
Rajkot, land adm 443.42 sq.mtr. And 456.00 sq.mtr respectively and
construction thereon. 2)
Property-industrial
land and building, situated at plot No.32, 33 Vavdi R.S.37, District Rajkot,
land adm 520.66 sq.mtr., 520.25 SQ.mtr. respectively and construction
thereon. |
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Particulars of
the present modification |
Charge is
modified to further secured by Equitable Mortgage of the property of the
company. |
TRADE REFERENCES:
v Sri Sainath Agency, Pune
v Shaktiman Services, Mahdya Pradesh
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 |
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US Dollar |
1 |
Rs.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
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43 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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