MIRA INFORM REPORT
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Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
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Name : |
INDIAN GREENHOUSES PRIVATE LIMITED (w.e.f.16.09.2010) |
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Formerly Known
As : |
SHRIHARI GREENHOUSES PRIVATE LIMITED |
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Registered
Office : |
7, Namrata Commercial Centre, Talegaon- Chakan Road, Talegaon Dabhade,
Taluka Maval, Pune-410507, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
16.05.2002 |
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Com. Reg. No.: |
11-016962 |
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CIN No.: [Company Identification
No.] |
U01122PN2002PTC016962 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES08431D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Construction of Greenhouse. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 moderate track. The
management has not filed the latest financials of the company with the Government
Departments. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Raj |
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Designation : |
Director |
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Date : |
13.04.2011 |
LOCATIONS
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Registered Office : |
7, Namrata Commercial Centre, Talegaon- Chakan Road, Talegaon Dabhade,
Taluka Maval, Pune-410507, Maharashtra, India |
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Tel. No.: |
91-2114-229772/ 229773 |
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Mobile No.: |
91-9890996991 (Mr. Rajkumarl Deodhar) |
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Fax No.: |
91-2114-229773 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Factory 1 : |
Survey No. 67, Talegaon Dabhade, Off |
DIRECTORS
As On : 30.09.2009
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Name : |
Mr. Vishwas Sandipan Jogand |
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Designation : |
Director |
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Address : |
53/1, Vatan Nagar, Talegaon Dabhade, Taluka Maval, Pune-410507, |
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Date of Birth/Age : |
01.07.1968 |
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Qualification : |
B.E. Civil |
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Date of Appointment : |
16.05.2002 |
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DIN No : |
01656075 |
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Name : |
Mrs. Rekha Vishwas Jogand |
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Designation : |
Director |
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Address : |
53/1, Vatan Nagar, Talegaon Dabhade, Taluka Maval, Pune-410507, |
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Date of Birth/Age : |
01.04.1973 |
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Qualification : |
B.A |
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Date of Appointment : |
16.05.2002 |
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DIN No : |
01634644 |
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Name : |
Mr. Raj Kumar V Deodhar |
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Designation : |
Director |
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Address : |
Plot No. 17, S. No. 1/1 A/ 5, Malwadi Near Talegaon Taluka- Maval,
Pune-410507, |
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Date of Birth/Age : |
05.02.1969 |
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Qualification : |
Diploma in Civil Engineering |
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Date of Appointment : |
16.05.2002 |
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DIN No : |
00867565 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Vishwas Jogdand |
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66000 |
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Rekha Jogdand |
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41800 |
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Rajkumar Devdhare |
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2200 |
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Total |
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110000 |
AS ON 30.09.2009
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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 : |
Construction of Greenhouse. |
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Products : |
Erection of Green Houses |
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Importers |
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Products : |
Polygon |
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Countries : |
France |
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Terms : |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
13 (In Office-7 and In Factory-6) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ranbeer Singh Saluja Chartered Accountant |
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Address : |
376/377, Venkatesh Construction, 3rd Floor, Unit Noi. 15, |
CAPITAL STRUCTURE
As On : 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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110000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.100 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.100 |
1.100 |
1.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.238 |
2.396 |
1.507 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.338 |
3.496 |
2.607 |
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LOAN FUNDS |
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1] Secured Loans |
4.041 |
2.081 |
0.647 |
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2] Unsecured Loans |
0.940 |
1.509 |
0.309 |
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TOTAL BORROWING |
4.981 |
3.590 |
0.956 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.319 |
7.086 |
3.563 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.009 |
2.269 |
2.416 |
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Capital work-in-progress |
0.000 |
0.000 |
0.00 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
44.945
|
5.224 |
1.851 |
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Sundry Debtors |
5.834
|
3.436 |
2.230 |
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Cash & Bank Balances |
0.017
|
0.148 |
0.078 |
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Other Current Assets |
1.514
|
0.000 |
0.000 |
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Loans & Advances |
0.728
|
0.699 |
0.631 |
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Total
Current Assets |
53.038
|
9.506 |
4.790 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
3.742 |
1.126 |
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Current Liabilities |
45.728
|
0.000 |
1.762 |
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Provisions |
|
0.948 |
0.755 |
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Total
Current Liabilities |
45.728
|
4.690 |
3.643 |
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Net Current Assets |
7.310
|
4.816 |
1.147 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.319 |
7.086 |
3.563 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SALES |
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Sales |
71.683 |
68.650 |
38.432 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL |
71.683 |
68.650 |
38.432 |
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Less |
EXPENSES |
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Administrative Expenses |
1.984 |
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Purchases made for re-sale |
101.782 |
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Labour and Transport |
4.484 |
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Payments to and Provision for Employees |
1.058 |
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Increase/(Decrease) in Finished Goods |
[39.722] |
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TOTAL |
69.586 |
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|
67.270 |
37.685 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2.097 |
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Less |
FINANCIAL
EXPENSES |
0.482 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.615 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.395 |
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PROFIT BEFORE
TAX |
1.220 |
1.380 |
0.747 |
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Less |
TAX |
0.377 |
0.496 |
0.240 |
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PROFIT AFTER TAX |
0.843 |
0.884 |
0.507 |
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Earnings Per
Share (Rs.) |
7.66 |
8.04 |
46.09 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.18
|
1.35 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.70
|
2.11 |
2.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.22
|
11.72 |
10.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.39 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
11.69
|
2.37 |
1.76 |
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Current Ratio (Current Asset/Current Liability) |
|
1.16
|
2.03 |
1.31 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U01122PN2002PTC016962 |
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Name of the
company |
SHRIHARI GREENHOUSES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
7, Namrata Commercial Centre, Talegaon- Chakan Road, Talegaon Dabhade,
Taluka Maval, Pune-410507, Maharashtra, India |
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Type of charge |
|
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Particular of
charge holder |
IDBI Bank Limited, Namrata Commercial Complex, Talegaon Dabhade,
Pune-410507, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation |
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Date of
instrument Creating the charge |
19.06.2007 |
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Amount secured by
the charge |
Rs. 5.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR + 1%
presently 14.25% p.a. at monthly rests or at the rate that shall be stipulated
by the bank form time to time Terms of
Repayment Renewal after 15
months form date of disbursement or to be repaid in lumpsum on or before
18.09.2008 Margin 25% on Stock and
Debtors Extent and
Operation of the charge First charge on
prime security of hypothecation of stock in trade and book debts upto 90 days
and collateral security of land and factory premises at Talegaon Dabhade
Value Rs. 3.425 Millions and Mortgage of offie premises at Talegaon Dabhade
Value Rs. 1.425 Million and Hypothecation of Plant and Machinery and
Furniture of Rs. 0.200 Millions stock in trade consist of G.I.P.V. V
Stablised polythene films, Shed Nets etc. |
|
Short particulars
of the property charged |
Prime Security of
hypothecation of stock in trade and book debts upto 90 days and collateral
securityl of land and factory premises at Talegaon Dabhade Value Rs. 3.425
Millions and mortgage of office premises at Talegaon Dabhade Value Rs. 1.425
Million and Hypothecation of plant and machinery and furniture of Rs. 0.200
Million, Stock in trade consist of G.I.P.V.V stablised polythene films shed
nets etc situated at S. No. 67, Hiss No. A/1 Talegaon Dabhade, District Pune |
FIXED ASSETS:
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Computer
·
Factory Shed
·
Generator
·
Tata Mobile Vehicle
·
Office Interior
AS PER WEBSITE
Profile
Based at Pune, Maharashtra, India, they subject are
regarded as one of the most prominent Greenhouse
Construction Company in India. The greenhouse and the shade houses that
they erect are made using quality components and advanced technology.
Designing, manufacturing and construction of Greenhouses depend a lot on the
environmental and topographical factors, so they construct our structures only
after due consideration of these conditions.
Earlier, plantation of
crops or vegetables was done according to the climate, but now with the use of
Greenhouse, cultivation of many crops and vegetables that are out of season is
possible. It helps a lot in commercial cultivation of various items as per user
or market demands. Exotic cut flowers like Rose, Carnation, Gerbera, Orchi,
Anthurium and Chrysanthemum and exotic vegetables that include Colored
Capsicum, Tomato, Cucumber are possible today because of the presence of
Greenhouses.
They receive overwhelming
support from their team of professionals, whose performance and utmost
dedication help them a lot in achieving their goals. They ensure that their
construction meets all the required standards and specifications to the
minutest details. Their services have greatly helped us in developing amiable
and long serving relations with their clients that include various farmers,
controlled greenhouses, Floriculture parks and corporate sectors.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
28 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.