MIRA
INFORM REPORT
|
Report Date : |
27.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
CROP LIFE SCIENCE LIMITED |
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Registered Office : |
Plot No. 5165, GIDC Estate, Near GEB Substation Nonrural - INR,
Ankleshwar-393002, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.05.2006 |
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Com. Reg. No.: |
04-48297 |
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CIN No.: [Company
Identification No.] |
U24124GJ2006PLC048297 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDC01057A |
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PAN No.: [Permanent
Account No.] |
AACCC8249E |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Agrochemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 69000 |
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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 satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
|
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
|
Name : |
Mr. Ramesh |
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Designation : |
Director |
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Contact No.: |
91-9909976991 |
|
Date : |
25.04.2011 |
LOCATIONS
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Registered Office : |
Plot No. 5165, GIDC Estate, Near GEB Substation Nonrural- INR,
Ankleshwar-393002, |
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Tel No. : |
91-2646-238479/ 283497 |
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Fax No. : |
91-2646-238479 91-79-26872960 |
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E-Mail : |
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Website : |
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Area : |
6000 Sq. Fts |
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Location : |
Owned |
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Factory : |
Plot No. 4525, GIDC Industries Estate, Ankleshwar-393020, |
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Tel. No.: |
91-2646-238497 |
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Head Office : |
407, Musia Atharia above reliance off. Head Judge, |
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Tel. No.: |
91-79-26872301 |
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Fax No.: |
91-79-26872996/29097701 |
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Corporate Office : |
H.O. 510, Akik Tower, Opposite Rajpath Club, S.G. Road, Bodakdev,
Ahmedabad-380054, Gujarat, India. |
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Tel. No.: |
91-79-2687230 |
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Fax No.: |
91-79-26872301 |
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Warehouse : |
A – 67, Shree Hari |
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Location : |
Rented |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Jamankumar Hansaraj Talavia |
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Designation : |
Director |
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Address : |
Plot No. 35, Chitra Bank Colony, Chitra, Bhavanagar-364003, |
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Date of Birth/Age : |
10.07.1969 |
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Qualification : |
B. Sc Agri |
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Date of Appointment : |
03.06.2007 |
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DIN No.: |
01525356 |
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Name : |
Mr. Rajeshkumar V Lungariya |
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Designation : |
Director |
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Address : |
301, Nilkamal Co Operative Housing Society, New Colony, GIDC Estate,
Ankleshwar-393002, |
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Date of Birth/Age : |
08.04.1970 |
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Qualification : |
B. Sc Chemistry |
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Date of Appointment : |
24.05.2007 |
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DIN No.: |
01580748 |
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Name : |
Mr. Ramesh Ravjibhai Talavia |
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Designation : |
Director |
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Address : |
A-21, Sanskruti Apartments, Bopal Dascroi, Ahmedabad-380058, |
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Qualification : |
B. Sc Agri |
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Date of Appointment : |
24.05.2007 |
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DIN No.: |
01619743 |
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Name : |
Mr. Ashvin Ravjibhai Lungariya |
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Designation : |
Duirector |
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Address : |
F-6, Greenvila Flat, Near Vishram Nagar, |
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Qualification : |
B. Sc Chemistry |
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Date of Birth/Age : |
06.12.1964 |
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DIN No.: |
02731913 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Ravjibhai Talavia |
|
175000 |
|
Rajeshkumar Vrajlal Lunagariya |
|
220000 |
|
Jamankumar Hansaraj Talavia |
|
175000 |
|
Ashivnkumar Ravji Lunagaria |
|
130000 |
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Vijayaben Ashivnkumar Lunagaria |
|
50000 |
|
Sumitaben Rajesh Lunagariya |
|
50000 |
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Manjulaben Ramesh Talavia |
|
50000 |
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Muktaben Jamanbhai Talavia |
|
50000 |
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Total |
|
900000 |
Equity Share Breakup As on 30.09.2008
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
KEY EXECUTIVES
|
Name : |
Mr. Madhusudhan |
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Designation : |
Accountant |
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Contact No.: |
91-9727171708 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Agrochemicals. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
45 Approximately |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D T Samani and Company Chartered Accountant |
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Address : |
D-206, Navyug C H S Limited, Aarey Road, Goregaon (East),
Mumbai-400063, |
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Tel. No.: |
91-22-28756531/ 28769653 |
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Mobile No.: |
91-9820189577 |
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E-Mail : |
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Associates/
Subsidiaries : |
As on 31.03.2009
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.000
Millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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|
1] Share Capital |
9.000 |
5.000 |
4.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.100 |
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3] Reserves & Surplus |
8.437 |
4.809 |
1.815 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.437 |
9.809 |
6.815 |
|
|
LOAN FUNDS |
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|
1] Secured Loans |
7.154 |
5.929 |
1.057 |
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2] Unsecured Loans |
16.123 |
9.775 |
3.141 |
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TOTAL BORROWING |
23.277 |
15.704 |
4.198 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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TOTAL |
40.714 |
28.513 |
11.013 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.168 |
13.737 |
7.148 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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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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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.555
|
6.011
|
7.557
|
|
|
Sundry Debtors |
5.488
|
2.223
|
1.361
|
|
|
Cash & Bank Balances |
7.094
|
8.762
|
3.350
|
|
|
Other Current Assets |
0.854
|
0.114
|
0.076
|
|
|
Loans & Advances |
1.616
|
1.080
|
0.429
|
|
Total
Current Assets |
30.607
|
18.190
|
12.773
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
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Other Current Liabilities |
|
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Provisions |
1.772
|
1.567
|
1.156
|
|
Total
Current Liabilities |
19.959
|
7.537
|
9.079
|
|
|
Net Current Assets |
10.648
|
10.653
|
3.694
|
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.898 |
1.123 |
0.171 |
|
|
|
|
|
|
|
|
TOTAL |
40.714 |
25.513 |
11.013 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Income (Turnover) |
122.653 |
103.885 |
46.035 |
|
|
|
Other Income |
0.000 |
0.051 |
0.014 |
|
|
|
TOTAL (A) |
122.653 |
103.936 |
46.049 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
89.267 |
69.759 |
33.787 |
|
|
|
Manufacturing Expenses |
8.512 |
5.008 |
2.129 |
|
|
|
Administrative and other Expenses |
19.538 |
16.493 |
11.330 |
|
|
|
Preliminary Expenses |
0.225 |
0.078 |
0.043 |
|
|
|
Variation in stock |
[6.287] |
5.411 |
[5.159] |
|
|
|
TOTAL (B) |
111.255 |
96.749 |
42.130 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.398 |
7.187 |
3.919 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.098 |
1.287 |
0.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.300 |
5.900 |
3.384 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.029 |
1.337 |
0.605 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.271 |
4.563 |
2.779 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.649 |
1.511 |
0.862 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
3.622 |
3.052 |
1.917 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.02 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.95
|
2.94
|
4.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.30
|
4.39
|
6.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.82
|
14.29
|
19.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.47
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.48
|
2.37
|
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
2.41
|
1.41 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Address of the company has been shifted from Plot No.
4525 GIDC Industrial Estate, Ankleshwar-393002,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24124GJ2006PLC048297 |
|
Name of the
company |
CROP LIFE SCIENCE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 5165, GIDC Estate, Near GEB Substation Nonrural- INR,
Ankleshwar-393002, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
|
|
Particular of
charge holder |
ICICI Bank Limited, |
|
Nature of
instrument creating charge |
Memorandum of
Entry – First time mortgage by deposit of title deeds with ICICI Bank |
|
Date of instrument
Creating the charge |
30.03.2011 |
|
Amount secured by
the charge |
Rs. 9.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest I – Base as publicity
notified from time to time plus margin of 3.00% = 11.75% p.a. (8.75% + 3.00%)
or as applicable at the time of disbursement. Terms of
Repayment Rs. 0.136
Millions payable monthly, Total 120 installments Margin NA Extent and
Operation of the charge The Bank granted
credit facility aggregating to Rs. 9.600 Millions against mortgage of
immovable property by way of exclusive first charge by equitable mortgage at
address is 209, Primate, behind mother milk dairy, bodakdev, Ahmedabad Others Guarantee to be
provided by the directors of the company. |
|
Short particulars
of the property charged |
Exclusive first
charge by way of equitable mortgage on this property, property address is
209, Primate, behind mother milk dairy, baodakdev, Ahmedabad |
|
This form is for |
Creation of
charge |
|
Name of the
company |
CROP LIFE SCIENCE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 5165, GIDC Estate, Near GEB Substation Nonrural- INR,
Ankleshwar-393002, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
a) Letter of Hypothecation and b) Memorandum Recording Past Transaction of
Creation of Mortgage by Deposit of Title Deeds. (Collectively constitute a
single charge for Rs. 4.000 Millions) |
|
Date of
instrument Creating the charge |
06.09.2008 |
|
Amount secured by
the charge |
Rs. 4.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank form time to time Terms of
Repayment On Demand Margin Company shall at
all times during the continuance of this security maintain the said debts of
a sufficient amount to provide the margin of security as may from time to
time advisory by the bank Extent and
Operation of the charge a) Hypothecation by way of First Charge on company’s
Stocks, Book Debts etc. to secure as a continuing security. b) The company, created an equitable mortgage
by way of deposit of title deeds in respect of its immovable properties as
stated under Item No. 14 as security for the due repayment / payment of the
Company’s dues including principal amount of the Facility, Interest
liquidated damages, costs, charges and expenses etc |
|
Short particulars
of the property charged |
1) Hypothecation by way first charge on a) All the stock in trade both present and future
consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise, fixed assets and whatsoever being
movable properties b) All present and future book dedbts, and
(ii) Mortgage over properties situated at Bhaurch |
Fixed Assets:
- Telephone
- Computer
- Weight Scale
- Furniture
- Motor Car
- Plot
- Electrical
Installation
- Plan and
Machinery
- Cycle
- Freeze
- Lab
Instrument
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.44.59 |
|
|
1 |
Rs.73.44 |
|
Euro |
1 |
Rs.64.81 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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.