MIRA
INFORM REPORT
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Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
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Name : |
BALASUDHI AGROTECH PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.08.2006 |
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Com. Reg. No.: |
18-013025 |
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CIN No.: [Company Identification
No.] |
U01122TZ2006PTC013025 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEB06147B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Mango Pulp. |
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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Maximum Credit Limit : |
USD 66000 |
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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. Trade relations
are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. The profit and loss of the company is not available. |
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. Parthiban |
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Designation : |
Director |
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Contact No.: |
91-9443457819 |
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Date : |
27.04.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-4343-290538 |
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Mobile No.: |
91-9443457819 (Mr. Parthiban) |
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E-Mail : |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. A. Parthiban |
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Designation : |
Director |
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Address : |
Thatrahalli Post, |
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Date of Birth/Age : |
01.06.1964 |
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Date of Appointment : |
28.08.2006 |
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Name : |
Mr. S. Uinothkumar |
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Designation : |
Director |
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Address : |
Gangaleri Post, |
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Date of Birth/Age : |
05.01.1983 |
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Date of Appointment : |
28.08.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2010
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Names of Shareholders |
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No. of Shares |
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A. Parthiban |
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120000 |
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M. Pazhani |
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65000 |
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K.T. Murugesan |
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20000 |
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T. Anbalagan |
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20000 |
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M. Matharasu |
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20000 |
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V. Jayaradhakrishnan |
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10000 |
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P. Nagarajan |
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10000 |
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A. Dhamodharan |
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40000 |
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S. Vinothkumar |
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20000 |
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E.S. Ravikumar |
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38000 |
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E.C. Krishnamoorthy |
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42000 |
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P. Lathaa |
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20000 |
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M. lqbal |
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20000 |
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S. Shan Bhegam |
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20000 |
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R. Kavitha |
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12000 |
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P. Valli |
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35000 |
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R. Anwar Basha |
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20000 |
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A. Nawaz Basha |
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10000 |
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Mohamed Sadathullah |
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10000 |
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A. Ravichandran |
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50000 |
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B. Latha |
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10000 |
As on 29.09.2010
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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 Mango Pulp. |
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Products : |
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Exports : |
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Products : |
Mango Pulp |
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Countries : |
Gulf Countries |
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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 : |
400 (Approximately) |
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K. Shahjahan and Company Chartered Accountant |
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Address : |
21, R S Lakshmipuram, Krishnagiri-635001, |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1550000 |
Equity Shares |
Rs.10/- each |
Rs.15.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1550000 |
Equity Shares |
Rs.10/- each |
Rs.15.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.500 |
5.600 |
5.600 |
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2] Share Application Money |
0.000 |
8.280 |
0.000 |
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3] Reserves & Surplus |
1.197 |
3.238 |
0.356 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.697 |
17.118 |
5.956 |
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LOAN FUNDS |
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1] Secured Loans |
19.446 |
12.323 |
11.214 |
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2] Unsecured Loans |
1.612 |
1.456 |
1.456 |
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TOTAL BORROWING |
21.058 |
13.779 |
12.670 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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OUTSTANDING EXPENSES |
0.973 |
0.000 |
0.000 |
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TOTAL |
38.728 |
30.897 |
18.626 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.373 |
17.355 |
15.086 |
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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 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.191
|
7.002 |
5.050 |
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Sundry Debtors |
1.614
|
0.000 |
1.476 |
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Cash & Bank Balances |
0.032
|
0.000 |
0.049 |
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Other Current Assets |
3.906
|
3.397 |
0.106 |
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Loans & Advances |
2.612
|
6.697 |
0.635 |
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Total
Current Assets |
19.355
|
17.096 |
7.316 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
0.000
|
3.554 |
4.146 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
0.000
|
3.554 |
4.146 |
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Net Current Assets |
19.355
|
13.542 |
3.170 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.368 |
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OTHERS |
0.000 |
00.000 |
0.002 |
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TOTAL |
38.728 |
30.897 |
18.626 |
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Particulars |
|
31.03.2010 |
31.03.2009 |
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Sales Turnover (Approximately) |
|
50.000 |
50.000 |
Expected Sales (2010-2011): Rs. 70.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.26
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1.01 |
2.82 |
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Current Ratio (Current Asset/Current Liability) |
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0.00
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4.81 |
1.76 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10046900 |
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Corporate identity
number of the company |
U01122TZ2006PTC013025 |
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Name of the
company |
BALASUDHI
AGROTECH PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property Any Interest in
Immovable Property |
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Particular of
charge holder |
Bank of |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
- Promissory Note -
Sanction Letter - Annexure V ( B ) -
L 516 -
CBD-22 Agreement of TL and
Hypothecation of movable assets Charge and Hypothecation of Book
debts. Term Loan Rs 6.000 millions Six Yearly repayment of Rs.1.000 millions each
Plus interest |
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Date of
instrument Creating the charge |
01.06.2010 |
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Amount secured by
the charge |
Rs.26.581
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At the rate
of 0.5 % above the bench mark Prime
Lending Rate (BPLR ) presently 12.50% per annum with monthly rests Terms of
Repayment Term Loan Rs 60,00,000 Six Years - yearly repayment
of Rs 1.000 millions (Plus interest on monthly rests) per annum Margin 33.33% Extent and
Operation of the charge Hypothecation
of stock , plant and machinery, De-stoner, Screw pump etc., Hypothecation of stock
of raw materials, stock in process, finished goods, plant and machinery, land
and buildings, furniture and fixtures situate either in the godowns or its
registered office or in transit. |
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Short particulars
of the property charged |
Land, Building and
Plant and machinery, THATRAHALLI POST, PANNANDUR VIA, Tamilnadu. S. Nos;
290/1A2 (2.26 Acres), 290/1c (0.72 acres), 290/1A1B (0.74 acres), 290/1B2
(0.1 acres) Total 3.82 acres. |
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Date of latest
modification prior to the present modification |
12.05.2008 |
|
Particulars of
the present modification |
Additional Term
Loan of Rs 6.000 millions. |
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.44.33 |
|
|
1 |
Rs.74.14 |
|
Euro |
1 |
Rs.65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.