MIRA
INFORM REPORT
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Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
GSP CROP SCIENCE
PRIVATE LIMITED |
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Formerly Known
As : |
GUJARAT
SUPERPHOSPHATE INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
404, Lalita
Complex, 352/3, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.02.1985 |
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Com. Reg. No.: |
04-7641 |
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Capital Investment / Paid-up Capital : |
Rs.250.000
Millions |
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CIN No.: [Company
Identification No.] |
U24120GJ1985PTC007641 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG00810F |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacture Of
Pesticides and Insecticides |
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No. of Employees: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 1492052 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Saumil |
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Designation : |
Senior Manager Accountant |
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Date : |
22.12.2011 |
LOCATIONS
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Registered
Office : |
404, Lalita
Complex, 352/3, |
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Tel. No.: |
91-79-26466580
/26440493 / 26449936 |
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Fax No.: |
91-79-26448872 /
22901047 |
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E-Mail : |
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Area : |
2000 sq. fts. |
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Premises : |
Owned |
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Corporate
Office : |
1st
Floor, Amar Chambers, Relief Road, Kalupur, Ahmedabad –380 002, |
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Tel. No.: |
91-79-27430299/27489081 |
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Fax No.: |
91-79-27435431 |
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Factory 1 : |
Plot No. 101 to
103, GVMM Industrial Estate, |
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Tel. No.: |
91-79-22900927/22900528/22873927/22871030 |
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Fax No.: |
91-79-22902526 |
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E-Mail : |
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Area : |
50000 sq. fts. |
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Premises : |
Owned |
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Factory 2 : |
551, Phase II, GIDC Kathwada, O/S Odhav Octroi Naka, Ahmedabad – 382
430, |
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Tel No. : |
91-79-22902556 |
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Factory 3: |
Plot No. 1, GIDC Estate Nandesari-391340, District |
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Tel No.: |
91-265-2841517 |
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Fax No.: |
91-265-2840117 |
DIRECTORS
AS ON 30.09.2011
|
Name |
Mr. Vrajmohan
Ramanlal Shah |
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Designation |
Chairman and
Managing Director |
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Address |
4/A, |
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Date of Birth |
03/12/1941 |
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Date of Appointment |
12/11/1985 |
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Name |
Mr. Bhaveshbhai
Vrajmohan Shah |
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Designation |
Whole Time
Director |
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Address |
4/A, |
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Date of Birth |
30/09/1971 |
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Date of Appointment |
01/03/1994 |
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|
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Name |
Mr. Kenal
Vrajmohan Shah |
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Designation |
Whole Time
Director |
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Address |
4/A, |
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Date of Birth |
31/10/1969 |
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Date of Appointment |
01/03/1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vrajmohan Shah |
|
341750 |
|
V.R. Shah HUF |
|
194140 |
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Vrajmohan R.Shah and V.C. Shah |
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50 |
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Vilasben V. Shah |
|
176250 |
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Kenal V. Shah |
|
586710 |
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Kenal V. Shah HUF |
|
52190 |
|
Falguniben K. Shah |
|
56125 |
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Bhavesh V. Shah |
|
583520 |
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Bhavesh V. Shah HUF |
|
52186 |
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Deepaben B. Shah |
|
56125 |
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V R Shah and V V Shah |
|
267630 |
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V V Shah and V R Shah |
|
133320 |
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Bhavesh V Shah (HUF) Jt Mohammed Anees |
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1 |
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Bhavesh V Shah (HUF) Jt Mohammed Arif |
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1 |
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Bhavesh V Shah (HUF) With Mohammed Yunus |
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1 |
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Bhavesh V Shah (HUF) Jt Mohammed Munaf |
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1 |
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Total |
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2500000 |
AS ON 30.09.2011
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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 |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture Of Pesticides and Insecticides |
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Products : |
·
Insecticides ·
Fungicides ·
Herbicides ·
Public
Health Formulations · Seed Treatment Chemicals |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
State Bank of India, Off Site Ahmedabad, MID Corporate Group, Overseas
Branch, Navjivan Post Office, Ahmedabad-380014, Gujarat, India. |
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Facilities : |
Note: 1. Working Capital Facilities secured by
Hypothecation of RMFG, Stock in Process, Packing Materials, Book debts,
outstanding monies, receivables claims etc. and Equitable Mortgage of Factory
Land and Building and by personal guarantee of Directors and Corporate
Guarantee of Bharat Pesticides Industries Private Limited and Universal
Chemical Industries. 2. Term Loan Secured by Hypothecation of
Machineries and personal Guarantee of Directors Corporate Guarantee of Bharat
Pesticides Industries Private Limited and Universal Chemical Industries 3. Vehicle Loans Secured by Hypothecation of
Vehicles. 4. Outstanding balance for facilities covered
under item 1 and 2 are including interest. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Borker and Muzumdar Chartered Accountant |
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Address : |
B/408, Premium House, Near Gandhigram Railway Station, |
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Tel. No.: |
91-79-26580401 / 26580412 |
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E-Mail : |
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Associates: |
·
Bharat Pesticides Industries Pvt. Ltd. ·
GSP Uruguay Sociedad Anonima |
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Partnership firm in which directors are Interested: |
·
Universal Chemicals Industries ·
Universal Bio Science ·
Universal Crop Care |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares Includes 24,00,000 (9,00,000) Equity Shares
issued as bonus by capitalisation of Reserve. |
Rs.100/- each |
Rs.250.000
Millions |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
250.000 |
99.000 |
99.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
123.013 |
167.137 |
76.969 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
373.013 |
266.137 |
175.969 |
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LOAN FUNDS |
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1] Secured Loans |
695.957 |
241.009 |
85.809 |
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2] Unsecured Loans |
39.156 |
32.280 |
39.333 |
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TOTAL BORROWING |
735.113 |
273.289 |
125.142 |
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DEFERRED TAX LIABILITIES |
11.890 |
0.000 |
0.000 |
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|
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TOTAL |
1120.016 |
539.426 |
301.111 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
478.778 |
88.288 |
77.642 |
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Capital work-in-progress |
16.189 |
147.776 |
0.000 |
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INVESTMENT |
0.040 |
0.034 |
0.034 |
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DEFERREX TAX ASSETS |
0.000 |
0.646 |
0.859 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
744.251
|
375.822
|
255.004
|
|
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Sundry Debtors |
427.234
|
214.718
|
177.183
|
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Cash & Bank Balances |
80.136
|
61.702
|
44.151
|
|
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Other Current Assets |
0.204
|
0.028
|
0.063
|
|
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Loans & Advances |
150.780
|
75.149
|
29.633
|
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Total
Current Assets |
1402.605
|
727.419
|
506.034
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
546.102
|
273.177
|
196.154 |
|
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Other Current Liabilities |
183.147
|
102.932
|
59.920
|
|
|
Provisions |
48.347
|
46.628
|
27.384
|
|
Total
Current Liabilities |
777.596
|
422.737
|
283.458
|
|
|
Net Current Assets |
625.009
|
304.682
|
222.576
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1120.016 |
541.426 |
301.111 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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|
|
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Turnover |
2363.200 |
1618.449 |
1049.055 |
|
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|
Less |
EXPENSES |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
217.820 |
151.233 |
76.624 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
53.357 |
14.153 |
13.059 |
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PROFIT BEFORE TAX
|
164.463 |
137.080 |
66.565 |
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Less |
TAX |
58.587 |
46.912 |
23.091 |
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PROFIT AFTER TAX
|
105.876 |
90.168 |
43.474 |
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.925 |
0.757 |
NA |
|
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|
|
|
|
|
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|
Less |
TRANSFER TO
GENERAL RESERVE |
100.000 |
90.000 |
NA |
|
|
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|
|
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|
|
|
BALANCE CARRIED
TO THE B/S |
6.801 |
0.925 |
NA |
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|
EARNINGS IN
FOREIGN CURRENCY |
227.945 |
5.990 |
NA
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
899.723 |
485.370 |
305.905 |
|
|
|
Interest and other expenses |
5.151 |
2.275 |
1.520 |
|
|
|
Traveling expense |
3.249 |
0.448 |
1.544 |
|
|
|
Capital goods |
11.106 |
3.212 |
0.344 |
|
|
TOTAL IMPORTS |
919.229 |
491.305 |
309.313 |
|
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|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
43 |
91 |
40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.48
|
8.47
|
6.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.74
|
16.80
|
11.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.52
|
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.05
|
2.61
|
2.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
1.72
|
1.78 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Outstanding to micro/SSI/Medium |
4.627 |
6.929 |
5.369 |
|
Others |
541.475 |
266.248 |
190.785 |
PERFORMANCE AND OPERATIONS
The company has registered sales
turnover during the year at Rs.2363.200 Millions as compared to Rs.1618.400
Millions in the previous year, which represents an increase of 46%. Profit
before Depreciation and Income-tax is Rs. 217.500 Millions as compared to Rs.
151.200 Millions in the previous year, which represents an increase of 44%.
Inspite of increased competition and higher raw materials costs, Company
managed to achieve higher turnover and profitability.
FUTURE OUTLOOK
Overall crop failure in the country
last year had resulted in food shortages, which had the effect of increasing
food prices and high inflation. However, this situation has highlighted the
importance of agricultural sector. The Sector also gets full support from
Government at Central and State level. The Research team of the Company is of
the opinion that the country can still achieve higher agricultural production
if the farmer at ground level is given proper education for the use of
insecticides and full product knowledge imparted to them. For this purpose, the
marketing team of the Company is arranging seminars, group discussions and
distributing product literature. The team also visits the farms and experiment
the use of their products. With normal monsoon during the current year, the
short-term outlook for the industry and the Company appear reasonably good. The
Company continues to focus on growth of its products and make continuous
efforts to explore and penetrate new markets.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90102475 |
|
Corporate
identity number of the company |
U24120GJ1985PTC007641 |
|
Name of the
company |
GSP CROP SCIENCE
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
404, Lalita
Complex, 352/3, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit (form c.2a),dated 02.03.2010. |
|
Date of
instrument Creating the charge |
02.03.2010 |
|
Amount secured by
the charge |
Rs.1323.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC - At SBAR,
with 11.75% p.a. TL-I - 0.75% above SBAR TL-II - 0.50% above
SBAR TL-III -At SBAR,
with 11.75% p.a. Margin Raw
materials - 30% Stocks in process - 50% Finished
goods - 40% Receivables (Cover period 120
days) - 50% Letter of
credits -10% Bank
Guarantee - 40% EPC -
10% Extent and
Operation of the charge The existing
credit facilities enhanced from Rs.916.900 Millions to Rs.1323.000 Millions
secured by way of 1st charge against hypothecation of entire stock of RM,
SIP, FG, Stores, spares & parts, Book debts / Receivables, all other
current assets including plant and machineries, equipment both present and
future to / or be purchased out of Bank finance lying at factories, premises
and godowns situated at different places own by the company. Others Individual limit
within overall limit as under : (i) Cash credit
-Rs.460.000 Millions including Book debts sub limit -Rs (22) cr. (ii)
EPC-(11) cr. (iii) FBD-(12) cr. (iv) SLC-Rs.5 cr. (v) Term loan-I
(O/S)-Rs.0.65 cr.(vi) Term loan-II (O/s)-14.25 cr. (vii) Term loan-III
(New)-Rs.8 cr.(viii) Letter of credit-Rs.55 cr. (ix) Bank Guarantee-Rs.0.12
cr. (x) CEL-Rs.32.800 Millions Making total aggregate credit facilities of
Rs.1323.000 Millions. |
|
Short particulars
of the property charged |
I)
Hypothecation
of entire stock of RM, SIP, FG, Stores, spares and parts, Book
debts/Receivables, all other current assets of the company. II)
Hypothecation
of entire plant and machineries, equipment both present and future to/or be
purchased out of Bank finance. III)
All
of the lying and located factory at Plot No.101,102 and 103,S.No.67,70,75 and
123,TPS No.3,Final Plot no.15,16,17, 35 and
40,GVMSAV Limited Odhav, Ahmedabad and IV)
All
of the lying and located factory at Plot No.551,GIDC Kathwada, situated on
Revenue survey no. 47/P,57/1/P,mouje -Kathwada, Taluka Descroi, Distrrict
Ahmedabad and V)
All
of the lying and located factory at Plot no.1,Nandesari Ind. estate, bearing
R.S.No.161/1,161/2,161/3,161/4,152/1, 152/2, 153/1/A,153/A/B,153/2 and 130
and Various places owned by company VI)
All
of the lying and being located at various places owned or anywhere in |
|
Date of latest
modification prior to the present modification |
30.06.2009 |
|
Particulars of
the present modification |
The earlier
charge (ID No.90102475) modified on 30.06.2009 for Rs.916.900 Millions is now
being further modified and enhanced to Rs.1323.000 Millions secured by way of
1st charge against hypothecation of entire stock of RM, SIP, FG, Stores,
spares and parts, Book
debts/Receivables, all other current assets including plant and machineries, equipment both present
and future to/or be purchased out of
Bank finance lying at factories, premises and godowns situated at different
places own by the company. |
Fixed Assets
·
Leasehold
/
·
Bore
Well
·
Laboratory
Equipments
·
Plant
and Machineries
·
Electric
Installation
·
Factory
Equipments
·
Factory
Shed
·
·
Office Equipments
·
Furniture
and Fixtures
·
Computer
·
Vehicles
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.52.67 |
|
|
1 |
Rs.82.52 |
|
Euro |
1 |
Rs.69.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.