MIRA
INFORM REPORT
|
Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
AGRIMAS CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
H2, MIDC Industrial. Estate, Taloja, District. Raigadh – 410208, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
03.07.1973 |
|
|
|
|
Com. Reg. No.: |
11-016649 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1973PLC016649 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA21866F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA4657L |
|
|
|
|
Legal Form : |
A Closely held public limited liability company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader in Pesticides. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 535600 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported are
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Kulkarni |
|
Designation : |
Accounts Department |
|
Date : |
10.01.2011 |
LOCATIONS
|
Registered Office : |
H2, MIDC IND. Estate, Taloja, Dist. Raigadh – 410208, |
|
Tel. No.: |
91-22-27412365/27410206 |
|
Fax No.: |
91-22-27411146 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
No.42, Community Centre, Zamrudpur, Kailash Colony Extension, |
|
Tel. No.: |
91-11-51630159/60/61/52 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Lamech Paul Gnanamuthu |
|
Designation : |
Managing Director |
|
Address : |
Flat No 15 Arabi D – Block Tarangini Apartmetns, Mogappair, Chennai –
600058, |
|
Date of Birth/Age : |
30.10.1938 |
|
Date of Appointment : |
27.06.2005 |
|
|
|
|
Name : |
Ms. Vanessa Keishing |
|
Designation : |
Director |
|
Address : |
Lamlongei Mantripukhri Imphal (East), Manipur – 795002, Imphal |
|
Date of Birth/Age : |
16.11.1976 |
|
Date of Appointment : |
27.06.2005 |
|
|
|
|
Name : |
Mr. Singh Shekhar Chander |
|
Designation : |
Director |
|
Address : |
Nai Basti Bathinda – 151001, |
|
Date of Birth/Age : |
12.04.1956 |
|
Date of Appointment : |
01.10.2001 |
KEY EXECUTIVES
|
Name : |
Mr. Kulkarni |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Anand P Fredrick |
3174300 |
|
Anand Fredrick |
2075000 |
|
Anand Fredrick |
1491567 |
|
Rajashree Fiscal Services Limited |
1393100 |
|
|
590000 |
|
Sage Investment Limited |
399975 |
|
Vithaj Agrichem Private Limited |
260000 |
|
Anand Fredrick |
189300 |
|
Thirumalai Chemicals Limited |
150000 |
|
Central Bank of |
150000 |
|
Anita Mathew |
90375 |
|
Arun Fredrick |
90375 |
|
Anand Fredrick |
73200 |
|
Atlas Automotive Components Private Limited |
50000 |
|
Indur Kirpalani |
30000 |
|
Rajendra Kumar Daga |
30000 |
|
Vijay Jain |
29900 |
|
Sekhar Chatterjee |
29900 |
|
Manish Tatiwala |
26900 |
|
Kumbhat Financial Services Limited |
25000 |
|
Electra Financial Services Limited |
20000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.57 |
|
Bodies corporate |
|
27.23 |
|
Nationalised or Other Banks |
|
1.30 |
|
Other top fifty shareholders |
|
70.90 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Pesticides |
|
|
|
|
Products : |
Insecticide
Herbicide
Fungiside
PGR
|
PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
|
|
Installed
Capacity |
|
Taloja Plant |
|
|
|
|
|
Pesticide (Dusting and Wettable Powder ) |
M.T |
|
|
3600 |
|
Pesticides (Emulsified Concentrate) |
KL. |
|
|
240 |
|
SKD Plant |
|
|
|
|
|
Pesticide – Powder and Granual |
M.T |
|
|
3000 |
|
Pesticide - Liquid |
KL. |
|
|
2500 |
GENERAL INFORMATION
|
No. of Employees : |
220 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mandhania and Associates Chartered Accountant |
|
Address : |
6-A, PIL Court, 6th Floor, 111, Maharshi Karve Road,
Churchgate, Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-22-22090365 / 22078214 / 22078215 |
|
Fax No.: |
91-22-22092673 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs. 10 each |
Rs.120.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11050000 |
Equity Shares |
Rs. 10 each |
Rs.110.500
millions |
|
|
Less : Calls in Arrears |
|
|
|
5095200 |
Equity Shares |
Rs.7.5 each |
Rs.(38.214)
millions |
|
|
TOTAL |
|
Rs.72.286 millions |
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 |
|
|
|
|
|
1] Share Capital |
72.286 |
72.280 |
69.250 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
61.616 |
55.260 |
57.093 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
133.902 |
127.540 |
126.343 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.965 |
5.714 |
6.237 |
|
|
2] Unsecured Loans |
35.186 |
14.671 |
8.226 |
|
|
TOTAL BORROWING |
52.151 |
20.385 |
14.463 |
|
|
DEFERRED TAX LIABILITIES |
1.451 |
1.312 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
187.504 |
149.237 |
140.806 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
27.515 |
17.181 |
13.181 |
|
|
Capital work-in-progress |
7.663 |
26.608 |
26.608 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.376 |
0.376 |
0.376 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
204.526
|
118.819 |
60.442 |
|
|
Sundry Debtors |
131.239
|
63.739 |
74.549 |
|
|
Cash & Bank Balances |
6.552
|
21.410 |
3.864 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
107.424
|
89.854 |
97.000 |
|
Total
Current Assets |
449.741
|
293.822 |
235.855 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
256.704
|
168.062 |
77.328 |
|
|
Other Current Liabilities |
35.666
|
18.445 |
55.564 |
|
|
Provisions |
5.421
|
2.243 |
11.810 |
|
Total
Current Liabilities |
297.791
|
188.750 |
144.702 |
|
|
Net Current Assets |
151.950
|
105.072 |
91.153 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
9.488 |
|
|
|
|
|
|
|
|
TOTAL |
187.504 |
149.237 |
140.806 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
765.356 |
502.267 |
316.398 |
|
|
|
Other Income |
2.449 |
4.753 |
5.517 |
|
|
|
TOTAL (A) |
767.805 |
507.020 |
321.915 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Goods Traded |
157.454 |
120.737 |
0.000 |
|
|
|
Raw Material Consumed |
470.990 |
287.383 |
240.779 |
|
|
|
Packing Materials Consumed |
50.171 |
27.017 |
0.000 |
|
|
|
Manufacturing Expenses |
21.738 |
7.527 |
69.422 |
|
|
|
Administrative, Selling and General Expenses |
109.393 |
70.961 |
0.000 |
|
|
|
Increase / Decrease of Stocks |
(63.254) |
(18.150) |
0.931 |
|
|
|
TOTAL (B) |
746.492 |
495.475 |
311.132 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.313 |
11.545 |
10.783 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.317 |
1.695 |
1.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.996 |
9.850 |
9.097 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
2.034 |
1.400 |
1.175 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
16.962 |
8.450 |
7.922 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.612 |
5.047 |
3.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.350 |
3.403 |
4.272 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17.184 |
13.780 |
9.508 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
23.534 |
17.183 |
13.780 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
55.719 |
19.003 |
NA |
|
|
TOTAL IMPORTS |
55.719 |
19.003 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.57 |
0.31 |
0.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.82
|
0.67 |
1.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.21
|
1.68 |
2.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.55
|
2.71 |
3.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.06 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.61
|
1.63 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.55 |
1.62 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS AVAILABLE FOR
(Rs.
In millions)
|
PARTICULARS |
AS ON 31.03.2010 |
AS ON 31.03.2009 |
AS ON 31.03.2008 |
|
Sundry Creditors |
256.704
|
168.062 |
77.328 |
FORM 8
|
This form is for |
Modification of charge Creation of charge |
|
Corporate
identity number of the company |
U99999MH1973PTC016649 |
|
Name of the
company |
AGRIMAS CHEMICALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
H -2, MIDC, Industrial Area, Behind Hindustan Lever, Taloja, Raigad –
410208, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Centurion Bank of Punjab Limited, M – 61 (Market), Greater Kailash –
II, |
|
Nature of
description of the instrument creating or modifying the charge |
Confirmatory
Letter |
|
Date of
instrument Creating the charge |
31.08.2007 |
|
Amount secured by
the charge |
Rs.25.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge 100 percent. Others The said charge
is mortgage to collaterally secure following credit facilities granted by
bank to the company:- S. No. Nature of facilities Amount (Rs. in Millions) 1. Cash Credit 15.000 2. Letter of Credit 10.000 Total 25.000 |
|
Short particulars
of the property charged |
Equitable
mortgage by deposit of title deeds in respect of immovable property of the
company situated at H -2, MIDC Industrial Area, Taloja, |
FIXED ASSETS
- Land
- Plant and
Machinery
- Residential
Building
- Office
Equipments
- Electrical
Equipments
- Computers
- Furniture and
Fixtures
- Tools and
Spares
- Motor Car
- Motor Cycle
WEBSITE DETAILS
PROFILE
Subject is incorporated in the year 1974 at Taloja, MIDC, New Bombay. Its production facility ideally located at Taloja, near mumbai and about 20 kms. From JNPT port which is the leading port servicing Mumbai. This gives it an advantage of access to raw material / packing material etc. easily.
During the last
three decades, it has
introduced many quality products
in the country through various
foreign tie-ups. The company
has association with
Japnanese companies like Arysta / Takeda / Mitsui in the form of
distribution rights for
Today, the Company with its professional management and strong marketing set up has its presence throughout the country, having Regional Offices and C and F agents at Delhi, Punjab, Haryana, Rajasthan, Andhra Pradesh, Assam, Gujarat, Maharashtra and marketing staff at most of the strategic locations, throughout
the country.
Some of its brands i.e. Gold (Cyper 25), Silver (Cyper 10), Chhatri (Fenvelarat) are very popular amongst farmers. The company has maintained high quality standards all through.
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.45.37 |
|
|
1 |
Rs.70.03 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
|
|
--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 |
|
29 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.