1. Summary Information
|
|
|
Country |
|
|
Company Name |
ELAN AGROCHEM
PRIVATE LIMITED |
Principal Name 1 |
Mrs. Laxmi Narasimha Rao Erukulla |
|
Status |
Moderate |
Principal Name 2 |
Mr. Bala Koteswara Rao Erukulla |
|
|
|
Registration # |
01-047331 |
|
Street Address |
H. No. 1/909, Chandra Kanth Bahavan, |
||
|
Established Date |
01.09.2005 |
SIC Code |
-- |
|
Telephone# |
91-8749-274296 |
Business Style 1 |
Manufacture |
|
Fax # |
-- |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Organic Products |
|
|
# of employees |
Not Available |
Product Name 2 |
Micro Nutrients |
|
Paid up capital |
Rs.
1,900,000/- |
Product Name 3 |
Pesticides |
|
Shareholders |
Directors or
relatives of Directors (100.00%) |
Banking |
6 Years |
|
Public Limited Corp. |
NO |
Business Period |
State Bank of |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (27) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
9,925,000 |
Current Liabilities |
4,088,000 |
|
Inventories |
6,144,000 |
Long-term Liabilities |
16,978,000 |
|
Fixed Assets |
8,194,000 |
Other Liabilities |
124,000 |
|
Deferred Assets |
000 |
Total Liabilities |
21,190,000 |
|
Invest& other Assets |
000 |
Retained Earnings |
1,173,000 |
|
|
|
Net Worth |
3,073,000 |
|
Total Assets |
24,263,000 |
Total Liab. & Equity |
24,263,000 |
|
Total Assets (Previous Year) |
21,406,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
21,186,000 |
Net Profit |
529,000 |
|
Sales(Previous yr) |
14,846,000 |
Net Profit(Prev.yr) |
403,000 |
MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELAN AGROCHEM PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
H. No. 1/909, Chandra Kanth Bahavan, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.09.2005 |
|
|
|
|
Com. Reg. No.: |
01-047331 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 1.900
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110AP2005PTC047331 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter, Trader and Supplier of a wide rane of
agrochemicals, bioorganic fertilizers, agriculture growth promoters, plant
nutrients, micro nutrients and pesticides. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
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 |
LOCATIONS
|
Registered Office : |
H. No. 1/909, Chandra Kanth Bahavan, |
|
Tel. No.: |
91-8749-274296 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Plot No. 23, Sai Balaji Nilayam, Sathya Nagar, New Maruti Nagar,
Kothapet, Hyderabad-500035, Andhra Pradesh, India |
|
|
|
|
Factory : |
R.S. No. 8/a, |
|
Tel. No.: |
91-8749-273386 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mrs. Laxmi Narasimha Rao Erukulla |
|
Designation : |
Director |
|
Address : |
H. No. 1/909, Chandra Kanth Bahavan, |
|
Date of Birth/Age : |
01.07.1944 |
|
Date of Appointment : |
01.09.2005 |
|
DIN No.: |
00796061 |
|
|
|
|
Name : |
Mr. Bala Koteswara Rao Erukulla |
|
Designation : |
Director |
|
Address : |
H. No. 1/909, Chandra Kanth Bahavan, |
|
Date of Birth/Age : |
16.05.1967 |
|
Date of Appointment : |
01.09.2005 |
|
DIN No.: |
00796205 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Erukulla Laxmi Narashimha Rao |
|
11500 |
|
Erukulla Bala Koteswara Rao |
|
11500 |
|
Erukulla Sri Devi |
|
1660 |
|
Erukulla Annantha Laxmi |
|
340 |
|
Total |
|
25000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Trader and Supplier of a wide rane of
agrochemicals, bioorganic fertilizers, agriculture growth promoters, plant
nutrients, micro nutrients and pesticides. |
|
|
|
|
Products : |
·
Micro Nutrients ·
Pesticides ·
Organic Products ·
Water Soluble Fertiliser |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
State Bank of |
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||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Financial Institute: |
TML Finance Services Limited |
|
|
|
|
Auditors : |
|
|
Name : |
P. Murali Krishna Prasad and
Company Chartered Accountant |
|
Address : |
2-3-246 and 247, Flat No. 103, Sunder |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity shares |
Rs. 100/-
each |
Rs. 2.500
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19000 |
Equity shares |
Rs. 100/-
each |
Rs. 1.900
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 |
1.900 |
0.180 |
0.180 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.173 |
0.644 |
0.241 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.073 |
0.824 |
0.421 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.843 |
13.120 |
1.540 |
|
|
2] Unsecured Loans |
3.135 |
3.644 |
2.021 |
|
|
TOTAL BORROWING |
16.978 |
16.764 |
3.561 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20.051 |
17.588 |
3.982 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.194 |
9.089 |
1.045 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.144
|
4.395 |
1.848 |
|
|
Sundry Debtors |
5.665
|
7.165 |
3.682 |
|
|
Cash & Bank Balances |
2.009
|
0.086 |
0.295 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.251
|
0.665 |
0.103 |
|
Total
Current Assets |
16.069
|
12.311 |
5.928 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.088
|
3.694 |
2.914 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.124
|
0.124 |
0.089 |
|
Total
Current Liabilities |
4.212
|
3.818 |
3.003 |
|
|
Net Current Assets |
11.857
|
8.493 |
2.925 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
20.051 |
17.588 |
3.982 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
21.186 |
14.846 |
9.554 |
|
|
|
Other Income |
0.043 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
21.229 |
14.846 |
9.554 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Material/ Purchases |
12.752 |
8.494 |
4.388 |
|
|
|
Selling and Administrative Expenses |
6.467 |
5.610 |
5.178 |
|
|
|
Preliminary Expenses |
0.006 |
0.006 |
0.007 |
|
|
|
Increase/ Decrease in Stocks |
[1.749] |
[2.547] |
[0.627] |
|
|
|
TOTAL (B) |
17.476 |
11.563 |
8.946 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.753 |
3.283 |
0.608 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.836 |
1.333 |
0.169 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.917 |
1.950 |
0.439 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.151 |
1.288 |
0.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.766 |
0.662 |
0.339 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.237 |
0.259 |
0.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.529 |
0.403 |
0.191 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.644 |
0.241 |
0.050 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.173 |
0.644 |
0.241 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.84 |
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.49
|
2.71 |
1.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.62
|
4.46 |
3.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.16
|
3.09 |
4.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.80 |
0.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.90
|
24.98 |
15.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.82
|
3.22 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
The Company:
The company completed the entire process of installing machinery and
commencing full capacity production and had a Turnover of Rs. 21.186 Millions
during the year F.Y. 2009-10 (P.Y Rs. 17.393 Millions) and the net profit after
tax was Rs. 0.529 Million (Previous year Rs. 0.403 Million)
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24110AP2005PTC047331 |
|
Name of the
company |
ELAN AGROCHEM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
H. No. 1/909, Chandra Kanth Bahavan, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
1) Letter of Arrangement-
Term Loan Nol.-II- Letter No ADV/ 114 Dated 27.09.2010. 2) Agreement of
Loan cum Hypothecation dated 27.09.2010 |
|
Date of
instrument Creating the charge |
27.09.2010 |
|
Amount secured by
the charge |
Rs. 4.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 5.5% above the
base rate, presently 7.75% p.a. and
thus present effective rate of interest being 13.25% p.a. calculated on daily
balance of loan amount at monthly resets subject to change form time to time Terms of
Repayment The Term Loan II
Rs. 4.000 Millions is payable in 20 quarterly installments of Rs. 0.200
Millions each. The first installment to commence on 31.03.2011 and the last
installment falls due on 31.12.2015 Margin Term Loan Margin
39.57% Extent and
Operation of the charge First charge on First charge on
all current assets of the company |
|
Short particulars
of the property charged |
First Charge on
factory land and building and machinery purchased out of bank finance and all
other fixed assets of the company located at R S No. 8/A, First charge on
all the current assets of the company i.e. raw materials, semi-finished
goods, finished goods and domestic receivables. |
Fixed Assets:
·
Factory Construction
·
Plant and Machinery
·
Lab Equipments
·
Scooters and Bikes
·
Delivery Vans
·
Air Conditioners
·
Computers and Printers
·
Furniture
·
Land
AS PER WEBSITE
Profile:
Subject involved in the business field of agrochemicals ,micro
nutrients, organic products manufacture,
marketing, inspection , research and international purchasing and so on. Elan
has very nice cooperation with many professional customer.
They respect every customer's choice and make the win-win cooperation
with customers for them through systematic analysis and research. The products
have been sold over 10 states in
Now, The Company Elan Agro Is Dedicated To Transform The Experience
Management Into Scientific And Cultural Management. A good organization always
attracts ordinary people to do extraordinary causes. By recruiting suffi Cient
professional staff these years, the company keeps on building up management
modules of the system to form a Perfect management system the vision is to
become a famous group of agrochemicals production, research, domestic.
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.44.93 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
27 |
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.