MIRA
INFORM REPORT
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Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
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Name : |
INDIAN GREENHOUSES PRIVATE LIMITED (w.e.f. 16.09.2010) |
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Formerly Known
As : |
SHRIHARI GREENHOUSES PRIVATE LIMITED |
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Registered Office : |
7, Namrata Commercial Centre, Talegaon- Chakan Road, Talegaon Dabhade,
Taluka Maval, Pune – 410 507, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
16.05.2002 |
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Com. Reg. No.: |
11-16962 |
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CIN No.: [Company
Identification No.] |
U01122PN2002PTC016962 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES08431D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Greenhouse Construction Company |
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 17000 |
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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. The latest
financials of the company is not available with the Government Department.
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 |
LOCATIONS
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Registered Office : |
7, Namrata Commercial Centre, Talegaon- Chakan Road, Talegaon Dabhade,
Taluka Maval, Pune – 410 507, Maharashtra, India |
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Tel. No.: |
91-2114-229772/ 229773 |
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Mobile No.: |
91-9890996991 (Mr. Rajkumarl Deodhar) |
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Fax No.: |
91-2114-229773 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Factory : |
Survey No. 67, Talegaon Dabhade, Off |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. Vishwas Sandipan Jogand |
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Designation : |
Director |
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Address : |
53/1, Vatan Nagar, Talegaon Dabhade, Taluka Maval, Pune – 410 507, |
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Date of Birth/Age : |
01.07.1968 |
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Qualification : |
B.E. Civil |
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Date of Appointment : |
16.05.2002 |
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DIN No.: |
01656075 |
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Name : |
Mrs. Rekha Vishwas Jogand |
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Designation : |
Director |
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Address : |
53/1, Vatan Nagar, Talegaon Dabhade, Taluka Maval, Pune – 410 507, |
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Date of Birth/Age : |
01.04.1973 |
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Qualification : |
B.A |
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Date of Appointment : |
16.05.2002 |
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DIN No.: |
01634644 |
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Name : |
Mr. Rajkumar Vijaykumar Deodhare |
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Designation : |
Director |
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Address : |
Plot No. 17, S. No. 1/1 A/ 5, Malwadi Near Talegaon Taluka- Maval,
Pune - 410 507, |
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Date of Birth/Age : |
05.02.1969 |
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Qualification : |
Diploma in Civil Engineering |
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Date of Appointment : |
16.05.2002 |
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DIN No.: |
00867565 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Vishwas Jogdand |
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66000 |
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Rekha Jogdand |
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41800 |
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Rajkumar Devdhare |
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2200 |
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Total |
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110000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Greenhouse Construction Company |
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Products : |
Erection of Green Houses |
GENERAL INFORMATION
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Customers : |
·
Protech Infrastructural Services Limited ·
Apian Exports ·
Incarna ·
Flourish Farms Private Limited ·
·
Silver Flora ·
Manvimal Flora ·
Diamond Flora ·
Chaturang Hi- Tech Corporate Sector ·
VSL Agrotech ·
Horticulture Training Centre ·
Star Agrol Vision ·
Shivardhan Biotech Private Limited ·
Ace Agro Foods India Limited ·
Global Agritech Private Limited ·
Adarsh Flora Co-Operative Limited ·
Sahyog Flora Co-Operative /Limited Farmers ·
Sanjay Roises ·
Prashant Konde ·
Mangesh Dhore ·
Ramdasbhai Kadam ·
Subhash Desai Controlled
Greenhouse ·
Ajit Seeds Limited ·
Tulsi Seeds Limited ·
Paras Extra Growth Seeds Limited |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ranbeer Singh Saluja Chartered Accountant |
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Address : |
376/377, Venkatesh Construction, 3rd Floor, Unit Noi. 15, |
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Tel. No.: |
91-20-24331266 |
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Mobile No.: |
91-9822197865 |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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110000 |
Equity Shares |
Rs.10/- each |
Rs.1.100 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.100 |
1.100 |
1.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.238 |
2.396 |
1.507 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.338 |
3.496 |
2.607 |
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LOAN FUNDS |
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1] Secured Loans |
4.041 |
2.081 |
0.647 |
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2] Unsecured Loans |
0.940 |
1.509 |
0.309 |
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TOTAL BORROWING |
4.981 |
3.590 |
0.956 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.319 |
7.086 |
3.563 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.009 |
2.270 |
2.416 |
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Capital work-in-progress |
0.000 |
0.000 |
0.00 |
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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 |
44.945
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5.224 |
1.851 |
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Sundry Debtors |
5.834
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3.436 |
2.230 |
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Cash & Bank Balances |
0.017
|
0.147 |
0.078 |
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Other Current Assets |
1.514
|
0.000 |
0.000 |
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Loans, Advances & Deposits |
0.728
|
0.699 |
0.631 |
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Total
Current Assets |
53.038
|
9.506 |
4.790 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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3.742 |
1.126 |
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Other Current Liabilities |
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0.000 |
1.762 |
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Provisions |
|
0.948 |
0.755 |
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Total
Current Liabilities |
45.728
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4.690 |
3.643 |
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Net Current Assets |
7.310
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4.816 |
1.147 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.319 |
7.086 |
3.563 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales and Labour Charges |
71.683 |
65.277 |
37.080 |
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Other Income |
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Total Income |
71.683 |
65.277 |
37.080 |
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Profit/(Loss) Before Tax |
1.220 |
1.380 |
0.747 |
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Provision for Taxation |
0.377 |
0.496 |
0.240 |
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Profit/(Loss) After Tax |
0.843 |
0.884 |
0.507 |
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Expenditures : |
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Administrative Expenses |
1.984 |
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36.333 |
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Purchases made for re-sale |
101.782 |
51.985 |
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Labour and Transport |
4.484 |
8.090 |
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Payments to and Provision for Employees |
1.058 |
3.698 |
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Increase/(Decrease) in Finished Goods |
(39.722) |
(3.374) |
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Financial Charges |
0.482 |
0.221 |
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Depreciation & Amortization |
0.395 |
0.486 |
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Miscellaneous Expenses written off |
0.000 |
0.005 |
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Total Expenditure |
70.463 |
63.897 |
36.333 |
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Earnings Per Share (Rs.) |
7.66 |
8.04 |
46.09 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.18
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1.35 |
1.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.22
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11.72 |
10.37 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.39 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.69
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2.37 |
1.76 |
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Current Ratio (Current Asset/Current Liability) |
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1.16
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2.03 |
1.31 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
SHRIHARI GREENHOUSES PRIVATE LIMITED |
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Presented By |
The IDBI Bank Limited, Talegaon Dabhade Branch, Pune |
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1) Date and description of instrument creating the change |
16.04.2005 Agreement of Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Rs. 3.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecated stock of goods of U.V Stabilized films, Galvanized Pipes, Shedding nets and hypothecated debtors |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 12.50% p.a. Margin : 25% |
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5) Name and Address and description of the person entitled to the charge. |
IDBI Bank Limited, Namrata Commercial Complex, Talegaon Dabhade,
Pune-410507, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U01122PN2002PTC016962 |
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Name of the
company |
SHRIHARI GREENHOUSES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
7, Namrata Commercial Centre, Talegaon- Chakan Road, Talegaon Dabhade,
Taluka Maval, Pune-410507, Maharashtra, India |
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Type of charge |
|
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Particular of
charge holder |
IDBI Bank Limited, Namrata Commercial Complex, Talegaon Dabhade,
Pune-410507, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation |
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Date of
instrument Creating the charge |
19.06.2007 |
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Amount secured by
the charge |
Rs. 5.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR + 1%
presently 14.25% p.a. at monthly rests or at the rate that shall be
stipulated by the bank form time to
time Terms of
Repayment Renewal after 15
months form date of disbursement or to be repaid in lumpsum on or before
18.09.2008 Margin 25% on Stock and
Debtors Extent and
Operation of the charge First charge on prime
security of hypothecation of stock in trade and book debts upto 90 days and
collateral security of land and factory premises at Talegaon Dabhade Value
Rs. 3.425 Millions and Mortgage of office premises at Talegaon Dabhade Value
Rs. 1.425 Million and Hypothecation of Plant and Machinery and Furniture of
Rs. 0.200 Millions stock in trade consist of G.I.P.V. V Stablised polythene
films, Shed Nets etc. |
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Short particulars
of the property charged |
Prime Security of
hypothecation of stock in trade and book debts upto 90 days and collateral
security of land and factory premises at Talegaon Dabhade Value Rs. 3.425
Millions and mortgage of office premises at Talegaon Dabhade Value Rs. 1.425
Million and Hypothecation of plant and machinery and furniture of Rs. 0.200
Million, Stock in trade consist of G.I.P.V.V stablised polythene films shed
nets etc situated at S. No. 67, Hiss No. A/1 Talegaon Dabhade, District Pune |
FIXED ASSETS:
·
Plant and Machinery
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Furniture and Fixture
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Office Equipments
·
Computer
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Factory Shed
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Generator
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Tata Mobile Vehicle
·
Office Interior
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.45.21 |
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|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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.