MIRA
INFORM REPORT
|
Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
LEOCARD PESTICIDES |
|
|
|
|
Registered
Office : |
Jain Vihar, |
|
|
|
|
Country : |
|
|
|
|
|
Date of
Incorporation : |
To be established in the month of April 2011. |
|
|
|
|
PAN No.: [Permanent Account No.] |
AERPJ1626G |
|
|
|
|
Legal Form : |
Sole Proprietory Concern. |
|
|
|
|
Line of Business
: |
Manufacturer of Organic Manure. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Yet to commence |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is proposed to commence in April 2011. The valuation report
could not be made available and the networth of the borrower is of a for
lesser amount than the transaction amount. No further details or payment
could be made available. It would be advisable to take adequate securities while dealing with
the subject. |
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. Anuj Kumar Jain |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9837388141/ 9412504049 |
|
Date : |
09.03.2011 |
LOCATIONS
|
Registered Office : |
Jain Vihar, |
|
Mobile No.: |
91-9837388141/ 9412504049 (Mr. Anuj Jain) |
|
E-Mail : |
|
|
Location : |
Leased |
|
|
|
|
Factory : |
Shamli – |
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Mr. Anuj Kumar Jain |
|
Designation : |
Proprietor |
|
Address : |
Jain Vihar, |
|
Date of Birth/Age : |
04.10.1980 |
|
Qualification : |
B. Tech |
|
Experience : |
4 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Organic Manure. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (60 days) |
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|
|
|
Purchasing : |
Cash |
PRODUCTION STATUS
|
Particulars |
|
Installed Capacity |
|
|
|
|
|
Organic Manure. |
|
1000 M.T. per
annum |
|
|
|
|
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|
|
|
|
No. of Employees : |
7 (Office – 2 and Factory – 5) (Approximately) |
|
|
|
|
Bankers : |
Corporation Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Available |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Available |
|
Borrowed : |
Not Available |
|
Total : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW CONCERN
LOCAL AGENCY FURTHER INFORMATION
COST OF PROJECT
|
Particulars |
(Rs. In Millions) |
|
|
|
|
Capital
Expenditure |
0.300 |
|
Working Capital |
2.200 |
|
|
|
|
Total |
2.500 |
MEANS OF FINANCE
|
Particulars |
Promoters Contribution |
Bank Loan |
Total |
|
|
|
|
|
|
Capital
Expenditure |
0.015 |
0.285 |
0.300 |
|
Working Capital |
0.110 |
2.090 |
2.200 |
|
|
|
|
|
|
Total |
0.125 |
2.375 |
2.500 |
------------------------------------------------------------------------------------------------------------------------------
PROJECTIONS OF PERFORMANCE, PROFITABILITY AND REPAYMENT
(RS.
IN MILLIONS)
|
Particulars |
1st Year |
2nd Year |
3rd Year |
4th Year |
5th Year |
|
|
|
|
|
|
|
|
A. Production during the year (Qty.) |
|
|
|
|
|
|
% utilization of installed capacity |
55.00 |
60.00 |
65.00 |
70.00 |
75.00 |
|
|
|
|
|
|
|
|
B. Sales |
|
|
|
|
|
|
Sales including all misc receipts |
13.721 |
14.969 |
16.216 |
17.464 |
18.7011 |
|
|
|
|
|
|
|
|
Less excise |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Net Sales |
13.721 |
14.969 |
16.216 |
17.464 |
18.7011 |
|
|
|
|
|
|
|
|
C. Cost of
Production |
|
|
|
|
|
|
Raw Materials Consumed |
12.499 |
13.635 |
14.771 |
15.908 |
17.044 |
|
Power and Fuel |
0.132 |
0.144 |
0.156 |
0.168 |
0.180 |
|
Direct Labour and wages |
0.148 |
0.162 |
0.176 |
0.189 |
0.203 |
|
Consumable stores |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Repairs and Maintenance |
0.060 |
0.070 |
0.080 |
0.090 |
0.100 |
|
Other Manufacturing Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Depreciation/ dev elopement Rebate Reserve |
0.030 |
0.027 |
0.024 |
0.022 |
0.020 |
|
|
|
|
|
|
|
|
Total Cost of
Production |
12.869 |
14.038 |
15.207 |
16.376 |
17.546 |
|
|
|
|
|
|
|
|
Add: Opening Stock-in-process and finished goods |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Deduct: Opening Stock-in-process and finished goods |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
D. Cost of Sales
|
12.869 |
14.038 |
15.207 |
16.376 |
17.546 |
|
|
|
|
|
|
|
|
E. Gross Profit (B-D) |
0.852 |
0.931 |
1.009 |
1.087 |
1.165 |
|
|
|
|
|
|
|
|
F. Interests on |
|
|
|
|
|
|
Term Loan |
0.035 |
0.028 |
0.020 |
0.000 |
0.000 |
|
Working Capital |
0.152 |
0.152 |
0.152 |
0.261 |
0.261 |
|
Other Loan, if any |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
G. Selling, General and Administrative Expenses |
0.229 |
0.248 |
0.268 |
0.289 |
0.311 |
|
|
|
|
|
|
|
|
H. Profit before Taxation (E-(F+G) |
0.436 |
0.503 |
0.569 |
0.537 |
0.593 |
|
|
|
|
|
|
|
|
I. Provision for Taxes |
0.028 |
0.035 |
0.048 |
0.041 |
0.032 |
|
|
|
|
|
|
|
|
J. Net Profit (H-I) |
0.409 |
0.468 |
0.521 |
0.496 |
0.561 |
|
|
|
|
|
|
|
|
K. Depreciation added back |
0.030 |
0.027 |
0.024 |
0.022 |
0.020 |
|
|
|
|
|
|
|
|
L. Net Cash Accruals |
0.439 |
0.495 |
0.546 |
0.518 |
0.581 |
|
|
|
|
|
|
|
|
M. Repayment Obligation |
|
|
|
|
|
|
- Towards Term Loans |
0.032 |
0.063 |
0.063 |
0.000 |
0.000 |
|
- Towards Other Loans, if any |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
N. Debt Service Ratio (L+F1/M+F1) |
7.13 |
5.73 |
6.78 |
NA |
NA |
|
|
|
|
|
|
|
|
Average DSCR |
6.54 |
-- |
-- |
-- |
-- |
------------------------------------------------------------------------------------------------------------------------------
PROJECTED BALANCE SHEET
(RS.
IN MILLIONS)
|
Particulars |
1st Year |
2nd Year |
3rd Year |
4th Year |
5th Year |
|
|
|
|
|
|
|
|
A. LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Shares Capital |
0.125 |
0.125 |
0.125 |
0.125 |
0.125 |
|
Reserve and surplus |
0.284 |
0.602 |
0.949 |
2.119 |
2.455 |
|
Term Loans |
0.253 |
0.190 |
0.127 |
0.000 |
0.000 |
|
Bank borrowing for working capital |
2.090 |
2.090 |
2.090 |
2.090 |
2.090 |
|
Government Subsidy |
0.875 |
0.875 |
0.875 |
0.000 |
0.000 |
|
Other Liabilities |
0.030 |
0.035 |
0.040 |
0.045 |
0.050 |
|
|
|
|
|
|
|
|
Total
Liabilities |
3.657 |
3.917 |
4.205 |
4.379 |
4.720 |
|
|
|
|
|
|
|
|
B. ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Block |
0.300 |
0.300 |
0.300 |
0.300 |
0.300 |
|
Deprecation |
0.030 |
0.057 |
0.081 |
0.103 |
0.123 |
|
Net Block |
0.270 |
0.243 |
0.219 |
0.197 |
0.177 |
|
Investment |
0.875 |
0.875 |
0.875 |
0.500 |
0.600 |
|
Current assets – Inventories |
|
|
|
|
|
|
- Other Current Assets |
0.233 |
0.260 |
0.289 |
0.319 |
0.348 |
|
Cash and Bank Balance |
0.282 |
0.360 |
0.462 |
0.822 |
0.872 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
3.657 |
3.917 |
4.205 |
4.379 |
4.720 |
------------------------------------------------------------------------------------------------------------------------------
CASH FLOW STATEMENT
(RS.
IN MILLIONS)
|
Particulars |
Cons. Pd. |
1st Year |
2nd Year |
3rd Year |
4th Year |
5th Year |
|
|
|
|
|
|
|
|
|
A. SOURCES OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Accruals (viz Net Profit before taxation) to which shall be added
interests |
0.000 |
0.623 |
0.683 |
0.741 |
0.798 |
0.854 |
|
|
|
|
|
|
|
|
|
Increase in shares Capital; Equity Preference |
0.125 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Depreciation |
0.000 |
0.030 |
0.027 |
0.024 |
0.022 |
0.020 |
|
|
|
|
|
|
|
|
|
Increase in Long term Loans/ debentures |
0.285 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Increase in Differed payment facilities |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Decrease in Unsecured Loans/ deposits |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Increase in Unsecured Loans and Deposits |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Increase in Bank Borrowing for working Capital |
2.090 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Sales of Fixed Assets / Investments |
0.000 |
0.000 |
0.000 |
0.000 |
0.875 |
0.000 |
|
|
|
|
|
|
|
|
|
Other (KVIC subsidy) |
0.000 |
0.875 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Increase in Creditors |
0.000 |
0.030 |
0.005 |
0.005 |
0.005 |
0.005 |
|
|
|
|
|
|
|
|
|
Total Sources
(A) |
2.500 |
1.558 |
0.715 |
0.771 |
1.700 |
0.879 |
|
|
|
|
|
|
|
|
|
B. DISPOSITION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary and Pre-operative expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Increase in Capital expenditure |
0.300 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Increase in Current Assets |
|
|
|
|
|
|
|
Inventories |
1.975 |
0.022 |
0.181 |
0.182 |
0.182 |
0.182 |
|
Others |
0.225 |
0.008 |
0.027 |
0.029 |
0.029 |
0.029 |
|
|
|
|
|
|
|
|
|
Decrease in Long term Loans/ debentures |
0.000 |
0.032 |
0.063 |
0.063 |
0.127 |
0.000 |
|
|
|
|
|
|
|
|
|
Decrease in deferred payment facilities |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Increase in investments (Subsidy in shape of FDR) |
0.000 |
0.875 |
0.000 |
0.000 |
0.500 |
0.100 |
|
|
|
|
|
|
|
|
|
Interests |
0.000 |
0.187 |
0.180 |
0.172 |
0.261 |
0.261 |
|
|
|
|
|
|
|
|
|
Taxation |
0.000 |
0.028 |
0.035 |
0.049 |
0.041 |
0.032 |
|
|
|
|
|
|
|
|
|
Dividend / Withdrawals |
0.000 |
0.125 |
0.150 |
0.175 |
0.200 |
0.225 |
|
|
|
|
|
|
|
|
|
Other expenses (Specify) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Total
Disposition (B) |
2.500 |
1.275 |
0.637 |
0.669 |
1.340 |
0.829 |
|
|
|
|
|
|
|
|
|
C. Opening Balance |
0.000 |
0.000 |
0.282 |
0.360 |
0.462 |
0.822 |
|
|
|
|
|
|
|
|
|
D. Net Surplus (A-B) |
0.000 |
0.282 |
0.078 |
0.102 |
0.360 |
0.050 |
|
|
|
|
|
|
|
|
|
E. Closing Balance |
0.000 |
0.282 |
0.360 |
0.462 |
0.822 |
0.872 |
------------------------------------------------------------------------------------------------------------------------------
ASSESSMENT OF WORKING CAPITAL REQUIREMENTS
(RS.
IN MILLIONS)
|
Particulars |
1st Year |
2nd Year |
3rd Year |
4th Year |
5th Year |
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Raw Materials |
|
|
|
|
|
|
Imported (Months Consumption) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Indigenous (Months Consumption) |
1.042 |
1.136 |
1.231 |
1.326 |
1.420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other consumable spares |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Stock in process (Months cost of Production)
|
0.213 |
0.232 |
0.252 |
0.271 |
0.290 |
|
|
|
|
|
|
|
|
Finished goods (3 weeks) |
0.742 |
0.810 |
0.877 |
0.945 |
1.012 |
|
|
|
|
|
|
|
|
Receivable other than export and deferred
receivables [including bills purchased and discounted by bankers] [Months
domestic sales] |
0.211 |
0.230 |
0.249 |
0.269 |
0.288 |
|
[excluding deferred payment sales] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Export receivables [including bills
purchased and discounted by bankers [months export sales] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Advances to suppliers of raw materials and
stores / spares consumable |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Other current Assets including cash and bank
balances and deferred receivable due within one year |
0.022 |
0.030 |
0.040 |
0.050 |
0.060 |
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
2.230 |
2.439 |
2.649 |
2.860 |
3.071 |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
[Other than bank borrowing for working
capital] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors for purchases of raw materials and
stores and consumable spares [Months Consumption] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Advances from customers |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Statutory liabilities |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Other current liability including short term
borrowing dividend payable, installment of DPG public deposit, debentures etc
|
0.030 |
0.035 |
0.040 |
0.045 |
0.050 |
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
0.030 |
0.035 |
0.040 |
0.045 |
0.050 |
|
|
|
|
|
|
|
|
Working Capital Gap |
2.200 |
2.404 |
2.609 |
2.815 |
3.021 |
|
|
|
|
|
|
|
|
Margin of working Capital |
0.110 |
0.314 |
0.519 |
0.725 |
0.931 |
|
|
|
|
|
|
|
|
Bank Borrowing |
2.090 |
2.090 |
2.090 |
2.090 |
2.090 |
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
NAME OF THE
APPLICANT: MR. ANUJ KUMAR JAIN
(RS. IN MILLIONS)
ASSETS
INVESTMENT BIN
BUSINESS CAPITAL
|
Present Value if investments |
0.410 |
DEPOSITS HELD WITH
BANKS/ COMPANIES/ OTHER LENDER ETC.
|
Nature of Deposits |
Bank S/A |
|
|
|
|
Total |
0.020 |
GOVERNMENT
SECURITIES/ NSC/ NSS ETC.
|
Description |
Post other A/c |
|
|
|
|
Date of Purchases |
09.08.2010 |
|
|
|
|
Present Value of securities |
0.015 |
VEHICLES OWNED
|
Present Market Value |
0.015 |
OTHER ASSETS
|
Cash in Hand |
0.090 |
|
|
|
|
Jewellery |
0.100 |
|
|
|
|
Total Value of Other Assets |
0.190 |
|
TOTAL ASSETS |
RS.0.650 MILLION
|
|
NET WORTH |
RS.0.650 MILLION
|
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.45.24 |
|
|
1 |
Rs.72.57 |
|
Euro |
1 |
Rs.63.00 |
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.