1. Summary Information
|
|
|
Country |
|
|
Company Name |
Advance
Pesticides |
Principal Name 1 |
Mr. Sandesh P Tambat |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Harshal N Tambat |
|
|
|
Registration # |
-- |
|
Street Address |
Somnath Park,
Dindori Naka, Panchvati, Nashik – 422003, Maharashtra, India |
||
|
Established Date |
2005 |
SIC Code |
-- |
|
Telephone# |
91-253-2514044/45 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-253-2514046 |
Business Style 2 |
Trader |
|
Homepage |
Product Name 1 |
Pesticides |
|
|
# of employees |
200 |
Product Name 2 |
Weedicides |
|
Paid up capital |
Rs.90,782,000/- |
Product Name 3 |
Fungicides |
|
Shareholders |
-- |
Banking |
Bank of India |
|
Public Limited Corp. |
No |
Business Period |
6 years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (44) |
|
Related
Company |
|||
|
Relation
-- |
Country
-- |
Company
Name |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
133,994000 |
Current Liabilities |
72,308,000 |
|
Inventories |
42,320,000 |
Long-term Liabilities |
33,999,000 |
|
Fixed Assets |
21,463,000 |
Other Liabilities |
688,000 |
|
Deferred Assets |
0,000,000 |
Total Liabilities |
106,995,000 |
|
Invest& other Assets |
0,000,000 |
Retained Earnings |
0,000,000 |
|
|
|
Net Worth |
90,782,000 |
|
Total Assets |
197,777,000 |
Total Liab. & Equity |
197,777,000 |
|
Total Assets (Previous Year) |
137,586,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
259,786,000 |
Net Profit |
4,264,000 |
|
Sales(Previous yr) |
152,573,000 |
Net Profit(Prev.yr) |
3,772,000 |
MIRA
INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCE PESTICIDES |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Year of
Establishment : |
2005 |
|
|
|
|
IEC No.: |
3105005692 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAKFA8531G |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Pesticides, Weedicides, Fungicides,
Bactoricide, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 360000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms an 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. S G Veera |
|
Designation : |
General Manager |
|
Contact No.: |
91-9890910461 |
|
|
|
|
Name : |
Mr. Ganesh Patil |
|
Designation : |
Account Executive |
|
Contact No.: |
91-253-2514046 |
|
Date : |
31.03.2011 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-253-2514044/ 45 |
|
Fax No.: |
91-253-2514046 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
59 sq.fts |
|
Location : |
Owned |
|
|
|
|
Factory : |
Gate No.152/2/1, At Post, Brahmanwade, Vithoba Nagari, Industrial
Estate, Sinnar, Nashik, India |
|
Tel. No.: |
91-253-2801466 |
|
Fax No.: |
91-253-2801477 |
|
Area : |
59 sq.fts |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Sandesh P. Tambat |
|
Designation : |
Partner |
|
Address : |
Plot No.11-12, Atharva, Behind BYK Collage, Nashik, Maharashtra, India
|
|
Date of Birth/Age : |
27.04.1961 |
|
Qualification : |
B.com |
|
Experience: |
30 years |
|
|
|
|
Name : |
Mr. Harshal N Tambat |
|
Designation : |
Partner |
|
Address : |
5, Siddhai, Date Nagar, Mate Nursury Road, Gangapur Road, Nashik,
Maharashtra, India |
|
Date of Birth/Age : |
17.05.1975 |
|
Qualification : |
Becholer of Computer Science, MBA |
|
Experience: |
15 years |
KEY EXECUTIVES
|
Name : |
Mr. S G Veera |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. Ganesh Patil |
|
Designation : |
Account Executive |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Pesticides, Weedicides, Fungicides,
Bactoricide, etc. |
|
|
|
|
Imports: |
|
|
Products : |
Plant Bio Fertiliser |
|
Countries : |
Korea |
|
|
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash, Credit (120 days) |
|
|
|
|
Purchasing : |
L/C, Cash, Credit (91-180 days) |
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
Axis Bank – Rs.150.000 Millions |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
· Tata Capital Limited Tata Motors Finance Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Patil, Hiren, Jajoo and Company (Mr. Ulhas Patil) Chartered Accountant |
|
Address : |
Ruturaj, Near Vidhayvikas Circle, Gangapur Road, Nashik, Maharashtra,
India |
|
Tel No.: |
91-253-2572680 |
CAPITAL STRUCTURE
|
Particulars |
31.03.2010 (Rs. In Millions) |
|
|
|
|
Capital Account |
0.050 |
|
Current Account |
90.732 |
|
|
|
|
Total |
90.782 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Capital Accounts |
|
0.050 |
0.050 |
|
|
2] Current Accounts |
|
90.732 |
66.436 |
|
|
3] Share Application Money |
|
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
5] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
90.782 |
66.486 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
33.999 |
28.774 |
|
|
2] Unsecured Loans |
|
0.000 |
3.046 |
|
|
TOTAL BORROWING |
|
33.999 |
31.820 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
124.781 |
98.306 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
21.463 |
16.652 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
42.320 |
41.797 |
|
|
Sundry Debtors |
|
89.834 |
53.047 |
|
|
Cash & Bank Balances |
|
32.586 |
20.521 |
|
|
Other Current Assets |
|
11.177 |
5.155 |
|
|
Loans & Advances |
|
0.397 |
0.414 |
|
Total
Current Assets |
|
176.314 |
120.934 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
68.317 |
34.990 |
|
|
Other Current Liabilities |
|
3.991 |
3.928 |
|
|
Provisions |
|
0.688 |
0.362 |
|
Total
Current Liabilities |
|
72.996 |
39.280 |
|
|
Net Current Assets |
|
103.318 |
81.654 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
124.781 |
98.306 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
259.786 |
152.573 |
|
|
|
Other Income |
|
0.033 |
0.015 |
|
|
|
TOTAL (A) |
|
259.819 |
152.588 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
175.900 |
105.493 |
|
|
|
Carriage Inwards |
|
1.886 |
1.238 |
|
|
|
C and F Charge |
|
1.534 |
0.882 |
|
|
|
Freight and Cartage Charge |
|
1.383 |
0.777 |
|
|
|
Scheme on Sale Expenses |
|
16.924 |
12.385 |
|
|
|
Advertisement Expenses |
|
0.706 |
0.068 |
|
|
|
Field Assistance Expenses |
|
1.579 |
0.921 |
|
|
|
Insurance A/c |
|
0.353 |
0.232 |
|
|
|
Marketing Expenses |
|
1.202 |
1.528 |
|
|
|
Commission |
|
4.590 |
0.000 |
|
|
|
Salary Account |
|
9.170 |
6.768 |
|
|
|
Travelling Expenses |
|
2.277 |
2.511 |
|
|
|
Remuneration to Partners |
|
6.620 |
2.602 |
|
|
|
Other Expenses |
|
24.911 |
7.983 |
|
|
|
TOTAL (B) |
|
249.035 |
143.388 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
10.784 |
9.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2.091 |
2.807 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
8.693 |
6.393 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
4.429 |
2.621 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT (E-F) (G) |
|
4.264 |
3.772 |
|
Expected Sales (2010-2011) : Rs.450.000 Millions
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
1.64 |
2.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.64 |
2.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.16 |
2.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.18 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.42 |
3.08 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
·
P S Tambat
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.44.30 |
|
|
1 |
Rs.73.90 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.