MIRA
INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
DEESAN AGRO- TECH LIMITED |
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Formerly Known
As : |
DESSAN INDUSTRIAL GASESA DN CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
4A Vikas Centre, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.03.1991 |
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Com. Reg. No.: |
11-060810 |
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CIN No.: [Company Identification
No.] |
U40200MH1991PLC060810 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD04654G |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Expoter of Syabean De Oiled Cake, Soya Flour, Reniers
aof Edible Soyaben, Cotton Seed and Plam Oil. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be usually correct
and as per commitments. The company can be considered normal for 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 |
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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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Ashok Wagh |
|
Designation : |
Chief Accountant |
|
Date : |
02.05.2011 |
LOCATIONS
|
Registered Office : |
4A Vikas Centre, |
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E-Mail : |
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Branch Office : |
1 and 2, 87-C Anna Bhavan, Devji
Ratanji Marg, Dana Bunder, Nasjid East, Mumbai-400009, Maharashtra, India |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Tajindersingh Bhathal |
|
Designation : |
Director |
|
Address : |
Bunglow No. 25, |
|
Date of Appointment : |
24.08.2006 |
|
DIN No.: |
00342971 |
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|
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|
Name : |
Mr. Ajay Balmukund Pasari |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
43, Sneh Nagar, |
|
Date of Appointment : |
03.08.1998 |
|
DIN No.: |
01672749 |
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Name : |
Mr. Santosh Dwarkadas Agrawal |
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Designation : |
Managing Director |
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Address : |
Plot No. 18, Vallabh Nagar, |
|
Date of Appointment : |
03.08.1999 |
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DIN No.: |
01686768 |
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|
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|
Name : |
Mr. Ajay Sureschandra Agrawal |
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Designation : |
Director |
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Address : |
55, Abhay Nagar, |
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Date of Appointment : |
03.08.1999 |
|
DIN No.: |
02519012 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Wagh |
|
Designation : |
Chief Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ajay Balmukund Pasari |
|
380000 |
|
Ajay Sureshchandra Agrawal |
|
320000 |
|
Amrish Rasiklal Patel |
|
712000 |
|
Anita Santosh Agrawal |
|
152000 |
|
Baban Hiralal Agrawal |
|
106800 |
|
Bhupesh Rasiklal Patel |
|
400000 |
|
Parmeet Kaul Barindr Bhathal and Purnooor Kaurl Barindra Bhathal
(Minor) |
|
580000 |
|
Balmukund Sitaram Pasari |
|
344000 |
|
Deepak Balmukund Pasari |
|
320000 |
|
Dwaradas Ratanlal Agrawal |
|
80000 |
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Dwsarkadasa Ratanlal Agrawal (HUF) |
|
100000 |
|
Gomtibai Dwarkadas Agrawal |
|
80000 |
|
Gopal Bansilal Agrawal |
|
80000 |
|
Gopal Hiralal Agrawal (HUF) |
|
40000 |
|
Gopal Bansilal Agrawal (HUF)q |
|
40000 |
|
Harilal Bansilal Agrawal |
|
80000 |
|
Tanveer Singh Tejindr Singh Bhathal (Minor) |
|
1648000 |
|
Harilal Bansilal Agrawal (HUF) |
|
40000 |
|
Jayshri Amrish Patel |
|
200000 |
|
Kavita Ajay Pasari |
|
60000 |
|
Ketaki Mukesh Patel |
|
200000 |
|
Kruti Bhupesh Patel |
|
200000 |
|
Leela Balmukund Pasari |
|
80000 |
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Mukesh Rasiklal Patel |
|
400000 |
|
Mulchand Ratanlal Agrawal |
|
80000 |
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 and Expoter of Syabean De Oiled Cake, Soya Flour, Reniers
aof Edible Soyaben, Cotton Seed and Plam Oil. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Oil Extraction
and Refining |
MT |
90000 |
90000 |
|
|
Soya Refining Oil |
MT |
-- |
-- |
9394.80 |
|
R.S. Refining Oil |
MT |
-- |
-- |
218.10 |
|
Soya DOC |
MT |
-- |
-- |
46413.50 |
|
R.S. DOC |
MT |
-- |
-- |
4007.74 |
|
|
|
|
|
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|
Wind Power
Generation |
KW |
-- |
1060 |
106.97 |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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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 : |
V.S. Agrawal and Company Chartered Accountant |
|
Address : |
Above Pravin Photo, Lane No. 2, Dhule-424001, |
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Sister Concern : |
Shreeji Oil Industries Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9600000 |
Equity Shares |
Rs. 10/-
each |
Rs. 96.000
Millions |
|
|
(Out of above 7200000 Shares were allotted as
fully paid bonus share out of General Reserve) |
|
|
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 |
96.000 |
24.000 |
24.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
368.806 |
161.870 |
132.559 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
464.806 |
185.870 |
156.559 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
253.185 |
176.409 |
186.899 |
|
|
2] Unsecured Loans |
84.457 |
76.436 |
88.843 |
|
|
TOTAL BORROWING |
337.642 |
252.845 |
275.742 |
|
|
DEFERRED TAX LIABILITIES |
20.585 |
23.712 |
22.880 |
|
|
Sales Tax Deferral |
46.254 |
49.841 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
869.287 |
512.268 |
455.181 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
485.524 |
209.380 |
107.569 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.022 |
0.022 |
0.022 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
197.301
|
130.463 |
277.811 |
|
|
Sundry Debtors |
114.054
|
107.926 |
156.678 |
|
|
Cash & Bank Balances |
56.673
|
56.321 |
67.419 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
35.244
|
36.221 |
16.496 |
|
Total
Current Assets |
403.272
|
330.931 |
518.404 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
17.031
|
19.785 |
159.882 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
2.500
|
8.280 |
10.932 |
|
Total
Current Liabilities |
19.531
|
28.065 |
170.814 |
|
|
Net Current Assets |
383.741
|
302.866 |
347.590 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
869.287 |
512.268 |
455.181 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2108.615 |
2418.665 |
1998.498 |
|
|
|
Wind Mill Power Generation, Captively Consumed |
10.697 |
6.698 |
6.382 |
|
|
|
Gain from Commodity Exchange Trading |
1.233 |
7.901 |
4.016 |
|
|
|
Other Income |
3.771 |
0.072 |
2.027 |
|
|
|
TOTAL (A) |
2124.316 |
2433.336 |
2010.923 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
1433.307 |
1867.615 |
1647.434 |
|
|
|
Packing Material and Consumables Consumed |
42.647 |
51.294 |
0.000 |
|
|
|
Purchase for Resale |
468.487 |
230.293 |
75.570 |
|
|
|
Manufacturing and other Expenses |
93.662 |
94.439 |
202.625 |
|
|
|
Administration Expenses |
86.572 |
129.313 |
0.000 |
|
|
|
Increase/ Decrease in Stock |
[54.192] |
[10.640] |
0.000 |
|
|
|
TOTAL (B) |
2070.483 |
2362.314 |
1925.629 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
53.833 |
71.022 |
85.294 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
26.868 |
30.997 |
37.024 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.965 |
40.025 |
48.270 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.811 |
6.882 |
7.819 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
17.154 |
33.143 |
40.451 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
[2.777] |
8.832 |
20.601 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
19.931 |
24.311 |
19.850 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
154.870 |
130.559 |
110.709 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
80.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
94.801 |
154.870 |
130.559 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1028.784 |
1206.096 |
652.425 |
|
|
TOTAL EARNINGS |
1028.784 |
1206.096 |
652.425 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Import Value |
95.127 |
31.654 |
64.768 |
|
|
TOTAL IMPORTS |
95.127 |
31.654 |
64.768 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
8.30 |
10.12 |
-- |
|
|
|
Diluted |
2.08 |
10.12 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.94
|
0.99 |
0.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.81
|
1.37 |
2.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.93
|
6.13 |
6.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.18 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.77
|
1.51 |
2.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
20.65
|
11.79 |
3.03 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
17.031 |
19.785 |
159.882 |
|
Total |
17.031 |
19.785 |
159.882 |
Performance:
The company has achieved Sales of Rs. 2108.600 Millions as against Rs.
2418.600 Millions in the previous year. The fall in turnover is mainly due to lower
international and domestic prices of commodity and processing was less due to
less demand.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U40200MH1991PLC060810 |
|
Name of the
company |
DEESAN AGRO- TECH LIMITED |
|
Address of the
registered office or of the principal place of business in |
4A Vikas Centre, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80020220 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Loan-cum-hypothecation |
|
Date of
instrument Creating the charge |
26.05.2010 |
|
Amount secured by
the charge |
Rs. 367.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest DCC: 12.75% p.a.
with monthly rests. Stand by line of Credit : 1% above applicable rate to WC
limit i.e. 13.75% p.a. with monthly rests. Term Loan: 13.25% p.a. with monthly
rests. Terms of
Repayment First 46 monthly
installment of Rs. 1.333 Millions each + Interest Next 11 Monthly
installment of Rs. 1.557 Millions + Interest Last Installments
of Rs. 1.555 Millions + Interest With the first
installment commencing on July 2010 and the last installment falling due on Margin Raw Materials:
Indigenous : 25% Semi Finished
Goods : 33.33% Finished Goods :
25% Domestic
Receivables (Cover 30 Days): 40% Term Loan :
34.43% Extent and
Operation of the charge As per sanction Terms |
|
Short particulars
of the property charged |
Hypothecation of
raw materials, stock in process, finished goods and book debts |
|
Date of
instrument modifying the charge |
21.04.2008 |
|
Particulars of
the present modification |
Now by the present
modification 26.05.2010 the limit has been increased from Rs. 225.500
Millions to Rs. 367.000 Millions |
Fixed Assets:
·
·
·
Building
·
Land Development
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Vehicles
·
Wind Power Project
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.73.89 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.