MIRA
INFORM REPORT
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Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
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Name : |
POPULAR STEEL WORKS AND AGRICULTURAL IMPLEMENTS PRIVATE LIMITED |
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Registered
Office : |
1325/1 K / 1, Shiavji Udhyam Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.12.1994 |
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Com. Reg. No.: |
11-083651 |
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CIN No.: [Company Identification
No.] |
U29211MH1994PTC083651 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPP01249D |
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PAN No.: [Permanent Account No.] |
AABCP4768J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the innovation and development of Agricultural
Implements |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 357000 |
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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 an established company having satisfactory track. Trade relations are 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
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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 : |
1325/1 K / 1, Shiavji Udhyam Nagar, |
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Tel. No.: |
91-231-2657376 / 2657424 |
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Fax No.: |
91-231-2657221 |
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E-Mail : |
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Website : |
DIRECTORS
As on 10.09.2010
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Name : |
Mr. Jadhav Keshavrao Diliprao |
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Designation : |
Director |
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Address : |
Manjula Smruti, Plot No.14,15, Pratibhanagar, |
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Date of Birth/Age : |
19.06.1953 |
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Date of Appointment : |
09.12.1994 |
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DIN : |
00126856 |
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Name : |
Mr. Jadhav Keshavrao Rajendra |
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Designation : |
Director |
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Address : |
Manjula Smruti, Plot No.14,15, Pratibhanagar, |
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Date of Birth/Age : |
14.01.1961 |
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Date of Appointment : |
09.12.1994 |
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DIN : |
00126904 |
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Name : |
Mrs. Jadhav Diliprao Dipti |
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Designation : |
Director |
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Address : |
Manjula Smruti, Plot No.14,15, Pratibhanagar, |
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Date of Birth/Age : |
13.06.1956 |
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Date of Appointment : |
07.06.1996 |
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Name : |
Mrs. Jadhav Rajendra Priyanka |
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Designation : |
Director |
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Address : |
Manjula Smruti, Plot No.14,15, Pratibhanagar, |
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Date of Birth/Age : |
02.06.1966 |
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Date of Appointment : |
07.06.1996 |
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Name : |
Mr. Jadhav Diliprao Bhushan |
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Designation : |
Director |
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Address : |
Manjula Smruti, Plot No.14,15, Pratibhanagar, |
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Date of Birth/Age : |
27.01.1983 |
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Date of Appointment : |
01.12.2001 |
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Name : |
Mr. Jadhav Diliprao Yuvraj |
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Designation : |
Director |
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Address : |
Manjula Smruti, Plot No.14,15, Pratibhanagar, |
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Date of Birth/Age : |
05.04.1985 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Jadhav Diliprao Rakesh |
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Designation : |
Director |
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Address : |
Manjula Smruti, Plot No.14,15, Pratibhanagar, |
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Date of Birth/Age : |
11.02.1987 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mrs. Jadhav Abhimanyu Sulakshana |
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Designation : |
Director |
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Address : |
Manjula Smruti, Plot No.14,15, Pratibhanagar, |
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Date of Birth/Age : |
05.03.1982 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Jadhav Rajendra Akshay |
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Designation : |
Director |
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Address : |
Manjula Smruti, Plot No.14,15, Pratibhanagar, |
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Date of Birth/Age : |
05.10.1988 |
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Date of Appointment : |
25.01.2008 |
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DIN : |
01635814 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.09.2010
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Names of Shareholders |
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No. of Shares |
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Jadhav Keshavrao Diliprao |
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157500 |
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Jadhav Keshavrao Rajendra |
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315000 |
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Jadhav Diliprao Dipti |
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157500 |
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Jadhav Rajendra Priyanka |
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157500 |
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Jadhav Diliprao Bhushan |
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67500 |
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Jadhav Diliprao Yuvraj |
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68000 |
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Jadhav Diliprao Rakesh |
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67500 |
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Jadhav Abhimanyu Sulkshana |
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2500 |
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Total |
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993000 |
As on 01.04.2011
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Names of Allottees |
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No. of Shares
Allotted |
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Jadhav Keshavrao Diliprao |
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90700 |
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Jadhav Keshavrao Rajendra |
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150100 |
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Jadhav Diliprao Dipti |
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48800 |
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Jadhav Rajendra Priyanka |
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52700 |
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Jadhav Diliprao Bhushan |
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111400 |
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Jadhav Diliprao Yuvraj |
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267400 |
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Jadhav Diliprao Rakesh |
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177400 |
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Akshay Rajendra Jadhav |
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307400 |
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Total |
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1205900 |
As on 10.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the innovation and development of Agricultural
Implements |
GENERAL INFORMATION
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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 : |
A.D. Shinde and Company Chartered Accountant |
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Address : |
Bhavani Mandap, , |
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Tel. No.: |
91-233-2302528 |
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Fax No.: |
91-233-2302797 |
CAPITAL STRUCTURE
As on 10.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,198,900 |
Equity Shares |
Rs.10/- each |
Rs.21.989
millions |
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As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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993,000 |
Equity Shares |
Rs.10/- each |
Rs.9.930 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.930 |
9.930 |
9.930 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
79.379 |
64.202 |
47.328 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
89.309 |
74.132 |
57.258 |
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LOAN FUNDS |
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1] Secured Loans |
62.998 |
53.882 |
47.189 |
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2] Unsecured Loans |
8.174 |
6.516 |
11.847 |
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TOTAL BORROWING |
71.172 |
60.398 |
59.036 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
160.481 |
134.530 |
116.294 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
53.278 |
40.259 |
31.526 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
14.901 |
0.765 |
9.485 |
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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 |
44.067
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37.954 |
24.986 |
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Sundry Debtors |
66.165
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69.914 |
66.165 |
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Cash & Bank Balances |
34.142
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18.792 |
26.494 |
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Other Current Assets |
3.423
|
3.455 |
15.915 |
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Loans & Advances |
95.729
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81.691 |
33.902 |
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Total
Current Assets |
243.526
|
211.806 |
167.462 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
114.257
|
92.096 |
60.251 |
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Other Current Liabilities |
15.202
|
12.334 |
19.270 |
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Provisions |
22.212
|
14.398 |
12.658 |
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Total
Current Liabilities |
151.671
|
118.828 |
92.179 |
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Net Current Assets |
91.855
|
92.978 |
75.283 |
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MISCELLANEOUS EXPENSES |
0.447 |
0.528 |
0.000 |
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TOTAL |
160.481 |
134.530 |
116.294 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
427.771 |
366.719 |
342.802 |
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Other Income |
2.507 |
1.593 |
1.465 |
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TOTAL |
430.278 |
368.312 |
344.267 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
400.186 |
336.195 |
319.077 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
30.092 |
32.117 |
25.190 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
7.101 |
5.172 |
6.049 |
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PROFIT BEFORE
TAX |
22.991 |
26.945 |
19.141 |
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Less |
TAX |
7.815 |
10.071 |
6.806 |
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PROFIT AFTER TAX
|
15.176 |
16.874 |
12.335 |
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Earnings Per
Share (Rs.) |
15.28 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
3.53
|
4.58 |
3.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.37
|
7.35 |
5.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.75
|
10.69 |
9.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.36 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.50
|
2.42 |
2.64 |
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Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.78 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
Results of
operation :
Company achieved a turnover of Rs.427.771 million as against sale of
Last year Rs.366.719 million showing increase over the previous year. The
company has earned a net profit of Rs.15.176 million as against profit in the
previous year of Rs.16.874 million showing increase in profit as previous year.
As a result of constant and concerted efforts of the directors to
explore existing market for the company’s product is paying rich dividends and
company is receiving good orders from the market.
The directors have confident that performance of the company will
improve in years to come.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29211MH1994PTC083651 |
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Name of the
company |
POPULAR STEEL
WORKS AND AGRICULTURAL IMPLEMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
1325 / 1K /
1 Shivajiudyamnagar, |
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Type of charge |
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Particular of
charge holder |
Bank of |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation cum
Loan Agreement dated 15th October, 2008. |
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Date of
instrument Creating the charge |
15.10.2008 |
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Amount secured by
the charge |
Rs.49.300 million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of
Interest - 10.75% p. a. Terms of
Repayment - Loan should be repaid on or before 31st March 2009 Margin - On
Stock-25% On Book Debts (90
days old)-40% Extent and
Operation of the charge - Charge will remain in operation till repayment of
principal amount and interest in full. Others - Penal
Interest- 2% over overdue amount. Nature of
Facility: Export Packing Credit Facility. |
|
Short particulars
of the property charged |
Hypothecation of
stocks of Steel Plates, Angles, Channels, Bearings, Castings etc. and plough,
Trasilor, Disk-Harrow etc. and Book Debts. |
FIXED ASSETS :
- Building
- Plant and Machinery
- Patterns and Dies
- Patent
- Computer
- Furniture and Dead Stock
- Vehicles
- Land
- Farm House
AS PER WEBSITE
Profile
The development and dissemination of new technology is an
important factor determining the future of Indian Agriculture. Agriculture has
always been in a transformation mode.
For last more than 150 years human beings have been engaged in improving
the soil preparation, crop and animals they raise. The process of development
and refinement is slow and not to the requirement of Indian Agricultural
Industries.
Conventional selection and uses of the systems are time consuming and
bear technical limitations. This is a time to expand and grow to match the
requirement of growing population and its need in Indian Agricultural
Industries. As on today the process of using Agricultural Implements are
considerably more scientific that its use before.
A revolution in Agricultural Technology is the need of the time. Also
technologies must be both affordable by and geared to the needs of the people
of the country.
In future farming as an economic activity, largely for the developed
world and livelihood for many in the developing country like
BACKGROUND
Popular P.S.W. is a group of companies engaged in the
innovation and development of Agricultural Implements used for soil dressing,
soil preparation with the help of Manual, Animal and Tractor drawn powers. The
company is formed by the most innovative mind of Late Shri. Keshavrao D. Jadhav. who was a
son of soil and from a farmers family in 1948 Known as Popular Steel Works And Gas Welding Works with a small work shop
and doing production of simple and good quality of Agricultural Implements used
by the rural farmers of the area and region. He was popularly Known as “Abba” means elderly respected
personality careing for all.
Popular P.S.W. is a name who gave a substitute to the then
imported single Bottom Reversible Plough from
The company Today
Today Popular P.S.W. is a
name as one of the leading company manufacturing a wide variety range of
Tractor drown P.S.W. branded
Agricultural Implements under visionary leadership of Shri. Diliprao K. Jadhav the Chairman of the group and family who
took over the reigns of the company in 1991 and converted the company into a Private Limited Company. Who
indeed with farming background and known to the need of the Indian
farmers.
The company has more than Hundred and Seventy different types of Tractor
drawn Agricultural Implements, these include the Single Bottom Reversible
Plough , Two Bottom Reversible Plough, Three Bottom Reversible Plough, Four
Bottom Reversible Plough , which is a monopoly product of Popular P.S.W. Two Bottom Rigid M. B.
Fixed Plough ,Three Bottom Rigid M.B. Fixed Plough, Four Bottom Rigid
M.B. Fixed Plough, Five Bottom Rigid M.B. Fixed Plough, Rotary Implement ROTOR
for 2.5 feet, 3 feet, 4 feet, 5 feet and 6 feet in size. Disc plough 2 discs, 3
discs, Disc Harrow Seed Cum Fertilizer Drill, Cultivator, Tiller, Ridgers;
Sugar Cane Planter, Off Barring and Healing up Implement and many more suitable
and compatible with all makes of Tractors of the Indian Market and Abroad.
In addition to this company manufacturers Twenty One types of
Animal drawn Agricultural Implements used for the cultivation purpose in Indian
Farming Industry.
Further the company has come up with the most modern Agricultural Implements
Operated by Hydraulic Power of the tractor such as Two, Three Bottom Reversible
Plough, Front end Loader and Dozer Blade, Disc Plough with 2/3/4 discs,
Besides from the manufacturing process they have very well supported
sales network on their own at various locations in the country by way of which Popular P.S.W. gives better sales and
after sales services to the most farming masses. They have even equal number of
dealers and service stations apart from their own sources in the country to
render the timely and effective services to farmers and thus to help the
country growth.
Presently Popular P.S.W.
is the major market share holder of the Agricultural Implement business in the
prominant states like Maharashtra, Karnataka, Tamil-Nadu, Uttar Pradesh,
Haryana, Gujarat, Andhra Pradesh, Madhya Pradesh and
Popular P.S.W. Agricultural Implements are Tested and used
by the prominent center Government recognized Testing and Training Institute of
the country. Popular P.S.W.
branded Agricultural Implements are qualified for Central and State Government
subsidy schemes as well.
Popular P.S.W. a company registered under S.S.I. policy of
the Government with all required facilities such as Machine Shop, Assembly
Shop, Testing and Training facility and most importantly Research and
Development Department of its own. They have their own farm to test and use
till satisfaction the Implement innovated by them before launching it to the
open market commercially. Due to this strict procedure of testing and quality
control today Popular P.S.W. is
recognized by all the
Further to get good quality components for Popular P.S.W. branded Agricultural Implements the group has a
sister concern Foundry unit
named as “Sunanda Steels”. Popular
P.S.W. works strictly on quality consciousness and to protect the same
the company gets the various quality and chemically analyzed Agricultural
Implement Components in mild steel and manganese steel from its own sister
concern Foundry under experienced supervision. The Foundry unit is well
equipped by most modern testing equipment such as the latest German made Spectrolab to get analyzed report of the elements present and its
ratio in the components.
EXTENTION WORK OF THE COMPANY
Popular has started extension work in the field of
educating the farmers by way of publishing and circulating a monthly magazine
called “Popular Mashagat” free of cost in the year 2001. The magazine is
covered by all aspects such as latest technical development in Agricultural
Implement field, new practices of crop cultivation, improvement in
Productivity, yield of crop, Pesticides control and most importantly the
experiences of farmers and experts from the field. In addition to this a
question and Answer/ doubts section from farmers and solutions to it by
experts, scientist who are on their panel from various Agricultural Colleges of
the country and research institutions.
The extension work of the company has been given full support by
the farmers and resulted in to confirming many National and Inter National
prestigious awards to its name.
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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--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 |
|
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.