MIRA
INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
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Name : |
VIMAL CROP CARE PRIVATE LIMITED (w.e.f. 30.10.2007) |
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Formerly Known
As : |
VIMAL PESTICIDES PRIVATE LIMITED |
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Registered
Office : |
Plot No.98, N H No. 8, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.03.1993 |
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Com. Reg. No.: |
04 - 019059 |
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CIN No.: [Company Identification
No.] |
U24231GJ1993PTC019059 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMV00306F |
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PAN No.: [Permanent Account No.] |
AABCV0628F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Insecticides Pesticides and Fertilizers
Soil Additives. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 44000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution |
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) |
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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 : |
Plot No.98, N H No. 8, |
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Tel. No.: |
91-79-22821390/ 32003221/ 32003222 |
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Fax No.: |
91-79-22823543/22821390 |
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E-Mail : |
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Website : |
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Factory: |
Located at Village Zak, Taluka Dahegam, District Gandhinagar, |
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Correspondence Office : |
Plot No. 175/6, GIDC Estate, Naroda, District – Ahmedabad-382330, |
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Tel. No.: |
91-79-22820790/ 32003224 |
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E-Mail : |
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Overseas Address : |
17, Aylton Street, |
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Tel. No.: |
+61 432392406 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mrs. Hiraben Mohanbhai Rami |
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Designation : |
Director |
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Address : |
“Santosh”, Near Vasant Vihar Flats, Shahibaug, Ahmedabad – 380004, |
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Date of Birth/Age : |
10.02.1950 |
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Date of Appointment : |
03.03.1993 |
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DIN No.: |
00926155 |
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Name : |
Mr. Mohanbhai Laljibhai Rami |
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Designation : |
Chirman cum Managing Director |
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Address : |
“Santosh”, Near Vasant Vihar Flats, Shahibaug, Ahmedabad – 380004, |
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Date of Birth/Age : |
30.05.1952 |
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Date of Appointment : |
03.03.1993 |
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DIN No.: |
01167254 |
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Name : |
Mr. Prakash Mohanbhai Rami |
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Designation : |
Director |
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Address : |
“Santosh”, Near Vasant Vihar Flats, Shahibaug, Ahmedabad – 380004, |
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Date of Birth/Age : |
28.01.1978 |
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Date of Appointment : |
30.03.2002 |
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DIN No.: |
01167306 |
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Name : |
Mr. Manish Mohanbhai Rami |
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Designation : |
Director |
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Address : |
“Santosh”, Near Vasant Vihar Flats, Shahibaug, Ahmedabad – 380004, |
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Date of Birth/Age : |
25.09.1981 |
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Date of Appointment : |
30.03.2002 |
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DIN No.: |
01167367 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
|
No. of Shares |
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Hiraben Mohanbhai Rami |
|
217500 |
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Mohanbhai Laljibhai Rami |
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72200 |
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Prakash Mohanbhai Rami |
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36800 |
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Manish Mohanbhai Rami |
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33800 |
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Mohanbhai Laljibhai Rami Jointly with Hiraben Mohanbhai Rami |
|
229700 |
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Ketkiben P. Rami |
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110000 |
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Arunaben M Rami |
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110000 |
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Jigar M Rami |
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90000 |
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Total |
|
900000 |
As on 30.09.2010
Equity Share Break up (Percentage of total Equity)
|
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 : |
Manufacturer of Insecticides Pesticides and Fertilizers
Soil Additives |
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Products : |
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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 : |
SARC and Associates Chartered Accountant |
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Address : |
308, Shail Complex, Opposite Madhusudan House, Off. |
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PAN.: |
AAFFB0227M |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
900,000 |
Equity Shares |
Rs.10/- each |
Rs. 9.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
9.000 |
9.000 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.994 |
1.056 |
0.280 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.994 |
10.056 |
7.780 |
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LOAN FUNDS |
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1] Secured Loans |
24.482 |
19.590 |
10.666 |
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2] Unsecured Loans |
0.059 |
0.059 |
0.959 |
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TOTAL BORROWING |
24.541 |
19.649 |
11.625 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
35.535 |
29.705 |
19.405 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.287 |
15.085 |
11.727 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.679 |
0.679 |
0.499 |
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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 |
8.408
|
12.137 |
2.414 |
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Sundry Debtors |
23.899
|
8.421 |
5.501 |
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Cash & Bank Balances |
0.835
|
0.179 |
0.207 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.818
|
6.554 |
3.221 |
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Total
Current Assets |
41.960
|
27.291 |
11.343 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
23.511
|
11.146 |
1.954 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
1.463
|
3.488 |
2.210 |
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Total
Current Liabilities |
24.974
|
14.634 |
4.164 |
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Net Current Assets |
16.986
|
12.657 |
7.179 |
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MISCELLANEOUS EXPENSES |
2.583 |
1.284 |
0.000 |
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TOTAL |
35.535 |
29.705 |
19.405 |
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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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Income |
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Other Income |
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TOTAL |
96.243 |
89.250 |
60.867 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
94.861 |
87.961 |
59.792 |
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PROFIT BEFORE
TAX |
1.382 |
1.289 |
1.075 |
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Less |
TAX |
0.444 |
0.513 |
0.455 |
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PROFIT AFTER TAX |
0.938 |
0.776 |
0.620 |
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BALANCE CARRIED
TO THE B/S |
0.938 |
0.776 |
NA |
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Earnings Per
Share (Rs.) |
0.40 |
0.40 |
1.69 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.97
|
0.87 |
1.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.41
|
3.04 |
4.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.13 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.50
|
3.41 |
2.03 |
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Current Ratio (Current Asset/Current Liability) |
|
1.68
|
1.86 |
2.72 |
LOCAL AGENCY FURTHER INFORMATION
YEAR UNDER REVIEW:
During the year, the Company has earned gross sales and service income
of Rs. 96.243 Millions as compare to Rs. 89.250 Millions for previous year. As
Compare to the last year, the Company has increased in Turnover and also in Net
profit which show a healthy growth of the Company. The Directors has taken all
necessary steps to increase turnover of the Company and increase in profit by
reducing administrative expenditure and other related cost. Increase in profit
is shows a satisfactory financial profit but looking to the all industry
growth, the Directors are in process to increase more profit in coming year.
FUTURE OUTLOOK:
Looking to the growth in all sectors of the Industry, the Directors have
taken all reasonable steps to cope any challenging from any competitors in the
market. Far taking more and more advantage from the Government in the kind of
Government incentive scheme/subsidy etc., the Company has started to take all
required licenses from various authority of Central Government, State
Government and Local authority to open new era of the Business which leads the
Company to fulfill the main object of the Company. Company has also started to
meet all leading Company who are in the same line of business to increase the
turnover of the Company. Company has also already started new unit at Naroda
GIDC, Ahmedabad to increase its installed capacity of Production and maximum
utilization of capital employment. The Directors are very aggressive and they
are ready to cope any challenges in the business. Company is also in planning
to open its branch office in the state of
Recent market of Agriculture is very positive and the directors want to
take maximum benefits of its. And for this purpose the Managing Directors of
the Company are taking a very actively interest in the day to day business of
the Company for set-up ultimate product in the business. He has visited so many
agriculture university in the state and some other industry those are doing
research tine of work in this pesticides and its related Products.
Form 8
|
Corporate identity
number of the company |
U24231GJ1993PTC019059 |
|
Name of the
company |
VIMAL CROP CARE PRIVATE LIMITED (w.e.f. 30.10.2007) |
|
Address of the
registered office or of the principal place of business in |
Plot No.98, N H No. 8, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10120710 |
|
Type of charge |
Book Debts Movable Property Others (Stocks) |
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Particular of
charge holder |
Kalupur Commercial Co- operative Bank Limited, Kalupur Bank Bhavan,
Near Income Tax Circle, |
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Nature of
instrument creating charge |
Agreement for
Hypothecation of Stocks and Book Debts |
|
Date of
instrument Creating the charge |
16.07.2010 |
|
Amount secured by
the charge |
Rs. 10.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.50% Additional
Interest at 3% p.a. be charged in case of default in repayment. Terms of
Repayment On Demand, Review
every Year Margin Stock 30% Book Debts 40% Extent and
Operation of the charge Bank has first and
exclusive charge on movable assets of the company till the repayment of
credit facilities extended by the bank to the company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Date of
instrument modifying the charge |
04.09.2008 |
|
Particulars of the
present modification |
Hypothecation
against stock and book debt limit is increased from Rs. 5.000 Millions to Rs.
10.000 Millions. |
Fixed Assets:
- Air
conditioners and Coolers
- Water Cooler
- Attendance
and Payroll Software
- Efficiency Software
- Time and
Attendance ( Fingerprint)
- Car – Indigo
CS
- Pallettruck
- Vehicles
- Computer
- Xerox Machine
- Dead stock
- Fire and
Safety Equipment
- ISO 9001-
2000 (Goodwill)
- Electrification
- Office
Equipment
- Furniture and
Fixture
- Lab.
Equipment – Naroda Plant
- Laboratory
Equipment
- Plant and
Machinery – Plot No. 31/ 32
- Plant and
Machinery - Naroda
- Plant and
Machinery – Limbadia
- Wire Fancing
- Work In
Progress Limbadia
Web Profile:
Company
Subject and their associated smallscale units are
Vimal Pesticides Private Limited was promoted in
1993. The new company steadily and slowly integrated entire business activity
of erstwhile proprietary concern into a fullfledged business
organization. In 1995, Mohanbhai thought of establishing another
formulation facility under the banner of Prakash Pesticides
Industries. The thought was converted into action in a rapid fire sequence and
result was a multi faceted realty.
Two separate facilities located at about 15 kms, from
Limbadia, installed with high efficiency production capabilities were
commissioned in 1997, Prakash Pesticides Industry is most modern off shoot of
subject equipped for formulation and packaging of wide range of pesticide
products and characteristically different range of formulations. Both units of
Prakash Pesticides Industries are located away from dense human residential
zone at village Zak, Taluka Dahegam, district Gandhinagar, an ideal location
for a pesticides manufacturing facility. The plants are accessible through a
state highway in all seasons and are about 20 kms. from Ahmedabad. In 1997,
after successful launch of M/s. Prakash Pesticides Industries, ever
ambitious Mohanbhai added another feather to his cap with focus on
R & D activities and product improvement. This time it was
christened as M/s. Vimco Pesticides. This unit is dedicated to R & D,
product improvement and utilities in the field of pesticides and fungicides.
Vimal today has enough installed capacity to produce all categories of
pesticides like Granule, Liquid, Dust, Suspensible Concentrates &
Wettable Powder with adequate space required for the storage of Raw Material,
Packing Material & Finished Goods. Over and above unit has most modern
fully semi and semi automatic manufacturing and packaging machinery to
benchmark with world class quality and production target. In 2008, looking to
the fact that the business is expanding beyond the pesticides into the field of
total crop care, management decided to rename the company as Vimal Crop Care
Private Limited. In 2008, Vimal have revamped the old Naroda unit to
start manufacture of Copper OxyChloride
Technical, Copper Hydroxide Technical and W.D.P. formulation
starting from elemental Copper. Company has achieved the product quality at par
with world best. Entire facility is utilised round the clock by
companies like BASF India Limited, Isagro (
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 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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.