MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	VISHAKHA IRRIGATION PRIVATE LIMITED
Registered Office :	2^nd Floor, Ashirwad Paras Corporate House No. 2, Corporate Road, Prahladnagar, Ahmedabad – 380 015, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.03.2008
Com. Reg. No.:	04-53240
Capital Investment / Paid-up Capital :	Rs.11.632 millions
CIN No.: [Company Identification No.]	U29299GJ2008PTC053240
TAN No.: [Tax Deduction & Collection Account No.]	AHMV03483E
PAN No.: [Permanent Account No.]	AACCV6706D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Drip Irrigation System and Sprinkler.
No. of Employees :	160 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 210000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, with some improvement in the financial performance the company can wipe off those losses in near future. 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.

INFORMATION PARTED BY

Name :	Mr. Shailesh
Designation :	Finance Manager
Contact No.:	91-79-61907373
Date :	01.11.2011

LOCATIONS

Registered/Head Office :	2^nd Floor, Ashirwad Paras Corporate House No. 2, Corporate Road, Prahladnagar, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-61907373 / 29701564 / 29701566
Fax No.:	91-79-61907340
E-Mail :	jigishdoshi@vishakhapolyfab.com
Website :	http://www.vishakhairrigation.com
Location :	Owned
Factory :	Block No. 792, Sabaspur Road, Moti Bhoyan, Taluka Kalol, District Gandhi Nagar – 382 721, Gujarat, India
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Jigish Nagindas Doshi

Designation :

Director

Address :

6, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension, Satellite, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

17.01.1961

Date of Appointment :

13.03.2008

DIN No.:

00380192

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17110GJ1993PTC020968	Vishakha Polyfab Private Limited	Director	10-12-99	10-12-99	Active	NO
2	U51495GJ2001PTC039622	Doshi Polymers Private Limited	Director	01-06-01	01-06-01	Active	NO
3	U25200GJ2005PTC046946	Vishakha Industries Private Limited	Director	19-10-05	19-10-05	Active	NO
4	U29299GJ2008PTC053240	Vishakha Irrigation Private Limited	Director	13-03-08	13-03-08	Active	NO
5	U25209GJ2010PTC059960	Vishakha Poly Pipes Private Limited	Director	22-03-10	22-03-10	Active	NO
6	U25209GJ2010PTC059959	Vishakha Irrigation Project Private Limited	Director	22-03-10	22-03-10	Active	NO

Name :

Mr. Umesh Nagindas Doshi

Designation :

Director

Address :

7, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension, Satellite, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

14.11.1951

Date of Appointment :

13.03.2008

DIN No.:

01192268

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25200GJ2005PTC046946	Vishakha Industries Private Limited	Director	19-10-05	19-10-05	Active	NO
2	U51495GJ2001PTC039622	Doshi Polymers Private Limited	Director	17-11-07	17-11-07	Active	NO
3	U29299GJ2008PTC053240	Vishakha Irrigation Private Limited	Director	13-03-08	13-03-08	Active	NO
4	U24130GJ2011PTC064073	Labdhi International Private Limited	Director	18-02-11	18-02-11	Active	NO

Name :

Mr. Bhadresh Nagindas Doshi

Designation :

Director

Address :

26, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension, Satellite, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

08.02.1956

Date of Appointment :

29.09.2008

DIN No.:

00380239

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17110GJ1993PTC020968	Vishakha Polyfab Private Limited	Director	08-06-00	08-06-00	Active	NO
2	U51495GJ2001PTC039622	Doshi Polymers Private Limited	Director	01-06-01	01-06-01	Active	NO
3	U25200GJ2005PTC046946	Vishakha Industries Private Limited	Director	15-11-07	15-11-07	Active	NO
4	U29299GJ2008PTC053240	Vishakha Irrigation Private Limited	Director	29-09-08	25-03-08	Active	NO
5	U25209GJ2010PTC059960	Vishakha Poly Pipes Private Limited	Director	22-03-10	22-03-10	Active	NO
6	U25209GJ2010PTC059959	Vishakha Irrigation Project Private Limited	Director	22-03-10	22-03-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Shailesh
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Adani Agro Private Limited, India (Nominee of Vishakha Industries)	581600
Jigish N Doshi (Nominee of Vishakha Industries)	408620
Umesh N Doshi (Nominee of Vishakha Industries)	115320
Bhadresh N Doshi (Nominee of Vishakha Industries)	57660
Total	1163200

List of Allotment As on 15.12.2010

Names of Allottees (Equity)	No. of Shares
Adani Agro Private Limited, India (Nominee of Vishakha Industries)	225700
Jigish N Doshi (Nominee of Vishakha Industries)	157990
Umesh N Doshi (Nominee of Vishakha Industries)	5000
Bhadresh N Doshi (Nominee of Vishakha Industries)	62710
Total	451400

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	50.00
Directors or relatives of directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Drip Irrigation System and Sprinkler.
Product Description :	Micro Irrigation Systems Equipments
Terms :
Selling :	L/C and Cash
Purchasing :	L/C and Cash

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity Qty. (M.T.)	Actual Production
Micro Irrigation System Equipments	Metric Tons	Not Applicable	6660	817.896

GENERAL INFORMATION

Suppliers :

Reliance Industries

Customers :

End Users

No. of Employees :

160 (Approximately)

Bankers :

State Bank of India

Commercial Branch, 3^rd Floor, Paramsiddhi Complex, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Bank
In Term Loan Account	33.489	23.696
In Cash Credit Account	59.310	10.947
Note Above Facility from Bank are secured by an Equitable Mortgage on immovable property and Hypothecation of all Current Assets both present and future situated at Block No 4B/792, Village Moti Bhoyan Taluka Kalol, District Gandhinagar)
Loan Against Assigned Vehicle	0.575	0.521
Total	93.374	35.164

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Directors	9.412	0.000
From Members	24.245	15.220
Total	33.657	15.220

Banking Relations :	--
Auditors :
Name :	Dharmesh Parikh and Company Chartered Accountants
Address :	303-304, ‘Milestone’, Near Drive – In – Cinema, Opposite T V Tower, Ahmedabad – 380 054, Gujarat, India
PAN No.:	AASPP2756N
Associates :	· Labdhi International · Jigish Marketing · Doshi Marketing · Progressive Plastic Industries · Jigish Traders · Vishakha Industries · Vishakha Polyfab Private Limited
Sister Concerns :	Poly Fab Address : 2^nd Floor, Ashirwad Paras Corporate House No. 2, Corporate Road, Prahladnagar, Ahmedabad – 380 015, Gujarat, India

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1614600	Equity Shares	Rs.10/- each	Rs.16.146 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1163200	Equity Shares	Rs.10/- each	Rs.11.632 millions

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		11.632	5.575	0.100
2] Share Application Money		0.000	0.000	5.000
3] Reserves & Surplus		43.076	16.425	0.000
4] (Accumulated Losses)		(1.492)	(2.615)	0.000
NETWORTH		53.216	19.385	5.100
LOAN FUNDS
1] Secured Loans		93.374	35.164	0.000
2] Unsecured Loans		33.657	15.220	0.508
TOTAL BORROWING		127.031	50.384	0.508
DEFERRED TAX LIABILITIES		3.218	2.861	0.000
TOTAL		183.465	72.630	5.608
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		65.169	50.440	0.692
Capital work-in-progress		2.838	0.040	0.212
Expenditure during construction period		0.000	0.000	0.045
INVESTMENT		0.020	0.020	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.056	18.963	0.000
	Sundry Debtors	57.172	0.639	0.000
	Cash & Bank Balances	7.985	2.390	0.174
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.726	5.560	4.365
Total Current Assets		163.939	27.552	4.539
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.600	4.325	0.007
	Other Current Liabilities	27.640	1.038	0.185
	Provisions	0.261	0.059	0.000
Total Current Liabilities		48.501	5.422	0.192
Net Current Assets		115.438	22.130	4.347
MISCELLANEOUS EXPENSES		0.000	0.000	0.312
TOTAL		183.465	72.630	5.608

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Gross Sales (Net of Excise Duty)	119.920	2.783
		Other Income	0.221	0.002
		TOTAL (A)	120.141	2.785
Less	EXPENSES
		Material Cost	74.200	(0.629)
		Manufacturing and Other Expenses	19.676	1.317
		Selling and Distribution Expenses	8.817	0.488
		Preliminary Expenses Written Off	0.000	0.311
		TOTAL (B)	102.693	1.487
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.448	1.298
Less	FINANCE CHARGES (D)		8.631	0.446
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.817	0.852
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.291	0.548
	PROFIT/LOSS BEFORE TAX (E-F) (G)		1.526	0.304
Less