MIRA
INFORM REPORT
|
Report Date : |
15.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
CROP LIFE SCIENCE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 5165, GIDC Estate, Near GEB Substation Nonrural - INR,
Ankleshwar-393002, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.05.2006 |
|
|
|
|
Com. Reg. No.: |
04-048297 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 9.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24124GJ2006PLC048297 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDC01057A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCC8249E |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Agrochemicals Insecticide, Fungicide, Herbicide, Bio
Product, Micro Fertilizer. |
|
|
|
|
No. of
Employees: |
45 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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. Deepak |
|
Designation : |
Director |
|
Date : |
12.11.2011 |
LOCATIONS
|
Registered Office/ Factory 1: |
Plot No. 5165, GIDC Estate, Near GEB Substation Nonrural - INR,
Ankleshwar-393002, |
|
Tel No. : |
91-2646-238479 |
|
Mobile No: |
91-9909976991 (Mr. Ramesh Taliavia) |
|
Fax No. : |
91-2646-238479 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
Plot No. 4525, GIDC Industries Estate, Ankleshwar-393020, |
|
Tel. No.: |
91-2646-238497 |
|
|
|
|
Head Office 1: |
209, PRIMATE, Near |
|
Tel. No.: |
91-79-26872996/ 40373967 |
|
Email: |
|
|
|
|
|
Corporate/ Head Office 2: |
H.O. 510, Akik Tower, Opposite Rajpath Club, S.G. Road, Bodakdev,
Ahmedabad-380054, Gujarat, India |
|
Tel. No.: |
91-79-26872301 |
|
|
|
|
Warehouse : |
A – 67, Shree Hari |
|
Location : |
Rented |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Jamankumar Hansaraj Talavia |
|
Designation : |
Director |
|
Address : |
Plot No. 35, Chitra Bank Colony, B/H Press Quarters, Chitra,
Bhavnagar-364003, |
|
Date of Birth/Age : |
10.07.1969 |
|
Qualification : |
B. Sc Agri |
|
Date of Appointment : |
03.06.2007 |
|
DIN No.: |
01525356 |
|
|
|
|
Name : |
Mr. Rajeshkumar Vrajlal Lunagariya |
|
Designation : |
Director |
|
Address : |
Plot No. 401, Swapnlok Apartment, Near |
|
Date of Birth/Age : |
08.04.1970 |
|
Qualification : |
B. Sc Chemistry |
|
Date of Appointment : |
24.05.2007 |
|
DIN No.: |
01580748 |
|
|
|
|
Name : |
Mr. Ramesh Ravjibhai Talavia |
|
Designation : |
Director |
|
Address : |
A-21, Sanskruti Apartments, Near |
|
Qualification : |
B. Sc Agri |
|
Date of
Appointment : |
24.05.2007 |
|
DIN No.: |
01619743 |
|
|
|
|
Name : |
Mr. Ashvinkumar Ravjibhai Lunagaria |
|
Designation : |
Director |
|
Address : |
F-6, Greenvila Flat, Near Vishram Nagar, |
|
Date of Birth/Age : |
06.12.1964 |
|
Qualification : |
B. Sc Chemistry |
|
Date of Appointment : |
24.05.2006 |
|
DIN No.: |
02731913 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Ravjibhai Talavia |
|
175000 |
|
Rajeshkumar Vrajlal Lunagariya |
|
220000 |
|
Jamankumar Hansaraj Talavia |
|
175000 |
|
Ashvinkumar Ravji Lunagaria |
|
130000 |
|
Vijayaben Ashvinkumar Lunagaria |
|
50000 |
|
Sumitaben Rajesh Lunagariya |
|
50000 |
|
Manjulaben Ramesh Talavia |
|
50000 |
|
Muktaben Jamanbhai Talavia |
|
50000 |
|
Total |
|
900000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agrochemicals Insecticide, Fungicide, Herbicide, Bio
Product, Micro Fertilizer. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
45 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D T Samani and Company Chartered Accountants |
|
Address : |
D-206, Navyug Co-operative Housing Society Limited, Aarey Road,
Goregaon (East), Mumbai-400063, |
|
Tel. No.: |
91-22-29277053/ 28756531 |
|
Mobile No.: |
91-9820189577 |
|
E-Mail : |
|
|
PAN NO: |
AABFT9174F |
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|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.000 |
9.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22.066 |
8.437 |
4.809 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
31.066 |
17.437 |
9.809 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
31.855 |
7.154 |
5.929 |
|
|
2] Unsecured Loans |
35.315 |
16.123 |
9.775 |
|
|
TOTAL BORROWING |
67.170 |
23.277 |
15.704 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
98.236 |
40.714 |
25.513 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
60.223 |
29.168 |
13.737 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
38.200
|
15.555
|
6.011
|
|
|
Sundry Debtors |
20.512
|
5.488
|
2.223
|
|
|
Cash & Bank Balances |
7.622
|
7.094
|
8.762
|
|
|
Other Current Assets |
1.474
|
0.854
|
0.114
|
|
|
Loans & Advances |
3.430
|
1.616
|
1.080
|
|
Total
Current Assets |
71.238
|
30.607 |
18.190 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
0.392
|
1.772
|
1.567
|
|
Total
Current Liabilities |
33.899
|
19.959
|
7.537
|
|
|
Net Current Assets |
37.339
|
10.648
|
10.653
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.674 |
0.898 |
1.123 |
|
|
|
|
|
|
|
|
TOTAL |
98.236 |
40.714 |
25.513 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
250.342 |
122.653 |
103.885 |
|
|
|
Other Income |
0.004 |
0.000 |
0.051 |
|
|
|
TOTAL (A) |
250.346 |
122.653 |
103.936 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
159.090 |
87.778 |
69.759 |
|
|
|
Manufacturing Expenses |
20.819 |
8.512 |
5.008 |
|
|
|
Administrative and other Expenses |
50.386 |
19.538 |
16.493 |
|
|
|
Preliminary Expenses |
0.225 |
0.225 |
0.078 |
|
|
|
Variation in stock |
(5.680) |
(4.798) |
5.411 |
|
|
|
TOTAL (B) |
224.840 |
111.255 |
96.749 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.506 |
11.398 |
7.187 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.416 |
3.098 |
1.287 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.090 |
8.300 |
5.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.483 |
3.029 |
1.337 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.607 |
5.271 |
4.563 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.649 |
1.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
13.607 |
3.622 |
3.052 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.51 |
4.02 |
-- |
|
Expected Sales (2011-2012) : Rs. 700.000 Millions
The above information has been parted by Mr. Deepak.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.44
|
2.95
|
2.94
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.43
|
4.30
|
4.39
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.35
|
8.82
|
14.29
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.30
|
0.47
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.25
|
2.48
|
2.37
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
1.53
|
2.41
|
LOCAL AGENCY FURTHER INFORMATION
Check List:
|
Check List by
info Agents |
Available in
Report (Yes/ No) |
|
1) Year of Establishment |
Yes |
|
2)Locality of the Firm |
Yes |
|
3)Constitution of the Firm |
Yes |
|
4)Premises Details |
Yes |
|
5)Type of Business |
Yes |
|
6)Line of Business |
Yes |
|
7)Promoter’s Background |
------------------ |
|
8)No. of Employees |
Yes |
|
9)Name of Person Contacted |
Yes |
|
10)Designation of Contact person |
Yes |
|
11)Turnover of Firm for last three years |
Yes |
|
12)Profitability for last three years |
No |
|
13)Reason for variation <> 20% |
---------------- |
|
14)Estimated for coming financial year |
Yes |
|
15)Capital in the Business |
No |
|
16)Details of Sister Concern |
Yes |
|
17)Major Suppliers |
No |
|
18)Major Customer |
Yes |
|
19)Payment Terms |
Yes |
|
20)Export/ Import Details (if Applicable) |
No |
|
21)Market Information |
------------------ |
|
22)Litigation that the Firm / Promoter |
------------------ |
|
23)Banking Details |
Yes |
|
24)Banking facility details |
Yes |
|
25)Conduct of the Banking |
------------------- |
|
26)Buyer visit details |
------------------- |
|
27)Financials, if provided |
Yes |
|
28)Incorporation details, if applicable |
------------------- |
|
29)Last account filed at ROC |
------------------- |
|
30)Major Shareholders, if applicable |
------------------- |
Note:
The Registered Address of the company has been shifted from Plot No.
4525 GIDC Industrial Estate, Ankleshwar-393002,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24124GJ2006PLC048297 |
|
Name of the
company |
CROP LIFE SCIENCE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. 5165, GIDC Estate, Near GEB Substation Nonrural- INR,
Ankleshwar-393002, Email: clslindia@yahoo.com |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10121733 |
|
Type of charge |
|
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India Email: RBBform8@hdfcbank.com |
|
Nature of
instrument creating charge |
Supplementary
letter of hypothecation |
|
Date of
instrument Creating the charge |
30.07.2011 |
|
Amount secured by
the charge |
Rs. 70.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate
as may be communicated by the Bank from time to time. Terms of Repayment Working Capital
facility shall be repayable on demand. WCTL Facility shall be repayable in
suitable installments. Margin As may be
stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by
way of First Charge on Company's Stocks and Book Debts etc,
to secure as a continuing security as mentioned in Column No. 15 below
for the repayment of Rs. 70.000 Millions together with interest, costs,
charges, expenses and other moneys due and payable by the Company to the
Bank. |
|
Short particulars
of the property charged |
Stock in Trade,
consisting of raw materials, goods in process of manufacturing finished goods,
and other merchandise whatsoever being movable properties All the debts, that
is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts,
guarantees, and rights |
|
Date of last
modification prior to the present modification |
03.08.2010 |
|
Particulars of
the present modification |
The Charge shall
now stand increased from Rs. 35.000 Millions to Rs. 70.000 Millions against
the security of Stocks and. Book Debts of the Company. |
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.50.08 |
|
|
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.68.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.