MIRA
INFORM REPORT
|
Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHIVAM AGROPROCESS PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
Shivam Sales Corporation, Opposite Gayatri Mandir, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.03.2007 |
|
|
|
|
Com. Reg. No.: |
04-050291 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 20.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01549GJ2007PTC050291 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS13963F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Refined Castor Oil, Commercial Castor
Oil, etc. |
|
|
|
|
No. of
Employees: |
125 (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 190000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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. Samir Patel |
|
Designation : |
Export Manager |
|
Contact No.: |
91-2742-256335 |
|
Date : |
15.11.2011 |
LOCATIONS
|
Registered Office/ Factory 1: |
Shivam Sales Corporation, Opposite Gayatri Mandir, |
|
Tel. No.: |
91-2742-256335 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1 Lakh Sq.ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
NH-14, |
|
Tel No: |
91-2742-252808 |
|
Fax No: |
91-2742-252808 |
|
Area : |
2 Lakhs Sq.ft. |
|
Location: |
Owned |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Maheshkumar Shivrambhai Patel |
|
Designation : |
Director |
|
Address : |
C/o, Shivam Sales Corporation, Highway, Palanpur, Banaskantha-385001, |
|
Date of Birth/Age : |
23.07.1974 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
19.03.2007 |
|
DIN NO: |
01561191 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U65910GJ1993PTC020018 |
Shivam Finlease Private Limited |
Director |
17/08/1993 |
17/08/1993 |
- |
Active |
NO |
|
2 |
U01549GJ2007PTC050291 |
Shivam Agroprocess Private Limited |
Director |
19/03/2007 |
19/03/2007 |
- |
Active |
NO |
|
Name : |
Mr. Amrutbhai Ishwarlal Patel |
|
Designation : |
Director |
|
Address : |
Mahesh Sales Corporation, |
|
Date of Birth/Age : |
01.06.1960 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
19.03.2007 |
|
DIN NO: |
01561075 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U65910GJ1993PTC020018 |
Shivam Finlease Private Limited |
Director |
17/08/1993 |
17/08/1993 |
- |
Active |
NO |
|
2 |
U01549GJ2007PTC050291 |
Shivam Agroprocess Private Limited |
Director |
19/03/2007 |
19/03/2007 |
- |
Active
|
|
|
Name : |
Mr. Shivrambhai Ishwarlal Patel |
|
Designation : |
Director |
|
Address : |
C/o, Shivam Sales Corporation, |
|
Date of Birth/Age : |
05.10.1949 |
|
Date of Appointment : |
19.03.2007 |
|
DIN NO: |
02521149 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U65910GJ1993PTC020018 |
Shivam Finlease Private Limited |
Director |
17/08/1993 |
17/08/1993 |
- |
Active |
NO |
|
2 |
U01549GJ2007PTC050291 |
Shivam Agroprocess Private Limited |
Director |
19/03/2007 |
19/03/2007 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Samir Patel |
|
Designation : |
Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2011)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shivrambhai Ishwarbhai Patel |
|
1595000 |
|
Maheshbhai Shivrambhai Patel |
|
262500 |
|
Amrutbhai Ishwarlal Patel |
|
142500 |
|
Total |
|
2000000 |
Equity Share Breakup (Percentage of Total Equity)
(AS ON 29.09.2011)
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Refined Castor Oil, Commercial Castor
Oil, etc. |
|
|
|
|
Products: |
|
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit ( 30 Days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit ( 30 Days) |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Wholesalers and OEM’s
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
125 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Bank of |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vinodchandra M. Shah and Company Chartered Accountants |
|
Address : |
47, Market Yard Shop, Market Yard, Near Kakoshi Railway Crossing,
Sidhpur-384151, |
|
Tel. No.: |
91-2742-221006 (Office) 91-2742-220503 (Residence) |
|
PAN No.: |
AESPS2849P |
|
|
|
|
Associates/Subsidiaries : |
Shivam Sales Corporation Address: Palanpur, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Share |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Share |
Rs.10/- each |
Rs. 20.000 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 |
20.000 |
8.100 |
8.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
27.763 |
1.664 |
6.822 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
47.763 |
9.764 |
14.922 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.385 |
29.605 |
36.032 |
|
|
2] Unsecured Loans |
18.171 |
17.853 |
4.753 |
|
|
TOTAL BORROWING |
48.556 |
47.458 |
40.785 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
96.319 |
57.222 |
55.707 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
56.142 |
32.700 |
36.944 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.925 |
0.573 |
0.573 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
29.176
|
15.726
|
13.171 |
|
|
Sundry Debtors |
20.066
|
11.750
|
3.453 |
|
|
Cash & Bank Balances |
0.028
|
0.019
|
0.089 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
6.380
|
1.168
|
2.304 |
|
Total
Current Assets |
55.650
|
28.663 |
19.017 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
17.721
|
5.520
|
1.658 |
|
|
Other Current Liabilities |
0.378
|
0.019
|
0.000 |
|
|
Provisions |
0.199
|
0.187
|
0.435 |
|
Total
Current Liabilities |
18.298
|
5.726
|
2.093 |
|
|
Net Current Assets |
37.352
|
22.937
|
16.924 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.780 |
1.012 |
1.266 |
|
|
Authorised Capital Raise Expenses |
0.120 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
96.319 |
57.222 |
55.707 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Turnover) |
194.510 |
97.440 |
170.555 |
|
|
|
Other Income |
3.941 |
0.000 |
0.034 |
|
|
|
TOTAL |
198.451 |
97.440 |
170.589 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
191.177 |
85.606 |
144.607 |
|
|
|
Trading Expenses |
|
3.464 |
14.108 |
|
|
|
Other Expenses |
|
8.408 |
9.433 |
|
|
|
TOTAL |
191.177 |
97.478 |
168.148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.274 |
[0.038] |
2.441 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.976 |
5.119 |
3.619 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2.298 |
[5.157] |
[1.178] |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
2.298 |
[5.157] |
[1.178] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
[1.178] |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
[6.335] |
[1.178] |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
1.14 |
[6.37] |
-- |
|
Expected Sales ( 2011-2012) : Rs. 300.000 Millions
The above information has been parted by Mr. Samir Patel
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.15
|
[5.29]
|
[0.69] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.18
|
[5.29]
|
[0.69] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.05
|
[8.40]
|
[2.11] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
[0.53]
|
[0.08] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
5.45
|
2.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.04
|
5.01
|
9.09 |
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 two 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 |
Yes |
|
18)Major Customer |
Yes |
|
19)Payment Terms |
Yes |
|
20)Export/ Import Details (if Applicable) |
Yes |
|
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 |
------------------- |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U01549GJ2007PTC050291 |
|
Name of the
company |
SHIVAM AGROPROCESS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shivam Sales Corporation, Opposite Gayatri Mandir, Email: amipal@sancharnet.in |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
10072772 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of Email: palanp@bankofbaroda.com |
|
Nature of
instrument creating charge |
Extension of
equitable mortgage |
|
Date of
instrument Creating the charge |
29.04.2011 |
|
Amount secured by
the charge |
Rs. 187.100
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As communicated
by the bank from time to time Terms of repayment As mentioned in
the agreement attached herewith Margin As mentioned in the
agreement attached herewith Extent and operation of the charge First charge of
the bank |
|
Short particulars
of the property or assets charged (including complete address and location of
the property) |
All that piece
and parcel of the property bearing revenue survey No. 364/ 1 p/ 3 Paiki,
Consisting measurements 10890.00 Sq. Mtrs. situated in the sim of Palanpur,
District Banaskantha, |
|
Date of last
modification prior to the present modification |
26.09.2007 |
|
Particulars of the
present modification |
Loans and other
facilities increased upto Rs. 187.100 Millions. |
FIXED ASSETS:
·
Furniture
·
Construction
·
Sealing Machine
·
Generator
·
Computer
·
Electronics Weighing
Scale
·
Tele System
·
Land Purchase
·
Solvent Extraction Plant
·
Tubewell
·
Construction for Expeller
and Refinary
·
Plant and Machinery for
Expeller and Refinary
·
Furniture for Expeller
and Refinary
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.50.90 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.68.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.