%20PRIVATE%20LIMITED%20-%20155630%2028-Sep-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
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Name : |
VANITA AGROCHEM ( |
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Registered
Office : |
Shop No.7, Kamgar Bank Building , |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.08.2008 |
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Com. Reg. No.: |
25-018212 |
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CIN No.: [Company Identification
No.] |
U24119PN2003PTC018212 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPV00868A |
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PAN No.: [Permanent Account No.] |
AADCV7319N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Chelated micronutrients,
water soluble fertilizers etc. |
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No. of Employees
: |
In office - 75(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 120000 |
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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 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.
INFORMATION PARTED BY
|
Name : |
Mr. Ravishankar Sriniwas Neglur |
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Designation : |
Business Manager |
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Contact No.: |
91-9822978421 |
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Date : |
26.09.2011 |
LOCATIONS
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Registered Office : |
Shop No.7, Kamgar Bank Building, |
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Tel. No.: |
91-230-2439177
/ 2430893 / 2434375 |
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Mobile No.: |
91-9822174113
[Mr. Netaji Powar] 91-9822978421
(Mr. 91-9822186073
(Mr. Ajit Saibannavar) |
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Fax No.: |
91-230-2436483 |
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E-Mail : |
ravi@vanitaagro.com |
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Website : |
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Area : |
500 Sq.fts |
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Location : |
Rented |
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Factory 1 : |
Gat No. 1036 / 1037, At Post – Takawade, Sangli Naka Road, A/P Taluka
– Shirol, District – Kolhapur – 416 121, Maharashtra, India
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Tel. No.: |
91-2322-264224
/ 264478 91-230-6513066 |
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Fax No.: |
91-2322-264224 / 264477 |
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E-Mail : |
factory@vanitaagro.com |
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Area : |
47000 Sq.fts |
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Location : |
Owned |
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Branches 1: |
Plot No. 715-B, Vyankatesh Assets, A/P, Sangli – 416 416, |
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Tel. No.: |
91-233-6611002 |
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E-Mail : |
prashant@vanitaagro.com |
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Area : |
722.80 Sq.fts |
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Location : |
Rented |
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Branches 2: |
103, The Solitaire, 40/4, Bhonde Colony, Off karve Road,
Eradawane, Pune – 41 004, |
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E-Mail : |
data@vanitaagro.com |
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Area : |
850 Sq.fts |
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Location : |
Rented |
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Branches 3: |
Behind Primary school,
A/P Mankapur Tal. Chikodi, District, |
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Area : |
500 Sq.fts |
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Location : |
Rented |
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Branches 4: |
Lower Ground Floor Shop No. 1 and Ground Floor Shop No. 10, Bhakti Sankul, Pet Naka, panchvati, Nasik – 422 003, Maharashtra |
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Tel. No.: |
91-253-2511799 |
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Fax No.: |
91-253-2512799 |
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E-Mail : |
anil@vanitaagro.com |
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Area : |
1326 Sq.fts |
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Location : |
Rented |
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Branches 5: |
Located At: Sangamner ( New Branch) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Netaji Prataprao Powar |
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Designation : |
Director |
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Address : |
A 9, |
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Date of Birth/Age : |
08.12.1963 |
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Date of Appointment : |
07.08.2003 |
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DIN No.: |
00144545 |
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Name : |
Mrs. Rupali S. Powar |
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Designation : |
Director |
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Address : |
At Post Takawade, Ichalkaraji, |
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Date of Birth/Age : |
08.06.1981 |
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Date of Appointment : |
10.10.2005 |
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Partnership held
in partnership firm : |
Vijay
Agro Address: Gala No.45, Rajaram Stadium, Ichalkaranji – 416
115, |
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DIN No.: |
01764582 |
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KEY EXECUTIVES
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Name : |
Mr. Ajit Saibannavar |
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Designation : |
Corporate and Dealership Enquiries |
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Mobile No. : |
91-9822186073 |
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Email : |
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Name : |
Mr. Ravishankar Neglur |
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Designation : |
Purchase Department/ Business Manager |
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Mobile No.: |
91-9822978421 |
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Email : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Netaji Prataprao Powar |
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16250 |
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Vanita N. Powar |
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1250 |
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Santaji P. Powar |
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2500 |
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Prataprao M. Powar (HUF) |
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1250 |
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Netaji Prataprao Powar (HUF) |
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1250 |
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Rupali S. Powar |
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2500 |
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Total |
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25000 |
Equity Share Break up (Percentage of Total Equity)
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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 : |
Manufacturer of Chelated
micronutrients, water soluble fertilizers etc. |
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Products : |
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Agencies Held : |
· Dealer of Nalco – An American, Water Treatment Chemicals manufacturing · Consultants For Total Water Management and Energy Conservation · Nalco - Pune |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
TT, Open Credit |
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Installed
Capacity (In M.T) |
Actual
Production (In
M.T) |
|
Potassium Magnesium Sulphate |
|
100 |
24.3 |
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Vanclean – 350, PH Reducer |
|
100 |
48.7 |
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Borax |
|
100 |
74.9 |
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Vardaan, Reedy, Cosomic |
|
2000 |
390 |
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Support |
|
6000 |
3411 |
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Microbor |
|
20 |
10.9 |
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Sequel |
|
1800 |
41 |
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Differ Fe-Eddha (Repacking) |
|
10 |
3.6 |
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Ammn. Molybdate |
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2 |
0.34 |
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Boric Acid (Repacking) |
|
20 |
20.5 |
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Calcium Choride (Repacking) |
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5 |
3.4 |
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Magnazium Nitrage (Repacking) |
|
10 |
10.3 |
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Pottassium Bicarbonate (Repacking) |
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10 |
5.2 |
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Citric Acid (Repacking) |
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5 |
7.3 |
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Adiya 19:19:19, 16:08:24, 13:40:13, 20: 20 : 20, 00:00:50, 12:61:00,
00:52:3413:00:45s |
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3000 |
1464 |
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Urea Phosphate |
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20 |
4.4 |
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Schoena |
|
700 |
71.5 |
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Ferrous Sulphate, Kevada |
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10 |
1.3 |
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TOTAL |
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13912 |
5592.64 |
GENERAL INFORMATION
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Suppliers: |
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Customers : |
Wholesalers, Retails
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No. of Employees : |
In office -75 (Approximately) |
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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 : |
Khire Khandekar and Kirloskar Chartered Accountant |
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Address : |
1051, |
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Tel. No.: |
91-233-2375883 |
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Fax No.: |
91-233-2322893 |
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Associates/Subsidiaries : |
Vanita Chemicals Address: 2, Activity : Jagary Chemicals Vanita Agrochem Address : 10, Activity : Consultants for Total Water Management and Energy
Conservation |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
30000 |
Equity Shares |
Rs.100/- each |
Rs.3.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/-
each |
Rs.2.500
millions |
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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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.633 |
9.476 |
3.375 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
29.133 |
11.976 |
5.875 |
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LOAN FUNDS |
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1] Secured Loans |
56.625 |
42.619 |
23.399 |
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2] Unsecured Loans |
20.013 |
15.169 |
17.711 |
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TOTAL BORROWING |
76.638 |
57.788 |
41.110 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
105.771 |
69.764 |
46.985 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.501 |
33.511 |
28.264 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.008 |
0.008 |
0.008 |
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DEFERREX TAX ASSETS |
0.578 |
0.058 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
46.708
|
20.514
|
17.868
|
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Sundry Debtors |
25.158
|
18.456
|
9.582
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Cash & Bank Balances |
2.941
|
6.188
|
2.172
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Other Current Assets |
6.741
|
1.310
|
1.375
|
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Loans & Advances |
12.041
|
8.154
|
3.749
|
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Total
Current Assets |
93.589
|
54.622 |
34.746
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
16.267
|
8.906 |
11.358
|
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Current Liabilities |
1.112
|
1.131 |
1.059
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Provisions |
14.543
|
8.422 |
3.646
|
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Total
Current Liabilities |
31.922
|
18.459 |
16.063
|
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Net Current Assets |
61.667
|
36.163 |
18.683
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MISCELLANEOUS EXPENSES |
0.017 |
0.024 |
0.030 |
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TOTAL |
105.771 |
69.764 |
46.985 |
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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 |
281.226 |
145.917 |
84.818 |
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Other Income |
5.482 |
3.640 |
1.442 |
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TOTAL |
286.708 |
149.557 |
86.260 |
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Less |
EXPENSES |
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Cost of Sales |
216.002 |
109.262 |
62.882 |
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Other Expenses |
45.069 |
32.162 |
19.425 |
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TOTAL |
261.071 |
141.424 |
82.307 |
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PROFIT BEFORE
TAX |
25.637 |
8.133 |
3.953 |
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Less |
TAX |
8.480 |
2.032 |
1.482 |
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PROFIT AFTER TAX
|
17.157 |
6.101 |
2.471 |
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CIF Value of
Imports |
83.784 |
NA |
NA |
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Earnings Per
Share (Rs.) |
686 |
-- |
98.84 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover ( Approximately) |
|
|
450.000 |
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Expected Sales ( 2011-2012 ) :
Rs. 600.000 Millions
The above information has been parted by Mr. Ravi Shankar Neglur
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.98 |
4.10 |
2.86
|
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Net Profit Margin (PBT/Sales) |
(%) |
9.12 |
5.57 |
4.66
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.70 |
9.23 |
6.27
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.88 |
0.68 |
0.67
|
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Debt Equity Ratio (Total Liability/Networth) |
|
3.73 |
6.37 |
9.73
|
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Current Ratio (Current Asset/Current Liability) |
|
2.93 |
2.96 |
2.16
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(
Rs. in Millions )
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Creditors |
16.267 |
8.906 |
11.358 |
|
TOTAL |
16.267 |
8.906 |
11.358 |
Trade references:-
·
RNZ DMCC –
· Pandilvar Fertilizer – Latur ( Customer)
|
Check list by
Info Agents |
Available in
Reports ( Yes/No) |
|
Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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-- |
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Yes |
|
Yes |
|
Yes |
|
Yes |
|
No |
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No |
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Yes |
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Yes |
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Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
-- |
|
-- |
|
Yes |
|
Yes |
|
-- |
|
-- |
|
No |
|
-- |
|
-- |
|
-- |
form 8:-
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Corporate identity number of the company |
U24119PN2003PTC018212 |
|
Name of the company |
VANITA AGROCHEM
( |
|
Address of the registered office or of the
principal place of business in |
Shop No.7,
Kamgar Bank Building, |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge holder |
Bank of
Maharashtra, Ichalkaranji Branch, E-Mail: bom85@mahabank.co.in |
|
Nature of instrument creating charge |
Composite Deed of Hypothecation for all
facilities. |
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Date of instrument Creating the charge |
25.08.2010 |
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Amount secured by the charge |
Rs. 7.500 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest BPLR – 2.25 % + 2 % presently @ 12 % p.a.
with monthly rest based on RBP applicable to Medium Industry or rate
prescribed by bank from time to time Terms of repayment As per the agreement with the bank Margin 25 % in Bank Favour Extent and operation of the charge Facility – Short Term Loan. The charge on
hypothecated assets continues till full repayment of Loan. Others As per Agreement with the Bank. |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
First and Exclusive charge and security by
way of hypothecation charge in favour of Bank over borrower's present and
future movable plants, machineries, goods, stocks of Raw Materials, items,
inventories, stocks in
process, semi finished and finished goods, stores and spares (Consumable
Stores and spares),stock in trade, goods in process, movables in transit and
present and future tangible and intangible assets vehicles, goodwill, trademark, copyright,
patent and all the right title interest and benefit of the borrower and all
outstanding monies, claims, bills receivables, book debts. |
|
Name of the
company |
VANITA AGROCHEM ( |
|
Presented By |
Mr.
Netaji Prataprao Powar, Managing Director |
|
1) Date and description of instrument creating the change |
Date: November 3, 2004 1. Hypothecation of goods and book debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Rs.4.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1. All stock and book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Interest BPLR + 1% 2. Margin 25% 3. Hypothecation of all types of stock and
book debts. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Maharashtra, Branch Ichalkaranji,
District |
|
6) Date and brief description of instrument modifying the charge |
Memorandum of record of Equitable Mortgage
dated 10th November, 2004. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Mortgage of Property of the company
described i.e. The agricultural land building constructed thereon within the
limits of Village Takawade, Tahashil Shriol, District Kolhapur together with
buildings and structures constructed / to be constructed thereon and all
fixed plants and machineries and fixtures standing lying or being thereon.
For term loan of Rs.5.000 millions as well as cash credit facility Rs.4.500
millions. |
FIXED ASSETS:
- Land
- Buildings
(Shop premises at Nashik)
- Building
(Commercial Complex, Mumbai)
- Plant and
Machinery
- Furniture
- Furniture
(WIP)
- Computer
- Vehicles
- Library Books
WEBSITE DETAILS:
PROFILE:
Subject is located in South West India in a village,
Takawade, about 30 km away from the city of
Mr. Netaji Powar, CEO of the company is a post graduate
Chemical Engineer from
Subject has been built on a strong technical foundation and
so the products manufactured satisfy even the most choosy and quality conscious
customers. The range of products includes chelated micronutrients, water
soluble fertilizers, inorganic micronutrients and their mixtures, secondary
nutrients and their mixtures, amino acids with micronutrients and plant growth
regulators / stimulants. Vanita Agro is indeed a complete plant nutrition company.
The present facility at Takawade is state of the art consisting of
manufacturing equipments to produce 600 MT / month of water soluble NPK
formulations; 150 MT / month of chelated micronutrients, 150 MT/month of plain
micronutrient mixtures (liquid as well as powder for foliar and
fertigation), 350 MT / month of micronutrient mixture for soil application and
600 MT / month of secondary nutrient mixture for soil application.
The production facility has been supported by a full fledged quality control and research laboratory to meet all the international quality criteria. Alongwith other instruments, the laboratory is equipped mainly with analytical instruments like Atomic Absorption Spectrophotometer (AAS), UV - visible spectrophotometer, Flame photometer, Colorimeter, Turbidity meter, etc. They have all instruments and equipments to help farmers and the agronomists to analyze soil, water, leaf and petiole.
A library with good collection of books in the fields of chemical engineering / technology, agriculture, microbiology etc and a conference hall supports the technical staff. Though on the countryside, the facility has been constructed such that even the overseas visitors respect the vision behind the venture.
For domestic market, there is one distributor for each district and the products are being distributed through their dealer network. A fleet of vehicles (TATA 207, 407, 909) is used for delivering goods to distributors within a distance of 250 km. The products are also sold in the Indian market by some of the corporate customers in their own brands.
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. 49.18 |
|
|
1 |
Rs. 76.65 |
|
Euro |
1 |
Rs. 66.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.