|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
GODREJ AGROVET LIMITED |
|
|
|
|
Registered
Office : |
Pirojsha Nagar, Eastern |
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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|
|
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Date of
Incorporation : |
25.11.1991 |
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|
|
|
Com. Reg. No.: |
11-135359 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.121.188 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15410MH1991PLC135359 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08309A |
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PAN No.: [Permanent Account No.] |
AAACG0617Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing and |
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|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 10000000 |
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|
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Godrej Group, a highly respectable and resourceful
business group. Financial position of the company appears to be sound.
Fundamentals are strong and healthy. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management Non-Cooperative
LOCATIONS
|
Registered Office : |
Pirojsha Nagar, Eastern |
|
Tel. No.: |
91-22-25188010 / 25188020 / 25188030 / 25194803 |
|
Fax No.: |
91-22-25188485 |
|
E-Mail : |
upendra.pathak@godrejagrovet.com |
|
Website : |
|
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|
|
|
Factory : |
148/B, Kandalkoi,
Medchal, R.R Dist - 501 403. A.P, |
|
Tel. No.: |
91-040-23792091 |
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Fax No.: |
91-040-23792092 |
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|
|
|
Regional Office : |
Locate As
|
DIRECTORS
As on 24.06.2011
|
Name : |
Mr. Nadir Burjorji Godrej |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
40-D, B. G. Kher Marg, Mumbai – 400006, |
|
Date of Birth/Age : |
26.08.1951 |
|
Date of Appointment : |
25.11.1991 |
|
DIN No.: |
00066195 |
|
|
|
|
Name : |
Mr. Jamshyd N. Godrej |
|
Designation : |
Director |
|
Address : |
40-D, B. G. Kher Marg, Mumbai – 400006, |
|
Date of Birth/Age : |
24.01.1949 |
|
Date of Appointment : |
24.08.1992 |
|
DIN No.: |
00076250 |
|
|
|
|
Name : |
Mr. Ardeshir Burjorji Godrej |
|
Designation : |
Director |
|
Address : |
Godrej House, 67-H, |
|
Date of Birth/Age : |
03.04.1942 |
|
Date of Appointment : |
25.11.1991 |
|
DIN No.: |
00065964 |
|
|
|
|
Name : |
Dr. Sudheer Laxmanrao Anaokar |
|
Designation : |
Director |
|
Address : |
A – 204 Centre Point, Panchpakhadi, Opposite thane Municipal
Corporation, Thane – 400602, |
|
Date of Birth/Age : |
04.01.1943 |
|
Date of Appointment : |
29.06.1998 |
|
DIN No.: |
00236819 |
|
|
|
|
Name : |
Mr. Vijay Mohan Crishna |
|
Designation : |
Director |
|
Address : |
A – 261 Grand Paradi Apartments Dadyseth Hill Off Augustkranti Marg, Mumbai
– 400026, |
|
Date of Birth/Age : |
08.03.1945 |
|
Date of Appointment : |
24.08.1992 |
|
DIN No.: |
00066267 |
|
|
|
|
Name : |
Mrs. Tanya Arvind. Dubash |
|
Designation : |
Director |
|
Address : |
Benreeza Estates, 6th Floor, 91 Khan Abdul Gaffar Khan
Road, Worli Seaface, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
14.09.1968 |
|
Date of Appointment : |
10.04.2003 |
|
DIN No.: |
00026028 |
|
|
|
|
Name : |
Mr. Kavas Noshirwan Petigara |
|
Designation : |
Director |
|
Address : |
801Citadel 18-B, Ruparel Marg Malabar Hill, Mumbai – 400006, |
|
Date of Birth/Age : |
10.07.1948 |
|
Date of Appointment : |
24.08.1992 |
|
DIN No.: |
00066162 |
|
|
|
|
Name : |
Mr. Amit Biren. Choudhury |
|
Designation : |
Director |
|
Address : |
SPE 4/1 and 2, Godrej Hillside Colony, Vikhroli [West], Mumbai –
400079, |
|
Date of Birth/Age : |
26.12.1942 |
|
Date of Appointment : |
08.12.2004 |
|
DIN No.: |
000557547 |
|
|
|
|
Name : |
Ms. Nisaba Ardeshir Godrej |
|
Designation : |
Director |
|
Address : |
Aashraye Godrej House, |
|
Date of Birth/Age : |
12.02.1978 |
|
Date of Appointment : |
24.07.2006 |
|
DIN No.: |
00591503 |
|
|
|
|
Name : |
Mr. Balram Singh Yadav |
|
Designation : |
Managing Director |
|
Address : |
Bunglow No. G9/ 1, Godrej Hillside Colony, LBS Marg, Vikhroli (West),
Mumbai – 400 079, |
|
Date of Birth/Age : |
15.07.1964 |
|
Date of Appointment : |
20.05.2009 |
|
DIN No.: |
00294803 |
KEY EXECUTIVES
|
Name : |
Mr. Vilas Vasant Chaubal |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 302, Laburnum, |
|
Date of Birth/Age : |
03.05.1958 |
|
Date of Appointment : |
14.06.1993 |
|
PAN No.: |
ACTPC8238P |
|
Email : |
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|
|
|
|
Name : |
Mr. Nathan |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ardeshir B. Godrej |
|
396 |
|
Nadir B. Godrej |
|
586080 |
|
Godrej Industries Limited, |
|
9112951 |
|
Rishad K Naoroji |
|
586080 |
|
Pirojsha J Godrej |
|
195360 |
|
Navroze J Godrej |
|
293040 |
|
Raika J Godrej |
|
293040 |
|
Nyrika Vijay Crishna |
|
293040 |
|
Freyan Mohan Crishna |
|
293040 |
|
Swadeshi Detergents Limited, |
|
66900 |
|
Godrej Industries Limited Joint With Subramanian |
|
1 |
|
Godrej Industries Limited Joint With |
|
1 |
|
Godrej Industries Limited Joint With |
|
1 |
|
Godrej Industries Limited Joint With |
|
1 |
|
Tanya Arvind Dubash |
|
195360 |
|
Nishaba A. Godraj |
|
195360 |
|
Godrej Industries Limited Joint With Govind |
|
1 |
|
Ensemble Holding and Finance Limited, |
|
8100 |
|
Total |
|
12118752 |
As on 24.06.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
75.82 |
|
Directors or relatives of Directors |
19.34 |
|
Other top fifty shareholders |
4.84 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and |
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Products : |
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||||
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Animal Feeds |
MT |
NA |
350000 |
233991 |
|
Tissue Culture Plants |
plants |
4.25
million |
5 million |
3 million |
|
Agri Inputs |
|
|
|
|
|
- Plant Growth Promoter Liquids |
KL |
500 |
500 |
500 |
|
- Plant Growth Regulator Granules |
MT |
5000 |
5000 |
4063 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
Address : |
Kalpataru Heritage, 127, |
|
PAN.: |
AAAFK7554R |
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|
|
|
Subsidiaries : |
The Company continues to be the holding Company of :
During the year, the company acquired 10% stake in Godrej Oil Palm Limited, 51% stake in Godrej IJM Palm Oil Limited (GIPOL), making it a 100% subsidiary of your company and 51% in
|
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|
Fellow Subsidiaries : |
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Joint Ventures : |
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Associates : |
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|
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Holding Company: |
Godrej Industries Limited (GIL) holds 75.19% (Previous year 75.19%) in
the Company. GIL is the subsidiary of Godrej and Boyce Manufacturing Company
Limited, the ultimate Holding Company. |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12118752 |
Equity Shares |
Rs.10/- each |
Rs.121.188
Millions |
|
|
|
|
|
Note:
Of the above shares, (a) 91, 12,956 Equity shares of Rs.10/- each fully paid up are held by Godrej Industries Limited the Holding Company. (b) 52,47,600 Equity Shares of Rs.10/- each have been issued as fully paid bonus shares by capitalising Securities Premium Account
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 |
121.188 |
121.188 |
121.188 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2462.041 |
2751.104 |
2562.392 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2583.229 |
2872.292 |
2683.580 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
251.053 |
580.675 |
290.294 |
|
|
2] Unsecured Loans |
1358.497 |
400.263 |
2036.165 |
|
|
TOTAL BORROWING |
1609.550 |
980.938 |
2326.459 |
|
|
DEFERRED TAX LIABILITIES |
62.082 |
102.004 |
124.050 |
|
|
|
|
|
|
|
|
TOTAL |
4254.861 |
3955.234 |
5134.089 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
993.579 |
754.307 |
671.443 |
|
|
Capital work-in-progress |
157.430 |
76.054 |
41.523 |
|
|
|
|
|
|
|
|
INVESTMENT |
2152.335 |
1949.717 |
1663.714 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1456.280
|
1334.991
|
1198.601
|
|
|
Sundry Debtors |
1188.322
|
935.349
|
868.572
|
|
|
Cash & Bank Balances |
297.816
|
92.384
|
311.922
|
|
|
Other Current Assets |
0.053
|
0.055
|
0.060
|
|
|
Loans & Advances |
1579.577
|
1490.590
|
1890.640
|
|
Total
Current Assets |
4522.048
|
3853.369 |
4269.795 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1183.368
|
897.243
|
1062.442
|
|
|
Other Current Liabilities |
2181.273
|
1722.133
|
409.174
|
|
|
Provisions |
205.890
|
58.837
|
40.770
|
|
Total
Current Liabilities |
3570.531
|
2678.213 |
1512.386 |
|
|
Net Current Assets |
951.517
|
1175.156
|
2757.409
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4254.861 |
3955.234 |
5134.089 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15983.569 |
13916.059 |
12935.470 |
|
|
|
Other Income |
177.693 |
214.578 |
271.418 |
|
|
|
TOTAL (A) |
16161.262 |
14130.637 |
13206.888 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes inventories |
12831.327 |
11418.404 |
10512.600 |
|
|
|
Manufacturing other operating Expenses |
2815.280 |
2248.445 |
2093.989 |
|
|
|
TOTAL (B) |
15646.607 |
13666.849 |
12606.589 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
514.655 |
463.788 |
600.299 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
128.283 |
151.082 |
259.668 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
386.372 |
312.706 |
340.631 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
83.790 |
63.384 |
72.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
302.582 |
249.322 |
268.446 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.578 |
33.255 |
135.281 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
298.004 |
217.067 |
133.165 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1320.514 |
1153.509 |
598.782 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
29.795 |
21.707 |
14.828 |
|
|
|
Dividend |
145.425 |
24.236 |
12.118 |
|
|
|
Tax on Dividend |
24.153 |
4.120 |
2.060 |
|
|
BALANCE CARRIED
TO THE B/S |
1419.144 |
1320.514 |
1153.509 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
11.600 |
7.320 |
15.173 |
|
|
TOTAL EARNINGS |
11.600 |
7.320 |
15.173 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
295.178 |
326.518 |
|
|
|
Stores & Spares |
NA |
18.832 |
4.804 |
|
|
|
Capital Goods |
NA |
0.000 |
0.940 |
|
|
TOTAL IMPORTS |
NA |
314.01 |
332.262 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.59 |
17.91 |
10.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.84
|
1.54 |
1.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.89
|
1.79 |
2.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.49
|
5.41 |
5.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.08 |
10.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.01
|
1.27 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.44 |
2.82 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors
Rs
In millions
|
Particulars |
31.03.2011
|
31.03.2010
|
31.03.2009
|
|
|
|
|
|
|
Creditors due small micro enterprises |
0.000
|
0.057
|
0.000
|
|
Creditors due others |
1183.368
|
897.186
|
1062.442
|
|
TOTAL |
1183.368
|
897.243
|
1062.442
|
REVIEW OF OPERATIONS
The year was extremely good for the core businesses of Animal Feeds and Agri Inputs. Animal Feeds registered 10% volume growth, with strong performance across all categories. Many of the initiatives taken over the past few years, notably separating the poultry and cattle feed sales forces, building a strong marketing team, implementing SAP and investing in R and D have begun to deliver substantial improvement to business performance. The year also saw the acquisition of 51% stake in our Aqua Feed joint-venture Godrej Gold Coin Aquafeed Limited and merger of Godrej Gold Coin Aquafeed Limited with the company.
The business-wise performance is reviewed hereunder:
ANIMAL FEEDS
Animal Feed business recorded a good growth of 12% in volumes and 13% in revenue. The profitability grew significantly by 13% due to measures adopted for margin expansion.
Cattle Feed volumes rose modestly by 6% year-on-year, the first major increase in many years. This has been possible due to increased focus on the business by separation of the sales force into separate Cattle Feed and Poultry Feed sales teams. We also launched “Summerkool”, a cattle feed additive for heat stress prevention, and had a national launch of “MOO Magicmix”, a milk-boosting cattle feed concentrate. These innovative products have been well accepted by the market and are expected to grow significantly in the coming years.
Poultry Feed volumes also rose modestly, increasing by 6%
despite adverse market conditions on account of lower placement of chicks. The
placements are expected to increase in the coming year and consequently our
poultry feed sales are also expected to rise significantly. From an innovation
perspective, we successfully launched “Super Star” broiler feed this year,
after two years of intensive R&D working. Super Star has been designed to
be the best performing broiler feed in
The combined Aqua Feed business had a fantastic year with volume growth of over 50%. Going forward, this business is expected to sustain rapid growth, especially through sales of Vannamei feed and fishfeed
Efficient sourcing, improved formulation, and successful
R&D efforts have helped expand our contribution margins. Central Buying
Organization (CBO) was successful in forecasting maize prices and took
sufficient cover at the right times. Margin expansion was also facilitated by
ongoing breakthroughs in feed formulation by GAVL’s
AGRI INPUTS
Agri Inputs business had a very good year, growing by 20% in revenue and 40% in profitability. Hitweed, our innovative herbicide for broad leaf weeds, experienced tremendous success, with volumes growing from 21 KL in 2009-10 to 71 KL during the year. Other products that experienced strong success this year were HBR and Zymegold plant growth regulators.
Working capital requirements for the business continued to increase due to rising trade receivables. Going forward, better working capital management would be a strong focus for this business.
WAREHOUSING BUSINESS
The company is also entering the warehousing business in the coming financial year. It is expected that investments to the tune of approx Rs.750.000 Millions will be done by the company.
FINANCE AND
INFORMATION SYSTEMS
The treasury operation of the company was managed very efficiently. The company continued to procure funds at significantly lower interest rates, which had a favourable impact on the profitability of the business. The Company continues to enjoy the apex rating of A1+ from ICRA for it’s Commercial Paper Programme of Rs.600.000 Millions and for it’s short term borrowing program of Rs.2952.000 Millions. The company also continues to enjoy the rating LA for its long term borrowing program of Rs.400.000 Millions.
During the year, the company successfully implemented SAP, a world renowned, ERP solution in the Agri Input and Plant Biotech businesses of the company. The SAP implementation in the company was recognised as an excellent implementation and was awarded the prestigious “Award for Customer Excellence” from SAP for the best run award in Other Industries including Services. SAP implementation in the company was also recognised as an excellent implementation and was published as a case study by SAP. The company proposes to leverage IT for enhanced business performance by implementing Business Intelligence and Business Objects from SAP in the coming year.
OTHER INITIATIVES
The company continues to accord great importance to the security of it’s information assets. During the year, the company continued to be accredited with ISO 27001 for Information Security Management System in all its Regional Offices and Corporate Office.
AMALGAMATION OF
GODREJ GOLD COIN AQUAFEED LIMITED (GGCAL)
(a) A scheme of Amalgamation ("the Scheme") for the amalgamation of Godrej Gold Coin Aquafeed Limited (GGCAL) (a 100% Subsidiary of the Company), (called "the Transferor Company"), with Subject (the " Transferee Company"), with effect from April 1,2010, ("the Appointed date") was sanctioned by the Hon'ble High Court of Judicature at Bombay ("the Court"), vide its Order dated January 5, 2011 and certified copies of the Order of the Court sanctioning the Scheme were filed with the Registrar of Companies, Maharashtra on February 11, 2011 (the "Effective Date").
(b) The amalgamation has been accounted for under the "pooling of interests" method as prescribed by the Accounting Standard AS 14 -Accounting for Amalgamations and the specific provisions of the Scheme. Accordingly, the Scheme has been given effect to in these accounts and all the assets and liabilities of the Transferor Company stand transferred to and vested in the Transferee Company with effect from the Appointed Date and are recorded by the Transferee Company at their book values as appearing in the books of the Transferor Company.
(c) The value of the Net Assets of the Transferor Company taken over by the Transferee Company on Amalgamation is as under:
|
Particulars |
Rs. In Millions |
|
Fixed Assets |
301.072 |
|
Cash |
44.489 |
|
Inventories |
500.753 |
|
Debtors and other Receivables |
35.054 |
|
Less: Creditors and other Payables |
(369.196) |
|
Total |
62.173 |
(d) As per the Scheme of the Arrangement, the Intangibles assets held by GGCAL amounting to Rs.166.914 Millions shall be adjusted against the balance in the Securities Premium Account of the Transferee Company.
(e) The excess of book value of the net assets of the Transferor Company taken over, amounting to Rs.250.571 Millions over the face value of the shares held by the Transferee Company has been credited to the Securities Premium Account as per the Scheme.
(f) Had the Scheme not prescribed the above treatment, the balance in the Securities Premium Account would have been higher by Rs.417.485 Millions and the intangible Assets would have been higher by Rs.166.914 Millions.
(g) Since the aforesaid Scheme of amalgamation of GGCAL with the Company, which is effective from April 1, 2010, has been given effect to in these accounts, the figures for the current year to that extent are not comparable with those of the previous year.
Press Release
Godrej Agrovet
launches Dripzyme to meet the special nutrient requirement of horticultural
crops
Dripzyme – a seaweed extract based product, specially formulated for use
through drip irrigation
Mumbai, September 15, 2011: Subjet(GAVL), a subsidiary of Godrej
Industries Limited announced the launch of a high performance Seaweed extract
based product- Dripzyme. This highly effective
product is developed to meet the special nutrient requirements of various
horticultural crops across the country. Grappling with labor and water
shortage, an increasing trend of progressive framers shifting to drip
irrigation system is seen. This has led to the need for a specially formulated
product for drip irrigated crops. Aptly named „Dripzyme‟, is most
effective through the technique of drip irrigation.
Dripzyme helps in growth of additional branches, flower and fruit buds
resulting in higher yields. It helps in creating an extended root system giving
plants greater access to nutrients and water in the soil thereby enhancing the
nutritional value of the yield. It not only improves quality of produce but
also aids in saving labor, time and aids in better absorption of nutrients from
soil
Balram Singh Yadav, Managing Director, Godrej Agrovet said, “Adoption of
drip irrigation in grapes is almost 100% and highest in
Drip variant is gaining acceptance among vegetable and grape growers. In
grapes, it increases the formation of fruit buds, improves fertility of
existing buds and increases the bunch size. It also improves translocation of
sugars in the berries which in turn increases TSS content. In vegetables,
it creates an extended root system giving plants greater access to nutrients
and water in the soil, increases additional branches, flower and fruit buds
resulting in higher yields. Dripzyme would be available in
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U15410MH1991PLC135359 |
|
Name of the
company |
GODREJ AGROVET LIMITED |
|
Address of the
registered office or of the principal place of business in |
Pirojsha Nagar, Eastern |
|
This form is for |
Creation
of charge |
|
Type of charge |
|
|
Particular of
charge holder |
3i Infotech Trusteeship Services Limited, 3rd to 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
06.04.2009 |
|
Amount secured by
the charge |
Rs.950.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest The rate of
interest for each tranche of the facility will be stipulated by ICICI Bank at
the time of disbursement of each tranche on the basis of the repayment
schedule for that drawal plus applicable interest tax or other statutory
levy, if any. Terms of Repayment Line of credit
for short term loans Rs.700 millions and Rs.250 millions: Maximum tenor of
each tranche: 180 days or 90 days respectively up to validity period of
facility, whichever is earlier. Minimum tenor of each tranche 7 days.
Principal amount of each tranche is to be repaid as bullet payment on the
maturity date or in installments as agreed upon, but within the validity
period of the facility. Margin Not Applicable Extent and Operation of the charge The facilities
will be secured by exclusive charge on plant and machinery situated at
Chennai, Miraj, Sachin, Kolkata and |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The facilities
will be secured by exclusive charge on plant and machinery situated at
Chennai, Miraj, Sachin, Kolkata and |
FIXED ASSETS
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 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.51.16 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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.