MIRA
INFORM REPORT
|
Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
TIRTH AGRO TECHNOLOGY PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Near Goverdhan Gin Mill, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
26.07.2000 |
|
|
|
|
Com. Reg. No.: |
04-038435 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.14.850 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72900GJ2000PTC038435 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RKTT00405G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCT6282F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer and Exporter of Agricultural Implements. |
|
|
|
|
No. of Employees
: |
500 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 799000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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. Chetan |
|
Designation : |
Senior Accountant |
|
Contact No.: |
91-2827-270446 / 7 |
|
Date : |
31.01.2012 |
LOCATIONS
|
Registered Office : |
Near Goverdhan Gin Mill, |
|
Tel. No.: |
91-281-2386047 / 2377204 / 2380852 |
|
Mobile No : |
91-9227927905 (Mr. Pravin Yadav) |
|
Fax No.: |
91-281-2380852 / 2386047 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Near |
DIRECTORS
As On : 30.09.2011
|
Name : |
Mr. Hasmukhbhai Gatorbhai Gohil |
|
Designation : |
Director |
|
Address : |
304, Kevalam Apartment, Marutibagar-3, Near |
|
Date of Birth : |
22.12.1975 |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
26.07.2000 |
|
DIN : |
00619221 |
|
|
|
|
Name : |
Mr. Ashwin Gatorbhai Gohil |
|
Designation : |
Director |
|
Address : |
401 Atul Apartment, 4 Ram Krishna Nagar, Behind Ramkrishna Ashram, DR.
Yagnik Road, Rajkot-360001, |
|
Date of Birth : |
08.12.1973 |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
26.07.2000 |
|
DIN : |
00619253 |
KEY EXECUTIVES
|
Name : |
Mr. Pravin Yadav |
|
Designation : |
Account Manager |
|
|
|
|
Name : |
Mr. Chetan |
|
Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hasmukhbhai Gatorbhai Gohil |
|
804000 |
|
Ashwin Gatorbhai Gohil |
|
656000 |
|
Gatorbhai Gohil |
|
25000 |
|
Total |
|
1485000 |
AS ON 30.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Agricultural Implements. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
“SHAKTIMAN” |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Agricultural Equipment |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Credit (30 days) / Advance |
||||
|
|
|
||||
|
Purchasing : |
Credit (30 days) / Advance |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Agriculture Implements |
Nos. |
75000 |
42273 |
GENERAL INFORMATION
|
Customers : |
Manufacturer |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
500 [Approximately] |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India ·
Bank of ·
IDBI
Bank Limited, Bhunava, |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalaria and Sampat Chartered Accountants |
|
Address : |
311, Orbit, Moti Tanki, Rajkot-360001, |
|
PAN : |
AACFK2045F |
|
|
|
|
Associates: |
A. G. Agro Industries |
CAPITAL STRUCTURE
As On : 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,485,000 |
Equity Shares |
Rs. 10/- each |
Rs. 14.850
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 |
14.850 |
13.850 |
13.000 |
|
|
2] Share Application Money |
0.000 |
1.500 |
0.000 |
|
|
3] Reserves & Surplus |
185.111 |
84.647 |
40.174 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
199.961 |
99.997 |
53.174 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
472.246 |
125.439 |
21.063 |
|
|
2] Unsecured Loans |
44.298 |
43.886 |
43.863 |
|
|
TOTAL BORROWING |
516.544 |
169.325 |
64.926 |
|
|
DEFERRED TAX LIABILITIES |
24.436 |
8.905 |
2.093 |
|
|
|
|
|
|
|
|
TOTAL |
740.941 |
278.227 |
120.193 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
491.886 |
140.855 |
79.262 |
|
|
Capital work-in-progress |
18.348 |
56.870 |
9.810 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
277.108
|
52.989
|
46.687 |
|
|
Sundry Debtors |
253.916
|
132.249
|
119.092 |
|
|
Cash & Bank Balances |
25.376
|
23.455
|
5.458 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
99.020
|
43.075
|
4.272 |
|
Total
Current Assets |
655.420
|
251.768
|
175.509 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
296.548
|
125.494
|
136.053 |
|
|
Other Current Liabilities |
81.392
|
26.821
|
4.767 |
|
|
Provisions |
46.864
|
19.123
|
3.819 |
|
Total
Current Liabilities |
424.804
|
171.438
|
144.639 |
|
|
Net Current Assets |
230.616
|
80.330
|
30.870 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.091 |
0.171 |
0.251 |
|
|
|
|
|
|
|
|
TOTAL |
740.941 |
278.227 |
120.193 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2544.690 |
1167.701 |
724.898 |
|
|
|
Other Income |
NA |
3.074 |
1.104 |
|
|
|
TOTAL (A) |
NA |
1170.775 |
726.002 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
797.601 |
559.520 |
|
|
|
Manufacturing Expenses |
|
173.383 |
99.871 |
|
|
|
Increase/(Decrease) in Finished Goods |
2326.169 |
4.409 |
(12.724) |
|
|
|
Personal Expenses |
|
16.912 |
8.982 |
|
|
|
Administrative and Selling Expenses |
|
101.698 |
47.078 |
|
|
|
Miscellaneous Expenditure W/Off |
|
0.080 |
0.080 |
|
|
|
TOTAL (B) |
2326.169 |
1094.083 |
702.807 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
218.521 |
76.692 |
23.195 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.230 |
3.747 |
2.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
195.291 |
72.945 |
20.517 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.846 |
15.638 |
9.129 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
137.445 |
57.307 |
11.388 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
45.930 |
20.442 |
3.333 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
91.515 |
36.865 |
8.055 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49.997 |
13.174 |
5.120 |
|
|
|
|
|
|
|
|
|
Less |
Excess / (Short)
Provision of Income Tax of Earlier Year |
(0.051) |
(0.042) |
(0.001) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
141.461 |
49.997 |
13.174 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY - FOB Value of Exports |
21.915 |
14.396 |
21.641 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
66.06 |
28.23 |
8.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
3.15
|
1.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.40
|
4.91
|
1.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.98
|
14.60
|
4.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.69
|
0.57
|
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.71
|
3.41
|
3.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.47
|
1.21 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
-Due to Small and micro enterprises |
- |
- |
- |
|
-Due to others |
296.548 |
125.494 |
136.053 |
|
Total |
296.548 |
125.494 |
136.053 |
|
Check List by Info Agents |
Available in Report [Yes/No] |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Construction of the firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoters background |
- |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of contact
person |
Yes |
|
Turnover of firm for last
three years |
No |
|
Profitability for last
three years |
No |
|
Reasons for variation
<> 20% |
- |
|
Estimation for coming
financial year |
No |
|
Capital the business |
No |
|
Details of sister
concerns |
- |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payment Terms |
Yes |
|
Export / Import Details
[If Applicable] |
Yes |
|
Market Information |
- |
|
Litigations that the firm
/ promoter involved in |
- |
|
Banking Details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the banking
account |
- |
|
Buyer visit details |
- |
|
Financials, if provided |
No |
|
Incorporation details, if
applicable |
- |
|
Last accounts filed at
ROC |
- |
|
Major Shareholders, if
applicable |
- |
NOTE -The Registered
Office of the company has been shifted from Near Hotel Krishna Park, NH 8-B,
Operations:
The Turnover for the year registered an increase of 118%, amounting to Rs.2544.690 millions compared to Rs.1167.700 millions in the previous year while Net profit increased by 148%, amounting to Rs. 91.515 millions as compared to Rs.36.865 millions in the previous year. The Company sold 40278 Agriculture Implements as compared to 18160 Agriculture Implements in the previous year.
Finance:
During the year, Company was sanctioned fresh term loan to the tune of Rs.143.600 millions for its expansion program and the Working Capital limits of the Company has also been enhanced by Rs.60.000 millions during the year.
During the year, the Company also allotted 1,00,000 Equity
Shares of Rs.10/- each at a premium of Rs. 90 per share aggregating to
Rs.10.000 millions.
Contingent
Liabilities :
Contingent Liabilities not provided for:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
|
Bank Guarantee given by company |
16.775 |
|
Letter of credit |
13.387 |
FORM 8
|
Corporate
identity number of the company |
U72900GJ2000PTC038435 |
|
Name of the
company |
TIRTH AGRO TECHNOLOGY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Near Goverdhan Gin Mill, |
|
This form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
10281615 |
|
Type of charge |
Movable property (not being pledge) Book Debts Others – Entire stock |
|
Particular of
charge holder |
Bank of Email : indraj@bankofbaroda.com
|
|
Nature of
instrument creating charge |
Modification
of charge by way of joint deed of hypothecation as follows : (Details given
in schedule of the agreement) Particulars Existing Revised Limit (Rs. in millions) 01ST
Charge Holder 230. 500 755.100 02ND
Charge Holder 170.000 170.000 ADHOLD
CC Limit 60.000 NIL
====== ====== Total 460.500 925.100 |
|
Date of
instrument Creating the charge |
27.08.2011 |
|
Amount secured by
the charge |
Rs. 925.100 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest - 3.50% Above base rate Terms of repayment - cash credit repayable on demand As indicated in charge documents. different limits have different
repayment schedule as per the charge documents. Margin - As per charge documents Extent and operation of the charge - modification of charge by way of
joint deed of hypothecation from 460.500.millions to Rs. 925.100 millions
only. Other - ADHOC CC Limit of Rs. 60.000 millions satisfy. |
|
Short particulars
of the property charged (Including location of the property) |
The whole of the current assets of the borrower namely, stocks of raw
materials, work in progress, semi finished and finished goods, stores, spares
not relating to plant and machinery consumable
stores and spares, BR and BD all other movables, both present and future
whether now lying loose or in cases or which or now lying or stored in or
about or shall hereinafter from time to time during continuance of the
security. |
|
Date of last modification prior to the present
modification |
05.07.2011 |
|
Particulars of the present modification |
Modification
of charge by way of joint deed of hypothecation as follows : (Details given
in schedule of the agreement) Particulars Existing Revised Limit (Rs. in millions) 01ST
Charge Holder 230. 500 755.100 02ND
Charge Holder 170.000 170.000 ADHOLD
CC Limit 60.000 NIL
====== ====== Total 460.500 925.100 |
FIXED ASSETS:
·
Land
·
·
Plant and Machinery
·
Electric Weight Scale
·
Auto Rickshaw
·
Vehicles
·
Tools
·
Furniture
·
Air Conditioner
·
Computer Systems
·
Office Equipment
·
Water Coolers
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.49.53 |
|
|
1 |
Rs.77.94 |
|
Euro |
1 |
Rs.64.65 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.