MIRA
INFORM REPORT
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Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
NETAFIM IRRIGATION INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No.268-270, GIDC, Manjusar, Savli, Vadodara-391775, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.09.1997 |
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Com. Reg. No.: |
04-050144 |
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Capital
Investment / Paid-up Capital : |
Rs.83.098 Millions |
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CIN No.: [Company Identification
No.] |
U01100GJ199PTC050144 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMN09892B |
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PAN No.: [Permanent Account No.] |
AAACE4738J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Irrigation Equipments and Products |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (25) |
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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 |
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Maximum Credit Limit : |
USD 4200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Netafim Limited, 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 (General Details)
|
Name : |
Mr. Deepak |
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Designation : |
Finance Manager |
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Contact No.: |
91-2667-264601 |
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Date : |
16.02.2012 |
LOCATIONS
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Registered Office : |
Plot No.268-270, GIDC, Manjusar, Savli, Vadodara-391775, |
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Tel. No.: |
91-2667-264601 / 602 / 3 / 4 |
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Fax No.: |
91-2667-264600 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Plot No. 268-270, GIDC Manjusar, Savli, Vadodara –
391775. |
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Tel. No.: |
+91 - 2667-264601/2/3/4 |
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Fax No.: |
+91 - 2667-264600 |
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Factory 2 : |
38/1, |
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Tel. No.: |
+91 - 44 27460128 |
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Fax No.: |
+91 - 44 27460217 |
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Regional Office : |
Located At
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State Office : |
Located At
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DIRECTORS
As on 16.09.2011
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Name : |
Mr. Setumadhav Rangarao Potdar |
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Designation : |
Director |
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Address : |
718-A D Wing, Bangur Nagar, |
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Date of Birth/Age : |
01.05.1953 |
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Date of Appointment : |
01.03.2007 |
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DIN No.: |
00228617 |
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Other
Directorship:
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Name : |
Mr. Ram Levy |
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Designation : |
Director |
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Address : |
Yonathan 6B Gan Yavne, Gan Yavne -70800, |
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Date of Birth/Age : |
19.12.1964 |
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Date of Appointment : |
26.02.2006 |
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DIN No.: |
00259994 |
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Other
Directorship:
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Name : |
Mr. Randhirsinh Abasinh Chauhan |
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Designation : |
Director |
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Address : |
12, Second Floor Vaiku Nth Society Behind Reliance Petrol-pum,
GotriRoad, Vadodara-390021, |
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Date of Birth/Age : |
17.11.1970 |
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Date of Appointment : |
30.10.2006 |
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DIN No.: |
00987092 |
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Other
Directorship:
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Name : |
Mr. Alon Jacob Teichtal |
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Designation : |
Director |
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Address : |
Netafim Limited Corporate, Headquaters Derech Hashalom 10, Tel
Aviv-67892, Isreal |
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Date of Birth/Age : |
27.01.1963 |
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Date of Appointment : |
08.03.2010 |
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DIN No.: |
02891046 |
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KEY EXECUTIVES
|
Name : |
Mr. Deepak |
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Designation : |
Finance Manager |
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Name : |
Mr. Viral Shirinath Tripathi |
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Designation : |
Secretary |
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Address : |
7C Ram Tirth Socity, Jivraj park |
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Date of Birth/Age : |
30.03.1984 |
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Date of Appointment : |
25.07.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2011
|
Names of Shareholders |
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No. of Shares |
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Netafim Limited, |
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8309824 |
|
Fischer Behar Chen and Company |
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1 |
|
Total |
|
8309825 |
As on 16.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Irrigation Equipments and Products |
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Products: |
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Exports : |
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Products : |
Irrigation Equipments and Products |
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Countries : |
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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 Credit |
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Purchasing : |
Cash Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity * |
Actual
Production |
|
Dripline and Laterals |
Mtrs |
947.400.000 |
632,165,400 |
372,512,100 |
|
Drippers |
Nos |
60,000,000 |
36,000,000 |
17,489,400 |
* As Certified by the Management.
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) |
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Bankers : |
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(Rs.
In Millions) |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Vakil Jain and Hindocha Chartered Accountants |
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Address : |
201, SUSHIL,38,GAUTAMNAGAR,RACE COURSE,VADODARA-390007 |
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PAN.: |
AABFV1343E |
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Holding Company : |
Netafim Limited, |
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Fellow Subsidiary ; |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
8309825 |
Equity Shares |
Rs.10/- each |
Rs.83.098
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
83.098 |
83.098 |
83.098 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
979.939 |
698.545 |
429.681 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1063.037 |
781.643 |
512.779 |
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LOAN FUNDS |
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1] Secured Loans |
284.453 |
154.186 |
453.827 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
284.453 |
154.186 |
453.827 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.945 |
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TOTAL |
1347.490 |
935.829 |
968.551 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
478.686 |
428.171 |
471.384 |
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Capital work-in-progress |
3.384 |
0.205 |
1.936 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
12.664 |
10.121 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
946.028
|
700.607 |
423.479 |
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Sundry Debtors |
1226.411
|
563.168 |
436.843 |
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Cash & Bank Balances |
99.884
|
455.136 |
52.722 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
205.452
|
201.576 |
131.623 |
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Total
Current Assets |
2477.775
|
1920.487 |
1044.667 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
670.887
|
514.005 |
277.716 |
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Other Current Liabilities |
892.425
|
865.662 |
235.418 |
|
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Provisions |
61.707
|
43.488 |
36.302 |
|
Total
Current Liabilities |
1625.019
|
1423.155 |
549.436 |
|
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Net Current Assets |
852.756
|
497.332 |
495.231 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1347.490 |
935.829 |
968.551 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Income |
4117.114 |
2978.053 |
2755.080 |
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Other Income |
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TOTAL (A) |
4117.114 |
2978.053 |
2755.080 |
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Less |
EXPENSES |
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|
Administrative Expenses |
3526.886 |
2414.750 |
2387.970 |
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Advertising Expenses |
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TOTAL (B) |
3526.886 |
2414.750 |
2387.970 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
590.228 |
563.303 |
367.110 |
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Less |
FINANCIAL
EXPENSES (D) |
127.015 |
119.161 |
75.720 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
463..213 |
443.687 |
291.390 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
71.957 |
63.667 |
64.93 |
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PROFIT BEFORE
TAX (E-F) (G) |
391.256 |
380.020 |
226.460 |
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Less |
TAX (H) |
109.860 |
114.501 |
85.980 |
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PROFIT AFTER TAX
(G-H) (I) |
281.396 |
265.974 |
140.480 |
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EARNINGS IN
FOREIGN CURRENCY |
53.501 |
31.566 |
49.532 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1091.311 |
672.264 |
441.171 |
|
|
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Capital Goods |
42.761 |
0.404 |
65.620 |
|
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TOTAL IMPORTS |
1134.072 |
672.668 |
506.791 |
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Earnings Per
Share (Rs.) |
33.86 |
32.01 |
16.91 |
|
The above information has been parted by Mr. Deepak
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.83
|
8.93 |
5.10 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.23
|
16.18 |
14.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.49 |
0.44 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
2.02 |
1.96 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.35 |
1.90 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due small micro enterprises |
2.803 |
0.995 |
11.202 |
|
Creditors due others |
668.084 |
513.010 |
266.514 |
|
Sundry creditors |
670.887 |
514.005 |
277.716 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions 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 |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
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18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
OPERATIONS
During the year,
the sales and other income of the Company has been increased from Rs.2,978
Millions to Rs.4,117 Millions. The Operating Profit i.e. Profit before Interest
Depreciation and Tax has been registered at Rs.590 Millions as against Rs.563
Million of the previous year. The net profit after tax has been registered at
Rs.282 Million as against Rs.266 Million of the previous year.
CONTINGENT LIABILITIES NOT PROVIDED
(Rs. In Millions)
|
Particulars |
31.03.2010 |
|
i)
Guarantees given by the Bank. |
340.298 |
|
ii) Claims against the company not
acknowledged as debt. |
25.062 |
|
iii) Demand of service tax penalty for non-payment
of service tax on Management Consultancy Service and Intellectual property
service. The Company is of the favour and does not expect any liability owing
to the dispute |
3.172 |
|
iv) Demand of Income Tax on Account of
Disallowance of expenses on assessment for Assessment year 2005-06. |
2.501 |
|
v) Demand of income Tax on account of
disallowance of expenses on assessment under appeal for Assessment year
2006-07 (Rs.5.300 Millions paid on 30th March 2009 and Rs.5.185
Millions paid on 27th November 2009 as deposit in dispute) |
24.107 |
|
vi) Corporate Guarantee on sale and
securitization of account receivables. (Accounts receivables under
securitization are backed by insurance contract) |
46.563 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U01100GJ199PTC050144 |
|
Name of the
company |
NETAFIM IRRIGATION INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
PlotNo.268-270, GIDC, Manjusar, Savli, Vadodara-391775, |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Form C.2 –
Agreement of Hypothecation of Goods and Assets |
|
Date of
instrument Creating the charge |
02.07.2011 |
|
Amount secured by
the charge |
Rs.140.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest New TL-250% above
Base Rate with monthly rest-to be reset annually Terms of repayment Repayable in 8
equal quarterly installments of Rs.17.500 Millions staring form April,2012 Margin Term loan-17.00% Extent and operation of the charge Hypothecation of
Plant and machinery more specifically described in annexure to the Agreement
and lying/ situated/installed at Plot No.268-270, GIDC, manjusar Dist.
Vadodara |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
Plant and machinery more specifically described in annexure to the Agreement
and lying/ situated/installed at Plot No.268-270, GIDC, manjusar Dist.
Vadodara |
FIXED ASSETS:
- Building
- Plant and machinery
- Moulds and Dies
- Computer
- Office Equipment
- Vehicles
- Furniture and Fixtures
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.48.08 |
|
|
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
58 |
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.