MIRA
INFORM REPORT
|
Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAHAFEED
SPECIALITY FERTILIZERS ( |
|
|
|
|
Formerly Known
As : |
PIONEER
AGRITECHNOSCAN AND EXPORTERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 6-A,
Kohinoor Planet, Near |
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Country : |
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|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
08.04.1994 |
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|
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|
Com. Reg. No.: |
11-077630 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 5.042 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70200MH1994PTC077630 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP02054D |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCP0342G |
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|
|
|
Legal Form : |
Private Limited
Liability Company |
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|
|
Line of Business
: |
Trading in Fertilizers |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 350000 |
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|
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|
Status : |
Satisfactory |
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|
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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 commitment. 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
Plot No. 6-A,
Kohinoor Planet, Near |
|
|
91-4422331920
(Mr. Praveen Patil) |
|
E-Mail : |
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|
Website : |
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|
Area : |
3000 Sq. ft. |
|
Location : |
Owned |
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|
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|
Corporate
Office: |
City Mall, Office
No. 114, 1st Floor, Ganesh Khind Road, Near Pune University, Pune
411007, Maharashtra, India |
|
Tel. No.: |
91-20-66405736/
66405737 |
|
Fax No.: |
91-20-66405738 |
|
E-mail: |
|
|
|
|
|
Factory 1 : |
Gate. No. 281/1,
Plot No. 21, At Kasar Amboli, Taluka Mulsi, District Pune-412108,
Maharashtra, India |
|
Tel. No.: |
91-20-22923648 |
|
Area : |
1800 sq. ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 30.07.2011
|
Name : |
Dr. Trimbakrao T.
Patil |
|
Designation : |
Managing Director |
|
Address : |
Plot No. 6A,
Kohinoor Planet, Near |
|
Date of Birth/Age : |
16.02.1948 |
|
Qualification : |
MSC (Aqri) Ph. D. |
|
Date of Appointment : |
08.04.1994 |
|
DIN No.: |
00615579 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U70200MH1994PTC077630 |
MAHAFEED
SPECIALITY FERTILIZERS (INDIA) PRIVATE LIMITED |
Managing
director |
08-04-94 |
08-04-94 |
- |
Active |
NO |
|
2 |
U24129PN1998PTC012997 |
NUTRI
AHAR SPECIALITY PRODUCTS ( INDIA ) PRIVATE LIMITED |
Director |
14-12-98 |
14-12-98 |
25-10-07 |
Active |
NO |
|
Name : |
Mr. Praveen T.
Patil |
|
Designation : |
Whole Time
Director |
|
Address : |
35/ 17, |
|
Date of Birth/Age : |
25.04.1975 |
|
Qualification : |
B. E. (Chemical),
MBA (Marketing) |
|
Date of Appointment : |
08.04.1994 |
|
DIN No.: |
00615511 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U70200MH1994PTC077630 |
MAHAFEED
SPECIALITY FERTILIZERS (INDIA) PRIVATE LIMITED |
Whole-time
director |
08-04-94 |
08-04-94 |
- |
Active |
NO |
|
2 |
U24129PN1998PTC012997 |
NUTRI
AHAR SPECIALITY PRODUCTS ( INDIA ) PRIVATE LIMITED |
Director |
14-12-98 |
14-12-98 |
02-10-07 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.07.2011
|
Names of Shareholders |
No. of Shares |
|
Praveen Patil |
10 |
|
Trimbakrao Patil |
10 |
|
Trimbakrao Patil |
252110 |
|
Sindhubai Patil |
252110 |
|
Total |
504240 |
AS ON 30.07.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Fertilizers |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
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Bankers : |
·
Axis Bank Limited, 214-215, 2nd Floor,
City Mall, Ganeshkhind, Pune University Road, Pune-411007, Maharashtra, India
·
Citi Bank ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
RMR Shah and Company Chartered Accountant |
|
Address : |
208, 209, Nav Maharashtra House, 43, Shaniwar Peth, Pune-411030,
Maharashtra, India |
|
Pan No.: |
AAJFR0709G |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
504240 |
Equity Shares |
Rs.10/- each |
Rs. 5.042
Millions |
|
|
|
|
|
NOTE:
Out of the above:
4,62,220 Shares of
Rs.10/- each were alloted as fully paid Bonus Shares.
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 |
5.042 |
5.042 |
5.042 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
82.896 |
62.768 |
53.514 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
87.938 |
67.810 |
58.556 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
24.033 |
43.354 |
67.161 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
24.033 |
43.354 |
67.161 |
|
|
DEFERRED TAX LIABILITIES |
4.033 |
3.417 |
2.300 |
|
|
Deposit, Advances and Other Liabilities |
4.851 |
14.605 |
26.704 |
|
|
|
|
|
|
|
|
TOTAL |
120.855 |
129.186 |
154.721 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
55.091 |
56.883 |
51.579 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
59.992
|
54.845 |
57.323 |
|
|
Sundry Debtors |
15.706
|
17.360 |
43.646 |
|
|
Cash & Bank Balances |
30.040
|
13.328 |
5.870 |
|
|
Other Current Assets |
31.695
|
12.459 |
13.306 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
137.433
|
97.992 |
120.145 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.690
|
3.652 |
4.343 |
|
|
Other Current Liabilities |
42.822
|
17.554 |
8.251 |
|
|
Provisions |
10.157
|
4.483 |
4.409 |
|
Total
Current Liabilities |
71.669
|
25.689 |
17.003 |
|
|
Net Current Assets |
65.764
|
72.303 |
103.142 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
120.855 |
129.186 |
154.721 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
314.896 |
228.418 |
213.405 |
|
|
|
Other Income |
4.054 |
1.469 |
4.518 |
|
|
|
TOTAL |
318.950 |
229.887 |
217.923 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
288.898 |
215.901 |
204.732 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
30.052 |
13.986 |
13.191 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
9.951 |
5.050 |
4.681 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
20.101 |
8.936 |
8.510 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
39.86 |
27.73 |
26.16 |
|
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%20PRIVATE%20LIMITED%20-%20178112%2003-May-2012_files/image002.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20178112%2003-May-2012_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.30
|
3.89 |
3.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.54
|
6.12 |
6.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.61
|
9.03 |
7.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.21 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
1.07 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
3.81 |
7.07 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
No |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
No |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
NOTE
Registered
office of the company has been shifted from 9, Chandrama Prabhat Road, Lane 8,
Erandawane, Pune – 411004, Maharashtra, India. to present address with effect
from 10.08.2007
OPERATIONS
During the financial
year 2010-2011, the gross turnover of the company has been increased from Rs.
228.400 Millions to Rs. 314.800 Millions. During the year company has
introduced improved Organic and Inorganic imported products and they have shown
positive results. The International prices of most of the products were stable
and reasonable compared to previous year which also helped to increase sales.
The company has
been experiencing increase in the sales volumes during the first half of 2011-2012
as compared to the same period in the previous year. There has been indeed a
positive trend in the market which is encouraging.
During the year
Company has established research and development farm at Village Jallalpur
Shivar, Taluka and District Nashik. It is proposed to promote Speciality
organic crop protection and nutrient inputs such as organic pesticides,
fungicides and organic NPK for specific sector of organic farming, to conduct
experiments on performance of new products to get healthy fruits, vegetables,
oil seeds etc.
The Directors
expect better performance in the current year considering signs of overall
encouraging trend in the market.
FORM 8
|
Corporate
identity number of the company |
U70200MH1994PTC077630 |
|
Name of the company
|
MAHAFEED
SPECIALITY FERTILIZERS (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 6-A,
Kohinoor Planet, Near |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Axis Bank Limited, 214-215, 2nd Floor, City Mall, Ganeshkhind,
Pune University Road, Pune-411007, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Deed
Of Hypothecation |
|
Date of
instrument Creating the charge |
15.02.2012 |
|
Amount secured by
the charge |
Rs. 70.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Base rate+3% p.a.
I.e.13%p.a. Payable monthly, present base rate being 10% p.a. Terms of repayment On demand Margin As per sanctioned
norms of different credit facilities through letter number PSC/SW/397/2011-12
dt. 14/12/2011. PSC/SW/476/2011-12
dt. 09/01/2012. PSC/SW/486/2011-12
dt. 17/01/2012. Extent and operation of the charge First Pari Passu
Charge With Citybank Na Other Cash credit Rs.
70.000 Millions. Sub limit:
inland/foreign LC limit (Rs. 70.000 Millions) Sub limit:
buyer's credit (Rs. 70.000 Millions) Sub limit of CC:
LER (Rs. 10.000 Millions) Sub limit of CC:
bank guarantee (Rs. 6.000 Millions) |
|
Short particulars
of the property charged (Including location of the property) |
All Tangible
Movable Machinery, Plant, Machinery Movable Goods and Assets, Book Debts Present and
Future More Particualry Described In The Schedule of The Agreement. |
|
Charge identification
number of the charge to be modified |
10125956 |
|
Date of
instrument modifying the charge |
29.04.2010 |
|
Particulars of
the present modification |
By This
Modification Limit of The Cash Credit Enhanced By Rs. 20.000 Millions i.e.
From Rs. 50.000 Millions To Rs. 70.000 Millions. Now The Total Charge
Amounted To Rs. 70.000 Millions and Other Terms and Conditions Are Remain The
Same. |
FIXED ASSETS
§
Land
§
Plant and Machinery
§
Air Conditioner
§
Furniture Fixture and Electrical
§
Computer
§
Corporate Office
§
Building
§
Vehicles
§
Office Equipments
§
Lab Equipments
§
Car
§
Cylenders
§
Packing Machinery
§
Installation
Intangible Assets
§
Trade mark
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. 52.93 |
|
|
1 |
Rs. 85.85 |
|
Euro |
1 |
Rs. 69.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.