MIRA
INFORM REPORT
|
Report Date : |
09.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
VARDHAMAN FERTILIZERS AND SEEDS PRIVATE LIMITED |
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Registered
Office : |
B 1, Vibha Co-Operative Housing Society, 73/1, Erandawana,
Pune-411004, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.07.1987 |
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Com. Reg. No.: |
11-044043 |
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Capital
Investment / Paid-up Capital : |
Rs.8.811
Millions |
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CIN No.: [Company Identification
No.] |
U24121MH1987PTC044043 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of NPK Granulated Fertilizers for Soil Application. |
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No. of Employees
: |
55 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 103984 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Note: As claimed by Mr. Santosh (Finance Manager), there was restriction on
the import of the raw material but now there is no more any restriction on
import of the raw materials and the government has removed the fertilizer
subsidiaries. |
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. Santosh |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-20-41412222 |
|
Date : |
09.05.2012 |
LOCATIONS
|
Registered Office : |
B 1, Vibha Co-Operative Housing Society, 73/1, Erandawana,
Pune-411004, Maharashtra |
|
Tel No.: |
91-20-25810898 |
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Mobile No.: |
91-9422322715 [Mr. Ravikant Shah] |
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Fax No.: |
Not Available |
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Email: |
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Corporate / Sales Office : |
Pratibha Tower, 3rd floor, 18A/2B, , Wakdewadi, Pune, Maharashtra-411003, India |
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Tel. No.: |
91-20-41412222/ 41412204/ 41412202/ 41412208/ 41412207 |
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Fax No.: |
91-20-41412255 |
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E-Mail : |
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Factory : |
Gat No:124/1A, N.H No :9, Village-Kolegaon, Taluka-Mohol, Solapur-413213, Maharashtra, India |
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Tel. No.: |
91-2189-232415 |
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Fax No.: |
91-2189-232382 |
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E-Mail : |
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Branch Office : |
Located At: · Shimla · Bangalore · Hyderabad · Hubli · Kamraj · Jalandar |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Ravikant Ramchand Shah |
|
Designation : |
Director |
|
Address : |
B 1, Vibha Co. Op. HSG. Society, 73/1, Erandawana, Pune – 411004, |
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Date of Birth/Age : |
12.02.1944 |
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Date of Appointment : |
25.08.1989 |
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Din No.: |
01598609 |
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Name : |
Mr. Vijaykumar Fulchand Doshi |
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Designation : |
Director |
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Address : |
Pride Paradise Flat No.101, 1041, Final Plot No.458, Shivaji Nagar, Pune
– 411016, |
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Date of Birth/Age : |
26.04.1956 |
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Date of Appointment : |
09.07.1987 |
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Din No.: |
01705376 |
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Name : |
Ms. Rekha Ravikant Shah |
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Designation : |
Director |
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Address : |
B 1, Vibha Co. Op. HSG. Society, 73/1, Erandawana, Pune – 411004, |
|
Date of Birth/Age : |
16.03.1952 |
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Date of Appointment : |
08.09.1990 |
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Din No.: |
01261285 |
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Name : |
Ms. Shubhda Vijaykumar Doshi |
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Designation : |
Director |
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Address : |
Pride Paradise Flat No.101, 1041, Final Plot No.458, Shivaji Nagar,
Pune – 411016, |
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Date of Birth/Age : |
16.08.1962 |
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Date of Appointment : |
08.09.1990 |
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Din No.: |
01661871 |
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|
Name : |
Ms. Reshma Adarsh Mehta |
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Designation : |
Director |
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Address : |
P.O Du Dh Ani, Solapur – 413220, |
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Date of Birth/Age : |
16.01.1974 |
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Date of Appointment : |
07.12.1990 |
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Din No.: |
01897166 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. Equity of Shares |
|
Ravikant Shah
Jointly with Rekha Shah |
23747 |
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Vijaykumar Doshi
Jointly with Shubhada Doshi |
11595 |
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Rekha Shah
Jointly with Ravikant Shah |
14578 |
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Shubhada Doshi
Jointly with Vijaykumar Doshi |
10825 |
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Rajshekhar Doshi
Jointly with Vandana Doshi |
675 |
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Bhartesh Doshi
Jointly with Vijaya Doshi |
675 |
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Vandana Doshi
Jointly with Rajshekhar Doshi |
825 |
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Anjali Doshi
Jointly with Mahaveer Doshi |
675 |
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Mahaveer Doshi
Jointly with Anjali Doshi |
975 |
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Vijaya Doshi
Jointly with Bhartesh Doshi |
675 |
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Rupali Sharma
Jointly with Rekha Shah |
3168 |
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Swati Kothadia
Jointly with Sandesh Kothadia |
525 |
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Reshma Shah
Jointly with Rekha Shah |
3690 |
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Sudeep Doshi
Jointly with Vijaykumar Doshi |
2798 |
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Shrutika
Motipally Jointly with Rekha Shah |
2950 |
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Sonali Mehtre
Jointly with Rekha Shah |
2512 |
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Darshan Doshi
Jointly with Shubhada Doshi |
3225 |
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Sushma Shah
Jointly with Sheetal Shah |
693 |
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Mughda Shah |
150 |
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Rohit Sharma
Jointly with Rupali Sharma |
3000 |
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G.R. Shah |
1 |
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Darshan Shah |
150 |
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Total |
88107 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of NPK Granulated Fertilizers for Soil Application. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
Germany ·
Singapore ·
Dubai ·
Belgium |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
NPK Granulated |
MT |
20000 |
11225.673 |
GENERAL INFORMATION
|
Suppliers : |
·
Zuari Industries Limited ·
IPL |
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Customers : |
·
Wholesalers ·
Retailers ·
The Bombay Presidency Golf Club ·
Shetkari Sahakari Sangh Limited |
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No. of Employees : |
55 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gosavi Yardi and Company Chartered Accountant |
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Address : |
Ketki, 4th Floor, Next to Alka Talkis, Sadashiv Peth, Pune
– 411030, Maharashtra, India |
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Tel. No.: |
91-20-24331439 |
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Associates: (AS ON
31.03.2010) |
·
Vardhaman Hitech Agro Product ·
Dhanlaxmi Engineering Enterprises ·
Teknokom Engineers |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs.100/- each |
Rs.9.000 Millions |
|
10000 |
Preferences Shares (12.5% Redeemable Non Participating Non-Cumulative) |
Rs.100/- each |
Rs.1.000 Millions |
|
|
Total |
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
88107 |
Equity Shares |
Rs.100/- each |
Rs.8.811
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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|
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1] Share Capital |
8.811 |
9.716 |
9.717 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.185 |
10.354 |
8.506 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.996 |
20.070 |
18.223 |
|
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LOAN FUNDS |
|
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1] Secured Loans |
60.586 |
58.602 |
26.891 |
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2] Unsecured Loans |
23.578 |
10.450 |
0.881 |
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TOTAL BORROWING |
84.164 |
69.052 |
27.772 |
|
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DEFERRED TAX LIABILITIES |
0.787 |
0.797 |
0.703 |
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TOTAL |
110.947 |
89.919 |
46.698 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.086 |
32.333 |
29.511 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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|
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Inventories |
91.292
|
60.021
|
15.359
|
|
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Sundry Debtors |
19.711
|
15.121
|
16.663
|
|
|
Cash & Bank Balances |
4.591
|
5.781
|
5.160
|
|
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Other Current Assets |
6.518
|
4.478
|
3.991
|
|
|
Loans & Advances |
2.333
|
4.355
|
2.240
|
|
Total
Current Assets |
124.445
|
89.756
|
43.413
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.616
|
19.919
|
15.748
|
|
|
Other Current Liabilities |
13.969
|
5.841
|
3.820
|
|
|
Provisions |
9.157
|
6.586
|
6.841
|
|
Total
Current Liabilities |
46.742
|
32.346
|
26.409
|
|
|
Net Current Assets |
77.703
|
57.410
|
17.004
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.158 |
0.176 |
0.183 |
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|
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TOTAL |
110.947 |
89.919 |
46.698 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
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Income |
|
|
|
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|
Other Income |
|
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|
|
|
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TOTAL (A) |
165.128 |
150.309 |
148.631 |
|
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|
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|
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Less |
EXPENSES |
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|
|
|
|
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
NA |
134.743 |
137.097 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
26.731 |
15.566 |
11.534 |
|
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|
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|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
10.449 |
7.380 |
4.465 |
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.282 |
8.186 |
7.069 |
|
|
|
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|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.307 |
3.911 |
3.595 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
11.975 |
4.275 |
3.474 |
|
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|
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Less |
TAX (H) |
4.120 |
1.273 |
1.169 |
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|
PROFIT AFTER TAX
(G-H) (I) |
7.855 |
3.002 |
2.305 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
33.701 |
19.365 |
17.255 |
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
89.16 |
30.90 |
23.72 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover [Approximately] |
|
|
235.000 |
Expected Sales (2012-13) : Rs.400.000 Millions.
The above information has been parted by Mr. Santosh (Finance Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.76
|
2.00
|
1.55 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.60
|
3.50
|
4.76 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.21
|
0.19 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.03
|
5.05
|
2.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
2.77
|
1.64 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
23.616 |
19.919
|
15.748
|
|
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 |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last one year |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
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 |
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in millions) |
|
Letters of
Credit & Bank Guarantees issued in favour of – Zuari Industries Ltd. |
1.000 |
|
Letters of Credit
& Bank Guarantees issued in favour of – Commissioner of Customs, Pune. |
0.429 |
|
Total |
1.429 |
FIXED ASSETS:
- Building
- Furniture and Fixtures
- Plant and Machinery
- Vehicles
- Computer
- Generator Set
- Laboratory Equipment
- Refrigerator
- Tools and Equipment
- Air Conditioner
- Ceiling Fan
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.52.85 |
|
|
1 |
Rs.85.44 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
|
47 |
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.