MIRA
INFORM REPORT
|
Report Date : |
20.11.2012 |
|
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|
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Tel. No.: |
+91-241-2551932, 2551140, 2551466 |
IDENTIFICATION DETAILS
|
Name : |
BOTHARA AGRO EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
B-16, M.I.D.C., Ahmednagar – 414 111, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.08.1994 |
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Com. Reg. No.: |
11-080577 |
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Capital
Investment / Paid-up Capital : |
Rs.2.518
millions |
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|
|
CIN No.: [Company Identification
No.] |
U29219PN1994PTC080577 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Seller of PVC Pipes and Fittings. |
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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 297000 |
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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. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
B-16, M.I.D.C., Ahmednagar – 414 111, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 2 : |
A-13/1/1, M.I.D.C., Ahmednagar – 414 111, |
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Correspondence Address : |
Bothara Compound, Industrial Estate, |
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Tel. No.: |
91-241-2551932, 2551140, 2551466 |
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Fax No.: |
91-241-2551624 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Manakchand Ghewarchand Bothara |
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Designation : |
Director |
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Address : |
Manisha, Opposite Poonam Moti Nagar, Behind Market Yard, Ahmednagar –
414 001, |
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Date of Birth/Age : |
01.06.1942 |
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Qualification : |
B.Com, D.B.M. |
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Date of Appointment : |
24.08.1994 |
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DIN No.: |
00111326 |
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Name : |
Mr. Santosh Manakchand Bothara |
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Designation : |
Director |
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Address : |
Manisha, Opposite Poonam Moti Nagar, Behind Market Yard, Ahmednagar –
414 001, |
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Date of Birth/Age : |
16.10.1967 |
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Qualification : |
B.Com, D.T.L. |
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Date of Appointment : |
24.08.1994 |
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00111023 |
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Other
Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Manakchand Bothara jointly with Santosh Bothara |
|
3350 |
|
Santosh Bothara jointly with Sangita Bothara |
|
4750 |
|
Leena Bothara jointly with Premraj Bothara |
|
100 |
|
Pratibha Bothara jointly with Satish Bothara |
|
100 |
|
Mangala Runwal jointly with Pemraj Bothara |
|
1000 |
|
Preksha Pemraj Bothara |
|
1000 |
|
Pemraj Bothara jointly with Leena Bothara |
|
4150 |
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Satish Bothara jointly with Pemraj Bothara |
|
3750 |
|
Pranesh Pemraj Bothara (Through Guardian) |
|
1000 |
|
Satish Bothara (HUF) |
|
150 |
|
Santosh Bothara (HUF) |
|
150 |
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Pemraj Bothara (HUF) |
|
180 |
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Pemraj Manakchand Bothara |
|
750 |
|
Manakchand Ghewarchand Bothara |
|
3450 |
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Santosh Manakchand Bothara |
|
550 |
|
Satish Manakchand Bothara |
|
750 |
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Total |
|
25180 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of PVC Pipes and Fittings. |
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|
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Products : |
v
Sprinkler Irrigation System Set v
Rigid PVC Pipe v
HDPE Pipe v
Column Pipe v
Plumbing System |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Actual
Production |
|
PVC Pipes |
Nos. |
2527376 |
|
HDPE Pipes |
Nos. |
86640 |
|
PVC Fittings |
Nos. |
10461673 |
|
Sprinkler Irrigation System Set |
Nos. |
5308 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400 013, Maharashtra, India v
The
Ahmednagar Merchants Co-operative Bank Limited v State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Citicorp Finance
India Limited, Citicorp Center, 5th Floor 'G' Block, Bandra Kurla
Comlex, Bombay – 400 051, Maharashtra, India |
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Auditors : |
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Name : |
M.S. Barmecha and Company Chartered Accountants |
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Address : |
201/B, Mutha Chambers, |
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Income-tax
PAN of auditor or auditor's firm : |
AEHPB8677D |
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|
|
|
Associates : |
v Bothara Foundry and Machine Works v Gaurav Agro Pipes v Paras PVC Pipes and Fittings Private Limited v Paras Miracle Poly Products Private Limited v Preksha Industries v Ronak Industries |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25180 |
Equity Shares |
Rs.100/- each |
Rs.2.518
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.518 |
2.518 |
2.518 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
71.842 |
54.212 |
45.840 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
74.360 |
56.730 |
48.358 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
55.716 |
46.560 |
11.895 |
|
|
2] Unsecured Loans |
198.425 |
145.499 |
91.754 |
|
|
TOTAL BORROWING |
254.141 |
192.059 |
103.649 |
|
|
DEFERRED TAX LIABILITIES |
0.676 |
2.878 |
2.509 |
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|
|
|
|
|
|
|
TOTAL |
329.177 |
251.667 |
154.516 |
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|
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
126.477 |
125.215 |
57.213 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENTS & DEPOSITS |
4.510 |
4.805 |
3.118 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
91.122
|
58.882 |
42.026 |
|
|
Sundry Debtors |
226.697
|
106.230 |
74.181 |
|
|
Cash & Bank Balances |
3.768
|
1.313 |
2.379 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
22.929
|
5.897 |
6.438 |
|
Total
Current Assets |
344.516
|
172.322 |
125.024 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
124.213 |
38.240 |
27.116 |
|
|
Other Current Liabilities & Provisions |
22.365
|
12.714 |
3.723 |
|
Total
Current Liabilities |
146.578
|
50.954 |
30.839 |
|
|
Net Current Assets |
197.938
|
121.368 |
94.185 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.252 |
0.279 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
329.177 |
251.667 |
154.516 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
Income |
643.791 |
456.810 |
263.783 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
643.791 |
456.810 |
263.783 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
586.991 |
417.033 |
230.656 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
586.991 |
417.033 |
230.656 |
|
|
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|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
56.800 |
39.777 |
33.127 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
34.682 |
28.108 |
6.433 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
22.118 |
11.669 |
26.694 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.483 |
3.296 |
8.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
17.635 |
8.373 |
17.934 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
700.36 |
332.53 |
712.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
2.74
|
1.83 |
6.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.70
|
3.92 |
14.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.21 |
14.65 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.39
|
4.28 |
2.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.35
|
3.38 |
4.05 |
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) Constitutions 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 |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
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 |
No |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29219PN1994PTC080577 |
|
Name of the
company |
BOTHARA AGRO EQUIPMENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-16, M.I.D.C., Ahmednagar – 414 111, E-Mail: bothara@bothara.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10230904 |
|
Type of charge |
Immovable
Property Book Debts Movable Property (not
being pledge) Floating Charge |
|
Particular of
charge holder |
CIN No.:
L65920MH1994PLC080618 HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
HDFC Letter dated
12.09.2012 |
|
Date of
instrument Creating the charge |
12.09.2012 |
|
Amount secured by
the charge |
Rs.32.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment: On Demand Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: HDFC Bank has
ceded pari passu charge on stocks and book debts and immovable properties of
the company which were secured for its facilities of Rs.32.500 millions with
the charge created/to be created in favour of Ahmednagar Merchants Co-operative
Bank Limited for its loan of Rs.52.250 millions. Others: Nil |
|
Short particulars
of the property charged |
Hypothecation of
Stocks and Book Debts Immovable
properties situated at B-16, MIDC, Ahmednagar - 414111. |
|
Date of latest
modification prior to the present modification |
20.08.2012 |
|
Particulars of
the present modification |
HDFC Bank Limited
has ceded pari passu charge in favour of Ahamednagar Merchants Co-operative
Bank Limited on the Company's (i) Stocks and Book Debts, and (ii) Plot No.B-16,
MIDC, Ahmednagar to secure the following limits (i) HDFC Bank
Limited - Rs.32.500 millions, and (ii) The
Ahmednagar Merchants Co-operative Bank Limited - Rs.52.250 millions |
FIXED ASSETS:
v
Land
v
Land (Windmill)
v
Land Enercon Windmill
v
Lavasa Property
v
Building
v
Building (Advances)
v
Plant and Machinery
v
Other Machineries
v
Wind Mill (Satara)
v
Wind Mill (Rajasthan)
v
Electrical Installation
v
Dies and Punches
v
Computer
v
Office Furniture
v
Office Equipments
v
Mobile Phone Instrument
v
Vehicle
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.54.96 |
|
|
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.70.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
YES |
|
--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.