MIRA
INFORM REPORT
|
Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
AVI AGRI BUSINESS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.03.2009 |
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Com. Reg. No.: |
10-021753 |
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Capital Investment
/ Paid-up Capital : |
Rs. 92.598
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15311MP2009PTC021753 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLA04716F |
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PAN No.: [Permanent Account No.] |
AAHCA6168M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Soybean Meal, Soya Bean Oil, etc. |
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No. of Employees
: |
100 [Approximately] |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Term loan : BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
14 June, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Bill Discounts : A4+ |
|
Rating Explanation |
Minimal degree of safety. It carry very high
credit risk. |
|
Date |
14 June, 2012 |
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 : |
Saket Tower, 4th Floor, 3A, Ratlam Kothi, A.B. Road, Indore
- 452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2526844-45 |
|
Fax No.: |
91-731-4053955 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Praveen Kumar Vyas |
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Designation : |
Director |
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Address : |
37, Tilak Nagar Exe. |
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Date of Birth/Age : |
28.01.1959 |
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Date of Appointment : |
23.03.2009 |
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DIN No.: |
00103686 |
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Other Directorship: |
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Name : |
Mr. Mahendra Lakhichand Jalori |
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|
Designation : |
Director |
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Address : |
91/89, Vishal Deep, Shrushti, Flat No 4, 2nd Floor TMV
Colony, Gultekdi, Pune, |
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Date of Birth/Age : |
05.05.1955 |
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Date of Appointment : |
24.03.2009 |
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DIN No.: |
02592482 |
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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 |
|
|
|
|
|
Mahendra Lakhichand Jalori |
|
5000 |
|
Praveen Kumar Vyas |
|
5000 |
|
Suraj Agri Business Private Limited, Singapore |
|
2494330 |
|
Vinod Kumar Jain |
|
250000 |
|
Avi Jain |
|
17500 |
|
Excel Futures Private Limited, India |
|
4362920 |
|
Koyna Constructions Private Limited, India |
|
125000 |
|
Olympus Vison Private Limited, India |
|
2000000 |
|
|
|
|
|
Total |
|
9259750 |
AS ON 26.03.2012
|
Names of Allottees |
|
No. of Shares |
|
|
|
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|
Mahendra Lakhichand Jalori |
|
2500 |
|
Praveen Kumar Vyas |
|
2500 |
|
Suraj Agri Business Private Limited, Singapore |
|
1247165 |
|
Vinod Kumar Jain |
|
125000 |
|
Avi Jain |
|
8750 |
|
Excel Futures Private Limited, India |
|
2181460 |
|
Koyna Enterprises Private Limited, India |
|
62500 |
|
Navlakha Agrex Private Limited, India |
|
1000000 |
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|
|
|
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Total |
|
4629875 |
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Names of Allottees |
|
No. of Shares |
|
|
|
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Excel Agri Business Private Limited, India |
|
1440000 |
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Navlakha Agrex Private Limited, India |
|
2040000 |
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Total |
|
3480000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Bodies
corporate |
|
97.00 |
|
Directors
or relatives of directors |
|
0.11 |
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Other
top fifty shareholders |
|
2.89 |
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|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Soybean Meal, Soya Bean Oil, etc. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Solvent Extraction |
MT |
180000 |
-- |
|
Oil Refinery |
MT |
300000 |
46170.985 |
|
Seed Extraction |
MT |
-- |
124868.017 |
|
Crude Oil |
MT |
-- |
29029.763 |
GENERAL INFORMATION
|
No. of Employees : |
100 [Approximately] |
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Bankers : |
· Punjab National Bank MCB Branch, Siyaganj, Indore - 452001, Madhya Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
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Address : |
317, Chetak Centre, "Annex", RNT Marg, Indore - 452001,
Madhya Pradesh, India |
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Tel. No.: |
91-731-2517341/3046909 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AACFA7732P |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.200.000 Millions |
|
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17369625 |
Equity Shares |
Rs.10/- each |
Rs.173.696
Millions |
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|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,259,750 |
Equity Shares |
Rs.10/- each |
Rs.92.598
Millions |
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|
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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 |
92.598 |
92.598 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
5.000 |
|
|
3] Reserves & Surplus |
105.531 |
99.625 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
198.129 |
192.223 |
5.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
917.859 |
530.281 |
0.000 |
|
|
2] Unsecured Loans |
99.450 |
0.000 |
0.030 |
|
|
TOTAL BORROWING |
1017.309 |
530.281 |
0.030 |
|
|
DEFERRED TAX LIABILITIES |
16.272 |
4.314 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1231.710 |
726.818 |
5.130 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
376.137 |
225.772 |
0.038 |
|
|
Capital work-in-progress |
30.830 |
174.027 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.006 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
635.704
|
217.549 |
0.000 |
|
|
Sundry Debtors |
112.868
|
2.711 |
0.000 |
|
|
Cash & Bank Balances |
12.808
|
91.698 |
5.560 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
99.683
|
38.555 |
0.000 |
|
Total
Current Assets |
861.063
|
350.513 |
5.560 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
25.627
|
21.348 |
0.736 |
|
|
Other Current Liabilities |
2.756
|
0.000 |
0.000 |
|
|
Provisions |
8.317
|
2.645 |
0.000 |
|
Total
Current Liabilities |
36.700
|
23.993 |
0.736 |
|
|
Net Current Assets |
824.363
|
326.520 |
4.824 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.374 |
0.499 |
0.268 |
|
|
|
|
|
|
|
|
TOTAL |
1231.710 |
726.818 |
5.130 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
3.671 |
0.000 |
|
|
|
Other Income |
|
16.616 |
0.000 |
|
|
|
TOTAL (A) |
3765.975 |
20.287 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material consumed |
|
25.287 |
0.000 |
|
|
|
Other Expenses |
|
1.017 |
0.000 |
|
|
|
Increase/ (Decrease) in stock |
|
(21.092) |
0.000 |
|
|
|
TOTAL (B) |
N.A. |
5.212 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
15.075 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.194 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
14.881 |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.792 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
N.A. |
14.089 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
N.A. |
6.961 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.629 |
7.128 |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
590.473 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
8.126 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.82 |
117.46 |
0.00 |
|
%2030-Aug-2013_files/image001.gif){kind=small}
%2030-Aug-2013_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.20 |
35.14 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
N.A. |
383.79 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
N.A. |
2.44 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
N.A. |
0.07 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.32 |
2.88 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
23.46 |
14.61 |
7.55 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
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
(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 |
Yes |
NOTE:
The registered address of the company has been shifted from Saket Tower,
First Floor, 3A, Ratlam Kothi, A.B. Road, Indore - 452001, Madhya Pradesh,
India to the present w.e.f.29.04.2012
BUSINESS REVIEW:
During the year
the Company has earned Total Income of Rs. 3765.975 Millions and a net profit
after tax was Rs 7.629 Millions. The authorised share capital of the Company is
Rs. 100.000 Millions. The Issued, Subscribed and Fully Paid-up Capital is Rs.
92.598 Millions at the end of accounting period.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U15311MP2009PTC021753 |
|
Name of the
company |
AVI AGRI BUSINESS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Saket Tower, 4th Floor, 3A, Ratlam Kothi, A.B. Road, Indore
- 452001, Madhya Pradesh, India Email: akmcafiling@gmail.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
Punjab National Bank, MCB Branch, Siyaganj, Indore - 452001, Madhya
Pradesh, India Email: pnbmcbindr@dataone.in
|
|
Nature of description
of the instrument creating or modifying the charge |
Hypothecation of
assets to secure term loan. |
|
Date of
instrument Creating the charge |
07.11.2012 |
|
Amount secured by
the charge |
Rs. 420.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement Terms of Repayment As per Agreement Margin As per Agreement Extent and Operation of the charge Term Loan is secured
by exclusive first charge on existing fixed assets and second charge on
entire current assets both present and future and personal guarantee of the
directors and others. |
|
Short particulars
of the property charged |
Term Loan is
secured by exclusive first charge on existing fixed assets and second charge
on entire current assets both present and future. |
CONTINGNENT
LIABILITIES
a. Bank Guarantee
Rs. 9.469 Millions
b. Estimated amount
of contract remaining to be Rs. 29.555 Millions executed on capital account
(Net of Advance)
2. In the opinion
of the Board of Directors, Current Assets Loans and Advances have value on
realization in the ordinary course of business at least equal to the amount at
which they are stated in the Balance Sheet and that the provision for known
liabilities is adequate and reasonable.
3. Previous year’s
figures have been re-grouped or re-arranged wherever considered necessary and
previous year’s figures are not given because this is first year of operation.
4. There are no
delay in payment to Micro, Small and Medium enterprises as required under the
Micro, Small and Medium Enterprises Development Act, 2006. The information
given in Schedule “Current Liabilities” regarding Micro, Small and Medium
enterprises has been determined to the extent such parties have been identified
on the basis of information available with the Company. This has been relied
upon by the Auditors.
FIXED ASSETS:
Ø
Land Freehold
Ø
Factory Building
Ø
Plant and Machinery
Ø
Boiler
Ø
Electrical Installation
Ø
Office Equipments
Ø
Furniture and Fittings
Ø
Laboratory Equipment
Ø
Workshop
Ø
Vehicles
Ø
Computers
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 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 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.68.36 |
|
|
1 |
Rs.106.02 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.