MIRA
INFORM REPORT
|
Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
VAIDIKA AGRO SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-1, Sundarnagri Apartments, Opposite Atreya Society, Near Yashwantrao
Chavan, Natyagruha, Kothrud, Pune-411038, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.07.2008 |
|
|
|
|
Com. Reg. No.: |
11-132432 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.0.100
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999PN2008PTC132432 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader, Exporter and Importer of Agricultural Commodities. |
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|
|
|
No. of Employees
: |
42 [12 Permanent and 30 Contract Basis] Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2400 |
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|
|
|
Status : |
Small Company |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a part of “Vaidika Group”. It is a small company having in its field. The performance capability
of the company is improving. Trade relations are reported as fair Business is
active. Payments terms are slow but correct. The company can be considered for business dealings with slight
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting for
more than half of India's output, with only one-third of its labor force. India
has capitalized on its large educated English-speaking population to become a
major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
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.
INFORMATION PARTED BY
|
Name : |
Mr. Swanand |
|
Designation : |
Manager in Agriculture Department |
|
Contact No.: |
91-20-25384200 |
|
Date : |
23.02.2013 |
LOCATIONS
|
Registered / Head Office : |
A-1, Sundarnagri Apartments, Opposite Atreya Society, Near Yashwantrao
Chavan, Natyagruha, Kothrud, Pune-411038, Maharashtra, India |
|
Tel. No.: |
91-20-25384200/25382784 [4 Lines] |
|
Fax No.: |
91-20-25382784 |
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E-Mail : |
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|
Website : |
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|
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Belgium Office : |
11, Rue Du Verbois, 4000-Liege, Belgium |
|
Tel. No.: |
+32 (0) 43715450 |
|
Fax No.: |
+32 (0) 485344120 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Ketan Kashinath Mane |
|
Designation : |
Director |
|
Address : |
15 B, Nayana Apartment, Ideal Colony, Paud Road, Kothrud, Pune-411029,
Maharashtra, India |
|
Date of Birth/Age : |
12.04.1976 |
|
Date of Appointment : |
16.07.2008 |
|
Din No.: |
01801532 |
|
|
|
|
Name : |
Mrs. Ketaki Ketan Mane |
|
Designation : |
Director |
|
Address : |
15 B, Nayana Apartment, Ideal Colony, Paud Road, Kothrud, Pune-411029,
Maharashtra, India |
|
Date of Birth/Age : |
11.09.1979 |
|
Date of Appointment : |
16.07.2008 |
|
Din No.: |
01801575 |
KEY EXECUTIVES
|
Name : |
Mr. Swanand |
|
Designation : |
Manager in Agriculture Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ketan Kashinath Mane |
|
9000 |
|
Ketaki Ketan Mane |
|
1000 |
|
|
|
|
|
TOTAL
|
|
10000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of Agricultural Commodities. |
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|
|
|
Exports : |
|
|
Products : |
Agricultural Commodities |
|
Countries : |
·
Russia ·
Gulf Country ·
America ·
Europe |
|
|
|
|
Imports : |
|
|
Products : |
Flowers |
|
Countries : |
·
Europe ·
America ·
Netherland ·
New Zealand ·
Sri Lanka |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
42 [12 Permanent and 30 Contract Basis] Approximately |
|
|
|
|
Bankers : |
Canara Bank,
Through Kothrud Branch, Rambaugh Colony, Paud Road, Pune-411038, Maharashtra,
India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kiran P. Lahare Chartered Accountants |
|
Address : |
F. No. G-1, Raviraj Residency, Plot No. 109-110, Serve No. 78,
Vedvihar Lane, Bhusari Colony, Kothrud, Pune-411038, Maharashtra, India |
|
Tel. No.: |
91-20-32348612 |
|
Mobile No.: |
91-9021838561 |
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E-Mail : |
|
|
PAN No: |
ABCPL7903Q |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each
|
Rs.0.100
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.518 |
0.214 |
0.063 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
0.618 |
0.314 |
0.163 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.002 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.002 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
0.620 |
0.314 |
0.163 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.271 |
0.072 |
0.091 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1.281
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.440
|
0.222 |
0.403 |
|
|
Other Current Assets |
0.016
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.755
|
0.295 |
0.100 |
|
Total
Current Assets |
2.492
|
0.517 |
0.503 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.333
|
0.175 |
0.370 |
|
|
Other Current Liabilities |
0.641
|
0.000 |
0.000 |
|
|
Provisions |
0.169
|
0.116 |
0.085 |
|
Total
Current Liabilities |
2.143
|
0.291 |
0.455 |
|
|
Net Current Assets |
0.349
|
0.226 |
0.048 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.016 |
0.024 |
|
|
|
|
|
|
|
|
TOTAL |
0.620 |
0.314 |
0.163 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
9.123 |
1.798 |
1.770 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
8.696 |
1.573 |
1.692 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
0.427 |
0.225 |
0.078 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.122 |
0.074 |
0.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
0.305 |
0.151 |
0.063 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1.951 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Flowers |
0.843 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
30.50 |
15.10 |
6.30 |
|
Expected Sales (2012-13) : Rs.12.000 Millions. [Due to more orders]
The above information has been parted by Mr. Swanand.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.34
|
8.40 |
3.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.45
|
38.20 |
13.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.69
|
0.72 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.77 |
1.10 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
1.333
|
0.175 |
0.370 |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
Yes |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
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 |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATING REVIEW:
The Directors are
confident that the Company will continue to maintain its quality services in
the industry and Directors are optimistic for a bright future of the Company.
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
LONG TERM
BORROWINGS |
|
|
|
(a) Term Loan |
|
|
|
- Other |
0.002 |
0.000 |
|
TOTAL
|
0.002 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10359774 |
|
Corporate
identity number of the company |
U74999PN2008PTC132432 |
|
Name of the
company |
VAIDIKA AGRO
SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-1, Sundarnagri Apartments, Opposite Atreya Society, Near Yashwantrao
Chavan, Natyagruha, Kothrud, Pune-411038, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Others |
|
Particular of
charge holder |
Canara Bank,
Through Kothrud Branch, Rambaugh Colony, Paud Road, Pune-411038, Maharashtra,
India Email: cb2079@canarabank.com |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
agreement dated 24/12/2012 |
|
Date of
instrument Creating the charge |
24.12.2012 |
|
Amount secured by
the charge |
Rs.3.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 3.00%
p.a. Above the Ongoing Base Rate with a minimum of 13.50% p.a. compounded
monthly or at such rate as may be specified by Bank from time to time Terms of Repayment On demand or As
per Agreement. Margin 25% Extent and Operation of the charge Type of Facility
- The Working Capital Cash Credit Limit Rs. 3.000 Millions (Enhanced from Rs.
1.500 Millions to Rs. 3.000 Millions) The Charge shall continue
till full repayment of the loan amount. Others All other Terms
And Condition are As per Agreement. |
|
Short particulars
of the property charged |
Hypothecation of
the whole of the Borrower's present and future Stocks of Raw Materials, Goods
in Process of Manufacture and all the Finished and Manufactured Goods and
Articles such as Agricultural Products together
with all Stores, Components and Spares which now belong to or may hereafter
from time to time, during the continuance of this Security, belong to the
Borrower and which are or shall Or may be brought
into store or be in or upon or about the Borrower's Factory Godown and/or
other premises or at Sanskruti Gradings and Packaging, at post Daula-Vadgaon,
Tal-Ashti, Dist- Beed Or wherever else
the same may be situated. All the Borrower's Present and Future Book Debts,
Outstanding Monies, Receivable, Claims, Bills, Right to or Moveable Assets
and which are not Due, Owing or Payable or
Belonging to the Borrower or which may at any time hereafter during the
continuance of this Security become Due, Owing, Payable or Belonging to the
Borrower in the course of its Business. Mortgage of
Immovable Property held in the name of Director Mr. Ketan Kashinath Mane viz;
Flat No 11, Sneh Paradise, S No 123 H No A/1/1, Cts No 1127, Kothrud, Pune
admeasuring approx. 928 sq ft. |
|
Particulars of
the present modification |
Enhancement in
the Working Capital Open Cash Credit Facility From Rs. 1.500 Millions to Rs.
3.000 Millions. |
FIXED ASSETS:
·
Furniture
·
Printer
·
Office Equipments
·
Computer
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.54.04 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.