MIRA
INFORM REPORT
|
Report Date : |
18.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHREE PUSHKAR CHEMICALS AND FERTILISERS LIMITED |
|
|
|
|
Formerly Known
As : |
SHREE PUSHKAR PETRO PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
202, A, Wing
Building, No.3, Rahul Mittal, Industrial Estate, Sir M.V. Road., Andheri
[East], Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
29.03.1993 |
|
|
|
|
Com. Reg. No.: |
11-071376 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 207.076
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1993PLC071376 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS47888B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS9372E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Dyes and Dyes Intermediates. |
|
|
|
|
No. of Employees
: |
435 (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 1916000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
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|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund : (ICRA) BB+ |
|
Rating Explanation |
Having moderate risk of default regarding
timely servicing of financial obligation.
|
|
Date |
June 2013 |
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 [GENERAL DETAILS]
|
Name : |
Mr. Dilip Shah |
|
Designation : |
General Manager in Commercial |
|
Contact No.: |
91-22-42702525 |
|
Date : |
18.07.2013 |
LOCATIONS
|
Registered Office : |
202, A, Wing
Building, No.3, Rahul Mittal, Industrial Estate, Sir M.V. Road., Andheri
[East], Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-42702525/ 28502525 |
|
Fax No.: |
91-22-28504242 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales Office : |
Fertilizers
Division Off 308, Picasso Plaza, Above Jyoti Restaurant, Kondhawa
Khund, Pune – 411048, Maharashtra, India |
|
Tel. No.: |
91-20-26833009 |
|
|
|
|
Factory 1 : |
Acids, Dyes and
Intermediates Division B 102-103, MIDC Lote Parshuram, Taluka Khed, District
Ratnagiri, Maharashtra, India |
|
Tel. No.: |
91-2356-272625/ 272718 |
|
Fax No.: |
91-2356-272625 |
|
|
|
|
Factory 2 : |
Fertilizers
Division D-25, MIDC Lote Parshuram, Taluka Khed, District Ratnagiri,
Maharashtra, India |
|
Tel. No.: |
91-2356-272255 |
|
Fax No.: |
91-2356-273255 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Dinesh Navnitlal Modi |
|
Designation : |
Director |
|
Address : |
B 22, Sperry Star Co-Operative Housing Society Limited, Eksar Road,
Borivli (West), Mumbai – 400091, Maharashtra, India |
|
Date of Birth/Age : |
21.11.1950 |
|
Date of Appointment : |
20.06.2012 |
|
DIN No.: |
00004556 |
|
|
|
|
Name : |
Nirmal Bhagirathprasad Kedia |
|
Designation : |
Director |
|
Address : |
252, Krishna Bhavan, Ground Floor, Walkehswar Road, Walkeshwar, Mumbai
– 400006, Maharashtra, India |
|
Date of Birth/Age : |
01.02.1970 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00050769 |
|
|
|
|
Name : |
Mr. Ramakant Madhav Nayak |
|
Designation : |
Director |
|
Address : |
A-11, Anand Dham, Road No. 9, Prabhat Colony, Near Hotel, Santacruz (East),
Mumbai – 400055, Maharashtra, India |
|
Date of Birth/Age : |
30.06.1945 |
|
Qualification : |
B.Sc. LLB. Dip. In Mkt.and Adv., CAIIB |
|
Date of Appointment : |
04.12.2010 |
|
DIN No.: |
00129854 |
|
|
|
|
Name : |
Mr. Gautam Gopikishan Makharia |
|
Designation : |
Joint Managing director |
|
Address : |
C-603, Lakschandi Heights, Krishna Vatika Road, Gokuldham, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
06.09.1973 |
|
Qualification : |
B.E., MBA (Manchestor) |
|
Date of Appointment : |
29.03.1993 |
|
PAN No.: |
AACPM4482C |
|
DIN No.: |
01354843 |
|
|
|
|
Name : |
Mr. Punit Makhria |
|
Designation : |
Managing director |
|
Address : |
C-903, Lakschandi Heights, Krishna Vatika Road, Gokuldham, Goregaon (East),
Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
28.04.1970 |
|
Qualification : |
B.Com. |
|
Date of Appointment : |
29.03.1993 |
|
PAN No.: |
AACPM4481B |
|
DIN No.: |
01430764 |
|
|
|
|
Name : |
Mr. Satpal Kumar Arora |
|
Designation : |
Nominee director |
|
Address : |
205, Fancy Apartments, Vasundhara Enclave, Delhi – 110096, India |
|
Date of Birth/Age : |
01.04.1958 |
|
Date of Appointment : |
03.05.2012 |
|
DIN No.: |
00061420 |
KEY EXECUTIVES
|
Name : |
Mr. Dilip Shah |
|
Designation : |
General Manager in Commercial |
|
|
|
|
Name : |
Ms. Vaishali Parab |
|
Designation : |
Company Secretary |
|
Address : |
Nusaya Niwas, Navghar Gaon, Bhayander [East], Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
21.11.1983 |
|
Date of Appointment : |
15.09.2012 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Aradhana Makharia |
|
353446 |
|
Gautam Makharia |
|
4328301 |
|
Bhanu Makharia |
|
432307 |
|
Gopi Kishan Makharia |
|
356831 |
|
Sanjay Kumar Paharia |
|
9415 |
|
Punit Makharia |
|
9194593 |
|
Ranjana Makharia |
|
375692 |
|
Sudhir Kangutkar |
|
9415 |
|
India Enterprise Development Fund, India |
|
5647589 |
|
|
|
|
|
Total |
|
20707589 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Venture capital |
|
27.27 |
|
Directors
or relatives of directors |
|
72.64 |
|
Other
top fifty shareholders |
|
0.09 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Dyes and Dyes Intermediates. |
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Products/ Services : |
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Exports : |
|
||||
|
Products : |
Dyes and Dyes Intermediates |
||||
|
Countries : |
· Far East Europe |
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Imports : |
|
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|
Products : |
Raw Material |
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Countries : |
· China Russia Saudi Arabia |
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|
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|
Terms : |
|
||||
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Selling : |
Cash and Credit |
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|
|
|
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|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Dyes and Dyes Intermediates |
Metric Tone |
-- |
108,740.00 |
32,449.96 |
GENERAL INFORMATION
|
No. of Employees : |
435 (Approximately) |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India, IFB, Andheri Branch, Mumbai,
Maharashtra, India ·
HDFC Bank ·
Punjab National Bank ·
State Bank of Patiala ·
Yes Bank Limited ·
Export Import Bank |
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
KCPL and Associates Chartered Accountants |
|
Address : |
Nakshatra, Opposite W.E. Highway, Kandivali [East],
Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAGFC5314B |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 210.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,707,589 |
Equity Shares |
Rs. 10/- each |
Rs. 207.076
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
207.076 |
202.370 |
|
(b) Reserves & Surplus |
|
249.438 |
188.371 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
0.0 |
.0 |
|
(2) Share Application money
pending allotment |
|
22.423 |
22.423 |
|
Total
Shareholders’ Funds (1) + (2) |
|
478.937 |
413.164 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
82.352 |
65.548 |
|
(b) Deferred tax liabilities (Net) |
|
28.160 |
24.992 |
|
(c) Other long
term liabilities |
|
0.750 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
111.262 |
90.540 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
398.931 |
262.420 |
|
(b)
Trade payables |
|
306.392 |
174.306 |
|
(c)
Other current liabilities |
|
173.136 |
122.713 |
|
(d) Short-term
provisions |
|
20.473 |
10.434 |
|
Total Current
Liabilities (4) |
|
898.932 |
569.873 |
|
|
|
|
|
|
TOTAL |
|
1489.131 |
1073.577 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
499.225 |
341.570 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
29.134 |
143.832 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.510 |
0.510 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
6.690 |
6.728 |
|
(e) Other
Non-current assets |
|
3.997 |
2.926 |
|
Total Non-Current
Assets |
|
539.556 |
495.566 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
649.110 |
366.098 |
|
(c)
Trade receivables |
|
214.667 |
144.066 |
|
(d) Cash
and cash equivalents |
|
39.093 |
28.737 |
|
(e)
Short-term loans and advances |
|
0.000 |
0.000 |
|
(f)
Other current assets |
|
46.705 |
39.110 |
|
Total
Current Assets |
|
949.575 |
578.011 |
|
|
|
|
|
|
TOTAL |
|
1489.131 |
1073.577 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
192.016 |
|
|
2] Share Application Money |
|
|
17.923 |
|
|
3] Reserves & Surplus |
|
|
143.381 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
353.320 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
327.427 |
|
|
2] Unsecured Loans |
|
|
1.392 |
|
|
TOTAL BORROWING |
|
|
328.819 |
|
|
DEFERRED TAX LIABILITIES |
|
|
16.410 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
698.547 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
141.889 |
|
|
Capital work-in-progress |
|
|
213.371 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.510 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
292.051 |
|
|
Sundry Debtors |
|
|
124.033 |
|
|
Cash & Bank Balances |
|
|
39.111 |
|
|
Other Current Assets |
|
|
22.574 |
|
|
Loans & Advances |
|
|
15.668 |
|
Total
Current Assets |
|
|
493.437 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
111.610 |
|
|
Other Current Liabilities |
|
|
30.475 |
|
|
Provisions |
|
|
10.959 |
|
Total
Current Liabilities |
|
|
153.044 |
|
|
Net Current Assets |
|
|
340.393 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
2.384 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
698.547 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1507.099 |
1311.297 |
1015.164 |
|
|
|
Other Income |
2.638 |
1.595 |
2.878 |
|
|
|
TOTAL |
1509.737 |
1312.892 |
1018.042 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1340.295 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(190.080) |
(62.102) |
|
|
|
|
Employee benefit expense |
37.584 |
27.531 |
|
|
|
|
Other expenses |
118.785 |
64.681 |
|
|
|
|
TOTAL |
1306.584 |
1211.389 |
958.666 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
203.153 |
101.503 |
59.376 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
96.224 |
36.072 |
23.562 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
106.929 |
65.431 |
35.814 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
33.881 |
19.110 |
12.169 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD ITEMS |
0.478 |
0.158 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
72.570 |
46.163 |
23.645 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
19.297 |
18.318 |
7.551 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
53.273 |
27.845 |
16.094 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
99.541 |
71.696 |
55.602 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
152.814 |
99.541 |
71.696 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of export |
112.986 |
88.597 |
86.974 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.58 |
1.39 |
1.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.53
|
2.12 |
1.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.82
|
3.52 |
2.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.97
|
4.97 |
3.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.11 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.00
|
0.79 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
1.01 |
3.22 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
72.686 |
92.421 |
NA |
|
|
|
|
|
|
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% |
-- |
|
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 |
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
16.871 |
0.696 |
|
Total |
16.871 |
0.696 |
OPERATIONS:
During the year 2011-12 the Sales turnover of the company has increased to Rs.1509.737 Millions as against Rs.1312.892 Millions achieved during the last year, recording a growth of 15% on a YoY basis.
As you are aware their ongoing expansion in terms of setting up of the Acid complex along with the captive power plant & the Fertiliser division comprising of the SSP and Soil Conditioner plants have been totally completed. Whereas the 98% sulphuric Acid plant along with the 23% Oleum plant as also the Soil Conditioner plant were commissioned last year, the 65% oleum plant along with the Captive power plant was commissioned in August 2011 and the SSP plant was commissioned in October 2011. After addressing minor teething problems these plants have been operating quite satisfactorily at their rated capacities. You will be glad to know that the average capacity utilisation of the acid plant has been over 95% whereas the SSP plant has had an average utilisation of 85% over the operational period.
As they have set up a Fertiliser Marketing Division at Pune with the basic idea of being close to the rich agricultural belt of Western Maharashtra, with resident representatives at some of the key district places to provide proper market feedback as also maintain a proper liaison with the dealers, Distributors as also the end users. This has proved to be very successful and of immense help. In coordination with DSCL their marketing agents they have established as many as 112 dealers which has been of immense help not only in marketing SSP but also promote their other product namely SC which is providing reasonable support to the division. The encouraging results of the marketing setup they have gone ahead with strengthening of the setup by recruiting additional field officers at a few more key locations.
FUTURE OUTLOOK:
In addition to the Acid complex providing great mileage in terms of lower production costs their Fertiliser Division has proved to be a great boon to the company. Not only have the products received good acceptance from the market, but also on account of SSP being inducted in the NBS policy by the Government the product has been finding more popularity vis-ŕ-vis demand from the farmer community at large. They have already taken up the expansion of the SSP plant from the existing 45,000 MTA to 1,00,000 MTA, which is being implemented in 2 stances. The 1st stance of upgrading from 45,000 MTA to 70,000 MTA has already been initiated and the same is proposed to be commissioned by January 2013, whereas the 2nd stance from 70,000 TPA to 1,00,000 TPA involving modification of the existing curing shed and installing automated heavy duty material handling system which is proposed to be commissioned by September 2013. In addition a 300 TPD granulation plant is being setup in line with the emerging government policy of doing away with sale of powder SSP and instead making available only granular SSP.
As regards their Dye intermediate division they may share with you that certain modernization is under implementation at the H-Acid plant which would result in better yields and shorter manufacturing cycle resulting in increase in the overall capacity of the plant by around 360 MTA.
As regards DCP their Cattle feed vertical, they are in the process of inducing automation in the whole process which again would cut down the time cycle leading to increase in the capacity by about 900 TPA.
All these expansions and modifications are being financed by way of internal accruals & term loan assistance from their bankers.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24100MH1993PLC071376 |
|
Name of the company
|
SHREE PUSHKAR
CHEMICALS AND FERTILISERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
202, A, Wing
Building, No.3, Rahul Mittal, Industrial Estate, Sir M.V. Road., Andheri
[East], Mumbai – 400059, Maharashtra, India Email: cosec@shreepushkar.com |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
90366219 |
|
Type of charge |
Book debts Movable property (not being pledge) Others [Plant and Machinery, Furniture & Fixtures, Stocks] |
|
Particular of
charge holder |
State Bank of
India, IFB, Natraj Building, 102, 1st Floor, 194, Sir M V Road
Western Express Highway, Andheri (East), Mumbai – 400069, Maharashtra, India Email: shahbaz.zafar@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Seventh
Supplemental Joint Deed of Hypothecation. Seventh Supplemental
Inter Se Agreement of Banks. |
|
Date of
instrument Creating the charge |
28.12.2012 |
|
Amount secured by
the charge |
Rs. 798.200
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 3.50% above Base
Rate (Subject to Revision from time to time) Terms of Repayment Repayment on
Demands for Banks Margin For Working
Capital - Raw Materials - 25%, Stock in process - 25%, Finished Goods - 25%,
Book Debts/receivables (90 days) - 50%. Extent and Operation of the charge State Bank of
Travancore Bank has been included in the Consortium. The said SBI Consortium
has been reconstituted which comprise of SBI, Yes bank Limited, Export Import
Bank of India and State Bank of Travancore for Rs. 798.200 Millions. Security
to cover principal amount together with interest, costs, charges and expenses
etc. Others SBI - Rs. 488.200
Millions, Yes Bank Limited - Rs. 10.000 Millions, EXIM Bank - Rs. 150.000
Millions, State Bank of Travancore - Rs. 150.000 Millions, Total - Rs.
798.200 Millions. All other terms
and conditions as per all the Banks sanctioned letter and loan agreement. |
|
Short particulars
of the property charged |
The whole of the
current assets of the borrower namely Stocks of Raw Materials, Stocks in
process, Semi Finished and Finished Goods, Stores and Spares not relating to
Plant and Machinery (Consumable Stores and Spares) Bills Receivable and Book
Debts and all other movables. both present and future whether now lying loose
or in cases or which are now lying or stores in or about or shall hereinafter from time to time
during the continuance of the security of these presents be brought into or
upon or be stored or be in or about the Borrower's factories, premises and
godowns situated at B-102, B-103 and D-25, MIDC Lote Parshuram, Taluka Khed,
District Ratnagiri in the State of Maharashtra or wherever else the same may
be or be held any party to the order or disposition of the Borrower or in the
course of transit or on high seas or on order or delivery, howsoever and
wheresoever in the possession of the borrower and either by way of
substitution or addition. Also second charge on pari passu basis for the
Working Capital facilities granted by the SBI Consortium on the entire
movable fixed assets including plant and machinery of the borrower located at
B-102, B-103 and D-25, MIDC, Lote Parshuram, Taluka Khed, District Ratnagiri. |
|
Date of
Modification |
29.11.2012 |
|
Particulars of
the present modification |
Now By this
present and Modification State Bank of Travancore Bank has been included in
the Consortium. The said SBI Consortium has been reconstituted which comprise
of SBI, Yes Bank Limited, Export Import Bank of India and State Bank of
Travancore for Rs. 798.200 Millions. |
CONTINGENT
LIABILITIES:
1. Corporate Guarantee aggregating to Rs. 51.100 Millions (P.Y. Rs.51.100 Millions) against housing loans taken by the Directors of the company.
2. Bank Guarantee of Rs. 30.101 Millions (.P.Y. Rs.4.950 Millions) to suppliers of goods and electricity board.
FIXED ASSETS:
·
Land
·
Buildings
·
Factory building
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
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. 59.36 |
|
|
1 |
Rs. 86.69 |
|
Euro |
1 |
Rs. 77.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.