MIRA
INFORM REPORT
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Report Date : |
06.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
RICHFIELD FERTILISERS PRIVATE LIMITED (w.e.f 09.10.2007) |
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Formerly Known
As : |
RICHFIELD FERTILISERS LIMITED |
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Registered
Office : |
Plot No.B-27, M.I.D.C., Ambad, Nashik – 422 010, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
12.04.2001 |
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Com. Reg. No.: |
11-131579 |
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Capital Investment
/ Paid-up Capital : |
Rs.3.900
Millions |
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CIN No.: [Company Identification
No.] |
U24129MH2001PTC131579 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer and Trader of all kinds of fertilizers,
pesticides, derivatives, natural or mixed fertilizers etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 148000 |
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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 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 concern can be considered for normal 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) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
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Registered Office/ Factory : |
Plot No.B-27, M.I.D.C., Ambad, Nashik – 422 010, |
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Tel. No.: |
91-253-2380062/63/64/2581406 |
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Fax No.: |
91-253-2382710 |
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E-Mail : |
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Website |
DIRECTORS
AS ON 11.09.2012
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Name : |
Mr. Swapnil Murlidhar Bachchhav |
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Designation : |
Managing Director |
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Address : |
“Suprbha”, Plot No.49, Balwant Nagar, Anadvalli Shivar, |
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Date of Birth/Age : |
12.05.1968 |
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Date of Appointment : |
09.08.2005 |
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DIN No.: |
00516131 |
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Other
Directorship:
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Name : |
Mrs. Pratibha Swapnil Bachchhav |
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Designation : |
Whole Time Director |
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Address : |
“Suprbha”, Plot No.49, Balwant Nagar, Anadvalli Shivar, |
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Date of Birth/Age : |
08.01.1971 |
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Date of Appointment : |
09.08.2005 |
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DIN No.: |
00518710 |
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Other
Directorship:
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Name : |
Mr. Ashok Kundlik Auti |
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Designation : |
Director |
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Address : |
Flat No.2A, Indrayani Complex, ?Mangal Nagar, G Road, Nashik –
422002, Maharashtra, India |
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Date of Birth/Age : |
01.06.1970 |
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Date of Appointment : |
01.09.2005 |
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DIN No.: |
00525359 |
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Name : |
Mrs. Tanuja Uday Bhosale |
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Designation : |
Director |
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Address : |
Flat No.8, Raghavalaya Apartment, Chattanya Nagar, Gangapur, Near |
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Date of Birth/Age : |
21.10.1971 |
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Date of Appointment : |
01.09.2005 |
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DIN No.: |
00525415 |
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Name : |
Mr. Vinayak Pundik Patil |
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Designation : |
Director |
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Address : |
G.No.465/3/1, Farm House, Satpur, Nashik – 425 001, |
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Date of Birth/Age : |
19.08.1943 |
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Date of Appointment : |
01.09.2005 |
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DIN No.: |
00616009 |
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Other
Directorship:
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Name : |
Mr. Murlidhar Budhaji Bachchhav |
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Designation : |
Director |
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Address : |
Plot No.30 B, S.No.38, Balwant Nagar, Anadvalli Shivar, Balwant Nagar,
Near Kadlakmala Stop, Nashik – 422 013, Maharashtra, India |
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Date of Birth/Age : |
03.12.1940 |
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Date of Appointment : |
09.08.2005 |
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DIN No.: |
00616030 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.09.2012
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Names of Shareholders |
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No. of Shares |
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Swapnil Murlidhar Bachchhav |
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194963 |
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Pratibha Swapnil Bachchhav |
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194959 |
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Murlidhar Budhaji Bachchhav |
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13 |
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Mahesh Budhaji Bachchhav |
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13 |
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Rahul Budhaji Bachchhav |
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13 |
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Preeti Shrinivas Patki |
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13 |
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Uday RAmrao Bhosale |
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13 |
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Sulbha Murlidhar Bachchhav |
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13 |
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TOTAL
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390000 |
AS ON 11.09.2012
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Trader of all kinds of fertilizers, pesticides,
derivatives, natural or mixed fertilizers etc. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2010]
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Particulars |
Unit |
Actual
Production |
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Fertilizers, Pesticides |
MT |
112916 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Union
Bank of India, B-50, Nice, A – Road, MIDC Satpur, Nashik – 422 007,
Maharashtra, India ·
Yes
Bank Limited, 9th Floor, Nehru
Centre, Discovery of India, Dr. Annie Besant Road, Worli,
Mumbai-400018, Maharashtra, India ·
Bank of Maharashtra, Lokmangal, 1501, Shivaji
Nagar, Pune – 411005, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Desai Associates Chartered
Accountants |
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Address : |
103/104-A, Anand
Estates, 189A, Sane Guruji Marg, Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-23001840/23051165/23080788 |
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Fax No.: |
91-22-23073055/23072981 |
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E-Mail : |
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PAN No: |
AAAFD4921H |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
390000 |
Equity Shares |
Rs.10/- each
|
Rs.3.900
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.900 |
3.900 |
3.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
33.249 |
21.987 |
14.414 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.149 |
25.887 |
18.314 |
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LOAN FUNDS |
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1] Secured Loans |
59.725 |
38.707 |
30.418 |
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2] Unsecured Loans |
2.000 |
2.000 |
0.000 |
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TOTAL BORROWING |
61.725 |
40.707 |
30.418 |
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DEFERRED TAX LIABILITIES |
1.303 |
1.129 |
0.834 |
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TOTAL |
100.177 |
67.723 |
49.566 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.953 |
25.303 |
10.924 |
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Capital work-in-progress |
0.113 |
0.000 |
4.761 |
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INVESTMENT |
0.183 |
0.174 |
0.174 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
34.791
|
26.683 |
18.809 |
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Sundry Debtors |
54.255
|
25.782 |
30.619 |
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Cash & Bank Balances |
27.101
|
24.525 |
6.329 |
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Other Current Assets |
0.034
|
0.026 |
0.000 |
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Loans & Advances |
6.723
|
3.372 |
3.056 |
|
Total
Current Assets |
122.904
|
80.388 |
58.813 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
38.970
|
29.912 |
11.014 |
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Other Current Liabilities |
9.913
|
7.873 |
13.136 |
|
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Provisions |
2.093
|
0.357 |
0.972 |
|
Total
Current Liabilities |
50.976
|
38.142 |
25.122 |
|
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Net Current Assets |
71.928
|
42.246 |
33.691 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.016 |
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TOTAL |
100.177 |
67.723 |
49.566 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
318.792 |
213.836 |
156.701 |
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Other Income |
0.455 |
1.275 |
2.219 |
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TOTAL |
319.247 |
215.111 |
158.920 |
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Less |
EXPENSES |
|
|
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|
|
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|
Office Expenses |
|
203.921 |
151.183 |
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
302.731 |
203.921 |
151.183 |
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PROFIT / (LOSS)
BEFORE TAX |
16.516 |
11.190 |
7.737 |
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Less |
TAX |
5.255 |
3.617 |
2.473 |
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PROFIT / (LOSS)
AFTER TAX |
11.261 |
7.573 |
5.264 |
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VALUE OF IMPORT
ON CIF BASIS |
NA |
97.331 |
74.925 |
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|
Earnings /
(Loss) Per Share (Rs.) |
28.87 |
19.42 |
13.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.53
|
3.52
|
3.31 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.18
|
5.23
|
4.94 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.93
|
13.08
|
13.16 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.43
|
0.42 |
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Debt Equity Ratio (Total Debt/Networth) |
|
1.66
|
1.57
|
1.66 |
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Current Ratio (Current Asset/Current Liability) |
|
2.41
|
2.09
|
2.34 |
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 |
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 |
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 |
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 |
Yes |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Loans and Advances From Related Parties |
2.000 |
2.000 |
|
TOTAL
|
2.000 |
2.000 |
OPERATIONS:
During the year,
the turnover of the company has increased by 49.08% as compared to the previous
year, whereas the Profit before tax stood at 5.18% as against 5.23% in the
previous year. The increase in turnover is mainly due to the strong efforts
taken by the marketing team and the increased response received from the North
East States.
The Board is
pleased to inform to that the Company has entered into a Memorandum of
Understanding with. Rashtriya Chemicals and Fertilizers Limited. (RCF) for
supply of water soluble fertilizers in "Sujala" brand for supply in
the State of Maharashtra.
The Company had
also participated in the tender issued by the Horticulture Department of State
of Rajasthan for supply of water soluble fertilizers for fertigation along with
technical knowhow in Rajasthan and has been awarded with the tender. The
techno-commercial discussions with respect to actual execution of this tender
are in process.
During the current
year the Company has commercially launched four new products viz. Rich Delfan, Rich Topmix,
Rich Herba Green and Rich Vita Flora.
MARKETING STRATEGY:
This year the
'Point Scheme' was declared for the dealers in the State of Maharashtra to
promote sales and increase liquidity. Various gifts were given to the dealers
on basis of their sale points in a grand Dealer Conference on 25'h May, 2012 at
Silvasa.
A Lucky Draw like
last year was taken for the dealers who booked the specified material in
advance and gold coins were given to the winners of the lucky draw.
Silver coins and
trophies were distributed to the dealers / distributors who played a role of
"Business Associates" by strictly following the pricing policy of the
company and cleared their dues by year end.
FUTURE PLANS:
The Company proposes
to introduce additional range of organic products and to expand the business in
the State of Rajasthan. The Company intends to explore the local market further
by increasing the workforce in the near future.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24129MH2001PTC131579 |
|
Name of the
company |
RICHFIELD FERTILISERS Private LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.B-27, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra, India Email: preeti_patki@rediffmail.com
|
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
10214279 |
|
Type of charge |
·
Immovable property ·
Any interest in immovable property |
|
Particular of
charge holder |
Bank of Maharashtra, Lokmangal, 1501, Shivaji Nagar, Pune – 411005, Maharashtra,
India Email: preeti_patki@rediffmail.com |
|
Nature of
instrument creating charge |
Indenture of Further Charge |
|
Date of
instrument Creating the charge |
04.04.2012 |
|
Amount secured by
the charge |
Rs. 97.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit - Base Rate + 3.75% I.E. 14.35% P.A. Import LC - As May Be Stated By The Bank Buyers Credit - As May Be Stated By The Bank Terms of Repayment Renewed / Reviewed Within A Year Margin Cash Credit - 25% Import LC - 15% In Form of Fixed Deposit Buyers Credit - 15%N Form of Fixed Deposit Currency Hedging - 15% N Form of Fixed Deposit Extent and Operation of the charge First and Exclusive Charge Others Branch Office : Specialized Hi Tech Agricultural Finance Branch Thattenagar, Gangapur Road, Nasik Nature of facilities: Cash Credit - Rs.64.500 Millions Import LC - Rs.25.000 Millions Buyers Credit - Rs.7.500
Millions ( Currency Hedging Rs.2.500 Millions -Sub Limit)
---------------- Total - Rs.97.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All piece of plot no b-27 in the additional Nashik Industrial Area,
within limits of vill. Ambad admg 1500 sq. mtrs more particularly described
in the agreement |
|
Particulars of
the present modification |
By the present modification property situated at Ambad provided as
security by way of mortgage to cover
the cash credit facility of Rs. 24.500 Millions and buyers credit of Rs.7.500
Millions |
FIXED ASSETS:
·
Goodwill
·
Land
·
·
Electrical
Installation
·
Plant
and Machinery
·
Furniture
and Fixture
·
Office
Equipments
·
Computers
·
Vehicles
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 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.56.42 |
|
|
1 |
Rs.86.54 |
|
Euro |
1 |
Rs.73.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.