MIRA INFORM REPORT
|
Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
NETAFIM IRRIGATION INDIA PRIVATE LIMITED (w.e.f. 14.07.1998) |
|
|
|
|
Formerly Known
As : |
EXCEL DRIP AND AGRISERVICES PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
Plot No. 268-270, 271/B, GIDC, Manjusar, Savli, Vadodara - 391775,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.09.1997 |
|
|
|
|
Com. Reg. No.: |
04-050144 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.83.098 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01100GJ1997PTC050144 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE4738J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Micro Irrigation Systems. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4941000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Netafim Limited, Israel”. It is an
established and reputed company having fine track record. The company possesses a favorable financial profile marked by decent
networth position whereas, the high sales receivables and deteriorating cash
reserves may act as a threat to the liquidity. Management has reported a drastic dip in its net profitability during
2013, mainly due to volatility in raw material prices. The ratings also take into consideration the continued pressure on profitability
along with working capital intensive operations which has further increased
the reliance on external funding to meet incremental working capital
requirements. However, trade relations are fair. Business is active. Payment terms
are reported as regular. In view of strong operational and financial support from its parent
company and established market position, the subject can be considered for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A – [Long Term] |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
30.08.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 [Short Term] |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
30.08.2013 |
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-2667-264602)
LOCATIONS
|
Registered Office : |
Plot No. 268-270, 271/B, GIDC, Manjusar, Savli, Vadodara - 391775,
Gujarat, India |
|
Tel. No.: |
91-2667-264601 |
|
Fax No.: |
91-2667-264600 |
|
E-Mail : |
|
|
|
|
|
Head Office / Factory 1 : |
268-270, GIDC, Manjusar, Savli, District Vadodara - 391775, Gujarat,
India |
|
Tel. No.: |
91-2667-264601/602 |
|
Fax No.: |
91-2667-264600 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
P 38/1, Central Avenue, Domestic Tariff Area, Mahindra World City,
Natham (Sub. P.O.) Chengalpet (T.K.), Kancheepuram (D.T.), Chennai - 603002, Tamilnadu,
India |
|
Tel No.: |
91-44-27460128 |
|
Fax No.: |
91-44-27460217 |
|
|
|
|
Regional Office : |
Located At:
|
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Randhirsinh Abasinh Chauhan |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 12, Second Floor, Vaikunth Society Behind Reliance Petrol
Pump, Gatari Road, Vadodara-390021, Gujarat, India |
|
Date of Birth/Age : |
17.11.1970 |
|
Date of Appointment : |
30.10.2006 |
|
Din No.: |
00987092 |
|
|
|
|
Name : |
Mr. Igal Herman Aisenberg |
|
Designation : |
Director |
|
Address : |
26, Menorah Apartment, 6 Tel Aviv, Jaffa – 69416, Israel |
|
Date of Birth/Age : |
17.10.1948 |
|
Date of Appointment : |
15.10.2012 |
|
Din No.: |
06418691 |
|
|
|
|
Name : |
Setumadhav Rangarao Potdar |
|
Designation : |
Director |
|
Address : |
Plot No. D, Flat 8, Wing D, Ram Kutir, Bangur Nagar, Near Link Road, Goregaon
(West), Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1953 |
|
Date of Appointment : |
01.03.2007 |
|
Din No.: |
00228617 |
|
|
|
|
Name : |
Alon Jacob Teichtal |
|
Designation : |
Director |
|
Address : |
Netafim Limited, Corporate Head Quarters, Derech, Hashalom 10, Tel
Aviv, Israel, Pin Code 67892 |
|
Date of Birth/Age : |
27.01.1963 |
|
Date of Appointment : |
08.03.2010 |
|
Din No.: |
02891046 |
KEY EXECUTIVES
|
Name : |
Tauseef Nuruddin Shaikh |
|
Designation : |
Secretary |
|
Address : |
3/305, Ganesh Krupa Building, A Wing, Near Canara Bank, Mumbai-400612,
Maharashtra, India |
|
Date of Birth/Age : |
21.12.1984 |
|
Date of Appointment : |
03.09.2012 |
|
Pan No.: |
BOLPS7887H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Netafim Limited, Israel |
8309824 |
|
Fischer Behar Chen and Company, Israel |
1 |
|
|
|
|
Total |
8309825 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Micro Irrigation Systems. |
||||||
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||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||
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Bankers : |
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|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252 Veer Savarkar
Marg, Next to Mayor's Bungalow, Shivaji Park, Dadar, Mumbai - 400028,
Maharashtra, India |
|
PAN
No. : |
AABFL5878L |
|
|
|
|
Holding Company : |
Netafim Limited, Israel |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8309825 |
Equity Shares |
Rs.10/- each |
Rs.83.098 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
83.098 |
83.098 |
83.098 |
|
(b) Reserves & Surplus |
1152.332 |
1151.226 |
979.939 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1235.430 |
1234.324 |
1063.037 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11.481 |
38.116 |
15.783 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
4.928 |
8.631 |
3.799 |
|
(d) long-term provisions |
50.057 |
46.322 |
55.104 |
|
Total
Non-current Liabilities (3) |
66.466 |
93.069 |
74.686 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
489.343 |
403.225 |
221.293 |
|
(b) Trade payables |
2554.811 |
2138.655 |
1353.279 |
|
(c) Other current liabilities |
628.567 |
472.218 |
253.611 |
|
(d) Short-term provisions |
10.519 |
5.970 |
6.603 |
|
Total
Current Liabilities (4) |
3683.240 |
3020.068 |
1834.786 |
|
|
|
|
|
|
TOTAL |
4985.136 |
4347.461 |
2972.509 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
760.504 |
488.870 |
467.677 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
11.009 |
|
(iii) Capital work-in-progress |
0.670 |
242.139 |
1.409 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
18.936 |
19.260 |
12.664 |
|
(d) Long-term Loan
and Advances |
180.905 |
149.902 |
116.013 |
|
(e) Other Non-current assets |
79.480 |
34.745 |
26.213 |
|
Total
Non-Current Assets |
1040.495 |
934.916 |
634.985 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1416.477 |
1353.851 |
946.028 |
|
(c) Trade receivables |
2239.275 |
1705.279 |
1200.198 |
|
(d) Cash and cash equivalents |
152.038 |
200.527 |
99.884 |
|
(e) Short-term loans and advances |
132.732 |
144.524 |
91.414 |
|
(f) Other current assets |
4.119 |
8.364 |
0.000 |
|
Total
Current Assets |
3944.641 |
3412.545 |
2337.524 |
|
|
|
|
|
|
TOTAL |
4985.136 |
4347.461 |
2972.509 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
6860.100 |
5567.620 |
4117.114 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
6481.460 |
5037.000 |
3526.868 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
378.640 |
530.620 |
590.246 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
255.420 |
185.650 |
127.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION
|
123.220 |
344.970 |
463.231 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
109.920 |
88.560 |
71.975 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
13.300 |
256.410 |
391.256 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
12.190 |
85.130 |
109.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1.110 |
171.280 |
281.396 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
46.400 |
55.110 |
53.501 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
1632.617 |
1091.311 |
|
|
|
Capital Goods |
|
80.985 |
42.761 |
|
|
TOTAL IMPORTS |
NA |
1713.602 |
1134.072 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.13 |
20.61 |
33.86 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.02
|
3.08 |
6.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.27
|
6.28 |
13.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.21 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.40
|
0.33 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.13 |
1.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
83.098 |
83.098 |
83.098 |
|
Reserves & Surplus |
979.939 |
1151.226 |
1152.332 |
|
Net
worth |
1063.037 |
1234.324 |
1235.430 |
|
|
|
|
|
|
long-term borrowings |
15.783 |
38.116 |
11.481 |
|
Short term borrowings |
221.293 |
403.225 |
489.343 |
|
Total
borrowings |
237.076 |
441.341 |
500.824 |
|
Debt/Equity
ratio |
0.223 |
0.358 |
0.405 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4117.114 |
5567.620 |
6860.100 |
|
|
|
35.231 |
23.214 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4117.114 |
5567.620 |
6860.100 |
|
Profit |
281.396 |
171.280 |
1.110 |
|
|
6.83% |
3.08% |
0.02% |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE:
- The registered office of the
company has been shifted from Plot No. 268-270, GIDC, Manjusar, Savli,
Vadodara-391775, Gujarat, India to Plot No. 268-270, 271 B, GIDC,
Manjusar, Savli, Vadodara-391775, Gujarat, India the present address.
- The registered office has again shifted from Plot No. 268-270, 271 B, GIDC, Manjusar, Savli, Vadodara-391775, Gujarat, India to the present address w.e.f. 23.05.2012.
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from bank |
250.000 |
50.555 |
|
|
|
|
|
Total |
250.000 |
50.555 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10342983 |
09/03/2012 |
575,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013,
Maharashtra, INDIA |
B35113430 |
|
2 |
10443053 |
20/09/2011 |
461,440.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013,
Maharashtra, INDIA |
B30816086 |
|
3 |
10443052 |
20/06/2011 |
692,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013,
Maharashtra, INDIA |
B27318187 |
|
4 |
90149877 |
08/11/2012 * |
2,396,900,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE
COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B62766977 |
|
5 |
90150701 |
23/04/2012 * |
2,396,900,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE
COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B39953831 |
* Date of charge modification
OPERATIONS
During the year, the sales and other income of the Company have increased from Rs. 5567.620 million to Rs. 6860.100 million. The Operating Profit i.e. Profit before Interest, Depreciation and Tax has been Rs. 378.640 million as against Rs. 530.620 million of the previous year. Due to external factors like foreign exchange fluctuations, increase in raw material prices, etc. the net profit after tax has been greatly influenced which is Rs. 1.110 million as against Rs. 171.280 million of the previous year.
EXPORTS
During the year the Company has achieved an Export Turnover of Rs. 48.870 million as compared to Rs. 55.630 million in the previous year.
PRESS RELEASES
New Facility of Netafim Irrigation India Pvt. Ltd. Inaugurated by
Hon’ble Chief Minister of Gujarat Shri Narendra Modi
April 16, 2012
Shri Narendra Modi, Hon'ble
Chief Minister, Gujarat inaugurated the new facility of Netafim Irrigation
India Private Limited. and Mr. Randhir Chauhan ,
MD - Netafim Irrigation India Private Limited welcomed the gathering of
esteemed government officials, Netafim employees from India
and abroad, people from venerated organizations and more than 3,000 progressive
famers.
Prominent people who attended the program included Mr. Rudolf Weber, chairman of the board of directors - Netafim Limited., Mr. Torsten Vogt, Member - Board of Netafim Limited., Mr. Raphael Cimerman, Member - Board of Netafim Limited., Mr. Igal Aisenberg, President and CEO - Netafim Limited Mr. Rami Levy, VP and Head of Emerging Markets Division - Netafim Limited., Ms. Naama Zeldis, CFO - Netafim Limited. and Mr. Yahel Vilan, Deputy Ambassador of Israel in India. Mr. M. Sahu, Principal Secretary (Industries and Mines) Govt. of Gujarat and Mr. Atanu Chakraborty, MD - GSFC were also present to grace the inaugural function.
The requirement of enhanced crop productivity and farm inputs like fertilizers, water and labour use efficiency has been felt in the country as more important than ever, and drip technology has been a proven solution to address it. The trust Indian farmers have shown towards Netafim products and services has been amazing and Netafim appreciates the same. This new facility will bring improved reach of products to the farming fraternity of Gujarat and outside the state. India is primarily an agrarian economy where 67% of the population is dependent upon agriculture for its livelihood. With 16.7% of world's population, India has only 2.4% of land and only 4% of world's usable water. About 77% of this water is used in agriculture, it has become the need of the hour to change this ratio and drip irrigation technology has emerged as a boon where the farmers can increase water use efficiency to 90 - 95%. This technology not only saves water but also saves power, fertilizer and labor use.
Netafim is the pioneer and world leader in drip technology and has been serving the farming fraternity across the globe since 1965. Through its R&D and presence in 110 countries, the company has accumulated a knowledge base for applications in diverse situations requiring interface of multiple technologies in agriculture. Netafim is a leading micro-irrigation company with largest market share, most advanced technology and product range in the world.
At the inaugural function, the Hon'ble Chief Minister addressed more than 3000 farmers of Gujarat and adjoining states. He also awarded eight farmers who have shown outstanding performance realizing highest yield in various crops like cotton, sugarcane, potato and banana with a " Netafim Krishi Ratna Award". These farmers have set examples by adopting and promoting drip technology in tribal areas and have taken farming to its zenith by using high tech farming - both in green house and open field.
Mr. Igal Aisenberg, President and CEO - Netafim Limited. and Mr. Randhir Chauhan, MD - Netafim India addressed the gathering and expressed the noble intentions of the company and said that Netafim is committed to serve the nation with quality products and innovative technology ably supported by agronomy and after sales support services and will continue to serve in a more efficient way for years to come.
Netafim
Irrigation India Private Limited Awarded Most Promising Irrigation, Field
Automation Solutions and Service Provider in Southern India
October 16, 2012
Once again reiterating Netafim's glorious journey of success
and its ability to seep deep into the heart of Indian farmers by facilitating
them a prosperous and peaceful life, the World's Micro Irrigation Leader has
been awarded "Most Promising Irrigation, Field Automation Solutions and
Service Provider in Southern India" in Southern India Business and Service
Excellence Awards 2012, organised by Big Brand Research Private Limited
Big Brand Research Private Limited is one of the partners of Brands Academy, premier brand management consultancy in India. The award was handed over to Netafim India amidst huge gathering at the gala award ceremony on 13th October held at The Lalit Ashok in Bangalore.
India is primarily an agrarian economy where 67% of the population is dependent upon agriculture for its livelihood. With 16.7% of world's population, India has only 2.4% of land and only 4% of world's usable water. About 77% of this water is used in agriculture. Smart Irrigation Solutions play pivotal role in enhancing crop productivity. This technology not only saves water but also saves power, fertilizer and labour use. Field Automation is another solution that can help improving the agriculture efficiency of the country.
Mr. K. M. Mahamulkar , Head, Southern Market, Netafim Irrigation India expressed the noble intentions of the company, at this occasion and said that Netafim is committed to serve the nation with quality products and innovative technology ably supported by Agronomy and after sales support services and will continue to serve in a more efficient way for years to come. The award is dedicated to the trust Indian farmers have shown towards Netafim products and services, which have been amazing and Netafim appreciates the same.
About Netafim:
Netafim is the global leader in drip and micro-irrigation solutions for sustainable productivity. With 27 subsidiaries, 13 manufacturing plants and over 3,000 employees worldwide, Netafim delivers innovative and state-of-the-art solutions in over 110 countries across the globe. Founded in 1965, Netafim pioneered the drip irrigation revolution, creating a paradigm shift toward low-flow agricultural irrigation. Today, Netafim offers a wide range of irrigation and complementary solutions for agriculture, landscaping and mining. From drippers and dripper lines, through sprinklers and micro-emitters, to crop management technology (CMT) systems and greenhouse solutions, Netafim's market-leading products and services enable cost-effective irrigation for optimal and sustainable results.
Netafim to Build Largest India’s Drip-Irrigation Project
January 23, 2014
The Indian unit of Netafim Irrigation Inc., a smart-drip and
micro-irrigation specialist for farmers, won a 3.81 billion-rupee ($62 million)
water project contract in the southern state of Karnataka.
The company will build an automated water pipeline network to more efficiently drip-irrigate about 29,000 acres (11,800 hectares) of land in the Bagalkot area of Karnataka, its largest in India, Netafim Irrigation India Private. said.
The contract auctioned by state-owned Krishna Bhagya Jala Nigam Limited. will help 6,000 farmers through a simultaneous release of water so growers even at the end of the network get the same amount of water as those closer to the supply source. Netafim said it will build the project with partner Megha Engineering and Infrastructure Ltd.
“This is our largest project in India,” Avinash Thakur, Netafim’s head of marketing, said today by phone from Vadodara. Netafim, present in seven Indian states, is an Israeli firm that started in the Negev desert in 1965.
The privately owned global seller of smart-drip and water-saving products originated in a kibbutz when members teamed with an engineer who discovered that a slow and balanced supply of water improved plant growth.
The Ramthal-Marol drip-irrigation project is India’s biggest such project. Only 32 percent of all farmland in the world’s second-most populous nation is irrigated, according to World Bank data.
FIXED ASSETS
œ
Plant and Machinery
œ
Office Equipments
œ
Building
œ
Furniture and Fixtures
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.61.13 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.