MIRA INFORM REPORT

 

 

Report No. :

343021

Report Date :

29.09.2015

 

IDENTIFICATION DETAILS

 

Name :

WILLOWOOD CHEMICALS PRIVATE LIMITED

 

SHREEJI PESTICIDES (A UNIT OF WILLOWOOD CHEMICALS PRIVATE LIMITED)

 

 

Registered Office :

Madgul Lounge, 4th Floor, Flat – 41, 23 Chetla Central Road,  Kolkata – 700027, West Bengal

Tel. No.:

91-2667-264704

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

12.12.2006

 

 

Com. Reg. No.:

21-112085

 

 

Capital Investment / Paid-up Capital :

Rs. 8.815 Million

 

 

CIN No.:

[Company Identification No.]

U24232WB2006PTC112085

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of agrochemical products.

 

 

No. of Employees :

Information declined by the management

 

 

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 900000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2006 engaged in trading business of agrochemical products.

 

For the financial year ended 2014, company has reported satisfactory operational performance and profit of the company has increased by 71.93% as compared to previous year profit.

 

Rating takes into consideration company’s sound financial profile supported by above average net worth base and favorable gap between trade payables to its receivables.

 

Trade relations are reported as fair. Payment term are reported to be usually correct.

 

In view of aforesaid, the company can be considered for business dealings and 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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

 

INFORMATION DENIED

 

Management non co-operative (Tel. No.: 91-2667-264704)

 

 

LOCATIONS

 

Registered Office :

Madgul Lounge, 4th Floor, Flat – 41, 23 Chetla Central Road,  Kolkata – 700027, West Bengal, India

Tel. No.:

91-2667-264704

Fax No.:

Not Available

E-Mail :

parikshitm@willowoodhk.com

 

 

Factory 1 :

69/P, Village Manjusar, Tal. Savli, Dist. Baroda – 391775, Gujarat, India

Tel. No.:

91-2667264701-264704

 

 

Factory 2 :

Plot No. 381-382, GIDC, Manjusar, Ta. Savli – 391775, Dist. Vadodara, Gujarat, India

Tel. No.:

91-2667-264386/87/89

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Parikshit Mundhra

Designation :

Director

Address :

57 Diamond Harbour Road, Ideal Tower 2g, Kolkata, 700023, West Bengal, India

Date of Birth/Age :

17.03.1976

Date of Appointment :

12.12.2006

DIN No.:

00795907

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24121RJ1999PTC016023

WILLOWOOD AGRO CHEM PRIVATE LIMITED

Director

07/11/2006

07/11/2006

15/12/2011

Active

NO

2

U24232WB2006PTC112085

WILLOWOOD CHEMICALS PRIVATE LIMITED

Director

12/12/2006

12/12/2006

-

Active

NO

3

U51109WB2006PTC112212

CANDID VYAPAAR PRIVATE LIMITED

Director

22/02/2007

22/02/2007

-

Active

NO

4

U24231GJ1989PTC012252

SHREEJI PESTICIDES PVT LTD

Director

22/01/2010

22/01/2010

-

Active

NO

5

U70100WB2010PTC140824

SOUTH CITY BELAIR PROPERTY MANAGEMENT PRIVATE LIMITED

Director

28/09/2012

18/07/2011

-

Active

NO

6

U74999WB2011PTC166751

WILLOWOOD CROP SCIENCES PRIVATE LIMITED

Director

24/08/2011

24/08/2011

-

Active

NO

 

 

Name :

Hitesh Bagri

Designation :

Director

Address :

C/O Dwarka Das Bagri, Emp-42/702, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

25.12.1988

Date of Appointment :

19.06.2009

DIN No.:

02670867

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24232WB2006PTC112085

WILLOWOOD CHEMICALS PRIVATE LIMITED

Director

19/06/2009

19/06/2009

-

Active

NO

2

U24231GJ1989PTC012252

SHREEJI PESTICIDES PVT LTD

Director

22/01/2010

22/01/2010

-

Active

NO

3

U74999WB2011PTC166751

WILLOWOOD CROP SCIENCES PRIVATE LIMITED

Director

24/08/2011

24/08/2011

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Parikshit Mundhra

 

306300

Hitesh Bagri

 

1000

Vijaymohan Das Mundhra (HUF)

 

26000

Vijaymohan Das Mundhra

 

547400

Gawar Devi Mundhra

 

100

Anita Mundhra

 

100

Supriya Mundhra

 

100

Shreevardhan Mundhra

 

100

Sushma Bagri

 

50

Anupama Mundhra

 

100

Parikshit Mundhra HUF

 

100

Deepika Mundhra

 

100

Renu Mundhra

 

50

 

 

 

Total

 

881500

 

AS ON 31.03.2015

 

Names of Allotee

 

No. of Shares

Vijay Mohan Das Mundhra

 

20000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of agrochemical products.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Banker Name

HDFC Bank Limited

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Rupee term loans from banks

20.956

22.502

Loans taken for fixed assets

1.889

0.527

SHORT TERM BORROWING

 

 

Working capital loans from banks

171.948

113.055

 

 

 

Total

194.793

136.084

 

Auditors :

 

Name :

B. Jain and Company

Chartered Accountants

Address :

Kolkata, West Bengal, India

PAN No.:

AADFB4131C

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Company :
  • Shreeji Pesticides Private Limited
  • Willowood Crop Sciences Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

881500

Equity Shares

Rs.10/- each

Rs. 8.815 Million

 

 

 

 

 

 

AFTER 30.09.2014

 

Authorised Capital: Rs. 10.000 Million

 

Issued, Subscribed & Paid-up Capital: Rs. 9.155 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

8.815

8.815

8.015

(b) Reserves & Surplus

324.338

251.382

190.645

(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)

333.153

260.197

198.660

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

22.845

23.029

156.908

(b) Deferred tax liabilities (Net)

2.161

1.635

1.074

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

25.006

24.664

157.982

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

438.722

283.116

46.007

(b) Trade payables

854.200

682.698

594.504

(c) Other current liabilities

19.963

16.386

48.042

(d) Short-term provisions

97.034

56.811

37.035

Total Current Liabilities (4)

1409.919

1039.011

725.588

 

 

 

 

TOTAL

1768.078

1323.872

1082.230

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

49.149

50.008

51.055

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

140.185

140.185

91.474

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

189.334

190.193

142.529

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

158.296

145.871

104.188

(c) Trade receivables

1202.002

838.309

636.151

(d) Cash and cash equivalents

80.024

55.457

114.131

(e) Short-term loans and advances

138.422

94.042

85.231

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

1578.744

1133.679

939.701

 

 

 

 

TOTAL

1768.078

1323.872

1082.230

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

 

31.03.2013

 

 

 

 

 

 

SALES

 

NA

NA

 

 

 

 

 

 

EXPENSES

 

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX

 

114.702

62.750

 

 

 

 

 

 

TAX                                                                 

 

0.563

20.276

 

 

 

 

 

 

PROFIT AFTER TAX

 

114.139

42.474

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

 

114.961

73.424

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Dividend

 

0.000

0.882

 

BALANCE CARRIED TO THE B/S

 

229.100

114.961

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

129.48

48.12

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operation

NA

NA

NA

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

7.05

5.30

NA

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.34

0.24

NA

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.39

1.18

1.02

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.12

1.09

1.30

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

8.015

8.815

8.815

Reserves & Surplus

190.645

251.382

324.338

Share Application money pending allotment

0.000

0.000

0.000

Net worth

198.660

260.197

333.153

 

 

 

 

long-term borrowings

156.908

23.029

22.845

Short term borrowings

46.007

283.116

438.722

Current Maturities of Long Term Debt

0.000

0.000

0.000

Total borrowings

202.915

306.145

461.567

Debt/Equity ratio

1.021

1.177

1.385

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

----

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

----

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

No

27

Reasons for variation <> 20%

-----

28

Estimation for coming financial year

No

29

Profitability for last two years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

-----

33

Market information

-----

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from 12/1, Lindsay Street, Kolkata – 700087, West Bengal, India to the present address w.e.f. 01.04.2015

 

 

UNSECURED LOAN

 

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Other loans and advances

266.774

170.061

Total

266.774

170.061

 

 

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10544549

28/11/2014

100,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013,

INDIA

C41196031

2

10358603

13/03/2015 *

400,000,000.00

Citi Bank N.A.

Kanak Building,, 41 Chowringhee Road, Kolkara, West Bengal - 700071,

INDIA

C53972212

3

10246379

20/08/2015 *

480,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013,

INDIA

C62347539

 

* Date of charge modification

 

 

FIXED ASSETS

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 66.08

UK Pound

1

Rs. 100.32

Euro

1

Rs. 73.81

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

JYO

 

 

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

--PROFITABILITY

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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--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

 

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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.