MIRA INFORM REPORT
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Report Date : |
15th May 2006 |
IDENTIFICATION DETAILS
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Name : |
MATRIX
BIOSCIENCES PRIVATE LIMITED |
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Formerly Known As : |
MATRIX
VET PHARMA PRIVATE LIMITED |
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Registered Office : |
Flat 101, Ashok Kuteer
Apartment, Darganagar Colony, Plot 6-3-668-10-63, Punjagutta,
Hyderabad-500082, Andhra Pradesh, India |
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Country : |
India
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Financials (as on) : |
31.07.2005 |
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Date of Incorporation : |
18th
November, 1998 |
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CIN No.: |
U24230AP1998PTC030520 |
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Com. Reg. No.: |
01-30520 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MYDM01062F |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
company engaged in producing Medicaments and Aqua Feeds |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having moderate track. However Cargill an MNC
has said to acquired 51 % shares in the company and thus company has become
subsidiary of Cargill, USA Trade
relations are fair. Payments are correct and as per commitments. The company
can be considered good for normal business dealings due to the exposure of
Cargill to the company. |
LOCATIONS
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Registered Office : |
Flat 101, Ashok Kuteer
Apartment, Darganagar Colony, Plot 6-3-668-10-63, Punjagutta,
Hyderabad-500082, Andhra Pradesh, India |
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Tel. No.: |
91-40-23409270 |
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Fax No.: |
91-40-23400032 |
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E-Mail : |
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DIRECTORS
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Name : |
V
Shiva Prasad |
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Designation : |
Managing
Director |
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Address : |
Plot
No. 200, Walkers Road, Venkateshwar Nagar, Rajajmundry, East Godavari, Andhra
Pradesh |
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Date of Birth/Age : |
05.06.1967 |
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Date of Appointment : |
18.11.1998 |
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Name : |
Makarand
Deshpande |
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Designation : |
Director
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Address : |
2,
Chandra Rashyi Apartments, MA Road, Andheri (W) , Mumbai-400058, Maharashtra |
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Date of Birth/Age : |
09/01/1968 |
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Date of Appointment : |
18/11/1998 |
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Name : |
V.
Kumuda |
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Designation : |
Director
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Address : |
Plot
No. 200, Walkers Road, Venkateshwar Nagar, Rajajmundry, East Godavari, Andhra
Pradesh |
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Date of Birth/Age : |
04/02/1974 |
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Date of Appointment : |
01/10/2000 |
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MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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V Shiva Prasad |
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1333100 |
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P. Bala Murali Krishna |
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497880 |
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Makarand Deshpande |
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153800 |
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D. Lakshmi |
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85000 |
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V. Krishnaiah |
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1103420 |
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V. Kumuda |
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395000 |
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P. Sudhalatha |
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177900 |
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V. Subbamma |
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173300 |
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V. Akhila (Minor) |
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38900 |
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V. Mrudula (Minor) |
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36700 |
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P. Nymisha (Minor) |
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5000 |
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Total |
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4000000 |
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BUSINESS DETAILS
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Line of Business : |
The
company engaged in producing Medicaments and Aqua Feeds |
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Products : |
Medicaments
and Aqua Feeds |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Feed Plant |
MT |
17280 |
12000 |
5063 |
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Feed Supplements |
Units |
NA |
NA |
211435 |
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GENERAL INFORMATION
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Bankers : |
State
Bank of India State
Bank of Hyderabad |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Murty
and Associates Chartered
Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 40.000 millions |
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Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 40.000 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.07.2005 (16 months) |
31.03.2004 (12 months) |
31.03.2003 (12 months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
40.000 |
19.950 |
22.634 |
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2] Share Application Money |
0.000 |
10.050 |
0.000 |
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3] Reserves & Surplus |
0.250 |
15.012 |
11.761 |
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4] (Accumulated Losses) |
(21.277) |
0.000 |
0.000 |
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NETWORTH
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18.973 |
45.012 |
34.395 |
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LOAN FUNDS |
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1] Secured Loans |
92.422 |
37.385 |
9.544 |
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2] Unsecured Loans |
41.595 |
10.487 |
1.650 |
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TOTAL
BORROWING
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134.017 |
47.872 |
11.194 |
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DEFERRED TAX LIABILITIES |
0.000 |
4.457 |
0.792 |
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TOTAL
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152.990 |
97.341 |
46.381 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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91.528 |
70.612 |
11.195 |
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Capital work-in-progress
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0.000 |
1.530 |
7.248 |
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INVESTMENT
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0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
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5.599 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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47.761
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15.936 |
12.894 |
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Sundry Debtors
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52.929
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34.096 |
23.184 |
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Cash & Bank Balances
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0.239
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0.014 |
0.062 |
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Other Current Assets
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12.705
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5.734 |
2.654 |
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Loans & Advances
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0.000
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0.000 |
0.000 |
Total Current Assets
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113.634
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55.780 |
38.794 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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57.850
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29.972 |
10.919 |
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Provisions
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0.000
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0.743 |
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Total Current Liabilities
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57.850
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30.715 |
10.919 |
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Net Current
Assets
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55.784
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25.065 |
27.875 |
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MISCELLANEOUS EXPENSES
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0.079 |
0.134 |
0.063 |
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TOTAL
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152.990 |
97.341 |
46.381 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.07.2005 (16 months) |
31.03.2004 (12 months) |
31.03.2003 (12 months) |
Sales Turnover [including other income]
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277.884 |
71.427 |
67.033 |
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Profit/(Loss) Before Tax
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(46.009) |
9.660 |
7.128 |
Provision for Taxation
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-- |
0.743 |
2.032 |
Profit/(Loss) After Tax
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(46.009) |
8.917 |
5.096 |
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Export Value
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12.405 |
7.561 |
NA |
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Import Value
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31.611 |
3.153 |
NA |
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Total Expenditure
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323.893 |
61.766 |
59.904 |
KEY RATIOS
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PARTICULARS |
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31.07.2005 (16 months) |
31.03.2004 (12 months) |
31.03.2003 (12 months) |
PAT / Total Income
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(%)
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(16.56)
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12.48 |
7.60 |
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Net Profit Margin
(PBT/Sales) |
(%) |
(16.56)
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13.52 |
10.63 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
(22.43)
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7.64 |
14.26 |
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Return on Investment (ROI)
(PBT/Networth) |
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(2.42)
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0.21 |
0.21 |
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Debt Equity Ratio
(Total Liability/Networth) |
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10.11
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1.75 |
0.64 |
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Current Ratio
(Current Asset/Current
Liability) |
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1.96
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1.82 |
3.55 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets :
Ø
Freehold Land
Ø
Factory land
Ø
Factory building
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Electrical Installation
Ø
Furniture and Fixture
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Plant and Machinery
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Other Assets
Ø
Boiler
Ø
Computer
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Vehicles
Ø
Office Equipments
Ø
Technical Know-how fee
Operations:
The
directors are to report that the company achieved a net sales of Rs. 241.551
millions during the period as against Rs. 68.359 millions during the previous
year. The increase n sales is due to increase in feed division salsas. Inspire
of considerable increase in salsas the company has incurred a loss of Rs.
46.009 millions due to high ingredient and financial help of Cargill USA and
established the products range catering to the needs of the farmers. The
company established a professional technical services team to service the
farming communities in additional expanded the market base. Even though the
company huge costs on the above they
are confident that the efforts would yield positive result in the coming year.
Joint venture with Cargill India Private limited
The
company and its management has entered into Joint venture agreement with M/s
cargill India Private limited for
transferring the majority stake in the company to cargill. As per the agreement
the present management holds 49 % of the company total equity shares capital
and cargill holds 51 %. The present managements 49 % is proposed to be
transferred to M/s Matrix Sea Foods India Private Limited, wherein all the
members of the company are members.
Hiving off medicaments
division:
As per the Joint
Venture Agreement, the company retain
the aqua feed division and hives off the medicaments division from the company.
The medicaments division is proposed to transfer to M/s Matrix Feed and
Chemicals Private Limited
Conversion
of Company into Private Company :
The company has been
converted into a Private Company with effect from 13.09.2005 and the Registrar
of Companies, Andhra Pradesh has issued fresh certificate of incorporation
dated 13.09.2005. consequently the name of the company has been changed form
Matrix Biosciences Limited to Matrix Biosciences Private Limited
Extension of Financial
Years :
The company required
the Registrar of Companies, AP tp grant
permission for extension of financial year beyond 30.06.2005. in view of
proposed having off of medicaments
division. Accordingly the Registrar of Companies, Andhra Pradesh has granted
permission of extending the financial year up to 30.09.2005 vide the directors
decided to close the financial year on
31.07.2005.
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Name
of the company |
MATRIX BIOSCIENCES LIMITED |
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Presented By |
V. Shiva Prasad, Managing Director |
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1)
Date and description of instrument creating the change |
Agreement
for Equipment loan and Guarantee date : 10.03.2005 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.550 millions |
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3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
INO
D. G. Set |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Loan
payable in monthly installments |
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5)
Name and Address and description of the person entitled to the charge. |
HDFC
bank House Senapati
Bapat Marg, Lower
Parel (W) Mumbai-400013 |
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6)
Date and brief description of
instrument modifying the charge |
Not
Available |
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Available |
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Name
of the company |
MATRIX BIOSCIENCES LIMITED |
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Presented By |
V. Shiva Prasad, Managing Director |
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1)
Date and description of instrument creating the change |
Dated
: 24.02.2005 Agreement of loan for overall limit form C-1 Agreement
of Hypothecation of Goods and Assets Form C-2 Agreement
of Pledge of Goods and Assets Form C-3 Letter
regarding the grant of individual limits within the overall limit. Form C-5 Sanction
Letter Resolution
Copy |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
20.000 millions
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3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Security
: Primary Pari Pasu first charge on all chargeable current assets of company.
Collateral
: Pari Passu second charge on plant and machinery and other miscellaneous
fixed assets of the company. First
charge with us for the term loan. Pari
Passu second charge on the following properties (first charge lies with State
Bank of India for Term Loan and Corporate Loan) Extension
of Equitable Mortgage on Acres 3.39 cents of factory land and building
constructed thereon situated at vadiseleru Renamed E.G. Dt. Extension
Mortgage of industrial land admeasuring Acres 1.85 cents with building
constructed thereon at Plot No 20 & 21 Anrich insdustrial Estate, IDA
Bollaram, Madak belonging to the company. Extension
Equitable Mortgage if vacant site admeasuring 2420 sq. mtr. Located at Eurvey
No 114 Hafeezpet Miyapur, Sherlingampally belonging to the company |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of interest 2.50 % Above
SBAR present rate of interest 12.75 % p.a.
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5)
Name and Address and description of the person entitled to the charge. |
State
bank of India Saifabad
branch Hyderabad
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6)
Date and brief description of
instrument modifying the charge |
NA |
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
NA |
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Name
of the company |
MATRIX BIOSCIENCES LIMITED |
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Presented By |
V. Shiva Prasad, Managing Director |
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1)
Date and description of instrument creating the change |
Dated
: 28.10.2002 Hypothecation of Book debts, stocks, Finished Goods to secure
cash credit and letter of credit |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
11.500 millions
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3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of Stocks, Book debts, Finished goods raw materials, work in progress
Existing Plant and Machinery Deposit
of Title deeds of the residential plot in the name of company admeasuring 20
guntassitated in Sy. No 114 Hafeezpet Miyapur, Sherlingampally RR Dt A.P. Mortgage
of Industrial land and building at Plot No 20 & 21 Anrich insdustrial
Estate, IDA Bollaram, Madak in the name of the company land area 1.85 acres
equitant to 8954 s. yards and building 15000 sft. |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of interest 12.60 % p.a. With
monthly rests
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5)
Name and Address and description of the person entitled to the charge. |
State
bank of India Saifabad
branch Hyderabad
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6)
Date and brief description of
instrument modifying the charge |
Dt:
06/07/2004 Form C-Fi Working capital consortium
Agreement Form
C-F2 Joint deed of Hypothecation Form
C-F3 Interest Agreement Form
C-F6, Letter of undertaking fo9r creating a second charge on fixed assets. Letter
of authority the lead bank to make the first disbursement on behalf of other
consortium member bank Form
C-F7 Letter
of authority to be given by b bank to A Bank From C-F3 From
C-10 Memorandum of deposit for creation of future charge where the initial
charge is created by way of deposit of title deeds Letter
of undertaking by the company not to create any future charge over their
property and assets including uncalled capital Sanction
letter copy |
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
State
Bank of Hyderabad, Industrial finance branch punjagutta Hyderabad has joined
as consortium member with State Bank of India, Saifabad Branch Hyderabad for
financing working capital limits with state Bank Of India as Lead bank. The
existing overall working capital limits sanctioned earlier under sole banking
of Rs. 20.700 millions are now enhanced under consortium to Rs. 53.400
millions the limits are as follow.
Primary
Pari Pasu first charge on all chargeable current assets of company. Collateral
: Pari Passu second charge on plant and machinery and other miscellaneous
fixed assets of the company. First
charge with us for the term loan. Pari
Passu second charge on the following properties (first charge lies with State
Bank of India for Term Loan and Corporate Loan) Extension
of Equitable Mortgage on Acres 3.39 cents of factory land and building
constructed thereon situated at vadiseleru Renamed E.G. Dt. Extension
Mortgage of industrial land admeasuring Acres 1.85 cents with building
constructed thereon at Plot No 20 & 21 Anrich insdustrial Estate, IDA
Bollaram, Madak belonging to the company. Extension
Equitable Mortgage if vacant site admeasuring 2420 sq. mtr. Located at Eurvey
No 114 Hafeezpet Miyapur, Sherlingampally belonging to the company
SBI
: Interest Rate Cash credit : 2 % above SBAR sith a min of 12.25 % p.a. with
monthly rests. ECP
: as per RBI guidelines at present 7.10 % p.a. with monthly rests. SBI
interest rate Cash credit as applicable to risk rating SBH 4 @ 3.25 % above
SBH PLR present applicable reate being 14.25 % p.a. with monthly rests with
works out to 14.09 % No
change in other terms and conditions. |
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Name
of the company |
MATRIX BIOSCIENCES LIMITED |
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Presented By |
V. Shiva Prasad, Managing Director |
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1)
Date and description of instrument creating the change |
Dated
09/02/2004 General
agreement for the grant of medium term advance to small scale industries and
hypothecation of movable book debts and other assets Agreement
for medium term loan agreeing to mortgage immovable Memorandum
of deposit for creation of further charge where the initial charge is created
by way of mortgage of deposit of title deeds. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
4.500 millions |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of Stocks, Book debts, Finished goods raw materials, work in progress
Existing Plant and Machinery and all other chargeable current assets Hypothecation
of existing and future Fixed assets. Deposit
of Title deeds of the residential plot in the name of company admeasuring 20
guntassitated in Sy. No 114 Hafeezpet Miyapur, Sherlingampally RR Dt A.P. Mortgage
of Industrial land and building at Plot No 20 & 21 Anrich insdustrial
Estate, IDA Bollaram, Madak in the name of the company land area 1.85 acres
equitant to 8954 s. yards and building 15000 sft. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of interest 12.25 % p.a. With
monthly rests The
term loan of Rs. 4.500 millions is repayable quarterly installments of Rs.
0.375 millions 1st
installment be paid on the day of 26.06.2004 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
5)
Name and Address and description of the person entitled to the charge. |
State
bank of India Saifabad
branch Hyderabad
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6)
Date and brief description of
instrument modifying the charge |
Not
Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name
of the company |
MATRIX BIOSCIENCES LIMITED |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented By |
V. Shiva Prasad, Managing Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1)
Date and description of instrument creating the change |
Dated
: 28.10.2002 Hypothecation of Book debts, stocks, Finished Goods to secure
cash credit and letter of credit |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
11.500 millions
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of Stocks, Book debts, Finished goods raw materials, work in progress
Existing Plant and Machinery Deposit
of Title deeds of the residential plot in the name of company admeasuring 20
guntassitated in Sy. No 114 Hafeezpet Miyapur, Sherlingampally RR Dt A.P. Mortgage
of Industrial land and building at Plot No 20 & 21 Anrich insdustrial
Estate, IDA Bollaram, Madak in the name of the company land area 1.85 acres
equitant to 8954 s. yards and building 15000 sft. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of interest 12.60 % p.a. With
monthly rests
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
5)
Name and Address and description of the person entitled to the charge. |
State
bank of India Saifabad
branch Hyderabad
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6)
Date and brief description of
instrument modifying the charge |
Dated
09/02/2004 General
agreement for the grant of medium term advance to small scale industries and
hypothecation of movable book debts and other assets Agreement
for the grant for small industrial advances. Agreement
for medium term loan agreeing to mortgage immovable (corporate loan) Ancillary
Agreement for medium term loan against pledge of movable machineries
(corporate loan) Supplemental
General Agreement for the grant of small industrial advance and hypothecation
of goods book debts and other
assets. Memorandum
of deposit for creation of further charge where the initial charge is created
by way of mortgage of deposit of title deeds. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
The
limit are revised as follows :
Hypothecation
of all chargeable current assets of the company present and future. Equitable
Mortgage on Acres 3.39 cents of factory land and building constructed thereon
situated at vadiseleru Renamed E.G. Dt. Hypothecation
of fixed assets and the company both existing and future. Extension
Mortgage of industrial land admeasuring Acres 1.85 cents with building
constructed thereon at Plot No 20 & 21 Anrich insdustrial Estate, IDA
Bollaram, Madak belonging to the company. Extension
Equitable Mortgage if vacant site admeasuring 2420 sq. mtr. Located at Eurvey
No 114 Hafeezpet Miyapur, Sherlingampally belonging to the company There
is no change in other terms and conditions. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AS PER WEBSITE
Matrix
Biosciences, India, enters into joint venture with Cargill Animal Nutrition
by Suzi
Fraser
09/24/2005
Matrix Biosciences Ltd, a
Hyderabad-based manufacturer of pharmaceuticals, chemicals and feeds for
aquaculture, has recently entered into a Joint Venture with the world leader in
nutrition and feed technology Cargill Animal Nutrition, USA.
The Joint Venture brings
together the strengths of the partners in aqua feed to match international
standards. The aqua feed plant is located near Rajahmundry in East Godavari
District, Andhra Pradesh, India.
To mark the start of the
joint venture, Matrix hosted a farmer program on Tuesday, September 20, 2005 in
Rajahmundry. The program was attended by 300 farmers and feed dealers from all
over India. Two Directors of Cargill Animal Nutrition, Dr. Lorenzo Mapua,
and Mr. Omar Saddeque attended the program. The CEO of Matrix Biosciences, Mr.
V. Siva Prasad presided over the function. Mr. Makarand Deshpande, one of the
Directors of Matrix was also present.
Dr. A. Victor Suresh, who
worked with both Matrix Biosciences and Cargill Animal Nutrition, to facilitate
the transfer of feed technology from CAN to Matrix, was the guest of honor at
the program.
Two new shrimp feed brands,
LEGEND and MAGIC, were launched at the meeting.
Speaking at the program, Mr.
Saddeque, who is assuming the role of new business development in Asia,
remarked that Cargill has a long history in global aquaculture and through its
increasing commitment to Asian aquaculture, will deliver programs to help
Indian aqua farmers to get the benefits of the latest advances in feed and
farming technologies.
Dr. Mapua stated that Cargill
Animal Nutrition is planning to become the number one company in shrimp
nutrition in India within the next five years. Mr. Siva Prasad explained how
Matrix Biosciences has grown in the last five years and how it had brought
advanced technology to its feed production facility. He felt that Cargill’s
global technology and its determination to be competitive in global markets
would help the joint venture to be a dominant player in the Indian shrimp feed
market.
Cargill
India to pick up 51% stake in Matrix Biosciences
Our Bureau
New Delhi , Jan. 8
THE Foreign Investment Promotion Board (FIPB) has cleared
Cargill India's proposal to pick up a 51 per cent controlling stake in
Hyderabad-based Matrix Biosciences Ltd, according to sources.
Matrix is a player in the animal and aquaculture feed
manufacturing segment. Cargill India is a wholly-owned subsidiary of Cargill
Mauritius.
Matrix Biosciences plant on stream
HYDERABAD: The Hyderabad-based Matrix Biosciences (earlier
known as Matrix Vet Pharma) announced that its shrimp feed plant at Rajanagaram
(near Rajahmundry) has gone on stream recently. Originally started as a
formulations and medicaments company for aqua, veterinary and poultry in 1999,
the company changed its name and entered into a technology and service
agreement with Cargill Inc., a U.S.-based firm, to provide technical expertise
in design and erection of the feed plant.
The agreement also provides for technical expertise in
production, quality and marketing. According to a company press release issued
here on Thursday, Matrix will be given exclusivity of Cargill Technology in
India and is also authorised to use Cargill's brand name in marketing its
products. Matrix's feed mill has a total capacity of 20,000 tones annually.
Matrix
Bio plant goes on stream
Bureau
Hyderabad , April 2
MATRIX Biosciences Ltd has announced that its shrimp feed
plant at Rajanagaram, near Rajahmundry in East Godavari district, has gone on
stream during the second half of March.
Matrix has set up a feed mill with total capacity of 20,000
million tonnes per annum with technology and service support from Cargill Inc,
US.
In
addition, Cargill, through its Animal Nutrition business unit, will provide
know-how, consultation and training to build and operate the shrimp feed mill.
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 records 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. 45.48 |
|
UK
Pound |
1 |
Rs. 85.55 |
|
Euro |
1 |
Rs. 57.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
39 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |