MIRA
INFORM REPORT
|
Report Date : |
22.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
NUZIVEEDU
SEEDS LIMITED |
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Registered Office : |
905, Kunchunjunga
Building, Barakambha Road, Connaught Place,
New Delhi - 110 001 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
04.01.1985 |
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Com. Reg. No.: |
55-5226 |
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CIN No.: [Company
Identification No.] |
U01112AP1985PTC005226 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELN05294C |
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PAN No.: [Permanent
Account No.] |
AABCN6009L |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer
of Seeds |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
9000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established and reputed company having fine track records.
Financial position is good. Payments are correct and as per commitments. The
company is doing well. It can
be considered good for any normal business dealings at usual trade terms. It
can be regarded as a promising business partner in a medium to long –
run |
LOCATIONS
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Registered Office/Factory : |
905, Kunchunjunga
Building, Barakambha Road, Connaught Place,
New Delhi - 110 001 |
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Tel. No.: |
91-11-23766237,23766238 |
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E-Mail : |
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Website : |
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Corporate
Office : |
7C,Surya Towers, 105 ,S.P.Road, Tel. :91-40-27898008,55334300 Fax: 91-40-55321500 Plot No: J-48, MIDC,Phase III , Akola 444
104, Fax: 91-724-2258794 608,Span Trade Centre, Opp. Kochrab
Ashram, Ashram Road,Near Paldi,
Ahmedabad 380 006 Gujarat. Fax:91-79-26574757 Sri Marula Siddeshwara Nilaya, Door No.
2271/8,M.C.C.'A' BlockDavangere-577 004. Karnataka Subeej House,6/12 Brodipet, Guntur- 522
002. Andhra Pradesh. Fax:91-863-2350678 #20/21,Dhanaratinam Nagar, Tanjore Road, Trichy 620 008. 403,'A'-Bolck,Sukriti Appartments,
Dr.S.P.Varma Road, Patna 1. Bihar,
India 109-110,Radhika Complex, Loha
Mandi,Sansarchandra Road, |
DIRECTORS
|
Name : |
Mr. M
Venkataramaiah |
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Designation : |
Director
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Profile: |
A Post Graduate in Agriculture Science with
a zeal to serve the farming community through supply of quality seeds,
founded the Company called "Nuziveedu Seeds" in early 70s and after
actively nurturing the same till early 80s handed over its reins to able son
for more vigorously pursuing his goals. He continues to guide NSL as its
Chairman |
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Name : |
Mr. M
Prabhakar Rao |
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Designation : |
Director
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Profile: |
Took over the reins of NSL as its Managing Director in 1982 backed by excellent academic record, right instincts and inborn business acumen coupled with enterprising spirit. Over the years, he has contributed substantially for the development of Hybrid cotton seeds popularly known as "BUNNY & MALLIKA" which have become household names in the cotton growing fraternity. Never to rest on his laurels, he has been adding a host of other Companies in varied fields under the group to fulfil His insatiable appetite for more growth through diversification. To list a few of the recognitions that
came his way, he is President, Indian Seed Industry Association; Member,
Central Seed Certification Board, Member, Governing Board, Acharya N.G. Ranga
Agricultural University |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Seeds |
GENERAL
INFORMATION
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No. of Employees : |
300 |
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Bankers : |
v
State
Bank of India, Secunderbad v
Andhra
Bank, Secunderabad |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 120.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 50.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
50.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2220.200 |
1428.900 |
901.100 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2270.200 |
1478.900 |
951.100 |
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LOAN FUNDS |
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1] Secured Loans |
1991.900 |
830.700 |
498.500 |
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2] Unsecured Loans |
3.800 |
3.800 |
3.800 |
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TOTAL BORROWING |
1995.700 |
834.500 |
502.300 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4265.900 |
2313.400 |
1453.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2106.900 |
679.400 |
531.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
247.700 |
385.400 |
402.700 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
665.700
|
662.700 |
692.400 |
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Sundry Debtors |
168.400
|
444.600 |
214.000 |
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Cash & Bank Balances |
369.400
|
371.600 |
42.200 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1872.100
|
536.300 |
324.500 |
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Total Current Assets |
3075.600
|
2015.200 |
1273.100 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
1044.700
|
725.400 |
649.700 |
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Provisions |
138.200
|
53.300 |
103.700 |
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Total Current Liabilities |
1182.900
|
778.700 |
753.400 |
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Net Current Assets |
1892.700
|
1236.500 |
519.700 |
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MISCELLANEOUS EXPENSES |
18.600 |
12.100 |
0.000 |
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TOTAL |
4265.900 |
2313.400 |
1453.400 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
2508.000 |
1743.400 |
1550.300 |
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Profit/(Loss)
Before Tax |
984.000 |
651.500 |
550.700 |
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Provision
for Taxation |
79.200 |
67.300 |
59.900 |
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Profit/(Loss)
After Tax |
904.800 |
584.200 |
490.800 |
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Total
Expenditure |
2505.800 |
1741.200 |
1459.800 |
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt
Equity Ratio |
0.75 |
0.55 |
0.42 |
|
Long
Term Debt Equity Ratio |
0.75 |
0.55 |
0.42 |
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Current
Ratio |
2.60 |
2.15 |
1.64 |
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TURNOVER
RATIOS |
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Fixed
Asset Ratio |
1.49 |
2.31 |
2.96 |
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Inventory
|
3.66 |
2.50 |
2.22 |
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Debtors |
7.93 |
5.14 |
9.63 |
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Interest
Cover Ratio |
26.30 |
16.74 |
28.00 |
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Operating
Profit Margin (%) |
47.59 |
46.60 |
45.78 |
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Profit
Before Interest and Tax Margin (%) |
42.07 |
40.95 |
43.53 |
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Cash
Profit Margin (%) |
42.74 |
40.17 |
39.66 |
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Adjusted
Net Profit Margin (%) |
37.22 |
34.53 |
37.41 |
|
Return
on Capital Employed (%) |
31.24 |
36.91 |
52.48 |
|
Return
on Net Worth (%) |
48.27 |
48.08 |
63.87 |
LOCAL AGENCY
FURTHER INFORMATION
Nuziveedu Seeds Limited was established in the year 1973 with an objective to make good quality seeds of public bred varieties available to the farmers. With strong accent on research by establishing well equipped R & D facilities at Kompally (Biotechnology lab, seed Testing lab, quality lab) and fully irrigated research farms at Hyderabad, Nizamabad, Guntur, Nuziveedu, Gurgoan for plant breeding and evaluation studies, led to the development of the best hybrids of Cotton, Maize, Bajra, Sorghum, Sunflower in the country, which have earned the trust and confidence of the farmers and market. The Brands Subeej brand seeds have become synonyms with quality seeds.
The company is able to compete and grow in the seed industry by maintaining the
highest standards in operations, plant breeding, seed production, processing,
quality control and seed distribution. The entire R & D activities are
supervised by well qualified and competent scientists and other with technical
experience.
The company also acquired the most modern machinery for carrying out the operations of Seed processing and packing conveniently and efficiently. The hybrid seeds are produced as per the production programme in contract arrangement with loyal and experienced growers which are processed at well equipped processing plants of the company. The company has well organized GOT farms at Guntur, Nuziveedu, Medak, Nizamabad and Hyderabad for rigorous genetic purity testing.
The rapid pace of scientific development over the part decades in agricultural sector and Biotechnology has emerged as the most effective and significant tool in meeting the challenges of agriculture. NSL has geared up for the future by the establishment of a well equipped Biotechnology laboratory at Kompally.
Their Research Hybrids NCS-145 'Bunny' and
NCS-207 'Mallika' rated 'Excellent' by Indian Council for Agricultural Research (ICAR).
Winner of National Award for the year
2002 for best R&D Efforts in Industry by Department of
Scientific and Industrial Research, Ministry of Science and Technology in
recognition of the Company's efforts in the development of Cotton Hybrids,
Bunny (NCS-145) and Mallika (NCS-207)
NSL was honoured with an award by Govt. of
Karnataka, Dept. of Energy "for
Highest Investment made in Establishing Wind Farms in Individual Capacity
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.44.70 |
|
UK
Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.57.82 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
72 |
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 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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