MIRA
INFORM REPORT
|
Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HINDUSTAN SEEDS CORPORATION |
|
|
|
|
Registered Office : |
99, Indira Market, Old Sabzi Mandi, New Delhi-110007 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1980 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELH02618A |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
|
|
|
|
Line of Business : |
Importer and Exporter of Vegetable and Fodder Seeds. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed concern having satisfactory
track. Partners are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
99, Indira Market, Old Sabzi Mandi, New Delhi-110007, India |
|
Tel. No.: |
91-11-23829421/ 23825391/ 23829042 |
|
Fax No.: |
91-11-23825392 |
|
E-Mail : |
|
|
Area : |
400 Sq.ft. (Owned) |
PARTNERS
|
Name : |
Mr. Jagdish Lal Gogia |
|
Designation : |
Partner |
|
Date of Birth/Age : |
57 years |
|
Experience : |
28 years |
|
|
|
|
Name : |
Mr. Rajesh Kumar Munjal |
|
Designation : |
Partner |
|
Date of Birth/Age : |
32 years |
|
Qualification : |
Graduate |
|
Experience : |
10 years |
BUSINESS DETAILS
|
Line of Business : |
Importer and Exporter of Vegetable and Fodder Seeds. |
|
|
|
|
Exports : |
|
|
Countries : |
Pakistan, Bangladesh, Sri Lanka |
|
|
|
|
Imports : |
|
|
Countries : |
China, Japan, Thailand, Korea, USA |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, D/A, D/P and Credit (30 days) Local Sales : Cash and Credit (30 to 45 days) |
|
|
|
|
Purchasing : |
L/C, D/A, D/P and Credit (30 to 60 days) Local Purchase : Credit (30 days) |
GENERAL
INFORMATION
|
Suppliers : |
v Tokita Seeds
Company Limited, Japan v China-Tai Seeds
Company Limited, Thailand v Dongbu-Hannong
Seeds Company Limited, Korea v Dessert Cal
Seeds Inc., USA |
|
|
|
|
Customers : |
Farmers |
|
|
|
|
No. of Employees : |
3 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Hindustan Seeds and Pesticides Activities : Importer and exporter of Vegetable Seeds, Fodder Seeds
and Pesticides. Sales Turnover : Rs.70 millions Employees : 6 |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.1.500 millions |
|
Borrowed : |
-- |
|
Total : |
Rs.1.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
25.000 |
20.000 |
|
|
|
|
|
|
Profit/Loss before Tax |
|
12% |
12% |
|
|
|
|
|
|
Profit/Loss after Tax |
|
8% |
8% |
LOCAL AGENCY
FURTHER INFORMATION
NATIONAL CONSUMER DISPUTES REDRESSALCOMM ISSION, NEW DELHI
PETITION 3282 OF 2003
(From the order dated 7.8.2003 in Appeal .135/99 of the State
Commission, A.P.)
M. Subba Rao
Prop. M/s. Sri Krishna Seeds,
D.No.19-98-2, Kasturibai Road,
Chilakaluripet – 522 616,
Guntur District, Andhra Pradesh …
Petitioner
Versus
Avula Venkata Reddy,
S/o Sita Reddy,
Elchuru Village,
Santhamavaluru Mandal,
Prakasam District, Andhra Pradesh … Respondent
BEFORE :
HON’BLE MR.JUSTICE M.B. SHAH, PRESIDENT
MRS. RAJYALAKSHMI RAO, MEMBER
For the Petitioner : Mr. G. Ramakrishna Prasad & Mr.
B.
Suyodhan,
Advocates
For the Respondent : Mr. Nitin
S. Tambwekar and
Mr. B.S. Sai,
Advocates
Dated :
22.03.2007
ORDER
Heard the Learned Counsel for the parties. This Revision Petition
is filed against the judgement and order dated 7th August, 2003
passed by the A.P. State Consumer Disputes Redressal
Commission in Appeal No.135 of 1999 by
which the order passed by the District Forum is confirmed. The District Forum by its order dated 25th
February, 1999 directed the Petitioner to pay a compensation of Rs.7,500/- for sale of defective chilli seeds to the Complainant. The State Commission also considered the
fact that there was sufficient evidence on record to establish that Complainant
had purchased the seeds from the Petitioner.
The District Forum as well as the State Commission
arrived at the conclusion that the yield of the chilli
crop was not as per the advertisement or brochure. Against that judgement, this Revision Petition is filed by the
dealer.
Considering the findings of fact
recorded by the District Forum and the State Commission, it is apparent
that seeds supplied by the Petitioner were defective and that the Complainant
has suffered the loss because the yield was minimum and not as per the
brochure.
However, Learned Counsel appearing on behalf of the Petitioner submits
that Petitioner is a dealer and he is not personally liable for defective seeds and therefore order ought not to have been
passed against him without joining manufacturing firm as party, namely,
Hindustan Seeds Corporation.
In our view, no doubt, the manufacturer would
have been a proper party but at the same time the Petitioner is a person who
has supplied and sold the seeds to the Complainant, therefore, complaint was
maintainable against the Petitioner. If
Petitioner has any grievance, it is open to the Petitioner to recover the amount ordered from the manufacturer by filing
appropriate proceedings, but it cannot be said that the Petitioner, a dealer, who
has sold the seeds, is not liable.
Lastly, Learned Counsel for the Petitioner submits that
there was no question of directing the Petitioner to pay the interest @12% p.a. from the date
of complaint till the date of payment.
It is also to be stated that as per the interim order, in all,
Petitioner has deposited Rs.11,800/-. The amount deposited by the Petitioner
with the District Forum shall be considered as full and final payment to the
Complainant. It would be open to the
Complainant tp withdraw the same if not withdrawn.
Considering this aspect,
in our view,
impugned order passed by the
State Commission does not call
for any modification.
In the result, Petition stands disposed of accordingly. There shall be order as to costs.
(M.B. SHAH)
PRESIDENT
(RAJYALAKSHMI RAO)
MEMBER
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.42.86 |
|
UK Pound |
1 |
Rs.84.40 |
|
Euro |
1 |
Rs.57.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|