MIRA INFORM REPORT
|
Report
Date : |
03.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
UNICORN SEEDS PRIVATE LIMITED |
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Registered
Office : |
1-7-139/3, Sarojini Devi Road,
Besides Hotel Aditya, Secunderabad - 500 003, Andhra Pradesh |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
06.03.1996 |
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Com.
Reg. No.: |
01-23417 |
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CIN
No.: [Company
Identification No.] |
U01110AP1996PTC023417 |
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IEC
No.: |
0996001697 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
HYDU00255D |
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Legal
Form : |
Closely held public limited
liability company. |
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Line
of Business : |
Manufacturers and Traders of Vegetable Seeds,
Flower Seeds, etc. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD
175000 |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Usually
Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established
company engaged in the business as producers of vegetable and flower seeds. The
company is making satisfactory progress in its performance. Trade relations
are reported as fair. Financial position is comfortable. Payments are usually
made as per commitments. The company can be considered
normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
1-7-139/3, Sarojini Devi Road,
Besides Hotel Aditya, Secunderabad - 500 003, Andhra Pradesh, India |
|
Tel.
No.: |
91-40-27847769
/27811554 / 27899728 |
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Fax
No.: |
91-40-27842399
/27905924 / 27845924 |
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E-Mail
: |
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Website
: |
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Area : |
3500 sq. ft. |
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Location : |
Rented |
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Factory
1 : |
Survey No. 71/74, Masjidpur Village,
Shamurpet |
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Tel.
No.: |
91-8418-244664 |
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Area : |
40000 sq. ft. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Amul B. Sanghani |
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Designation
: |
Managing Director |
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Address
: |
Plot No. 70, P & T Colony, Secunderabad
– 500 003, Andhra Pradesh |
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Date
of Birth/Age : |
16.06.1959 |
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Qualification
: |
B. Tech. |
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Experience
: |
12 years |
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Date
of Appointment : |
16.03.1996 |
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Name : |
Mr. M. Ramakrishna Reddy |
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Designation
: |
Director |
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Address
: |
7-1-22/1/A-23-24, Ameerpet, Hyderabad – 500 016,
Andhra Pradesh |
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Date
of Birth/Age : |
05.01.1944 |
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Date
of Appointment : |
08.07.2002 |
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Name : |
Mr. Rajesh B. Sanghani |
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Designation
: |
Director |
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Address
: |
Plot No. 63, Gunrock Enclave, Secunderabad – 500
003, Andhra Pradesh |
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Date
of Birth/Age : |
08.06.1957 |
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Qualification
: |
B. Com. |
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Experience
: |
14 years |
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Date
of Appointment : |
16.03.1996 |
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Name : |
Mr. Sanjay B. Sanghani |
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Designation
: |
Director |
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Address
: |
506, Olympus 3, Prestege Acropets, 20, Hegus
Road, Bangalore – 560 029, Karnataka |
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Date
of Birth/Age : |
04.07.1961 |
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Qualification
: |
Diploma in Food Baling Science |
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Experience
: |
10 years |
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Date of
Appointment : |
16.03.1996 |
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Name : |
Mr. Vedant A. Sanghani |
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Designation
: |
Director |
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Address
: |
Plot No. 87, P & T Colony, Secunderabad – 500
003, Andhra Pradesh |
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Date
of Birth/Age : |
26.01.1980 |
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Date
of Appointment : |
16.12.2001 |
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Name : |
Mr. Nadir B. Godrej |
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Designation
: |
Director |
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OTHER
PERSONAL |
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Name : |
Mr. P. Konda Reddy |
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Designation
: |
Company Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
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|
Mr. Amul
B. Sanghani |
|
73003 |
|
Gallery
Export Private Limited |
|
95000 |
|
Ms. Veena
M. Sanghani |
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40000 |
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Mr.
Rajesh B. Sanghani |
|
40000 |
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Mr.
Sanjay B. Sanghani |
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40000 |
|
Ms.
Jayshree R. Sanghani |
|
30000 |
BUSINESS DETAILS
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Line
of Business : |
Manufacturers and Traders of Vegetable Seeds,
Flower Seeds |
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Products
: |
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Brand
Names : |
“CHOICE” and “PRESTIGE” |
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Exports
to : |
Europe, USA, South East, Middle
East and Far East |
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Imports
from : |
Korea, USA, Israel, Taiwan |
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Terms
: |
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Selling : |
Credit (90 days) |
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Purchasing : |
Credit (90 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed Capacity |
Actual Production |
|
Vegetable and Flower Seeds |
Kgs. |
|
300000 |
215550 |
GENERAL INFORMATION
|
Customers
: |
·
Wholesalers ·
Dealers ·
Distributors |
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No. of
Employees : |
40 |
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Bankers
: |
Ř UTI
Bank Limited Begumpet, Hyderabad - 500 016,
Andhra Pradesh Ř Canara Bank Ř State
Bank of Mysore Ř Citi
Bank N.A Ř ABN
AMRO Bank |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Nitish Grover & Associates Chartered Accountants |
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Address.: |
Zopa House 612 Avenue 1, Old Road,
12 Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India |
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Tel
No. : |
91-40-23547866 |
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Mobile
: |
91-9848012118 |
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Email
: |
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Associates/Subsidiaries
: |
1-7-139/3, Sarojini Devi Road,
Besides Hotel Aditya, Secunderabad
- 500 003, Andhra Pradesh Tel. 91-40-27847769/27811554 Fax. 91-40-27842399/5924
13/1, Rasoolpoora, Secunderabad – 500
003, Andhra Pradesh --Vegetable Seeds
1-7-139/3,
Sarojini Devi Road, Besides Hotel Aditya, Secunderabad - 500 003, Andhra
Pradesh, India --Line of Business: Export of Vegetable and Flower
Seeds. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
620000 |
Equity shares |
Rs. 10/- Each |
Rs.
6.200 Millions |
|
1380000 |
1% Cumulative Redeemable Preference Shares |
Rs. 10/- Each |
Rs.
13.800 Millions |
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|
Total |
|
Rs. 20.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
611007 |
Equity shares |
Rs. 10/- Each |
Rs. 6.110
Millions |
|
750000 |
1% Cumulative Redeemable Preference Shares |
Rs. 10/- Each |
Rs.
7.500 Millions |
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Total |
|
Rs. 13.610 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
13.610 |
13.610 |
13.610 |
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2]
Reserves & Surplus |
31.899 |
25.417 |
15.923 |
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NETWORTH
|
45.509 |
39.027 |
29.533 |
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LOAN
FUNDS |
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|
1]
Secured Loans |
17.685 |
11.392 |
45.269 |
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TOTAL
BORROWING
|
17.685 |
11.392 |
45.269 |
|
|
DEFERRED
TAX LIABILITIES |
0.289 |
0.566 |
0.280 |
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TOTAL
|
63.483 |
50.985 |
75.082 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
13.461 |
12.626 |
9.696 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.001 |
0.001 |
30.002 |
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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
|
24.855
|
19.742
|
13.469
|
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Sundry Debtors
|
26.657
|
22.422
|
23.520
|
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Cash & Bank Balances
|
5.542
|
4.513
|
3.012
|
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Loans & Advances
|
8.868
|
3.177
|
4.097
|
Total Current Assets
|
65.922 |
49.854 |
44.098
|
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Less : CURRENT LIABILITIES & PROVISIONS
|
|
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|
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Current Liabilities
|
11.517
|
10.420
|
8.263
|
|
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Provisions
|
4.384
|
1.076
|
0.487
|
Total Current Liabilities
|
15.901 |
11.496 |
8.750
|
|
Net
Current Assets
|
50.021 |
38.358 |
35.348
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.036 |
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TOTAL
|
63.483 |
50.985 |
75.082 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
97.700 |
96.723 |
69.003 |
|
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|
|
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Profit/(Loss) Before Tax
|
10.481 |
14.850 |
9.341 |
Provision for Taxation
|
-- |
5.280 |
3.641 |
Profit/(Loss) After Tax
|
10.481 |
9.570 |
5.700 |
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Import Value
|
NA |
22.056 |
15.419 |
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Total Expenditure
|
87.219 |
81.873 |
59.660 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
10.73 |
9.89 |
8.26
|
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|
Net Profit Margin
(PBT/Sales) |
(%) |
10.73 |
15.35 |
13.53
|
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|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
13.20 |
23.77 |
17.36
|
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Return on Investment (ROI)
(PBT/Networth) |
|
0.23 |
0.38 |
0.31
|
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|
Debt Equity Ratio
(Total
Liability/Networth) |
|
0.74 |
0.59 |
1.82
|
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|
Current Ratio
(Current
Asset/Current Liability) |
|
4.15 |
4.34 |
5.03
|
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Buildings
- Plant
and Machinery
- Furniture
and Fixtures
- Office
Equipments
- Vehicles
|
Name
of the company |
UNICORN SEEDS LIMITED |
|
Presented By |
Mr. Amul
B. Sanghani |
|
1) Date
and description of instrument creating the change |
Vehicles
loan cum hypothecation agreement dated 04.03.2005 |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs. 0.327
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 the Vehicle in favour of ICICI Bank together with all accessories and
additions to or in the Vehicles, whether present of future, by way of first
charge, Santro XP Car Registration No. AP10AE6605, Chasis No.
MALAA51HR4M583124, Engine No. H4HD4E77499 The Hypothecation
shall be deeming to be first and exclusive charge in favour of ICICI Bank to
secure its dues. The
hypothecation of the Vehicles shall deem to take place immediately on signing
of this agreement or delivery of the Vehicles whichever in earlier. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
Tenor 3
Years ROI 5.01
% |
|
5) Name
and Address and description of the person entitled to the charge. |
ICICI
Bank Limited Begumpet Hyderabad
- 500016 |
|
6)
Date and brief description of
instrument modifying the charge |
NA |
|
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 |
|
Name
of the company |
UNICORN SEEDS LIMITED |
|
Presented By |
Mr. Amul
B. Sanghani |
|
1) Date
and description of instrument creating the change |
24.04.1997 Agreement
for cash credit hypothecation of goods Agreement
for cash credit hypothecation of book debts. |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs. 3.400
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 Inventory and receivables of not older than 90 days. Present and future
book dents, outstanding moneys, receivables, claims, bills, contracts,
engagements, security investments, right and assets shall be hypothecated to
the Bank |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
Margin 25
% on Stock 50 % on
Book debts ROI : 20.25 % |
|
5) Name and
Address and description of the person entitled to the charge. |
UTI Bank
Limited Begumpet Hyderabad
- 500016 |
|
6)
Date and brief description of
instrument modifying the charge |
31.03.1999 Agreement
for cash credit – Hypothecation of Goods. Agreement
for Cash credit – Hypothecation of debts and assets |
|
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. |
Charge
extended to cover the enhanced limit of Rs. 7.500 Millions from the existing
limit of ROI :
17.50 % |
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.44.11 |
|
UK Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.57.44 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
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 |
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 |