MIRA
INFORM REPORT
|
Report Date : |
04.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
CARGIL
MATRIX FEEDS PRIVATE LIMITED |
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Formerly Known As : |
MATRIX
BIOSCIENCES PRIVATE LIMITED |
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Registered Office : |
Flat
Number 101, Ashok Kutir Apartments, Durganagar Colony, 6-3-668-10-63,
Punjagutta, Hyderabad – 500082, Andhra Pradesh, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.11.1998 |
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Com. Reg. No.: |
01-30520 |
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CIN No.: [Company
Identification No.] |
U24230AP1998PTC030520 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
company is engaged in the business of manufacturers, producers, processors,
traders, marketers, buyers, sellers, importers, exporters, preservers,
stockists, suppliers, agents, distributors or otherwise to deal in marine
animal feed manufacture for shrimps and scampi variety of living beings and
feed ingredients and their formulations |
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 : |
New
Project |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
The
company has been promoted by Cargil India Private Limited and Matrix Seafoods
India Private Limited. Trade
relations are fair. Nothing adverse reported. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Flat
Number 101, Ashok Kutir Apartments, Durganagar Colony, 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 : |
DIRECTORS
|
Name : |
Mr. V.
Shiva Prasad |
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Designation : |
Managing
Director |
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Address : |
Plot
Number 200, Walkers Road, Venkateswara Nagar, Rajahmundry, East Godavari,
District 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 : |
Mr.
Makarand Deshpande |
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Designation : |
Director |
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Address : |
2,
Chandra Rashyi Apartments, M.A – Road, Andheri (West), 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 : |
Mr. V.
Kumuda |
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Designation : |
Director |
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Address : |
Plot
Number 200, Walkers Road, Venkateswara Nagar, Rajahmundry, East Godavari,
District Andhra Pradesh |
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Date of Birth/Age : |
04.02.1974 |
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Date of Appointment : |
01.10.2000 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
V.
Shiva Prasad |
13,33,100 |
33.33 |
|
P.
Bala Murali Krishna |
4,97,880 |
12.45 |
|
Makarand
Deshpande |
1,53,800 |
3.84 |
|
D.
Lakshmi |
85,000 |
2.12 |
|
V.
Krishnaiah |
11,03,420 |
27.58 |
|
V. Kumuda |
3,95,000 |
9.87 |
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P.
Sudhalatha |
1,77,900 |
4.45 |
|
V.
Subbamma |
1,73,300 |
4.33 |
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V.
Akhila (Minor) |
38,900 |
0.97 |
|
V.
Mrudula (Minor) |
36,700 |
0.92 |
|
P.
Nymisha (Minor) |
5,000 |
0.12 |
|
Total |
40,00,000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in the business of manufacturers, producers, processors,
traders, marketers, buyers, sellers, importers, exporters, preservers,
stockists, suppliers, agents, distributors or otherwise to deal in marine
animal feed manufacture for shrimps and scampi variety of living beings and
feed ingredients and their formulations |
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|
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Products : |
Feeds,
Oil, Meals |
GENERAL
INFORMATION
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No. of Employees : |
51-100
People |
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Bankers : |
Saifabad
(BIB) Branch, Hyderabad
Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400013 |
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Banking Relations : |
Satisfactory
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Auditors : |
T.
Murthy and Associates Chartered
Accountants Hyderabad |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
40,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 40.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
40,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 40.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
40.000 |
40.000 |
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2] Share Application Money |
|
60.000 |
0.000 |
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3] Reserves & Surplus |
|
0.250 |
0.250 |
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4] (Accumulated Losses) |
|
[54.240] |
[21.277] |
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NETWORTH |
|
46.010 |
18.973 |
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LOAN FUNDS |
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1] Secured Loans |
|
23.554 |
92.422 |
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2] Unsecured Loans |
|
25.000 |
41.596 |
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TOTAL BORROWING |
|
48.554 |
134.018 |
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DEFERRED TAX LIABILITIES |
|
---- |
---- |
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TOTAL |
|
94.564 |
152.991 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
76.898 |
91.527 |
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Capital work-in-progress |
|
21.313 |
0.000 |
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INVESTMENT |
|
-- |
-- |
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DEFERREX TAX ASSETS |
|
2.646 |
5.598 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
27.965 |
47.761 |
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Sundry Debtors |
|
20.351 |
52.929 |
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Cash & Bank Balances |
|
0.180 |
0.240 |
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Other Current Assets |
|
5.119 |
12.706 |
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Loans & Advances |
|
-- |
-- |
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Total Current Assets |
|
53.615 |
113.636 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
58.821 |
57.850 |
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Provisions |
|
1.150 |
0.000 |
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Total Current Liabilities |
|
59.971 |
57.850 |
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Net Current Assets |
|
(6.356) |
55.786 |
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MISCELLANEOUS EXPENSES |
|
0.063 |
0.080 |
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TOTAL |
|
94.564 |
152.991 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
72.476 |
277.884 |
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Profit/(Loss)
Before Tax |
|
[28.532] |
[46.009] |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
[28.532] |
[46.009] |
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Total
Expenditure |
|
101.008 |
323.893 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
[39.36] |
[16.55] |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
[39.36] |
[16.55] |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
[21.86] |
[22.42] |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.62 |
2.42 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
2.35 |
10.11 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
0.89 |
1.96 |
LOCAL AGENCY
FURTHER INFORMATION
Financials
No
financials are available since incorporation of the company.
Management
remained non-corporative during current investigation.
Name, Address and occupation of the
allottees and Number of shares allotted:
|
Date of Allotment |
Name of Allottee in full address and
occupation of the allottee |
Number of Equity Shares allotted |
|
29.06.2006 |
CARGIL
INDIA PRIVATE LIMITED |
30,60,000 |
|
29.06.2006 |
MATRIX
SEAFOODS INDIA PRIVATE LIMITED |
29,40,000 |
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Total Number of Equity Shares allotted |
60,00,000 |
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Name
of the company |
MATRIX
BIOSCIENCES LIMITED |
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Presented By |
MR.
V. SHIVA PRASAD, MANAGING DIRECTOR |
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1)
Date and description of instrument creating the change |
Dated
: 10.03.2005 General
agreement for the grant of medium term advances to small scale industries and
hypothecation of movables, book debts and other assets (Corporate loan) Ancillary
agreement for medium term loan agreeing to mortgage immovables (Corporate
loan) Memorandum
of deposit for creation of further charge where the initial charge is created
where the initial charge is created by way of deposit of title deeds. |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs 4.500 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 entire stocks of raw materials, stock in process, finished goods, claims
and spares, book debts and all other chargeable current assets. Hypothecation
of both, existing and future Fixed assets Equitable
Mortgage of Rs 35.000 Millions of proposed factory land and building to be
constructed thereon situated at Vadesalem (v) , Rangapet (m), E.B.Dt. Deposit
of Title deed of the residential flat in the name of the company admeasuring 2420 Sq. yards
situated in Sy. Number 114, Part Hafeezpet (v) , Serlingampally (m). R.R.Dt.,
Andhra Pradesh Deposit
of title deed of industrial land and building at plot number 20 and 21,
Anrich, industrial estate, I.D.A., Bollaram medak dt, Andhra Pradesh in the
name of the company. Land
area 1.85 acres equal to 6954 Sq. yards and building 15,000 Sq.ft. |
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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 payable quarterly instalments of Rs 0.375
Millions. 1st instalment to be paid on the day of 26.06.2004. |
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5)
Name and Address and description of the person entitled to the charge. |
State
Bank of India Saifabad
(BIB) Branch, Hyderabad. |
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6)
Date and brief description of
instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Name
of the company |
MATRIX
BIOSCIENCES LIMITED |
|
Presented By |
MR.
V. SHIVA PRASAD, MANAGING DIRECTOR |
|
1)
Date and description of instrument creating the change |
Dated
: 10.03.2005 Agreement
for Equipment Loan and Guarantee |
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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 |
Agreement
for Construction Equipment Loan and Guarantee |
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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 (West), Mumbai – 400013 |
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6)
Date and brief description of
instrument modifying the charge |
N.A. |
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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. |
N.A. |
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.44.33 |
|
UK
Pound |
1 |
Rs.87.49 |
|
Euro |
1 |
Rs.58.88 |
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 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--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 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 |
|