MIRA
INFORM REPORT
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Report Date : |
29.01.2007 |
IDENTIFICATION DETAILS
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Name : |
SHRIRAM BIOSEED GENETIC INDIA LIMITED |
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Registered Office : |
6th Floor, Kanchunjanga
Building, 18 Barakhamba Road, New Delhi –110001, India |
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Country : |
India |
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Financials
(as on) : |
31.03.2006 |
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Date of Incorporation : |
21.07.1992 |
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Com. Reg. No.: |
55-49649 |
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CIN
No.: [Company
Identification No.] |
U01119DL1992PLC049649 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
HYDB00633D |
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Legal Form : |
A Closely Held Public Limited Liability
Company |
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Line of Business : |
Developer and Producer of Hybrids in
Corn, Sorghum, Pearl Millet, Cotton, Sunflower, Sorghum Sudan Grass and Vegetable
Seed. |
RATING
& COMMENTS
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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 525000 |
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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.
Trade relations are reported as fair. Payments are usually correct and as per
commitments. The company can be considered normal
for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
6th Floor, Kanchunjanga
Building, 18 Barakhamba Road, New Delhi –110001, India |
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Tel. No.: |
91-11-23316801/8069 |
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Fax No.: |
91-11-23357803/23318072/23719570 |
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E-Mail : |
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Website : |
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Area
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Owned |
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Head Office : |
Plot 206, Road 14, Jubilee Hills, Hyderabad-500033,
Andhra Pradesh, India |
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Tel. No.: |
91-40-23555801-06 |
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Fax No.: |
91-40-23555530 |
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Corporate Office : |
Plot No 206, House No
8-2293/82/A/206, Road No 14, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India |
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Tel. No.: |
91-40-23296161 |
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Fax No.: |
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Website : |
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Factory : |
Survey No. 65,
Gundlapochampally, Medchal Mandal, RR District Andhra, Pradesh – 501 401 |
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Tel. No.: |
91-8418-233261/23236 |
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Fax No.: |
91-8418-233454 |
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Area
: |
Owned |
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Oversea Office : |
·
Vietnam ·
U.S.A. ·
Philippines ·
South Africa |
DIRECTORS
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Name : |
Mr. Ajay S. Shriram |
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Designation : |
Chairman |
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Address : |
A-37,
Vasant Marg, Vasant Vihar, New Delhi – 110057 |
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Date of Birth/Age : |
04.03.1954 |
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Date of appointment : |
15.12.1995 |
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Name : |
Mr. Vikram S. Shriram |
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Designation : |
Director |
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Address : |
5/16,
Shanthiniketan, New Delhi – 11021 |
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Date of Birth/Age : |
06.12.1958 |
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Date of Appointment : |
15.12.1996 |
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Name : |
Mr. Indrajit Ghosh |
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Designation : |
Director |
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Address : |
8-29/30,
Cathey House, North Sathron Road, Bangkok, Thailand |
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Date of Birth/Age : |
01.05.1957 |
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Date of Appointment : |
15.12.1995 |
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Name : |
Mr. Rajiv Sinha |
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Designation : |
Director |
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Address : |
E-8/4,
Vasant Vihar-New Delhi |
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Date of Birth/Age : |
05.06.1950 |
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Date of Appointment : |
15.12.1995 |
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Name : |
Ms. Premla Doshi |
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Designation : |
Director |
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Address : |
C/O Kanjur
Bleaching Company Private Limited, Kanjur Village Road, Kanjur Marg (East),
Mumbai, Maharashtra |
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Date of Birth/Age : |
17.02.1976 |
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Date of Appointment : |
08.06.2001 |
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Name : |
Dr. Sharad Sharma |
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Designation : |
President |
KEY EXECUTIVES
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Name : |
Mr L B
Sachadeva |
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Designation : |
Company Secretary |
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Address : |
F-19, 2nd
Floor, Ashok Vihar Phase I, Delhi - 110052 |
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Date of Birth/Age : |
16.08.1956 |
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Date of Appointment : |
27.09.2004 |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
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Bioseed Genetics International
Incorporation |
219968 |
3.84 |
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DCM Shriram Consolidated Limited,
India |
2919058 |
51.00 |
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Mr Vikram shridhar Shriram |
1 |
0.00 |
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Mr Rajiv Sinha |
1 |
0.00 |
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Ms Kirti C Shah |
1 |
0.00 |
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Mr Indrajit Ghosh |
2 |
0.00 |
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Mr Vijay Prakash Agarwal |
1 |
0.00 |
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Zeus Investment Limited |
2584624 |
45.15 |
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Mr K J Jain |
1 |
0.00 |
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Total |
5723657 |
100.00 |
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Category
of Shareholders |
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Percentage of Holding |
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Foreign holdings(Foreign Institutional
investor(s), Foreign Companie(s), Foreign financial institution (s),
Non-resident Indian(s) or Overseas corporate bodies or others) |
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49.00 |
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Bodies corporate |
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51.00 |
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Total |
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100.00 |
BUSINESS
DETAILS
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Line of Business : |
Developer and Producer of Hybrids in
Corn, Sorghum, Pearl Millet, Cotton, Sunflower, Sorghum Sudan Grass and
Vegetable Seed. |
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Products
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Generic
names of the principal products/services of the company
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Exports to : |
Vietnam,
Philippines, Bangladesh and Nepal |
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Imports from : |
U.S.A |
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Terms : |
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Selling
: |
Credit (90 days)
terms |
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Purchasing
: |
Credit (30/90 days)
terms |
PRODUCTION
STATUS
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Particulars |
Unit |
Actual
Production |
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Corn |
Kgs |
31.03.2005
– 4969.550 31.03.2004
– 5805.245 |
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SSG |
Kgs |
31.03.2005
– 468.467 31.03.2004
– 529.971 |
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Grain Sorghum / Jawar |
Kgs |
31.03.2005
– 18.479 31.03.2004
– 587.494 |
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Bajra [Millet] |
Kgs |
31.03.2005
– 703.696 31.03.2004
– 378.722 |
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Cotton |
Kgs |
31.03.2005
– 69.193 31.03.2004
– 96.688 |
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Sunflower |
Kgs |
31.03.2005
– 160.346 31.03.2004
– 96.512 |
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Paddy |
Kgs |
31.03.2005
– 572.666 31.03.2004
– 120.953 |
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Soyabean |
Kgs |
31.03.2005
– 388.757 31.03.2004
– 549.100 |
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Redgram |
Kgs |
31.03.2005
– 49.029 31.03.2004
– 17.152 |
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Vegetables |
Kgs |
31.03.2005
– 223.467 31.03.2004
– 170.072 |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
105 persons -- 17
persons in office, 24 persons in factory and 64 persons in branches |
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Bankers : |
ICICI Bank Limited,
Begumpet Branch, Hyderabad, Andhra Pradesh |
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Facilities
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Cash Credit: Rs. 35.000 millions Short Term Loan: Rs. 50.000 millions Letter of Credit,
BG: Rs. 15.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
v
R. P. Malhan & Company Chartered
Accountants |
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Address: |
1A and C Vadhna Building, 11, Tolstoy
Marg, New Delhi - 110 001 |
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Tel. No.: |
91-11-23313225 /
3310228 |
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Fax No. |
91-11-3313908 |
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Telex : |
91-11-3163125 |
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Mobile No.: |
91-11-23731220 |
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Subsidiaries : |
Hills,
Hyderabad-500033, Andhra Pradesh, India - Research and
Development of all seeds, Seedling, Sapling and Plantlet.
DCM Shriram Credit and
Investments Limited Holding Company :
DCM Shriram Consolidated Limited |
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Parent Company : |
v
DCM Shriram Consolidated Limited
5th Floor, Kanchenjunga Building, 18,
Barakamba Road, New Delhi – 110 001
Line of Business: Fertilizers,
Power, Chemicals, Cement, Agri
Merchandise. |
CAPITAL
STRUCTURE
Authorised Capital
:
|
No. of Shares |
Type |
Value |
Amount |
|
70,00,000 |
Equity Shares |
Rs.10/-
each |
Rs.
70.000 millions |
Issued, Subscribed & Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
57,23,657 |
Equity Shares |
Rs.10/-
each |
Rs.
57.237 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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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 |
57.237 |
57.237 |
57.237 |
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2]
Reserves & Surplus |
72.228 |
65.337 |
67.598 |
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3)
(Accumulated loss) |
0.000 |
0.000 |
(6.602) |
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NETWORTH
|
129.465 |
122.574 |
118.233 |
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LOAN
FUNDS |
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1]
Secured Loans |
129.315 |
111.635 |
67.187 |
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2]
Unsecured Loans |
40.000 |
0.000 |
30.000 |
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TOTAL
BORROWING
|
169.315 |
111.635 |
97.187 |
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DEFERRED TAX
LIABILITIES |
1.882 |
0.000 |
0.000 |
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TOTAL
|
300.662 |
234.209 |
215.420 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
59.580 |
55.609 |
51.905 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENTS |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
13.354 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
157.566 |
144.125 |
171.853 |
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Sundry
Debtors |
153.043 |
123.804 |
84.265 |
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Cash
& Bank Balances |
5.404 |
0.521 |
2.532 |
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Other Current Assets |
0.000 |
2.607 |
0.000 |
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Loans
& Advances |
47.783 |
69.530 |
47.754 |
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Total Current
Assets |
363.796 |
340.587 |
306.404 |
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Less
: CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
120.638 |
160.265 |
165.401 |
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Provisions
|
2.075 |
1.722 |
0.842 |
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Total Current Liabilities
|
122.713 |
161.987 |
166.243 |
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Net Current Assets |
241.082 |
178.600 |
140.161 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
300.662 |
234.209 |
215.420 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover
[including other income]
|
566.376 |
602.382 |
472.344 |
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Profit/(Loss)
Before Tax
|
15.118 |
27.533 |
21.995 |
Provision for
Taxation
|
7.951 |
12.918 |
9.604 |
Profit/(Loss)
After Tax
|
7.167 |
14.615 |
12.391 |
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Export Value
|
NA |
32.990 |
23.974 |
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Import Value
|
NA |
17.381 |
8.587 |
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Total Expenditure
|
551.257 |
562.248 |
437.303 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
|
1.26 |
2.43 |
2.62 |
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Net
Profit Margin(PBT/Sales)
|
|
2.66 |
4.57 |
4.66 |
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Return
on Total Assets(PBT/Total Assets}
|
|
3.57 |
6.94 |
5.66 |
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Return
on Investment (ROI)(PBT/Networth)
|
|
0.11 |
0.22 |
0.18 |
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Debt Equity Ratio(Total Liability/Networth)
|
|
2.25 |
2.23 |
2.11 |
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Current Ratio(Current Asset/Current Liability)
|
|
2.96 |
2.10 |
1.84
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LOCAL
AGENCY FURTHER INFORMATION
Subject exports corn and imports vegetable seeds.
Generic Names of Principal Products/Services of the company
are: -
- Corn
- SSG
- Grain
Soghum/Jawar Bajra
- Cotton
- Sunflower
- Paddy
- Moong
- Soyabean
- Red
Gram
- Vegetables
- Hybrid
Seeds of Cereal Crops Corn
- Hybrid
Seeds of Cotton, corn, pearl millet, sunflower, grain and forage sorghum
- Vegetables
Hybrid Seeds
- Hybrid
tomato, pepper, eggplant, okra and melon
It is in trade terms with: -
v
Shriram Fertilizers and Chemicals, 19,
Kirti Mahal, Rajendra Place, New
Delhi-110008, India
v
Darak Agencies, 60, 1st
Floor, Lokmat Nagar, Opp to MGM Hospital,
CIDCO, Aurangabad,
Maharashtra, India
v
Balaji Agro Agencies, 25//1,
Chamrajpet, Devangere-577001, Karnataka,
India
Press Clippings
Financial
Express: August 23, 2004
HYDERABAD:
“Shriram Bioseed Genetics India Ltd — a joint venture between
the US-based Bioseed Genetics International Inc, US, and Shriram Fertilisers, a
unit of DCM Shriram Consolidated Ltd — has signed an agreement with the
International Crops Research Institute for Semi-Arid Tropics (Icrisat) for
collaborating technologies at molecular genetics level for different kinds of
crops.
The agreement with Icrisat is to understand the molecular
genetics of many crops. “Though not crop-specific, initially we are working on
the genetics of cotton through the agri-business incubator. Further, we are
also working to develop new, superior hybrids in corn, sorghum and pearl
millet,” said Bioseed Research India Pvt Ltd director of research Paresh Verma.
Speaking to eFE,
Dr Verma said molecular genetics is becoming an important tool for crop
improvement and there is more focused approach towards this study. “The
agreement with Icrisat is a win-win situation for both, as it requires lot of
captive investment and expertise to know about the genetic material,” he said.
The company also has joint ventures for hybrid seeds in
Vietnam and the International Rice Research Institute (IRRI), Philippines.
Explaining about the research, he said genetic markers are being used for selection
processes. The understanding of genetic principles yield efficient results than
external morphological characters of any trait. “Through this process in
cotton, we are trying to develop varieties which yield good fibre and are
tolerant to sucking pests and bollworms,” he said. Besides, the company is
already engaged in the development of hybrids in corn, millet, sorghum, cotton,
rice, sunflower and vegetables.
On its part, Icrisat is adding value to its agri-business
incubator programme and incubating a host of companies for its
public-private-partnership projects, besides agricultural research
universities. It recently signed an MoU with Sun Microsystems to work together
for bio informatics.
Icrisat’s strength in the bioinformatics division includes:
Comparative mapping in relation to gene sequencing; consensus mapping for
different kinds of variations in plant material; and identification of pest,
drought and disease-resistant genes”.
Business
Line: February 28, 2003
DSCL stake in Shriram Bioseeds
increases to 51%
NEW
DELHI, February 27
“DCM Shriram Consolidated Ltd (DSCL) has increased its stake
in Shriram Bioseeds Genetics India Ltd (SBGI) to 51 per cent from 49% through
additional investments. Consequently, SBGI has now become a subsidiary of DSCL,
a company official said.
This has been done through a preferential issue by SBGI to
DSCL for a total value of Rs 60.800 millions. The company envisages that the
above change will enable DSCL to grow the seed business faster and also integrate
the same with its overall agri portfolio, sources said.
DSCL had entered into a joint venture with Bioseed Genetics
International Inc (BGI) in 1993 for setting up a joint venture company namely Shriram
Bioseed Genetics India Ltd (SBGI) in Hyderabad. This was with a view to grow,
process and market hybrid seeds in India, sources told Business Line. The initial capital of this company was Rs. 20.000
millions with BGI having 51% stake and DSCL 49%.
Besides subscribing the equity capital, BGI also provided
the entire research support to the joint venture company. The joint venture
enabled DSCL to source high-quality hybrid seeds from SBGI and market through
its network in north and central India, the official said.
"Over the last several years, DSCL has been focusing on
agri business and has taken several strategic steps to increase its agri
business portfolio," sources said. Elaborating further, they said that
with a view to providing all agri inputs to the farmer at one point, DSCL,
which was earlier manufacturing and selling only urea, started trading in other
agri inputs such as MoP, DAP, seeds and pesticides in a major way.
Further, it
also launched an agri extension programme (Shriram Krishi Vikas Programme) on a
non-commercial basis across north and central India. In addition, the company
acquired a sugar unit in 1997 in Uttar Pradesh.
Last year, DSCL decided to increase its presence in the
hybrid seeds business. Accordingly, it negotiated with BGI for acquiring
majority stake (51 per cent) in the entire international operations of BGI
relating to research, production of parent seeds, production and marketing of
hybrid seeds.
"This meant DSCL acquired ownership and started sharing
the benefits of research of hybrid seeds in India and also in the research,
production and marketing of hybrid seeds being carried out by BGI in the US,
the Philippines and Vietnam," the sources said.”
Overview
DSCL, a Rs. 15500 millions + diversified business group
based in North India. Its primary businesses are:
- Agri-Business
(Urea fertilizer, Sugar, Farm inputs marketing such as DAP, Pesticides,
Seeds, Agri retailing - Haryali Kisan Bazaar)
- Plastics
(PVC and PVC compounds)
- Chemicals
(Chlor-Alkali)
- DSCL
Building Products (Fenesta door and window profiles)
- Other
business interests comprise of Cement, Textiles and Energy Services.
Founded by Sir Shriram in 1889 (as DCM limited), today DSCL
(which spun of as a separate company in 1990) is managed by Mr. Ajay S.
Shriram, Chairman and Senior Managing Director and Mr. Vikram S. Shriram, Vice
Chairman and Managing Director along with a highly professional executive team.
DSCL has a strong brand equity reflective of credibility,
ethical values and consistent high quality product image. With over 30 years of
experience in managing large scale process industries with sustained high level
of performance, DSCL meets the needs of a wide range of customers from farmers
to industrial users, from house builders to business owners. Fostering enduring
relationships is at the core of DSCL's business philosophy - with vendors,
business partners, and customers and within the organization between employees.
As a leading equal opportunity employer in India, DSCL has a
motivated and dynamic management team of highly qualified professionals and
dedicated workmen and staff whose work has shown the way towards creating
"Team Excellence".
DSCL has a long history of accessing and employing the best technologies
for its projects and has worked successfully with renowned international and
domestic technology partners. As a learning organization DSCL has worked
regularly with the national and international consultants of repute, in diverse
areas of Business Strategy, Quality, Organizational Development etc. In a major
IT initiative the company has networked all its locations on a Wide Area
Network (WAN) and implemented SAP R/3 Enterprise Resource Package (ERP) across
the Company. DSCL is now in the process of upgrading and web-enabling this ERP
to MySAP.com. Other key IT enabling initiatives under implementation are
Customer Relationship Management (CRM) and Business Information Warehousing
(BIW).
All its main line locations/products have ISO 9000, 14000
certification and OHSAS 18001: 1999 system of Occupational Health and Safety
certifications.
In an increasingly global business environment, DSCL's
vision is to strengthen
its commodity business while moving into "Value
Added" & "Knowledge based" products & services in the
areas of its operations. Accordingly, DSCL has set up DSCL Energy Services
co.(ESCO), with the objective of providing energy efficiency services and
development of renewable energy. It has embarked upon a Rural Retail initiative
to provide all farm and allied inputs to the farmer under one roof under the
brand of "Haryali Kisan Bazaars".
The Company has also launched uPVC-polymer Window systems under the brand of
"Fenesta". Other Plastic
Building Products will also be introduced in due course.
DSCL strongly believes in socially responsible business
activity. DSCL has made significant contribution to the society in the fields
of Environment, Health Care, Family Planning, Education, Cultural Heritage and
Rural Development. For its social contributions DSCL's Chlor-Alkali facility at
Bharuch has been recognized with a SA 8000:2001 certification by RINA (Registro
Italiano Navale), making it amongst the few companies in India to get this
recognition.
Operations
The company recorded a turnover growth of 27 percent. Profit
for the year before tax is Rs 27.534 Millions compared to profit of Rs 21.994
Millions in the previous year, while profit for the year after tax improved to
Rs 14.616 Millions compared to profit of Rs 12.391 Millions in previous year
The company has launched new hybrid products in Com, Pearl
millet, sunflower, redgram, Watermelon, Hot Pepper, Sweet Pepper, Brinjal,
bottle Gourd, Ridge Gourd, Bitter Gourd and Musk Melon. The company has
increased its customer focus by strengthening the function of testing of its
pre-commercial hybrids on the farmers fields to ensure that its new hybrid
products not only meet the customer requirements but also get validated by them
prior to release.
The company launched farmer club to strengthen the customer
interface and create strong pull for the products in the market. The company
started commercial activities in neighboring countries like Bangladesh and
Nepal.
Fixed Assets
- Land
- Building
- Plant and Machinery
- Equipment and Computers
- Software
- Vehicles
- Furniture and Fixtures
|
Name of the company |
SHRIRAM BIOSEED GENETICS INDIA
LIMITED |
|
1) Date and description of instrument
creating the change |
Modification
of Equitable mortgage or mortgage of property by depositing the title deeds
of immovable properties dated 19.05.2006 |
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Rs
180.000 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 |
Modification
of Equitable mortgage or mortgage of immovable properties of the company
situated at G Pochampalli Village, Medchal Mandal, Ranga Reddy District in
the state of Andhra Pradesh |
|
4) Gist of the terms and conditions
and extent and operation of the charge. |
NA |
|
5) Name and Address and description
of the person entitled to the charge. |
ICICI
Bank Limited ICICI
Bank Tower, Level IV, 1-11-256, Begumpet, Hyderabad – 500016, Andhra Pradesh,
India |
|
6) Date and brief description of instrument modifying the charge |
19.05.2006 |
|
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. |
Additional
working capital limit of Rs 40.000 millions from ICICI Bank under master
facility agreement dated 17.02.2006 is also secured by the mortgage by
deposit of title deeds on first charge basis. |
|
Name of the company |
SHRIRAM BIOSEED GENETICS INDIA
LIMITED |
|
Presented By |
MR RAIV SINHA |
|
1) Date and description of instrument
creating the change |
Credit
facility agreement (overall working capital limit and both dated 07.11.2002) Deed of
title deeds (no instrument was executed) |
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Rs
100.000 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 |
An
exclusive first charge created / to be created in favour by way of
hypothecation of borrower’s entire stock of raw material, semi finished
goods, consumables store and such other movables such as book debts,
outstanding monies, receivables and all other such items as mentioned both
present and future of such form satisfactory to the bank. A mortgage
by deposit of title deeds by way of constructive delivery with ICICI Bank
Limited was created in respect of all the immovable properties of the company
situated at G Pochampalli village, Medchal Mandal, Ranga Reddy District in
the state of Andhra Pradesh (schedule of the property mortgaged as per the
registered charge dated 05.11.2003) |
|
4) Gist of the terms and conditions
and extent and operation of the charge. |
A] A
mortgage and charge in favour of the bank of all the borrower’s immovable and
movable properties both present and future being an exclusive first charge in
favour of the ICICI Bank Limited B] the
above is to secure cash credit limit of Rs 20.000 millions, WCDM of rs 35.000
millions short term loan of rs 30.000 Millions with sub-limit of bill
discounting of rs 30.000 millions LC limit of rs 15.000 millions with sub
limit of rs 5.000 millions of bd. Interest and margin as specified by the
bank from time to time together with compound interest, liquidated damages,
additional interest premla on prepayment or on redemption costs, charges,
expenses and all other monies payable by the company to ICICI under the loan
agreement dated 07.11.2002 which was secured by deed of hypothecation dated
07.11.2002 being the original charge is also secured by the said mortgage by
deposit of title. |
|
5) Name and Address and description
of the person entitled to the charge. |
ICICI
Bank Limited, Branch Office, Hyderabad Registered
office : Landmark, Race Course Circle, Alkapuri, Vadodara |
|
6) Date and brief description of instrument modifying the charge |
Working
capital facilities dated 16.12.2003 along with all schedules. |
|
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
existing facilities are modified within the overall working capital of rs
100.000 millions vide working capital facility dated 16.12.2003 along with
the annexure and the schedule forming part of the documents. Security 1]
Exclusive first charge in bank’s favour by way of hypothecation of the
borrower’s entire stocks of raw materials, work-in-process, finished goods,
consumables stores and spares and such other movables including book-debts,
outstanding monies, receivables both present and future of such form
satisfactory to the bank. 2]
Exclusive charge on all of the company’s assets, including all immovable and
movable properties both present and future. 3]
unconditional and irrevocable corporate guarantee of DCM Shriram Consolidated
Limited (DSCL) (tangible networth
of rs 3146.8 millions as per the guarantor’s audited financial statements
dated 31.03.2003) |
|
Name of the company |
SHRIRAM BIOSEED GENETICS INDIA
LIMITED |
||||||||||||||||||||||||||||||||||||
|
Presented
By |
MR BL SACHDEVA (COMPANY SECRETARY) |
||||||||||||||||||||||||||||||||||||
|
1) Date and description of instrument
creating the change |
Agreement
of Hypothecation dated 05.02.2005 executed by Shriram Bioseed Genetic India
Limited (therin and hereafter termed
as the ‘Borrower’) favour of ICICI Bank Limited |
||||||||||||||||||||||||||||||||||||
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Secured
working capital facilities not exceeding rs 140.000 million (the aforesaid
working capital facilities as renewed / modified/ amended from time to time
are herein after collectively referred to as ‘the facilities’ extended/ granted to the borrower) |
||||||||||||||||||||||||||||||||||||
|
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 |
A]
exclusive first charge in bank’s favour by way of hypothecation of the
borrower’s entire stocks of raw materials, work-in-process, finished goods,
consumables stores and spares and such other movables including book debts,
outstanding monies, both present and future of such form satisfactory to the
bank. B]
Exclusive charge on all of the company’s assets, including all immoveables
and moveable properties, both present and future. [A Mortgage by deposit of
title deeds by way of constructive delivery with ICICI Bank Limited (ICICI)
was created in respect of all the immoveable properties of the company
situated at G Pochampalli village, Medchal Mandal, Ranga Reddy District in
the state of Andhra Pradesh (schedule of the property mortgaged as per the
registered charge dated 05.11.2003) |
||||||||||||||||||||||||||||||||||||
|
4) Gist of the terms and conditions
and extent and operation of the charge. |
In
consideration of ICICI having granted / agreed to grant to the borrower the
facilities agreement and declaration by the borrower, inter alia as follows 1.
Convenant by the borrower to comply/ to ensure compliance with all the terms
and conditions set out in the master facility agreement dated 05.02.2005
entered between the borrower and ICICI, as modified amended / renewed /
supplemented from time to time (hereinafter collectively referred to as ‘the
Agreement’) 2. The
Borrower shall pay/repay all amounts in respect of the facilities and pay
interest and all other monies in the manner set out in the agreement and the
other transaction documents (as defined in the agreement) 3. The
assets were thereby hypothecated inter alia to ICIC as and by way of
exclusive / first/ second / first and exclusive charge as specified in deed
of hypothecation and master facility agreement of the facilities, all
interest and other monies payable by the borrower to ICICI as specified in
the agreement and the other transaction documents. 4. The
borrower to keep the assets in marketable and good conditioned and also
insured as provided in the deed of hypothecation / the agreement 5. Power
of entry, power to take charge and/or possession of seize, recover, receive,
appoint receivers and remove and / or sale by auction or private contract,
dispatch for realization or otherwise dispose or deal with all or any part of
the assets etc as provided in the deed of hypothecation. 6. All
other terms and conditions as contained in the deed of hypothecation. |
||||||||||||||||||||||||||||||||||||
|
5) Name and Address and description
of the person entitled to the charge. |
ICICI
Bank Limited ICICI
Bank Tower, Level IV, 1-11-256, Begumpet, Hyderabad – 500016, Andhra Pradesh,
India |
||||||||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Deed of
hypothecation dated 05.02.2005 Master
facility agreement dated 05.02.2005 |
||||||||||||||||||||||||||||||||||||
|
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. |
|
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
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.44.27 |
|
UK Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
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 |