MIRA INFORM REPORT

 

 

Report Date :

26.06.2007

 

IDENTIFICATION DETAILS

 

Name :

NUNHEMS INDIA PRIVATE LIMITED

 

 

Formerly Known As :

NUNHEMS SEEDS PRIVATE LIMITED

 

 

Registered Office :

10-1-227/1, Masab Tank, Hyderabad - 500 028, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

12.06.1995

 

 

Com. Reg. No.:

01-20661

 

 

CIN No.:

[Company Identification No.]

U99999AP1995PTC020661

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDS02880D

 

 

PAN No.:

[Permanent Account No.]

AABCN1142L

 

 

Legal Form :

Private  Limited Liability Company

 

 

Line of Business :

To produce, sell, import, distribute and deal in oil seeds, veg seeds, cotton seeds feeds for cattle feeding grass, Hybrid seeds for variety of food grains including paddy, maize, wheat etc.

 

 

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 1631124

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track records. Directors 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 company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

10-1-227/1, Masab Tank, Hyderabad - 500 028, Andhra Pradesh, India.

Tel. No.:

91-40-23324040 / 4242

Fax No.:

91-40-23323737

E-Mail :

nunhems.hyderabad@nunhems.com

prodel@giasdl01.vsnl.net.in

nunhems@hd2.dot.net.in

Website :

http://www.nunhems.com

Area :

Rented 

Location :

Residential

 

 

Corporate Office :

Dhumaspur Road, Badshahpur, Gurgaon - 122 001, Haryana

Tel. No.:

91-124-2394546/47/48/49

Fax No.:

91-124-2394544/2394545

E-Mail :

nunhems.gurgaon@nunhems.com

prodel@giasdl01.vsnl.net.in /nonpro@nda.vsnl.net.in        

 

 

Factory 1 :

Opposite Bharam Kumari Ashram, Bhilaspur, Patodi Road, Village Bhorakalan, Gurgaon, Haryana, India.

Tel. No.:

91-124-3051300

Fax No.:

91-124-3051400

E-Mail :

nunhems.gurgaon@nunhems.com

 

 

Research & Development Centre :

L-15/493, Ground Floor, Mahipalpur Extension, Behind Hotel Redisson, New Delhi – 110037

And also located at:

Bangalore, Pune and Ghaziabad

 

 

DIRECTORS

 

Name :

Mr N. M. Reddy

Designation :

Director

Address :

8 – 2 – 636 / D, Road No. 12, Benjara Hills, Hyderabad – 500 034, India.

 

 

Name :

Mr. N. Sunil

Designation :

Director

Address :

8 – 3 -833/94, Kamalapuri Colony, Hyderabad – 500 034, India.

 

 

Name :

Mr. Dr. Arvind Kapur

Designation :

Managing Director

Address :

91, Hope Apartments, Sector 15- II, Gurgaon – 122 001, Haryana, India.

Date of Birth/Age :

11.06.1954

Date of Appointment :

30.09.2004

 

 

Name :

Mr. Lex Welles

Designation :

Director

Address :

Shaelenweg, 21, 6082, AA Buggenum, The Netherlands

Date of Birth/Age :

06.06.1946

Date of Appointment :

29.06.2001

 

 

Name :

Dr. Oprlando De Ponti (Dutch)

Designation :

Director

 

 

Name :

Mr. L. Van Der Broek (Dutch)

Designation :

Director

 

 

Name :

Mrs. Hema Abhichandani

Designation :

Director

Address :

N – 70, South City, Gurgaon – 122 001, Haryana, India.

Date of Birth/Age :

05.08.1967

Date of Appointment :

26.03.2004

 

 

Name :

Mr. Zijp Douwe

Designation :

Director

Address :

Sport Park Klaan, 7 6085, AP Horn, The Netherlands.

Date of Birth/Age :

24.08.1956

Date of Appointment :

29.06.2001

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Equity Shares

Sunseeds Holdings Limited

 

3,48,23,810

Nunhems BV

 

38,69,309

Mr. Nukal Manmohan Reddy

 

10

Mr. Nukal Sunil Reddy

 

10

 

Equity share breakup (percentage of total equity)

S. No.

Category

Percentage

1

Foreign holdings )foreign institutional investor(s), foreign companie(s), foreign financial institution(s), Non-resident Indian(s) or overseas corporate bodies or others

100.00

 

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

To produce, sell, import, distribute and deal in oil seeds, veg seeds, cotton seeds feeds for cattle feeding grass, Hybrid seeds for variety of food grains including paddy, maize, wheat etc.

 

PRODUCTION STATUS

 

 

 

GENERAL INFORMATION

 

No. of Employees :

200

 

 

Bankers :

Not Available

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

S. R. Batliboi and Associates

Chartered Accountant

Address :

B -26, Qutab Institutional Area, New Delhi – 110 116, India.

 

 

Associates/Subsidiaries :
  • Proagro Seed Company Limited

A-304, Ansal Chambers 1, 3, Bhikaji Cama Place, New Delhi - 110 066

            Tel. No. 91-11-618 1622 / 5082

            Fax No. 91-11-619 2084

 

  • Proagro PGS India Limited

A-306, Ansal Chambers 1, 3, Bhikaji Cama Place, New Delhi - 110 066

            Tel. No. 91-11-618 1622 / 5082   

            Fax No. 91-11-619 2084

 

  • Hybrid Rice International Limited

A-310, Ansal Chambers 1, 3, Bhikaji Cama Place, New Delhi - 110 066

            Tel. No. 91-11-618 1622 / 5082

            Fax No. 91-11-619 2084

 

  • Nunhems Zaden B. V., Holland

 

 

 

Parent Company :

Nunza B. V., Holland

 

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

4,00,00,000

Equity

Rs. 10/- each

Rs. 400.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

3,86,93,119

Equity

Rs 10/- each

Rs. 386.931 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

386.931

386.931

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

20.850

0.00

4] (Accumulated Losses)

 

0.000

(54.682)

NETWORTH

 

407.781

332.249

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

0.000

0.000

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

407.781

386.931

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

53.323

35.492

Capital work-in-progress

 

6.351

7.820

 

 

 

 

INVESTMENT

 

68.598

29.000

DEFERREX TAX ASSETS

 

17.283

20.889

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

175.342

183.421

 

Sundry Debtors
 

79.030

95.649

 

Cash & Bank Balances
 

130.493

73.112

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

24.904

11.135

Total Current Assets

 
409.769

363.317

Less : CURRENT LIABILITIES & PROVISIONS

 
 

 

 

Current Liabilities
 

129.556

110.829

 

Provisions
 

17.987

13.440

Total Current Liabilities

 
147.543

124.269

Net Current Assets

 
262.226

239.048

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

407.781

332.249

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

596.830

419.440

Other Income

 

0.000

0.000

Total Income

 

596.830

419.440

 

 

 

 

Profit/(Loss) Before Tax

 

122.88

62.790

Provision for Taxation

 

47.350

26.250

Profit/(Loss) After Tax

 

75.530

36.540

 

 

 

 

Total Expenditure

 

457.850

346.330

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

12.66

8.71

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

20.59

14.97

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

22.13

13.75

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.30

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 
0.36

0.37

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
 
2.77

2.92

 

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTORY

 

The company was originally incorporated on 12th June 1995 at Hyderabad in Andhra Pradesh under the name  and style of Sunseeds India Private Limited having Company Registration Number 20661.The name of the  company was changed to Nunhem Proagro Seeds Private Limited with effect from 11th May, 1999. In the year  2002 the company's name was again changed to present w.e.f. 1st March 2002

 

Subject is engaged in the business to produce, sell, import, distribute and deal in oil seeds, veg seeds, cotton  seeds feeds for cattle feeding grass, Hybrid seeds for variety of food grains including paddy, maize, wheat etc.

 

The company was incorporated with the object of developing, producing and marketing hybrid and open  pollinated vegetable seeds. Previously the company was subsidiary of Sunseeds Company, USA. a company incorporated in Mauritius which holds 90% of the equity shares of the company and the balance 10% shares of  the company are held by Nunza B. V. a company incorporated in Netherlands. Now all equity sold to Nunza B. V.,  Holland.

 

The company is setting up a seed processing plant at Medchal in Hyderabad.

 

 

EXPORTS

 

The company continued to strengthen the grip in the international market especially in the Asian region. The  Company’s hybrid like Okra, sweet corn tomato and water melon continue to be exported to Philippines, Thailand  and Holland. The performance of the products has been appreciated in these centers and the company hopes to  receive further orders in the years to come. The company is also trying to explore new markets for its products  and is getting response from Srilanka, Pakistan and the Middle East Region.

 

AS PER WEBSITE

VEGETABLE SEEDS FOR PROFESSIONAL GROWERS

Subject is an international company active in research, plant breeding, production, processing, marketing and sales of vegetable varieties for the professional horticultural production and distribution business.

Subject employs 1,000 people. Subject is among the world's four leading vegetable seed companies and is present in all major vegetable production areas in Europe, the Middle East, North and South Africa, The Americas and Asia/Pacific.

VEGETABLE SEEDS AND SERVICES FOR PROFESSIONALS

The main Subject crops are carrot, melon, leek, asparagus, tomato, cucumbers, pickling cucumbers, salads, gourds, chicory witloof, processing crops and watermelon. In total, Subject and its sister companies market 900 varieties in 28 species through her crop oriented and specialised crop teams. The Subject crop teams are responsible areawide for international, national and regional product/market combinations. The typical Subject approach offers in addition to the products, specific concepts on cultivation and marketing.

Non- Flash

For several Subject crops we distribute Nun-Flash publications. In Nun-Flash we present all possible subjects related to the cultivation or marketing of the crop. Typical information can be a description of deseases, a review on growing areas or any other subject. On our website we offer the published issues as reference and source of information.

If you have questions or suggestions we invite you to contact your sales specialist

The lack of clear government policy on allowing the entry of genetically modified foor items in the country is making companies do a rethink. India’s third largest seed supplier, Subject Seeds Private Limited, a fully owned subsidiary of the  Dutch conglomerate, Nunaza, has suspended its research work on transgenic vegetable crops in the county.

The rate of recovery of investments in transgenic vegetable seeds is low because there are not many niche segments. Due to the uncertainty over the regulatory policies, it was not feasible to continue the investments in the development of transgenic vegetable seeds. Said Dr Arvind Kapur, MD Subject Seeds.

However we are continuting our work on transgnic cereal he added. The company has been working on transgenic mustard seeds 1994 in India. The Indian unit of Subject was  incorporated in 1995 with  Hyderabad  as headquaters. While the corporate office is in  Andhra Pradesh. Sunseeds is the US counterpart of Subject.

Dr. Kapur said the govermnet was no clear about labeling of food items and the whole process is in a transitory phase. Because of this it was difficult to have control over project costs. Subject develops varieties. Which create value by insect and disease resistances and interior and exterior qualities such as taste, color long shelf and field life. Through its specialized brand name HILD, Subject devotes considerable attention to bioseeds . Subject principal products are tomato,  melon, leek, asparagus, cucumbers, salads, chicory witloof, processing crops and watermelon.

 

 

 

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.40.81

UK Pound

1

Rs.81.57

Euro

1

Rs.54.91

 

 

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

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

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions