MIRA
INFORM REPORT
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Report Date : |
22nd March 2007 |
IDENTIFICATION
DETAILS
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Name : |
SAFAL SEEDS AND BIOTECH LIMITED |
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Registered Office : |
622, Maker Chamber V, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.04.2001 |
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Com. Reg. No.: |
11-131608 |
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CIN No.: [Company
Identification No.] |
U01112MH2001PLC131608 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS30412E |
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PAN No.: [Permanent
Account No.] |
AAFCS2536M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Carry on the business of development of biotech, scientific and hitech
farming in all its forms and applications for promoting the business of
agriculture, horticulture, floriculture, plantations and research and
development in biotechnology, hybrid seeds, irrigation, fertilizers,
chemicals bio-pesticides for agriculture, with the use of computers and
scientific methods for promoting nutrition and edible values and also to
provide consultancy for agro based project on turnkey basis, biotechnology
research and development. Carry on business of cultivating, growing, breeding, producing or
otherwise dealing in any agricultural, horticultural, floriculture produce
like vegetables, fruits and nuts, kernel, vegetables, cotton, llnseed rape
seed, mustered seed, maize, wheat, gram, potatoes, sugarcane, brinjals,
mangoes, lemon, coconut, and all other cash crops, growers of and dealers of
like kinds of crops and plants and for the purpose set up, purchase or
otherwise acquire farms, groves and land for growing, storing, curring,
processing, warehousing, drying and otherwise dealing with the same and to
import-export all such produce, and to carry on research and development in
respect of any of the items of produce or machinery equipment and facilities
as aforesaid and all the tools and implements that are used for such
purposes. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 50000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are 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
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Registered Office : |
622, Maker Chamber V, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Tel. No.: |
91-22-22824166 |
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E-Mail : |
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Branch : |
P O Box 39, MIDC, Jalna – 431 203, Maharashtra, India |
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Tel. No.: |
91-2482-231717 |
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Fax No.: |
91-2482-230398 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Suresh Agarwal |
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Designation : |
Director |
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Address : |
1/28/4536, Civil Club Road, Jalna – 431 203, Maharashtra, India |
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Date of Birth/Age : |
27.09.1944 |
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Date of Appointment : |
16.04.2001 |
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Name : |
Mrs. Rekhadevi Agarwal |
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Designation : |
Director |
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Address : |
1/28/4536, Civil Club Road, Jalna – 431 203, Maharashtra, India |
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Date of Birth/Age : |
15.12.1951 |
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Date of Appointment : |
16.04.2001 |
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Name : |
Mr. Kamal Zunzunwala |
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Designation : |
Director |
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Address : |
“Akshat” Nath Nagar, Mantha Road, Jalna – 431 203, Maharashtra, India |
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Date of Birth/Age : |
27.04.1951 |
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Date of Appointment : |
16.04.2001 |
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Name : |
Mrs. Sulbhadevi Zunzunwala |
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Designation : |
Director |
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Address : |
“Akshat” Nath Nagar, Mantha Road, Jalna – 431 203, Maharashtra, India |
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Date of Birth/Age : |
22.10.1958 |
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Date of Appointment : |
16.04.2001 |
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Name : |
Mrs. Sheetal Agarwal |
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Designation : |
Director |
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Address : |
“Girjashankar”, Near Congress Bhavan, Shivaji Nagar, Pune,
Maharashtra, India |
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Date of Birth/Age : |
11.07.1971 |
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Date of Appointment : |
16.04.2001 |
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Name : |
Mr. Sameer Agarwal |
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Designation : |
Director |
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Address : |
1/28/4536, Civil Club Road, Jalna – 431 203, Maharashtra, India |
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Date of Birth/Age : |
13.10.1972 |
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Date of Appointment : |
16.04.2001 |
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Name : |
Mrs. Varsha Agarwal |
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Designation : |
Director |
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Address : |
1/28/4536, Civil Club Road, Jalna – 431 203, Maharashtra, India |
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Date of Birth/Age : |
26.01.1975 |
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Date of Appointment : |
16.04.2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Suresh Agarwal |
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10000 |
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Mrs. Rekhadevi Agarwal |
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10000 |
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Mr. Kamal Zunzunwala |
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10000 |
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Mrs. Sulbhadevi Zunzunwala |
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10000 |
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Mrs. Sheetal Agarwal |
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10000 |
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Mr. Sameer Agarwal |
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10000 |
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Mrs. Varsha Agarwal |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Carry on the business of development of biotech, scientific and hitech
farming in all its forms and applications for promoting the business of
agriculture, horticulture, floriculture, plantations and research and
development in biotechnology, hybrid seeds, irrigation, fertilizers,
chemicals bio-pesticides for agriculture, with the use of computers and
scientific methods for promoting nutrition and edible values and also to
provide consultancy for agro based project on turnkey basis, biotechnology
research and development. Carry on business of cultivating, growing, breeding, producing or otherwise
dealing in any agricultural, horticultural, floriculture produce like
vegetables, fruits and nuts, kernel, vegetables, cotton, llnseed rape seed,
mustered seed, maize, wheat, gram, potatoes, sugarcane, brinjals, mangoes,
lemon, coconut, and all other cash crops, growers of and dealers of like
kinds of crops and plants and for the purpose set up, purchase or otherwise
acquire farms, groves and land for growing, storing, curring, processing,
warehousing, drying and otherwise dealing with the same and to import-export
all such produce, and to carry on research and development in respect of any
of the items of produce or machinery equipment and facilities as aforesaid
and all the tools and implements that are used for such purposes. |
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Products : |
Ţ Merchant
Exporter Ţ R and D of Seeds
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GENERAL
INFORMATION
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No. of Employees : |
About 25 |
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Bankers : |
United Western
Bank Limited Jalna Branch,
Jalna, Maharashtra, India |
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Facilities : |
Secured Loan (Rs. in
millions)
Unsecured Loan (Rs. in
millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pradeep Gupta Chartered Accountants |
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Address : |
B 54, Station Plaza, Station Road, Bhandup (West), Mumbai – 400 078,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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70000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.700 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 |
0.700 |
0.700 |
0.700 |
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2] Reserves & Surplus |
12.392 |
8.748 |
6.600 |
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NETWORTH |
13.092 |
9.448 |
7.300 |
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LOAN FUNDS |
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1] Secured Loans |
12.644 |
5.733 |
5.130 |
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2] Unsecured Loans |
17.559 |
22.309 |
23.815 |
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TOTAL BORROWING |
30.203 |
28.042 |
28.945 |
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TOTAL |
43.295 |
37.490 |
36.245 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.479 |
5.057 |
0.024 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.784 |
6.859 |
6.859 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.973
|
2.285 |
0.708 |
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Sundry Debtors |
10.079
|
4.573 |
2.796 |
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Cash & Bank Balances |
0.565
|
1.598 |
0.656 |
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Loans & Advances |
40.686
|
37.834 |
28.145 |
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Total
Current Assets |
54.303
|
46.290 |
32.305 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
22.115
|
19.487 |
1.771 |
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Provisions |
3.192
|
1.272 |
1.222 |
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Total
Current Liabilities |
25.307
|
20.759 |
2.993 |
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Net Current Assets |
28.996
|
25.531 |
29.312 |
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MISCELLANEOUS EXPENSES |
0.037 |
0.043 |
0.050 |
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TOTAL |
43.295 |
37.490 |
36.245 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Total Income |
65.960 |
32.941 |
14.254 |
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Profit/(Loss) Before Tax |
5.563 |
3.097 |
1.466 |
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Provision for Taxation |
0.000 |
0.000 |
0.472 |
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Profit/(Loss) After Tax |
5.563 |
3.097 |
0.994 |
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Expenditures : |
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Clearing and Forwarding Expenses |
0.000 |
0.000 |
0.707 |
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Packing Material Expenses |
0.000 |
0.000 |
0.438 |
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Processing Expenses |
0.000 |
0.000 |
0.105 |
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Transportation |
0.000 |
0.000 |
0.476 |
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Air Freight and Cargo Expenses |
0.000 |
0.000 |
0.501 |
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Import Expenses |
0.000 |
0.000 |
0.000 |
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Interest |
1.693 |
1.198 |
0.487 |
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Bank Charges |
0.000 |
0.000 |
0.190 |
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Electricity Expenses |
0.000 |
0.000 |
0.067 |
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Insurance |
0.002 |
0.005 |
0.010 |
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Interest paid to others |
0.000 |
0.000 |
0.627 |
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Stamp Duty and Filling Fees |
0.000 |
0.000 |
0.013 |
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Office Expenses |
0.000 |
0.000 |
0.029 |
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Postage and Courier |
0.000 |
0.000 |
0.004 |
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Preliminary Expenses |
0.000 |
0.000 |
0.007 |
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Printing and Stationery |
0.000 |
0.000 |
0.022 |
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Professional Fees |
0.000 |
0.000 |
0.005 |
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Traveling Expenses |
0.000 |
0.000 |
0.151 |
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Salary |
0.504 |
0.267 |
0.176 |
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Other Expenditure |
58.197 |
20.646 |
10.261 |
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Total Expenditure |
60.396 |
29.843 |
14.276 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total
Income |
(%) |
8.43
|
9.40 |
6.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.43
|
9.40 |
10.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.11
|
5.32 |
3.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.32 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.23
|
6.16 |
5.37 |
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Current Ratio (Current Asset/Current Liability) |
|
2.14
|
2.23 |
10.79 |
LOCAL AGENCY
FURTHER INFORMATION
The Company’s Fixed Assets of important value includes:
n
Computers
n
PolyHouse
n
Know how
Bankers Charges
Report as per Registry
Name of the Company : Safal Seeds and
Biotech Limited
Presented by : -- Safal Seeds and Biotech Limited
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1. Date and
description of the instrument creating or evidencing the charge
|
Agreement of hypothecation
dated 29.07.2002 for Working Capital Limit of Rs. 1.100 millions (CC Rs.
2.500 millions, export Packing Credit Limit Rs. 6.000 millions, and L/C Limit
Rs. 2.500 millions). |
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2. Amount secured
by the charge /amount owing on security of the charge |
Rs. 1.100
millions |
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3. Short
Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
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Hypothecation of
stock of seeds and receivables, inventory and export bill (Fobn), and goods
under L/C |
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4. Gist of the
terms and conditions and extent and operation of the charge. |
1] Interest @ 15%
p.a. for CC Limit, and @ 9.5% p.a. for EPC Limit, and Commission for L/C as
per FEDAI Rules 2] Margin at 13%
on Stock of Raw Material and Receivables. |
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5. Names, address
and description of the persons entitled to charge |
United Western
Bank Limited Jalna Branch,
Jalna, Maharashtra, India |
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6. Date and brief
description of instrument modifying the charge |
Agreement of
hypothecation and deed of continuing guarantee both dated 12.04.2004 |
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7. Particular of modification specifying the terms and conditions or the
extent or operation of the charge in
which modification is made and
the details of modification |
The overall
working capital limit have been increased by Rs. 1.000 millions by granting
additional Cash Credit Limit thereby making the total Working Capital Limit
of Rs. 12.000 millions (CC Rs. 2.500 milions, PC and Bill F B Rs. 6.000 millions, L/C of Rs. 2.500
millions and New CC Limit of Rs. 1.000 millions). |
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.43.70 |
|
UK Pound |
1 |
Rs.85.90 |
|
Euro |
1 |
Rs.58.25 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
|