MIRA
INFORM REPORT
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Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SWARNAJYOTHI AGRO AND EXPORTS PRIVATE LIMITED |
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Registered Office : |
Shamala Nilayam D No. 7-1-28/6, Leela Nagar, Dharam Karam Road,
Ameerpet, Hyderabad – 500 016, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.09.2003 |
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Com. Reg. No.: |
01-41697 |
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CIN No.: [Company
Identification No.] |
U15143AP2003PTC041697 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS10400F |
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PAN No.: [Permanent
Account No.] |
AAHCS5868A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Hydrogenerated Castor Oil |
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 63000 |
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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. Trade relations are fair. Business is active. Payments
are reported as 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 : |
Plot No. 104, Flora Apartments , SBE Side Almand House Road No. 3,
Banjara Hills, Hyderabad – 500 034, Andhra Pradesh , India |
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Tel. No.: |
91-40-23357183 |
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Fax No.: |
91-40-23357182 |
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E-Mail : |
sjagro@rediffmail.com |
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Administrative Office : |
Shamala Nilayam D No. 7-1-28/6, Leela Nagar, Dharam Karam Road,
Ameerpet, Hyderabad – 500 016, Andhra Pradesh , India |
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E-Mail : |
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Corporate Office : |
8-2-348/1, Besides Almond House, Hyderabad – 500 034, Andhra Pradesh,
India |
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Tel. No.: |
91-40-23357183/23357184 |
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Mobile No.: |
91-9866565328 |
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Fax No.: |
91-40-23357182 |
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Factory : |
65 and 66 Epip Pashmail Aram Patancher (M) Medak, Andhra Pradesh,
India |
DIRECTORS
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Name : |
Mrs. Pamidi Ramesh Babu |
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Designation : |
Director |
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Address : |
59A -15-20, Bhadraiah Street, old Postal Colony, Patamata, Vijayawada
– 520 007, Andhra Pradesh, India |
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Date of Birth/Age : |
16.06.1963 |
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Date of Appointment : |
23.10.2006 |
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Email: |
rbpamidi@hotmail.com |
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Name : |
Mr. Manmohan Sahu |
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Designation : |
Managing Director |
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Date of Birth/Age : |
12.02.1962 |
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Date of Appointment : |
31.08.2006 |
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Name : |
Mr. M V Chalapathi |
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Designation : |
Director |
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Date of Birth/Age : |
15.11.1962 |
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Date of Appointment : |
30.07.2005 |
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Name : |
Mr. V S Janardhanam |
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Designation : |
Director |
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Date of Birth/Age : |
09.12.1939 |
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Date of Appointment : |
30.09.2004 |
KEY EXECUTIVES
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Name : |
M/s V Seshu Murty and Company |
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Designation : |
Company Secretary |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
80.00 |
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2 |
Other top fifty (50) shareholders |
20.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Hydrogenerated Castor Oil |
GENERAL
INFORMATION
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Bankers : |
Axis Bank, Begumpet , Hyderabad |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Srinivas Oleti Chartered Accountants |
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Address : |
104, Ayodhya Apartments, 12-2-790/33, Ayodhya Nagar, Mehidipatnam,
Hyderabad – 500 028, Andhra Pradesh, India |
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Associates/Subsidiaries : |
M/s Vasista Foods and Fats Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
954900 |
Equity Shares |
Rs. 10/- each |
Rs. 9.549
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.549 |
9.549 |
9.549 |
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2] Share Application Money |
2.340 |
2.340 |
0.000 |
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3] Reserves & Surplus |
3.799 |
2.354 |
0.495 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.688 |
14.243 |
10.044 |
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LOAN FUNDS |
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1] Secured Loans |
13.349 |
13.292 |
8.490 |
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2] Unsecured Loans |
3.050 |
2.550 |
2.629 |
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TOTAL BORROWING |
16.399 |
15.842 |
11.119 |
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DEFERRED TAX LIABILITIES |
2.042 |
1.287 |
0.950 |
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TOTAL |
34.129 |
31.372 |
22.113 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.881 |
14.821 |
12.893 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
16.589
|
14.083 |
7.236 |
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Sundry Debtors |
7.747
|
7.957 |
4.751 |
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Cash & Bank Balances |
0.349
|
0.208 |
0.136 |
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Other Current Assets |
0.023
|
0.023 |
0.023 |
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Loans & Advances |
1.236
|
1.147 |
0.324 |
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Total
Current Assets |
25.944
|
23.418 |
12.470 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
6.348
|
6.398 |
3.026 |
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Provisions |
1.348
|
0.469 |
0.224 |
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Total
Current Liabilities |
7.696
|
6.867 |
3.250 |
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Net Current Assets |
18.248
|
16.551 |
9.220 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.129 |
31.372 |
22.113 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
146.781 |
110.710 |
54.669 |
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Other Income |
0.191 |
0.054 |
0.000 |
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Total Income |
146.972 |
110.764 |
54.669 |
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Profit/(Loss) Before Tax |
3.209 |
2.289 |
1.550 |
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Provision for Taxation |
1.764 |
0.430 |
1.055 |
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Profit/(Loss) After Tax |
1.445 |
1.859 |
0.495 |
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Export Value |
18.415 |
9.752 |
6.306 |
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Expenditures : |
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Financial Charges |
2.079 |
1.450 |
0.676 |
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Depreciation & Amortization |
0.860 |
0.611 |
0.323 |
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Other Expenditure |
137.885 |
104.353 |
51.121 |
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Total Expenditure |
140.824 |
106.414 |
52.120 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
0.98
|
1.67 |
2.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.18
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2.07 |
2.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.67
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5.98 |
6.11 |
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Return on Investment (ROI) (PBT/Networth) |
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0.20
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0.16 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.53
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1.59 |
1.43 |
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Current Ratio (Current Asset/Current Liability) |
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3.37
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3.41 |
3.83 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
SWARNAJYOTHI AGRO AND EXPORTS PRIVATE
LIMITED |
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Presented By |
Mr. Manmohan
Sahu, Managing Director |
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1) Date and
description of instrument creating the change |
21.08.2004 · Letter of agreement for cash credit advances · Agreement for Hypothecation of current assets · Agreement for hypothecation for machinery and other movable assets · Agreement cum Indemnity fro Export Credit · Undertaking for bills purchased / discounting / negotiated Inland / Foreign Rs. 4.500 millions · Undertaking for bills purchased / discounting / negotiated Inland Foreign – Rs. 2.000 millions |
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2) Amount secured
by the charge/amount owing on the securities of charge |
(100%
interchangeability between EPC and PSC and aggregate outstanding under EPC
and PSC should not exceed 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 |
Cash credit (Hypothecation) Primary Security First charge on
all current Assets, Present and future of the company. Collateral security First charge on
all the movable fixed assets of the company, both present and future. Corporate
guarantee of Vasista Foods and Fats Private Limited Personal
guarantee of the following Promoter Director Shri Ch Koteswara
Rao Shri Manmohan Sahu Shri M V
Chalapathi Export Packing Credit (Sub limit Under CC) Primary Security First charge on
all the stock procured against the confirmed orders / LCs Lodgment of LCs /
Purchase orders covered under ECGC / WTPCG Collateral Security: As applicable to
CC Limit Post Shipment Credit : (Sub Limit Under CC) Primary Security Documents
evidencing export of goods and clearance to title of goods. Collateral security As applicable to
cc Limit Inland Bill Discounting (Sub Limit Under CC) Primary security Charge on goods
covered under Bills purchased / discounted Collateral security As applicable to
CC Limit. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
CC (hypothecation) Rs. 8.500 millions Rate of Interest : PLR + 1.00% p.a
presently 13.00% at monthly rests, payable as and when debited Margin: Raw Material -20% Stock in process -20 Finished goods -20% Stores and Spares – 20% Receivables -25% (Cover Period 60 Days) Export Packing credit Rs. 4.500 millions (Sub Limit Under CC) – Margin 10% Interest –Up –to 180 days:10.50% i.e (PLR -1.50%) Post Shipment Credit : Rs. 4.500 millions (Sub Limit Under CC) Margin : Nil Interest : Demand Bills – 9.50% (PLR -2.50%) Usance – 10.50% Upto 180 Days) Inland Bill Discounting : Rs. 2.000 millions (Sub
Limit Under CC) Margin: 10% Interest 13% payable upfront + other
charges as follows: Handling Charge – Rs. 1000/- per bill Courier Etc –Rs. 100/- per bill Over due Interest @ 2.00% above the
discount rate will be recovered from the due dates for delayed payments. Tenor -40 days |
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5) Name and
Address and description of the person entitled to the charge. |
Axis Bank Begumpet , Hyderabad |
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6) Date and brief description of instrument
modifying the charge |
Nil |
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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. |
Nil |
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Name of the
company |
SWARNAJYOTHI AGRO AND EXPORTS PRIVATE
LIMITED |
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Presented By |
Mr. M Sahu, Managing Director |
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1) Date and
description of instrument creating the change |
21.08.2004 · Letter of agreement for cash credit advances · Agreement for Hypothecation of current assets · Agreement for hypothecation for machinery and other movable assets · Agreement cum Indemnity fro Export Credit · Undertaking for bills purchased / discounting / negotiated Inland / Foreign Rs. 4.500 millions · Undertaking for bills purchased / discounting / negotiated Inland Foreign – Rs. 2.000 millions |
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2) Amount secured
by the charge/amount owing on the securities of charge |
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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 |
Cash credit (Hypothecation) Primary Security First charge on
all current Assets, Present and future of the company. Collateral security First charge on
all the movable fixed assets of the company, both present and future. Corporate
guarantee of Vasista Foods and Fats Private Limited Personal
guarantee of the following Promoter Director Shri Ch Koteswara
Rao Shri Manmohan Sahu Shri M V
Chalapathi Export Packing Credit (Sub limit Under CC) Primary Security First charge on
all the stock procured against the confirmed orders / LCs Lodgment of LCs /
Purchase orders covered under ECGC / WTPCG Collateral Security: As applicable to
CC Limit Post Shipment Credit : (Sub Limit Under CC) Primary Security Against documents
evidencing export of goods and clearance to title of goods. Collateral security As applicable to
cc Limit Inland Bill Discounting (Sub Limit Under CC) Primary security Charge on goods
covered under Bills purchased / discounted Collateral security As applicable to
CC Limit. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
CC (hypothecation) Rate of Interest : PLR + 1.00% p.a
presently 13.00% at monthly rests, payable as and when debited Margin: Raw Material -20% Stock in process -20 Finished goods -20% Stores and Spares – 20% Receivables -25% (Cover Period 60 Days) Export Packing credit (Sub Limit Under CC) – Margin 10% Interest –Up –to 180 days:10.50% i.e (PLR -1.50%) Post Shipment Credit (Sub Limit Under CC) Margin : Nil Interest : Demand Bills – 9.50% (PLR -2.50%) Usance – 10.50% Upto 180 Days) Inland Bill Discounting (Sub Limit Under CC) Margin: 10% Interest 13% payable upfront + other
charges as follows: Handling Charge – Rs. 1000/- per bill Courier Etc –Rs. 100/- per bill Over due Interest @ 2.00% above the
discount rate will be recovered from the due dates for delayed payments. Tenor -40 days |
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5) Name and
Address and description of the person entitled to the charge. |
Axis Bank Begumpet , Hyderabad |
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6) Date and brief description of instrument
modifying the charge |
25.07.2005 Letter of
Agreement fro cash credit advances Agreement for
hypothecation of current assets Agreement for
hypothecation of machinery and other movables assets Agreement cum
indemnity for export credit Undertaking for
bills purchased / discounting / negotiated Inland Foreign |
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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. |
The CC (hypothecation)
Limit has been increased from Rs. 8.500 millions to Rs. 13.500 millions the
sub limit under CC (Hypothecation) are as follows: Sub Limit CC Export Packing
credit (4.500 millions) Post Shipment
Credit –FBD (4.500 millions) CC (Hypothecation) Primary Security First charge on
all current assets, present and future of the company. Collateral security First charge on
all movable fixed assets of the company , both present and future Corporate
guarantee of Vasista Foods and fats private limited Personal
guarantee of the following promoters Director Shri Koteswara
Rao Shri Manmohan Sahu Shri M V
Chalapathi Undertaking to
create equitable mortgage of the land admeasuring 4225 Sq.mtrs bearing plot
No. 65 and 66 situated at EPIP, Pashamylaram, Medak District immediately
after sale deed is entered with APIIC. Rate of Interest
– PLR p.a presently 12.00% at monthly rests. Margin: Stocks -20% Receivables 25% Export Packing credit (Sub Limit Under CC) Primary Security First charge on
all stock procured against the confirmed orders / LCS Lodgment of LCs /
Purchase orders covered under ECGC / WTPCG Collateral Security As applicable to
CC Limit Margin: 10% Interest Upto 180
days:9.50% i.e (PLR -2.50%) |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.97 |
|
UK Pound |
1 |
Rs.79.53 |
|
Euro |
1 |
Rs.63.09 |
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 |
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. |
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 |
|