MIRA
INFORM REPORT
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Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SRESTA NATURAL BIOPRODUCTS PRIVATE LIMITED |
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Registered Office : |
203, Pavani Annexe, Road No. 2, Banjara Hills, Hyderabad 500 034,
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 : |
09.03.2004 |
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Com. Reg. No.: |
01-42837 |
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CIN No.: [Company
Identification No.] |
U01122AP2004PTC042837 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS07392A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Exporter, Importer and Dealer of Organic
Food Products and Beverages. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 183100 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track. Its profitability is under severe
pressure, having good amount of accumulated losses. Payments are reported as
slow but correct. The company can
be considered for small to mediocre business dealings with slight caution,
initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Shrikant G |
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Designation : |
Front Officer |
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Date : |
22.05.2008 |
LOCATIONS
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Registered Office : |
203, Pavani Annexe, Road No. 2, Banjara Hills, Hyderabad 500 034,
Andhra Pradesh, India |
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Tel. No.: |
91-40-27893028/ 23543766 |
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Mobile No.: |
91-9885670385 |
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Fax No.: |
91-40-27893029/ 23543767 |
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E-Mail : |
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Website : |
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Head Office : |
Sresta House, Plot # 7, LIC Colony, Sikh Village, Secunderabad 500
009, Andhra Pradesh, India |
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Tel. No.: |
91-40-27893028 |
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Fax No.: |
91-40-27893029 |
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E-Mail : |
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Location : |
Rented |
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Factory 1 : |
Survey No. 536, Kishtapur Village, Melchal Mandal, R R District,
Andhra Pradesh, India |
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Tel. No.: |
91-8418-260536 |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Rajashekar Reddy Seelam |
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Designation : |
Director |
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Address : |
203, Pavani Annexe, Road 2, Banjara Hills, Hyderabad 500 034, Andhra
Pradesh, India |
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Date of Birth/Age : |
20.09.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.03.2004 |
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Name : |
Mrs. Renuka Rajashekar Seelam |
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Designation : |
Director |
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Address : |
203, Pavani Annexe, Road 2, Banjara Hills, Hyderabad 500 034, Andhra
Pradesh, India |
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Date of Birth/Age : |
25.08.1970 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.03.2004 |
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Name : |
Mr. A. Ramammurthy Ramesh |
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Designation : |
Director – Nominee (APIDC – Venture Capital Limited) |
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Address : |
7-1-77/C, Dk Road, Ameerpet, Begumpet P O, Hyderabad 500 016, Andhra
Pradesh, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Rajashekar Reddy Seelam |
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113000 |
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Mrs. Renuka Rajashekar Seelam |
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85000 |
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Mr. Sivasankara Prasad Yedla |
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2000 |
As on 30.09.2007
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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57.32 |
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Directors or Relatives of Directors |
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42.68 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporter, Importer and Dealer of Organic
Food Products and Beverages. |
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Products : |
Pickles& Chutneys
: • Bombay Pulao (Rice with various vegetables) • Lemon Pickle (Spicy)
Masalas & Curry
Paste : • Dal Masala
Chutney Powder : • Dal Chutney powder
Spice pastes • Ginger Paste
Spices - Whole & Powders
• Chilly
Sweeteners • Jaggery
Edible oils • Peanut oil
Coffee : § Green beans §
Roasted
beans §
Ground
coffee
Papadams : • Soy Masala § Punjabi Masala Culinary herbs • Dried Basil Marjoram |
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Exports : |
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Products : |
All Products |
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Countries : |
European Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Korea |
GENERAL
INFORMATION
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No. of Employees : |
Around 100 [In Office – 30 and In Factory – 70] |
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Bankers : |
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Facilities : |
The existing cash credit limits of Rs. 4.000 millions have been
enhanced to Rs. 11.000 millions as follows: Cash Credit hypothecation – Rs. 10.000 millions Foreign Packaging credit and Foreign bills discounting – Rs. (7.500)
millions (sub limit of CC hypothecation) Bank Guarantee – Rs. 1.000 million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gandhi and Gandhi Chartered Accountants |
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Address : |
1002, Palgah Plaza, Basheer Bagh, Hyderabad 500 063, Andhra Pradesh,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 millions |
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2,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 20.000 millions |
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Total |
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Rs. 45.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,417,155 |
Equity Shares |
Rs. 10/- each |
Rs. 14.172 millions |
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1,903,651 |
Preference
Shares |
Rs. 10/- each |
Rs. 19.036 millions |
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Total |
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Rs. 33.208 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
33.208 |
11.652 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
33.044 |
2.100 |
0.000 |
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4] (Accumulated Losses) |
(20.482) |
(4.443) |
(0.747) |
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NETWORTH |
45.770 |
9.309 |
1.253 |
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LOAN FUNDS |
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1] Secured Loans |
2.968 |
0.568 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
3.676 |
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TOTAL BORROWING |
2.968 |
0.568 |
3.676 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
48.738 |
9.877 |
4.929 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.442 |
1.230 |
0.524 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
24.918 |
0.800 |
0.000 |
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DEFERREX TAX ASSETS |
8.173 |
1.362 |
0.252 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.735
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4.111 |
2.260 |
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Sundry Debtors |
3.416
|
1.661 |
0.000 |
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Cash & Bank Balances |
1.967
|
0.022 |
0.999 |
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Other Current Assets |
0.093
|
0.158 |
0.038 |
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Loans & Advances |
0.000
|
0.004 |
0.028 |
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Total
Current Assets |
10.211
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5.956 |
3.325 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.592
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0.350 |
0.194 |
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Provisions |
0.073
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0.000 |
0.078 |
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Total
Current Liabilities |
1.665
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0.350 |
0.272 |
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Net Current Assets |
8.546
|
5.606 |
3.053 |
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MISCELLANEOUS EXPENSES |
0.659 |
0.879 |
1.100 |
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TOTAL |
48.738 |
9.877 |
4.929 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.10
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1.10 |
4.15 |
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Current Ratio (Current Asset/Current Liability) |
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6.13
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17.01 |
12.22 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
SRESTA NATURAL BIOPRODUCTS PRIVATE LIMITED |
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Presented By |
Mr. S. Rajashekar Reddy |
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1) Date and description of instrument creating the change |
Agreement of loan for overall limit dated 27.04.2005 Agreement of hypothecation of goods and assets dated 27.04.2005 Agreement of pledge of goods and assets dated 24.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash credit – Rs. 4.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of stock |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash credit – interest @ 12.25% p.a. Terms and conditions as per the loan agreement |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Yellareddy Guda Branch - 3257, Srinagar Colony Road, Hyderabad 500 073, Andhra Pradesh, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Trade References:
- Spencer Retails Limited
- Hypermax
- S P Stores
AS PER WEB:
History
Food is the strength that builds the fabric of life. But with modern
industrialized farming systems food has lost its purity. Keeping this in mind
they at Sresta Natural Bioproducts Pvt. Ltd have made the ancient 24-letter
feeding principle the guiding principle of their commitment to promote
sustainable lifestyles and livelihoods.
Tvam Bhumir Apo Analo Anilo Nabha-
You alone are Earth. Water, Fire, Air & Ether is the blend of all basic
elements that compose wholesome food. And what better way to wholesome food
than organic food.
Organic food is cultivated without the use of pesticides, fungicides,
herbicides or fertilizers. Their exclusive organic retail outlets “24 Letter
Mantra” stocks wide range of organic and natural food products that aim to give
you a life filled with sunshine, happiness, caring, trust and humor.
Sresta is promoted and professionally managed by people with extensive
experience in Agribusiness and senior managerial experience. This is the first
organized effort on a nationwide basis to produce and market Indian Organic
products systematically in India and worldwide. The Sresta Organic Foods
project has been operational since 2003 and it has taken many years of
painstaking, sustained preparatory work to provide you with the best quality,
genuine Organic products.
Sresta has more than 10000 acres under Organic cultivation across various
states of India. They work on contract production basis with mostly small and
marginal farmers. Their production standards conform to EU 2092/91, USA NOP,
Indian NPOP norms and are certified by International organizations. They also
have strong dedicated partnerships with other organizations involved in Organic
production.
Farmind Project
Sresta is involved from Seed to Kitchen stage and has dedicated
relationships with thousands of farmers across the country. Their field
production projects are spread across the country and across varied
agro-climatic zones. This translates into:
- Ability to
produce a wide range of crops
- Ensure
quality by choosing the right seed, soil & climate
- Close
guidance and monitoring of field practices for various crops
- Reduce
production risks associated with nature by having at least two production
centers for most crops
Currently they have over 10000 acres across the country under various
stages of Organic production. They take maximum advantage of the varied
agro-climatic zones and produce crops which are native to that particular place
and also take consideration the climatic conditions and soil, which translates
into quality produce.
All their projects are supervised by their team members located across
the country. Their inclusive model involves partnering with Local Non
Governmental organizations in mobilizing farmers and training them in Organic
agriculture. They partner with leading Agriculture research institutions and
experts in India and abroad to evolve best organic agriculture practices to
improve Agricultural productivity, farm sustainability and quality of the
produce.
They have their projects in various parts of Rajasthan, Orissa, Tamil
Nadu, Karnataka, Kerala, Andhra Pradesh, Maharashtra, Gujarat, Madhya Pradesh
and Uttaranchal. All the farming projects are under Organic Certification for
Euro 2092/91 standards, US NOP and Indian NPOP organic standards. Most of the
projects are certified by Control Union International, and a few by ECOCERT.
They also work with other certified Organic producers across the
country.
Their sourcing of products from various places across the country ensures
consistent supply of products and variety to choose from. And the
certifications ensure that you get the best product with complete assurance.
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.42.72 |
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UK Pound |
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.66.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
30 |
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 |
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