MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SRI RAJESHWARA HATCHERIES PRIVATE LIMITED |
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Registered Office : |
H. No. 8-2-331/ 14/ C, 3rd Floor, Panchavati Co-Operative
Housing Society, Road No.3, 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 : |
19.08.1996 |
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Com. Reg. No.: |
024961 |
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CIN No.: [Company
Identification No.] |
U01222AP1996PTC024961 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS03952E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of Hatcheries, Hatchery and Poultry
Activities. |
RATING &
COMMENTS
|
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 219000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records.
Profit margin is under severe pressure. Payments are reported as slow but
correct. The company can be considered for small to moderate business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
H. No. 8-2-331/ 14/ C, 3rd Floor, Panchavati Co-Operative Housing
Society, Road No.3, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India |
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Tel. No.: |
91-40-24221626/ 24221049/ 27179997/ 8 |
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Mobile No.: |
91-9849055499/ 9849355449 |
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Fax No.: |
91-40-24220320 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Gaddam Ranjith Reddy |
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Designation : |
Managing Director |
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Address : |
H. No. 12/ 13-677/ 33, 34, Street No.1, Lane No. 1, Tarnaka, Secunderabad
– 500 017, Andhra Pradesh, India |
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Date of Birth/Age : |
18.09.1964 |
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Date of Appointment : |
27.03.1996 |
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Name : |
Mr. Kallem Somi Reddy |
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Designation : |
Director |
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Address : |
Gollapally Village, Jagityal, Karim Nagar, Andhra Pradesh, India |
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Date of Birth/Age : |
17.06.1952 |
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Date of Appointment : |
28.11.1998 |
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Date of Ceasing : |
28.10.2004 |
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Name : |
Mr. Anagandula Tirupathi Reddy |
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Designation : |
Director |
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Address : |
H. No. 12/ 13-677/ 33, 34, Street No.1, Lane No. 1, Tarnaka,
Secunderabad – 500 017, Andhra Pradesh, India |
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Date of Birth/Age : |
06.06.1964 |
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Date of Appointment : |
01.01.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 27.09.2007
|
Names of Shareholders |
No. of Shares |
|
Gaddam Chandrakala |
7280 |
|
Gaddam Ramesh Reddy |
9400 |
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Gaddam Seetha Reddy |
29500 |
|
Kallem Satyanarayana Reddy |
2000 |
|
Kallem Swamya Reddy |
3000 |
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Dr. Anagandula Tirupathi Reddy |
22310 |
|
Anagandula Manjula Reddy |
18000 |
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Mandala Muralidhar Reddy |
4000 |
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Anagandula Kantamma |
3000 |
|
Musku Choka Reddy |
7960 |
|
Neelakuthi Sanjeeva Reddy |
700 |
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Dr. Gaddam Ranjith Reddy |
22410 |
|
Musuku Rajyalaxmi |
3000 |
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Gaddam Shobha Ramesh Reddy |
35050 |
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Chandupatla Ramana Raddy |
4000 |
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Chandupatla Sarala Reddy |
1000 |
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Kalagati Susheela Reddy |
1000 |
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Rohini Seeds Private Limited |
51500 |
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K. Malleshwari |
7000 |
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A. Ram Reddy |
12000 |
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Total |
244110 |
As on 27.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
21.00 |
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Directors
or relatives of directors |
|
79.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Hatcheries, Hatchery and Poultry
Activities. |
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PRODUCTION STATUS As on 31.03.2007
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Particulars |
Unit |
Actual
Production |
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Chicks |
Nos. |
14371337 |
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GENERAL
INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Hari Babu and Associates Chartered Accountants |
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Address : |
Room No. 309, 3rd Floor, Chenoy Trade Centre, Parklane, Secunderabad
– 500 003, Andhra Pradesh, India |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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380000 |
Equity Shares |
Rs.100/- Each |
Rs.38.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
244110 |
Equity Shares |
Rs.100/- Each |
Rs.24.411
millions |
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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 |
24.411 |
24.411 |
16.736 |
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2] Share Application Money |
17.370 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.943 |
1.183 |
0.792 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
43.724 |
25.594 |
17.528 |
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LOAN FUNDS |
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1] Secured Loans |
96.436 |
71.758 |
52.060 |
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2] Unsecured Loans |
13.100 |
5.400 |
1.950 |
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TOTAL BORROWING |
109.536 |
77.158 |
54.010 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
153.260 |
102.752 |
71.538 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.897 |
64.397 |
44.472 |
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Capital work-in-progress |
0.658 |
0.756 |
0.360 |
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INVESTMENT |
5.473 |
5.473 |
5.340 |
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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 |
69.225
|
39.778 |
37.865 |
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Sundry Debtors |
24.752
|
25.846 |
10.133 |
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Cash & Bank Balances |
5.465
|
2.897 |
1.667 |
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Other Current Assets |
6.037
|
7.084 |
9.394 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
105.479
|
75.605 |
59.059 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.084
|
41.832 |
36.655 |
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Provisions |
1.275
|
1.780 |
1.140 |
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Total
Current Liabilities |
22.359
|
43.612 |
37.795 |
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Net Current Assets |
83.120
|
31.993 |
21.264 |
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MISCELLANEOUS EXPENSES |
0.112 |
0.133 |
0.102 |
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TOTAL |
153.260 |
102.752 |
71.538 |
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales of Chicks |
|
127.789 |
147.103 |
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Sale of Culls |
|
6.643 |
10.143 |
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Sale of Table Eggs |
|
0.589 |
0.256 |
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Sale of Litter |
|
0.426 |
0.152 |
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Total |
|
135.447 |
157.654 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.02
|
4.72 |
5.24 |
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Current Ratio (Current Asset/Current Liability) |
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4.72
|
1.73 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The address of the registered office has been shifted from 2-1-88/ 1,
Anand Nagar ‘X’ Road, Bandla Guda Village, Nagole, Hyderabad – 500 068, Andhra Pradesh
to the present address w.e.f. 09.05.2007.
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Name of the company |
SRI RAJESHWARA HATCHERIES PRIVATE LIMITED |
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Presented By |
Dr. G. Ranjith Reddy, Managing Director, Sri Rajeshwara Hatcheries
Private Limited |
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1) Date and description of instrument creating the change |
12.08.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
T.L. Rs.15.600
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
Plant and machinery worth Rs.66.380 millions. EMT AC. 19.30
Guntas at takkalapally village worth Rs.14.787 millions. EMT AC.6.01 Guntas
at Sy. No. 561, situated at Turkayamjal vill worth Rs.10.916 millions EMT AC.16.20
Guntas at pocharam vill worth Rs.10.260 millions. Proposed Civil
consist Plant and machinery worth Rs.11.080 millions. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Tenability for
one year and interest charged @13% per annum. Repayment of
existing of term loan of Rs.7.300 millions in 60 installments and new term
loan in 72 equal installments with interest chargeable @13.50% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Hi-Tech AF Branch, ABIDS, Hyderabad – 500 029, Andhra Pradesh, India |
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6) Date and brief description of instrument modifying the charge |
16.01.2006 Memorandum of agreement
of agriculture loans, agreement re: advances against book debts as prime
security, Supplement agreement, Letter of undertakings etc. |
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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. |
Additional Term
Loan limit of Rs.21.000 millions in addition to the existing existing term
loan of Rs.15.600 and Rs.11.000 millions (The total term loans stands to
Rs.47.600 millions as against existing of Rs.26.600 millions with this
modification) New term loans of
Rs.21.000 millions will be repaid in 5 years with repayment holiday of 6
months Rate of Interest
9.00% p.a. and other terms and conditions and sanctioned letter. ADDITIONAL: EMT of Acs 35.35
guntas with structures at Sy. No. 259.259 and at Nakartha Village or
Medipally Village, Yacharam Mandal. R.R. District worth Rs.13.980 millions. |
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This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U01222AP1996PTC024961 |
|
Name of the
company |
SRI RAJESHWARA HATCHERIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
H. No. 8-2-331/ 14/ C, 3rd Floor, Panchavati Co-Operative
Housing Society, Road No.3, Banjara Hills, Hyderabad – 500 034, Andhra
Pradesh |
|
Type of charge |
Others -
Corporate Guarantee |
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Particular of
charge holder |
Axis Bank Limited G – 4, Welcome Court Complex, Opposite Railway
Degree Cllege, Tarnaka, Secunderabad – 500 017, Andhra Pradesh, India E-Mail: sreedevi.edpuganti@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Guarantee
dated 13.08.2008 |
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Date of
instrument Creating the charge |
13.08.2008 |
|
Amount secured by
the charge |
Rs.110.600
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and Operation
of the charge: The corporate guarantee in favour of the bank shall become
enforceable in the event of default in repayment of loans secured by M/s
Rohini Minerals Private Limited. |
|
Short particulars
of the property charged |
corporate guarantee
in favour of the bank for the Loans secured by M/s Rohini Minerals Private
Limited. |
Other Information:
Secured Loans:
a)
The company has availed a Short Term Loan of Rs.18.000 millions from Canara
Bank, Hi-Tech AF Branch, ABIDS, Hyderabad for purchase of raw materials as the
existing stocks are not sufficient due to bird flu effect.
b)
The company purchased Wagon R Car and is hypothecated to ICICI Bank
Limited for Rs.0.363 million. The company has sold agricultural land at Cheeral
Village, Keesara Mandal, R.R. District. The company also purchased agriculture
land at edulabad Village, Kukatpally, Secunderabad.
FIXED ASSETS:
- Land
- Buildings
- Generator
- Plant and
Machinery
- Farm
Equipments
- Vehicles
- Vans
- Cellular
Phones
- Furniture and
Fixtures
- Computers
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] 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.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
38 |
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 |
|