MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
SUTTIND SEEDS PRIVATE LIMITED |
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Registered Office : |
C - 90 Badli Extension, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.08.2002 |
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Com. Reg. No.: |
55 - 116551 |
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CIN No.: [Company
Identification No.] |
U01122DL2002PTC116551 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS20353E |
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PAN No.: [Permanent
Account No.] |
AADCS5945M |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
production
and marketing of Vegetable
Seeds |
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 30000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well - established company having steady business. Trade relations
are fair. Payments are reported as slow but correct. However the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Head office : |
C - 90 Badli Extension, |
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Tel. No.: |
91-11-32963626 / 27851094 |
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Fax No.: |
91-11-27855712 |
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Website : |
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Branches & Sale Offices: |
C-90,
Badli Extension, 1615, 6th Room,
E - Block, 2nd Stage, Rajaji Nagar, 6/4, Shree Labh Apt.
Flat No-8 Behind Old Petrol Pump, Sumruddhi Colony, Dindori Road Mhasrul,
Nasik - 4 (M.S.) |
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Production
Centers : |
·
Nangli - K 2 ( · Rannebenur (Karnataka) · Solan · Kalimpong |
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Research Station : |
· Rannebenur (Karnataka) ·
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DIRECTORS
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Name : |
Mr. Inder Kumar arora |
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Designation : |
Director |
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Address : |
A – 7, Suvidha Apartment, Sector -13, Rohini, |
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Date of Birth/Age : |
12.02.1949 |
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Date of Appointment : |
14.08.2002 |
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Name : |
Mr. Ravinder Kumar Dogra |
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Designation : |
Director |
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Address : |
64, Vasudhara Apartment, Sector -13, Rohini, |
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Date of Birth/Age : |
03.07.1952 |
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Date of Appointment : |
14.08.2002 |
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Name : |
Mr. Santosh Kumar |
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Designation : |
Director |
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Address : |
E-16-372, Sector -8, Rohini, |
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Date of Birth/Age : |
04.02.1957 |
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Date of Appointment : |
14.08.2002 |
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Name : |
Mr. T Kullaya Reddy |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
31.01.2003 |
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Name : |
Mr. Purshottam Das Saini |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Inder Kumar Arora |
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2930 |
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Mr. Ravinder Kumar Dogra |
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2771 |
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Mr. Parshottam Das Saini |
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2864 |
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Mr. Gurpreet Singh Sarpal |
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360 |
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Sutton Seeds Private Limited |
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1075 |
AS ON 29.09.2007:-
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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 |
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1.07 |
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Directors or relatives of directors |
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98.93 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
production
and marketing of Vegetable
Seeds |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash or Credit (30/60 days) terms. |
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Purchasing : |
Cash or Credit (30 days) terms. |
GENERAL INFORMATION
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No. of Employees : |
55 |
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Bankers : |
· Citibank · HDFC Bank · American Express Bank · ICICI Bank · IDBI Bank Limited, Plot No. 8, CD Block, Local Shopping Centre, Pithampura, Delhi – 110034, India · Canara Bank, Ranebur |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Naveen Gupta and Company Chartered Accountants |
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Address : |
602, |
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Associates/Subsidiaries : |
NiL |
CAPITAL STRUCTURE
AS ON 29.09.2007:-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- Each |
Rs. 10.000 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- Each |
Rs. 1.000 million |
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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.805 |
3.793 |
2.933 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.805 |
4.793 |
3.933 |
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LOAN FUNDS |
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1] Secured Loans |
0.091 |
0.225 |
0.356 |
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2] Unsecured Loans |
0.799 |
1.124 |
1.239 |
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TOTAL BORROWING |
0.890 |
1.349 |
1.595 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.695 |
6.142 |
5.528 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.722 |
2.777 |
2.967 |
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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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Sundry Debtors |
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Cash & Bank Balances |
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Other Current Assets |
15.581
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18.938 |
15.628 |
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Loans & Advances |
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Total
Current Assets |
15.581
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18.938 |
15.628 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.608
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15.573 |
13.067 |
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Provisions |
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Total
Current Liabilities |
11.608
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15.573 |
13.067 |
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Net Current Assets |
3.973
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3.365 |
2.561 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.695 |
6.142 |
5.528 |
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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 |
41.287 |
42.398 |
41.280 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
41.287 |
42.398 |
41.280 |
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Profit/(Loss) Before Tax |
1.214 |
0.971 |
0.472 |
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Provision for Taxation |
0.201 |
0.112 |
0.022 |
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Profit/(Loss) After Tax |
1.013 |
0.859 |
0.450 |
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Import Value |
3.860 |
3.129 |
NA |
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Expenditures : |
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Depreciation & Amortization |
0.273 |
0.262 |
0.319 |
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Other Expenditure |
39.800 |
41.165 |
40.489 |
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Total Expenditure |
40.073 |
41.427 |
40.808 |
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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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PAT / Total Income |
(%) |
2.45
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2.03 |
1.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.94
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2.29 |
1.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.63
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4.47 |
2.54 |
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Return on Investment (ROI) (PBT/Networth) |
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0.21
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0.20 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.15
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3.53 |
3.73 |
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Current Ratio (Current Asset/Current Liability) |
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1.34
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1.22 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
Notes:-
The Registered Office of the company was shifted from Suryasadan , Flat
2E RGM 66, Teghoria, VIP Road, P O Hatiara, Kolkata – 700 059, West
Bengal, to C - 90 Badli Extension, New
Delhi – 110 042, India w.e.f 05.07.2002.
FIXED ASSETS:
· Plant and Machinery
· Vehicles
· Building
· Furniture and Fixtures
· Computers
· Goodwill
· Plot at Barhi
· Air Conditioner
TRAde references:-
Ø
Semini’s
Dong-Iga Jung-gu,
Ø Dongbu Hommong Chemicals Limited
891-10, Daechi-Dong, Kangman Ku,
Ø Nong Woobio Seed Company
1197-4, Macteu 2-Dong, Paltal,
Ø Tokita Seed Company Limited,
1069, Nakagawa Ominja –Shi,
Saitoma –
Ø Goldsmith Seed Company
2280,
Gilzon Chartered Accountants 95021,
Ø Sutton Consumer Products,
Devon TQ47CG,
Website details:-
Company Profile
Subject was incorporated in 1991 by Kumar group of Companies
Calcutta as an off shoot of SUTTON and was involved in production and marketing
of vegetable seeds. It was a small but significant beginning .The company
changed hands in 1999 and has since then established itself as a leading brand
in vegetable seeds both open pollinated and hybrids. The headquarters of the
company were also shifted from
Subject was primarily a temperate seed company specializing in cabbage turnip kohlrabi beet etc, but with the change of management they took it as a challenge to establish their selves in tropical vegetable seeds, and thus with the help of their small but dedicated research team they tried to develop hybrids of tomatoes ,chilli, cucurbits and gourds and melons and have been successful in launching many promising varieties of these vegetables They continue to have a significant share of op and hybrid cabbage seed market as also of European carrot. Their research and development centres in Karnataka Delhi and Solan have contributed to maintaining quality control over the varieties which they produce, procure and market
Subject is aware of the increasing changes in the seed industry around the globe and are developing varieties for better quality, adaptability, disease and insect pest resistance The company operates on trust and confidence reposed by the farmers over the years. It shares common values and purpose and continues to strive for the betterment of the farming community by renewing its pledge to supply high quality seeds. Their reputation is built-on success of their seeds, which are seen as benchmark of quality by both farmers and dealers. The mission of Subject is to supply their customers with a consistent source of high quality vegetable seeds. They offer seeds of proven open pollinated and hybrid varieties, both proprietary and public selections, and their own range
They have their corporate and head office in
Thus covering virtually the entire spectrum of the Indian seed market
They are also an established name in flower and vegetable seeds for the amateur
gardener. Full pictorial range is available in premium SUTTIND
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.09 |
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1 |
Rs.74.90 |
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Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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