MIRA
INFORM REPORT
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Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
CLEANCITIES BIODIESEL INDIA LIMITED |
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Registered Office : |
Plot No. 8, Prashasan Nagar, Road No. 72, Jubilee Hills, Hyderabad –
500 033, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.02.2006 |
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Com. Reg. No.: |
01 – 49161 |
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CIN No.: [Company
Identification No.] |
U74140AP2006PLC049161 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDC02851C |
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PAN No.: [Permanent
Account No.] |
AACCC7607G |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Biodiesel from Edible Oil. |
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 1000 |
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Status : |
New Project |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
The company is expected to commercial production in October 2008. It
is a new project for manufacturer of biodiesel. Trade relations are fair. Payments
are usually correct. Initially, Subject can be considered for normal business dealings with
some caution as the project is new. |
INFORMATION PARTED
BY
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Name : |
Mr. Satya |
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Designation : |
Export- Import Department |
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Contact No.: |
91-9000500905 |
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Date : |
16.09.2008 |
LOCATIONS
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Registered Office : |
Plot No. 8, Prashasan Nagar, Road No. 72, Jubilee Hills, Hyderabad –
500 033, Andhra Pradesh, India |
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Tel. No.: |
91-40-23555134/ 23555135 |
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Mobile No.: |
91-9000500905 |
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Fax No.: |
91-40-23550290 |
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E-Mail : |
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Website : |
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Area : |
7000 Sq. ft. |
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Location : |
Owned |
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Factory : |
Plots H K L, Phase II, Special Economic Zone (Vsez), Duvvada,
Visakhapatnam – 530 035, Andhra Pradesh, India |
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Tel. No.: |
91-891-2703672 |
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Fax No.: |
91-891-2541348 |
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Area : |
8 Acre |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Srinivas Prasad Moturi |
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Designation : |
Director |
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Address : |
Plot No. 110, Road No. 10, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
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Date of Birth/Age : |
12.10.1963 |
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Qualification : |
Engineer |
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Date of Appointment : |
26.04.2006 |
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Name : |
Mr. Anil Kumar Teegala |
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Designation : |
Director |
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Address : |
Flat No. G-1, Plot No. 40, Vishumansion, Sri Nagar Colony, Hyderabad –
500 073, Andhra Pradesh, India |
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Date of Birth/Age : |
11.07.1969 |
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Qualification : |
Engineer |
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Date of Appointment : |
26.04.2006 |
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Other Directorship : |
Gray Scale Media Solutions Private Limited U92132AP2004PTC042625 |
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Name : |
Mrs. Sunitha Moturi |
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Designation : |
Director |
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Address : |
Plot No. 110, Road No. 10, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
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Date of Birth/Age : |
12.10.1963 |
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Qualification : |
B.Com |
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Date of Appointment : |
26.04.2006 |
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Other Directorship : |
Oripro Limited U72900AP2002PTC039248 Mangotech India Limited L72200AP2000SGC033920 |
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Name : |
Mr. S V Anantarao |
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Designation : |
Director |
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Date of Birth/Age : |
50 Years |
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Qualification : |
M. A. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2006
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Names of Shareholders |
No. of Shares |
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Mr. Srinivas Prasad Moturi |
50000 |
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Mrs. Sunitha Moturi |
30000 |
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Mr. Sunkara Venkata Hanumantha Rao |
10000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Biodiesel from Edible Oil. |
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Exports : |
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Products : |
v Biodiesel |
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Countries : |
v UK |
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Imports : |
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Products : |
v Raw Materials |
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Countries : |
v Indonesia v Malaysia |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
v End User v OEM’s |
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No. of Employees : |
60 |
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Bankers : |
v State Bank of
India IFB Branch, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India |
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Facilities : |
L/C |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
JBRK and Company Chartered Accountants |
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Address : |
108, Maruthi Complex, Raj Bhavan, Somajiguda, Hyderabad – 500 082,
Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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70000000 |
Equity shares |
Rs. 10/- each |
Rs. 700.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs. 10/- each |
Rs. 0 .100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.133 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.233 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.233 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.015 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.000 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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0.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.003 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.003 |
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Net Current Assets |
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0.003 |
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MISCELLANEOUS EXPENSES |
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0.222 |
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TOTAL |
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0.233 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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0.000 |
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Other Income |
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0.000 |
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Total Income |
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0.000 |
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Profit/(Loss) Before Tax |
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(0.218) |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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(0.218) |
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Total Expenditure |
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(0.218) |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.94) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01 |
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Current Ratio (Current Asset/Current Liability) |
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0.00 |
LOCAL AGENCY
FURTHER INFORMATION
Business
This City is located on the east coast of India. It is well connected by Air, Sea, etc.
v
The plant is
situated in a Special Economic Zone {SEZ}.
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SEZ is a Privileged
place, like a foreign territory with simplified laws and with Minimum
permissions for operations.
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CAPACITY : 750TPD
-250000TPY---75 MILLION GALLONS OF BIO DIESEL.
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STATUS : Land
acquired and being developed. Permissions are applied. Plant and Machinery is
finalized.
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P&M SUPPLIER :
DESMET BALLESTRA
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PROCESS : Trans
Esterification of fresh vegetable oil.
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ERECTION & COMMISSIONING : ARIAN ENGINEERING
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RAW MATERIAL :
Refined Palm Oil, Refined Jatropha Oil, Soya Oil.
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STANDARDS OF BIO DIESEL PRODUCED : American Quality Standard ASTM 6751-03,
European Quality Standard EN 14214
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COMMERCIAL PRODUCTION : Shortly.
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74140AP2006PLC049161 |
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Name of the
company |
Cleancities
Biodiesel India Limited |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 8, Prashasan Nagar, Road No. 72, Jubilee Hills, Hyderabad –
500 033, Andhra Pradesh, India |
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Type of charge |
v
Movable
Property (not being pledge) |
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Particular of
charge holder |
Name : State Bank
of India Address :
Industrial Finance Branch, Somajiguda City : Hyderabad State : Andhra
Pradesh ISO country code
: IN Pin code : 500
082 e-mail ID : sa.09103@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Term Loan
Consortium Agreement (CF-I) Joint Deed of
Hypothecation (CF- II) Memorandum of
deposit for creation of charge for term loan/ overall limit Interse Agreement
between consortium Banks (SBI, SBT, SBH and State bank of Indore) |
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Date of
instrument Creating the charge |
10.10.2006 |
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Amount secured by
the charge |
Rs. 990.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest State Bank of
India – 1% below SBAR, minimum 10% State Bank of
Hyderabad – 1.5% below BPLR minimum 10% State Bank of
Travancore – 1.5% below SBTPLR minimum 10% State Bank of
Indore – 1.5% below BPLR minimum 10% All Bank Rates
with monthly rests with reset option for every two years. Terms of
Repayment SBI 25 Quarterly
Instalments of Rs. 18.000 millions each commencing from June 2008. SBH 25 Quarterly
Instalments of Rs. 8.000 millions each commencing from June 2008 SBT 25 Quarterly
Instalments of Rs. 8.000 millions each commencing from June 2008 SB Indore 25
Quarterly Instalments of Rs. 5.600 millions each commencing from June 2008 Margin 33.3% of Project
Cost of Rs. 1484.300 millions i.e. Rs. 494.300 millions Extent and
Operation of the charge First charge on
the plant and machinery (Both present and future), Movable and Imjmovable of
the company ranking pari passu for all the consortium Banks. Mortgage of lease
holds rights on the company property situated at VSEZ, Vishakhapatnam Ranking
pari passu for all the consortium Banks. |
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Short particulars
of the property charged |
All the Plant and
machinery of the company both movable and Immovable and present and future. Mortgage of
leasehold rights on the land and buildings situated at Plot No. H, Park (OHT)
K1, K3, K5 TO L1 to L3 and L4 Part II and Phase III in Vishakhapatnam Special
Economic Zone Admeasuring 59229 Sq. Mts |
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 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. 46.71 |
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UK Pound |
1 |
Rs. 85.12 |
|
Euro |
1 |
Rs. 66.98 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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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 |
-- |
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--CREDIT LINES |
1~10 |
4 |
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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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28 |
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 |
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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 |
|
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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