MIRA INFORM REPORT
|
Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
VARSHA BIOSCIENCE AND TECHNOLOGY INDIA PRIVATE LIMITED |
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Registered
Office : |
17-1-382/PN/1/2, Balaji Nagar, Saidabad, Hyderabad – 500059, Andhra
Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.12.2009 |
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Com. Reg. No.: |
01-066145 |
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CIN No.: [Company Identification
No.] |
U01400AP2009PTC066145 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDV08464B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, exporter, supplier and trader of Bio Fertilizers, Bio
Fungicides, Bio Insecticides, Plant Growth Promoters, Special products, Bio
Pesticides, Organic Formulations, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a successor of Varsha Bioscience and Technology, a
proprietory concern started in the year 2003. Trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Mangala Gauri |
|
Designation : |
Co-ordination – Finance Department |
|
Date : |
26.03.2011 |
LOCATIONS
|
Registered Office / Formulation Unit / Packing Unit : |
17-1-382/PN/1/2, Balaji Nagar, Saidabad, |
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Mobile No.: |
91-9791043288 (Mr. John Petor) |
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E-Mail : |
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Website : |
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Area : |
Rented |
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Unit II : |
Located at : Ranga Reddy District, Andhra Pradesh |
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Area : |
Rented |
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Administrative Office : |
Floor 3, H No : 17-1-383/36/2, 2nd |
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Tel. No.: |
91-40-24074427 |
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Fax No.: |
91-40-24071787 |
DIRECTORS
(AS ON 24.09.2010)
|
Name : |
Mr. John Peter Arulmariananthan |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 402, Eternal Apts, 17-1-383/77, Vinay Nagar Colony, Saidabad,
Hyderabad – 500059, Andhra Pradesh, India |
|
Date of Birth/Age : |
14.02.1965 |
|
Qualification : |
PHD |
|
Experience : |
20 Years |
|
Date of Appointment : |
04.12.2009 |
|
DIN Mo . |
02583360 |
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|
|
Name : |
Mr. Joseph Basil |
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Designation : |
Director |
|
Address : |
1st Main Road, 24-A, New Colony, Chromepet, Chennai –
600044, Tamilnadu, India |
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Date of Birth/Age : |
12.03.1955 |
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Experience : |
20 Years |
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Date of Appointment : |
04.12.2009 |
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DIN Ns : |
02654631 |
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|
|
|
Name : |
Mr. Dominic Arun Joseph |
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Designation : |
Director |
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Address : |
2nd North Cross, 4/12, Kapaleeswarar Nagar, Neelankarai,
Chennai – 600041, Tamilnadu, India |
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Date of Birth/Age : |
24.04.1974 |
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Date of Appointment : |
04.12.2009 |
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DIN No. : |
02255383 |
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|
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Name : |
Mr. Jeyanthi Kumar |
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Designation : |
Director |
|
Address : |
519/F/52, 14th Main, Gokul Stage I, Mathikere, Bangalore –
560054, Karnataka, India |
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Date of Birth/Age : |
14.09.1961 |
|
Date of Appointment : |
04.12.2009 |
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DIN No. : |
02255422 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. John Peter Arulmariananthan |
|
462794 |
|
Mr. Joseph Basi |
|
65125 |
|
Dominic Arun Joseph |
|
52090 |
|
Jeyanthi Kumar |
|
71743 |
|
TOTAL |
|
651752 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
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|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, exporter, supplier and trader of Bio Fertilizers, Bio
Fungicides, Bio Insecticides, Plant Growth Promoters, Special products, Bio
Pesticides, Organic Formulations, etc. |
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|
Products : |
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Terms : |
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Selling : |
Cash and Credit [Up to 30 days] |
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Purchasing : |
Cash and Credit [Up to 30 days] |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and Distributors
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Bank of Maharashtra, Champapet Branch, |
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Facilities : |
CC + TL : Rs. 29.000 Millions [From Bank of |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
A.
Koteswara Rao Chartered Accountants |
|
Address : |
B-98, 2rd Floor, Near Brahmam Talent School, Madhura Nagar, Hyderabad –
500038, Andhra Pradesh, India |
|
Tel. No.: |
91-40-43700778 |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Share |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
651,752 |
Equity Share |
|
Rs. 6.518
Millions |
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|
|
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AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs. 10/- each |
Rs. 0.500 Million |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Share |
Rs. 10/- each |
Rs. 0.100 Million |
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|
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
|
0.100 |
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2] Share Application Money |
|
|
0.387 |
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|
3] Reserves & Surplus |
|
|
0.000 |
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4] (Accumulated Losses) |
|
|
0.000 |
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NETWORTH |
|
|
0.487 |
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LOAN FUNDS |
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|
|
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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 |
|
|
0.000 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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|
|
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TOTAL |
|
|
0.487 |
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|
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
|
0.026 |
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Capital work-in-progress |
|
|
0.000 |
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
|
0.000 |
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Sundry Debtors |
|
|
0.000 |
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Cash & Bank Balances |
|
|
0.185 |
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Other Current Assets |
|
|
0.000 |
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Loans & Advances |
|
|
0.013 |
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Total
Current Assets |
|
|
0.198 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
|
|
0.005 |
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Other Current Liabilities |
|
|
0.000 |
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|
Provisions |
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|
0.000 |
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Total
Current Liabilities |
|
|
0.005 |
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Net Current Assets |
|
|
0.093 |
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MISCELLANEOUS EXPENSES |
|
|
0.024 |
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Pre-Operative Expenditure |
|
|
0.244 |
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TOTAL |
|
|
0.487 |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
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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) |
|
|
|
39.60 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U01400AP2009PTC066145 |
|
Name of the
company |
Varsha Bioscience And Technology India Private Limited |
|
Address of the registered
office or of the principal place of
business in |
17-1-382/PN/1/2, Balaji Nagar, Saidabad, Hyderabad- 500059, Andhra
Pradesh, India |
|
This form is for |
Creation
of charge |
|
Type of charge |
Book
debts HYP of Stocks, Equipments, Furniture and Fixtures |
|
Particular of
charge holder |
Bank Of Maharashtra, Champapet Branch, N. S. Road, Champapet,
Hyderabad – 500059, Andhra Pradesh, India |
|
Nature of
instrument creating charge |
Composite Deed Of Hypothecation For All Facilities |
|
Date of
instrument Creating the charge |
09.10.2010 |
|
Amount secured by
the charge |
Rs. 23.800 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
(a)
Rate of interest CC: Base Rate+2% (Presently @ 10.25% p.a. wmr) TL: Base Rate + 2%+TP1% (Presently @ 11.25% p.a wmr) (b)
Terms of repayment Span Of Repayment 84 Months Moratoruim 9 Months From First Disbursement Principal @ Rs. 0.792 Million Per Quarter (25 Quarterly Installments) Interest: In Addition To Principal Interest To Be Serviced Every Month
Inclusive Of Moratorium Period (c)
Margin CC: 25% In Favour Of Bank TL: 25% In Favour Of Bank (d)
Extent and operation of the charge CC:
Hypothecation of Stock and Book Debts (for reckoning DP Book Debts exceeding
90 days should not taken) TL:
Hypothecation of Existing and Proposed Equipment / Electrical Fittings / Gen
Sets and Office Furniture and Fixtures (e)
Others Cash
Credit : Rs. 4.000 Millions Term
Loan : RS.19.800 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
CC: Hypothecation of Stock & Book Debts (for reckoning DP Book
Debts exceeding 90 days should not taken) TL: Hypothecation of Existing and Proposed Equipment/Electrical
Fittings/Gen Sets and Office Furniture & Fixtures Personal Guarantee of
the Directors 1. John Peter Arulmarianathan, 2.Jeyanthi Kumar, 3. A. Joseph Basil and
4. J. Dominic Arun Joseph |
Varssha Bioscience and
Technology takes pride in nurturing technological tie-ups with the following
reputed institutions:
- Indian
Council of Agriculture Research
- National
Chemical Laboratories
- Research
tie-ups with leading three research institutes & Universities.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
|
|
1 |
Rs.71.97 |
|
Euro |
1 |
Rs.63.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
14 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.