MIRA
INFORM REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SRI SAI AGRI–BIO LABS PRIVATE LIMITED |
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Registered
Office : |
14-141, Anjaneyapuram, Cheepurupally, Vizianagaram – 535128, Andhra
Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
23.03.2005 |
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Com. Reg. No.: |
01-045688 |
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Capital
Investment / Paid-up Capital : |
Rs.23.500
Millions |
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CIN No.: [Company Identification
No.] |
U01120AP2005PTC045688 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
VPNS05645D |
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PAN No.: [Permanent Account No.] |
AAICS9289A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Fertilizers Soil Additives. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 110000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. The
management has not field the latest financial of the company with the
government departments. However, trade relations are reported as fair.
Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.
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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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Mohan |
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Designation : |
Accounts Manager |
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Date : |
04.08.2011 |
LOCATIONS
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Registered Office : |
14-141, Anjaneyapuram, Cheepurupally, Vizianagaram – 535128, Andhra
Pradesh, India |
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Tel. No.: |
91-891-2501825 |
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Fax No.: |
91-891-3024394 |
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E-Mail : |
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Website : |
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Visakhapatnam Office : |
#7-5-110, Kamalalaya, Maitreyi Nagar, Pandurangapuram, Visakhapatnam-
530 003, Andhra Pradesh, India |
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Tel. No.: |
91-891-2782960 |
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TeleFax No.: |
91-891-2501825 |
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E-Mail : |
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Factory : |
Opposite Fire Station, KL Puram Road,Cheepurupalli- 535
128, Vizianagaram Dist, Andhra Pradesh, India |
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Telefax No,: |
91-8952-283678 |
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Marketing Office: |
#8-2-299/34, Tahir Ville, Near Yousufguda Check Post,
Hyderabad- 500 045, India |
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Telefax No.: |
91-40-23556846/ 23541055 |
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Fax No.: |
91-40-23556842 |
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International
Enquiry Office : |
Flat No. 1096, United Friends Apartment, Sector 6, Plot
No. 9, Dwarka |
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Tel
No.: |
91-11-45060859 |
DIRECTORS
(AS ON 30.09.2008)
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Name : |
Mr. Divakar Tantravahi |
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Designation : |
Director |
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Address : |
78, Whishper Valley, Rayadarga, Jubilee Hills, Hyderabad – 500034,
Andhra Pradesh, India |
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Date of Birth/Age : |
06.02.1965 |
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Date of Appointment : |
23.03.2005 |
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Name : |
Mr. Bhaskara Srinivas Prata |
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Designation : |
Director |
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Address : |
F. No.1, Hastha Apartments, Behind YMCA, Pandurangapuram,
Visakhapatnam – 530017, Andhra Pradesh, India |
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Date of Birth/Age : |
28.06.1966 |
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Date of Appointment : |
23.03.2005 |
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Name : |
Mrs. Padmavathi Pratha |
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Designation : |
Director |
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Address : |
Flat No. E 4 W, Beach Garden Apartments, Opposite Century club,
Maharanipeta, Visakhapatnam – 530017, Andhra Pradesh, India |
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Date of Birth/Age : |
15.03.1944 |
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Date of Appointment : |
14.01.2006 |
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Date of Ceasing : |
02.10.2009 |
KEY EXECUTIVES
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Name : |
Mr. Mohan |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2008)
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Names of Shareholders |
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No. of Shares |
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Divakar Tantravahi |
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223600 |
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Bhaskara Srinivas Prata |
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806000 |
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Padmavathi Pratha |
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220000 |
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T. R. Syamala |
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400 |
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Total |
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1250000 |
(AS ON 30.09.2008)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Fertilizers Soil Additives. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India ADB Visakhapatnam Branch, Lsakathota Junction, Visakhapatnam – 530017,
Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
L N R Associates Chartered Accountant |
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Address : |
H. No.43-11-49/11, Mathrusri Apartment, Subbalakshmi Nagar,
Visakhapatnam – 530016, Andhra Pradesh, India |
CAPITAL STRUCTURE
(AS ON 30.09.2009)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2350000 |
Equity Share |
Rs.10/- each |
Rs.23.500
Millions |
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(AS ON 31.03.2009)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Share |
Rs.10/- each |
Rs.25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2350000 |
Equity Share |
Rs.10/- each |
Rs.23.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
23.500 |
12.500 |
6.000 |
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2] Share Application Money |
4.500 |
0.000 |
1.500 |
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3] Reserves & Surplus |
0.716 |
0.692 |
0.016 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.716 |
13.192 |
7.516 |
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LOAN FUNDS |
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1] Secured Loans |
29.814 |
25.550 |
22.565 |
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2] Unsecured Loans |
8.829 |
5.429 |
7.954 |
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TOTAL BORROWING |
38.643 |
30.979 |
30.519 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
67.359 |
44.171 |
38.035 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.889 |
15.002 |
13.674 |
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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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Inventories |
20.300
|
19.506 |
17.007 |
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Sundry Debtors |
25.910
|
9.123 |
6.704 |
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Cash & Bank Balances |
0.226
|
0.022 |
0.349 |
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Other Current Assets |
6.800
|
2.253 |
0.687 |
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Loans & Advances |
3.163
|
0.786 |
0.788 |
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Total
Current Assets |
56.399
|
31.690 |
25.535 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
6.559
|
2.677 |
2.076 |
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Other Current Liabilities |
0.610
|
0.460 |
0.000 |
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Provisions |
0.417
|
0.207 |
0.084 |
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Total
Current Liabilities |
7.586
|
3.344 |
2.160 |
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Net Current Assets |
48.813
|
28.346 |
23.375 |
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MISCELLANEOUS EXPENSES |
0.657 |
0.823 |
0.986 |
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TOTAL |
67.359 |
44.171 |
38.035 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income (Turnover) |
82.781 |
50.965 |
31.074 |
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PROFIT AFTER TAX |
0.025 |
0.675 |
0.575 |
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Earnings Per
Share (Rs.) |
0.01 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.61
|
2.60 |
4.35 |
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Current Ratio (Current Asset/Current Liability) |
|
7.43
|
9.48 |
11.82 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The company achieved a turnover of Rs.82.781 Millions and earned a net
profit of Rs.0.025 Millions after tax for the year ended 31st March
2009.
FORM 8:
|
Corporate
identity number of the company |
U01120AP2005PTC045688 |
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Name of the
company |
SRI SAI AGRI-BIO
LABS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
14-141
Anjaneyapuram, Cheepurucheepurupally, Vizianagaram – 535128, Andhra Pradesh,
Andhra Pradesh, India |
|
This form is for |
Modification of charge |
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Type of charge |
Book debts Movable property (not being pledge) Others: Hypothecation of Plant & Machinery |
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Particular of
charge holder |
State Bank of
India ADB Visakhapatnam
Branch, Isakathota Junction, Visakhapatnam – 530017, Andhra Pradesh, India |
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Nature of
instrument creating charge |
1) Letter of Arrangement
2) Supplemental
Agreement of Loan-cum-Hypothecation |
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Date of
instrument Creating the charge |
26.11.2009 |
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Amount secured by
the charge |
Rs.33.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: For Working
Capital: 1% above SBAR (Presently 11.75% +1 =12.75%) For SME Care: @
8% p.a Terms of
Repayment: Working Capital
shall be repayable on demand SME Care Limit
shall be repayable within 12 Months Margin: Stocks: 25%,
Receivables: 50% and Term Loan: 25% Extent and
Operation of the charge: It is a
continuous charge until repayment of entire dues to the Bank Others: Nature of
Facilities: Cash Credit-I Facility of Rs.15.500 Millions Cash Credit EMD
Limit of Rs.4.000 Millions SME Care Limit of Rs.3.000 Millions Term Loan-I of
Rs.7.500 Millions and Term Loan-II of Rs.3.000 Millions |
|
Particulars of
the property charged |
Hypothecation of Plant
and Machinery, Stocks, Book Debts, Receivables and all other chargeable
Current Assets of the Company and also assets acquired out of Bank finance
(both present and future) |
|
Particulars of
the present modification |
In addition to the
existing Credit Facilities now, the Bank has sanctioned SME Care Limit of
Rs.30 Lakhs and there is no change in Cash Credit-I Facility of Rs.15.500
Millions Cash Credit EMD Limit of Rs.4.000 Millions Term Loan-I of Rs.7.500
Millions and Term Loan-II of Rs.3.000 Millions Now, the Overall Limits have
been enhanced to Rs.33.000 Millions All the existing securities be and are
hereby extended to the revised limits also. There is no change in other terms
and conditions. |
FIXED ASSETS
· Land and Building
· Plant and Machinery, Equipment
· Computers and Printers
WEBSITE DETAILS:
PROFILE:
Green revolution made
them self reliant in food production but in the process, technology of
intensive/ indiscriminate use of chemical fertilizers and pesticides has done
alarming harm by Soil degradation (lower fertility/productivity), loss of
nutrient balance, loss of sustainability. Crop pests have become immune to
pesticides and residues of harmful pesticides in food stuffs creating health
hazards. The technology is causing environmental pollution and ecological
imbalances. High costs of fertilizers/pesticides/other agro chemicals
accompanied by net yield drops and debt traps are driving the farmers towards
suicides.
Keeping in mind, the need to reverse this trend before it causes huge adverse
impact on agriculture yields, income, employment, conservation of natural
resources and basic living systems of millions of people, technological
solutions to avert this crisis are found and company has been established in March 2005, with an aim to produce
and market the entire range of products and services that are necessary for
supporting/ promoting Sustainable
Agriculture and Organic Farming as an integrated and holistic solution
to meet farmers’ requirements.
BOARD OF DIRECTORS
Mrs. P. Padmavathi – Founder Patron and Director
She has provided the initial support and encouragement in
founding this enterprise and guiding through the various stages till now. She
has been a constant source of support and guidance in fund-raising and
investment decisions as also in local team building activities of the company.
Mr. Divakar Tantravahi - Chairman and Director
A B. Tech in Computer Science (1987); he earned his Masters
in USA in 1991 and worked in California till 1999. In 2000 he returned to India
with the aim to contribute more significantly to his own country. He
established his software company, Every Path India in Hyderabad in 2000.
Presently he is the Managing Director of Innominds Inc. He provides critical
and significant support in business development, team- building and fund
raising activities of the company.
Mr. P. B. Srinivas – C.E.O and
Managing Director
A B.Tech from IIT, Madras (1987) and MBA from IIM, Calcutta
(1989) had been first bitten by the rural development bug in 1990 when he
joined CAPART. His exposure to rural life till 1996 gave him wings to pursue
the common man’s dream for a better tomorrow for the farmer of India. He is
well on his way to fulfill his cherished dream.
Mr. Srinivas Duvvuri – Director
A B. Tech and M. Tech from IIT, Madras (1989) returned to
India in 2004 after 8 years of stay in U.S.A while working in senior management
positions in various software companies. He is currently Director (Product
Development) in Computer Associates for their India operations based in
Hyderabad. He provides strategic support in investments, fund-raising, business
planning and development.
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 records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
|
1 |
Rs.72.21 |
|
Euro |
1 |
Rs.62.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.