MIRA
INFORM REPORT
|
Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUGUNA POULTRY FARM LIMITED |
|
|
|
|
Registered Office : |
5th
Floor, Jaya Enclave, 1057, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
23.03.1994 |
|
|
|
|
Com. Reg. No.: |
18-4951 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U01222TZ1994PLC004951 |
|
|
|
|
IEC No.: |
3295001022 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS03633A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Selling of Poultry Feeds (in Pellet Form) and Broiler or Processed Chicken. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 14163000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Corporate Office : |
5th
Floor, Jaya Enclave, 1057, |
|
Tel. No.: |
91-422-3073000,
4392503, 5392504, 5392505, 4343000 |
|
Fax No.: |
91-422-3073333, 5392507 |
|
E-Mail : |
sugies@md3.vsnl.net.in / suguna.poultry@rmy.sprintrpg.ems.vsnl.net.in / |
|
Website : |
|
|
Area : |
8000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Broiler Offices : |
Located at: ·
· Anand · Bengaluru · Pune ·
·
· Orissa · Jaipur ·
Udumalpet ·
·
· Kolkata |
|
|
|
|
Layer Offices : |
Located at: ·
·
· Hospet · Chitradurga · Pune · Mohali · Nammakkal |
|
|
|
|
Parent Stock |
25, |
|
Tel. No.: |
91-4252-3321661/771/881 |
|
E-Mail : |
|
|
|
|
|
Hatching Eggs
Division : |
25, |
|
Tel. No.: |
91-4252-3321661/771/881 |
|
E-Mail : |
|
|
|
|
|
Soya Division : |
Mauza – Thambhari, Village- Wani, N.H.NO.7 ( |
|
Tel. No.: |
91-7153-302400 |
|
Fax No.: |
91-7153-302407 |
|
E-Mail : |
|
|
|
|
|
Corn Division : |
J2/203 Green Wood Regency, Near Wipro Campus, |
|
Tel. No.: |
91-80-32555231 |
|
Fax No.: |
91-80-41508915 |
|
E-Mail : |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. Bangarusamy Soundararajan |
|
Designation : |
Managing Director |
|
Address : |
Plot No.7, Parsn Rain Tree Apartments, Nanjundapuram, |
|
Date of Birth/Age : |
12.04.1961 |
|
Date of Appointment : |
23.03.1994 |
|
DIN No.: |
00063462 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Ganapathypalayam Bangarusamy Soundararajan |
|
Designation : |
Joint Managing Director |
|
Address : |
Flat No.401 and
402, Raheja Enclave, Race Course, |
|
Date of Birth/Age : |
12.04.1963 |
|
Date of Appointment : |
23.04.2003 |
|
DIN No.: |
00062984 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Balasubramaniam Ramjee |
|
Designation : |
Director |
|
Address : |
B1, Flat B Block, 1075,
Pioneer Apartment, |
|
Experience : |
32 Years |
|
Date of Birth/Age : |
12.08.1943 |
|
Date of Appointment : |
09.08.2003 |
|
DIN No.: |
00066535 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Venkitusamy Bangarusamy |
|
Designation : |
Director |
|
Address : |
3/ 25, Ganapathi
Palayam, Poolankinar, Udumalpet – 642 122, |
|
Date of Birth/Age : |
15.03.1935 |
|
Date of Appointment : |
22.03.2005 |
|
DIN No.: |
01938372 |
|
|
|
|
Name : |
Mr. Koyambedu Subramani Ramesh |
|
Designation : |
Director |
|
Address : |
No.3, Cedar Wood
Apartments, Flat No.11, 4th |
|
Date of Birth/Age : |
13.08.1951 |
|
Date of Appointment : |
15.07.2006 |
|
DIN No.: |
01259495 |
|
|
|
|
Name : |
Mr. Palanisamy Angamuthu |
|
Designation : |
Whole Time Director |
|
Address : |
6/ 1, |
|
Date of Birth/Age : |
24.02.1972 |
|
Date of Appointment : |
09.12.2009 |
|
DIN No.: |
02981062 |
|
|
|
|
Audit Committee : |
Mr. B. Soundararajan Mr. B. Ramjee Mr. K.S. Ramesh |
KEY EXECUTIVES
|
Name : |
Mr. T.K. Swaminathan |
|
Designation : |
Company Secretary |
|
Address : |
No.29A, |
|
Date of Birth : |
17.04.1957 |
|
Date of Appointment : |
31.03.2008 |
|
Date of Ceasing : |
08.12.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
4166 |
|
|
|
|
333 |
|
Anandan C. |
|
333 |
|
Anbukkarasi S. |
|
416 |
|
Anbumoney. Dr. P.R. |
|
333 |
|
Anil Dhumal |
|
16666 |
|
Anil Gupta |
|
833 |
|
Annadurai S. |
|
2000 |
|
Arulmurughu L. |
|
333 |
|
Arumugam P. |
|
333 |
|
Arun R. |
|
333 |
|
Arunaben K. Shah |
|
1333 |
|
K. Jayakumar |
|
2914 |
|
Balachandran P.K. |
|
333 |
|
Bernard Joseph |
|
333 |
|
Chandra Kumari N.
|
|
333 |
|
Chandrasekaran T. |
|
833 |
|
Chandrasekaran G. |
|
333 |
|
Chinnappan |
|
333 |
|
Dhamodharasamy M. |
|
333 |
|
Dharmarajan S. |
|
333 |
|
Gopalsamy V. |
|
333 |
|
Kalpesh Shah K. |
|
1333 |
|
Kamalam K. |
|
166 |
|
Kamalaveni M. |
|
666 |
|
Kirtilal Shah S. |
|
666 |
|
Krishnakumar D. |
|
666 |
|
Krishnamurthi R. |
|
500 |
|
Lakshmanan R. |
|
500 |
|
Latha K.K. |
|
333 |
|
Mahalakshi S. |
|
333 |
|
Manoharam K. |
|
333 |
|
Menon P.V. |
|
333 |
|
Mohhemed Ameer P.
|
|
333 |
|
Mohandas K. |
|
666 |
|
Muthu
Sivasubramaniam M. |
|
400 |
|
Menon U.K.K. |
|
8333 |
|
Nailesh Shah K. |
|
1333 |
|
Neela N. Shah |
|
1000 |
|
|
|
8333 |
|
Primamal B. |
|
333 |
|
Ponnudurai M.U. |
|
333 |
|
Purushottam |
|
333 |
|
Purusothaman V. |
|
166 |
|
Pusab Kumar Bafna |
|
333 |
|
Puduserry Krishnan Kutty |
|
3332 |
|
Radhakrishnan R. |
|
333 |
|
Rajammal R. |
|
333 |
|
Rajasekar A. |
|
333 |
|
Rajashekhar B.N. |
|
333 |
|
Rajgopal N. |
|
166 |
|
Raju K.N. |
|
333 |
|
Ramchandran Kurup
R. |
|
333 |
|
Ramachandran R. |
|
19333 |
|
Rajalakshmi R. |
|
500 |
|
Ramamoorthy C.G. |
|
333 |
|
Ramanathan G. |
|
666 |
|
Ramasamy R.M. |
|
666 |
|
Ramjee B. |
|
7000 |
|
Ravindran K. |
|
8333 |
|
Ravisankar S. |
|
333 |
|
Renukappa P.P. |
|
333 |
|
Renku K. Shah |
|
1000 |
|
Rukmangathan
Dr.S. |
|
333 |
|
Sampathkumar S. |
|
166 |
|
Sanjay Kumar |
|
333 |
|
Santha M. |
|
416 |
|
Satish Kumar C.V. |
|
333 |
|
Selvam Broilers
Limited |
|
1666 |
|
Senguttuvan
DR.K.A. |
|
333 |
|
Shailaja Dhumal |
|
16666 |
|
Shanmugam M. |
|
333 |
|
Sivasubramaniyan
K. |
|
333 |
|
Soundarajan S. |
|
333 |
|
Srineevasa G. |
|
333 |
|
Subhash Dr.K. |
|
333 |
|
Subbalakshmi S. |
|
333 |
|
Sukumar S. |
|
333 |
|
Sun India
Hatcheries (Private) Limited |
|
666 |
|
Satish Kumar
Mittal |
|
3333 |
|
Suguna Holdings
Private Limited |
|
14865718 |
|
Thangamani M. |
|
333 |
|
Umapathi G. |
|
333 |
|
Vaidyanathan R. |
|
333 |
|
Vallinarayagam P.
|
|
333 |
|
Vasanthamani R. |
|
333 |
|
Vasanthi S. |
|
500 |
|
Total |
|
15000000 |
Preference Share Holders
|
Names of Shareholders |
|
No. of Shares |
|
International Finance Corporation |
|
789480 |
|
Total |
|
789480 |
As on 25.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
99.12 |
|
Directors
or relatives of directors |
|
0.07 |
|
Other
top fifty shareholders |
|
0.81 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Poultry Feeds (in Pellet
Form) and Broiler or Processed Chicken.
|
|
|
|
|
|
|
Products : |
Production Description |
ITC Code |
|
Meat Product (other than canned) |
02071100 |
|
|
Poultry Food |
23099090 |
|
|
Live Poultry |
01059300 |
|
|
Egg |
04070010 |
|
|
|
Soya Meal |
12081000 |
PRODUCTION STATUS (As on 31.03.2008)
|
Particulars |
Unit |
Installed
Capacity |
|
|
|
|
|
Meat Plant |
Birds / Days |
4000 |
|
Dressed Meat |
MT |
-- |
|
Poultry Feed |
MT |
-- |
|
Broiler Birds |
Nos. |
-- |
|
Live Commercial Birds |
Birds per Week |
4.000 |
|
Poultry Feed |
Tons |
900000 |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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|
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Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
T.S. Maniam and Associates Chartered Accountants |
|
Address: |
No. 63, 2nd Floor, |
|
Tel. No.: |
91-422-5377659 |
|
E-Mail.: |
|
|
Pan No.: |
AAEFT0709M |
|
|
|
|
Holding Company : |
Suguna Holdings
Private Limited CIN No.: U65993TZ2008PTC014318 |
|
|
|
|
Wholly owned
subsidiary : |
Ocean Feeds Private Limited, |
|
|
|
|
Associate Enterprises significantly influenced by
Directors and /or their relatives : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34000000 |
Equity Shares |
Rs.10/- each |
Rs.340.000 Millions |
|
800000 |
Preference Shares |
Rs.300/- each |
Rs.240.000 Millions |
|
|
Total |
|
Rs.580.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
789480 |
8.45% Preference Shares |
Rs.300/- each |
Rs.236.800 Millions |
|
|
Total |
|
Rs.386.800 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS
|
31.03.2010 (9 Months) |
30.06.2009 (15 Months) |
31.03.2008 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
386.800 |
386.800 |
386.844 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3153.900 |
3025.600 |
2461.593 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
3540.700 |
3412.400 |
2848.437 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7542.400 |
7498.500 |
4770.483 |
|
|
2] Unsecured
Loans |
1464.200 |
757.700 |
3022.800 |
|
TOTAL BORROWING
|
9006.600 |
8256.200 |
7793.283 |
|
|
DEFERRED TAX
LIABILITIES |
456.000 |
344.200 |
210.830 |
|
|
|
|
|
|
|
TOTAL
|
13003.300 |
12012.800 |
10852.550 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
5582.300 |
4562.400 |
2231.812 |
|
Capital work-in-progress
|
461.600 |
1412.800 |
1568.270 |
|
|
|
|
|
|
|
INVESTMENT
|
92.200 |
199.800 |
205.703 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
7036.100 |
6349.500 |
6592.244 |
|
|
Sundry Debtors
|
131.400 |
195.100 |
143.912 |
|
|
Cash & Bank Balances
|
358.100 |
384.300 |
502.040 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
1514.500 |
1655.900 |
1091.485 |
Total Current Assets
|
9040.100
|
8584.800
|
8329.681
|
|
Less : CURRENT LIABILITIES &
PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities
|
2183.300 |
2147.600 |
1106.097 |
|
|
Provisions
|
750.700 |
615.000 |
420.015 |
Total Current Liabilities
|
2183.300
|
2762.600
|
1526.112
|
|
Net Current Assets
|
6856.800 |
5822.200 |
6803.569 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
10.400 |
15.600 |
43.196 |
|
|
|
|
|
|
|
TOTAL
|
13003.300 |
12012.800 |
10852.550 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (9 Months) |
30.06.2009 (15 Months) |
31.03.2008 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24079.900 |
37971.900 |
20254.700 |
|
|
|
Other Income |
369.600 |
484.200 |
303.300 |
|
|
|
TOTAL (A) |
24449.500 |
38456.100 |
20558.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumption |
19089.000 |
29698.500 |
15307.500 |
|
|
|
Manufacturing Expenses |
2930.000 |
4658.300 |
2962.600 |
|
|
|
Employee cost |
591.800 |
970.200 |
610.900 |
|
|
|
Administration and Selling Expenses |
595.300 |
728.900 |
541.600 |
|
|
|
Prior Year expenses |
10.900 |
4.200 |
1.200 |
|
|
|
TOTAL (B) |
23217.000 |
36060.100 |
19423.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1232.500 |
2396.000 |
1134.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
584.700 |
1134.800 |
456.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
647.800 |
1261.200 |
677.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
311.200 |
339.700 |
182.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
336.600 |
921.500 |
495.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
120.600 |
328.300 |
165.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
216.000 |
593.200 |
330.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2239.200 |
1714.200 |
1442.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Provision for Dividend |
75.000 |
25.000 |
20.000 |
|
|
|
Provision for Dividend Tax |
12.800 |
4.200 |
3.400 |
|
|
|
Transfer to General Reserve |
33.600 |
39.000 |
35.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2333.800 |
2239.200 |
1714.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B. Basis |
32.000 |
27.400 |
27.100 |
|
|
|
Dividend Income |
320.800 |
343.000 |
133.000 |
|
|
TOTAL EARNINGS |
352.800 |
370.400 |
160.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Live Poultry |
113.900 |
118.300 |
90.500 |
|
|
|
Raw Materials |
1571.100 |
2886.000 |
1107.300 |
|
|
|
Packing Material |
0.300 |
0.000 |
0.000 |
|
|
|
Capital Goods |
32.800 |
16.700 |
7.400 |
|
|
|
Spare Parts |
24.900 |
270.600 |
217.800 |
|
|
TOTAL IMPORTS |
1743.000 |
3291.600 |
1423.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
13.23 |
37.60 |
19.48 |
|
|
|
- Diluted |
13.68 |
37.57 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (9 Months) |
30.06.2009 (15 Months) |
31.03.2008 (12 Months) |
|
PAT / Total Income |
(%) |
0.88
|
1.54
|
1.61
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.40
|
2.43
|
2.45
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.30
|
7.01
|
4.69
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.27
|
0.17
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.16
|
3.23
|
3.27
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.14
|
3.11
|
5.46
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Suguna Poultry Product Limited was originally incorporated under the name and style of Suguna Feeds Private Limited as a Private Limited company and was converted into a deemed public limited company later.
The name of the company was subsequently changed to present w.e.f. 4th January, 1999.
Letter w.e.f. 1st April, 2003, the company Suguna Poultry Product Limited was merged with Suguna Poultry Farm Limited
Change in the
financial year
The Board of
Directors of the Company has decided to change its financial year from July to
March for the FY 2009-10. As a result, the current year will reflect the
performance of the period of nine months beginning from 1st July 2009 to end on
March 31, 2010.
Performance Review
The company had
achieved a turnover of Rs.24079.900 millions for a period of Jul-09 to Mar-10.
This shows a marginal increase on the turnover, over the achieved turnover of
Rs.22790.300 millions for the previous period Jul-08 to Mar-09.
Profit after tax,
including exceptional item, for the period was Rs.216.000 millions as against
Rs.593.200 millions for the previous financial year.
New Business /
Products
DAILY FRESSH
The company had
expanded the direct retailing with the establishment of retail outlets “Daily
Fressh” in Karnataka state, in addition to the outlets already in operation
in the states of Tamilnadu and Kerala, for selling its “ready to eat” and
“ready to cook” products.
SOYA SEED
PROCESSING UNIT
The Company has
installed and commissioned a soya seed processing unit in
SUGUNA KISAN MANDI
“Suguna Kisan
Mandi” was commissioned in Warora, Rajura and Hinghanghat across
Maharastra, in addition to the Suguna Kisan Mandi which was inaugurated at
Wardha, during October 2008, for the direct procurement of soya seed from the
farmers. With the inauguration of these mandis, the quality of soya seed is
ensured and the farmers are ensured of better prices, for their efforts, by
avoiding the middle men /brokers/commission agents.
SUGUNA HOME BITES
The products of
Suguna Home bites, convenient food product, introduced last year, are well
received in the market and they are able to foresee good future, for these
products. New varieties of the Suguna Home Bites are added to cater to
different consumer segments. All these products, attractively packed, are made
available in all their retail outlets and third party outlets.
Sector Outlook
Due to Global
recession, poultry industry in
The broiler
industry is expected to continuously grow between 10% and 12% in the coming
year, due to fast urbanization, increase in non-veg consumption, increase in
the disposal income etc. The layer industry (table egg) is expected to grow
around 6%.
The fast growing
organized retail sector is offering branded poultry products at a more
competitive price, user friendly packing, with quality standards. This will
improve value addition to integrators and availability of healthy and hygiene
poultry products to consumers.
Main inputs of the
Industry, viz., maize and soya have become a subject matter of international
markets in the global WTO economy. The global availability and price factors have
direct impact on the profitability of the industry.
Availability of
skilled labor force is becoming scarce because of growth in rural economy,
booming service sector, N R E G scheme and other factors. Industry, having
major operations at rural segment, will have to go for more automation options
in each process.
FORM 8:
|
Corporate
identity number of the company |
U01222TZ1994PLC004951 |
|
Name of the
company |
SUGUNA POULTRY FARM LIMITED |
|
Address of the registered
office or of the principal place of
business in |
5th
Floor, Jaya Enclave, 1057, E-Mail: corporate@sugunapoultry.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10023437 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others (Current
Assets and Fixed Assets) |
|
Particular of
charge holder |
Axis Bank Limited, "Vigneshhwar Cresta", 1095, E-Mail: ravi.krishnan@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Inter se pari
passu agreement of working capital with bankers under multiple banking
arrangement amounting to Rs.8480.000 millions. |
|
Date of
instrument Creating the charge |
19/04/2010 |
|
Amount secured by
the charge |
Rs.8480.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As stipulated by
bank from time to time Terms of
Repayment: As stipulated by
bank from time to time Margin: As stipulated by
bank from time to time Extent and
Operation of the charge: First Pari passu
charge on the entire current assets of the company , First charge on the
unencumbered fixed assets of the company and Second charge on the fixed
assets of the company as detailed in inter -se agreement executed by
members of the multiple banking arrangement dated April 19, 2010
for working capital limits
extended.(7300.000 millions + 430.000 millions) Second paripassu
charge on all the current assets of the Company for Rs.750.000 millions for
the term loan availed from IDBI Bank Limited. |
|
Short particulars
of the property charged |
First charge on
all current assets of the Company First charge on
Fixed assets situated at Kottamangalam, Pulankinar, Kanakkampalayam,
Chinnakumarapalayam, Anthiyur,
Kuralkuttai, Addakurikki, Bukkasagaram, Kamandhoti, Samanapalli,
Kamandhoti. First charge on
Fixed assets situated at Thuppuganapalli |
|
Particulars of
the present modification |
Pari passu charge
in favour of the following Working Capital Bankers for their Fund based and
non fund based facility amounting to Rs.8480.000 millions. State Bank of
India Rs.840.000 millions, Axis Bank Rs.600.000 millions, IDBI Bank
Rs.1550.000 millions, ICICI Bank Rs.1430.000 millions, Corporation Bank
Rs.720.000 millions, Oriental Bank of Commerce Rs.840.000 millions, Standard Chartered Bank Rs.250.000
millions, ING Vysya Bank Rs.500.000 millions, State Bank of Mysore Rs.250.000
millions, State Bank of Indore Rs.500.000 millions, Central Bank of India
Rs.1000.000 millions. |
|
Corporate
identity number of the company |
U01222TZ1994PLC004951 |
|
Name of the
company |
SUGUNA POULTRY
FARM LIMITED |
|
Address of the registered
office or of the principal place of
business in |
5th
Floor, Jaya Enclave, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
CORPORATION BANK |
|
Nature of
instrument creating charge |
No Due
Certificate - (Repayment of short Term Loan Rs.300.000 Millions) |
|
Date of
instrument Creating the charge |
16/04/2010 |
|
Amount secured by
the charge |
Rs.720.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC / WCDL @
10.50% p.a. Terms of
Repayment Payable on demand Margin 25% Extent and Operation
of the charge Hypothecation of
the Inventory and receivables / chargeable current assets of the Company on
parri passu basis with other working capital lenders. |
|
Short particulars
of the property charged |
Pari passu first
charge / Hypothecation of the whole of the current assets of the borrower
namely stocks of Eggs, Live poultry i.e. Broiler biords, layer birds and
chicks, Poultry Feeds Semi finished
feed stocks, Stocks of Maize and Soya and other ingredients for feed
processing, processed and semi processed chicken meats, various stores &
spares, consumable etc for both and present Pari Passu 2nd
Charge / hypothecation of the existing and future movable fixed assets of the
Company viz Plant and Machinery, Electrical Equipment and fittings and
fixtures, office equipment. furniture and
fittings stored in borrowers' premises or any other place wherever else in
the course of transit or delivery to
borrower Hypothecation of
present and future books debts / export receivables and charge on any other
chargeable current assets / movable assets of the Company |
|
Date of
instrument modifying the charge |
08/10/2009 |
|
Particulars of
the present modification |
The Short Term Loan
repaid Rs. 300.000 Millions Hence total limits reduced to Rs. 720.000
Millions from existing limits Rs. 1020.000 Millions. |
FIXED ASSETS
Tangible Assets
- Land
- Building
- Plant and
Machinery
- Furniture and
Fittings
- Computer and
- Accessories
- Vehicles
- Agri
Equipments
Intangible Assets
- Computer
- Software
- Goodwill
WEBSITE DETAILS:
OVERVIEW:
Over a period of 25 years, Suguna has gone from strength to
strength and has become a Rs. 3200 crore company
that makes it
Suguna ranks among the top ten poultry companies worldwide.
With operations in 11 states across
Today, the company’s brand Suguna Chicken is a household
name in
History
Managing Director Mr. B. Soundararajan and Joint Managing Director Mr. G.B. Sundararajan saw
potential in growing the Indian Poultry Industry through integration, which
later came to be known as Contract Farming. This led Suguna Poultry to pioneer
contract farming in
In 1986, Mr. B. Soundararajan and Mr. G.B. Sundararajan set up a poultry farm with 200 layer birds at Udumalpet. During 1989 - 90, when chicken prices crashed because of an over-supply of birds in the local market, Suguna saw an opportunity for business growth by helping the poultry farmers who had bought feed and medicines on credit and could not clear their dues. To help them recover their money, these visionaries began to provide feed and health support to indebted farmers in return for the end product - eggs. The success of this exercise gave birth to the Suguna Integration Model.
The poultry integration model has set a win-win situation
for both the farmer and the integrator. Farmers are provided with day-old
chicks, feed and health support. Performance is monitored on a daily basis with
Suguna field staff visiting the farms to check on the health of the birds, feed
intake, growth and mortality levels. In six weeks time, the birds are weighed
and are ready to be sold by Suguna. Farmers are paid a handsome growing charge
for the birds at the end of this period. Thus, Suguna takes this success model
to the next level vision of energising rural
A constant and relentless drive has taken the company's growth and expansion which covers over 15,000 farmers from 8,000 villages in 11 Indian states. Impressed by the model and its success, Suguna receives invitations from many state governments to set up its operations. Many investors and delegates from across borders visit Suguna’s facilities to study this model and later adopt in their own countries.
With mastery and success in contract farming, Suguna has
shaped the poultry industry to its current position in
Milestones
|
1984 |
Suguna Group was founded |
|
1991 |
Introduced new Concept of contract farming in |
|
1992 |
First Hatchery |
|
1993 |
First Breeder Operation |
|
1998 |
Semi Automatic Meat Processing Unit with Cold Storage |
|
1999 |
Fully Automatic, Micro Processor Controlled Feed Mill |
|
2000 |
Inclusion of Grand Parents |
|
2001 |
Expansion of Operations into other states |
|
2004 |
Soya Unit Operation in |
|
2006 |
Successful implementation of Oracle ERP systems |
|
2007 |
Layer launch |
|
2007 |
Asian Livestock Industry Award |
|
2007 |
Daily Fressh and Suguna value added eggs launch |
|
2008 |
2008 - Convenience food launch, |
PRESS RELEASES:
SUGUNA DAILY FRESSH SUCCESS
WITH FOOD RETAIL SUGUNA TO EXPAND ITS OPERATIONS NOW
To open 200 stores through the franchise route in South
Thursday,
October 30, 2008
Suguna Group,
Suguna Daily Fressh is a new shopping concept for purchasing all your home needs of fresh chicken in a hygienic environment with the promise of quality from the house of Suguna. All the products are HACCP certified and adhere to the international standards based on Total Quality Management (TQM) system with strict compliance to hygiene and inspection requirements, and adopting the traditional “Halal” method. The stores retail mutton and a range of Suguna’s soon to be launched heat n’ eat Suguna Home Bites chicken based home meal replacements.
Speaking on the occasion, Mr. B. Soundararajan, Managing Director, Suguna Poultry Farm Limited, said, “For the first time people can buy fresh chicken in a clean and enjoyable ambience with hygienic storage and packing. We plan to open at least 40 outlets in Kerala before the end of this fiscal, and will open 200 stores across South”.
Currently, Suguna has 23 such Daily Fressh stores in Tamil
Nadu with the franchisee model. Buoyed by the success of the model in
Suguna is also inviting proposals from prospective franchisees. Suguna will help the franchisees by supplying products, providing marketing support and ensuring guaranteed minimum revenue in the formative years of the venture. Suguna will also invest in training the franchisees and the store workforce to adhere to its hygiene standards.
About Suguna Group
Started in 1984, Suguna Group Limited is
Suguna Poultry Farm Limited is an ISO 9001:2000 certified
company. All of Suguna’s products are HACCP certified and Suguna imports the
grandparent birds from Ross in
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.