MIRA
INFORM REPORT
|
Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRASAD SEEDS PRIVATE LIMITED |
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Registered
Office : |
D. No. B-92, Ground Floor, Srinivasa Nagar Colony, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.10.1994 |
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Com. Reg. No.: |
01-018609 |
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Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
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CIN No.: [Company Identification
No.] |
U01122AP1994PTC018609 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Jute Seeds Production and Marketing |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [46] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1380000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions / with some cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
LOCATIONS
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Registered Office : |
D. No. B-92, Ground Floor, Srinivasa Nagar Colony, |
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Tel. No.: |
91-863-2235971 |
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Fax No.: |
91-863-2240796 |
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E-Mail : |
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Branch Office : |
Sy No.854, Industrial Area, |
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Tel. No.: |
91-8418-223127 |
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Fax No.: |
91-8418-223225 |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Prasad Karumanchi |
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Designation : |
Managing director |
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Address : |
B-92, SVN Colony, |
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Date of Birth/Age : |
01.07.1955 |
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DIN : |
00057701 |
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Date of Appointment : |
24.10.1994 |
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Name : |
Mr. Malleswara Rao Kongara |
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Designation : |
Director |
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Address : |
B-92, SVN Colony, |
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Date of Birth/Age : |
02.07.1962 |
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DIN : |
00057745 |
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Date of Appointment : |
24.10.1994 |
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Name : |
Mrs. Rama Devi Karumanchi |
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Designation : |
Director |
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Address : |
B-92, SVN Colony, |
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Date of Birth/Age : |
21.04.1960 |
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DIN : |
00300186 |
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Date of Appointment : |
24.10.1994 |
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Name : |
Ms. Karthika Karumanchi |
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Designation : |
Additional director |
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Address : |
B-92, SVN Colony, |
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Date of Birth/Age : |
24.04.1985 |
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DIN : |
02798564 |
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Date of Appointment : |
28.10.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Prasad Karumanchi |
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234516 |
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Malleswara Rao Kongara |
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156100 |
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Rama Devi Karumanchi |
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69684 |
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Karumanchi Kotaiah |
|
500 |
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Gavini Satish |
|
18 |
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Kongara Kanchana Latha |
|
33759 |
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Doppalapudi Sesha Rao |
|
150 |
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Vavilala Naveen |
|
55798 |
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R.V.Kantamaneni Vijaya |
|
26759 |
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P.Doondeswara Rao |
|
20000 |
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Kandru Hari Babu |
|
10000 |
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V.Narendra |
|
10000 |
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R.Nageswara Rao |
|
10000 |
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Kolasani Ravi |
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5000 |
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Karumanchi Hemanth Kumar |
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3700 |
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Karumanchi Bhanu Kishore |
|
40000 |
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K.Venkata Subba Rao |
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50000 |
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Pagidipati Devaiah |
|
125000 |
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K.Sukanya |
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26516 |
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Sandhya Aqua Exports Private Limited |
|
50000 |
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Prasad Seed Farm
Industries |
|
72500 |
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Total |
|
1000000 |
As on 27.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Jute Seeds Production and Marketing |
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Products : |
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PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
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Conditioning of all crops |
M. Tons per day |
1440 |
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Drying : |
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Paddy |
M. Tons per day |
200 |
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Corn Cobs |
M. Tons per day |
1740 |
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Actual
Production : Total Quantity of Sowing Seeds Production During the year 839923 kgs.
[Previous year 915675 kgs.] excluding seeds produced to outsiders |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mastanaiah And Company Chartered Accountant |
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Address : |
11/1, Arundelpet, |
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Related Party : |
·
Prasad Seed Farm Industries,
Guntui ·
Coastal Seed Tech, ·
Delta Agro Chemicals Limited, ·
Delta Agrigenetics Private
Limited, ·
Delta Constructions, ·
Vijaya Cotton Enterprises, ·
Kakumanu Seeds, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
1,500,000 |
Equity Shares |
Rs.100/-each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1,000,000 |
Equity Shares |
Rs.100/-each |
Rs.100.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
100.000 |
26.619 |
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2] Share Application Money |
47.475 |
8.020 |
49.433 |
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3] Reserves & Surplus |
198.554 |
164.742 |
64.672 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
346.029 |
272.762 |
140.724 |
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LOAN FUNDS |
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1] Secured Loans |
895.480 |
534.690 |
410.358 |
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2] Unsecured Loans |
5.907 |
29.449 |
1.172 |
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TOTAL BORROWING |
901.387 |
564.139 |
411.530 |
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DEFERRED TAX LIABILITIES |
51.606 |
50.258 |
21.160 |
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TOTAL |
1299.022 |
887.159 |
573.414 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1008.354 |
844.317 |
488.144 |
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Capital work-in-progress |
18.472 |
62.533 |
44.864 |
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INVESTMENT |
24.768 |
15.240 |
25.567 |
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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 |
8.395
|
14.947 |
5.223 |
|
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Sundry Debtors |
158.285
|
32.141 |
36.180 |
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Cash & Bank Balances |
179.951
|
53.098 |
18.382 |
|
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Other Current Assets |
1.125
|
0.756 |
0.538 |
|
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Loans & Advances |
59.590
|
23.326 |
52.280 |
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Total
Current Assets |
407.346
|
124.268 |
112.603 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
104.859
|
103.611 |
50.702 |
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Other Current Liabilities |
54.107
|
45.378 |
46.106 |
|
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Provisions |
0.952
|
10.210 |
0.956 |
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Total
Current Liabilities |
159.918
|
159.199 |
97.764 |
|
|
Net Current Assets |
247.428
|
[34.931] |
14.839 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1299.022 |
887.159 |
573.414 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
601.541 |
458.022 |
208.860 |
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Other Income |
6.585 |
10.705 |
4.265 |
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TOTAL (A) |
608.126 |
468.727 |
213.125 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of material |
79.766 |
75.587 |
32.633 |
|
|
|
Payments and benefit to employees |
18.981 |
15.303 |
7.609 |
|
|
|
Processing, Selling, administrative and other Expenses |
202.199 |
159.662 |
61.347 |
|
|
|
Taxes and Licenses |
0.960 |
0.629 |
0.413 |
|
|
|
Increase decrease in stock |
7.461 |
[9.072] |
8.022 |
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|
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TOTAL (B) |
309.367 |
242.109 |
110.024 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
298.759 |
226.618 |
103.101 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
73.342 |
51.766 |
31.159 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
225.417 |
174.852 |
71.942 |
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|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
106.657 |
22.533 |
11.880 |
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|
|
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|
|
|
|
|
Less |
Prior period
Items |
[0.021] |
0.150 |
0.000 |
|
|
|
|
|
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|
|
|
Add / less |
Difference in
depreciation relates to earlier years due to change in method |
62.084 |
0.000 |
5.740 |
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|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
56.697 |
152.169 |
65.802 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
23.884 |
52.100 |
24.381 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
33.813 |
100.069 |
41.421 |
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.741 |
4.672 |
3.251 |
|
|
|
|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
100.000 |
40.000 |
|
|
BALANCE CARRIED
TO THE B/S |
8.554 |
4.741 |
4.672 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
2.065 |
0.000 |
2.927 |
|
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TOTAL EARNINGS |
2.065 |
0.000 |
2.927 |
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
45.774 |
66.813 |
27.287 |
|
|
TOTAL IMPORTS |
45.774 |
66.813 |
27.287 |
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
3.81 |
364.90 |
234.76 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.56
|
21.35 |
19.43 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.42
|
33.22 |
31.50 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.00
|
15.71 |
10.95 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.56 |
0.47 |
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.07
|
2.65 |
3.62 |
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.55
|
0.78 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office address
of the company has been shifted from D. No. B-92, Srinivasa Nagar Colony,
PERFORMANCE
During
the year the Company has achieved a turnover of Rs.608.127 millions against
Rs.468.727 millions during the previous financial year, resulting an increase
of 29.74% over the previous year. The Company made a profit Before Tax and
Depreciation of Rs.225.437 millions in
2009-10 as against Rs.174.701 millions for the year 2008-09, thus registering
an Impressive performance of 29.04% over the Previous Year despite steep
increase in LPG prices by more than 80% in the Current year. The Profit after
Tax is Rs.33.813 millions in 2009-10 as against Rs.100.070 millions in
2008-09.This decline is mainly due to change of method of depreciation to
Written down Value (WDV) from Straight Line (SLM) and the differential
depreciation of Rs.127.599 millions is transferred to Profit and Loss account
of the Current Year.
REVIEW
OF OPERATIONS
The Company is always prided itself in constructing
the state of art of the manufacturing facilities which are equipped with the
latest technology, geared towards producing the quality hybrid seeds for the
farmers. The company has registered an impressive growth in Income from
Processing and drying Operations and is expected to maintain the same growth
rate in the coming years.
a)
Expansion of Seed Conditioning Facility to Bayer Biosciences Limited. Bayer
Biosciences Limited again revised its earlier agreement by extending another 1
year to total 10 years with an increase in minimum quantity to 15,500 Mt from
8,000 Mt per annum. The Company constructed an insulated warehouse of 65,000
sft in the existing location and in which 10 TPH paddy processing unit was
installed by March' 2010. Petkus
Technologies,
b)
Seed Conditioning Facility to PHI Seeds Limited. PHI
Seeds Ltd signed an agreement for a minimum quantity to 5,000 Mt per annum for
5 years. During the last season, the Company had arranged an additional
processing facility with an insulated warehouse of 50,000 sft in Medchal and in
which 10 TPH paddy processing unit was installed by March'2010. Cimbria Heid.
c)
Seed Conditioning; Facility to Monsanto
India Limited. Mosnato
India Limited signed an agreement for a minimum quantity to 6,000 Mt per annum
for 5 years. During the period the
Company commissioned 10 TPH Com Processing unit in an insulated warehouse of
52,500 Sft under the supervision of
FUTURE
PLANS
the company is an undisputed leader in providing
infrastructure facilities to various reputed seed Companies and also having
largest seed drying and processing Facilities in
Cob
Drying Facility to PHI Seeds Limited: The
Company has signed an agreement with PHI Seeds Limited for setting up of Cob
drying unit with a minimum guaranteed quantity of 4500 Mt of shelled seed per annum for 5 years. This
facility was already setup and ready for trial run.
Contingent Liabilities
a) Total
guarantees given to banks against bank guarantees/ letter of credits
issued by the bank on behalf of the company aggregate to Rs.60.359 millions
(previous year Rs.14.486 millions).
b)
Estimated amount of contracts pending on capital account and not provided for
(net of advances) Rs.15.197 millions (previous year Rs.28.236 millions).
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U01122AP1994PTC018609 |
|
Name of the
company |
PRASAD SEEDS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D.No.B-92, Ground
Floor, Srinivasa Nagar Colony, |
|
This form is for |
Creation
of Charge |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
1.Agreement Of
Loan For Overall Limit Dated 28/02/2011 2.Agreement Of
Hypothecation Of Goods And Assets Dated
28/02/2011 3 Letter
Regarding The Grant Of Individual Limits With In The Overall Limit Dated
01/03/2011 - C 5 |
|
Date of
instrument Creating the charge |
28.02.2011 |
|
Amount secured by
the charge |
Rs.250.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- TL-7.25% ABOVE Base Rate Present effective rate 15.05% Terms of Repayment
- TL- Repayable in 4 yearly installments of Rs.62.500 millions each
commencing from 30.06.2012 to 30.06.2015 including interest applied to the
account payable monthly basis. Margin – 40% Extent and
Operation of the charge - Facility
Amount (Rs.in millions) Term Loans-2 250.000 Total - 250.000 (the said Credit
facilities are governed by the terms and conditions of the Charge Documents) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Exclusive first
charge on Company's receivables from Monsanto India Limited in respect of the
specific project at sy.no.81/A and 81,43/e part, 37,38 kodakandla village
gajwel mandla, medak district collateral: exclusive
first charge on the company existing and future assets/ land ( Ac 9.29 gnts)
in respect of the project at Sy.no.81/A and 81,43/e part, 37,38 kodakandla
village gajwel mandla, medak Collateral:
Escrow account in respect of the specific project to be maintained with the
bank |
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Electric Equipments
·
Roads and Drainage
·
Office Equipments
·
Bore well
·
Printer
·
Temporary Shed
·
Staff Quarters
·
Well and Water Works
·
Fencing
·
Agricultural Equipments
·
Wind Electric Generator
·
Vehicles
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.44.57 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
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.