MIRA INFORM REPORT

 

Report Date :

26.03.2011

 

IDENTIFICATION DETAILS

 

Name :

SATVAYUR EXTRACTS LIMITED (w.e.f. 09.10.2010)

 

 

Formerly Known As :

INDO SPICES LIMITED

 

 

Registered Office :

39, KIADB Industrial Area, Chikkaballapur – 562101, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

18.06.1997

 

 

Com. Reg. No.:

08-22406

 

 

CIN No.:

[Company Identification No.]

U15495KA1997PLC022406

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRI00572F

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of oils, oleoresins, natural colours, flavours and fragrances from herbs, spices, flowers especially those used in the health, pharmaceutical, foods and cosmetics industry.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

Maximum Credit Limit :

USD 18000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Payments are reported to be slow.

 

The company can be considered for business dealings with some caution.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DENIED BY

 

Management is Non- Co-operative

 

 

LOCATIONS

 

Registered Office/Factory :

39, KIADB Industrial Area, Chikkaballapur – 562101, Karnataka, India

Tel. No.:

91-815-6263076

E-Mail :

rajesh@satvayur.com

winfred.nelson@gmail.com

Website :

www.satvayur.com

Location :

Owned

 

 

DIRECTORS

As on 30.09.2009

 

Name :

Mr. Bhushan Gandhi

Designation :

Director

Address :

1165/9-B, Mangalwar Peth, Rajwada, Kolhapur – 416002, Maharashtra, India

Date of Birth/Age :

21.12.1968

Qualification :

Engineering + PGD Fn. (Post Graduate Diploma in Finance)

Experience :

19 years

Date of Appointment :

16.11.2010

 

 

Name :

Mr. Kaushik Sekhar

Designation :

Director

Qualification :

IIM Graduate

Experience :

15 years

 

 

Name :

Ms. Geeta Prakash

Designation :

Director

Address :

Panch Sheel Park, Baner-Aundh, Near HP Petrol Bunk, Pune – 411007, Maharashtra, India

Date of Birth/Age :

19.04.1970

Qualification :

Engineering + IIM Graduate

Experience :

15 years

 

 

Name :

Mr. Winfred Nelson

Designation :

Director

Address :

52, 2nd Cross, Millers Road, Benson Town, Bnagalore, Karnataka, India

Date of Birth/Age :

26.10.1960

Qualification :

Diploma in Food Craft Technology and Marketing Management.

Experience :

15 years

Date of Appointment :

18.06.1997

 

 

Name :

Mr. Narasingapuram Ganapathy Jaikumar

Designation :

Director

Date of Appointment :

07.06.1998

 

 

Name :

Mr. Rajkumar Thumboo Chetty

Designation :

Director

Address :

52, 2nd Cross, Millers Road, Benson Town, Bnagalore, Karnataka, India

Date of Birth/Age :

14.05.1948

Date of Appointment :

18.06.1997

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

 

Names of Shareholders

 

No. of Equity Shares

Mr. Rajkumar Thumboochetty

 

700100

Mr. Winfred Nelson

 

1940300

N.J. Jaikumar

 

211800

M.J. Basappa

 

200

Asha Nelson

 

7500

Eashwar

 

500000

Fredick Simon

 

100

Thar Design Inc.

 

593672

A.V. Thomas

 

150000

David Thomas

 

200

Vanitha Jaikumar

 

1000

Henry Rajan

 

100

 

As on 30.09.2009

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

14.47

Directors or relatives of Directors

85.53

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of oils, oleoresins, natural colours, flavours and fragrances from herbs, spices, flowers especially those used in the health, pharmaceutical, foods and cosmetics industry.

 

 

Products :

Particulars

ITC Code

Extraction of Spices

3301

 

 

Exports :

 

Countries :
  • Japan
  • US

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

L/C, Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :
  • Spark Tech Computers
  • Classic Mediherbs
  • Organic Gold
  • Spicex Chemicals
  • Srinivasa Electricals
  • Sri Venkateshwar Engineering Works
  • Sinai India
  • Arihant Spices

 

 

Customers :

Wholesalers and Retailers

 

  • Airmech Systems
  • Trik Computers
  • Firetech Industries
  • Shroff Enterprises
  • Asptek Handling Solutions
  • KIADB
  • Global Products Inc.
  • Pxaxair India Private Limited
  • Sri Ganesh Herbals
  • Vedic Super Critical
  • Control Infotech Private Limited

 

 

Bankers :
  • Canara Bank, Overseas Branch, Centenary Building, 28, M.G. Road, Bangalore – 560001, Karnataka, India
  • ICICI Bank

 

 

Facilities :

Unsecured Loans

31.03.2009

(Rs. in Millions)

31.03.2008

(Rs. in Millions

Debentures

85.169

85.087

Total

85.169

85.087

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M.V. Guruprasad

Chartered Accountant

Address :

38/7-3, 1st Floor, Annexe A Block, Vasavi Chambers, Lalbagh Fort Road, Bangalore – 560004, Karnataka, India

Tel. No.:

91-80-2662523

E-Mail :

guruprasad.m.v@icai.org

 

CAPITAL STRUCTURE

 

As on 30.09.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6000000

Equity Shares

Rs.10/- each

Rs.60.000 Millions

50000

Preference Shares

Rs.10/- each

Rs.0.500 Million

 

Total

 

Rs.60.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4104772

Equity Shares

Rs.10/- each

Rs.41.048 Millions

3500

Preference Shares

Rs.10/- each

Rs.0.035 Million

 

Total

 

Rs.41.083 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

41.083

41.083

41.083

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(36.459)

(26.622)

(15.068)

NETWORTH

4.624

14.461

26.015

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

85.169

85.087

85.317

TOTAL BORROWING

85.169

85.087

85.317

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

89.793

99.548

111.332

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

71.945

76.265

80.062

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.469

0.469

0.469

 

Sundry Debtors
0.212

0.212

0.299

 

Cash & Bank Balances
0.043

0.043

0.347

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
5.412

5.412

6.597

Total Current Assets
6.136

6.136

7.712

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities and Provisions
4.034

3.847

2.686

Total Current Liabilities
4.034

3.847

2.686

Net Current Assets
2.102

2.289

5.026

 

 

 

 

MISCELLANEOUS EXPENSES

15.746

20.994

26.244

 

 

 

 

TOTAL

89.793

99.548

111.332

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2009

31.03.2008

31.03.2007

 

SALES

 

 

 

 

 

Income

0.000

0.336

1.600

 

 

Other Income

0.000

0.159

27.809

 

 

TOTAL                                     (A)

0.000

0.495

29.409

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Material Consumed

0.000

0.097

0.339

 

 

Manufacturing Expenses

0.000

0.086

0.268

 

 

Administrative, Selling and Distribution Expenses

0.268

2.237

20.478

 

 

Preliminary Expenses Written off

5.248

5.248

5.248

 

 

TOTAL                                     (B)

5.516

7.668

26.333

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

(5.516)

(7.173)

3.076

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.000

0.020

0.331

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

(5.516)

(7.193)

2.745

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

4.321

4.321

3.371

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

(9.837)

(11.514)

(0.626)

 

 

 

 

 

Less

TAX                                                                  (I)

0.000

0.007

0.027

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

(9.837)

(11.521)

(0.653)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

PAT / Total Income

(%)
--

(2327.47)

(2.22)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
--

(3426.78)

(39.12)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(12.60)

(13.97)

(0.71)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(2.13)

(0.80)

(0.02)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
19.29

6.15

3.38

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.52

1.59

2.87

 

 

LOCAL AGENCY FURTHER INFORMATION

 

OPERATIONS :

 

During the year, the company has not made any turnover against a turnover of Rs.0.495 Million during the previous year and loss incurred during the year is Rs9.837 Millions as compared to Rs.11.514 Millions during the previous year.

 

 

FIXED ASSETS :

 

  • Land and Building
  • Factory Building
  • Plant and Machinery
  • Laboratory Equipments
  • Weighing Equipments
  • Office Equipments
  • Furniture and Fixtures
  • Vehicles
  • Land Development
  • Electrical Installations
  •  

 

WEBSITE DETAILS :

 

PROFILE :

 

The company was established in 1997 under the name of Indo Global Spices Limited as a 100% EOU (Export Oriented Unit). In June 2010, a new board of directors and management team has taken over a controlling stake in the company. They bring in a combined expertise in the areas of Strategy, People and Process, Management, Finance, Marketing and International Business.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.44.65

UK Pound

1

Rs.71.91

Euro

1

Rs.63.28

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

-

--CREDIT LINES

1~10

2

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.