MIRA
INFORM REPORT
|
Report Date : |
23.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA HYBRID SEEDS COMPANY LIMITED |
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|
|
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Registered
Office : |
Resham Bhavan, 4th Floor, 78, |
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Country : |
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|
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|
|
Financials (as
on) : |
31.03.2010 |
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|
|
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Date of
Incorporation : |
04.04.1970 |
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|
|
|
Com. Reg. No.: |
11-014600 |
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|
|
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Capital Investment
/ Paid-up Capital : |
Rs. 293.048
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01100MH1970PLC014600 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKM03615D / MUMM20351C |
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|
|
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PAN No.: [Permanent Account No.] |
AAACM2809C |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Agro Based Commodities. |
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No. of Employees
: |
1125 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 9100000 |
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|
|
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 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 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Mahesh |
|
Designation : |
Import Manager |
|
Date: |
20.05.2011 |
LOCATIONS
|
Registered Office/Factory : |
Resham Bhavan, 4th Floor, 78, |
|
Tel. No.: |
91-22-30273025 / 30273013 |
|
Mobile No.: |
91-9820006576 (Mr. Manoj Mehta) |
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Fax No.: |
91-22-22047871 |
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E-Mail : |
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|
Website |
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|
Location : |
Owned |
DIRECTORS
As On : 30.07.2010
|
Name : |
Mr. Badrinarayan Ramulal Barwale |
|
Designation : |
Chairman |
|
Address : |
72-B, Urvashi, Petit Hall, |
|
Date of Birth/Age : |
13.08.1931 |
|
Date of Appointment : |
04.05.1970 |
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DIN No : |
00001479 |
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|
|
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Name : |
Mr. Rajendra Badrinarayan Barwale |
|
Designation : |
Managing Director |
|
Address : |
72-B, Urvashi, Petit Hall, |
|
Date of Birth/Age : |
12.12.1955 |
|
Date of Appointment : |
18.08.2008 |
|
DIN No : |
00001678 |
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|
|
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Name : |
Mr. Shyamsunder Gopilalji Agrawal |
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Designation : |
Deputy Managing Director |
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Address : |
62, Jolly Maker, Apartment No. 11, Opp. World Trade Centre, Cuffe
Parade, Mumbai – 400 005, |
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Date of Birth/Age : |
02.12.1940 |
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Date of Appointment : |
13.08.2008 |
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DIN No : |
00001949 |
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Name : |
Mrs. Usha Brent Zehr |
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Designation : |
Whole Time Director |
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Address : |
Mahyco Life Research Centre, Dawalwadi, Jalna – 431 203, |
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Date of Birth/Age : |
28.11.1961 |
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Date of Appointment : |
01.11.2008 |
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DIN No : |
00002982 |
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|
|
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Name : |
Mr. Lee Jerry Brownie Flint |
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Designation : |
Director |
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Address : |
151, Lorong Chaun, # 06-08, New |
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Date of Birth/Age : |
20.09.1961 |
|
Date of Appointment : |
17.05.2005 |
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DIN No : |
00556459 |
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|
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Name : |
Mr. Natarajan Manakkal Sekhar |
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Designation : |
Director |
|
Address : |
No. 17, |
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Date of Birth/Age : |
14.12.1953 |
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Date of Appointment : |
31.08.2007 |
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|
|
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Name : |
Mr. Mark James Deadwyler |
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Designation : |
Director |
|
Address : |
BLK 15, |
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Date of Birth/Age : |
08.05.1968 |
|
Date of Appointment : |
16.01.2007 |
|
DIN No : |
00978804 |
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|
|
|
Name : |
Mr. Shirish Rajendra Barwale |
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Designation : |
Whole Time Director |
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Address : |
72-B, Urvashi, Petit Hall, |
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Date of Birth/Age : |
24.02.1982 |
|
Date of Appointment : |
29.09.2008 |
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DIN No : |
00152584 |
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|
|
|
Name : |
Mr. Anupam Amalkumar Bhattacharya |
|
Designation : |
Alternate Director |
|
Address : |
17 Devdoot Tower 43, Southern Avenue, Kolkata – 700 029, West |
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Date of Birth/Age : |
20.02.1964 |
|
Date of Appointment : |
25.01.2010 |
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DIN No : |
02401979 |
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|
|
|
Name : |
Mr. Richard Gerald Gaudet |
|
Designation : |
Independent Director |
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Address : |
2202, Stoneridge Terrace, |
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Date of Birth/Age : |
28.05.1955 |
|
Date of Appointment : |
25.01.2010 |
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DIN No : |
02953178 |
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|
|
|
Name : |
Mr. Amitabh Jaipuria |
|
Designation : |
Alternate Director |
|
Address : |
501, Shiv Amrut –A, Shiv Shakti Complex, Kalyan, Thane – 421301, |
|
Date of Birth/Age : |
15.05.1966 |
|
Date of Appointment : |
25.01.2010 |
|
DIN No : |
01864871 |
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|
|
|
Name : |
Mr. Sekhar Manakkal Natarajan |
|
Designation : |
Director |
|
Address : |
No.17, Gauri Giridhar Road No.2, Pestom Sagar, Chembur, Mumbai-400089,
Maharashtra, India |
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Date of Birth/Age : |
14.12.1953 |
|
Date of Appointment : |
16.01.2007 |
|
DIN No : |
01031445 |
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|
|
|
Name : |
Mr. Sandeep Ganesh Kulkarni |
|
Designation : |
Director |
|
Address : |
B-43, Ashiana, St. John Baptista Road, Bandra, Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
25.10.1960 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No : |
03146502 |
KEY EXECUTIVES
|
Name : |
Mr. V Gangadharan Sankunni Nair |
|
Designation : |
Company Secretary |
|
Address : |
B/2/7, |
|
Date of Birth/Age : |
01.06.1942 |
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Date of Appointment : |
01.04.2007 |
|
|
|
|
Name : |
Mr. Mahesh |
|
Designation : |
Import Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.07.2010
|
Names of Shareholders |
No. of Shares |
|
Asha Rajiv Bhojnagarwala |
260220 |
|
Savita B Bagdia |
260220 |
|
Prema R Garg |
260224 |
|
Shobha Navin Jain |
260220 |
|
Usha Brent Zehr |
260224 |
|
Ritesh Rajendra Mishra |
65052 |
|
Rajur Ganapati Investment and Trading Private Limited, India |
641857 |
|
Harbhajan Investment and Trading Private Limited, India |
619528 |
|
Harirani Investment and Trading Private Limited, India |
699206 |
|
Jamwadi Investment and Trading Private Limited, India |
621904 |
|
Almet Healthcare Private Limited, India |
651376 |
|
John Fowler Ocular Lenses Private Limited, India |
611608 |
|
Chittoda Investment and Trading Private Limited, India |
632544 |
|
Dudhna Investment and Trading Private Limited, India |
655059 |
|
Agrawal Gopilal Shyamsunder Jtly Agarwal Shyamsunder Ranjana |
6504 |
|
Monsanto Holdings Private Limited, India |
2285754 |
|
Badrinarayan Ramulal Barwale |
4 |
|
Rajendra Badrinarayan Barwale |
4 |
|
Shyamsunder Gopilal Agrawal |
4 |
|
Anupam Amalkumar Bhattacharya |
8 |
|
Total
A |
8791520 |
|
|
|
|
Monsanto Holdings Private Limited, India |
761904 |
|
Asha Rajiv Bhojnagarwala |
86740 |
|
Savita B Bagdia |
86740 |
|
Prema R Garg |
86740 |
|
Shobha Navin Jain |
86740 |
|
Usha Brent Zehr |
86740 |
|
Ritesh Rajendra Mishra |
21684 |
|
Rajur Ganapati Investment and Trading Private Limited, India |
213939 |
|
Harbhajan Investment and Trading Private Limited, India |
206496 |
|
Harirani Investment and Trading Private Limited, India |
233052 |
|
Jamwadi Investment and Trading Private Limited, India |
207288 |
|
Almet Healthcare Private Limited, India |
217112 |
|
John Fowler Ocular Lenses Private Limited, India |
203856 |
|
Chittoda Investment and Trading Private Limited, India |
210848 |
|
Dudhna Investment and Trading Private Limited, India |
218353 |
|
Agrawal Gopilal Shyamsunder Jtly Agarwal Shyamsunder Ranjana |
2168 |
|
Total
B |
2930400 |
|
Total
(A+B) |
11721920 |
AS ON 30.07.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
84.39 |
|
Directors or relatives of directors |
|
14.87 |
|
Other top fifty shareholders |
|
0.74 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Agro Based Commodities. |
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Products : |
Cotton Seeds ·
Bollgard Cotton Seeds ·
Indian Cotton Seeds Field Crop Seeds ·
Paddy Seeds ·
Wheat Seeds ·
Bajra Seeds ·
Maize Seeds ·
Jowar Seeds Oil Seeds ·
Sin Flower Seeds ·
Castor Seeds ·
Soyabean Seeds ·
Mustard / Rape Seeds Vegetable Crop
Seeds ·
Brinjal Seeds ·
Okra Seeds ·
Tomato Seeds ·
Cucurbit Seeds ·
Cabbage Seeds ·
Radish Seeds Beetroot Seeds |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS (As on : 31.03.2010)
|
Particulars |
Installed Capacity |
Actual Production |
|
|
|
|
|
Seeds |
343500 |
218044 |
GENERAL INFORMATION
|
Customers : |
Wholesaler, Retailers |
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No. of Employees : |
1125 Approximately |
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Bankers : |
·
Syndicate
Bank Backbay Reclamation,
Motimahal, Mumbai – 400 020, ·
Bank of Pune Corporate Banking Branch, 1162/6, Shivajinagar, |
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Facilities : |
Notes : (a) Cash credit facilities, payable on demand, availed of from the consortium Banks are secured by a joint equitable mortgage on all immovable assets, present and future, at Kallakal, Kamdod, Dhanora and Mumbai and hypothecation of tangible movable assets of the Company and first charge on pari-passu basis on current assets, both present and future such as inventories of seeds, book debts and receivables, etc. of the Company. (b) The Term Loans taken from Consortium Banks are secured by first pari-passu charge by way of registered simple mortgage assets created out bank finance viz. Plant and Machinery, Lab Equipment, Furniture, Fixture and Fittings of the Company situated at Village Dawalwadi, Taluks, Badnapur, district, Jalan.
|
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Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Ř Department of
Biotechnology, 6-8th Floor, Block No.2, CGO Complex, Lodhi Road,
New Delhi-110003, Delhi, India |
|
|
|
|
Auditors : |
|
|
Name : |
J K Doshi and Company Chartered Accountant |
|
Address : |
Khetan Bhavan, |
|
PAN No.: |
AAAFJ0776F |
|
|
|
|
Name : |
S. B. Prabhu Chartered Accountant |
|
Address : |
312/313, Sai Commercial Building, BKS Devshi Marg, Govandi,
Mumbai-400088, Maharashtra, India |
|
PAN No.: |
AAAFF1849L |
|
|
|
|
Associates/Subsidiaries : |
· Sungro Seeds Limited · Sungro Seeds Research Limited · Deccan Plantations Private Limited · Jalna Seed Processing and Refrigeration Company Limited · Almet Healthcare Private Limited (Formerly Almet Corporation Limited) · Barwale Seeds Private Limited · Leadbeter Seeds Private Limited ·
John Fowler ( · John Fowler Ocular Lenses Private Limited (Formerly John Fowler Opthalmics Private Limited) · Rajur Ganpati Investment and Trading Private Limited · Dudhna Investment and Trading Private Limited · Chittoda Investment and Trading Private Limited · Marathwada Engineers Private Limited · Monsanto India Limited · Monsanto Holdings Private Limited · Monsanto Genetic India Private Limited · Barwale Foundation · Seven Star Fruit Private Limited · Indian Foundation Seeds and Services Associates |
|
|
|
|
Joint Venture Company : |
Mahyco MonvnIa Biolrsh (India) Limited |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15200000 |
Class A Equity Shares |
Rs. 25/- each |
Rs. 380.000 millions |
|
800000 |
Class B1 Equity Shares |
Rs. 25/- each |
Rs. 20.000
millions |
|
2400000 |
Class B2 Equity Shares |
Rs. 25/- each |
Rs. 60.000
millions |
|
20000000 |
Preference Shares |
Rs. 10/- each |
Rs. 200.000
millions |
|
|
Total |
|
Rs. 660.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8791520 |
Class A Equity Shares |
Rs. 25/- each |
Rs. 219.788
millions |
|
761904 |
Class B1 Equity Shares |
Rs. 25/- each |
Rs. 19.048
millions |
|
2168496 |
Class B2 Equity Shares |
Rs. 25/- each |
Rs. 54.212
millions |
|
|
Total |
|
Rs. 293.048 millions |
|
No. of Shares |
Preference Shares |
Value |
Amount |
|
|
Redeemed at Premium |
Rs. 26/- each |
Rs. (0.010)
million |
Notes :
(a)
The original 2.930400
fully paid up equity shares of
h. 100/- each (including
2,552,460 fully paid up bonus share
of Rs. 100/- each. Issued out of General Reserve) have been reorganized into
2930400 fully paid up ‘Class A’ equity shares of Rs. 25/- each, 761904 fully
paid up Class B1 equity shares of Rs.2168496 fully paid up Class B2 equity
shares of Rs.25/- each pursuant to the scheme of arrangement dated June 6, 2002
approved by the Hon’ble Bombay High Court.
5861120 fully paid up ‘Class A’ equity shares of Rs. 25/- each were
allotted pursuant to the scheme of amalgamation of erstwhile Mahyco Seeds
Limited approved by the Hon’ble Bombay High Court vide its order dated 3rd
July, 2008.
(b)
The above preference shares allotted on 31.03.2007
were redeemable at the option of the Company on 31.03.2010 at a premium of Rs. 26/-
per share or on 31.03.2011 at a premium of Rs.36/- per share or on 31.03.2012
at premium of Rs. 47/- per share.
During the year, the Company has opted for redemption of these
preference shares on 31.03.2010. The premium of Rs. 26 per share paid on such
redemption has been adjusted against the balance in share premium account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
293.048 |
293.058 |
293.058 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1990.343 |
1275.724 |
812.854 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2283.391 |
1568.782 |
1105.912 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
176.239 |
7.167 |
1.926 |
|
|
2] Unsecured Loans |
1.277 |
5.000 |
5.000 |
|
|
TOTAL BORROWING |
177.516 |
12.167 |
6.926 |
|
|
DEFERRED TAX LIABILITIES |
331.859 |
275.318 |
284.942 |
|
|
DEFERRED INCOME |
0.500 |
0.700 |
1.318 |
|
|
|
|
|
|
|
|
TOTAL |
2793.266 |
1856.967 |
1399.098 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1294.338 |
1253.163 |
1267.314 |
|
|
Capital work-in-progress |
169.745 |
42.406 |
10.134 |
|
|
|
|
|
|
|
|
INVESTMENT |
850.029 |
434.352 |
732.344 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1834.230
|
1879.116
|
1540.991 |
|
|
Sundry Debtors |
113.707
|
114.241
|
127.770 |
|
|
Cash & Bank Balances |
1135.283
|
806.335
|
25.609 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
946.622
|
844.088
|
215.334 |
|
Total
Current Assets |
4029.842
|
3643.780 |
1909.704 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1133.526
|
1143.100
|
923.076 |
|
|
Other Current Liabilities |
2090.647
|
2073.805
|
1437.184 |
|
|
Provisions |
326.515
|
299.829
|
161.164 |
|
Total
Current Liabilities |
3550.688
|
3516.734 |
2521.424 |
|
|
Net Current Assets |
479.154
|
127.046
|
(611.720) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.026 |
|
|
|
|
|
|
|
|
TOTAL |
2793.266 |
1856.967 |
1399.098 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4370.625 |
3351.622 |
2622.996 |
|
|
|
Income from Royalty |
178.628 |
119.457 |
67.096 |
|
|
|
Other Income |
1156.749 |
686.438 |
396.795 |
|
|
|
TOTAL (A) |
5706.002 |
4157.517 |
3086.887 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
1450.794 |
1079.747 |
772.596 |
|
|
|
Manufacturing Expenses |
309.766 |
275.815 |
232.256 |
|
|
|
Payments to and Provision for Employees |
615.762 |
534.678 |
375.835 |
|
|
|
Administrative, Selling and Other Expenses |
1962.842 |
1519.636 |
1230.128 |
|
|
|
Voluntary Retirement Costs |
0.000 |
1.026 |
8.287 |
|
|
|
Amalgamation Costs |
0.000 |
0.000 |
24.056 |
|
|
|
Prior year adjustment |
(1.113) |
(1.667) |
0.000 |
|
|
|
TOTAL (B) |
4338.051 |
3409.235 |
2643.158 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1367.951 |
748.282 |
443.729 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.880 |
17.304 |
16.592 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1355.071 |
730.978 |
427.137 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
145.445 |
132.185 |
126.735 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1209.626 |
598.793 |
300.402 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(105.351) |
15.765 |
79.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1104.275 |
583.028 |
221.181 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
284.132 |
(120.400) |
(503.966) |
|
|
|
Additional
on Amalgamation |
0.000 |
0.000 |
224.913 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(110.500) |
(58.500) |
(11.100) |
|
|
|
Interim Dividend on Equity Shares |
(205.130) |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
(128.207) |
(102.565) |
(43.957) |
|
|
|
Tax on Proposed Dividend on Equity Shares |
(21.294) |
(17.431) |
(7.471) |
|
|
|
Tax on Interim Dividend on Equity Shares |
(34.862) |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
888.414 |
284.132 |
(120.400) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
68.919 |
35.341 |
23.660 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
58.097 |
52.622 |
54.722 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
94.21 |
49.74 |
37.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
19.35
|
14.02
|
7.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.68
|
17.87
|
11.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.72
|
12.23
|
9.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.38
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.69
|
2.25
|
2.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.04
|
0.76 |
LOCAL AGENCY FURTHER INFORMATION
FORM NO. 8
|
Corporate
identity number of the company |
U01100MH1970PLC014600 |
|
Name of the
company |
Maharashtra Hybrid Seeds Company Limited |
|
Address of the
registered office or of the principal place of business in |
Resham Bhavan, 4th Floor, 78 Veer Nariman Road, Mumbai – 400020,
Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Department of Biotechnology, 6-8th Floor, Block No.2, CGO
Complex, Lodhi Road, New Delhi-110003, Delhi, India |
|
Nature of
instrument creating charge |
Deed
of hypothecation dated 11th January, 2011 read with the original agreement Executed
between the department of biotechnology and m/s Maharashtra hybrid seeds
Company limited. |
|
Date of
instrument Creating the charge |
11.01.2011 |
|
Amount secured by
the charge |
Rs. 9.256 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 2%
p.a. up to Rs. 100.000 millions and 3% exceeding Rs. 100.000 millions Terms of
repayment Ten
Equal Half Yearly Installments Payable One Year After Closure Of The Project Margin 63.04% Extent and
operation of the charge The
whole of any movable properties of m/s Maharashtra hybrid seeds company limited.
That Are purchased / acquired by the borrower using the loan amount, being a
sum of Rs. 8.500 millions, and specific movable assets not previously
encumbered, save and except book Debts, to a value equivalent to the amount
of loan and interest thereon, i.e. Rs. 92.565 millions, shall be hypothecated
to dbt, till the full and final settlement of all dues to dbt By the
borrower. |
|
Short particulars
of the property charged (Including location of the property) |
The whole
of any movable properties of m/s Maharashtra hybrid seeds company ltd. That
Are purchased / acquired by the borrower using the loan amount, being a sum
of Rs. 8.500 millions, And specific movable assets not previously encumbered,
save and except book debts, to A value equivalent to the amount of loan and
interest thereon, i.e. Rs. 92.565 millions, shall Be hypothecated to dbt,
Till the full and final settlement of all dues to dbt by the borrower.dbt
shall have the First charge over the properties. |
FIXED ASSETS
·
Patents
·
Rights for Development of
Transgenic Crops
·
Technology Development
Cost
·
Software Costs
·
Enterprise Resources
Planning Cost
·
Freehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Projection Equipments
·
Computers
·
Laboratory Equipments
·
Farm Equipments.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2009 |
31.03.2008 |
|
|
(Rs. In Millions) |
|
|
Guarantees given by the Company's Bankers |
0.661 |
42.601 |
|
|
|
|
|
Claims against the Company, not acknowledged as debts - Consumer Forum/
Commission |
23.082 |
30.732 |
|
|
|
|
|
Legal Cases - Seeds
Compensation - Labour /
Industrial - Miscellaneous |
22.456 2.150 6.129 |
22.456 2.087 4.480 |
|
|
|
|
|
Disputed Sales-tax liability (excluding interest and
penalty) |
8.937 |
9.349 |
|
|
|
|
|
Disputed Income-tax liability (excluding interest and
penalty) |
59.590 |
52.918 |
WEB SIDE DETAILS
PROFILE
Subject, popularly known as 'Mahyco', was established in 1964 by Dr.
Badrinarayan R. Barwale, and is a pioneer and leader in the Indian Seed
Industry. The company strives to provide quality hybrid seeds. Since its
inception it has been engaged in plant genetic research and production of
quality hybrid seeds for the farming community of India. Currently, it is
engaged in the research, production, processing and marketing of approximately
115 products in 30 crop species including cereals, oilseeds, fibre and vegetables.
Mahyco is also developing genetically enhanced crops with the use of gene
transfer technology. Mahyco has a national presence with its network across the
country
Mahyco is the first private enterprise in India to produce and market
hybrids of Cotton, Sorghum, Pearl Millet, Sunflower and Wheat
Mahyco is the first Indian company to commercially grow and market
transgenic Bollgard cotton- India's first transgenic crop in 2002
INFRASTRUCTURE
1. A strong R and D infrastructure developed near Jalna (
2. An ISO 9001-2000 company with largest multi-locational ISO certification.
3. Network of more than 100000 farmers in 30 production
centres of
4. State-of-art Processing units with in-house Quality Assurance facilities.
5. All India marketing network – more than 5000 sales outlets
AWARDS
NATIONAL
AND GLOBAL RECOGNITION
In recognition of its achievements and contributions to the
Industry, Company has won several National and International awards.
National
Award
1989: National Award for R&D efforts in Agro Industries
sector from the Department of Science and Technology, Government of India.
1990: Award by Indian Society of Science and Technology
given to Mr. B. R. Barwale, founder and Chairman of Company in recognition of
his contribution to Seed Industry.
FICCI Award
1990: Federation of Indian Chamber of Commerce and Industry,
(FICCI) Award for outstanding achievement in research in Science and Technology
with particular reference to development of Sunflower hybrid.
IARI
Award
IARI Award presented by the Department of Genetics and Plant
Breeding, in recognition of its outstanding contribution to Seed Industry
IMC
Award
IMC Award for outstanding performance in hybrid Bajra
(MBH-110) production.
Life
Membership at World Apex body
1996: Honorary Life Membership awarded to Shri B.R. Barwale,
by FIS-Federation International Seedsmen- the apex body of the Seed
Associations of the World.
World
Food Prize Award
1998: Company’s chairman, Shri. B.R. Barwale, was awarded
the World Food Prize for his outstandiung achievements in the enhancement of
the world's food supply, by the World Food Prize Foundation,
Padma
Bhushan Award
2001: Company Chairman Shri B.R. Barwale has been awarded
with Padma Bhushan on March 21,2001 by his Excellency, The President of India.
The award was bestowed on him in recognition of his contribution to trade and
economic activity.
Biotechnology
Award
2003: On 11th May, National Technology Day, the Vice
President of
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.44.93 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
64 |
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.