MIRA
INFORM REPORT
|
Report Date : |
24.05.2011 |
Note:
The Registered Office of the company has been shifted from 119, 9th
Main Road, Ideal Homes, Rajarajeshwari Nagar,
IDENTIFICATION DETAILS
|
Name : |
NAMDHARI SEEDS PRIVATE LIMITED |
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Registered Office : |
Sri Sai Arcade, No 8, 12th Cross, 1st Phase,
Ideal Homes Town Ship, Rajarajeshwari Nagar, Bangalore-560098, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.11.1985 |
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Com. Reg. No.: |
08-007270 |
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Paid-up Capital : |
Rs. 50.000 Millions |
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CIN No.: [Company
Identification No.] |
U01119KA1985PTC007270 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN00606E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Hybrid Seeds of
Vegetables and Flowers |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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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 4000000 |
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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 an established company having fine track. General financial
position of the company is good. Trade relations are fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – 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
|
Registered Office : |
Sri Sai Arcade, No 8, 12th Cross, 1st Phase,
Ideal Homes Town Ship, Rajarajeshwari Nagar, Bangalore-560098, Karnataka,
India |
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E-Mail : |
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Website : |
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Head Office : |
Bidadi, |
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E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Uday Singh
Thakur |
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Designation : |
Chairman and
Managing Director |
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Address : |
Bidadi Post,
Bangalore-562109, |
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Date of
Birth/Age : |
05.07.1958 |
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Qualification
: |
Graduate |
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Date of Appointment : |
08.11.1958 |
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DIN No.: |
00032091 |
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Name : |
Mr. Buta Singh
Kanwal |
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Designation : |
Whole Time
Director |
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Address : |
639/37, 6th
Main, Vijay Nagar, Bangalore-560040, |
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Date of
Birth/Age : |
11.07.1953 |
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Qualification
: |
Graduate |
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Date of Appointment : |
20.06.1994 |
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DIN No.: |
01444195 |
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Name : |
Dr. Narasimhan
Anand |
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Designation : |
Whole Time
Director |
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Address : |
B-3, 114, SFS
208, Yelahanka New Town, Bangalore-560065, |
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Date of
Birth/Age : |
04.05.1950 |
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Qualification
: |
Ph D |
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Date of Appointment : |
01.07.2003 |
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DIN No.: |
00030162 |
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Name : |
Dr. V. Somasundar
Rao |
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Designation : |
Whole Time
Director |
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Address : |
88, 7th
Main, 3rd Cross, W. C. Road, Bangalore-560079, |
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Date of
Birth/Age : |
07.04.1939 |
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Qualification
: |
Ph D |
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Date of Appointment : |
20.06.1994 |
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DIN No.: |
00063721 |
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Name : |
Dr. |
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Designation : |
Whole Time
Director |
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Address : |
4, Gokul Near |
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Date of
Birth/Age : |
19.06.1947 |
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Qualification
: |
Ph D |
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Date of
Appointment : |
01.07.2003 |
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DIN No.: |
00266817 |
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Name : |
Mr. Harpal
Sukhdev Singh |
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Designation : |
Whole Time
Director |
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Address : |
Namdhari Seeds,
Namdhari Farms, Bidadi – 562109, |
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Date of
Birth/Age : |
10.12.1954 |
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DIN No.: |
00063795 |
KEY EXECUTIVES
|
Name : |
Mr. T. Manjunath |
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Designation : |
General Manager - Bidadi, |
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Address : |
No: G6,Swastik Manandi Arcade,401/2, |
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Name : |
Mr. Rashpal Singh |
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Designation : |
General Manager – North |
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Address : |
C/O Pratap Trading Co., Hira Nagar, Opp: Transport Nagar, Sherpur
Byepass, |
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Name : |
Mr. Vishwanath Aithal |
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Designation : |
General Manager – Bidadi, |
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Address : |
Bidadi, |
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Name : |
Mr. Mukesh Patel |
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Designation : |
Branch Manager – Ahmedabad |
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Address : |
# 15, Bhumi Complex,Sarkhej-Sanand
Highway, Near Shahil Hotel, Sarkhej, Ahmedabad – 382210, Gujarat, |
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Name : |
Mr. Shakeel Ahmed |
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Designation : |
Assistant Manager – Siliguri |
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Address : |
No. 4, |
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Name : |
Mr. Sunil Kumar Singh |
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Designation : |
Branch Manager |
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Address : |
Karishma Kunj, Sh 8/3 K-1, Ramjanakidham Colony, Shivpur 221003, |
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Name : |
Mr. Pavan Kumar |
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Designation : |
Assistant General Manager – Tamilnadu And |
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Address : |
Mig 58, 4th Main, A & B Block,Ramakrishna Nagar, |
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Name : |
Mr. Yeshwant Singh |
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Designation : |
Branch Manager |
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Address : |
Street - 6, H-8, V.V. Vihar (Near Prem Nagar) Mova, |
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Name : |
Mr. Deepak Kumar Singh |
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Designation : |
Country Manager – |
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Address : |
149, DIT |
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Name : |
Mr. Avijit Jana |
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Designation : |
Assistant Manager |
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Address : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Uday Singh Thakur |
|
162000 |
|
Gursharan Kaur |
|
78000 |
|
Jai Singh Sandhu |
|
10000 |
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Total |
|
250000 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Hybrid Seeds of
Vegetables and Flowers |
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Products : |
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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 : |
Mohan and Narayan
Chartered
Accountant |
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Address : |
1/4, PR Layout, 1st
Main, Seshadripuram, Bangalore-560020, |
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Tel. No.: |
91-80-23311631 /
23315933 |
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Telefax No.: |
91-80-23440455 |
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E-Mail : |
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Pan No.: |
ABQPC5273Q |
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Subsidiaries : |
CIN: U01121KA2006PTC038469 |
CAPITAL STRUCTURE
AS ON 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Share |
Rs.200/- Each |
Rs. 50.000
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
250000 |
Equity Share |
Rs.200/- Each |
Rs. 50.000
Millions |
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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 |
|
|
|
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|
1] Share Capital |
50.000 |
50.000 |
50.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
963.380 |
822.259 |
759.049 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1013.380 |
872.259 |
809.049 |
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LOAN FUNDS |
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1] Secured Loans |
71.421 |
143.122 |
142.502 |
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2] Unsecured Loans |
0.612 |
1.329 |
1.746 |
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TOTAL BORROWING |
72.033 |
144.451 |
144.248 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1085.413 |
1016.710 |
953.297 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
184.864 |
171.033 |
167.778 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
396.683 |
380.202 |
191.015 |
|
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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 |
232.646 |
230.639 |
162.320
|
|
|
Sundry Debtors |
102.254 |
73.142 |
94.744
|
|
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Cash & Bank Balances |
99.324
|
143.870
|
97.080
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
255.975
|
230.693
|
370.409
|
|
Total
Current Assets |
690.199
|
678.344
|
724.553
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
32.611
|
48.840
|
73.822
|
|
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Other Current Liabilities |
107.284
|
123.478
|
16.931
|
|
|
Provisions |
46.438
|
40.551
|
39.296
|
|
Total
Current Liabilities |
186.333
|
212.869
|
130.049
|
|
|
Net Current Assets |
503.866
|
465.475
|
594.504
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
|
TOTAL |
1085.413 |
1016.710 |
953.297 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
|
Income |
901.629 |
754.413 |
717.231 |
|
|
|
Other Income |
0.933 |
10.847 |
4.668 |
|
|
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TOTAL |
902.562 |
765.260 |
721.899 |
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Less |
EXPENSES |
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
745.075 |
679.022
|
616.298
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
165.887 |
86.239 |
143.121 |
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
20.846 |
21.406 |
18.760 |
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|
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|
PROFIT BEFORE
TAX |
145.041 |
64.833 |
124.361 |
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Less |
TAX |
3.700 |
2.056 |
9.131 |
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PROFIT AFTER TAX
|
141.341 |
62.777 |
115.230 |
|
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|
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|
Earnings Per
Share (Rs.) |
564.00 |
251.00 |
460.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
15.66 |
8.20 |
15.96 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
16.09 |
8.59 |
17.34 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.57 |
7.63 |
13.94 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.07 |
0.15 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.25 |
0.41 |
0.34 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.70 |
3.19 |
5.57 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The Company has achieved
a Turnover of Rs.901.629 millions as against a Turnover of Rs.754.413 millions
during 2008-09 registering a growth of
19.51% in spite of stiff competition in the market and Global Economic
Recession
However, the
Directors are looking for new opportunities for accelerated growth and stronger
performance.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10030474 |
|
Corporate
identity number of the company |
U01119KA1985PTC007270 |
|
Name of the
company |
NAMDHARI SEEDS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
119, 9th |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Canara Bank,
Bidadi, Bangalore-562109, Email ID: blrr0426@canbank.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
common hypothecation agreement |
|
Date of
instrument Creating the charge |
16.03.2009 |
|
Amount secured by
the charge |
Rs.155.346
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.25% per annum Terms of
Repayment within 5 years in
60 monthly installments Margin 20% Extent and
Operation of the charge charge will operate
to the extent of outstanding loan and interest |
|
Short particulars
of the property charged |
Hypothecation of
two Bolero jeeps. |
Fixed Assets
- Building
- Land
- Plant and Machinery
- Electrical Fitting
- Furniture and Fixtures
- Land
- Motor Vehicles
- Equipments
- Computer
- Solar Lighting
AS PER WEBSITE DETAILS
PROFILE:
Founded in 1985,
Subject initially concentrated on contract seed production for exports.
In first decade, it emerged as one of the largest contract seed producer of
vegetables and flowers. Simultaneously breeding programs were started to
develop suitable hybrids for the Indian market in important vegetable
crops. There first hybrids were released in the Indian market in 1992
which were very successful. Inspired by the success of there hybrids there was
an increased emphasis and investment in breeding which resulted into the
position of leadership in Indian vegetable seed industry.
Presently,
Subject is one of the largest vegetable seed companies in
With successes
achieved in the domestic scenario, Subject has also expanded its activities to
S.E.Asian countries (
They at Subject
understand the importance of the seeds in relation to livelihood and prosperity
of the farmer. They have also diversified into production, export and
domestic retailing of fresh vegetables through there subsidiaries Namdhari Farm
fresh and Namdhari Agro fresh. This has helped us to understand the
difficulties of grower and the needs of end customer.
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.45.28 |
|
|
1 |
Rs.73.30 |
|
Euro |
1 |
Rs.63.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.