MIRA
INFORM REPORT
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Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SUMINTER INDIA ORGANICS PRIVATE LIMITED |
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Registered
Office : |
Indian House, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.04.2004 |
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Com. Reg. No.: |
11-145857 |
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Capital
Investment/ Paid-up Capital: |
Rs.14.056 millions |
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CIN No.: [Company Identification
No.] |
U51220MH2004PTC145857 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Producer of certified organic food and fibre
products under the brand name Satva. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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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. Business is active. Payments are reported to be slow. The company can be considered for business dealings 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
Indian House, |
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Tel. No.: |
91-22-26743685 |
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Fax No.: |
91-22-26744903 |
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E-Mail : |
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Website : |
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Corporate Office : |
X Cube, 3rd Floor, |
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Tel. No.: |
91-22-42029000 |
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Fax No.: |
91-22-26744903 |
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E-Mail : |
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Overseas Office : |
Suminter India Organics B. V., P.O. Box 7317, 3280 AC Numansdorp, The
Netherlands. |
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E-Mail : |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Sameer Vijaykumar Mehra |
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Designation : |
Director |
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Address : |
127, Rohal Kutir, Gulmohar X Road, 10, JVPD Scheme Juhu, Vile Parle
(West), Mumbai-400049, Maharashtra. |
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Date of Birth/Age : |
13.10.1974 |
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Date of Appointment : |
22.04.2004 |
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DIN No : |
00162245 |
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Other Directorship :
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Name : |
Mr. Sandeep Shamsunder Sehgal |
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Designation : |
Director |
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Address : |
Flat No.16, Konark Express, |
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Date of Birth/Age : |
21.10.1966 |
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Date of Appointment : |
04.12.2007 |
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DIN No : |
00422796 |
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Other Directorship :
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Name : |
Mrs. Padme Gobind Hingorani |
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Designation : |
Director |
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Address : |
Sidhant, Juhu Dhara Complex, juhu Extension, Mumbai-400053,
Maharashtra, India. |
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Date of Birth/Age : |
19.11.1946 |
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Date of Appointment : |
01.12.2007 |
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DIN No : |
01011452 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Equity
Shareholders (Fully Paid) |
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Sameer V. Mehra |
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5000 |
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Padma G. Hingorani |
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5000 |
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Nexus India Ventures I Investments, Mauritius |
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100 |
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Total |
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10100 |
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Equity Shareholders
(Partly Paid Up) |
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Sameer v. Mehra (HUF) |
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42500 |
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Padme G. Hingorani |
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42500 |
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Sameer v. Mehra |
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302500 |
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Padme G. Hingorani |
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302500 |
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Total |
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690000 |
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Preference Shareholders |
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Nexus India Ventures I Investments, Mauritius |
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561091 |
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Pacific Sequoia Holdings LLC, USA |
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197244 |
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The Skoll Foundation, USA |
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45675 |
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Skoll Fund, USA |
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39463 |
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Total |
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843473 |
Equity Share Breakup
AS ON 30.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.01 |
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Directors or relatives of Directors |
99.99 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Producer of certified organic food and fibre
products under the brand name Satva. |
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Products : |
·
Oil Seeds ·
Cereals ·
Speciality Product ·
Fiber ·
Herbs and Medicinal Plants ·
Species ·
Seasonings ·
Spice Mixes ·
Ready to Eat |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Corporation Bank, 301-302, The Eagle Flight, Suren
Road, Andheri (East), Mumbai-400093, Maharashtra, India. |
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Facilities : |
(Rs.
in millions)
Notes:- 1)
Secured by first charge by way of hypothecation
of stock meant for exports, book debts and personal guarantee of directors.
Repayable within one year Rs.8.019 millions (previous year: Rs.18.194
millions) 2)
Secured against Fixed deposits of Rs. Nil
(previous year: Rs.39.899 millions) with a bank 3)
Secured against Stock in hand and book debts 4)
Secured hypothecation of vehicles. Repayable
within one year Rs.0.495 millions (previous year: Rs.0.527 millions) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Walker Chandok and Company Chartered Accountant |
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Address : |
Engineering Centre, 6th Floor, 9 Mathew Road, Opera House,
Mumbai-400004, Maharashtra, India. |
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Income-tax PAN of auditor or auditor’s firm : |
AAAFW4298E |
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Joint Venture : |
·
Bergwerff Organic India Private Limited (Upto
21.08.2008) |
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Subsidiary : |
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Bergwerff Organic India Private Limited (From
22.08.2008) |
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Enterprises owned or significantly influenced by key management
personnel or their relatives : |
·
Suminter India Organics B.V ·
Design Dimensions |
CAPITAL STRUCTURE
(AS ON 30.09.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Share |
Rs.10/- each |
Rs.7.500
millions |
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1000000 |
Preference Share |
Rs.10/- each |
Rs.10.000
millions |
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Total |
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Rs.17.500
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10100 |
Equity Share (Fully Paid Up) |
Rs.10/- each |
Rs.0.101 millions |
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690000 |
Equity Share (Partly Paid Up) |
Rs.08/- each |
Rs.5.520 millions |
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843473 |
Preference Share |
Rs.10/- each |
Rs.8.435 millions |
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Total |
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Rs.14.056 millions |
Note:
Option of redemption vests with
the investor however as on balance sheet date no such option is exercised.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.20010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.056 |
9.820 |
9.820 |
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2] Share Application Money |
0.336 |
0.336 |
0.300 |
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3] Reserves & Surplus |
393.817 |
126.305 |
119.762 |
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4] (Accumulated Losses) |
(12.532) |
0.000 |
0.000 |
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NETWORTH |
395.677 |
136.461 |
129.882 |
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LOAN FUNDS |
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1] Secured Loans |
100.547 |
58.892 |
13.037 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
100.547 |
58.892 |
13.037 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.003 |
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TOTAL |
496.224 |
195.353 |
142.922 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.328 |
3.163 |
0.810 |
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Capital work-in-progress |
0.076 |
0.000 |
1.046 |
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INVESTMENT |
159.264 |
9.385 |
52.155 |
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DEFERREX TAX ASSETS |
0.157 |
0.159 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
182.698
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39.168 |
25.989 |
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Sundry Debtors |
86.257
|
40.645 |
37.152 |
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Cash & Bank Balances |
5.408
|
76.477 |
23.459 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
73.482
|
33.916 |
8.086 |
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Total
Current Assets |
347.845
|
190.206 |
94.686 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
9.835
|
5.094 |
3.077 |
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Other Current Liabilities |
4.889
|
2.034 |
2.506 |
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Provisions |
0.722
|
0.432 |
0.192 |
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Total
Current Liabilities |
15.446
|
7.560 |
5.775 |
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Net Current Assets |
332.399
|
182.646 |
88.911 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
494.224 |
195.353 |
142.922 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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TURNOVER |
|
|
488.042 |
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NET
LOSS |
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|
21.237 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
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TOTAL INCOME |
|
234.636 |
132.154 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
10.799 |
2.153 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.779 |
0.185 |
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PROFIT BEFORE
TAX |
|
10.020 |
1.968 |
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|
|
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Less |
TAX |
|
3.477 |
0.050 |
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|
|
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|
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PROFIT AFTER TAX |
|
6.543 |
1.918 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
NA
|
2.79 |
1.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
5.18 |
2.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.07 |
1.52 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.49 |
0.14 |
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Current Ratio (Current Asset/Current Liability) |
|
22.52
|
25.16 |
16.39 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUD:
Subject (the ‘Company’) was incorporated on April 22, 2004 with its
registered office in Mumbai, India. The Company is engaged in procurement,
processing, sales and distribution of agricultural commodities.
WORKING RESULT:
The company has incurred a net loss of Rs.21.237 millions on a turnover
of Rs.488.042 millions. After making taking into consideration previous year
b/f profit a net loss of Rs.12.532 millions has been transferred to Profit and
Loss Account.
FORM 8:
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Corporate identity number of the company |
U51220MH2004PTC145857 |
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Name of the company |
SUMINTER INDIA ORGANICS PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
Indiana House, Makwana Road, Off M V Road,
Marol Naka, Andheri (East), Mumbai-400059, Maharashtra, India. Email Id : info@suminterindiaorganics.com
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This form is for |
Modification of charge |
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Charge identification number of the charge
to be modified |
10188098 |
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Type of charge |
Book debts Movable property Others |
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Particular of charge holder |
Corporation Bank, 301-302, The Eagle
Flight, Suren Road, Andheri (East), Mumbai-400093, Maharashtra, India. Email Id: cb0870@corpbank.co.in |
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Nature of instrument creating charge |
First Supplemental Common Deed of
Hypothecation of Movables / Assets / Debts |
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Date of instrument Creating the charge |
16.05.2011 |
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Amount secured by the charge |
Rs.150.000 millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
a) Rate of Interest Int for CC @ 13.40% p.a. (floating) i.e.
4% above base rate, For PCL@ 11.65% p.a.
upto 270 days, For FDBN/P/D@11.65%p.a.
upto 180 days, For BELC@ 11.90 p.a. subject to revision from time to time. b) Terms of payment
As per sanction letter c) Margin
As per sanction letter d) Extent and operation of the charge: To secure CC/PCL/FDBN/FDBP/FDBD facilities
Rs.150.000 millions with sub limit for Bill of Exchange Rs.25.000 millions
and sub limit for FDBD Rs.50.000 millions together with interest, cost,
expenses, charges, commission, etc. |
|
Short Particulars of the property charged |
i)
Hypothecation
by way of first charge (Present and Future) of the stock consisting of all
types of Agricultural Commodities like Rice, Cotton, Jeera, Turmeric or any other
Company stored within the compound of---- ii)
----
Plot No.36 To 38, SEZ, Phase I, Pithampur, District Dhar, Indore or any other
place duly notified to the Bank iii)
Hypothecation
by way of first Charge (Present and Future) of all Book Debts, Receivables, Actionable
Claims, etc. iv)
Hypothecation
by way of first charge (Present and Future) of plant and machinery consisting
of Cabinet type Electrical Tray Dryer, VM hamnmer crusher, VM Micro
Pulvariser, Air ventilators, Induction cap,---- v)
----
sealing machine, Vibro sifter, Ribbon Blander, etc. |
|
Date of instrument modifying the charge |
05.04.2010 |
|
Particulars of the present modification |
By this modification facilities enhanced
to Rs,150.000 millions consisting of CC/PCL/FDBN/FDBD facilities
Rs.150.000 millions with sub limit for
Bill of Exchange Rs.25.000 millions and sub limit for FDBD Rs.50.000 millions |
|
Name of the company |
SUMINTER INDIA ORGANICS PRIVATE LIMITED |
|
Presented By |
CORPORATION BANK, AMBOLI BRANCH, MUMBAI. |
|
1) Date and description of instrument creating the change |
Second Supplemental Common Deed of Hypothecation of Movable / Assets / Book Debts dated 26.06.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Packing \ credit Hypothecation Rs.10.000 millions Only. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1) Hypothecation of exclusive first charge by way of hypothecation of stocks consisting of Organic food, Agricultural products stored at various places. 2) Hypothecation of Book Debts 3) Hypothecation of all other movable assets such as Furniture, Fixtures, computers, etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 7.50%p.a. subject to change from time to time at the discretion of the Bank. |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank, Amboli Branch, Sarkar Palace, Amboli, Andheri (West), Mumbai-400058, Maharashtra, India. |
|
6) Date and brief description of instrument modifying the charge |
NOT APPLICABLE |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NOT APPLICABLE |
FIXED ASSETS:
·
Computer
·
Furniture and Fixtures
·
Plant and /machinery
·
Office Equipments
·
Leasehold Improvements
·
Vehicles
WEBSITE DETAILS:
Subject,
a Mumbai-based company, was founded in 2003 on the notion that organic farming
contracted out to small farmers in India would not only help to fulfil the
worldwide growing demand for organic
produce but also lead the participating farmers to greater economic stability.
Although
we started out as a small trading company with the aim of helping local
farmers, the rapid growth and
technological advances Subject has experienced in such a short time span
is truly impressive. Subject opened a base in the Netherlands in a bid to
supply the entire European market with greater efficiency and we can now supply
products to our European customers almost immediately. Now a leading exporter
of organic produce from India with a unique organizational structure, Subject
aims to stay at the cutting edge of technological advances in food safety,
processing and preservation and has recently installed an organic fumigation
system (Eco2) and a dry steam sterilization facility (Steam Lab) in Central India
(Indore). We are the first certified
organic food processors in India to provide dry steam sterilized products.
All of
the farms with which we work are certified
to international standards, ensuring not only quality produce but also
fair labour and distribution practices. In fact, Subject is only the third
company in India to be Fair Trade
certified for cotton and is one of the only companies in India to be
exporting Fair Trade goods to the international market.
Despite its rapid development, whereby Subject now works with over 7,500
farmers and represents over 38,900 acres of farmland that has been or is in the
process of being converted to organic, the company has continued to bring about
social, economic and environmental
benefits for its workers and consumers. Integrating certification,
training, farming, monitoring, processing and distribution as Subject has,
assures us of a high-quality organic supply chain and guarantees the farmers a
market for their crops.
Subject
firmly believes that organic farming is a strong alternative for small and
marginal farmers in India and aims to expand its farmland to 100,000 acres
within two years as well as further develop its product range. With a business
model that emphasizes the well-being of
farmers, high quality products and the environmental benefits of organic
farming practices, Subject will play a more and more prominent role in
the organic food and textile industry, both in India and abroad
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.49.25 |
|
|
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.