MIRA INFORM REPORT

 

 

Report Date :

29.10.2011

 

 

IDENTIFICATION DETAILS

 

Name :

GREENSTAR FERTILIZERS LIMITED (w.e.f. 18.07.2011)

 

 

Formerly Known As :

GREENSTAR FERTILIZSERS PRIVATE LIMITED

 

 

Registered Office :

Door No. 5, 3rd Floor, Sun Plaza, No. 19, G. N. Chetty Road, Chennai-600006, Tamilnadu

 

 

Country :

India

 

 

Date of Incorporation :

25.08.2010

 

 

Com. Reg. No.:

077127

 

 

Capital Investment / Paid-up Capital :

Rs. 214.237 Millions

 

 

CIN No.:

[Company Identification No.]

U24100TN2010PLC077127

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEG11162E

 

 

PAN No.:

[Permanent Account No.]

AADCG9451D

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of Fertilizers.

 

 

No. of Employees :

Approximately 150

 

 

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

 

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new company establishing itself gradually. The company has started its commercial business activities recently in June, 2011. The company expects sizable turnover in its very first year of operation. Trade relations are reported as fair. Business is active. Payments are unknown.

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Rajangopal

Designation :

Account Department

Contact No.:

91-44-28151283

Date :

25.10.2011

 

 

LOCATIONS

 

Registered Office :

Door No. 5, 3rd Floor, Sun Plaza, No. 19, G. N. Chetty Road, Chennai-600006, Tamilnadu, India

Tel. No.:

91-44-28151283

Mobile No.:

91-9884706366 (Mr. Narayanan)

Fax No.:

91-44-28151286

E-Mail :

snarayanan@greenstar.net.in

sree@gss.net.in

Area :

Owned

 

 

DIRECTORS

 

 

Name :

Mr. Subramonia Iyer Narayanan

Designation :

Director

Address :

2B, Block II, Ramaniyam Abbotsbury 42, C.P. Ramaswamy Road, Alwarpet, Chennai, Tamilnadu, India

Date of Birth/Age :

06.03.1966

Date of Appointment :

13.10.2011

DIN No.:

00929228

Other Directorship:

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U01122TN2006PTC058618

Agripro International Private Limited

Director

23/01/2006

23/01/2006

-

Active

NO

2

U73100TN2005PTC058321

Foliage Crop Solutions Private Limited

Managing director

01/08/2008

30/01/2007

-

Active

NO

3

U74140TN2007PTC064926

Coeus Consultancy Private Limited

Director

01/10/2007

01/10/2007

12/11/2008

Active

NO

4

U24100TN2010PLC077127

Greenstar Fertilizers Limited

Whole-time director

13/10/2011

25/08/2010

-

Active

NO

 

 

Name :

Mr. K.S. Subbiah

Designation :

Director

Address :

23, Noble First Street, Alandur, Chennai-600016, Tamilnadu, India

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajangopal

Designation :

Account Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

S Narayanan

 

5000

K.S. Subbiah

 

5000

Total

 

10000

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Fertilizers.

 

 

Imports :

 

Products :

Fertilizers

Countries :

·         Singapore

·         China

·         USA

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers, Retailers and End Users

 

 

No. of Employees :

Approximately 150

 

 

Bankers :

·         Punjab National Bank, Chennai

·         Axis Bank, Chennai

 

 

 

Banking Relations :

--

 

 

Financial Institute:

Wilson International Tradeing Pte. Limited, No. 8, Temasek Boulevard, # 17-03, Suntec Tower 3, Singapore-038988

 

 

Auditors :

 

Name :

 GSS and Associates

Chartered Accountant

Address :

Chennai, Tamilnadu, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital : Rs. 850.000 Millions

 

Paid-up Capital : Rs. 214.237 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

New Company

 

Note: The company was incorporated in 25.08.2010 but the activity of the company started in June 2011.

 

Expected Sales (2011-2012) : Rs.12000.000 Millions

 

The above information has been parted by Mr. Rajangopal (Account Department)

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report (Yes/ No)

Year of Establishment

Yes

Locality of the firm

Yes

Constitutions of the firm

Yes

Premises details

Yes

Type of Business

Yes

Line of Business

Yes

Promoter’s Background

--

No. of Employees

Yes

Name of person Contacted

Yes

Designation of contact person

Yes

Turnover of firm for last year

--

Profitability for last three years

No

Reasons for Variation <> 20%`

--

Estimation for coming financial year

Yes

Capital in the business

Yes

Details of sister concern

--

Major Suppliers

No

Major Customers

No

Payment Terms

Yes

Export/ Import Details (If applicable)

Yes

Market Information

--

Litigations that the firm/ Promoter involved in

--

Banking Details

Yes

Banking Facility details

--

Conduct of the banking account

--

Buyer visit details

--

Financials, fi provided

No

Incorporation details, if applicable

--

Last accounts filed at ROC

--

Major Shareholders , if available

--

 

 

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U24100TN2010PLC077127

Name of the company

GREENSTAR FERTILIZERS LIMITED

Address of the registered office or of the principal place of  business in India of the company

Door No. 5, 3rd Floor, Sun Plaza, No. 19, G. N. Chetty Road, Chennai-600006, Tamilnadu, India

This form is for

Creation of Charge

Type of charge

Movable Property (not being pledge)

Particular of charge holder

Wilson International Tradeing Pte. Limited, No. 8, Temasek Boulevard, # 17-03, Suntec Tower 3, Singapore-038988

 

Email: m.nagpal@wilsonuniverse.com

Nature of instrument creating charge

Deed of hypothecation dated 12.07.2011 creating charge on the following:

 

i) All monies by way of concession in relation to P and K Fertilizers sold under the Distribution Business of Greenstar credit to the SBP Chennai Escro Account 1 held with PNB Chennai

ii) All monies by way of sale proceeds of P and K Fertilizers sold under the Distribution Business of Greenstar Deposited in Escrow Account 2 held with PNB Chennai

iii) SBP Chennai Escrow Accout 1(iv) PNB Escrow Account 1(v) PNB Escrow Account 2

Date of instrument Creating the charge

12.07.2011

Amount secured by the charge

Rs. 3129.700 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Nil

 

Terms of Repayment

Repayable out of proceeds of sale of imports after 120 days of import

 

Margin

Nil

 

Extent and Operation of the charge

Deed of Hypothecation dated 12.07.2011 creating charge in favour of Wilson and its success and assigns the hypothecated property/ies

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Deed of hypothecation dated 12.07.2011 over the following:

i) All monies by way of concessions in relation to P and K Fertilizers sold under the distribution business of Greestar Credited to the SBP Chennai Escrow Account 1 held with PNB chennai

ii) All monies by way of sale proceeds of P and K Fertilizers sold under distribution Business of Greenstar deposited in Escrow Account 2 held with PNB Chennai,

iii) SBP Chennai Escrow Account 1(iv) PNB Escrow Account 1(v) PNB Escrow Account 2

 

 

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 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.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

NO

--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.