MIRA
INFORM REPORT
|
Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
NAMDHARI FARM FRESH 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 : |
13.02.2006 |
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Com. Reg. No.: |
08-038469 |
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Capital
Investment / Paid-up Capital : |
Rs.150.000
Millions |
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CIN No.: [Company Identification
No.] |
U01121KA2006PTC038469 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRN03944D |
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PAN No.: [Permanent Account No.] |
AACCN3648N |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Exporter and Importer of Fresh Vegetables,
Fruits and Flowers. |
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No. of Employees
: |
300 (Approximately) (In Office - 300) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 470000 |
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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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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
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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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Tel. No.: |
91-80-28602167 |
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Fax No.: |
91-80-28602168 |
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E-Mail : |
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Website : |
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Area : |
About 200 Acres |
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Location : |
Owned |
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Head Office : |
Uragahalli, Ramanagara, Taluk Bidadi,
Bangaluru – 562109, India |
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Outlets: |
Located at: · Sadashivnagar · Frazer Town · Jayanagar · Shanthi Nagar · R.T Nagar · Sarjapur · Bellandur Gate · Domlur · Indiranagar · Mantri Elegance · Brigade Metropolis · Kundanahally · Whitefield · Banashankari · BTM Layout · Brigade Millanium · J P Nagar New 3rd Phase · Sahakar Nagar · Kormanagala · Rajarajeswari Nagar |
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Branch Office : |
Located At: · Pune · Ludhiana · Kolkata · Silugiri · Ahmedabad |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Uday Singh |
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Designation : |
Director |
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Address : |
Bidadi Post, |
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Date of
Birth/Age : |
05.07.1958 |
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Date of
Appointment : |
13.02.2006 |
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Name : |
Mrs. Gursharan Kaur |
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Designation : |
Director |
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Address : |
302, Ideal Homes, RR Nagar, |
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Date of
Birth/Age : |
05.04.1961 |
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Date of
Appointment : |
13.02.2006 |
KEY EXECUTIVES
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Name : |
Mr. Sunil Awari |
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Designation : |
General Manager |
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Name : |
Mr. Anand Najappanavar |
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Designation : |
Production Manager |
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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Uday Singh Thakur |
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20000 |
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Gursharan Kaur |
|
20000 |
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Namdhai Seeds Private Limited, India |
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14960000 |
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TOTAL |
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15000000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Bodies corporate |
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99.73 |
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Directors or relatives of directors |
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0.27 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter and Importer of Fresh Vegetables,
Fruits and Flowers. |
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Products : |
· Fresh Vegetables · Fruits · Flowers |
GENERAL INFORMATION
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No. of Employees : |
300 (Approximately) (In Office - 300) |
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Bankers : |
· Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road,
Worli, Mumbai - 400018, · Canara Bank, Bidadi Branch · Corporation Bank Corporation Bank, Bidadi, Bangalore – 562100, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mohan and Narayan |
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Designation : |
Chartered Accoutant |
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Address : |
1/4, PR Layout, 1st |
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Tel. No.: |
91-80-23311631/23315933/ 23640511(R)/ 23440455 |
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Fax No.: |
91-80-23440455 |
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E-Mail : |
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Memberships : |
·
APEDA |
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Holding Company : |
Namdhai Seeds Private Limited, India CIN No.: U01119KA1985PTC007270 |
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Group Concerns : |
·
Namdhari Seeds Private Limited ·
Namdhari Agro farms Private Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
150.000 |
150.000 |
150.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(32.100) |
(32.587) |
(33.869) |
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NETWORTH |
117.900 |
117.413 |
116.131 |
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LOAN FUNDS |
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1] Secured Loans |
67.013 |
65.757 |
57.751 |
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2] Unsecured Loans |
0.000 |
0.000 |
17.000 |
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TOTAL BORROWING |
67.013 |
65.757 |
74.751 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
2.437 |
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TOTAL |
184.913 |
183.170 |
193.319 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
92.944 |
85.229 |
95.753 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
31.435
|
27.681 |
21.922
|
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Sundry Debtors |
134.535
|
193.381 |
187.189
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Cash & Bank Balances |
5.698
|
6.275 |
5.556
|
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Other Current Assets |
0.000 |
0.000 |
0.000
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Loans & Advances |
14.743
|
11.325 |
15.363
|
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Total
Current Assets |
186.411
|
238.662 |
230.030 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditor |
65.656
|
53.111 |
56.676
|
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Other Current Liabilities |
23.255
|
82.372 |
75.925
|
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Provisions |
5.743
|
5.535 |
0.245 |
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Total
Current Liabilities |
94.654
|
141.018 |
132.846
|
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Net Current Assets |
91.757
|
97.644 |
97.184
|
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MISCELLANEOUS EXPENSES |
0.212 |
0.297 |
0.382 |
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TOTAL |
184.913 |
183.170 |
193.319 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
435.952 |
463.959 |
340.846 |
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Other Income |
20.424 |
13.647 |
8.002 |
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TOTAL |
456.376 |
477.606 |
348.848 |
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Less |
EXPENSES |
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Preliminary Expenses |
0.085 |
0.085 |
0.000 |
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Other Expenses |
442.878 |
455.227 |
379.745 |
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TOTAL |
442.963 |
455.312 |
379.745 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
13.413 |
22.294 |
(30.897) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
12.826 |
13.279 |
0.260 |
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PROFIT BEFORE
TAX |
0.587 |
9.015 |
(31.157) |
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Less |
TAX |
0.100 |
1.274 |
2.682 |
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PROFIT AFTER TAX
|
0.487 |
7.741 |
(33.839) |
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TOTAL EARNINGS |
337.809 |
367.990 |
237.135 |
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Earnings Per
Share (Rs.) |
0.03 |
0.51 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.11
|
1.62 |
(9.70) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.13
|
1.94 |
(9.14) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.21
|
2.78 |
(9.56) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.08 |
(0.27) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.37
|
1.76 |
1.79 |
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Current Ratio (Current Asset/Current Liability) |
|
1.97
|
1.69 |
1.73 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from, No. 119, 9th
Main Road, Ideal Homes Township, Rajarajeshwari Nagar, Bangalore- 500 090,
Karnataka, India, to the present address w.e.f. 18.03.2011.
FINANCIALS:
The company has made a Net Profit of Rs.0.587 Million before tax and after
providing a Depreciation of Rs.12.826 Millions and W/o of Preliminary Expenses
of Rs.0.085 Millions. A Sum of Rs.0.100 Million is provided for Income
Tax.
Form 8:
|
Corporate
identity number of the company |
U01121KA2006PTC038469 |
|
Name of the
company |
NAMDHARI FARM FRESH PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sri Sai Arcade, No 8, 12th Cross, 1st Phase,
Ideal Homes Town Ship, Rajarajeshwarinagar, Bangalore – 560098, Karnataka,
India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Corporation Bank Corporation Bank, Bidadi, Bangalore –
562100, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Common Deed of Hypothecation. |
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Date of instrument
Creating the charge |
19.05.2011 |
|
Amount secured
by the charge |
Rs.90.000 Millions |
|
Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest: 12.4% Terms of repayment : CC/OD - running account repayable on demand
subject to annual renual PCL/PCFC - rent out of proceeds of the
exports bills negotiated /purchased /discounted/by the bank and shall be
closed within maximum periods of 180 days. Margin : 15% Extent and operation of the charge First Charge |
|
Date of latest
modification prior to the present modification |
Inventory of seeds, fertilizers, chemicals,
consumables, produce of vegetables, fruits, Agricultural produce and Book
Debts of the Company. Plant and Machinery, processing, cold
storage units etc. |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Electrical Fittings
·
Furniture and
Fixtures
·
Motor Vehicles
·
Equipments
·
Computers
·
Crates and Pallets
·
WIP – Building
·
WIP – Machinery
Website Details:
Profile:
Subject has made a
mark with itself in the Seed Industry widely as one of the largest distributors
of vegetable seeds in India. Namdhari Seeds is also a leading Exporter of
Vegetable and Flower seeds to Europe,
After the success
in seed world, Namdharis have diversified into the production, distribution and
export of fresh vegetables and fruits under the name "Namdhari's
Fresh".
Subject is also
involved in natural farming to produce and supply Organic Vegetables and Fruits
in the International market with the blessings of His Holiness Shri Satguru Ji,
who himself is a strong believer of organic farming. At present the EC
directive is being followed and the produce is grown in an Environmentally
Friendly way.
The natural gift of
suitable climate, availability of sufficient infrastructure, technical manpower
and the applications of advanced technology in Production, Processing, Grading,
Packing, storage, Transportation, Communication and with dedicated skilled
laborers enables this company to produce and sell one of the best quality
vegetables and fruits for Fresh Market to meet the International Standards.
They are located in
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.46.18 |
|
|
1 |
Rs.73.65 |
|
Euro |
1 |
Rs.64.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.