MIRA
INFORM REPORT
|
Report Date : |
26.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SEED WORKS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
# 437, Avenue 4, Banjara Hills, Hyderabad-500034, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.06.2011 |
|
|
|
|
Date of
Incorporation : |
03.06.1998 |
|
|
|
|
Com. Reg. No.: |
01-029525 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 21.841 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01119AP1998PTC029525 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS03462E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers and Importers of Hybrid seeds and open pollinated seeds. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a good track record. The
company has performed well in the current year. The liquidity position of the
company seems to be good. Trade relations are reported to be fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered 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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
SE1B |
|
Rating Explanation |
Having moderate financial strength and highest performance capacity |
|
Date |
January 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
# 437, Avenue 4, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23356355 |
|
Fax No.: |
91-40-23356359 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 09.11.2011
|
Name : |
Mr. Balaji Manmohan Nukal |
|
Designation : |
Managing Director |
|
Address : |
8-2-686/D, Road No. 12, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India |
|
Date of Birth/Age : |
08.04.1961 |
|
Date of Appointment : |
04.06.1998 |
|
DIN No.: |
01289909 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U01119AP1998PTC029525 |
SEED
WORKS INDIA PRIVATE LIMITED |
Managing
director |
04/06/1998 |
04/06/1998 |
Active |
NO |
|
2 |
U74900AP2008PTC061716 |
SEEDWORKS
INTERNATIONAL PRIVATE LIMITED |
Managing
director |
15/02/2010 |
05/11/2008 |
Active |
NO |
|
Name : |
Mr. John Seward Struck |
|
Designation : |
Director |
|
Address : |
199, Ocean Lane, Dr Key Biscayne, Florida-33149, USA |
|
Date of Birth/Age : |
02.04.1952 |
|
Date of Appointment : |
10.06.1999 |
|
DIN No.: |
01389837 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U01119AP1998PTC029525 |
SEED
WORKS INDIA PRIVATE LIMITED |
Director |
10/06/1999 |
10/06/1999 |
Active |
NO |
|
2 |
U74900AP2008PTC061716 |
SEEDWORKS
INTERNATIONAL PRIVATE LIMITED |
Director |
26/11/2010 |
30/09/2010 |
Active |
NO |
|
Name : |
Mr. Janardhan Reddy Auvula |
|
Designation : |
Director |
|
Address : |
11-13-630/2, Haripuri Colony, Alakapuri, Hyderabad-500035, Andhra
Pradesh, India |
|
Date of Birth/Age : |
15.01.1956 |
|
Date of Appointment : |
28.09.2010 |
|
DIN No.: |
02592351 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U01119AP1998PTC029525 |
SEED
WORKS INDIA PRIVATE LIMITED |
Alternate
director |
28/09/2010 |
16/03/2009 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.11.2011
|
Names of Shareholders |
No. of Shares |
|
Seedworks Holding Mauritius, Mauritius |
2162247 |
|
Wand Equity Portfolio II LP, USA |
21841 |
|
TOTAL
|
2184088 |
AS ON 09.11.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Importers of Hybrid seeds and open pollinated seeds. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat
Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountant |
|
Address : |
Oval Office, 18, Ilabs Centre, Hitech City, Madhapur,
Hyderabad-500081, Andhra Pradesh, India |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Holding Company : |
Seedworks Holding Mauritius, Mauritius |
CAPITAL STRUCTURE
AS ON 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs. 70.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2184088 |
Equity Shares |
Rs.10/- each |
Rs. 21.841
Millions |
|
|
|
|
|
NOTES
Of the above 21841 shares are held by the Wand
Equity Portfolio IILP, the Ultimate Holding Company and 2162247 shares are held
by Seed Works Holdings Mauritius, subsidiary of the Ultimate Holding
Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
21.841 |
21.841 |
21.841 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
390.072 |
268.847 |
170.088 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
411.913 |
290.688 |
191.929 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.700 |
5.700 |
7.700 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
3.700 |
5.700 |
7.700 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
415.613 |
296.388 |
199.629 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
30.723 |
19.035 |
22.698 |
|
|
Capital work-in-progress |
0.201 |
0.498 |
0.078 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
8.600 |
6.359 |
7.166 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
117.894
|
67.398 |
82.226 |
|
|
Sundry Debtors |
305.986
|
197.317 |
145.573 |
|
|
Cash & Bank Balances |
274.140
|
177.378 |
58.372 |
|
|
Other Current Assets |
0.886
|
15.247 |
15.247 |
|
|
Loans & Advances |
17.951
|
13.088 |
11.898 |
|
Total
Current Assets |
716.857
|
470.428 |
313.316 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
184.783
|
89.185 |
76.544 |
|
|
Other Current Liabilities |
29.558
|
24.948 |
19.169 |
|
|
Provisions |
126.427
|
85.799 |
47.916 |
|
Total
Current Liabilities |
340.768
|
199.932 |
143.629 |
|
|
Net Current Assets |
376.089
|
270.496 |
169.687 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
415.613 |
296.388 |
199.629 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
903.466 |
623.317 |
510.287 |
|
|
|
Other Income |
15.013 |
15.242 |
17.225 |
|
|
|
TOTAL |
918.479 |
638.559 |
527.512 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
597.814 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
597.814 |
424.243 |
408.554 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
320.665 |
214.316 |
118.958 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
90.797 |
60.079 |
43.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
229.868 |
154.237 |
75.217 |
|
|
|
|
|
|
|
|
|
|
Foreign Exchange
Earning |
3.525 |
3.935 |
8.957 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
105.25 |
70.62 |
28.93 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
PAT / Total Income |
(%) |
25.03
|
24.15 |
14.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
35.49
|
34.38 |
23.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.41
|
43.22 |
34.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.78
|
0.74 |
0.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.84
|
2.35 |
2.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
2.35 |
2.18 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIAL RESULTS
The total revenue
increased from Rs. 623.317 Millions to Rs.903.466 Millions, at a growth of 45% over
the previous year. The Company achieved net profit of Rs.229.868 Millions in
the current year as against the net profit of Rs.154.236 Millions in the
previous year.
The Company
markets hybrid vegetable seed in India through network of distributors in all
the major vegetable growing areas in India. Company marketing personnel work
with distributors and farmers to promote the sale of the company’s seed and to
provide service to farmers when called upon.
The Company
achieved good financial results, and, therefore declared and paid an interim
dividend for the year ending June 30, 2011 @ 206% in May 2011 and also proposed
for a final dividend of another 222%.
FIXED ASSETS
· Plant and Machinery
· Computers
· Office Equipments
· Furniture and Fixture
· Vehicles
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 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 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. 54.96 |
|
|
1 |
Rs. 88.67 |
|
Euro |
1 |
Rs. 72.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.