|
Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAHYCO MONSANTO BIOTECH ( |
|
|
|
|
Registered Office : |
5th Floor, Ahura Centre, |
|
|
|
|
Country : |
|
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|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
23.10.1997 |
|
|
|
|
Com. Reg. No.: |
11-111505 |
|
|
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|
Capital
Investment/ Paid-up Capital: |
Rs. 240.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U73100MH1997PLC111505 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM12056C |
|
|
|
|
Legal Form : |
A Closely held public limited liability company |
|
|
|
|
Line of Business : |
Promoting, Marketing and Sublicensing Bollgard cotton trait
technology, and supporting the sub-licensees through market research and
advertising |
|
|
|
|
No. of Employees: |
Not Divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 3500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is established company having good track record. Financially
company appears to be strong. Fundamentally company seems to be healthy.
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 dealing 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Aswin Bhide |
|
Designation : |
Entity Controller |
|
Contact No.: |
91-22-28247244 |
|
Date : |
02.07.2012 |
LOCATIONS
|
Registered Office : |
5th Floor, Ahura Centre, |
|
Tel. No.: |
91-22-28246450 / 67029851 / 28247244 |
|
Fax No.: |
91-22-28244707 / 67023361 |
|
E-Mail : |
DIRECTORS
AS ON 30.07.2010
|
Name : |
Mr. Badrinarayan Ramulal Barwale |
|
Designation : |
Director |
|
Address : |
72-B, Urvashi, Petit Hall, |
|
Date of Birth/Age : |
13.08.1931 |
|
Date of Appointment : |
23.10.1997 |
|
DIN No.: |
00001479 |
|
|
|
|
Name : |
Mr. Rajendra Badrinarayan Barwale |
|
Designation : |
Director |
|
Address : |
72-B, Urvashi, Petit Hall, |
|
Date of Birth/Age : |
12.12.1955 |
|
Date of Appointment : |
23.10.1997 |
|
DIN No.: |
00001678 |
|
|
|
|
Name : |
Mr. Shyam Sunder Gopilal Agrawal |
|
Designation : |
Director |
|
Address : |
62, Jolly Maker Apartment No. II, Opp. World Trade Centre, Cuffe
Parade, Mumbai – 400 005, |
|
Date of Birth/Age : |
02.12.1947 |
|
Date of Appointment : |
23.10.1997 |
|
DIN No.: |
00001949 |
|
|
|
|
Name : |
Mr. Mahendra Shridhar Sharma |
|
Designation : |
Managing Director |
|
Address : |
503-B, Maheshwari Nagar, MIDC, Andheri (East), Mumbai – 400 093, |
|
Date of Birth/Age : |
02.05.1942 |
|
Date of Appointment : |
10.12.1997 |
|
DIN No.: |
00006026 |
|
|
|
|
Name : |
Mr. Richard Gerald Gaudet |
|
Designation : |
Director appointed in Casual Vacancy |
|
Address : |
2202, Stoneridge Terrace, |
|
Date of Birth/Age : |
28.05.1955 |
|
Date of Appointment : |
25.01.2010 |
|
DIN No.: |
02953178 |
|
|
|
|
Name : |
Mr. Gyanendra Basant Shukla |
|
Designation : |
Alternate Director |
|
Address : |
13306, 33rd Floor Oberoi Woods, |
|
Date of Birth/Age : |
15.08.1966 |
|
Date of Appointment : |
25.01.2010 |
|
DIN No.: |
02922133 |
|
|
|
|
Name : |
Mr. Sandeep Ganesh Kulkarni |
|
Designation : |
Director |
|
Address : |
B-43, Ashianan St. John Baptist Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
25.10.1960 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No.: |
03146502 |
|
|
|
|
Name : |
Mr. Duraiswami Narain |
|
Designation : |
Director |
|
Address : |
Quantum Park, A-Wing, 8th Floor, Flat 803-4, Union Park,
Khar (West), Mumbai-400052, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1963 |
|
Date of Appointment : |
16.11.2010 |
|
DIN No.: |
03310642 |
KEY EXECUTIVES
|
Name : |
Mr. Suny P Joseph |
|
Designation : |
Company Secretary |
|
Date of Appointment : |
19.01.2011 |
|
Pan No.: |
AAYPJ8409N |
|
|
|
|
Name : |
Mr. Aswin Bhide |
|
Designation : |
Entity Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.07.2010
|
Names of Shareholders |
No. of Shares |
|
Maharashtra Hybrid Seeds Company Limited, |
11999952 |
|
Monsanto Holdings Private Limited, |
11999952 |
|
Barwale Ramulal Badrinaryan |
16 |
|
Barwal Badrinaryana Rajendra |
16 |
|
Shyamsunder Gopilal Agarwal |
16 |
|
Atul Sharma |
32 |
|
Sandeep Ganesh Kulkarni |
16 |
|
TOTAL |
24000000 |
|
Names of Preference Shareholders |
No. of Shares |
|
Monsanto Holdings Private Limited, |
1 |
|
|
|
|
TOTAL |
1 |
AS ON 30.07.2010
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Promoting, Marketing and Sublicensing Bollgard cotton trait technology,
and supporting the sub-licensees through market research and advertising |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the management. |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
12, |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679025 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Joint Ventures : |
·
Monsanto Holdings Private Limited CIN No.: -
U01100MH1970PLC014600 ·
Maharashtra Hybrid Seeds Company Limited CIN No.: - U24110MH1996PTC096340 |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs. 240.000 Millions |
|
10 |
Non-Voting Redeemable Non-Cumulative Preference Shares |
Rs.100/- each |
Rs. 0.001 Million |
|
|
TOTAL |
|
Rs. 240.001
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs. 240.000 Millions |
|
1 |
Non-Voting Redeemable Non-Cumulative Preference Shares |
Rs.100/- each |
Rs. 0.000 Million |
|
|
TOTAL |
|
Rs. 240.000
Millions |
NOTE:
(Of the above 22500000 Equity Shares of Rs. 10/- each are allotted as
fully paid-up by way of bonus shares by capitalization of General Reserve and
Capital Redemption Reserve)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
240.000 |
240.000 |
240.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
643.622 |
396.262 |
532.679 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
883.622 |
636.262 |
772.679 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
883.622 |
636.262 |
772.679 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.203 |
0.281 |
0.918 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
681.264 |
659.578 |
704.944 |
|
|
DEFERREX TAX ASSETS |
1.582 |
1.294 |
16.271 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
315.005
|
175.729
|
497.880
|
|
|
Cash & Bank Balances |
76.009
|
200.193
|
49.472
|
|
|
Other Current Assets |
0.056
|
7.232
|
17.807
|
|
|
Loans & Advances |
191.383
|
69.512
|
8.443
|
|
Total
Current Assets |
582.453
|
452.666 |
573.602 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
91.454
|
216.823
|
328.254
|
|
|
Other Current Liabilities |
6.952
|
35.752
|
76.189
|
|
|
Provisions |
283.474
|
224.982
|
118.613
|
|
Total
Current Liabilities |
381.880
|
477.557 |
523.056 |
|
|
Net Current Assets |
200.573
|
[24.891]
|
50.546
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
883.622 |
636.262 |
772.679 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4848.251 |
4537.587 |
3138.721 |
|
|
|
Other Income |
85.979 |
214.846 |
184.248 |
|
|
|
TOTAL (A) |
4934.230 |
4752.433 |
3322.969 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Service Cost |
1320.551 |
1229.556 |
0.000 |
|
|
|
Employee Reacted Expenses |
67.962 |
83.074 |
0.000 |
|
|
|
Administrative, Selling, Other Expenses |
228.841 |
230.033 |
0.000 |
|
|
|
Operation and other Expenses |
0.000 |
0.000 |
1159.737 |
|
|
|
TOTAL (B) |
1617.354 |
1542.663 |
1159.737 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3316.876 |
3209.777 |
2163.232 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
154.633 |
6.219 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3162.243 |
3203.551 |
2163.232 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.078 |
0.111 |
0.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3162.165 |
3203.440 |
2163.096 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
956.705 |
1079.977 |
728.944 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2205.460 |
2123.463 |
1434.152 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17.262 |
366.679 |
0.353 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid |
1680.000 |
1932.000 |
724.500 |
|
|
|
Proposed Equity Dividend |
0.000 |
0.000 |
60.000 |
|
|
|
Tax on Dividend |
278.100 |
327.880 |
133.326 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
5.000 |
|
|
|
Transfer to General Reserve |
222.272 |
213.000 |
145.000 |
|
|
|
Proposed Interim Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
42.350 |
17.262 |
366.679 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
91.89 |
88.48 |
59.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
44.70
|
44.68 |
43.16
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
65.22
|
70.60 |
68.92
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
541.25
|
705.23 |
376.50
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
3.58
|
5.03 |
2.80
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.75 |
0.68
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
0.95 |
1.10
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions 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 |
Yes |
|
10. Designation of contact person |
Yes |
|
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 |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
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 |
Yes |
|
30. Major Shareholders, if available |
Yes |
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors (Other than outstanding dues to micro and small enterprises) |
91.454
|
216.823
|
328.254
|
COMPANY BACKGROUND:
Subject is a Joint
Venture between Maharashtra Hybrid Seeds Company Limited and Monsanto Holdings
Private Limited. The company is promoting, marketing and sublicensing the Trait
Technology and supporting the sub-licensees through market research and advertising,
for which the company receives the technology and sublicense fees from
sub-licensees.
OPERATIONS
During the year,
the Company earned Rs. 4848.251 Millions as Technology and sub-license fee from
its sub-licensees (Rs. 4537.587 Millions in the previous year). The Company
continues concentrating on promoting, marketing and sublicensing Bollgard® and
Bollgard II® cotton trait technology, and supporting the sub-licensees through
market research and advertising.
With wider choice
of hybrids and technologies, farmers nationally continued the 2009-10 trend of
choosing hybrid cotton seeds with second-generation Bollgard II® or, in some
pockets, with first-generation Bollgard® technology. The Marketing and, Sales
team
collaboratively
developed and executed widespread State-specific pre-season communication
campaigns,
Cotton crop and
textile stakeholders increasingly acknowledged the role of Bt cotton
technologies (Bollgard® and Bollgard II®) for their positive impact in doubling
the nation's cotton production, as well as socio-economic benefits to farmers.
Some states
continued the cotton seed price control which is a significant concern for the
industry impacting development of new hybrids and technologies for the benefit
of farmers.
FIXED ASSETS
·
Machinery and Equipments
·
Computers
·
Vehicles
·
Office Equipments
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 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. 55.83 |
|
|
1 |
Rs. 87.40 |
|
Euro |
1 |
Rs. 70.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
57 |
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.