MIRA
INFORM REPORT
|
Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
VENKATESHWARA HATCHERIES PRIVATE LIMITED |
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Registered Office : |
Venkateshwara House, H. No. 3-5-808 and 809, Hyderaguda, Hyderabad – 500029, Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.07.1971 |
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Com. Reg. No.: |
01-001422 |
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Capital
Investment / Paid-up Capital : |
Rs. 27.236 Millions |
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CIN No.: [Company
Identification No.] |
U01222AP1971PTC001422 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of poultry products, egg powder products vaccines. |
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No. of Employees : |
5000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 13610000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good 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.
INFORMATION PARTED BY
|
Name : |
Mr. Umesh Palkar |
|
Designation : |
Senior Accounts Officer |
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Contact No.: |
91-20-24251530 |
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Date : |
12.03.2012 |
LOCATIONS
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Registered Office : |
Venkateshwara House, H. No. 3-5-808 and 809, Hyderguda, |
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Tel. No.: |
91-40-23237254/ 23237255 |
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Fax No.: |
91-40-23233915 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office / Factory : |
Venkateshwara House, S. No. 114/ A/ 2, Pune-Sinhagad Viththalwadi,
Pune – 411 030, |
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Tel. No.: |
91-20-24251760 / 24251530 |
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Fax No.: |
91-20-24250584/ 24251077 |
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E-Mail : |
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Central Marketing Office : |
Camp Office, Uttara House, 2 Wellesley Road, Pune-411001, Maharashtra,
India |
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Tel. No.: |
91-20-26131274 / 26137971 / 66099300 |
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Fax No.: |
91-20-26114128 |
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E-Mail : |
DIRECTORS
AS ON: 30.09.2011
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Name : |
Ms. Anuradha Jitendra Desai |
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Designation : |
Chairman cum Managing Director |
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Address : |
“Venkatesh Farms” S. No. 95/ 1, N.D.A. Road, Village Mauje Warje,
Taluka Haveli, Pune – 411 029, Maharashtra, India |
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Date of Birth/Age : |
15.05.1962 |
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Date of Appointment : |
27.10.1983 |
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Partnership Firm : |
Venkateshwara Foods and Feeds Venkateshwara House, S. No. 114/ A/ 2, Pune-Sinhagad Viththalwadi,
Pune – 411 030, |
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Din No.: |
00012212 |
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Name : |
Mr. Subhashchandra Bhausaheb Thorat |
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Designation : |
Director |
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Address : |
125, National Co-Operative Society, |
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Date of Birth/Age : |
09.02.1933 |
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Date of Appointment : |
12.01.1973 |
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Din No.: |
00017032 |
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Name : |
Mr. Chitturi Japati Rao |
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Designation : |
Whole Time Director |
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Address : |
Plot No.1142 – A, Road No.54, Jubilee Hills, |
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Date of Birth/Age : |
15.04.1933 |
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Date of Appointment : |
12.01.1973 |
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Din No.: |
00003425 |
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Name : |
Mr. Vishwanath K. Dubey |
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Designation : |
Director |
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Address : |
P.B. No. 75, 201/ 15, Ratan Colony, Narbuda Road, Gorakhpur, Jabalpur
– 482 002, Madhya Pradesh, India |
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Date of Birth/Age : |
17.07.1939 |
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Date of Appointment : |
10.06.1982 |
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Din No.: |
00029539 |
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Name : |
Mr. Jitendra Moreshwar Desai |
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Designation : |
Whole Time Director |
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Address : |
“Venkatesh Farms” S. No. 95/ 1, N.D.A. Road, Village Mauje Warje,
Taluka Haveli, Pune – 411 029, Maharashtra, India |
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Date of Birth/Age : |
27.04.1962 |
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Date of Appointment : |
23.12.1994 |
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Din No.: |
00013533 |
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Name : |
Mr. Banda Venkatesh Banda Vasudev Rao |
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Designation : |
Joint Managing Director |
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Address : |
“Venkatesh Farms” S. No. 95/ 1, N.D.A. Road, Village Mauje Warje,
Taluka Haveli, Pune – 411 029, Maharashtra, India |
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Date of Birth/Age : |
31.12.1964 |
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Date of Appointment : |
10.11.1995 |
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Din No.: |
00013614 |
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Name : |
Mr. Banda Balaji Banda Vasudev Rao |
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Designation : |
Whole Time Director |
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Address : |
“Venkatesh Farms” S. No. 95/ 1, N.D.A. Road, Village Mauje Warje,
Taluka Haveli, Pune – 411 029, Maharashtra, India |
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Date of Birth/Age : |
08.12.1972 |
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Date of Appointment : |
10.11.1995 |
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Din No.: |
00013551 |
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KEY EXECUTIVES
|
Name : |
Mr. Subodh Pradip Dandawate |
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Designation : |
Secretary |
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Address : |
B-17, Sai Vihar Residency Phshan-Sus Road, Pashan, Pune – 411021,
Maharashtra, India |
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Date of Birth/Age : |
23.06.1984 |
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Date of Appointment : |
31.08.2009 |
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Pan No.: |
ARPPD5044B |
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|
Name : |
Mr. Umesh Palkar |
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Designation : |
Senior Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Rao Balaji Banda |
784484 |
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Rao Vasudev Banda (PCI) |
165025 |
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Rao Jagapati Chitturi |
40000 |
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Rayudu Suresh Chitturi Jointly with C. Rao Jagapati Rao Jagapati
Chitturi |
11000 |
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Thorat Bhausaheb Subhashchandra |
84143 |
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Rao Venkatesh Banda |
183260 |
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Subhashchandra Sudana Thorat Jointly with Thorat Bhausaheb
Subhaschandra |
6240 |
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Ms. Geetanjali |
1200 |
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Ms. G Madalasa |
4400 |
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Rao Vasudev Banda Jointly with Mrs. Uttarradevi Rao |
1000 |
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Desai Jitendra Jointly with B. Vasudev Rao |
47200 |
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Rao Uttaradevi Jointly with Rao Vasudev Banda |
79360 |
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Rao Vasudev Banda |
15000 |
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Mahajan Vinayak Madhusudan |
3920 |
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Annapurana Kasi Meka |
15626 |
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Srivenik Investments Private Limited |
860 |
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Padmaja E. |
15000 |
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Dr. B V Rao Jointly with Banda Venkatesh Rao |
600 |
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Dr. M A Samad Joitly with Amina Salim Begu, |
2250 |
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Rao Banda Venkatesh |
601414 |
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Desai Jitendra Anuradha |
600915 |
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Janikram M |
1671 |
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M Lokanathan |
1742 |
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Ratnam Poultry Farm Private Limited |
5375 |
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Nupur Khare Jointly with Mayur Dewal Sheelavati Keshav |
2000 |
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Aruna Ramchandra Patil |
3100 |
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P. Madan Mohan Jointly witk Polam Shanta abd P Vidya Sagar |
14800 |
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Seshiah Peda Mannava Jointly with M Nagaratnamma M Kotaiah |
31968 |
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Total |
2723553 |
AS ON: 30.09.2011
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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Bodies
corporate |
0.23 |
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Directors
or relatives of directors |
96.74 |
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Others
|
3.03 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of poultry products, egg powder products vaccines. |
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Products : |
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Terms : |
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Selling : |
Cash / Credit (30 Days / 60 Days) |
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Purchasing : |
Cash / Credit (30 Days / 60 Days) |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Chicks @ @* |
Nos. |
299990020 |
201989349 |
|
Vaccines @** |
Million Doses |
7000 |
6035 |
|
Processed Chicken*** |
Nos. |
8512000 |
-- |
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Egg Powder |
M.T |
5175 |
1039 |
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Feed @** |
M.T |
613660 |
465511 |
Notes :
·
@ The capacity may vary according to the product
mix adopted by the Company.
·
@@ Including capacity at leased facilities and
calculated on a triple shift basis.
·
including chicks produced at other hatcheries and
production for captive consumption
·
** including production for captive consumption.
·
*** The Fast Food processing plant has been leased
to Venky’s India Limited.
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
5000 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sudit K. Parekh and Company Chartered Accountants |
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Address : |
Ballard House, Adi Marzban Marg, Ballard Pier Fort, Mumbai – 400 001, |
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Pan No.: |
AAAFS4500P |
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Subsidiaries : |
CIN No.: U67120MH1982PTC027946
CIN No. U29299PN1988PTC020677
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Joint Venture Companies and Associates |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
3750000 |
Equity Shares |
Rs.10/- each |
Rs. 37.500 millions |
|
10000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs. 100.000 millions |
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Total |
|
Rs. 137.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2723553 |
Equity Shares |
Rs.10/- each
|
Rs. 27.236
millions |
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|
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|
Note:
- Bonus Shares
Of the above issued, subscribed and paid-up
capital, 1033120 equity shares were allotted as fully paid bonus shares by
capitalization of general reserve.
- Shares issued for consideration other than cash:
Of the above issued, subscribed and paid-up
equity share capital:
a)
1223553 shares were
allotted pursuant to a scheme of amalgamation.
b)
28500 shares were
allotted pursuant to a contract.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
27.236 |
27.236 |
27.236 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
3374.854 |
1894.059 |
1592.802 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
3402.090 |
1921.295 |
1620.038 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1535.298 |
1726.343 |
1904.876 |
|
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2] Unsecured Loans |
369.493 |
355.193 |
230.377 |
|
|
TOTAL BORROWING |
1904.791 |
2081.536 |
2135.253 |
|
|
DEFERRED TAX LIABILITIES |
216.076 |
201.097 |
199.937 |
|
|
Capital Grants and Subsidies |
6.252 |
6.356 |
9.662 |
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TOTAL |
5529.209 |
4210.284 |
3964.890 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2725.961 |
2599.451 |
2120.748 |
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Capital work-in-progress |
522.999 |
189.083 |
265.839 |
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INVESTMENT |
969.913 |
762.228 |
718.685 |
|
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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 |
2347.849
|
2167.625
|
2299.448
|
|
|
Sundry Debtors |
347.114
|
491.627
|
420.084
|
|
|
Cash & Bank Balances |
200.790
|
271.665
|
251.720
|
|
|
Other Current Assets |
110.038
|
107.779
|
104.440
|
|
|
Loans & Advances |
74.255
|
100.290
|
406.126
|
|
Total
Current Assets |
3080.046
|
3138.986
|
3481.818 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry creditors |
1035.975 |
2339.878 |
2462.712 |
|
|
Current Liabilities |
435.632
|
134.720
|
100.851
|
|
|
Provisions |
298.103
|
4.866
|
58.637
|
|
Total
Current Liabilities |
1769.710
|
2479.464
|
2622.200
|
|
|
Net Current Assets |
1310.336
|
659.522
|
859.618
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5529.209 |
4210.284 |
3964.890 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
|
16771.830 |
12779.788 |
|
|
|
Other Income |
|
82.656 |
74.081 |
|
|
|
TOTAL (A) |
16440.079 |
16854.486 |
12853.869 |
|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing, Farm and Other Expenses |
NA |
15772.657 |
13013.972 |
|
|
|
Decrease / (Increase) In Stock |
NA |
100.351 |
(549.139) |
|
|
|
TOTAL (B) |
NA |
15873.008 |
12464.833 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3008.800 |
981.478 |
389.036 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
178.300 |
199.890 |
197.323 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2830.500 |
781.558 |
191.713 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
215.700 |
204.438 |
191.249 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2614.800 |
577.150 |
0.464 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
943.000 |
247.160 |
27.804 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1671.800 |
329.990 |
(27.340) |
|
|
|
|
|
|
|
|
|
|
EXCESS / (SHORT)
PROVISION FOR TAX IN EARLIER YEERS |
(55.900) |
0.000 |
4.593 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
525.600 |
327.513 |
350.260 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
100.000 |
0.000 |
|
|
|
Dividend |
|
27.236 |
0.000 |
|
|
|
Tax on Dividend |
|
4.629 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2141.500 |
525.638 |
327.513 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
288.255 |
704.148 |
665.556 |
|
|
TOTAL EARNINGS |
288.255 |
704.148 |
665.556 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3.775 |
9.128 |
22.133 |
|
|
|
Stores & Spares |
151.706 |
27.879 |
20.767 |
|
|
|
Capital Goods |
0.983 |
6.240 |
4.782 |
|
|
|
Others |
2.141 |
1.261 |
0.000 |
|
|
TOTAL IMPORTS |
158.605 |
44.508 |
47.682 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
613.83 |
121.16 |
(10.04) |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
18580.000 |
|
|
|
|
|
Expected Sales (2011-2012) : Rs. 20000.000 Millions
The above information has been parted by Mr. Umesh Palkar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.17 |
1.96 |
(0.21)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
3.44 |
0.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
|
45.04 |
10.06 |
0.01
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.77 |
0.30 |
0.00
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.14 |
2.48 |
3.06
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74 |
1.27 |
1.33
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Dues to Micro and Small Enterprises |
0.000 |
0.000 |
0.000 |
|
Others |
1035.975 |
2339.878 |
2462.712 |
|
|
|
|
|
|
Total |
1035.975 |
2339.878 |
2462.712 |
|
Check List by
Info Agents |
Available in
Reports (Yes/No) |
|
|
|
|
Year of Establishment |
YES |
|
Locality Of The Firm |
YES |
|
Constitution of the firm |
YES |
|
Premises Details |
YES |
|
Type of Business |
YES |
|
Line of Business |
YES |
|
Promotor’s background |
-- |
|
No. of Employees |
YES |
|
Name of person contacted |
YES |
|
Designed of contact person |
YES |
|
Turnover of firm for last three years |
YES |
|
Profitability for last three years |
NO |
|
Reasons for variation <> 20% |
NO |
|
Estimation for coming financial year |
NO |
|
Capital of the business |
NO |
|
Details of Sister Concern |
YES |
|
Major Suppliers |
NO |
|
Major Customers |
NO |
|
Payments Terms |
YES |
|
Export / Import details (if applicable) |
NO |
|
Market information |
-- |
|
Litigation that the firm / promoter involved in |
-- |
|
Banking details |
YES |
|
Banking facility details |
NO |
|
Conduct of the banking account |
-- |
|
Buyer visit details |
-- |
|
Financial, if provided |
NO |
|
Incorporation details, if applicable |
-- |
|
Last accounts filed at ROC |
-- |
|
Major Shareholders, if available |
-- |
CONTINGENT LIABILITIES (AS ON 31.03.2010)
|
Particulars |
31.03.2010 (Rs. In
Millions) |
|
Letters of guarantee in respect of credit |
0.459 |
|
Letters of credit |
43.256 |
|
Guarantees given on behalf of other companies. Amounts outstanding against above |
1431.364 1070.233 |
|
Income Tax matters in dispute |
23.365 |
|
Labour wages in dispute |
1.858 |
OPERATIONS
The Company’s
sales turnover was Rs.16362.100 millions as compared to Rs.16774.400 millions
in the previous year. However, profit before tax recorded excellent growth of
353% at Rs.2614.800 millions as compared to Rs.577.100 millions. During the
year, the poultry and poultry products segment and the vaccines segment have
recorded significant growth in profits due to improved market conditions.
However, there was a sharp decline in the profits of egg powder products
segment due to fall in sales turnover and lower realizations.
CURRENT YEAR
OUTLOOK
Demand for poultry
products continues to be robust and the Company is expected to benefit from it.
Based on the indications available, the Company is expected to continue its
good performance in the year 2010-11.
SUBSIDIARY
COMPANIES
During the year,
the company has divested its shareholding in Venka Investments Private Limited
pursuant to which Venka Investments Private Limited ceased to be a subsidiary
of your company. The Company increased its shareholding in Venky’s (India)
Limited from 48.70% to 50.06%, thereby making it a subsidiary company. During
the year, Eastern Hatcheries Private Limited became a subsidiary of the
Company, consequent upon increase in the Company’s shareholding from 25.28% to
92.59% in EHPL. As on 31st March, 2010, the Company has three subsidiaries
viz., Venky’s (India) Limited, VJ Equipment Private Limited and Eastern
Hatcheries Private Limited.
SEGMENTWISE OPERATIONAL PERFORMANCE
A.
Poultry and Poultry Products
Sales turnover of
this segment was marginally lower as compared to the previous year. However, in
view of the favourable market conditions - especially in broilers - the
profitability was significantly higher as compared to the previous year.
B.
Vaccines – Ventri Biologicals Division
This segment
registered higher sales turnover and profits as compared to the previous year
due to increase in sale volume and improvement in realizations.
C.
Egg Powder Products
This Division
registered lower sales and steep fall in profitability as compared to the
previous year. Higher cost of eggs - the main raw material for this segment -
and lower realisations for egg powder products in the export markets have
negatively impacted the performance.
D.
Poultry Diagnostic Research Centre (PDRC)
The Poultry
Diagnostic And Research Centre (PDRC) at Pune - recognized as In-House R and D
Unit by the Department of Science and Technology, Government of India is a
pioneering institute in the field of Poultry Health. PDRC has got four zonal
laboratories and under each zonal laboratory network of satelite laboratories
is there to provide technical services to the farmers all over India. Technical
services to breeders, hatchery monitoring services to assure quality of chicks
is also being provided.
PDRC continued in
its testing and research work in disease dignosis and surveillance of emerging
diseases. Also a full fleged analytical laboratory has been established to
analyze the samples of export consignment of egg powder, chicken meet and meet
products etc. as per requirement of importing countries. The diagnostic
facilities in the regional laboratories are further strengthened by installing
latest equipments required for virological, immunological and history
pathological investigations.
FORM 8:
|
Corporate
identity number of the company |
U01222AP1971PTC001422 |
|
Name of the
company |
VENKATESHWARA HATCHERIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Venkateshwara House, H. No. 3-5-808 and 809, Hyderaguda, |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10277691 |
|
Type of charge |
Immovable
property Movable Property |
|
Particular of charge
holder |
State Bank of India, Industrial Finance Branch, Tara Chambers,
Mumbai-Pune Road, Pune-411003, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1. Memorandum of
deposit for creation of charge for term loan / overall limit dated 13.02.2012
2. Memorandum of
deposit for creation of charge for term loan / overall limit dated 13.02.2012
3. Memorandum of
deposit for creation of charge for term loan / overall limit dated 13.02.2012
|
|
Date of instrument
Creating the charge |
13.02.2012 |
|
Amount secured by
the charge |
Rs. 1260.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Term Loan-I at 3.65% above Base Rate, Term Loan-
II, III, IV, V and Corporate Loan at 2.90% above Base Rate Terms of Repayment: (a)
Term
Loan I- repayable in 60 monthly installments wef. January 2012 (b)
Term
Loan II - repayable in 60 monthly installments w.e.f. April 2012 (c)
Term
Loan III - repayable in 60 monthly installments w.e.f. October 2012 (d)
Term
Loan IV - repayable in 60 monthly installments w.e.f. October 2012 (e)
Term
Loan V - repayable in 60 monthly installments w.e.f. October 2012 (f)
Corporate
Loan - repayable in 24 monthly installments w.e.f. September 2012. Interest at monthly rests. Margin: (a) For Term Loan i- 32.09% (b) For Term Loan II - 27.14% (c) For Term Loan III - 34.18% (d) For Term Loan IV - 27.78% (e) For Term Loan V - 36.44% (f) For Corporate Loan - NA. Extent and Operation of the charge: The charge is
being modified by means of creation of equitable mortgage to secure (a)
Term
Loan-I of Rs. 135.000 Millions by way of EM charge on Padakal (Mehbubnagar)
property (b)
Part
Term Loan-III i.e. Rs. 48.000 Millions out of TL of Rs. 260.000 Millions by
way of EM charge on Bandlapai (Chitoor) also called "Krishnapuram
Farm" property (c)
Part
Term Loan V i.e. Rs. 75.000 Millions out of TL of Rs. 187.500 Millions by way
of EM charge on Sitharhal Natham Village, District Dindugul property. Others: All other
charges, securities created at the time of last charge creation/ modification
will remain unchanged |
|
Short particulars
of the property charged |
Security has been
provided to secure TL I, III (Part) and TL V (Part), aggregating to Rs.1260.000 Millions by means
of charge on the immovable properties of the company situate at (A) all that piece and parcel of land bearing
situate at Sitharhal Natham Vill.Nilakkottai Taluka Dindugul Registration
District Nilakkottai Sub Registration Dist Tamilnadu i.e. S F Nos. 41/1,
41/4, 42/4, 42/5, aggregating 9.60 acres and two farm sheds each measuring
160 sq ft ground level water tank capacity 50,000 ltrs Farm electricty
service connection Nos. EB 155,155,107 and 01 with standing crops which
includes 1500 chickku trees and 500 mango trees. (B) (i) all that part and parcel of
agricultural land situate at Padakal Vill and GP Talakondalpally Mandal
Mahbubnagar District AP Kalwakurthy Sub Reg District Mahbubnagar Reg District
AP land in S Nos. 409/AA 410/AA 409/AA 410/AA 409/AA 410/AA 409/AA 410/AA
admeasuring17 acres and 15 gts (ii)all that part and parcel of agricultural land situate Padakal Vill
and GP Talakondalpally Mandal Mahbubnagar District AP Kalwakurthy Sub Reg
District Mahbubnagar Reg District AP of land in S Nos. 411/AA 411 /AA 411/AA
411 /AA admeasuring 0 acres and 2 gts (iii) all that part and parcel of agricultural land situate at Padakal
Vill and GP Talakondalpally Mandal Mahbubnagar District AP Kalwakurthy Sub
Reg District Mahbubnagar Reg District AP of land in S Nos. 408 409 414/AA
admeasuring 0 acres and 23 gts (C) (i) All that piece and parcel of land in
Chitoor District Punganur Sub District
Bandlapai Gr. Bandlapai Nimmanapalli Mandal Bandlapai GP and Vill S No. 375
376/2 380 total Acres 21.38 (ii)all that piece parcel of land in Chitoor District Punganur Sub District Bandlapai
Gr. Bandlapai Nimmanapalli Mandal Bandlapai GP and Vill S No 375 total Acres
2.33 (iii) all that piece and parcel of land in Chitoor District Punganur Sub District Bandlapai Ground
Bandlapai Nimmanapalli Mandal Bandlapai GP and Vill S No 376/2 380 total
Acres 6.00 (iv) S No 375 acres 5.23 |
|
Date of last modification prior to the present modification |
18.11.2011 |
|
Particulars of the present modification |
By present
modification an additional security provided by means of equitable mortgage
on immovable properties to secure term
loans and corporate aggregating to Rs.1260.000 Millions in favour of State Bank of India by means
of memorandum of deposit for creation of charge for term loan / overall limit
dated 13.02.2012 |
FIXED ASSETS:
- Goodwill
- Building
- Plant and
Machinery
- Furniture
Fittings and Office Equipments
- 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 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. 50.22 |
|
|
1 |
Rs. 78.63 |
|
Euro |
1 |
Rs. 65.53 |
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 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
58 |
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.