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Report Date : |
08.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
NUNHEMS INDIA
PRIVATE LIMITED |
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Formerly Known As : |
NUNHEMS SEEDS
PRIVATE LIMITED |
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Registered Office : |
10-1-227/1, Masab
Tank, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
12.06.1995 |
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Com. Reg. No.: |
01-20661 |
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CIN No.: [Company
Identification No.] |
U74999AP1995PTC020661 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS02880D |
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PAN No.: [Permanent
Account No.] |
AABCN1142L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of
Vegetable Seeds. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3049395 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Bayer group company. It is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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 : |
10-1-227/1, Masab
Tank, |
|
Tel. No.: |
91-40-23324040 /
4242 |
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Fax No.: |
91-40-23323737 |
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E-Mail : |
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Website : |
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Area : |
Rented |
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Location : |
Residential |
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Corporate
Office : |
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Tel. No.: |
91-124-2394546/47/48/49 |
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Fax No.: |
91-124-2394544/2394545 |
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E-Mail : |
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Factory 1 : |
Opposite Bharam Kumari Ashram, Bhilaspur, |
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Tel. No.: |
91-124-3051300 |
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Fax No.: |
91-124-3051400 |
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E-Mail : |
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Research & Development Centre : |
L-15/493, Ground Floor,
Mahipalpur Extension, Behind Hotel Redisson, And also located at: |
DIRECTORS
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Name : |
Mr N. M. Reddy |
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Designation : |
Director |
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Address : |
8 – 2 – 636 / D, Road No. 12, Benjara Hills, |
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Name : |
Mr. N. Sunil |
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Designation : |
Director |
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Address : |
8 – 3 -833/94, Kamalapuri Colony, |
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Name : |
Mr. Dr. Arvind Kapur |
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Designation : |
Managing Director |
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Address : |
91, Hope Apartments, Sector 15- II, Gurgaon – 122 001, |
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Date of Birth/Age : |
11.06.1954 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Lex Welles |
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Designation : |
Director |
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Address : |
Shaelenweg, 21, 6082, AA Buggenum, The |
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Date of Birth/Age : |
06.06.1946 |
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Date of Appointment : |
29.06.2001 |
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Name : |
Dr. Oprlando De Ponti (Dutch) |
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Designation : |
Director |
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Name : |
Mr. L. Van Der Broek (Dutch) |
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Designation : |
Director |
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Name : |
Mrs. Hema Abhichandani |
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Designation : |
Director |
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Address : |
N – 70, |
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Date of Birth/Age : |
05.08.1967 |
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Date of Appointment : |
26.03.2004 |
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Date of Cessation: |
11.12.2008 |
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Name : |
Mr. Zijp Douwe |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
24.08.1956 |
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Date of Appointment : |
29.06.2001 |
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Name : |
Mr. Welles Alexander Gerardus |
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Designation : |
Director |
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Date of Appointment : |
29.06.2001 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.09.2008
|
Names of Shareholders |
|
No. of Equity
Shares |
|
|
|
38344881 |
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|
348238 |
|
Total |
|
38693119 |
AS ON 05.09.2008
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Vegetable Seeds. |
GENERAL INFORMATION
|
No. of Employees : |
200 |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. R. Batliboi and Associates Chartered Accountant |
|
Address : |
B -26, Qutab Institutional Area, |
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|
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|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Price Water house, 8th Floor Building, Tower B, DLF Cyber City,
Gurgaon 122022, Haryana, India |
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Associates/Subsidiaries : |
A-304, Ansal Chambers 1, 3, Tel. No. 91-11-618 1622 / 5082 Fax No. 91-11-619 2084
A-306, Ansal Chambers 1, 3, Tel. No. 91-11-618 1622 / 5082 Fax No. 91-11-619 2084
A-310, Ansal Chambers 1, 3, Tel. No. 91-11-618 1622 / 5082 Fax No. 91-11-619 2084
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Parent Company : |
Nunza
B. V., |
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Holding Company: |
Nunhems B V |
|
Ultimate Holding Company: |
Bayer AG |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity |
Rs. 10/- each |
Rs. 400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
38693119 |
Equity |
Rs 10/- each |
Rs. 386.931
Millions |
Of the above 38344881 (P.Y. 38344881) shares are held by Nunhems B V the
holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
386.931 |
386.931 |
386.931 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
222.948 |
119.707 |
20.850 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
609.879 |
506.638 |
407.781 |
|
|
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 |
609.879 |
506.638 |
407.781 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
95.818 |
66.967 |
53.323 |
|
|
Capital work-in-progress |
9.658 |
9.969 |
6.351 |
|
|
|
|
|
|
|
|
INVESTMENT |
208.425 |
189.378 |
68.598 |
|
|
DEFERREX TAX ASSETS |
18.853 |
18.896 |
17.283 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
236.533
|
164.842 |
175.342 |
|
|
Sundry Debtors |
152.742
|
145.922 |
79.030 |
|
|
Cash & Bank Balances |
189.181
|
88.188 |
130.493 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
34.525
|
34.709 |
24.904 |
|
Total
Current Assets |
612.981 |
433.661
|
409.769 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
307.623
|
188.798 |
129.556 |
|
|
Provisions |
28.233
|
23.435 |
17.987 |
|
Total
Current Liabilities |
335.856 |
212.233
|
147.543
|
|
|
Net Current Assets |
277.125 |
221.428
|
262.226
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
609.879 |
506.638 |
407.781 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
807.003 |
739.560 |
596.834 |
|
|
Other Income |
17.611 |
18.806 |
18.683 |
|
|
Total Income |
824.614 |
758.366 |
615.517 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
166.539 |
175.263 |
122.877 |
|
|
Provision for Taxation |
0.065 |
11.569 |
0.170 |
|
|
Profit/(Loss) After Tax |
166.474 |
163.694 |
122.707 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Selling and Distribution Expenses |
230.975 |
203.37 |
177.371 |
|
|
Raw Material Consumed |
190.703 |
127.690 |
108.788 |
|
|
Increase/(Decrease) in Finished Goods |
42.130 |
(29.854) |
2.954 |
|
|
Financial Expenses |
1.634 |
1.793 |
1.753 |
|
|
Depreciation & Amortization |
23.968 |
17.469 |
16.099 |
|
|
Other Expenditure |
168.665 |
262.635 |
185.675 |
|
Total Expenditure |
658.075 |
583.103 |
492.640 |
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
2.66 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
20.18
|
21.58 |
12.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.63
|
23.69 |
20.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.49
|
35.00 |
22.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.34 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.41
|
0.36
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82
|
2.04
|
2.77
|
LOCAL AGENCY FURTHER INFORMATION
Dividend:
There is an increase in the net profit to Rs. 103.100 millions as compared
to Rs. 98.860 millions in year 2006-07 taking the total reserve up to Rs.
222.95 millions keeping in mind the future expansion plans of the company. The
board of directors recommends no dividends for this year.
Operations:
The net turnover of the company for the year was Rs. 807.00 millions
registering a growth of 9.12% over P.Y. this growth rate can be attributed to
the continuous efforts of management towards strengthening the product mix
introducing new varieties and adopting competitive marketing strategies.
As compared to the last year, the sale of hybrid seeds rose by 11.63%
which was mainly on account of sale of the newly launched Tomato, Hot Pepper
and Watermelon Hybrids. The Sales of OP was down by 20.31%. this clearly
demonstrates the strategy of the company to shift the product mix to hybrids
and discontinue low margin open pollinated varieties.
The gross margin of the company
has improved further from 59.73% last year to 61.56% in the current year. In
general the operating expenses have been commensurate with the increase in
sales. However, in the area of information technology, the costs are and will
continue to be high because of the fact that the entire wide area network and
its management its being done in a standardizes manner by the parent company
based on international guidelines. For the rest the company continued to
concentrate cost reduction and better working capital management. This coupled
with the increase in sales volume has resulted in the company having made
significant net profits.
Research and Development
This year
the company invested Rs. 71.75 million in its research activities towards
revenue expenditure as compared to Rs. 45.77 millions in the P.Y. the capital
expenditure on Research and Development activities is 22.03 millions as
compared to Rs. 8.13 millions in the P.Y. the company continues its thrust on
the conventional breeding program in cabbage. Cauliflower, tomato, eggplant hot
pepper, melon and watermelon beside getting support in biotechnology for
selected crops. The company initiated the breeding program in onion and also
strengthened activities in Marker Assisted Breeding and cell Biology Lab to
support its conventional breeding programs.
Capital Projects
The company
equipped its MAB laboratory, cell biology lab in Kullu and its research office
in
HISTORY
The company was originally incorporated on
Subject is engaged
in the business to produce, sell, import, distribute and deal in oil seeds, veg
seeds, cotton seeds feeds for cattle
feeding grass, Hybrid seeds for variety of food grains including paddy, maize,
wheat etc.
The company was incorporated with the object of developing, producing
and marketing hybrid and open pollinated
vegetable seeds. Previously the company was subsidiary of Sunseeds Company,
The company is setting up a seed processing plant at Medchal in
The company continued to strengthen the grip in the international market
especially in the Asian region. The
Company’s hybrid like Okra, sweet corn tomato and water melon continue
to be exported to
AS PER
WEBSITE
VEGETABLE SEEDS FOR PROFESSIONAL
GROWERS
Subject is an international company active in research, plant breeding, production, processing, marketing and sales of vegetable varieties for the professional horticultural production and distribution business.
Subject
employs 1,000 people. Subject is among the world's four leading vegetable seed
companies and is present in all major vegetable production areas in
Europe, the Middle East, North and
VEGETABLE SEEDS AND SERVICES FOR
PROFESSIONALS
The main Subject crops are
carrot, melon, leek, asparagus, tomato, cucumbers, pickling cucumbers,
salads, gourds, chicory witloof, processing crops and watermelon. In total,
Subject and its sister companies market 900 varieties in 28 species
through her crop oriented and specialised crop teams. The Subject crop teams
are responsible areawide for international, national and regional
product/market combinations. The typical Subject approach offers in addition to
the products, specific concepts on cultivation and marketing.
Non- Flash
For several Subject crops we distribute
Nun-Flash publications. In Nun-Flash we present all possible subjects related
to the cultivation or marketing of the crop. Typical information can be a
description of deseases, a review on growing areas or any other subject. On our
website we offer the published issues as reference and source of information.
If
you have questions or suggestions we invite you to contact your sales
specialist
The
lack of clear government policy on allowing the entry of genetically modified
foor items in the country is making companies do a rethink.
The
rate of recovery of investments in transgenic vegetable seeds is low because
there are not many niche segments. Due to the uncertainty over the regulatory
policies, it was not feasible to continue the investments in the development of
transgenic vegetable seeds. Said Dr Arvind Kapur, MD Subject Seeds.
However
we are continuting our work on transgnic cereal he added. The company has been
working on transgenic mustard seeds 1994 in
Dr.
Kapur said the govermnet was no clear about labeling of food items and the
whole process is in a transitory phase. Because of this it was difficult to
have control over project costs. Subject develops varieties. Which create value
by insect and disease resistances and interior and exterior qualities such as
taste, color long shelf and field life. Through its specialized brand name
HILD, Subject devotes considerable attention to bioseeds . Subject principal
products are tomato, melon, leek,
asparagus, cucumbers, salads, chicory witloof, processing crops and watermelon.
Fixed assets
Contingent Liabilities:
The estimated amount of contracts remaining to
be executed on capital accounts and not provided for in the book of account are
Rs. 7.708 millions.
Contingent liability (not provided for) in
respect of outstanding bank guarantees given to sales tax department is Rs.
1.453 millions
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.53.14 |
|
|
1 |
Rs.83.27 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.