MIRA
INFORM REPORT
|
Report Date : |
02.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
NUNHEMS INDIA
PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
NUNHEMS SEEDS
PRIVATE LIMITED |
|
|
|
|
Registered Office : |
S-196, Kandlakoya, Medchal to Miyapur By Pass Road, Near
Railway Gate, Medchal, Hyderabad – 501403, Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2011 |
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|
Date of Incorporation : |
12.06.1995 |
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|
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Com. Reg. No.: |
01-020661 |
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|
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|
Capital Investment / Paid-up Capital : |
Rs.386.931 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74999AP1995PTC020661 |
|
|
|
|
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. |
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|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (39) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5400000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of ‘Nunhems B.V.’. It is an established
company having a moderate track record. The management of the company has failed to file its financial with
the government department for the year 2012. As per previous year’s record, the company is found to be performing
well. Trade relations are reported as fair. Business is active. Payment terms
are slow but correct. In absence of latest financials, the company can be considered for
business dealings with some caution. |
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 |
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 : |
S-196, Kandlakoya, Medchal to Miyapur By Pass Road, Near
Railway Gate, Medchal, Hyderabad – 501403, Andhra Pradesh, Idnia |
|
Tel. No.: |
91-40-23324040 /
4242 |
|
Fax No.: |
91-40-23323737 |
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E-Mail : |
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|
Website : |
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Area : |
Rented |
|
Location : |
Residential |
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|
Corporate
Office : |
|
|
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, |
|
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
As on 30.11.2011
|
Name : |
Mrs. Hema Abichandani |
|
Designation : |
Whole-time director |
|
Address : |
N – 70, |
|
Date of Birth/Age : |
05.08.1967 |
|
Date of Appointment : |
11.12.2008 |
|
DIN No.: |
00232851 |
|
|
|
|
Name : |
Zijp Douwe |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
24.08.1956 |
|
Date of Appointment : |
29.06.2001 |
|
DIN No.: |
02452943 |
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|
|
|
Name : |
Vicente Cortes Manuel Navarro |
|
Designation : |
Additional director |
|
Address : |
Sequia Faitanar No.22 46470Catarroja Velencia 46470 |
|
Date of Birth/Age : |
18.10.1960 |
|
Date of Appointment : |
19.09.2011 |
|
DIN No.: |
03594645 |
KEY EXECUTIVES
|
Name : |
Mrs. Hema Abichandani |
|
Designation : |
Secretary |
|
Address : |
N – 70, |
|
Date of Birth/Age : |
05.08.1967 |
|
Date of Appointment : |
19.06.1995 |
|
PAN No.: |
ACVPA9249C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.11.2011
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Nunhems BV, Netherlands |
|
38344881 |
|
Nunhems Netherlanda BV , Netherlands |
|
348238 |
|
Total |
|
38693119 |
As on 30.11.2011
|
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. |
||||
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||||
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Products : |
|
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Actual
Production |
|
|
|
|
|
Open Pollinated |
Kg. |
285575 |
|
Hybrid |
Kg. |
241491 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Price Water house, 8th Floor Building, Tower B, DLF Cyber
City, Gurgaon 122022, Haryana, India |
|
PAN No.: |
AAAFP8828M |
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|
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Holding Company: |
Nunhems B V |
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|
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Ultimate Holding Company: |
Bayer AG |
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Fellow Subsidiaries
: |
· Nunhems Netherlands B.V. · Nunhems USA Inc. · Hild Samen Gmbh · Bayer BioScience Private Limited · Bayer MaterialScience Private Limited CIN No.: U19113MH1995PTC179724 · Nunhems Beijing Seeds Company Limited · Bayer CropScience Limited CIN No.: L24210MH1958PLC011173 · Nunhems Chile-S.A |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38693119 |
Equity Shares |
Rs 10/- each |
Rs. 386.931
Millions |
|
|
|
|
|
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 |
386.931 |
386.931 |
386.931 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
954.843 |
654.960 |
386.821 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1341.774 |
1041.891 |
773.752 |
|
|
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 |
1341.774 |
1041.891 |
773.752 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
140.418 |
122.018 |
115.799 |
|
|
Capital work-in-progress |
15.883 |
29.605 |
0.870 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.996 |
125.755 |
162.496 |
|
|
DEFERREX TAX ASSETS |
62.742 |
41.204 |
50.716 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
541.513
|
438.583 |
308.196 |
|
|
Sundry Debtors |
287.256
|
228.191 |
166.992 |
|
|
Cash & Bank Balances |
686.553
|
382.375 |
375.082 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
130.916
|
140.684 |
30.114 |
|
Total
Current Assets |
1646.238
|
1189.833 |
880.384 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
313.530
|
273.497 |
262.644 |
|
|
Other Current Liabilities |
180.131
|
155.679 |
85.715 |
|
|
Provisions |
34.842
|
37.348 |
94.507 |
|
Total
Current Liabilities |
528.503
|
466.524 |
442.866 |
|
|
Net Current Assets |
1117.735
|
723.309 |
437.518 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
CAPITAL ADVANCE |
0.000 |
0.000 |
6.353 |
|
|
|
|
|
|
|
|
TOTAL |
1341.774 |
1041.891 |
773.752 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1414.640 |
1270.520 |
1147.110 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
475.130 |
447.290 |
307.820 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
39.790 |
38.640 |
31.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
435.340 |
408.650 |
275.850 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
135.460 |
140.510 |
111.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
299.880 |
268.140 |
163.870 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
654.960 |
386.820 |
222.950 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
945.840 |
654.960 |
386.820 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.75 |
6.93 |
4.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
30.77 |
32.16 |
24.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.37 |
31.15 |
27.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.39 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.11 |
2.55 |
1.99 |
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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
OPERATIONS
The net turnover of the company for the year was Rs.1414.640 Millions, registering a significant growth of 11.34% over previous year. This growth rate can be attributed to the continuous efforts of management and the team towards strengthening the product mix and adopting competitive marketing strategies.
The company was able to exceed its sales targets set for the year. As compared to the last year, the sale of hybrid seeds rose by 14.13 %, which was mainly on account of sale of pickling cucumber, Tomato, Hot pepper and Watermelon hybrids.
The sale of OP was decreased by 37.12% as compared to last year. This was mainly due to shift in the sale of Radish Seeds from the previous financial year to the current financial year.
The contribution of hybrid seed + OP sales (excluding pickling cucumber) is 88.48% to the total turnover whereas contribution made by traded goods (i.e. Pickling Cucumber) is 11.52% to the total turnover. 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 increased from 55.70 % to 57.97 % in the current year due to the increase in sales during the year.
CONTINGENT LIABILITY (AS ON 31.03.2011)
a) The estimated amount of contracts remaining to be executed on capital account (net of capital advances) and not provided for in the books of account are Rs. 2.106 Millions (Previous Year Rs.7.218 Millions).
b) Income Tax matters in respect of which appeal are pending Rs.33.420 Millions (Previous Year Rs.13.540 Millions).
c) Contingent liability in respect of outstanding bank guarantees given is Rs.4.872 Millions (Previous Year Rs.2.437 Millions).
FIXED ASSETS
- Land (Freehold)
- Buildings
- Leas hold Improvements
- Plant and Machineries
- Computer
- Office Equipment
- Motor Vehicles
- Tractors
- Laboratory Equipments
- Software
- Furniture and Fixtures
- Motor 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.54.48 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
39 |
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.