MIRA
INFORM REPORT
|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRIMURTI
PLANT SCIENCES PRIVATE LIMITED |
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Registered
Office : |
Flat No.101, 1st
Floor, MGR Estates, 6-3-456/C, Dwarakapuri Colony, Punjagutta, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
26.07.2011 |
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Com. Reg. No.: |
075666 |
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Capital
Investment / Paid-up Capital : |
Rs.49.850
millions |
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CIN No.: [Company Identification
No.] |
U24119TG2011PTC075666 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Hybrid Seeds. |
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No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company having a moderate track record. Networth of the
company has been eroded due to continuous accumulated loss incurred from its
operations. However, business
is active. Payment terms are reported to be slow. The company can
be considered for business dealings on safe and secured 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the share goes up further in the
coming years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20%! Equities came in second with annualized
return of 15.5%! However, while these returns may seem mouthwatering, the fact
is that the return from equities adjusted for inflation came down to just 7.1
%.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
.
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs.10000 mn.
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Nagraju |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-40-30611979 |
|
Date : |
04.08.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Flat No.101, 1st
Floor, MGR Estates, 6-3-456/C, Dwarakapuri Colony, Punjagutta, Hyderabad –
500 082, Talangana, India |
|
Tel. No.: |
91-40-30611979/ 30611989 |
|
Mobile No.: |
91-8374644488 (Mr. Sanjay) |
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Fax No.: |
91-40-23355667 |
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E-Mail : |
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Website : |
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Factory : |
Located
at: ·
Puduru Village,
Hyderabad |
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Global R & D Department : |
601, Heritage Drive, Suite 118, Jupiter, FL 33458, USA |
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E-Mail : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Dr.
Jayaram Chigurupati |
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Designation : |
Director |
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|
Address : |
Plot No.770E, Road No.44,
Jubilee Hills, Hyderabad – 500 033, Talangana, India |
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Date of Birth/Age : |
10.01.1963 |
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Date of Appointment : |
26.07.2011 |
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DIN No.: |
00015592 |
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Other Directorship:
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Name : |
Mr.
Raghu Vasu Adusumilli |
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Designation : |
Director |
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|
Address : |
Flat No.101, Jhansi
Residency, 6-3-347/22/B, Plot No.181, Dwarakapuri Colony, Punjagutta,
Hyderabad – 500 082, Talangana, India |
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Date of Birth/Age : |
17.06.1972 |
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Date of Appointment : |
26.07.201 |
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DIN No.: |
01401672 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Nagraju |
|
Designation : |
Accounts Manager |
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|
Name : |
Mr. Sanjay |
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Designation : |
General Manager - Supply Chain |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Jayaram
Chigurupati |
4935000 |
99.00 |
|
Raghu
Vasu Adusumilli |
50000 |
1.00 |
|
Total
|
4985000 |
100.00 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hybrid Seeds. |
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Products : |
·
Field Crops ·
Vegetables |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Suravaram and Associates Chartered Accountants |
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Address : |
18/2RT, Ram Villa, Prakasam Nagar, Begumpet, Hyderabad – 500016, Telangana, India |
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Tel. No.: |
91-40-27765955 |
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Mobile No.: |
91-9440050047 |
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E-Mail : |
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Website : |
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PAN No.: |
ARCPS3597F |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4985000 |
Equity Shares |
Rs.10/- each
|
Rs.49.850
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
49.850 |
1.000 |
|
(b) Reserves & Surplus |
|
(57.800) |
(3.914) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
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|
|
|
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(2) Share Application money pending allotment |
|
50.150 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
42.200 |
(2.914) |
|
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|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
1.096 |
0.721 |
|
(b) Deferred tax liabilities (Net) |
|
0.268 |
0.029 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
1.364 |
0.750 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.500 |
|
(b)
Trade payables |
|
22.260 |
0.016 |
|
(c)
Other current liabilities |
|
20.940 |
20.247 |
|
(d) Short-term
provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
|
43.200 |
20.763 |
|
|
|
|
|
|
TOTAL |
|
86.764 |
18.599 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
3.908 |
2.424 |
|
(ii)
Intangible Assets |
|
1.266 |
0.930 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.993 |
0.348 |
|
(e) Other
Non-current assets |
|
0.369 |
0.030 |
|
Total Non-Current
Assets |
|
6.536 |
3.732 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current
investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
31.484 |
0.000 |
|
(c)
Trade receivables |
|
12.281 |
0.000 |
|
(d) Cash
and cash equivalents |
|
1.248 |
14.645 |
|
(e)
Short-term loans and advances |
|
35.089 |
0.212 |
|
(f) Other
current assets |
|
0.126 |
0.010 |
|
Total
Current Assets |
|
80.228 |
14.867 |
|
|
|
|
|
|
TOTAL |
|
86.764 |
18.599 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
|
35.515 |
0.000 |
|
|
|
Other Income |
|
0.000 |
0.000 |
|
|
|
TOTAL (A) |
|
35.515 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
|
41.488 |
0.906 |
|
|
|
Purchase of stock-in-trade – seeds |
|
14.442 |
0.000 |
|
|
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
|
(19.815) |
0.000 |
|
|
|
Employee benefit expense |
|
22.879 |
1.409 |
|
|
|
Other expenses |
|
28.736 |
1.427 |
|
|
|
Exceptional items |
|
0.126 |
0.010 |
|
|
|
TOTAL (B) |
|
87.856 |
3.752 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(52.341) |
(3.752) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.135 |
0.007 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(52.476) |
(3.759) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.171 |
0.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
(53.647) |
(3.885) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.239 |
0.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
(53.886) |
(3.914) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(10.81) |
(39.14) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
(151.73) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(151.05) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(61.83) |
(20.89) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(1.27) |
1.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.03 |
(0.42) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.86 |
0.72 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
|
1.000 |
49.850 |
|
Reserves & Surplus |
|
(3.914) |
(57.800) |
|
Share Application money pending allotment |
|
0.000 |
50.150 |
|
Net worth |
|
(2.914) |
42.200 |
|
|
|
|
|
|
Long-term borrowings |
|
0.721 |
1.096 |
|
Short term borrowings |
|
0.500 |
0.000 |
|
Total borrowings |
|
1.221 |
1.096 |
|
Debt/Equity ratio |
|
(0.419) |
0.026 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
|
0.000 |
35.515 |
|
|
|
|
|
NET PROFIT MARGIN
|
Net Profit Margin |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
|
0.000 |
35.515 |
|
Profit |
|
(3.914) |
(53.886) |
|
|
|
|
(151.73%) |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for about two years |
Yes |
|
12] |
Profitability for about two 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 |
No |
|
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 |
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 |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans from
Directors |
0.000 |
0.500 |
|
Total |
0.000 |
0.500 |
Notes:
· The registered office of the company has been shifted from Flat No.101, Jhansi Residency, 6-3-347/22/B, Plot No.181, Dwarakapuri Colony, Punjagutta, Hyderabad – 500 082, Andhra Pradesh to the present address w.e.f. 02.01.2012.
·
No Charges Exist for Company.
REVIEW OF OPERATIONS:
The company's focus of
Research and Development and intellectual Property is yielding results. Some of
the products developed by the company are performing very well and product
pipeline also is very healthy.
The company has started
commercial operations and the management has initiated various measures in this
regard.
FIXED ASSETS:
Tangible Assets
·
Computers and Equipment
·
Vehicles
·
Plant and Machinery
·
Furniture and Fixtures
Intangible Assets
·
Trademarks
·
Technical Know-How
·
Germplasm
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.60.87 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.