MIRA INFORM REPORT
|
Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA HYBRID SEEDS COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Resham Bhavan, 4th Floor, 78, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.04.1970 |
|
|
|
|
Com. Reg. No.: |
11-014600 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 293.048
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01100MH1970PLC014600 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKM03615D / MUMM20351C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM2809C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Agro based Products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11970000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Harirani Investment and Trading Private
Limited”. It is a well-established company having fine track record. There appears sharp dip in profitability of the company during the financial
year 2013. However, the rating takes into consideration managerial and financial
support that company receives from its parent company and sound general
financial risk profile. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-22-22049497)
LOCATIONS
|
Registered/ Corporate Office/ Factory : |
Resham Bhavan, 4th Floor, 78, |
|
Tel. No.: |
91-22-30273025/ 30273013/ 22043020/ 22853832/ 22853833/ 67573000 |
|
Fax No.: |
91-22-22047871 |
|
E-Mail : |
|
|
Website |
|
|
Location : |
Owned |
|
|
|
|
Head Office : |
Jalna-Aurangabad Road, At. Dawalwadi, Tq. Badnapur, P.O. Box-76, Jalna - 431203, Maharashtra, India |
|
Tel. No.: |
91-2482-262371-75/ 26-2001 |
|
Fax No.: |
91-2482-262002 |
|
|
|
|
Marketing Offices : |
Located at: ·
Jalna ·
Hyderabad ·
Bangalore · Coimbatore |
|
|
|
|
Production Centers : |
Located at: ·
Maharashtra Jalna, Deulgaon Raja, Sillod, Chikhali, Buldhana,
Walgaon ·
Gujarat Bayad, Bhildi, Vejalpur, Himatnagar ·
Haryana Karnal ·
Rajasthan Shriganganagar ·
Andhra Pradesh Armoor, Kallakal, Hanamkonda, Eluru, Nandyal ·
Karnataka Ilkal, Badami, Koppal, Bellary, Kamdod, Harpanhalli |
|
|
|
|
Vegetable Research Center : |
Maharashtra Hybrid Seed Company Limited Bettangere Village, Dasanapura Hobli, Bangalore North
Taluk, Karnataka, India |
DIRECTORS
AS ON 25.07.2013
|
Name : |
Mr. Rajendra Badrinarayan Barwale |
|
Designation : |
Managing director |
|
Address : |
72-B, Urvashi, Petit Hall, |
|
Date of Birth/Age : |
12.12.1955 |
|
Qualification : |
B.Sc. (Hons.) (A&H) Agriculture |
|
Experience : |
32 Years |
|
Date of Appointment : |
18.08.2008 |
|
PAN No.: |
ACLPB3509Q |
|
DIN No.: |
00001678 |
|
|
|
|
Name : |
Mr. Shyamsunder Gopilalji Agrawal |
|
Designation : |
Managing director |
|
Address : |
62, Jolly Maker, Apartment No. 11, Opposite World Trade Centre, Cuffe
Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
02.12.1947 |
|
Qualification : |
C.A. |
|
Experience : |
41 Years |
|
Date of Appointment : |
07.03.2013 |
|
DIN No.: |
00001949 |
|
|
|
|
Name : |
Mr. Badrinarayan Ramulal Barwale |
|
Designation : |
Director |
|
Address : |
72-B, Urvashi, Petit Hall, |
|
Date of Birth/Age : |
13.08.1931 |
|
Date of Appointment : |
04.05.1970 |
|
PAN No.: |
AASPB6847J |
|
DIN No.: |
00001479 |
|
|
|
|
Name : |
Mrs. Usha B. Zehr |
|
Designation : |
Whole-time director |
|
Address : |
Mahyco Research Centre, P.O. Box No. 76, Dawalwadi, Jalna – 431203,
Maharashtra, India |
|
Date of Birth/Age : |
28.11.1961 |
|
Qualification : |
M.S. Phd. |
|
Experience : |
21 Years |
|
Date of Appointment : |
01.11.2008 |
|
DIN No.: |
00002982 |
|
|
|
|
Name : |
Mr. Shirish Rajendra Barwale |
|
Designation : |
Whole Time Director |
|
Address : |
72-B, Urvashi, Petit Hall, |
|
Date of Birth/Age : |
24.02.1982 |
|
Qualification : |
B.Sc (Applied Economics and Management), MBA |
|
Experience : |
6 Years |
|
Date of Appointment : |
24.01.2013 |
|
DIN No : |
00152584 |
|
|
|
|
Name : |
Mr. Richard Gerald Gaudet |
|
Designation : |
Director |
|
Address : |
2202, Stoneridge Terrace, Chesterfield, MO 63017 United States of
America |
|
Date of Birth/Age : |
28.05.1955 |
|
Date of Appointment : |
09.08.2011 |
|
DIN No : |
02953178 |
|
|
|
|
Name : |
Mr. Sekhar Manakkal Natarajan |
|
Designation : |
Director |
|
Address : |
No.17, Gauri Giridhar Road No.2, Pestom Sagar, Chembur, Mumbai -
400089, Maharashtra, India |
|
Date of Birth/Age : |
14.12.1953 |
|
Qualification : |
B Com, ACA, AICWA |
|
Date of Appointment : |
09.08.2011 |
|
DIN No : |
01031445 |
|
|
|
|
Name : |
Mr. Narain Pattabhiram Duraiswami |
|
Designation : |
Director |
|
Address : |
Quantum Park, A Wing, 8th Floor, Flat No.803-804, Union
Park, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1963 |
|
Qualification : |
CA MBA (US) |
|
Date of Appointment : |
24.07.2012 |
|
DIN No : |
03310642 |
|
|
|
|
Name : |
Mr. Abdul Alim Rajabali Sayed
|
|
Designation : |
Director |
|
Address : |
B/71, Iris Park, Patel Estate Raod, Jogeshwari (West), Mumbai –
400102, Maharashtra, India |
|
Date of Birth/Age : |
25.08.1972 |
|
Date of Appointment : |
25.07.2013 |
|
DIN No : |
01976457 |
|
|
|
|
Name : |
Mr. Gyanendra Basantlal Shukla |
|
Designation : |
Alternate director |
|
Address : |
B3006, 30th Floor, Oberoi Woods CHS Limited, Mohan Gokhale Road, Goragaon (East), Mumbai
– 400063, Maharashtra India |
|
Date of Birth/Age : |
15.08.1966 |
|
Date of Appointment : |
17.04.2013 |
|
DIN No. : |
02922133 |
|
|
|
|
Name : |
Ms. Shilpa Shridhar Divekar |
|
Designation : |
Alternate Director |
|
Address : |
R-1501, F-15W, P-845/848, Raheja Princess, Agar Bazar, Raobahadur, SK
Bole Road, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Date of Birth/Age : |
30.11.1973 |
|
Date of Appointment : |
25.07.2013 |
|
DIN No. : |
06619353 |
KEY EXECUTIVES
|
Name : |
Ms. Uma Ramaswamy |
|
Designation : |
Company Secretary |
|
Address : |
C 503, Nirman Bihar, Pump House, Andheri (East), Mumbai – 400093,
Maharashtra, India |
|
Date of Birth/Age : |
03.10.1962 |
|
Date of Appointment : |
01.05.2012 |
|
Pan No.: |
ABTPR2029L |
|
|
|
|
Name : |
Mr. P.L. Gaekwad |
|
Designation : |
Sr. Vice President (HR) |
|
|
|
|
Name : |
Mr. A.R. Subbarao |
|
Designation : |
Sr. Vice President (Vegetable) |
|
|
|
|
Name : |
Mr. Matthew C. Beckwith |
|
Designation : |
Lead-Business Development (South East Asia) |
|
|
|
|
Name : |
Mr. Rajiv Sharma |
|
Designation : |
Sr. Vice President (Field Crop) |
|
|
|
|
Name : |
A.A. Vaidya |
|
Designation : |
Chief Human Resources Officer |
|
|
|
|
Name : |
Mr. Sandeep Harsh |
|
Designation : |
Sr. Vice President (Strategic Initiatives and Innovation) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.07.2013
|
Names of Shareholders |
|
No. of Shares (Equity Shares) |
|
CLASS A |
|
|
|
Usha Brent Zehr |
|
260224 |
|
Harirani Investment and Trading Private Limited, India |
|
4277042 |
|
Almet Healthcare Private Limited, India |
|
320622 |
|
John Fowler Ocular Lenses Private Limited, India |
|
535418 |
|
Monsanto Holdings Private Limited, India |
|
2285754 |
|
Badrinarayan Ramulal Barwale |
|
331784 |
|
Rajendra Badrinarayan Barwale |
|
780668 |
|
Sandeep Kulkarni |
|
8 |
|
CLASS B1 |
|
|
|
Monsanto Holdings Private Limited, India |
|
761904 |
|
CLASS B2 |
|
|
|
Usha Brent Zehr |
|
86740 |
|
Harirani Investment and Trading Private Limited, India |
|
1588194 |
|
Almet Healthcare Private Limited, India |
|
108500 |
|
John Fowler Ocular Lenses Private Limited, India |
|
14250 |
|
Badrinarayan Ramulal Barwale |
|
110592 |
|
Rajendra Badrinarayan Barwale |
|
260220 |
|
|
|
|
|
Total |
|
11721920 |
AS ON 25.07.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
84.39 |
|
Directors
or relatives of directors |
15.61 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agro based Products. |
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||||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Syndicate
Bank Backbay
Reclamation, Motimahal, Mumbai – 400020, Maharashtra, India ·
Bank of Pune Corporate Banking Branch, 1162/6, Shivajinagar, |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditor 1 : |
|
|
Name : |
J.K. Doshi and Company Chartered Accountants |
|
Address : |
19, Khetan Bhavan, 198, Jamshedji Tata Road, Mumbai – 400020,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFJ0776E |
|
|
|
|
Auditor 2 : |
|
|
Name : |
Ford, Rhodes, Parks and Company Chartered Accountants |
|
Address : |
312/313, Sai Commercial Building, BKS Devshi Marg, Govandi, Mumbai -
400088, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFF1843L |
|
|
|
|
Holding company : |
Harirani
Investment and Trading Private Limited |
|
|
|
|
Related enterprises with whom transactions
have taken place during the year : |
· Sungro Seeds Limited [U74999MH1991PLC061969] · Deccan Plantations Private Limited · Almet Healthcare Private Limited · Barwale Seeds Private Limited · Leadbeter Seeds Private Limited · John Fowler (India) Private Limited · John Fowler Ocular Lenses Private Limited · Dickinson Fowler Private Limited · Monsanto Holdings Private Limited · Barwale Foundation · Indian Foundation Seed and Services Association · Fowler Westrup (India) Private Limited · Jalna Seeds Processing and Refrigeration Company Limited. · Bombay Community Public Trust · Vasantrao Naik Agriculture Research and Rural Development Foundation · Shri Ganpati Netralaya (Mahyco Research Foundation Trust) · Harirani Investment and Trading Private Limited ·
Eagle Seeds and Biotech Limited |
|
|
|
|
Joint venture with whom transactions have
taken place during the year : |
Mahyco Monsanto Biotech
(India) Limited [U73100MH1997PLC111505] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18,400,000 |
Equity Shares |
Rs. 25/- each |
Rs. 460.000 Millions |
|
2,000,000 |
Preference Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 660.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,721,920 |
Equity Shares |
Rs. 25/- each |
Rs. 293.048
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
293.048 |
293.048 |
293.048 |
|
(b) Reserves & Surplus |
2699.102 |
3005.915 |
1853.929 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2992.150 |
3298.963 |
2146.977 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
227.550 |
337.520 |
310.822 |
|
(b) Deferred tax liabilities (Net) |
469.197 |
465.399 |
445.155 |
|
(c)
Other long term liabilities |
60.679 |
58.650 |
56.130 |
|
(d)
long-term provisions |
165.562 |
134.835 |
129.399 |
|
Total
Non-current Liabilities (3) |
922.988 |
996.404 |
941.506 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
83.973 |
79.392 |
5.588 |
|
(b)
Trade payables |
1473.027 |
732.480 |
694.722 |
|
(c)
Other current liabilities |
4344.855 |
2952.981 |
4736.241 |
|
(d)
Short-term provisions |
85.685 |
75.554 |
164.037 |
|
Total
Current Liabilities (4) |
5987.540 |
3840.407 |
5600.588 |
|
|
|
|
|
|
TOTAL |
9902.678 |
8135.774 |
8689.071 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1778.845 |
1704.380 |
1203.736 |
|
(ii)
Intangible Assets |
32.522 |
29.459 |
26.885 |
|
(iii)
Capital work-in-progress |
3.217 |
28.150 |
327.898 |
|
(iv) Intangible assets under development |
368.412 |
257.703 |
250.118 |
|
(b) Non-current
Investments |
206.957 |
445.986 |
346.538 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
470.715 |
106.743 |
121.827 |
|
(e)
Other Non-current assets |
0.000 |
0.030 |
0.024 |
|
Total
Non-Current Assets |
2860.668 |
2572.451 |
2277.026 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1276.929 |
855.701 |
1538.808 |
|
(b)
Inventories |
3384.309 |
2012.520 |
1704.210 |
|
(c)
Trade receivables |
311.544 |
246.362 |
131.465 |
|
(d)
Cash and cash equivalents |
273.911 |
248.562 |
1919.966 |
|
(e)
Short-term loans and advances |
1748.259 |
2145.035 |
1032.032 |
|
(f)
Other current assets |
47.058 |
55.143 |
85.564 |
|
Total
Current Assets |
7042.010 |
5563.323 |
6412.045 |
|
|
|
|
|
|
TOTAL |
9902.678 |
8135.774 |
8689.071 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4611.845 |
5237.397 |
5156.296 |
|
|
|
Other Income |
1372.430 |
1630.365 |
1110.763 |
|
|
|
TOTAL (A) |
5984.275 |
6867.762 |
6267.059 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2787.328 |
1832.509 |
1304.657 |
|
|
|
Purchases of Stock-in-Trade |
0.389 |
0.509 |
0.671 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1305.994) |
(295.869) |
115.218 |
|
|
|
Employees benefits expense |
885.795 |
761.368 |
658.538 |
|
|
|
Other expenses |
2495.773 |
2548.103 |
2554.424 |
|
|
|
Prior Period Expense |
0.000 |
0.000 |
(23.122) |
|
|
|
TOTAL (B) |
4863.291 |
4846.620 |
4610.386 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1120.984 |
2021.142 |
1656.673 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
58.239 |
56.241 |
31.304 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1062.745 |
1964.901 |
1625.369 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
119.661 |
106.276 |
131.057 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
943.084 |
1858.625 |
1494.312 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.663 |
154.776 |
268.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
919.421 |
1703.849 |
1226.058 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1610.725 |
629.121 |
888.414 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid |
1054.973 |
293.044 |
0.000 |
|
|
|
Interim Dividend Payable |
0.000 |
181.688 |
1172.192 |
|
|
|
Tax on Interim Dividends |
171.143 |
77.013 |
190.159 |
|
|
|
Transfer to General Reserve |
92.000 |
170.500 |
123.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1212.030 |
1610.725 |
629.121 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
64.525 |
47.621 |
40.133 |
|
|
|
Other Earnings |
0.000 |
13.855 |
19.220 |
|
|
TOTAL EARNINGS |
64.525 |
61.476 |
59.353 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
78.44 |
145.36 |
104.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
15.36 |
24.81 |
19.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.45 |
35.49 |
28.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.11 |
25.10 |
19.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.56 |
0.70 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.10 |
0.13 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.45 |
1.14 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
293.048 |
293.048 |
293.048 |
|
Reserves & Surplus |
1853.929 |
3005.915 |
2699.102 |
|
Net
worth |
2146.977 |
3298.963 |
2992.150 |
|
|
|
|
|
|
long-term borrowings |
310.822 |
337.520 |
227.550 |
|
Short term borrowings |
5.588 |
79.392 |
83.973 |
|
Total
borrowings |
316.410 |
416.912 |
311.523 |
|
Debt/Equity
ratio |
0.147 |
0.126 |
0.104 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5156.296 |
5237.397 |
4611.845 |
|
|
|
1.573 |
(11.944) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5156.296 |
5237.397 |
4611.845 |
|
Profit |
1226.058 |
1703.849 |
919.421 |
|
|
23.78% |
32.53% |
19.94% |
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 |
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10266046 |
11/01/2011 |
9,256,500.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA |
B05209739 |
|
2 |
10246816 |
30/09/2010 |
15,300,300.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA |
A97021737 |
|
3 |
10202521 |
06/02/2010 |
1,000,000,000.00 |
BANK OF INDIA PUNE CORPORATE BANKING BRANCH |
1162/6, SHIVAJINAGAR, UNIVERSITY ROAD, PUNE - 411005, MAHARASHTRA, INDIA |
A79145769 |
|
4 |
10117300 |
24/07/2008 |
134,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAGAR, UNIVERSITY ROAD, NEAR OBSERVATORY, PUNE - 411005, MAHARASHTRA, INDIA |
A43219732 |
|
5 |
90158245 |
13/01/2004 * |
45,490,571.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAGAR, UNIVERSITY ROAD, NEAR OBSERVATORY, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
6 |
90160587 |
09/10/2003 |
471,490,571.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAGAR, UNIVERSITY ROAD, NEAR OBSERVATORY, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
7 |
90218538 |
09/10/2003 |
114,062,559.00 |
BANK OF INDIA |
SHIVAJINAGAR, UNIVERSITY ROAD, PUNE - 411005, MAHARASHTRA , INDIA |
- |
|
8 |
80056883 |
31/12/2005 * |
426,000,000.00 |
BANK OF INDIA ( LEAD BANK) |
SHIVAJINAGAR, UNIVERSITY ROAD, PUNE - 411005, MAHARASHTRA , INDIA |
- |
|
9 |
90144588 |
18/07/2003 |
15,000,000.00 |
BANK OF INDIA |
SHIVAJINAGAR, UNIVERSITY ROAD, PUNE - 411005, MAHARASHTRA , INDIA |
- |
|
10 |
90219819 |
08/03/2002 |
40,000,000.00 |
SYNDICATE BANK |
BACKBAY RECLMN, MOTIMAHAL, MUMBAI -400020, MAHARASHTRA, INDIA |
- |
|
11 |
90143336 |
18/04/2002 * |
134,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE
BANKING BRNACH, PUNE - |
- |
|
12 |
90218092 |
02/06/1997 |
70,800,000.00 |
BANK OF MAHARASHTRA |
SUBASHROAD BRANCH, JALNA - 431203, MAHARASHTRA, INDIA |
- |
|
13 |
90218038 |
25/09/1996 |
20,000,000.00 |
BANK OF INDIA |
6/7 UNIVERSITY ROAD, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
14 |
90217975 |
05/03/1998 * |
58,000,000.00 |
BANK OF INDIA |
6/7 UNIVERSITY ROAD, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
15 |
90219017 |
05/10/1995 |
34,446,000.00 |
CANARA BANK |
HI-TECH, PUNE - 411016, MAHARASHTRA, INDIA |
- |
|
16 |
90217872 |
31/12/1996 * |
305,000,000.00 |
BANK OF INDIA |
SANESHKIND ROAD, SHIVAJINAGAR,
PUNE, MAHARASHTRA |
- |
|
17 |
90219001 |
18/01/1995 |
305,000,000.00 |
BANK OF INDIA |
6/7; SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
18 |
90217859 |
05/03/1998 * |
272,000,000.00 |
BANK OF INDIA |
6/7; SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
19 |
90217715 |
05/03/1998 * |
94,617,000.00 |
BANK OF INDIA |
6/7; SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
20 |
90217644 |
18/01/1993 * |
305,000,000.00 |
BANK OF INDIA |
SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
21 |
90217637 |
11/01/1993 * |
76,418,000.00 |
BANK OF INDIA |
6/7 LIC BUILDING
GANESHKHIND ROAD, SHIVAJINAGAR, |
- |
|
22 |
90217471 |
18/01/1991 |
400,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPN. OF IND |
163; BACKBAYR RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA |
- |
|
23 |
90217463 |
26/12/1990 |
3,700,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPN. OF IND |
163; BACKBAYR RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA |
- |
|
24 |
90217272 |
15/12/1988 |
10,280,000.00 |
BANK OF INDIA |
JALNA BRANCH, NEW MONDHA, JALNA, MAHARASHTRA, INDIA |
- |
|
25 |
90217081 |
31/10/1986 |
10,800,000.00 |
BANK OF MAHARASHTRA |
JALNA BRANCH, MAMA CHOWK JALNA, JALNA, MAHARASHTRA, INDIA |
- |
|
26 |
90216854 |
04/04/1983 |
176,900.00 |
BANK OF INDIA |
JALNA BRANCH, NOW MONDHA ROAD, JALNA, MAHARASHTRA, INDIA |
- |
|
27 |
90216852 |
18/03/1983 |
500,000.00 |
BANK OF INDIA |
JALNA BRANCH, NOW MONDHA ROAD, JALNA, MAHARASHTRA, INDIA |
- |
|
28 |
90216561 |
13/03/1973 |
250,000.00 |
BANK OF MAHARASHTRA |
1177; BUDHWAR PETH, JALNA, AURANGABAD, MAHARASHTRA, INDIA |
- |
* Date of charge modification
OPERATIONS:
RESEARCH AND DEVELOPMENT
The Company continues to place emphasis on product development to meet
the customer needs, using crop breeding as well as Biotechnology. Based on
customer requirements the company has identified and commercialized hybrids of
Rice and Cotton suitable for different market segments. Hybrids in chilli for
specific markets introduced last year continue to perform well. New products of
Hy Okra and Hy Rice have also been tested during the year. As regards their
focus crops, the company’s research efforts on wheat continue to gain momentum.
A new off season research facility is in place which helps improve their
breeding efforts. New collaborations are under implementation for wheat
improvement. New products in rice, chilli, okra, cotton and brinjal continue to
move forward in their testing system. Their pipeline in these crops looks
robust.
In the past year, biotechnology research continued to focus on value
addition by incorporating genes imparting important traits in key crop species.
During the year the Company continued joint research programs with various
National/International Research Institutes/ Universities for development of new
technologies.
The Company successfully completed a field trial for salinity tolerant
rice after receiving the appropriate approvals, and continued to seek testing
permission for other GM technologies. The Company continues to work with the
regulatory authorities to seek environmental clearance for Bt Brinjal.
The Company sees technology products helping in meeting the growing food
demand in the country. Increase in productivity will have a number of benefits
to all stakeholders from farmer to consumer.
The Companys In-House R&D facilities and Research farms located near
Jalna, Hyderabad and Bengaluru are recognized by the Department of Scientific
and Industrial Research (DSIR), Ministry of Science & Technology,
Government of India.
SALES AND
MARKETING
The revenue performance during the financial year suffered in comparison
to previous year, largely due to agri market economics led gaps in seed
availability for some major products in their portfolio. This has had an impact
on margins as well. The company has initiated a number of steps in terms of
process improvements, organisation and resource infrastructure strengthening
during the year, to ensure that this drop in performance is reversed at the
earliest and we are able to get back to their growth path.
The above situation was strongly reflected in the performance of their
Cotton Business during the financial year. While sales volumes were impacted by
lower availability as noted earlier, particularly in respect of major selling
hybrids, .the business teams have worked very hard to create a good platform
for the forthcoming Kharif season. Focused work to strengthen the brands and
distribution in selected markets resulted in excellent .prospects going forward
Two new products, Chaitanya and Nikki + (plus), introduced demonstrated good
promise to grow as major brands for the future, and support the expected
revenue growth in the years to come.
Field Crops business maintained its performance in line with industry.
Higher growth was impacted largely due to continued winter season in North
affecting Forage planting and poor monsoon in many parts of the Country.
However improved realization in select crops and marginal increase in turnover
of Rice, Wheat, Mustard and Maize contributed to turnover growth which could
have been better if the Forage season had not been affected by the extended
winter in northern India.
Vegetable Business had a good year compared to earlier years with
improved sales volumes in most segments of Hybrid Vegetable seeds, with the
exception of Red Chilli where the the crop cultivation area in Andhra Pradesh was
adversely impacted due to commercial rates of red chilli. However the Directors
are pleased to report that market share of the Company’s product namely
Tejaswini increased on the reduced average of Chilli. , . However the setback
in Chilli volumes was made up by strong sales performance in Gourds and other
products.
The Company is in the process of undertaking trials of several new
pipeline products in focused vegetable and field crops.
FINANCE:
The company enjoys prime rating with the Consortium of Banks and the
rates being offered by them are in line with such ratings.
FIXED ASSETS:
Tangible Assets
· Land
· Buildings
· Office building
· Plant and equipment
· Emission reduction equipment
· Other pollution reduction equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
Intangible Assets
· Brands and trade marks
· Computer software
· Copyrights, patents and other operating rights
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. 60.13 |
|
|
1 |
Rs. 99.65 |
|
Euro |
1 |
Rs. 82.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.