MIRA
INFORM REPORT
|
Report Date : |
27.05.2014 |
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 |
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|
|
|
Litigation : |
Clear |
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|
|
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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, |
||||||||||||||||||||||||
|
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|
||||||||||||||||||||||||
|
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. 58.69 |
|
|
1 |
Rs. 98.66 |
|
Euro |
1 |
Rs. 79.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
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.