MIRA INFORM REPORT
|
Report No. : |
312937 |
|
Report Date : |
16.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SYNGENTA INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
NOVARTIS AGRIBUSINESS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Amar Paradigm, S. No.110/11/3, Baner Road, Baner, Pune –
411045, Maharashtra |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
23.03.2000 |
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|
|
|
Com. Reg. No.: |
25-135336 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 159.300
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24210PN2000PLC135336 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS27059E PNES06546B PNES28531G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAECS9424P |
|
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
Manufacturing and Trading of Agro Chemicals and Processing
of Seeds and also Manufactures Active Ingredients and Formulates Pesticides,
Herbicides and Fungicides and Processes Field Crop and Vegetable Seeds. |
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|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy operational risk profile
supported by adequate liquidity position and favorable profitability margins
of the company. 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-20-30699200)
LOCATIONS
|
Registered / Corporate Office : |
Amar Paradigm, S. No.110/11/3, Baner Road, Baner, Pune – 411045, Maharashtra, India |
|
Tel. No.: |
91-20-30699200 |
|
Fax No.: |
91-20-30699480 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
|
Seeds
Division 1 : |
Plot No.9-1-164/A, 165,166, 4th Floor,
Amsari Faust, S.D. Road, Beside Hotel Basera, Near Clock Tower, Opposite
Sigma Hospital, Secunderabad – 500025, Andhra Pradesh, India |
|
Tel. No.: |
91-40-30932700 |
|
|
|
|
Seeds
Division 2 : |
Survey No.39/1a, 39/2a, 39/2b, Ansundi – Kajjrari
Road, Rannebenur – Taluka, Havari District
Ansundi Village, Rannebenur – 581115, Karnataka, India |
|
Tel. No.: |
91-8373-398200 |
|
|
|
|
Seeds
Division 3 : |
Gate No.32, Mulani Wadgaon, At Post Mulani
Wadgaon, Taluka Paithan, District Aurangabad – 431105, Maharashtra, India |
|
Tel. No.: |
91-2431-231273/ 74/ 94 |
|
|
|
|
Seeds
Division 4 : |
Survey No.600/661, Nuthankal Village, Medchal
Mandal, R.R. District, Medchal – 501401, Andhra Pradesh, India |
|
Tel. No.: |
91-8418-304500 |
|
|
|
|
Delhi Office : |
G-8, Hans Bhavan, Bahadur Shah Zafar Marg, New Delhi - 110002, India |
|
Tel. No.: |
91-11-23378546 |
|
|
|
|
Kolkata Office
: |
No.2F, 2nd Floor, Orbit House, 1,
Garstin Place, Kolkata – 700001, West Bengal, India |
|
Tel. No.: |
91-33-22484961 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Prakash Krishnaji Apte |
|
Designation : |
Director |
|
Address : |
Flat No. 803, Wing - B, Blossom, Boule Vard Koregaon Park, Pune –
411001, Maharashtra, India |
|
Date of Birth/Age : |
06.05.1954 |
|
Qualification : |
Degree in Mechanical Engineering, PG Diploma in Management |
|
Date of Appointment : |
01.05.2011 |
|
PAN No.: |
AABPA3173H |
|
DIN No.: |
00196106 |
|
|
|
|
Name : |
Mr. Akshaya Manjunath Kamath |
|
Designation : |
Managing Director |
|
Address : |
06, 01 Block No.2, 134, Tanjung Rhu Road, Singapore 436920, Singapore |
|
Date of Birth/Age : |
17.02.1976 |
|
Qualification : |
BE, MBA |
|
Date of Appointment : |
01.05.2011 |
|
PAN No.: |
AGKPK2824Q |
|
DIN No.: |
02645371 |
|
|
|
|
Name : |
Mr. Govind Premanand Sinaibene |
|
Designation : |
Whole-time Director |
|
Address : |
H.No.457, Radha Mandop Road, P.O. Navelim Salcete, Salcete – 403707,
Goa, India |
|
Date of Birth/Age : |
29.11.1961 |
|
Qualification : |
ACA |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
APMPS6861G |
|
DIN No.: |
03450063 |
|
|
|
|
Name : |
Mr. Martin Sanjay Ghosh |
|
Designation : |
Whole-time Director |
|
Address : |
C22 LA Marvel, Colony
Dona Paula, Panaji – 403004, Goa, India |
|
Date of Birth/Age : |
03.05.1965 |
|
Date of Appointment : |
01.10.2014 |
|
PAN No.: |
ACKPG7535N |
|
DIN No.: |
05101487 |
|
|
|
|
Name : |
Steven Brett Hawkins |
|
Designation : |
Director |
|
Address : |
1 Harbour Front Avenue
03-03, Keppel Bay Tower, Singapore, 098632 |
|
Date of Birth/Age : |
17.08.1966 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
06409087 |
KEY EXECUTIVES
|
Name : |
Mr.
Tapan Kumar Parida |
|
Designation : |
Secretary |
|
Address : |
Padmavilas Apartment
No.C-804, 8th Floor,
Survey, No.13111, Pashan Baner, Link Road, Near HDFC Bank, Pune – 411 021,
Maharashtra, India |
|
Date of Birth/Age : |
13.04.1977 |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AJXPP3251G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
|
Syngenta Participations AG, Switzerland |
16246450 |
|
Syngenta South Asia AG, Switzerland |
14434178 |
As on 23.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Public financial companies |
0.01 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
96.42 |
|
Bodies corporate |
0.01 |
|
Other top fifty shareholders |
3.47 |
|
Others |
0.09 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in business of agro chemicals and seeds processing and also
engaged in manufacturing of technical grade and formulating pesticides,
herbicides and fungicides and processes field crop and vegetable seeds. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.R. Batliboi and Company L.L.P Chartered Accountants |
|
Address : |
C-401 Fourth Floor, Panchshil Tech Park Yerwada, (Near Don Bosco School), Pune – 411006, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9180N |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Syngenta Participation AG, Switzerland |
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Associates : |
Syngenta South Asia AG, Switzerland |
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Ultimate Holding
Company : |
Syngenta AG, Switzerland |
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|
Fellow Subsidiary
Company : |
· Syngenta Asia Pacific Pte Limited, Singapore · Syngenta Nantong Crop Protection Co. Limited, China · Syngenta Agro Asia Pacific PTE. Limited, Singapore · Syngenta Philippines Inc., Philippines · Syngenta Agro Uruguay SA, Uruguay · Syngenta Seeds (Beijing) Co. Limited, China · Syngenta (Pakistan) Limited, Pakistan · Syngenta Seeds BV, Holland · Syngenta Biosciences Private Limited, India CIN No.: U24210PN2001PTC135949 · Syngenta Seeds Inc, USA · Syngenta Crop Protection AG, Switzerland · Syngenta Seeds Limited, Thailand · Syngenta Crop Protection Private Limited, India · Syngenta Services Private Limited, India · Syngenta Foundation India CIN No.: U91120PN2005PTC139186 · Syngenta Vietnam Limited, Vietnam · Syngenta France SAS, France · Devgen Seeds and Crop Technology Private Limited, India · Syngenta International AG, Switzerland · Syngenta (Bangladesh) Limited, Bangladesh · Syngenta Taiwan Limited, Taiwan · Syngenta, Ethiopia · Pt. Syngenta Indonesia · Syngenta Crop Protection Private Limited CIN No.: U24210PN1995PTC136970 |
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Other Related
Parties : |
· Syngenta Seeds S.A.S. · Syngenta Korea Limited · Syngenta Seed Co. Limited · Ethoipia Cuttings Plc · Syngenta Supply AG · Syngenta Crop Protection Seeds Divi |
CAPITAL STRUCTURE
As on 23.09.2014
Authorised Capital : Rs. 164.750 Millions
Isued, Subscribed & Paid-up Capital : Rs.
164.719 Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.5/- each |
Rs. 160.000 Millions |
Isued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31861664 |
Equity Shares |
Rs.5/- each |
Rs. 159.300
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
159.300 |
159.300 |
159.300 |
|
(b) Reserves & Surplus |
15388.300 |
13036.900 |
10755.000 |
|
(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) |
15547.600 |
13196.200 |
10914.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
146.000 |
130.600 |
38.100 |
|
Total Non-current
Liabilities (3) |
146.000 |
130.600 |
38.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
1400.000 |
617.800 |
|
(b) Trade
payables |
7705.500 |
6904.500 |
6532.900 |
|
(c) Other
current liabilities |
475.400 |
595.700 |
627.600 |
|
(d) Short-term
provisions |
488.000 |
503.300 |
545.200 |
|
Total Current
Liabilities (4) |
8668.900 |
9403.500 |
8323.500 |
|
|
|
|
|
|
TOTAL |
24362.500 |
22730.300 |
19275.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3181.600 |
3416.300 |
3327.600 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.100 |
|
(iii)
Capital work-in-progress |
839.700 |
452.800 |
220.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
212.200 |
156.500 |
-74.500 |
|
(e) Other
Non-current assets |
248.700 |
365.600 |
384.100 |
|
Total Non-Current
Assets |
4482.200 |
4391.200 |
3857.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9728.300 |
9932.600 |
8796.700 |
|
(c) Trade
receivables |
5127.800 |
6085.900 |
4252.900 |
|
(d) Cash
and cash equivalents |
3290.200 |
838.700 |
1236.300 |
|
(e)
Short-term loans and advances |
1734.000 |
1481.900 |
1132.700 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
19880.300 |
18339.100 |
15418.600 |
|
|
|
|
|
|
TOTAL |
24362.500 |
22730.300 |
19275.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
30686.200 |
29617.000 |
25399.000 |
|
|
|
Other Income |
722.600 |
502.500 |
228.600 |
|
|
|
TOTAL (A) |
31408.800 |
30119.500 |
25627.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
15590.800 |
16567.000 |
15541.500 |
|
|
|
Purchases of Stock-in-Trade |
3068.700 |
2367.700 |
2353.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
73.200 |
(578.200) |
(1264.800) |
|
|
|
Employees benefits expense |
1575.300 |
1458.200 |
1179.600 |
|
|
|
Other expenses |
6275.000 |
6040.800 |
4683.100 |
|
|
|
TOTAL (B) |
26583.000 |
25855.500 |
22492.800 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
4825.800 |
4264.000 |
3134.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
81.100 |
121.900 |
40.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4744.700 |
4142.100 |
3094.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
557.400 |
531.200 |
448.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
4187.300 |
3610.900 |
2646.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1649.500 |
1142.600 |
971.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
2537.800 |
2468.300 |
1675.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
678.700 |
1453.700 |
11884.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
8831.700 |
|
|
|
|
|
Packing Material |
41.400 |
30.300 |
|
|
|
|
Traded Goods |
66.500 |
122.500 |
|
|
|
|
Spare Parts |
111.300 |
10.300 |
|
|
|
|
Capital Goods |
176.100 |
170.000 |
|
|
|
TOTAL IMPORTS |
9119.100 |
13210.600 |
10624.700 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
79.65 |
77.47 |
52.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.27 |
8.33 |
6.59 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
15.73 |
14.40 |
12.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.80 |
16.21 |
13.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.27 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.11 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29 |
1.95 |
1.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
159.300 |
159.300 |
159.300 |
|
Reserves & Surplus |
10755.000 |
13036.900 |
15388.300 |
|
Net
worth |
10914.300 |
13196.200 |
15547.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
617.800 |
1400.000 |
0.000 |
|
Total
borrowings |
617.800 |
1400.000 |
0.000 |
|
Debt/Equity
ratio |
0.057 |
0.106 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
25399.000 |
29617.000 |
30686.200 |
|
|
|
16.607 |
3.610 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
25399.000 |
29617.000 |
30686.200 |
|
Profit |
1675.000 |
2468.300 |
2537.800 |
|
|
6.59% |
8.33% |
8.27% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CURRENT MATURITIES
OF LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90147722 |
04/07/2001 |
700,000,000.00 |
DEUTSCHE BANK |
DB HOUSE, H.SOMANI MARG FORT, MUMBAI, Maharashtra |
- |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
0.000 |
300.000 |
|
Working capital loans from banks |
0.000 |
1100.000 |
|
Total |
0.000 |
1400.000 |
CORPORATE INFORMATION
The Company is engaged in the business of manufacturing and trading of agro chemicals and processing of seeds. Company manufactures active ingredients and formulates pesticides, herbicides and fungicides and processes field crop and vegetable seeds. The Company has presence in both the domestic and international markets.
BUSINESS OPERATIONS
The Company's performance for the year 2013-14 showed marginal growth in
business operations. The overall sales by the Company for the current year were
Rs. 30686.200 Millions as against Rs. 29617.000 Millions of previous year,
representing a growth of 4% compared to the previous year. The profit after tax
in 2013-14 stood at Rs. 2537.800 Millions as against Rs. 2468.300 Millions in
the previous year.
While the overall export sales have declined during the year, there is
an increase in exports of Corn Seeds. The sales turnover in case of domestic
Crop Protection business increased by 16% and that of Seeds business by 29% as
compared to the previous year. Good spread of rainfall across India lead to
increased sales of Herbicides, Fungicides, Corn and Vegetables contributing to
the business growth in Crop Protection and Seed Business. The Company has
strengthened its product portfolios and focused on marketing strategies to
achieve its growth in a highly competitive market.
PROJECTS
ICS – TEGRA
The Company with the support of the Parent Company continue to focused
its efforts in the ICS space with TEGRA Rice integrated crop solutions now
strategically positioned in the southern part of India for testing scalability in
the identified rice markets. While farmer accepted ICS value proposition the
overall success of Tegra lies with its consistency in consecutive season across
the region. ICS Tegra is focused on vertical penetration to prove
sustainability of the business model in the existing market.
PROCESSING AND
CONDITIONING FACILITY
The Sweet Corn processing facility at Ranebennur was commissioned in
January 2014 and has exceeded its committed benefits. The seed quality has
improved significantly and recovery was better than targeted, both of which
will strongly support their business growth aspirations.
Multi-level cold storage at Gubba, Nuthankal has also been commissioned
and they now have additional and safer storage space available.
Various other efficiency projects at the site have improved their cost
effectiveness in processing and storage to support the business profitability.
PROSPECTUS AND
PROFITABILITY
While the prospects for Crop Protection and Seeds businesses continue to
be bright, they are however dependant on a normal monsoon and may be
susceptible to continuing fluctuations in the global demand and commodity
prices which may impact overall levels of demand, cost and price realization.
SCHEME OF
ARRANGEMENT
The Hon'ble High Court of judicature of Andhra Pradesh at Hyderabad and
the Hon'ble High Court of Judicature at Bombay vide their Orders dated April 7,
2014 and May 7, 2014 respectively, have sanctioned the Scheme of Arrangement
between Devgen Seeds and Crop Technology Private Limited (Demerged Company) and
Syngenta India Limited (Resulting Company) and their respective shareholders
and creditors, for transfer of the Production undertaking and Trading
Undertaking of the Demerged Company to Resulting Company with effect from 2nd
April, 2014 (i.e the Appointed Date). The Company is now in the process of
implementing the Scheme of Arrangement.
In terms of the said Scheme, the Resulting Company shall issue and allot
to each member of the Demerged Company, equity shares in the Resulting Company,
in the ratio of 1,381 equity shares in the Resulting Company of the face value
of Rs. 5/- each credited as fully paid-up for every 1,00,000 equity shares of
Rs. 10/- each fully paid-up held by such member in the Demerged Company.
CONTINGENT
LIABILITIES
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a) Claims against the Company not acknowledged as debts |
|
|
|
Excise duty |
223.600 |
49.000 |
|
VAT |
188.400 |
174.000 |
|
Income Tax |
161.900 |
220.600 |
|
Trade demands |
28.400 |
41.200 |
|
b) Bank guarantee |
6.600 |
65.500 |
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
Intangible Assets
· Computer Software
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 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.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.