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MIRA
INFORM REPORT
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Report No. : |
510732 |
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Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
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Name : |
NUZIVEEDU SEEDS LIMITED (w.e.f. 18.09.2012) |
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Formerly Known
As : |
NUZIVEEDU SEEDS PRIVATE LIMITED (w.e.f. 23.09.2010) NSL SEEDS PRIVATE LIMITED (w.e.f. 30.06.2008) NSL SEEDS LIMITED |
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Registered
Office : |
Survey No. 69, Kandlakoya, Gundla Pochampally Village, Medchal Mandal, Rangareddy - 501401, Telangana |
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Tel. No.: |
91-40-23792048 / 308800 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
19.03.2008 |
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Com. Reg. No.: |
36-074583 |
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Capital
Investment / Paid-up Capital : |
INR 965.000 Million |
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CIN No.: [Company Identification
No.] |
U74120TG2008PLC074583 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCN7214Q |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
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Subject is engaged in the research, production and sale of agricultural seeds through distributors and co-partners to farmers. (Registered Activity) |
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No. of Employees
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Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 11650000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2008. It is a part of NSL Group. The company is engaged in research, production and sale of
agricultural seed. As per the financial records of 2017, the company has reported a
decline in its revenue as compared to the previous year but has managed to
maintain a fair net profit margin. Rating takes into consideration the strong financial position backed
by sound networth base along with low debt balance sheet profile and acceptable
liquidity position. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Loans=A+ |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
02.05.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 28.05.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
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Name : |
Mr. B.B. Gavande |
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Designation : |
Deputy General Manager |
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Contact No.: |
91-9158884371 |
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Date : |
22.05.2018 |
MANAGEMENT NON-COOPEATIVE (Tel. No. 91-40-30514444)
(Tel. No.: 91-8418-308888
- Ringing)
LOCATIONS
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Registered Office : |
Survey No. 69, Kandlakoya, Gundla Pochampally Village, Medchal Mandal, Rangareddy - 501401, Telangana, India |
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Tel. No.: |
91-8418-308888 |
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Fax No.: |
91-8418-308888 |
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E-Mail : |
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Website : |
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Corporate Office : |
NSL Icon, Road No 12, Banjara Hills, Hyderabad -500034, Telangana, India |
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Tel. No.: |
91-40-23792048 / 308800 |
DIRECTORS
As on 31.03.2017
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Name : |
Mr. Mandava Rao Prabhakara |
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Designation : |
Managing Director |
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Address : |
Plot No. 543, House No. 8-2-293/82/A543, Road No. 26,
Jubilee Hills, Hyderabad – 500033, Telangana, India |
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Date of Birth/Age : |
19.01.1959 |
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Pan: |
ACVPM9483A |
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Qualification : |
M.Sc. Agriculture |
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Date of Appointment : |
01.07.2015 |
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DIN No.: |
00009650 |
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Other Directorship:
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Name : |
Mr. Sateeshkumar Puligundla |
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Designation : |
Whole time Director |
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Address : |
Plot No 31, Lake Vali Residential Society, Road No. 11, Opposite
Care Hospital Raod, Banjara Hill, Hyderabad-500034, Telangana, India |
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Date of Birth/Age : |
14.06.1958 |
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Qualification : |
Post Graduate in Agricultural Sciences, Doctorate in Agri genetics and Biotechnology |
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Date of Appointment : |
24.09.2012 |
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Pan |
ACUPP5680P |
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DIN No.: |
00023149 |
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Other Directorship:
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Name : |
Mrs. Pamidi Kotaiah |
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Designation : |
Director |
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Address : |
102, Pooja Pride Plot No.75, Srinagar Colony, Hyderabad-500073,
Telangana, India |
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Date of Birth/Age : |
15.05.1938 |
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Qualification : |
Bachelor’s degree and a master’s degree in arts (Hons) and an honorary degree of doctor of letters from Andhra University |
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Date of Appointment : |
28.09.2011 |
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DIN No.: |
00038420 |
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Other Directorship:
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Name : |
Mr. Gopalakrishna Muddusetty |
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Designation : |
Director |
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Address : |
12-2-823A/23, Santosh Nagar, Mehdipatnam,
Hyderabad-500028, Telangana, India |
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Date of Birth/Age : |
12.01.1939 |
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Qualification : |
Graduate in Science and Law |
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Date of Appointment : |
28.09.2011 |
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DIN No.: |
00088454 |
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Other Directorship:
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Name : |
Mr. Ashok Kumar Jha |
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Designation : |
Director |
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Address : |
Late Mr. A L Jha, D-6/24, S/F Road Of D Block, Vasant
Vihar, Opposite Mcd Park, New Delhi-110057, India |
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Date of Birth/Age : |
18.04.1947 |
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Qualification : |
Master degree in Agricultural development economics from the Australian National university |
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Date of Appointment : |
23.07.2012 |
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DIN No.: |
00170745 |
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Other Directorship:
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Name : |
Mr. Richard Blaise Saldanha |
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Designation : |
Nominee Director |
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Address : |
24, Senor Valley Road No. 13 Jubille Hills,
Hyderabad-500033, Telangana, India |
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Date of Birth/Age : |
03.02.1944 |
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Qualification : |
Bachelor’s degree in Engineering (mechanical) |
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Date of Appointment : |
29.03.2011 |
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DIN No.: |
00189029 |
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Other Directorship:
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Name : |
Mr. Bhaskara Nageswararao Mandavilli |
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Designation : |
Director |
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Address : |
Flat No. A 906, Purva Heights 14, Bannerghatta Road,
Bilekahalli Bangalore-560076, Karnataka, India |
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Date of Birth/Age : |
19.06.1948 |
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Qualification : |
BSC (Agri), banking Diploma, computer Diploma |
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Date of Appointment : |
23.07.2012 |
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DIN No.: |
00287260 |
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Other Directorship:
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Name : |
Mr. Dilip Shripad Gokhale |
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Designation : |
Director |
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Address : |
805, Sindh Society, Aundh, Pune-411007, Maharashtra, India
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Date of Birth/Age : |
26.11.1947 |
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Date of Appointment : |
26.09.2013 |
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DIN No.: |
00320061 |
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Other Directorship:
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Name : |
Mr. Mandava Ashapriya |
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Designation : |
Director |
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Address : |
Plot Number:543, House No:8-2-293/82/A/543, Road No:26,
Jubilee Hills, Hyderabad-500034, Telangana, India |
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Date of Birth/Age : |
19.09.1962 |
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Qualification : |
M.Sc. Home Science |
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Date of Appointment : |
19.03.2008 |
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DIN No.: |
01199936 |
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Other Directorship:
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Name : |
Mr. Utpal Sen Gupta |
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Designation : |
Director |
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Address : |
P - 411, G Block Ground Floor New Alipore Kolkata-700053,
West Bengal, India |
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Date of Birth/Age : |
05.10.1949 |
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Date of Appointment : |
23.07.2012 |
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DIN No.: |
02577237 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Venkata Sharat Chandra Mannava |
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Designation : |
Chief Finance Officer |
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Address : |
1-22-56/13, Venkatapuram, Behind Maha Bodhi School,
Venkatapuram, Secunderabad-500015, Andhra Pradesh, India |
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Date of Appointment : |
21.12.2015 |
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PAN No.: |
AIFPM9027N |
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Name : |
Mr. Murali Krishna Narne |
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Designation : |
Company Secretary |
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Address : |
Flat 204, Triveni Apartment, 8-3-969/1, Srinagar Colony,
Hyderabad-500073, Telangana, India |
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Date of Appointment : |
02.09.2013 |
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PAN No.: |
ADDPN0272F |
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Name : |
Mr. B.B. Gavande |
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Designation : |
Deputy General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
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No. of Shares |
|
Mandava Holdings Private Limited |
|
32141434 |
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Mandava Holdings Private Limited |
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22098731 |
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Prabhakara |
|
12653148 |
|
Blackstone GPV Capital Partners Mauritius VC Limited |
|
10195053 |
|
Prabhakara |
|
8708216 |
|
Asha |
|
6944805 |
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Prabhakara |
|
3510081 |
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Venkatram |
|
246078 |
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Srinivasa |
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2160 |
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Aishwarya |
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10 |
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Total |
|
96499716 |
Equity Share Break up (Percentage of Total Equity)
As on 23.08.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
25.77 |
|
Promoters (Body corporate) |
56.21 |
|
Promoters [Others-(Promoter Group - Individuals)] |
7.46 |
|
Public/Other than promoters (Venture capital) |
10.56 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the research, production and sale of agricultural seeds through distributors and co-partners to farmers. (Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
B S R and Associates LLP Chartered Accountants |
|
Address : |
8-2-618/2, Reliance Humsafar, 4th Floor, Road No. 11, Banjara Hills, Hyderabad-500034, Telangana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFB6889R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Mandava Holdings Private Limited |
|
|
|
|
Ultimate Holding
Company : |
Mandava Investments Private Limited |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Enterprise over
which KMP exercise significant influence : |
|
|
|
|
|
Fellow Subsidiaries
: |
|
CAPITAL STRUCTURE
As on 23.08.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
INR 10/- each |
INR 2500.000 Million |
|
1000000 |
Preference Shares |
INR 1000/- each |
INR 1000.000 Million |
|
|
TOTAL |
|
INR 3500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96499716 |
Equity Shares |
INR 10/- each |
INR 964.997 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
965.000 |
965.000 |
964.997 |
|
(b) Reserves and Surplus |
3112.010 |
2391.270 |
2102.356 |
|
(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) |
4077.010 |
3356.270 |
3067.353 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
75.510 |
137.040 |
198.104 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
70.290 |
65.670 |
61.872 |
|
(d) long-term
provisions |
46.650 |
36.740 |
35.997 |
|
Total Non-current
Liabilities (3) |
192.450 |
239.450 |
295.973 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1229.280 |
1861.210 |
3675.687 |
|
(b) Trade
payables |
3216.080 |
2264.480 |
2327.315 |
|
(c) Other
current liabilities |
1992.960 |
2565.840 |
2377.382 |
|
(d) Short-term
provisions |
45.290 |
660.780 |
63.928 |
|
Total Current
Liabilities (4) |
6483.610 |
7352.310 |
8444.312 |
|
|
|
|
|
|
TOTAL |
10753.070 |
10948.030 |
11807.638 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1044.750 |
1180.250 |
1233.204 |
|
(ii)
Intangible Assets |
2.680 |
1.080 |
2.027 |
|
(iii) Tangible assets
capital work-in-progress |
4.790 |
8.770 |
66.252 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1879.930 |
1873.200 |
1866.582 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
43.360 |
46.680 |
112.668 |
|
(e) Other
Non-current assets |
8.300 |
7.680 |
8.286 |
|
Total Non-Current
Assets |
2983.810 |
3117.660 |
3289.019 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
6432.150 |
6638.830 |
7486.446 |
|
(c) Trade
receivables |
798.930 |
720.940 |
794.541 |
|
(d) Cash and
bank balances |
28.110 |
25.720 |
92.937 |
|
(e)
Short-term loans and advances |
288.860 |
366.010 |
138.437 |
|
(f) Other
current assets |
221.210 |
78.870 |
6.258 |
|
Total
Current Assets |
7769.260 |
7830.370 |
8518.619 |
|
|
|
|
|
|
TOTAL |
10753.070 |
10948.030 |
11807.638 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
9229.020 |
10513.600 |
13061.724 |
|
|
Other Income |
13.210 |
28.180 |
6.793 |
|
|
TOTAL |
9242.230 |
10541.780 |
13068.517 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3349.140 |
3732.680 |
4983.437 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
423.510 |
319.730 |
(616.901) |
|
|
Employee benefit expense |
609.800 |
589.440 |
627.340 |
|
|
CSR expenditure |
22.470 |
37.100 |
28.134 |
|
|
Other expenses |
3299.910 |
3905.850 |
5510.344 |
|
|
TOTAL |
7704.830 |
8584.800 |
10532.354 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1537.400 |
1956.980 |
2536.163 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
297.000 |
466.470 |
601.976 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1240.400 |
1490.510 |
1934.187 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
159.610 |
184.790 |
203.397 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1080.790 |
1305.720 |
1730.790 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(11.070) |
1.853 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1080.790 |
1316.790 |
1728.937 |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
2375.390 |
2086.480 |
368.646 |
|
|
|
|
|
|
|
|
Change in
depreciation adjusted to opening surplus |
0.000 |
0.000 |
(10.879) |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on Equity
Shares |
299.150 |
854.020 |
0.227 |
|
|
Tax on Proposed Dividend |
60.900 |
173.860 |
0.000 |
|
|
Balance
Carried to the B/S |
3096.130 |
2375.390 |
2086.477 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Sale of seeds |
52.090 |
46.440 |
21.859 |
|
|
TOTAL EARNINGS |
52.090 |
46.440 |
21.859 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
13.681 |
|
|
Components and spare
parts |
0.000 |
0.000 |
0.435 |
|
|
Capital Goods |
0.000 |
0.000 |
31.585 |
|
|
Seeds |
3.660 |
0.830 |
0.000 |
|
|
Capital goods |
0.030 |
0.770 |
0.000 |
|
|
TOTAL IMPORTS |
3.690 |
1.600 |
45.701 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
11.20 |
13.65 |
17.91 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
62.330 |
64.920 |
77.050 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
1945.490 |
2912.040 |
586.303 |
|
Net cash flow from operating activity |
2011.100 |
2768.510 |
585.160 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average
Collection Days (Sundry Debtors /
Income * 365 Days) |
31.60 |
25.03 |
22.20 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
11.55 |
14.58 |
16.44 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
350.50 |
221.43 |
170.46 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.24 |
0.29 |
0.34 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.46 |
1.64 |
1.95 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current
Liabilities) / Total Assets) |
0.62 |
0.69 |
0.74 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.34 |
0.61 |
1.29 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.59 |
2.19 |
2.75 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.26 |
0.35 |
0.42 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.18 |
4.20 |
4.21 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
11.71 |
12.52 |
13.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.05 |
12.03 |
14.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
26.51 |
39.23 |
56.37 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets /
Current Liabilities) |
1.20 |
1.07 |
1.01 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.21 |
0.16 |
0.12 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.31 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.42 |
2.14 |
4.09 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.20 |
1.07 |
1.01 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
964.997 |
965.000 |
965.000 |
|
Reserves & Surplus |
2102.356 |
2391.270 |
3112.010 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3067.353 |
3356.270 |
4077.010 |
|
|
|
|
|
|
Long-term borrowings |
198.104 |
137.040 |
75.510 |
|
Short term borrowings |
3675.687 |
1861.210 |
1229.280 |
|
Current maturities of
long-term debts |
77.050 |
64.920 |
62.330 |
|
Total
borrowings |
3950.841 |
2063.170 |
1367.120 |
|
Debt/Equity
ratio |
1.288 |
0.615 |
0.335 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
13061.724 |
10513.600 |
9229.020 |
|
|
|
(19.508) |
(12.218) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
13061.724 |
10513.600 |
9229.020 |
|
Profit/ (Loss) |
1728.937 |
1316.790 |
1080.790 |
|
|
13.24
% |
12.52
% |
11.71
% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
965.000 |
965.000 |
|
(b) Reserves and Surplus |
|
2928.880 |
2182.850 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Minority Interest |
|
43.510 |
40.230 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3937.390 |
3188.080 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
75.510 |
137.040 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
159.180 |
151.150 |
|
(d) long-term
provisions |
|
42.520 |
29.440 |
|
Total Non-current
Liabilities (3) |
|
277.210 |
317.630 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
1229.340 |
1868.610 |
|
(b) Trade
payables |
|
3344.610 |
2417.840 |
|
(c) Other
current liabilities |
|
2021.570 |
2635.320 |
|
(d) Short-term
provisions |
|
83.710 |
681.470 |
|
Total Current
Liabilities (4) |
|
6679.230 |
7603.240 |
|
|
|
|
|
|
TOTAL |
|
10893.830 |
11108.950 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1138.060 |
1275.570 |
|
(ii)
Intangible Assets |
|
1453.860 |
1452.350 |
|
(iii) Tangible assets
capital work-in-progress |
|
4.790 |
8.770 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.630 |
0.640 |
|
(c) Deferred tax assets (net) |
|
58.970 |
48.030 |
|
(d)
Long-term loans and advances |
|
143.310 |
80.260 |
|
(e) Other
Non-current assets |
|
8.420 |
7.740 |
|
Total Non-Current
Assets |
|
2808.040 |
2873.360 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
6549.420 |
6811.690 |
|
(c) Trade
receivables |
|
1000.340 |
966.720 |
|
(d) Cash and
bank balances |
|
68.980 |
62.880 |
|
(e)
Short-term loans and advances |
|
245.770 |
315.180 |
|
(f) Other
current assets |
|
221.280 |
79.120 |
|
Total
Current Assets |
|
8085.790 |
8235.590 |
|
|
|
|
|
|
TOTAL |
|
10893.830 |
11108.950 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
9379.960 |
11422.040 |
|
|
Other Income |
|
18.650 |
50.270 |
|
|
TOTAL |
|
9398.610 |
11472.310 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
3352.440 |
3740.100 |
|
|
Purchases of
Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
471.550 |
659.530 |
|
|
Employee benefit expense |
|
727.230 |
700.660 |
|
|
CSR expenditure |
|
22.470 |
43.100 |
|
|
Other expenses |
|
3236.780 |
4136.310 |
|
|
TOTAL |
|
7810.470 |
9279.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
1588.140 |
2192.610 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
308.350 |
487.600 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1279.790 |
1705.010 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
163.080 |
190.820 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
1116.710 |
1514.190 |
|
|
|
|
|
|
|
Less |
TAX |
|
7.340 |
(3.390) |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD BEFORE MINORITY INTEREST |
|
1109.370 |
1517.580 |
|
|
|
|
|
|
|
|
PROFIT (LOSS) OF
MINORITY INTEREST |
|
(3.280) |
(7.660) |
|
|
|
|
|
|
|
|
SHARE OF PROFIT
(LOSS) OF ASSOCIATES |
|
(0.010) |
(0.010) |
|
|
|
|
|
|
|
|
TOTAL PROFIT
(LOSS) FOR PERIOD |
|
1106.080 |
1525.230 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
11.46 |
15.81 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY BACKGROUND
The Company is engaged in the research, production and sale of agricultural seeds through distributors and co-partners to farmers. 1. Statement of significant accounting policies Basis of preparation of standalone financial statements.
These standalone financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting and comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 (‘the Act’) read with Rule 7 of the Companies (Accounts) Rules, 2014 and other accounting principles generally accepted in India (GAAP), to the extent applicable. The standalone financial statements are presented in Indian rupees (INR) and rounded off to the nearest million.
REVIEW OF OPERATIONS
AND OUTLOOK:
With a vision to be the most preferred seed brand, continuously and a mission to align with farmer and market for design of its research and operations to create best value, NSL’s goal has always been “making farming profitable and farmers happy”. In the year under consideration, their company could test and release several promising hybrids and varieties under test marketing in all the major crops. All this new products have shown excellent results over the best checks in the market and will have significant contributions to the growth in the future.
Due to the vagaries of monsoon and unprecedented crop shifts, the actual cropping pattern for Cotton, Corn, Rice, Vegetables, etc., could not align with the demand forecasts and business planning. However due to systematic supply planning the Company could achieve control over stock returns from the market, thereby minimizing the handling costs. The year also saw the completion of phase-wise write-off of stocks of old inventory of products, which are currently not in demand. With this the company has cleaned up majority of unmarketable inventory in line with implementation of process efficiency measures in supply chain management. Due to the nation-wise revision of Bt Cotton seed price to INR 800/- per packet, there was also a reduction of revenue. The overall reduction of area and market size in Cotton by almost 10% had an effect on revenue coming down by nearly the same percentage. However market share of the company remained the same in almost all Cotton growing regions. Further the new products launched by the company in all crops have also registered significant growth in key territories.
Despite these challenges, the company reported a good profitability with total revenue of INR 9242.230 million and net profit of INR 1080.790 million.
The segment wise performance of cotton, field crops and vegetable seeds is analysed here below
Cotton
By virtue of its strong breeding program, the company has released new Cotton hybrid products for test marketing in 2016-17 as per the needs to farmers and the market. These new hybrids in addition to the existing hybrids would contribute to the growth of business.
As against the previous year, Cotton seed sales witnessed decline of 20.84% and 27.84% in quantity and value terms respectively. This is broadly on account of overall decline in cotton crop sowing and reduction in cotton seed sale price as per the Central Seed Price (Control) Order 2015, effective from 1st April 2016. However their new products Raja, Bhakti, Malini, Puja and Winner have exceedingly performed well in different States. Their top hybrid Bhakti was the largest selling Cotton hybrid in the State of Telangana.
Field crops
The company has been successfully moving from a Cotton centric portfolio to a balanced crop portfolio in the past three years. In 2012-13 Cotton to Other Field crops revenue contribution ratio was at 85:15. In the year 2016-17 the ratio was 62:38. The successful products in Maize, Paddy, Bajra, Jowar have shown significant growth and increase in market share. New products such as Sampada in varietal Rice have shown promise to be a blockbuster in Eastern India. In Maize, NSL’s Dragon and Bond have established itself as promising hybrids headed towards sharp growth. As a part of Government supply NSL had sold 1991 tonns of field crop seeds out of which 877 tons was Maize (Shaurya) seed in Madhya Pradesh. Sunny and Sandhya were leading maize seed products in different States which had captured more than 10% market share. The company has also implemented measures for improving supply planning schedule, thereby significantly reducing returns in all the field crops. Further as a part of policy the pricing survey was conducted and the price corrections were made in Bajra, Sunflower, Jowar and Maize on par with median market prices, which led to realization of higher value.
Vegetables
Their vegetable business has continued to deliver results based on the foundation of excellent performance of their vegetable products. Their products Abhijay, Surya, Mythili in Tomato, Palnadu hot in Chillies, Marvel in Bhendi have performed exceedingly well in terms of sales growth in respective territories. Their new products Myna in Bhendi, Rambo in Watermelon and Rajesh in Tomato have shown superlative performance against checks in trial marketing. During the year the vegetable portfolio has shown an overall sales growth of -9.89% over previous year. Some of the crops, where NSL has shown significant increase of market share, arechilli, tomato and cauliflower. Overall the company’s vegetable business has shown positive results and is poised for strong future growth in the coming years.
Business Outlook in
the current year
With good forecast for a normal and evenly distributed monsoon across the country, the year 2017-18 opens itself as a great opportunity for NSL in terms of continuing with its growth story. Some of the key initiatives started in 2016-17 viz.,Channel rationalization, Per product value realization, Product rationalization, channel engagement, Continuous quality assessment and control, Advance supply planning and control, improvements in primary and secondary logistics handling, changing of secondary packing material, development of Customer relationship management (CRM) application and setting up of continuous learning process for employee empowerment, shall certainly help in achievement of sales targets and improve the business quality. NSL is also aiming to improve the customer connect with loyalty programs and also aiming to significantly reduce the debtor days by initiation of cash and carry model of business in major areas. All the above initiatives shall become the drivers which promise a great outlook for the current year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Rupee term loans from others |
1.160 |
1.740 |
|
|
|
|
|
Total |
1.160 |
1.740 |
INDEX OF CHARGES
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C33817818 |
10531662 |
THE SOUTH INDIAN BANK LIMITED |
11/10/2014 |
- |
- |
218557000.0 |
GROUND FLOOR, D NO 6-3-1085/D/G1DEGA TOWERS, RAJ BHAVAN ROAD, SOMAJIGUDAHYDERABADTG500082IN |
|
2 |
C36738581 |
10524024 |
Axis Trustee Services Limited |
12/09/2014 |
18/11/2014 |
- |
4400000000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
|
3 |
C53502365 |
10401642 |
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL |
23/01/2013 |
10/04/2015 |
- |
5000000.0 |
MTNL Building, 1st Floor,9 CGO Complex, Lodi RoadNew DelhiDL110003IN |
|
4 |
A99196297 |
10251958 |
ANDHRA BANK |
29/09/2010 |
- |
- |
100000000.0 |
SPECIAL AGRI FINANCIAL BRANCH, KHAIRATABADHYDERABADAP500004IN |
|
5 |
C59458174 |
10179420 |
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL |
20/10/2009 |
10/04/2015 |
- |
6281000.0 |
MTNL Building, 1st Floor,9 CGO Complex, Lodi RoadNew DelhiDL110003IN |
|
6 |
G63963250 |
10378767 |
Axis Bank Limited |
10/08/2012 |
18/08/2012 |
14/11/2017 |
24000000.0 |
6-3-879/B Greenlands RoadBegumpetHyderabadAP500016IN |
|
7 |
G63965602 |
10378778 |
Axis Bank Limited |
10/08/2012 |
- |
14/11/2017 |
44900000.0 |
6-3-879/B Greenlands RoadBegumpetHyderabadAP500016IN |
|
8 |
G38481255 |
10258706 |
Axis Bank Limited |
20/11/2010 |
31/08/2012 |
18/03/2017 |
1500000000.0 |
GreenLands RoadBegumpetHyderabadAP500016IN |
|
9 |
G03048600 |
10291561 |
Indian Overseas Bank |
25/05/2011 |
- |
04/05/2016 |
500000000.0 |
R P road Branch, 4-2-25 to 28 and 32,Rashtrapati RoadSecunderabadAP500003IN |
|
10 |
G01660224 |
10445677 |
THE SOUTH INDIAN BANK LIMITED |
21/08/2013 |
- |
19/04/2016 |
500000000.0 |
GROUND FLOOR, D NO 6-3-1085/D/G1DEGA TOWERS, RAJ BHAVAN ROAD, SOMAJIGUDAHYDERABADAP500082IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Corporate guarantees given by the company on behalf of |
|
|
|
- Subsidiaries |
98.00 |
278.00 |
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 68.26 |
|
|
1 |
INR 91.21 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.