MIRA
INFORM REPORT
|
Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
NATURAL SUGAR AND ALLIED INDUSTRIES LIMITED |
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Registered Office : |
Ranjani, Tal. Kallam, District Osmanabad, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.11.1998 |
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Com. Reg. No.: |
121048 |
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CIN No.: [Company
Identification No.] |
U99999MH1998PLC121048 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKN00967B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Buyers, Importer, Exporter, Extrnctors and Dealers of
all agro based products, farm products including sagar gur, and all other by
products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 658736 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Payments are reported as usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered/Factory Office : |
Sainagar Ranjani, Tal. Kallam, District Osmanabad, Maharashtra, India |
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Tel. No.: |
91-2373-273301/2/3,273540,265505 |
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Fax No.: |
91-2373-273655 |
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E-Mail : |
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Corporate Office : |
A-70/3, Textile Complex, MIDC, Latur – 413531, Maharashtra, India |
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Tel. No.: |
91-2382-220818 |
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Website: |
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DIRECTORS
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Name : |
Mr. Bibhishan Krishna Bhatlanande |
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Designation : |
Director |
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Address : |
Sainagar Ranjani, Tal. Kallam, District Osmanabad, Maharashtra, India |
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Date of Birth/Age : |
08.08.1950 |
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Date of Appointment : |
16.07.2005 |
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Name : |
Mr. Sunil Ashruba Devane |
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Designation : |
Director |
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Address : |
Sainagar Ranjani, Tal. Kallam, District Osmanabad, Maharashtra, India |
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Date of Birth/Age : |
05.12.1965 |
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Date of Appointment : |
28.03.2005 |
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Name : |
Mr. Agatrao Rangnath Patil |
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Designation : |
Director |
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Address : |
Sainagar Ranjani, Tal. Kallam, District Osmanabad, Maharashtra, India |
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Date of Birth/Age : |
01.06.1945 |
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Date of Appointment : |
16.07.2005 |
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Name : |
Mr. Bhairavanath B. Thombare |
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Designation : |
Director |
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Name: |
Mrs. Pratibha B. Thombare |
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Designation : |
Director |
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Name : |
Mr. Anil B. Thombare |
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Designation : |
Director |
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Name : |
Mr. Goroba B. Thombare |
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Designation : |
Director |
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Name : |
Mr. Dnyaneshwar R. Kaldate |
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Designation : |
Director |
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Name : |
Mr. Sambhaji G. Reddy |
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Designation : |
Director |
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Name : |
Mr. Laxman S. Kaldate |
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Designation : |
Director |
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Name : |
Mr. Ashruba R. Devane |
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Designation : |
Director |
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Name : |
Mr. Vishnu T. Mohite |
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Designation : |
Director |
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Name : |
Mr. Kundik Bulbute |
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Designation : |
Director |
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Name : |
Mr. Hanumant P. Bhise |
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Designation : |
Director |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr.Bhairavanath B. Thombare |
100 |
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Mrs. Pratibha B. Thombare |
100 |
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Mr. Anil B. Thombare |
100 |
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Mr. Goroba B. Thombare |
100 |
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Mr. Dnyaneshwar R. Kaldate |
100 |
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Mr. Bajlirao B. Tat |
100 |
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Mr. Vishnu T. Mohite |
100 |
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Total |
700 |
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Category |
Percantage |
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Bodies Corporate (not mentioned above) |
18.33 |
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Director or relatives of directors |
16.43 |
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Other fifty (50) Shareholders (other than listed above) |
19.58 |
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Others |
45.66 |
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Total |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer, Buyers, Importer, Exporter, Extrnctors and Dealers of all
agro based products, farm products including sugar gur, and all other by
products. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
- |
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Bankers : |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. H. Kocheta and Associates Chartered Accountants |
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Address : |
Darda Complex, Subhash Chowk, Latur – 413512, Maharashtra, India |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity shares |
Rs.100/-each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity shares |
Rs.100/-each |
Rs.150.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
150.000 |
150.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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14.684 |
7.685 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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164.684 |
157.685 |
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LOAN FUNDS |
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1] Secured Loans |
|
963.985 |
419.005 |
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2] Unsecured Loans |
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42.489 |
0.000 |
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TOTAL BORROWING |
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1006.474 |
419.005 |
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DEFERRED TAX LIABILITIES |
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29.163 |
31.426 |
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TOTAL |
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1200.321 |
608.116 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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479.464 |
373.047 |
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Capital work-in-progress |
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85.337 |
9.453 |
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INVESTMENT |
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3.287 |
4.186 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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807.673 |
429.621 |
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Sundry Debtors |
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67.502 |
17.151 |
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Cash & Bank Balances |
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23.802 |
20.212 |
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Other Current Assets |
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8.347 |
0.453 |
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Loans & Advances |
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114.979 |
65.625 |
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Total
Current Assets |
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1022.303 |
533.062 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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321.087 |
250.236 |
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Provisions |
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75.341 |
68.475 |
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Total
Current Liabilities |
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396.428 |
318.711 |
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Net Current Assets |
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625.875 |
214.351 |
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MISCELLANEOUS EXPENSES |
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6.358 |
7.079 |
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TOTAL |
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1200.321 |
608.116 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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591.571 |
1392.440 |
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Other Income |
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7.985 |
9.078 |
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Total Income |
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599.556 |
1401.518 |
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Profit/(Loss) Before Tax |
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30.717 |
33.282 |
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Provision for Taxation |
|
9.684 |
12.987 |
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Profit/(Loss) After Tax |
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21.033 |
20.295 |
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Earnings in Foreign Currency : |
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Export Earnings |
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421.676 |
87.598 |
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Commission Earnings |
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0.000 |
0.000 |
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Other Earnings |
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0.000 |
0.000 |
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Total Earnings |
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421.676 |
87.598 |
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Expenditures : |
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Raw Material Consumed |
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898.915 |
899.445 |
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Purchases made for re-sale |
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0.000 |
255.141 |
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Consumption of stores and spares parts |
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0.000 |
45.609 |
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Increase/(Decrease) in Finished Goods |
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(357.852) |
(96.839) |
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Salaries, Wages, Bonus, etc. |
|
59.876 |
41.277 |
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Managerial Remuneration |
|
0.867 |
0.817 |
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Payment to Auditors |
|
0.348 |
0.235 |
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Interest |
|
51.761 |
39.644 |
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Insurance Expenses |
|
6.739 |
6.776 |
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Power & Fuel |
|
129.408 |
115.577 |
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Depreciation & Amortization |
|
34.479 |
29.240 |
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Other Expenditure |
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165.974 |
118.912 |
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Total Expenditure |
|
990.515 |
1455.834 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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3.51 |
1.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.20 |
2.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.05 |
3.68 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.52 |
4.68 |
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Current Ratio (Current Asset/Current Liability) |
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2.58 |
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Corporate
identity number (CIN) Foreign company registration number |
U99999MH1998PLC121048 |
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Name of the Company
|
NATURAL SUGAR AND ALLIED INDUSTRIES LIMITED |
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Address |
Ranjani, Tal. Kallam, District Osmanabad, Maharashtra, India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Movable Property
(not being pledge) |
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Particulars of the
charge holder |
Bank of Baroda Latur Branch,
Post Box No. 17, Loving Building, Chandra Nagar, Latur – 413512, Maharashtra,
India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Hypothecation of
movable machinery Letter of
Instalment with accelention charge Genaral form of
guarentes. |
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Date of the
instrument creating or modifying the charge |
31.11.2006 |
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Amount secured by
the charge |
Rs.90.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
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Short particulars
of the property charged (including location of the property) |
All movable
machinery of the company including stocks and spare psrts both present and
future belonging to the borrower being and lying at the borowers premiees at
Ranjani, Tal. Kallam, District Osmanabad. |
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Particular of the
present modification |
- |
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Name of the
company |
NATURAL SUGAR
AND ALLIED INDUSTRIES LIMITED |
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Presented By |
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1) Date and
description of instrument creating the change |
Registred
Mortgage Dated : 08.11.2002 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.30.000
Millions (Rupees Three Crores
only) |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Land and
structures thereon and factory building of ferro alloys division situated at
Gat No.242/1 and 249 situated at Mouje-Ghargaon, Taluka – Kallam, District –
Osmanabad. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Facility : Term Loan (Land and Building) Limit: Rs.30.000 Millions Margin : 25% R.O.I.: 15% |
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5) Name and
Address and description of the person entitled to the charge. |
Janakalyan
Sahakari Bank Limited 140, Vivek
Darshan, Sindhi Society, Opp. Bhakti Bhavan, Chembur, Mumbai – 400071,
Maharashtra, India |
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6) Date and brief description of instrument
modifying the charge |
Extension of
registered mortgage dated 20.12.2003, For Rs. 20.000 Millions |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Original charge
created vide registered mortgage deed dated 08.11.2002 for Rs. 30.000
Millions, The charge was further extended on 04.06.2003 for Rs. 5.000
Millions, The charge is now extended by Rs. 20.000 Millions Dated 20.12.2003,
makering total charge Rs.55.000 Millions Under following terms and conditions Facility : Term
Loan Limit : Rs.20.000
Millions Margin : 25% R.O.I. : 14% |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.45 |
|
UK Pound |
1 |
Rs.81.12 |
|
Euro |
1 |
Rs.58.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|