MIRA
INFORM REPORT
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Report Date : |
25.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHREE TATYASAHEB KORE SAHAKARI SAKHAR KARKHANA LIMITED |
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Registered Office : |
Warana, Warana Nagar, Taluka Panhala, District Kolhapur – 416
113, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1955 |
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Legal Form : |
Subject is a Co-operative Society having been incorporated under the Co-operative Societies Act. |
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Line of Business : |
Subject is engaged in manufacturing of sugar distillery, spirit and printing, writing and duplicating papers, white sugar, rectified sugar, industrial Alcohol, Lignosulphonate |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a co-operative society having satisfactory track. Trade relations are fair. Business is active. Payments are reported as slow but correct. The Society can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
Warana, Warana Nagar, Taluka Panhala, District Kolhapur –
416 113, Maharashtra, India |
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Tel. No.: |
91-2328-224081 to 89 |
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Fax No.: |
91-2328-224090 |
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E-mail : |
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Website : |
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Area : |
2.5 hectares |
DIRECTORS
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Name : |
Smt. Shobhatai Vilasrao Kore |
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Designation : |
Chairperson |
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Address : |
Warananagar, Taluka Panhala, District Kolhapur |
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Name : |
Dr. Jaysingrao Chandrarao Patil |
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Designation : |
Vice Chairman |
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Kanegaon, Taluka Walwa, District Sangli |
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Name : |
Hon’ble Vinay Vilasrao Kore |
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Designation : |
Director |
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Warananagar, Taluka Panhala, District Kolhapur |
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Name : |
Mr. Subhash Anandrao Patil |
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Designation : |
Director |
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Kadoli, Taluka Panhala, District Kolhapur |
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Name : |
Mr. Yashwat Narsu Chavan Patil |
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Designation : |
Director |
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Address : |
Talasande, Taluka hatkanangale, District Kolhapur |
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Name : |
Mr. Shivajirao Anandrao Jadhav |
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Designation : |
Director |
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Address : |
Bahirewadi, Taluka Panhala, District Kolhapur |
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Name : |
Mr. Pandurang Shamrao Patil |
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Designation : |
Director |
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Address : |
Ambap, Taluka Hatkanangale, District Kolhapur |
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Name : |
Mr. Ravasaheb Bhauso Patil |
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Designation : |
Director |
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Address : |
Bhadole, Taluka Hatkanangale, District Kolhapur |
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Name : |
Mr. Subhash Purandar Patil |
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Designation : |
Director |
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Address : |
Nagaon, Taluka Hatkanangale, District Kolhapur |
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Name : |
Mr. Prataprao Balkrishna Patil |
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Designation : |
Director |
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Address : |
Shigaon, Taluka Walwa, District Sangli |
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Name : |
Mr. Govindrao Babaso Jadhav |
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Designation : |
Director |
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Address : |
Yelur, Taluka Walwa, District Sangli |
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Name : |
Mr. Prakash Alais Anandrao Bajirao Patil |
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Designation : |
Director |
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Address : |
Aitwade Khurd, Taluka Walwa, District Sangli |
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Name : |
Mr. Shriniwas Vishwanath Doijod |
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Designation : |
Director |
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Address : |
Chikurde, Taluka Walwa, District Sangli |
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Name : |
Mr. Rajaram Akaram Patil |
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Designation : |
Director |
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Address : |
Mangale, Taluka Shirala, District Sangli |
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Name : |
Mr. Baburao Dada Patil |
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Designation : |
Director |
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Address : |
Sagaon, Taluka Walwa, District Sangli |
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Name : |
Mr. Anadrao Pandurang Patil |
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Designation : |
Director |
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Address : |
Kodoli, Taluka Panhala, District Kolhapur |
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Name : |
Suvarna Lalasaheb Patil |
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Designation : |
Director |
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Address : |
Tandulwadi, Taluka Walwa, District Sangli |
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Name : |
Mr. Balasaheb Govind Chavan |
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Designation : |
Director |
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Address : |
Minache Savarde, Taluka Hatkanangale, District Kolhapur |
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Name : |
Mr. Vasant Vishwanath Gurav |
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Designation : |
Director |
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Address : |
Khochi, Taluka Hatkanangale, District Kolhapur |
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Name : |
Mr. Avikant Vilasrao Kambale |
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Designation : |
Director |
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Address : |
Toap, Taluka Hatkanangale, District Kolhapur |
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Name : |
Mr. Mahadev Tatoba Chavan |
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Designation : |
Director |
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Address : |
Bhendavade, Taluka Hatkanangale, District Kolhapur |
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Name : |
Mr. Namdev Hindurao Patil |
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Designation : |
Director |
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Address : |
Paragon, Taluka Hatkanangale, District Kolhapur |
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Name : |
Mr. Vasantrao Shivaling Chavan |
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Designation : |
Managing Director |
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Address : |
Warananagar, Taluka Panhala, District Kolhapur |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing of sugar distillery, spirit and printing, writing and duplicating papers, white sugar, rectified sugar, industrial Alcohol, Lignosulphonate |
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Exports : |
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Countries : |
All countries except USA and Europe |
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Imports : |
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Products : |
Machinery Raw sugar |
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Countries : |
London Brazil |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
1200 |
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Bankers : |
Ø K. O. C. C Bank
Limited Ø K. O. C. C Bank
Limited, Warana Ø Warana
Co-operative Bank Limited Ø Bank of Baroda,
Kolhapur Ø Bank of India,
Kolhapur Ø State Bank of
India, Kolhapur Ø Bank of
Maharashtra, Bhopal Ø Maharashtra
State Co-operative Bank Ø HDFC Bank Ø IDBI Bank Ø Satara D.C. C.
Bank |
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Facilities : |
Packing Credit, Foreign Currency
and Hypothecation of Goods Rs. 3000 Millions |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Ø Warana Dairy Ø Warana
Distillery Ø Warana Paper
Factory Ø Warana
Electricity Generation Ø Warana Vibhag
Shikshan Mandal Ø Mahila Udyog Ø Warana Poultry Ø Warana goes
global |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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PARTICULARS |
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CAPITAL AND
LIABILITIES |
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Share Capital |
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109.525 |
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Reserves and Funds |
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862.496 |
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Term Loans |
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441.469 |
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Working Capital Loans |
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2280.169 |
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Deposits from Cane Bills |
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183.643 |
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Current Liabilities Regarding Expenses |
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21.496 |
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Provision for Expenses |
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538.942 |
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Other
Liabilities |
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1520.272 |
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Contribution
Funds |
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47.343 |
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Small Savings
from Cane Bills |
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0.329 |
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6005.684 |
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Accumulated
Losses |
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[11.122] |
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TOTAL |
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5994.562 |
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ASSETS |
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Bank Account |
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265.066 |
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Investment |
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23.996 |
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Closing stock of Products |
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2158.534 |
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Advances |
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36.822 |
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Receivables |
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584.151 |
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Other Debt Balance |
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245.794 |
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Store Inventory |
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123.839 |
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Investment |
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918.509 |
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Fixed Assets |
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1616.287 |
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Buildings |
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0.978 |
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Misc. Expenses |
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20.586 |
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TOTAL |
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5994.562 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES
Ø United Envirotech Private Limited
Ø Shamraj Engineering Works, Pune
Ø Aditya Auto Test, Sangli
Ø Sai Industries, Sangli
Ø Nestle India Limited
Ø Cadbury India Limited
Ø Britania India Limited
Ø Parle Products Limited
Ø Apna Bazar, Mumbai
Ø Pepsico India Limited
Ø Classic Foods Limited
Ø Makson Confectionaries, Gujarat
AS PER WEBSITE DETAILS:
PROFILE:
The successful
establishment of a co-operative sugar factory in 1959 completely revolutionised
the life of Warana. Today it is the backbone of this complex. With this factory
Tatyasaheb Kore and his magnificent team touched the lives of the entire weaker
section. Through this co-operative sugar factory the downtrodden started
growing rich and their life standards were updated.
The working
efficiency has broken all the existing records in the long-standing Indian
history of sugar industries.
This co-operative
sugar factory has bagged first prize for its best technical efficiency in the
year 1988-89 at the National Federation of Co-operative Sugar Factories Ltd.
New Delhi. In 1991-92 it has also been awarded by Vasantdada Sugar Institute,
Pune for its best technical efficiency and higher reduce mill extraction in
Southern region of Maharashtra.
The sugar factory
has also bagged many prizes from the National Federation of co-operative sugar
factories Ltd., New Delhi. The crushing capacity of the factory is more than
5000 tonnes / day. During the season of 1998-99, the total crushing capacity
reached more than 7200 tonnes/day, which is once again a milestone in Indian
history. The turn over of the sugar factory for the year 1997-98 was Rs.
1385.000 Millions. The factory is also proposing to supply the sugar to the
market in small packets of varying sizes ranging from 1 kg. to 5 kg. There are
further plans to release the sugarcane juice in small pouches to the market.
Warana's total growth is dependent on this sugar factory. This is parent
unit from which Warana is drawing inspiration and enthusiasm for it's overall
growth. Every effort is being put to make the sugar factory an ideal one.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.49 |
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UK Pound |
1 |
Rs. 78.33 |
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Euro |
1 |
Rs. 56.78 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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53 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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