MIRA
INFORM REPORT
|
Report Date : |
29th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
GODAVARI
SUGAR MILLS LIMITED |
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|
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Registered Office : |
45-47,
Fazalbhoy Building, 3rd Floor, M G Road, Fort, Mumbai 400 001,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.06.1939 |
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Com. Reg. No.: |
11-2945 |
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CIN No.: [Company
Identification No.] |
U74999MH1993PLC002945 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT05976F |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing
Sugar, Chemicals, Alcohol, Ethylacetate, Acetic Acid and Generates Power. |
RATING & COMMENTS
|
MIRAs Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD
3750000 |
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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
is a well established and reputed company. The company is progressing well.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is active. Payments are reported as usually
correct and as per commitments. Fundamentals are strong and healthy. The
company can be considered normal for business dealings at usual trade terms
and conditions. The company can be regarded as a promising business partner
in a medium to tong-run. |
LOCATIONS
|
Registered Office : |
45-47,
Fazalbhoy Building, 3rd Floor, M G Road, Fort, Mumbai 400 001,
Maharashtra, India |
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Tel. No.: |
91-22-22048272 |
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Fax No.: |
91-22-22047297 |
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E-Mail : |
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Website : |
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Unit
1 : |
Sameerwadi At
Post Sameerwadi, Taluka Mudhol, District Bagalkot - 587 316, Karnataka, India
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Tel.
No.: |
91-8350
260046 / 47 /48 |
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Fax
No.: |
91-8350-260037 |
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Unit
2 : |
Sakarwadi Somaiya
Organo Chemicals (Unit of The Godavari Sugar Mills Limited), At Post
Sakarwadi, District Ahamednagar, Maharastra - 413 708, India |
|
Tel.
No.: |
91-2423-279396/97/08 |
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Fax
No.: |
91-2423-279339 |
DIRECTORS
|
Name : |
Mr.
Shantilal Karamshi Somaiya |
|
Designation : |
Chairman
and Managing Director |
|
Address : |
Padmanabh,
10, Carmichael Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
29.12.1927 |
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Date of Appointment : |
02.11.1948 |
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Name : |
Mr.
Samir Shantilal Somaiya |
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Designation : |
Executive
Director |
|
Address : |
Padmanabh,
10, Carmichael Road, Mumbai 400 026, Maharashtra, India |
|
Date of Birth/Age : |
28.02.1968 |
|
Date of Appointment : |
29.09.2000 |
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|
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|
Name : |
Ms.
Indubahi C Patel |
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Designation : |
Director
|
|
Address : |
P-68,
South extension, Part III, New Delhi 110 049, India |
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Date of Birth/Age : |
24.11.1928 |
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Date of Appointment : |
04.08.1993 |
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|
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|
Name : |
Mr.
Kailash Pershad |
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Designation : |
Director
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Address : |
Flat
No. 304, Silver Spring, B Wing, Opp Film Studio, Sizer Road, Amboli, Andheri
(West), Mumbai 400 053, Maharashtra, India |
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Date of Birth/Age : |
01.02.1940 |
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Date of Appointment : |
17.09.1988 |
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Name : |
Mr.
Badrinarayan Ramulal Barwale |
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Designation : |
Director
|
|
Address : |
72-B,
Urvashi, Petit Estate, Nepean Sea Road, Mumbai 400 006, Maharashtra, India |
|
Date of Birth/Age : |
13.08.1931 |
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Date of Appointment : |
04.08.1993 |
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Name : |
Mr.
Navinchandra Chunilal Sayta |
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Designation : |
Director
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|
Address : |
Vallabh
Terrace, Sardar V Patel Road, Mumbai 400 004, Maharashtra, India |
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Date of Birth/Age : |
01.01.1927 |
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Date of Appointment : |
15.04.1976 |
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|
Name : |
Mr.
Kondapuram Vijaya Raghavan |
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Designation : |
Director
|
|
Address : |
Chairman
/ Recruitment and Assessment Centre, Defence Research and Development
Organisation, Ministry of Defence, Lucknow Road, Timarpur, Delhi 110 054,
India |
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Date of Birth/Age : |
01.10.1943 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr.
Rooshikumar Vasudev Pandya |
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Designation : |
Director
|
|
Address : |
6A, Akashganga,
89, Warden Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
27.03.1940 |
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Date of Appointment : |
28.09.2002 |
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|
Name : |
Mr. K
H Viswanathan |
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Designation : |
Director
- Nominee |
|
Address : |
E-61,
Maker Kundan Garden, Juhu Road, Santacruz (West), Mumbai 400 049,
Maharashtra, India |
|
Date of Birth/Age : |
19.09.1943 |
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Date of Appointment : |
07.06.2004 |
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|
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Name : |
Mr.
Puroshottam Mavji Kavadia |
|
Designation : |
Whole
Time Director |
|
Address : |
9B,
Giriraj, Altamount Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
17.06.1918 |
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Date of Appointment : |
17.09.1988 |
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|
Name : |
Mr.
Parmeshwaran Keshavan Ravindran Nair |
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Designation : |
Whole
Time Director |
|
Address : |
Post
Sakarwadi, Station Kanhegaon, District Ahmednagar, Maharashtra, India |
|
Date of Birth/Age : |
24.05.1934 |
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Date of Appointment : |
28.09.2002 |
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|
|
|
Name : |
Mr.
Viney Kumar |
|
Designation : |
Director
Nominee |
|
Address : |
E-61,
Maker Kundan Garden, Opp Lido Cinema, Juhu Road, Santacruz (West), Mumbai
400 049, Maharashtra, India |
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Date of Birth/Age : |
04.06.1956 |
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Date of Appointment : |
21.05.2005 |
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|
Name : |
Mr.
Shivaprakasam Veersamy Nainar |
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Designation : |
Director
|
|
Address : |
At
Post Sameerwadi, District Bagalkot 587 316, Karnataka, India |
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Date of Birth/Age : |
15.04.1945 |
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Date of Appointment : |
21.09.2006 |
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KEY EXECUTIVES
|
Name
: |
Mr.
Sanjay Baubhai Desai |
|
Designation
: |
Company
Secretary |
|
Address
: |
B-401,
Bhoomi Utsav, M G Road, Kandivali (West), Mumbai 400 067, Maharashtra,
India |
|
Date
of Birth/Age : |
22.12.1957 |
|
Date
of Appointment : |
28.09.2002 |
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|
|
|
Name
: |
Mr.
Prasad Gupta |
|
Designation
: |
Company
Secretary |
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Address
: |
Flat
No. 602, EMP 65, Sector 1, Evershines, Millennium Paradise, Thakur Village,
Kandivali (East), Mumbai 400 101, Maharashtra, India |
|
Date
of Appointment : |
12.12.2005 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturing
Sugar, Chemicals, Alcohol, Ethylacetate, Acetic Acid and Generates Power. |
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Products with ITC Code : |
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PRODUCTION
STATUS
At Sakarwadi Unit
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Rectified Sprit |
HL |
450000 |
300000 |
49550.79 |
|
Acetaldehyde |
MT |
23000 |
18000 |
14594.45 |
|
Acetic Acid |
MT |
25000 |
20000 |
13816.13 |
|
Ethyl Acetate |
MT |
18000 |
12000 |
12009.57 |
|
Other Acetare |
MT |
1800 |
1800 |
-- |
At Sameerwadi Unit
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Rectified Sprit / Extra Neutral Alcohol |
HL |
180000 |
180000 |
92494.65 |
|
Fuel Alcohol |
HL |
150000 |
150000 |
14472.99 |
|
Bio Earth |
MT |
-- |
-- |
26206.85 |
GENERAL
INFORMATION
|
No. of Employees : |
About
1500 |
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Bankers : |
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Facilities : |
Subject
enjoys mortgage facility of Rs. 200.000 millions from Union Bank of India
dated 27.08.2004. Subject
enjoys mortgage facility from IDBI dated 16.03.2001. Subject
enjoys mortgage facility of Rs. 42.290 millions from Andhra Bank dated
29.03.2006. Subject
enjoys mortgage facility of Rs. 2920.475 millions from Bank od India dated
27.09.2006. Subject
enjoys mortgage facility of Rs. 85.806 millions from Union Bank of India,
Mumbai dated 23.03.2006. |
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|
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|
Banking Relations : |
Satisfactory
|
|
|
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Auditors : |
Desai
Saksena and Associates Chartered
Accountants |
|
Address : |
Laxmi
Insurance Building, 1st Floor, Sir P M Road, Fort, Mumbai 400
001, Maharashtra, India |
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Associates : |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity
Shares |
Rs. 10/- |
Rs. 420.000 millions |
|
1800000 |
Preference
Shares |
Rs. 10/- |
Rs. 180.000 millions |
|
|
Total |
|
Rs. 600.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27482500 |
Equity
Shares |
Rs. 10/- |
Rs. 274.825 millions |
|
1800000 |
Preference
Shares |
Rs. 10/- |
Rs. 180.000 millions |
|
|
Total |
|
Rs. 454.825
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
454.825 |
429.825 |
364.825 |
|
|
2] Reserves & Surplus |
492.238 |
385.093 |
328.267 |
|
|
NETWORTH |
947.063 |
814.918 |
693.092 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2346.219 |
2344.505 |
2408.912 |
|
|
2] Unsecured Loans |
417.221 |
526.786 |
667.387 |
|
|
TOTAL BORROWING |
2763.440 |
2871.291 |
3076.299 |
|
|
DEFERRED TAX LIABILITIES |
65.393 |
25.799 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3775.896 |
3712.008 |
3785.687 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1994.122 |
1966.334 |
1925.677 |
|
|
Capital work-in-progress |
125.185 |
136.117 |
91.957 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.093 |
2.385 |
2.366 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1807.023
|
1506.613 |
1560.529 |
|
|
Sundry Debtors |
432.381
|
248.289 |
231.617 |
|
|
Cash & Bank Balances |
85.085
|
54.501 |
95.639 |
|
|
Loans & Advances |
186.495
|
280.046 |
315.451 |
|
Total Current Assets |
2510.984
|
2089.449 |
2203.236 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
875.724
|
484.094 |
460.719 |
|
|
Provisions |
15.644
|
15.164 |
0.000 |
|
Total Current Liabilities |
891.368
|
499.258 |
460.719 |
|
|
Net Current Assets |
1619.616
|
1590.191 |
1742.517 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
33.880 |
16.981 |
23.170 |
|
|
|
|
|
|
|
|
TOTAL |
3775.896 |
3712.008 |
3785.687 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
5057.703 |
4024.792 |
3476.512 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
159.093 |
41.070 |
(23.552) |
|
Provision
for Taxation |
0.000 |
0.000 |
(27.503) |
|
Profit/(Loss)
After Tax |
159.093 |
41.070 |
51.055 |
|
|
|
|
|
|
Export
Value |
NA |
90.589 |
92.741 |
|
|
|
|
|
|
Import
Value |
NA |
341.059 |
11.409 |
|
|
|
|
|
|
Total
Expenditure |
4898.610 |
3983.722 |
3500.064 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
3.14
|
1.02 |
1.47 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
3.14
|
1.02 |
(0.68) |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
3.43
|
0.98 |
(0.55) |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.05 |
(0.03) |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
4.93
|
5.16 |
6.12 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.81
|
4.18 |
4.78 |
LOCAL AGENCY
FURTHER INFORMATION
Profile
The Godavari Sugar Mills Limited (GSML)
promoted by Late Shri. Karamshibhai Jethabhai Somaiya (Padmabhushan) and his
son, Dr. Shantilal Karamshibhai Somaiya, was incorporated in 1939 and has been
contributing to the industrial development of India for more than six decades.
Under the dynamic leadership of the Executive Director, Shri Samir Somaiya and
his professional team, the Company with three Sugar mills is fully integrated
and is among the top ten Sugar complexes out of around 500 sugar manufacturers
in India. The Company is one of the largest producers of Alcohol and a pioneer
in manufacture of Alcohol based Chemicals in India.
It has plants located in the states of Karnataka and Maharashtra in
India and has diverse interests in Sugar, Power, Industrial Alcohol, Heavy
Organic Chemicals, Specialty Chemicals, Bio-fertilizers and Agricultural
Research. It manufacturers more than twenty products from renewable resources,
thereby forming an entire Value Chain right from Sugar Cane to Sugar to other
value added products like Power, Ethanol, Bio-fertilizers etc.
The company has achieved tremendous growth acceleration in the last 10 years & has aggressive plans for the near future, as depicted below.
The Company has
achieved both horizontal and vertical integration in terms of product
expansions & capacity additions in recent years. It has increased its Sugar
production from 157 thousand Tons in 2000-01 to 223 thousand Tons in 2005-06
& further plans to expand its production to 475 thousand Tons in 2009-10.
GSML
Manufactures More than 20 Products from Renewable resources.
The Company is one of the few sugar companies entirely using ERP (SAP).
It has employed modern technology in its operations, processes & systems.
The company has been internationally recognized in the past for its sugarcane
yields, which were the highest in the world. The quality of its sugar is also
comparable to the best and therefore fetches premium in the market. The Company
has an approved Agricultural Research Institute K. J. Somaiya Institute of
Applied Agricultural Research (KIAAR) at Sameerwadi, which works closely with
other sugarcane research institutes & the farming community in developing
better and newer varieties of cane. The company has two Council of Scientific
& Industrial Research(CSIR) recognized Research centers working on areas of
Process technology, Product improvement, New product development, Recovery
improvement & Cost reduction.
The company has/will
have following production capacities per annum:
|
Products
Godavari Sugar Mills
Limited is one of the largest producers and exporters pf sugar in the country.
Sugar manufactured by The Godavari Sugar Mills Limited is recognised as a primum quality
product having global reach and acceptance.
The white plantation white sugar is produced at Sameerwadi by Double
sulphitation followed by syrup clarification by phospho floatation process. The
plantation white sugar thus produced not only meets the specifications of ISS
standards of Govt of India but also surpasses in many of quality aspects. Due
to double purification steps, the sugar produced contains lower color and other
impurities.
The Quality
The polarisation of sugar produced is
99.8%. The Icumsa (color value ) of sugar, one of the main quality criteria, is
around 75 units (by method 10) The bolder variety of sugar produced and
marketed as M30 (around 1.2 mm size) commands a premium in the Indian /Overseas
Market. They also produce large size crystals (1.7 mm ) which is marketed as L30
as per market requirements. They have been regular exporters of sugar to other
countries over the last decade.
News
Record crushing by GSM
Godavari Sugar Mills Ltd., Sameerwadi completed its crushing season 2005-06
with record crushing achievement. In the season GSM Sameerwadi has crushed
16,39,424 tonnes with an average sugar recovery of 11.65%. In view of this
record crushing the co-operation from cane suppliers, harvesting and transport
agencies and workers are really commendable.
Celebration and rewards and recognitions by GSM
Achievements made in record crushing was celebrated in GSM Sameerwadi by
encouraging and motivating the cane growers, Harvesting and transport agencies.
This was done in a colourful function in the premise of factory on 30.05.2006.
As mark of their contribution in each category highest three prizes were
distributed during the function wherein farmers of the area, harvesting and
transport agencies were participated. Chief Executive Officer while
appreciating the contribution made by all the wings also hoped the continued
and increased cane supply by the farmers to GSM Sameerwadi and so the case with
H and T units .
Visits by our experts and director for various places for exchanges of
ideas and to attend seminars
Shri.B.H.Patil, General Manager (Cane) has participated one coveted body
workshop conducted by ISSCT (International Sugarcane and Sugar Technologists
Congress) in Thailand held on 22-26th May 2006.He had also an opportunity to
make visit to some of sugar factories in Thailand.
Our Technical Executive Director Shri.Samir S.Somaiya ,General
Manager(Enginnering ) Shri.R.S.Kulkarni , General Manager(Enginnering )
Shri.Babaleshwar have participated in Achema fair scheduled in Germany.
Rainfall at right time
As a well begin of the planting season 2006-07 the Godavari Sugar Mills.,
Sameerwadi area of operation has received well distributed rainfall through out
the area during last week of May,2006.
The
Companys Fixed Assets of important value includes :
- Factory and Land
- Farm Land
- Factory Building
- Live Stock
- Agricultural Machinery
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Motor Vehicles
- Computers
Bankers
Charges Report as per Registry
Name of the Company : Godavari Sugar Mills
Limited
Presented by : -- Godavari Sugar Mills Limited
|
1.
Date and description of the instrument creating or evidencing the charge
|
Second
supplemental joint deed of hypothecation dated 09.06.2004 Supplemental
memorandum of entry relating to deposit of title deeds dated 09.06.2004 Both
the above documents constitute single charge. |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
122.450 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
As Per
Annexure 1 |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
To
secure due repayment, discharge and redemption of the credit facilities
together with interest, costs, charges, expenses and other monies payable by
the company to the consortium banks. Rate
of Interest and Margin : as per copies of sanction letter from Bank of Baroda
and Syndicate Bank |
|
5.
Names, address and description of the
persons entitled to charge |
Bank
of Baroda, Corporate Financial Services Branch, 10/12, Mumbai Samachar Marg,
Fort, Mumbai 400 001, Maharashtra, India Syndicate
Bank, Industrial Finance Branch, 10, Homji Street, 3rd Floor,
Fort, Mumbai 400 001, Maharashtra, India
|
|
6.
Date and brief description of instrument modifying the charge |
N A |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
N A |
Contacts
Regestered Office:
Mr. K.G Nair
Fazalbhoy Building 45-47, Mahatma Gandhi Road, Post Box No.384, Fort, Mumbai
400 001. India
Phone: 91-22-22858430/40/50
Fax: 91-22-22047297
website: www.somaiya.com
Marketing Office:
Mr. Mukashi
Warden House 3rd Floor, PM Road, Fort, Mumbai-400 001.
Phone: 91-22-22884635/5631/4294
Branch Offices:
New Delhi
Mr. Narayannan
Bank of Baroda Bldg., 6th Floor, Parliament Street, New Delhi 110 001.
Phone : 91-11-23723351
Bangalore
Mr. Rangnathswami
Utility Buildings, Tower Block, 4th Floor, J C Road, Bangalore 560 002.
Phone : 91-80-2236479
Fax 91-80-2219103
Products:
SUGAR (SAMEERWADI)
Mr. V Shivaprakasam, CEO
The Godavari Sugar Mills Limited, A/P: Sameerwadi, Tal: Mudhol Dist: Bagalkot
Pin 587 316, India
Phone : 91-8350 260046 / 47 /48
Fax: 91-8350-260037
SUGAR (TAMBALE)
Mr. Padhiyar, GM
M/s Indira Gandi Bharatiya Mahila Vikas Sahakari Sakhar Karkhana Limited - 416
003, India
Phone : 91-2324-237002/3
Fax 91-2324-237003
SUGAR (SONGAON)
Mr.Gurav, CEO
Pratapgad S.S.K Ltd., Songaon Dist: Satara 415 514, India
Phone : 91-2378-235645/46
Fax 91-2378-235766
POWER (SAMEERWADI)
Mr. Gangadhargouda, DGM
The Godavari Sugar Mills Ltd., A/P: Sameerwadi, Dist: Bagalkot, Karnataka - 587
316, India
Phone : 91+8350 260046 / 47 /48
Fax: 91+8350-260037
CHEMICALS (SAMEERWADI)
Mr. KS Prasad, CTO
Somaiya Organo Chemicals (Unit of The Godavari Sugar Mills Ltd.,), A/P:
Sameerwadi, Dist: Bagalkot,
Karnataka - 587 316, India
Phone : 91-8350 260081/47 /48
Fax: 91-8350-260022
CHEMICALS (SAKARWADI)
Mr. PKR Nair, Director (Works)
Somaiya Organo Chemicals (Unit of The Godavari Sugar Mills Ltd.,), A/P:
Sakarwadi, Dist: Ahamednagar
Maharastra - 413 708, India
Phone : 91-2423-279396/97/08
Fax: 91-2423-279339
Research:
Dr. Hunasgi, Director
K J Somaiya Institute of Applied Agriculture Research (KIAAR), A/P: Sameerwadi,
Dist: Bagalkot
Karnataka - 587 316, India
Phone : 91-8350 260046 / 47 /48
Fax: 91-8350-260037
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 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 Intl 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
companys 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.44.17 |
|
UK
Pound |
1 |
Rs.86.66 |
|
Euro |
1 |
Rs.57.25 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
This score serves as a reference to assess SCs 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/normal. |
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 |
|