MIRA
INFORM REPORT
|
Report Date : |
23.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VENKATESHWARA POWER PROJECT LIMITED |
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Registered Office : |
Mahadik Petrol Pump, Shiroli
[P], Kolhapur - 416122, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.12.1994 |
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Com. Reg. No.: |
11-83924 |
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CIN No.: [Company
Identification No.] |
L40101PN1994PLC083924 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KLPV00543E |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer of Sugar and Electricity. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate profitability. Payments are slow but correct. Trade relations are fair. The company can be considered normal for business dealings at usual
trade terms and conditions with slight cautions. |
LOCATIONS
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Registered Office : |
Mahadik Petrol Pump, Shiroli [P], Kolhapur - 416122, Maharashtra, India |
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Tel. No.: |
91-230-2461002 [5 Lines] |
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Fax No.: |
91-230-2461006 |
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E-Mail : |
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Factory : |
A/P Bedakihal, Taluk Chikodi, Belgaum – 411214, Karnataka, India |
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Tel. No.: |
91-831-2661057 / 2662457 |
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Fax No.: |
91-831-2662457 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Swaroop Mahadevrao Mahadik |
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Designation : |
Chairman and Managing Director |
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Address : |
Suswan, Shiroli [P] Tal. Hatkanangale, Kolhapur |
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Name : |
Mr. Rajan Hindurao Shinde |
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Designation : |
Executive Director |
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Address : |
Manusmruti, Co-operative Housing Society, Kolhapur |
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Name : |
Mr. Mahadevrao Ramchandra Mahadik |
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Designation : |
Director |
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Address : |
Suswan, Shiroli [P] Tal. Hatkanangale, Kolhapur |
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Name : |
Mr. Amal Mahadevrao Mahadik |
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Designation : |
Director |
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Address : |
Suswan, Shiroli [P] Tal. Hatkanangale, Kilhapur |
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Name : |
Mr. Gopal Dada Patil |
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Designation : |
Director |
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Address : |
A/P Bedakihal, Taluk Chikodi, Belgaum – 411214, Karnataka, India |
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Name : |
Mr. Shivkumar Gurulingappa Kallayanshetti |
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Designation : |
Director |
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Address : |
Near Sai Mandir, A/P Bedakihal, Taluk Chikodi, Belgaum – 411214,
Karnataka, India |
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Name : |
Mr. Manjibhai Shivajibhai Patel |
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Designation : |
Director |
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Address : |
A/P Bedakihal, Taluk Chikodi, Belgaum – 411214, Karnataka, India |
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Name : |
Dr. Annasaheb Mahadev Chougule |
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Designation : |
Director |
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Name : |
Dr. Amarnath Annasaheb Chougule |
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Designation : |
Director |
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Name : |
Mr. Bapusaheb Yashwant Patil |
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Designation : |
Director |
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Name : |
Mr. Pramod Mahadev Kore |
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Designation : |
Director |
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Name : |
Mr. Prabhakar Basavprabhu Kore |
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Designation : |
Director |
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Name : |
Mr. Pandit Balasaheb Khavre |
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Designation : |
Director |
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Name : |
Mr. Shahaji Bhausaheb Patil |
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Designation : |
Director |
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Name : |
Mr. Prakashrao Anandrao Patil |
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Designation : |
Director |
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Name : |
Mr. Govind Babasaheb Jadhav |
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Designation : |
Patel |
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Name : |
Mr. Ashok Alias Vijay Bhimgonda Patil |
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Designation : |
Director |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
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No. of Shares |
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Mr. Mahadevrao Ramchandra Mahadik |
|
100 |
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Mr. Swaroop Mahadevrao Mahadik |
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100 |
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Dr. Annasaheb Mahadev Chougule |
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100 |
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Dr. Amarnath Annasaheb Chougule |
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100 |
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Mr. Bapusaheb Yashwant Patil |
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100 |
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Mr. Pramod Mahadev Kore |
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100 |
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Mr. Prabhakar Basavprabhu Kore |
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100 |
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Mr. Pandit Balasaheb Khavre |
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100 |
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Mr. Shahaji Bhausaheb Patil |
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900 |
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Mr. Prakashrao Anandrao Patil |
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900 |
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Mr. Govind Babasaheb Jadhav |
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100 |
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Mr. Ashok Alias Vijay Bhimgonda Patil |
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100 |
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Mr. Humbirrao Mohite |
|
900 |
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Mr. Shashikant Tukaram Patil |
|
100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sugar and Electricity. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2005
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Sugar |
|
1250 [TCD] |
3500 [TCD] |
281510 [QTLS] |
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Electricity |
|
14 [MW] |
14 [MW] |
1917000 [Units] |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Indian Overseas Bank Laxmipuri Branch, Kolhapur – 410002, Maharashtra, India Bank of Baroda |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N T Jadhav and Company Chartered Accountants |
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Address : |
1039, E, Rajaram Road, Kolhapur – 416001, Maharashtra, India |
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Associates/Subsidiaries : |
Ř Shree
Venkteshwara Goods Movers Private Limited Ř Shree Balaji
Finvest Limited Ř Shree Balaji LPG
Private Limited Ř Mahadik Brothers Ř Kolhapur Ice and
Cold Storage company |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 100/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1496920 |
Equity Shares |
Rs. 100/- each |
Rs. 149.692
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
149.692 |
54.692 |
54.692 |
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2] Share Application Money |
0.040 |
4.587 |
4.552 |
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3] Reserves & Surplus |
0.000 |
0.000 |
11.888 |
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4] (Accumulated Losses) |
[35.172] |
[38.260] |
[39.112] |
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NETWORTH |
114.560 |
21.019 |
32.020 |
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LOAN FUNDS |
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1] Secured Loans |
345.729 |
273.601 |
195.186 |
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2] Unsecured Loans |
257.757 |
384.831 |
359.891 |
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TOTAL BORROWING |
603.486 |
658.432 |
555.077 |
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DEFERRED TAX LIABILITIES |
58.065 |
43.634 |
23.915 |
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TOTAL |
776.111 |
723.085 |
611.012 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
307.726 |
333.009 |
345.409 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.053 |
0.052 |
0.052 |
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DEFERREX TAX ASSETS |
30.339 |
46.102 |
28.861 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
548.834
|
342.871 |
252.886 |
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Sundry Debtors |
168.620
|
23.419 |
4.746 |
|
|
Cash & Bank Balances |
30.621
|
0.271 |
6.562 |
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Other Current Assets |
6.634
|
36.319 |
18.645 |
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Loans & Advances |
26.136
|
14.561 |
9.163 |
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Total
Current Assets |
780.845
|
417.441 |
292.002 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
302.175
|
51.352 |
55.418 |
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Provisions |
40.677
|
22.216 |
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Total
Current Liabilities |
342.852
|
73.568 |
55.418 |
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Net Current Assets |
437.993
|
343.873 |
236.584 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.049 |
0.106 |
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TOTAL |
776.111 |
723.085 |
611.012 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
725.176 |
488.967 |
108.135 |
|
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Other Income |
212.939 |
101.255 |
21.820 |
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Total Income |
938.115 |
590.222 |
129.955 |
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Profit/(Loss) Before Tax |
36.768 |
3.329 |
38.542 |
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Provision for Taxation |
33.680 |
2.477 |
13.190 |
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Profit/(Loss) After Tax |
3.088 |
0.852 |
25.352 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
32.806 |
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Administrative Expenses |
0.000 |
0.000 |
18.241 |
|
|
Raw Material Consumed |
658.249 |
402.566 |
293.969 |
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|
Purchases made for re-sale |
41.614 |
37.736 |
0.000 |
|
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Consumption of stores and spares parts |
62.142 |
34.020 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
2.328 |
4.132 |
0.000 |
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Payment to Auditors |
0.101 |
0.095 |
0.000 |
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Interest |
76.191 |
60.890 |
27.109 |
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Insurance Expenses |
1.165 |
0.764 |
0.000 |
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|
Power & Fuel |
0.271 |
2.505 |
0.000 |
|
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Depreciation & Amortization |
45.313 |
38.103 |
0.000 |
|
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Other Expenditure |
13.973 |
6.083 |
0.000 |
|
Total Expenditure |
901.347 |
586.894 |
372.125 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.33
|
0.14 |
19.51 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.07
|
0.68 |
35.64 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.38
|
0.44 |
6.05 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.16 |
1.20 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
8.26
|
34.83 |
19.07 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
5.67 |
5.27 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Ř
Land
Ř
Factory Shed / Building
Ř
Housing Colony
Ř
Plant and Machinery
Ř
Electrical Installation
Ř
Furniture and Fixture
Ř
Computers
Ř
Vehicles
Ř
Water Scheme
Ř Bullock Carts
Ř Computer Software
Ř ETP Plant
Bankers Charges
Report as per Registry
|
Name of the company |
VENKATESHWARA
POWER PROJECT LIMITED |
|
Presented By |
Mr. Rajan Hindurao
Shinde - Executive Director |
|
1) Date and description of instrument creating the change |
Letter of Hypothecation of Securing Machineries, Goods and Book debts
dated 24.02.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 30.000
Millions |
|
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 |
Hypothecation /
Pledge of Sugar Stock and other current assets situated at Survey No. 85, 166
/ 1 B, 116 / 1 C, 166 / 1 D, 166 / 2 and 167 and other at Bedkihal Village,
Chikodi, Belgaum and Plant and Machinery of the company as an additional
security. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
13.75 % p.a. Margin – 25 % Terms and
conditions as per agreement and sanction letter |
|
5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank Laxmipuri Branch, Kolhapur – 410002, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Corporate
identity number of the company |
L40101PN1994PLC083924 |
|
Name of the
company |
VENKATESHWARA POWER PROJECT LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Mahadik Petrol Pump, Shiroli
[P], Kolhapur - 416122, Maharashtra |
|
This form is for |
Modification of Charge |
|
Type of charge |
Hypothecation |
|
Particular of charge
holder |
Indian Overseas Bank Laxmipuri Branch, Kolhapur – 410002, Maharashtra, India |
|
Amount secured by
the charge |
Rs. 30.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
of 13.5 % p.a. |
|
Description of
the property charged indicating whether it is a charged on |
Stock in trade Book debts |
|
Particulars of
the property charged |
Hypothecation /
Pledge of Sugar Stock and other current assets situated at Survey No. 85, 166
/ 1 B, 116 / 1 C, 166 / 1 D, 166 / 2 and 167 and other at Bedkihal Village,
Chikodi, Belgaum and Plant and Machinery of the company as an additional
security. |
|
Charge
identification number of the charge to be modified |
90086318 |
|
Brief description
of the instrument modifying the charge under section 135 |
2nd Mo
Letter of Hypothecation of securing machineries, Goods and Book Debts dated
24.02.2005 3rd Mo
Letter of Hypothecation of securing machineries, Goods and Book Debts dated
27.03.2006 |
|
Date of
instrument Creating the charge |
30.06.2006 |
|
Particular of
present modification |
Present credit limit
has increased from Rs. 120.000 Millions to Rs. 150.000 Millions Net increased of
Rs. 30.000 Millions |
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 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.44.20 |
|
UK Pound |
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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/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 |
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