MIRA
INFORM REPORT
|
Report Date : |
27.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ATHANI FARMERS SUGAR FACTORY LIMITED |
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Registered Office : |
Vishnuanna Nagar, Post Navlihal, Taluka Athani, District Belgaum-591234,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.05.1995 |
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Com. Reg. No.: |
08-17806 |
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CIN No.: [Company
Identification No.] |
U85110KA1995PLC017806 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA02498G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Dealer of White Crystal Sugar |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1000000 |
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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 in its field. Trade
relations are fair. Business is active. General financial position is good. Payments
are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Vishnuanna Nagar, Post Navlihal, Taluka Athani, District
Belgaum-591234, Karnataka, India |
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Tel. No.: |
91-831-255425/ 236510 |
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Fax No.: |
91-831-255424 |
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E-Mail : |
DIRECTORS
|
Name : |
Mrs. Tamanna Nanappa Patil |
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Designation : |
Director |
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Address : |
179, Junjarwad, Taluka- Athani, District Belgaum, Ahtani- 591234,
Karnataka, India |
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Name : |
Mr. Shrimant Balsaheb Patil |
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Designation : |
Chairman and Managing Director |
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Address : |
11.10.1954 |
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Date of Birth/Age : |
A/P, Shinal, Taluka Athani, District Belgaum-591234, Karnataka, India |
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Date of Appointment : |
12.05.1995 |
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Name : |
Mr. Dastgirsaheb Abdularazak Mulla |
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Designation : |
Director |
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Address : |
Budhawar Peth Athani, Taluka Thani, Belgaum, Karnataka, India |
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Date of Birth/Age : |
11.06.1952 |
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Date of Appointment : |
12.05.1995 |
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Name : |
Mr. Ramu Dadasahed Patil |
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Designation : |
Director |
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Address : |
01.01.1956 |
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Date of Birth/Age : |
A/P, Shinal, Taluka Athani, Belgaum, Karnataka, India |
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Date of Appointment : |
11.05.2000 |
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Name : |
Mr. Mahavir Dashrath Danoli |
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Designation : |
Director |
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Address : |
A/P Ainapur, Taluka Athani, District Belgaum Karnataka, India |
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Date of Birth/Age : |
22.07.1957 |
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Date of Appointment : |
12.05.1995 |
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|
Name : |
Mr. Jotiram Krishnarao Mohite |
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Designation : |
Director |
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Address : |
Vikas Chowk, South Shivaji Nagar, Sangli, District Sangli,
Maharashtra, India |
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Date of Birth/Age : |
27.03.1938 |
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Date of Appointment : |
28.07.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.07.2006
|
List of Allottees |
|
No. of Shares Allotted |
|
Radhika Mohan Bapat |
|
1 |
|
Kishor Shailesh Patil |
|
1 |
|
Shailesh Bhagwan Patil |
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2 |
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Pusphpa Narayan Patil |
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2 |
|
Anil Pandurang Kadam |
|
1 |
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Rajesh Pandurang Kadam |
|
1 |
|
Subhash Annappa Patil |
|
1 |
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Shrishali Irappa Birdar |
|
1 |
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Sivappa Gulingappa Juttanatti |
|
1 |
|
Tukaram Laxman Mane |
|
1 |
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Dadasahed Sadashiv Mali |
|
1 |
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Bandu Sadashiv Mali |
|
1 |
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Bhagwant Kallu Gurav |
|
1 |
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Sanjay Annasaheb Shinde |
|
1 |
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Pradeep Shankarrao Badagujar |
|
2 |
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Netaji RAmchandra Patil |
|
1 |
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Maruti Ramchandra Patil |
|
1 |
|
Swati Shailesh Patil |
|
1 |
|
Total |
|
21 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
66.00 |
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Other top fifty (50) shareholders (other than listed above) |
|
13.00 |
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Others |
|
21.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Dealer of White Crystal Sugar |
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Products : |
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GENERAL
INFORMATION
|
Bankers : |
·
Bank of India,
Belgaum Branch, Doddannavar Trade Centre, Dharwad Road, Belgaum-590016,
Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A D Shinde and Company Chartered Accountant |
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Address : |
Dinkar, Neminath Nagar, Vishrambag, Sangli-416416, Maharashtra, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32000 |
Equity Shares |
Rs. 5000/- each |
Rs. 160.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27299 |
Equity Shares |
Rs. 5000/-
each |
Rs. 136.495
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
136.495 |
136.390 |
|
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2] Share Application Money |
|
1.934 |
2.005 |
|
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3] Reserves & Surplus |
|
78.941 |
61.109 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
217.370 |
199.504 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
|
911.039 |
955.440 |
|
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2] Unsecured Loans |
|
192.987 |
192.861 |
|
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TOTAL BORROWING |
|
1104.026 |
1148.301 |
|
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DEFERRED TAX LIABILITIES |
|
19.214 |
16.544 |
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|
|
|
|
|
|
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TOTAL |
|
1340.610 |
1364.349 |
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|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
|
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FIXED ASSETS [Net Block] |
|
572.758 |
550.029 |
|
|
Capital work-in-progress |
|
87.250 |
3.728 |
|
|
|
|
|
|
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INVESTMENT |
|
0.412 |
0.312 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
1247.840 |
916.195 |
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Sundry Debtors |
|
2.841 |
5.670 |
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Cash & Bank Balances |
|
44.308 |
109.162 |
|
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Other Current Assets |
|
19.911 |
25.861 |
|
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Loans & Advances |
|
181.852 |
175.280 |
|
Total
Current Assets |
|
1496.752 |
1232.168 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
|
816.562 |
415.673 |
|
|
Provisions |
|
0.000 |
6.329 |
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Total
Current Liabilities |
|
816.562 |
422.002 |
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Net Current Assets |
|
680.190 |
810.166 |
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|
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|
|
|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.114 |
|
|
|
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|
|
|
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TOTAL |
|
1340.610 |
1364.349 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
734.083 |
798.844 |
|
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Other Income |
|
3.884 |
4.560 |
|
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Total Income |
|
737.967 |
803.404 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
15.889 |
73.648 |
|
|
Provision for Taxation |
|
4.617 |
22.829 |
|
|
Profit/(Loss) After Tax |
|
11.272 |
50.819 |
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|
|
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Earnings in Foreign Currency : |
|
|
|
|
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Export Earnings |
|
91.491 |
NA |
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Expenditures : |
|
|
|
|
|
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Raw Material Consumed |
|
781.914 |
794.538 |
|
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Purchases made for re-sale |
|
0.000 |
0.000 |
|
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Consumption of stores and spares parts |
|
56.500 |
38.721 |
|
|
Increase/(Decrease) in Finished Goods |
|
[326.505] |
[272.562] |
|
|
Salaries, Wages, Bonus, etc. |
|
25.560 |
15.321 |
|
|
Managerial Remuneration |
|
0.558 |
0.344 |
|
|
Payment to Auditors |
|
0.040 |
0.070 |
|
|
Interest |
|
97.953 |
79.308 |
|
|
Insurance Expenses |
|
1.909 |
2.091 |
|
|
Power & Fuel |
|
4.604 |
3.637 |
|
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Depreciation & Amortization |
|
35.781 |
32.440 |
|
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Other Expenditure |
|
43.764 |
35.848 |
|
Total Expenditure |
|
722.078 |
729.756 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.53 |
6.33 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.16 |
9.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.77 |
4.13 |
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|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.37 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
8.84 |
7.87 |
|
|
|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
|
1.83 |
2.92 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U85110KA1995PLC017806 |
|
Name of the
company |
ATHANI FARMERS SUGAR FACTORY LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Vishnuanna Nagar, Post Navlihal, Taluka Athani, District Belgaum-591234,
Karnataka, India |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Bank of India,
Belgaum Branch, Doddannavar Trade Centre, Dharwad Road, Belgaum-590016,
Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Copy of entry
regarding memorandum of deposit of title deeds by constructive delivery on 13th
December, 2007 |
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Date of
instrument Creating the charge |
13.12.2007 |
|
Amount secured by
the charge |
Rs. 75.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BOIBPLR Presently
13.25% per annum with monthly rests. Terms of
Repayment Term Loan of Rs. 75.000
Millions to be repaid in 24 equal quarterly installments of Rs. 3.125 Million
commencing from 6th Month after initial disbursement. Interest to
be charged monthly and serviced quarterly along with installments. Margin 61% margin
(including SDF loan) Extent and
Operation of the charge Collateral
security by way of first pari passu charge on the fixed assets of the company
(including sugar factory land, building, plant and machinery) more
specifically described in second schedule. First charge on assets to continue
till full repayment of loan along with interest, costs, charges and other
expenses. Others Primary security
– Hypothecation of Plant and Machinery and fixtures in respect of the ethanol
project. |
|
Short particulars
of the property charged |
First Pari passu
charge on all leasehold land known in S No. 53/1A, 53/1B, 53/2. 54/1 to
\4,56/1A, 56/1B, 56/2, 56/3, 437/1, 437/2P, 438/1AP, 438/1BP, 438/3P, 509/1P,
509/3P, 509/4P in the industrial area withing the village limits of kempward and
Maduabhavi, Talukka AThani District, Belgaum containing by measurement 120
Acres and 16 Guntas or thereabouts, together with all buildings and
structures thereon and all plant and machinery attached / fastened to earth. |
|
Name of the company |
ATHANI FARMERS SUGAR FACTORY LIMITED |
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|
Presented By |
Mr. Shrimant B
Patil, Chairman and Managing Director |
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1) Date and description of instrument creating the change |
21.06.2005 No
Specific deed. The charge has been created with oral consent by deposit of
title deed in favor of Bank of Baroda Miraj Branch for securing [1] Term Loan
of Rs 12.500 Millions granted to company for construction of Godown by way of
first charge [2] Rs. 37.000 Millions cash credit granted for meeting working
capital requirement by way of second charge copy of Supplemental Extension
Memorandum of Deposit of Title Deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
1] Rs. 12.500 Millions
together with interest additional interest, compound interest, commitment
charges, premia liquidated damages, on prepayment costs, charges, expenses
and other monies payable by the company to Bank of Baroda 2] Rs. 37.000
Millions together with interest additional interest, compound interest,
commitment charges, expenses and other monies payable by the company to Bank
of Baroda Total Rs. 49.500 Millions |
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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 |
1] First pari
passu charge by way of equitable mortgage by deposit of title deeds by
constructive delivery on the company’s following immovable properties and 2] Second charge
by way of equitable mortgage by deposit of title deed by constructive
delivery on the company’s following immovable properties. All that piece of
lease hold land know in Sy. No. 53/1A, 53/1B, 53/2. 54/1 to \4,56/1A, 56/1B,
56/2, 56/3, 437/1, 437/2P, 438/1AP, 438/1BP, 438/3P, 509/1P, 509/3P, 509/4P,
in the industrial Area within the village limits of Belgaum containing by
measurement 120 Acres adsn 16 Guntas or there about and bounded as follows.
Together with all
buildings and structure thereon and all plant and machinery attached to the
earth or permanently fastened to anything attached to the earth |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a) First Pari
Passu charge on the above properties for the due repayment discharge and
redemption by the company to the extend of Rs. 12.500 Millions together with
interest, additional interest, liquidated damages, premia on prepayment or
redemption , costs, charges, expenses and all other moneys payable by the
company to Bank of Baroda in terms of the said loan agreement. b) Second charge
on the above properties for the due to the extend of Rs. 37.000 Millions
together with interest, additional interest,liquidated damages, premia on prepayment
or on redemption, coats, charges, expenses and all other moneys payable by
the company to Bank fo Baroda in terms fo the said loan agreementl c) Charge is
created by way of equitable mortgage by deposit of title deeds( copy of
memorandum of entry enclosed) in favour of Bank of Baroda, Miraj on all
immovable property situated at Kempwad and Madbhavi village as details below: d) Period of Term
loan of Rs. 12.500 Millions – 66 months Period of Cash
Credit of Rs. 37.000 Millions – 12 Months, renewable every year. e) Rate of
Interest – for term loan 13.75% p.a. and for cash credit 13% p.a. All that piece of
lease hold land know I Sy. No. 53/1A,
53/1B, 53/2. 54/1 to \4,56/1A, 56/1B, 56/2, 56/3, 437/1, 437/2P, 438/1AP,
438/1BP, 438/3P, 509/1P, 509/3P, 509/4P in the industrial Area within the
village limits of Belgaum containing by measurement 120 Acres adsn 16 Guntas
or there about and bounded as follows.
|
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
High School Road, Miraj |
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|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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.46.43 |
|
UK Pound |
1 |
Rs.85.38 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |
|