MIRA
INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BANNARI AMMAN
SUGARS LIMITED |
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Registered Office : |
1212, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.12.1983 |
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Com. Reg. No.: |
18-001358 |
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Capital
Investment / Paid-up Capital : |
Rs.114.397 millions |
|
|
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|
CIN No.: [Company
Identification No.] |
L15421TZ1983PLC001358 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
CMBB03043F/CMBB03038A/CMBB03064F |
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PAN No.: [Permanent
Account No.] |
AAACB8933G |
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Legal Form : |
Public limited
liability company. The company’s shares
are listed on the stock exchange |
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Line of Business : |
Manufacturer of Sugar Alcohol Bio-Compost Bio-Diesel
Granite Products and Generation and Distribution of Power. |
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No. of Employees
: |
2200
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 27000000 |
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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 a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered
Office : |
1212, |
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Tel. No.: |
91-422-2302277 |
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Fax No.: |
91-422-2309999 / 2305599 |
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E-Mail : |
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Website : |
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Corporate
Office : |
252, |
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Tel. No.: |
91-422-2450045/2451515/2302277 |
|
Fax No.: |
91-422-2431199/2305599 |
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E-Mail : |
bascbe@giasmd01.vsnl.net.in / bascbe@vsnl.com / shares@bannari.com |
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|
|
|
Sugar Unit-I |
Alathukombai,
Sathyamangalam - 638 401, Erode District, |
|
Tel. No.: |
91-4295-220363/
220387 |
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Fax No.: |
91-4295-222362,/220695 |
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E-Mail : |
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Sugar Unit- II |
Alaganchi, Nanjangud–571301, Mysore
District, Karnataka, |
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Tel. No.: |
(91)-8221-235042/24/45/54/55 |
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Fax No.: |
(91)-8221-235014 |
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E-Mail : |
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Sugar Unit- III |
Kunthur, Kollegal 571440, Chamrajnagar District,
Karnataka, |
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Tel. No.: |
(91)-8224- 261277 |
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Fax No.: |
(91)-8224 -261333 |
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E-Mail : |
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Sugar Unit- IV |
Kolundanpattu,
Thandarampattu Tk – 606 706, Tiruvannamalai District, Tamilnadu |
|
Tel. No.: |
(91)-4188-
248571/72/73 |
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Fax No.: |
(91)-4188
-248200 |
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E-Mail : |
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Granite Division: |
100
% EOU: |
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Tel. No.: |
(91)-4295-220363/220387 |
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Fax No.: |
(91)-4295-222909 |
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E-Mail : |
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Distillery Division : |
Chinnapuliyur, Periyapuliyur- 638455, Bhavani Taluk, Erode District, |
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Tel. No.: |
91)-4256-236688 |
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Fax No.: |
(91)-4256-236690 |
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E-Mail : |
basddspl@vsnl.com |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. S V
Balasubramaniam |
|
Designation : |
Chairman
and Managing Director |
|
Other
Directorship: |
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|
|
|
|
Name : |
Mr.
V Venkata Reddy |
|
Designation : |
Vice Chairman |
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Other
Directorship: |
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|
|
|
|
Name : |
Mr.
B Saravanan |
|
Designation : |
Joint Managing Director |
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Age : |
32 years |
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Qualification
: |
Commerce Graduate |
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Experience : |
5th July 2000 |
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Other
Directorship: |
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Name : |
Mr. S V Alagappan |
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Designation : |
Director |
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Name : |
Mr. S V Arumugam |
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Designation : |
Director |
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Name : |
Mr. P L Sivanappan |
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Designation : |
Director |
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Name : |
Mr. E P Muthukumar |
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Designation : |
Director |
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|
Name : |
Mr. A K Perumalsamy |
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Designation : |
Director |
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Name : |
Mr. T Gundan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. |
|
Designation : |
Executive President |
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|
|
|
Name : |
Mr. P
Dharmalingam |
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Designation : |
Executive President (Unit I) |
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Name : |
Mr.
R Murugesan |
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Designation : |
Vice President |
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Name : |
Mr.
V L Rajagopal |
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Designation : |
Vice President (Unit I) |
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Name : |
Mr.
A Ramaswamy |
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Designation : |
Vice President (Distillery Division) |
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Name : |
Mr.
K Sundaramoorthi |
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Designation : |
Vice President (Distillery Unit) |
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Name : |
Mr.
R Ramgopal |
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Designation : |
Assistant Vice President (Unit II) |
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Name : |
Mr.
C Palaniswamy |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.01.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1,837,535 |
16.06 |
|
|
4,422,741 |
38.66 |
|
|
6,260,276 |
54.72 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6,260,276 |
54.72 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
100 |
-- |
|
|
264 |
-- |
|
|
23,154 |
0.20 |
|
|
29,518 |
0.21 |
|
|
|
|
|
|
1,235,518 |
10.80 |
|
|
|
|
|
|
1,152,271 |
10.07 |
|
|
2,045,362 |
17.68 |
|
|
722,995 |
6.32 |
|
|
5,383 |
0.09 |
|
|
106,731 |
0.93 |
|
|
45,000 |
0.39 |
|
|
256,340 |
2.24 |
|
|
309,491 |
2.71 |
|
|
50 |
-- |
|
|
5,155,906 |
45.07 |
|
Total Public shareholding (B) |
5,179,424 |
45.28 |
|
Total (A)+(B) |
11,439,700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
Total (A)+(B)+(C) |
11,439,700 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionsBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sugar Alcohol Bio-Compost Bio-Diesel
Granite Products and Generation and Distribution of Power. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
2200
(Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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|
Name : |
·
P N Raghavendra Rao and Company Chartered
Accountants ·
Internal Auditors 1.
Srivatsan and Gita Chartered Accountants 2. Bakthavachalam and Company Chartered Accountants ·
Cost Auditor M Nagarajan Cost Accountant |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs.10/-
Each |
Rs.290.000 Millions |
|
2100000 |
Redeemable
Preference Shares |
Rs.100/-
Each |
Rs.210.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.500.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11439700 |
Equity Shares |
Rs.10/-
Each |
Rs.114.397 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
114.397 |
114.397 |
298.997 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6730.116 |
5427.049 |
4382.526 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6844.513 |
5541.446 |
4681.523 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1966.392 |
1973.918 |
2142.523 |
|
|
2] Unsecured Loans |
216.133 |
477.807 |
1477.807 |
|
|
TOTAL BORROWING |
2182.525 |
2451.725 |
3620.33 |
|
|
DEFERRED TAX LIABILITIES |
840.079 |
588.242 |
548.067 |
|
|
|
|
|
|
|
|
TOTAL |
9867.117 |
8581.413 |
8849.920 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7146.360 |
4432.517 |
3734.490 |
|
|
Capital work-in-progress |
224.103 |
903.080 |
632.345 |
|
|
|
|
|
|
|
|
INVESTMENT |
38.978 |
43.975 |
175.075 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2665.746
|
2875.823
|
3104.645 |
|
|
Sundry Debtors |
449.148
|
695.504
|
834.726 |
|
|
Cash & Bank Balances |
55.823
|
54.970
|
935.932 |
|
|
Other Current Assets |
255.705
|
279.178
|
223.649 |
|
|
Loans & Advances |
1437.963
|
1155.466
|
967.654 |
|
Total
Current Assets |
4864.385
|
5060.941
|
6066.606 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
1687.605
|
1182.745 |
|
|
|
Provisions |
719.104
|
676.355
|
1758.596 |
|
Total
Current Liabilities |
2406.709
|
1859.100
|
1758.596 |
|
|
Net Current Assets |
2457.676
|
3201.841
|
4308.010 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9867.117 |
8581.413 |
8849.920 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8534.650 |
6740.442 |
6603.523 |
|
|
|
Other Income |
89.793 |
172.703 |
218.259 |
|
|
|
TOTAL (A) |
8624.443 |
6913.145 |
6821.782 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Purchased |
4299.538 |
3432.472 |
3837.583 |
|
|
|
Manufacturing and Other Expenses |
1971.077 |
1765.151 |
2840.272 |
|
|
|
Traded Goods Purchased |
0.000 |
0.000 |
2.145 |
|
|
|
Increase/(Decrease)
in Finished Goods |
0.000 |
0.000 |
(742.353) |
|
|
|
Excise Duty |
(79.989) |
(40.066) |
71.275 |
|
|
|
TOTAL (B) |
6190.626 |
5157.557 |
6008.922 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2433.817 |
1755.588 |
812.860 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
53.034 |
95.814 |
73.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2380.783 |
1659.774 |
739.792 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
383.406 |
340.823 |
348.186 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1997.377 |
1318.951 |
391.606 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
561.044 |
120.674 |
(31.820) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1436.333 |
1198.277 |
423.426 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
173.178 |
173.255 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Provision for Diminution in Value of Investment (long
term) |
(0.573) |
0.478 |
NA |
|
|
|
Capital Redemption Reserve |
0.000 |
184.600 |
NA |
|
|
|
General Reserve |
1350.000 |
860.000 |
NA |
|
|
|
Provision for Proposed Dividend |
|
|
NA |
|
|
|
- Equity Shares |
114.397 |
114.397 |
NA |
|
|
|
- Preference Shares |
0.000 |
16.614 |
NA |
|
|
|
Provision for Tax on Dividend |
19.442 |
22.265 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
126.245 |
173.178 |
173.255 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
340.756 |
674.025 |
1054.511 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
975.439 |
0.000 |
0.000 |
|
|
|
Stores & Spares |
47.650 |
57.189 |
48.842 |
|
|
|
Capital Goods |
240.532 |
18.227 |
119.641 |
|
|
|
Others |
1263.621 |
75.416 |
168.483 |
|
|
TOTAL IMPORTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
125.56 |
103.05 |
- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2ND Quarter) |
31.12.2010 (3rd
Quarter) |
31.03.2011 (4rd Quarter) |
|
Net Sales |
1847.000 |
1629.890 |
2541.380 |
2249.370 |
|
Total Expenditure |
1557.560 |
1369.320 |
2253.590 |
1644.580 |
|
PBIDT (Excl OI) |
289.440 |
260.570 |
287.790 |
604.790 |
|
Other Income |
2.610 |
4.340 |
6.830 |
34.430 |
|
Operating Profit |
292.050 |
264.920 |
294.620 |
639.210 |
|
Interest |
33.610 |
33.620 |
78.050 |
76.290 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
258.440 |
231.290 |
216.570 |
562.930 |
|
Depreciation |
176.260 |
178.300 |
181.120 |
172.630 |
|
Profit Before Tax |
82.180 |
52.990 |
35.450 |
390.300 |
|
Tax |
(9.540) |
10.010 |
14.690 |
15.140 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
91.730 |
42.980 |
20.760 |
375.140 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
91.730 |
42.980 |
20.760 |
375.140 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
16.65
|
17.33
|
6.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.40
|
19.57
|
5.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.63
|
17.28
|
4.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.24
|
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.67
|
0.78
|
1.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
2.72
|
3.45 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW
OF OPERATIONS
Sugar
Division
The
company had crushed 1433182 tonnes of sugarcane in all its factories as against
2276689 tonnes of sugarcane in the previous year. The sugar produced in the
current year was 1448340quintals as against 2323441 quintals in the previous
year. The company had also processed 36834 tonnes of raw sugar. The financial
results of the sugar division were appreciable mainly due to buoyant sugar
prices. The Directors are glad to inform that the Sugar Unit IVat
Thiruvannamalai District has commenced itscommercialoperationsfrom27.01.2010.
Co-generation
of Power
The
Co-generation plants had generated 245.58 million units of Power and exported
168.78 million units of Power to Grids compared to the generation of 284.59
million units and export of 186.23 million units in the previous year. Due to
lower crush of sugarcane the Bagasse availability for Co-generation plant was
not adequate for optimum operations, resulting in lower profits compared to the
previous years
Distillery
Division
During
the current year the Distillery Units had produced 26799381 BLtrs of Alcohol as
against 25742810 BLtrs of Alcohol in the previous year.
Granite
Division
In the
Granite Processing Unit 111658 square metres of Granite Slabs and 10722 square
metres of Tiles were produced compared to production of 93575 square metres of
Granite Slabs and 13488 square metres of Tiles in the last year.
Wind
Mill
The
Wind Mills had generated 16.77million units of Power and exported 15.18million
units to grid compared to generation of 15.12million units and export of
13.33million units of power to grid in the previous year
Prospects
for the Current Year 2010-2011
It is
estimated to crush 18.75 lakh tonnes of sugarcane in all its factories. The All
India Sugar production is estimated to increase and the Sugar prices are expected
to remain stable at lower levels. The cane price paid/payable is much higher
than the previous years increasing the cost of production. It is also estimated
to produce 337 lakh BLtrs of Spirit in Distillery Units
Contingent
Liabilities
(a)
The company has preferred a Writ Appeal before the Division Bench of the
Hon'ble High Court,
rate
of water charges and the method of computation of water charges pursuant to the
G.O. No.474 dated 13.1 1.2001 for the water drawn for industrial purposes. The
approximate amount under dispute is Rs.34.401 millions (Rs.33.619 millions)
(b)
Sugar Unit-1 at Sathyamangalam was permitted to sell 1 00% of the sugar
production as free Sugar for a period of 8 years from 1 985-86 Sugar season.
Chief Director (Sugar), Directorate of Sugar, Department of Food, New Delhi,
has restricted the entitlement of free sale Sugar Incentive to 2,75,000
quintals production per season by a subsequent notification. A Writ Petition
has been filed in the Madras High Court Challenging the restriction imposed and
interim injunction has been obtained. By virtue of injunction order the entire
production was sold as Free Sugar. The approximate unprovided quantum under
dispute is Rs.68.335 millions (Rs.68.335 millions)
(c)
Sugar Unit-1 at Sathyamangalam was allowed to sell 100% of the Sugar production
as free sugar for 8 years from 1 985-86 Sugar season and pay excise duty on
incentive sugar as applicable to levy sugar and to retain the
difference
in excise duty between levy and free sale sugar. In respect of incentive sugar
sold by Unit-1 from 20.09.1 991 to31 .01,1 994, the Central Excise Department
has issued show cause notices to the Company to show cause why the difference
of Rs.33/- per quintal being the difference between duty on levy sugar and free
sugar should not be demanded from the company. The company has filed Writ
Petitions in Madras High Court and obtained an interim injunction against the
show cause notices. The excise duty in dispute is Rs.14.999 millions (Rs.14.999
millions)
(d)
The Entry Tax of Rs.26.880 millions (Rs.25.758 millions) on Inter-state
purchase of rough blocks is disputed
(e)
The company has received a demand for payment of excise duty for Rs.14.843
millions on the machineries purchased for Co-generation plant which have been
cleared by the manufacturers based on the certificates alleged to have been
forged by an Official in the Ministry of Finance. The company has remitted the
amount under protest. The company opted for obtaining a valid certificate for
which steps have been taken through a writ petition filed in Hon'ble High Court
of Madras
(f)
The company has been asked to pay Electricity Tax of 1 0 Poise per unit with
effect from 1 6th June 2003 for the electricity consumed from own captive power
generators which has been disputed by filing a Writ petition before the Hon'ble
High Court of Madras. The approximate quantum under dispute is Rs.17.382 millions
(Rs.14.970 millions)
(g)
Erstwhile Maheswara Sugars Limited has appealed against a Provident Fund demand
of Rs.5.249 millions (Rs.5.249 millions). The dispute is pending in the
Provident Fund Tribunal,
(h)
Canara Bank has extended bank guarantee for Rs.10.000 millions on behalf of the
company to the Chief Director (Sugar), Directorate of Sugar, Ministry of
Consumer Affairs, Food and Public Distribution, Government of India towards
completion of setting up of sugar factory atThandarampattu Taluk,
(i)
The company has preferred an appeal before the Commissioner of Income Tax
(Appeals); challenging the order of Assistant Commissioner of Income Tax in
connection with disallowance of deduction under section SOIA of the Income Tax
Act, 1961 fortheAssessmentyear2007-08.Thequantumunderdispute is Rs.637.06 Lakhs
(j)
The company has an obligation under EPCG Scheme to export sugar of a value of
USD 65, 1 5,1 58 over a period of 8 years reckoned from the financial year 2009
- 1 0 and to export granite of a value of USD 23,48,430 over a period of 8
years reckoned from the financial year 2008-09
FIXED ASSETS:
v Land- Free hold
v Land- Lease hold
v Building
v Plant and Machinery
v Furniture and Fixtures
v Office and Canteen Equipments
v Motor Vehicles
v Live stock
v Capital work in Progress
WEBSITE DETAILS:
SUGAR CANE Crushing Capacity in the four units of subject is now more than Fifteen Times at 19,000 Tonnes of Cane Crush / Day, from the initial capacity 1250 TCD of its first Sugar Unit.
The Total Cane crushed in the year 2009-10 is 14.65 Lakh Tonnes.
Sugar Unit-I: The first Sugar unit near Sathyamangalam of Erode District, Tamil Nadu State, started its commercial production in the year 1986 with an initial capacity of 1250 tonnes of Cane crush per day and expanded to 2500 tonnes in 1998. The crushing capacity is now expanded to 4000 TCD. The unit has many credits and firsts in the sugar industry of the country.
An EN/ISO 9002 unit accredited by RWTUV of Germany in 1997 for its good system of quality management ensuring a better product. This has been upgraded to ISO 9001:2000 valid upto 20.7.2010. The unit's sugar is also marketed in consumer packs of 1 kg in select cities of Tamil Nadu.
The Sugar Unit -I has an imported facility to produce 300MT of Refined Sugar per Day and the same is mainly marketed to Pharmaceutical and Food Industries. For manufacture and supply of refined sugar TUV of GERMANY in 2007 accredited HACCP certificate for its management system as per Codex Aliemtarius commission (Recommended international codex of practice - General principles of Food Hygiene CAC/ RCP 1- 1969, rev.4 (2003). Bannari's ONE-UP Refined Sugar in 1 Kg. Consumer packs is available in the market.
Subject produces Bio Products for Soil fertility, high yield and toxic free farming. High quality Fertilisers and Pesticides for healthy crop and for better pest management are offered at low prices.
Sugar Unit-II: The Second Unit of Subject, near Nanjangud in Mysore District of Karnataka State, started the commercial production in the year 1992 with an initial cane crushing capacity of 2500 Tonnes per day and expansion to a capacity of 5000 Tonnes in Year 2000. Another expansion to 7500 Tonnes Cane Crush per Day was completed in July 2006. A Sugar Refinery Plant with a capacity of 500 MT per day has been installed.
The Distillery at their Sugar Unit-2, to produce 60,000 litres of Industrial Alcohol per day, has commenced its production from March 2005. An incineration plant to burn spent wash with 2 MW power generations is in operation in the Distillery. Alcohol produced in this distillery in the year 2009-10 is 116.44 Lakh Litres.
Sugar Unit-III: The Company has acquired a sugar mill
having a cane crushing capacity of 2500 TCD in
The Karnataka Government has approved the proposal to change the location of this sugar plant and to establish a new Sugar Plant with 6000 Tonnes Cane per Day from the existing capacity of 2500 TCD besides setting up of a 28.8 MW Co-generation Plant.
Sugar Unit-IV: It is a new Integrated Sugar Complex
comprising of 5000TCD Sugar Plant, 28MW Co-generation Plant, Distillery Ethanol
Plant and a Bio Composting Unit at
The Sugar Unit has started its maiden Cane Crush from 27-01-2010.
The new 28MW Co-generation power plant has started exporting power to Tamilnadu State Electricity Grid.
A 500 Tonnes/Day Refined Sugar production facility is under implementation in this unit.
A 100% Export Oriented Unit, established in the year 1991
for manufacture of Polished Granite Slabs, Tiles and Monuments. One of the most
modern and well planned granite plants in
The Division has produced 1.12 Lakh Sq. Mtrs of Slabs and Tiles and 10065 Cub. Mtrs of Granite Blocks in the year 2009-10.
The Distillery Division at Bhavani, Erode District,
Tamilnadu produces over 60,000 litres of Industrial Alcohol and Extra
Neutral Spirit per day from sugarcane molasses. Alcohol produced in this
distillery in the year 2009-10 is 151.72
Lakh Litres. The distillery has set up a bio-gas plant with the help of
technical know-how from
The technical know-how from
This reflects the company's growing concern for the environment
and the need to find suitable alternatives.
Let us add value to the soil.
Bio-compost plays a key role in maintaining soil fertility. It possesses many
desirable properties and exerts beneficial efforts on the physical, chemical
and biological characteristics of the soil. In addition, it improves the
efficient usage of chemical fertilizers. Bio-compost being used in
BIO COMPOST is prepared in Sugar Unit –I and II of Subject, by mixing
the nutrient rich Pressmud from sugar mills with Nitrogen, Phosphorous and
Potassium rich Spent wash obtained from Distilleries. In this process,
decomposing beneficial bacteria and aero booster are engaged for proper and
better decomposition of the above mixture.
The Co-Generation Plant for generating 20 MW power at the Sugar
Unit-I exports the surplus power to the Tamilnadu State Electricity Board. The
Plant has generated 1248.37 Lakh Units of power in the year
2009-10.
The Two Co-Generation Plants at the Sugar Unit II with Turbo
Alternators of capacities 16 and 20 MW, export the surplus power to the
Karnataka State Electricity Board's Grid. These two plants have generated 1035.21
Lakh Units of power in the year 2009-10.
The Co-Generation Plant of 28 MW capacity at their Sugar Unit-IV has generated 171.62 Lakh Units in the year 2009-10.
The Total Power Generation capacity of the four plants is now 84 MW.
The Four Co-Generation Plants have generated 2455.20 Lakh Units of power and exported 1687.82 Lakh Units in the year 2009-10.
The Alternate non-conventional renewable source of energy is
the ultimate answer for the future.
Seven nos. of 1250 KW WTG from Suzlon have been installed in Karunkulam,
Radhapuram, Irukkandurai villages in Tirunelvelii Districts of Tamilnadu.
The power generated from the wind energy generators is fed to the Tamilnadu
State Electricity Board's Grid and adjusted in the power consumption of various
industries, established by the group. These Wind Turbines have generated 167.70 Lakh Units in the year
2009-10.
The Company's Bio Diesel Plant at Sathyamangalam, Tamilnadu,
has commenced production of 3000 litres of Bio Diesel per Day, from multi feed
stock viz Jatropha, Pungan seeds etc.
For promotion and popularization of Jatropha as a Bio Fuel Crop for
afforestation of Non Forest Wastelands, the Company is providing training and
all technical assistances to the farmers of
The Company has also arranged financial assistance to the
farmers under tie-up arrangements with banks.
Farmers having uncultivable/degraded land, wasteland with minimum water source,
having large extent of lands in drought prone area, willing to take up long
term plantation in wastelands with minimum risk, are now having opportunity to
harvest money.
Aforestation of the existing wastelands in the rural
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.93 |
|
|
1 |
Rs. 72.42 |
|
Euro |
1 |
Rs. 63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
74 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.