MIRA
INFORM REPORT
|
Report Date : |
22.03.2011 |
Note :- Given address could not be confirmed as the
operator was not ready to confirm the address.
IDENTIFICATION DETAILS
|
Name : |
SADASHIVA SUGARS LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
03.01.2002 |
|
|
|
|
Com. Reg. No.: |
08-29968 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15421KA2002PLC029968 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS22116D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Sugar |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1826000 |
|
|
|
|
Status : |
Recently commenced |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of E.I.D. Parry ( The company can be considered for business dealings with some caution. |
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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
Management is Non Co-operative
LOCATIONS
|
Registered Office : |
|
|
E-Mail : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Babugowda Sangangowda Patil |
|
Designation : |
Director |
|
Address : |
149, 5th Cross, 10th Main, RMV Extension, |
|
Date of Birth/Age : |
20.01.1944 |
|
Date of Appointment : |
09.12.2005 |
|
|
|
|
Name : |
Mr. Rudragowda Sangangowda Patil |
|
Designation : |
Director |
|
Address : |
Gounder Oni Post Ron, Gadag – 572507, |
|
Date of Birth/Age : |
30.08.1933 |
|
Date of Appointment : |
03.01.2002 |
|
|
|
|
Name : |
Mr. Harish Yechreddy |
|
Designation : |
Director |
|
Address : |
B003, Adarsh Residency, 8th Block, Jai Nagar, |
|
Date of Birth/Age : |
27.05.1971 |
|
Date of Appointment : |
24.12.2008 |
|
|
|
|
Name : |
Mr. Rajendra Patil |
|
Designation : |
Director |
|
Address : |
94M, 8th Cross, 12th Main, RMV Extension, |
|
Date of Birth/Age : |
18.03.1955 |
|
Date of Appointment : |
24.12.2008 |
|
|
|
|
Name : |
Mr. Sanat Kumar Shirgaokar |
|
Designation : |
Director |
|
Address : |
333, Eward, Shahpuri, Station |
|
Date of Birth/Age : |
20.03.1963 |
|
Date of Appointment : |
03.01.2002 |
|
|
|
|
Name : |
Mr. Shishir Suresh Shirgaokar |
|
Designation : |
Director |
|
Address : |
12, Kostika House, 31, |
|
Date of Birth/Age : |
16.01.1945 |
|
Date of Appointment : |
09.12.2005 |
|
|
|
|
Name : |
Mr. Satish Yechareddy |
|
Designation : |
Additional Director |
|
Address : |
No. 141, Kambli Bazar, |
|
Date of Birth/Age : |
17.03.1964 |
|
Date of Appointment : |
14.05.2009 |
|
|
|
|
Name : |
Mr. Sohan Sanjeev Shirgaokar |
|
Designation : |
Director |
|
Address : |
AP Ugarkhurd, Taluka Athani, |
|
Date of Birth/Age : |
07.12.1982 |
|
Date of Appointment : |
29.07.2008 |
|
|
|
|
Name : |
Mr. Mallappa Rachappa Desai |
|
Designation : |
Director |
|
Address : |
Bilgi, Yadahalli, Bagalkot – 587117, |
|
Date of Birth/Age : |
28.07.1946 |
|
Date of Appointment : |
09.12.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Santhosh Karimattan |
|
238200 |
|
B |
|
2550000 |
|
B |
|
1110000 |
|
Rajendra Patil |
|
282000 |
|
Chandrasekar Yelamali |
|
500 |
|
I |
|
1001000 |
|
Rajendra Patil HUF |
|
5035100 |
|
Rudragouda S Patil |
|
22000 |
|
Sanat Kumar Shirgaokar |
|
1000 |
|
Rekha Patil |
|
700000 |
|
Harish Y |
|
10000000 |
|
G |
|
6000 |
|
Shishir Shirgaokar Investments
Private Limited ( |
|
80000 |
|
Vinayaka Shirgaokar Investments
Private Limited ( |
|
230000 |
|
Prafulla Shirgaokar Investments
Private Limited ( |
|
40000 |
|
Future Exim India Private
Limited ( |
|
4500000 |
|
Sanjeev Shirgoakar Investments
Private Limited ( |
|
80000 |
|
Ugar Sugar works Limited ( |
|
22335400 |
|
Prabhakar Shirgaokar Investments
Private Limited ( |
|
100000 |
|
Suresh Shirgaokar Investments
Private Limited ( |
|
80000 |
|
Mohan Shirgaokar Investments
Private Limited ( |
|
200000 |
|
Ashok Sirdesai |
|
1000000 |
|
Sanjay V Nadgouda |
|
200000 |
|
D M Shirgaokar Investments
Private Limited ( |
|
150000 |
|
Total |
|
49941200 |
As on 30.09.2009
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
0.48 |
|
Bodies corporate |
55.65 |
|
Directors or relatives of Directors |
24.26 |
|
Other |
19.61 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sugar |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Sugar |
|
2500 |
3500 |
8712 |
|
Molasses |
MT/Day |
NA |
NA |
5756 |
|
Power |
KW/Hr |
15.00 |
15.00 |
13984484 |
GENERAL INFORMATION
|
No. of Employees : |
Information not divulged by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
State Bank of India, Commercial Branch, Anjuman Complex, Station Road,
Hubli – 580020, Karnataka, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Santhappa and Company Chartered Accountant |
|
Address : |
201, 2nd Floor, House of Lords, |
|
Tel. No.: |
91-80-22210717 / 22210032 |
|
Mobile No.: |
|
|
Fax No.: |
91-80-22270335 |
|
E-Mail : |
|
|
|
|
|
Holding Company : |
E.I.D. Parry ( |
|
|
|
|
Associates/Subsidiaries : |
Ugar Sugar Works Limited (Up to 09.10.2009) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
Rs.10/- each |
Rs.700.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60270018 |
Equity Shares |
Rs.10/- each |
Rs.602.700
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 |
602.700 |
499.412 |
379.412 |
|
|
2] Share Application Money |
0.000 |
119.167 |
90.053 |
|
|
3] Reserves & Surplus |
0.000 |
0.907 |
0.881 |
|
|
4] (Accumulated Losses) |
(146.097) |
0.000 |
0.000 |
|
|
NETWORTH |
456.603 |
619.486 |
470.346 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1374.525 |
1048.924 |
802.753 |
|
|
2] Unsecured Loans |
246.141 |
70.244 |
74.021 |
|
|
TOTAL BORROWING |
1620.666 |
1119.168 |
876.774 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.566 |
|
|
|
|
|
|
|
|
TOTAL |
2077.269 |
1738.654 |
1347.686 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1635.288 |
43.172 |
18.589 |
|
|
Capital work-in-progress |
0.000 |
1142.676 |
1027.760 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.200 |
0.200 |
0.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
223.142
|
107.738 |
21.214 |
|
|
Sundry Debtors |
35.355
|
7.276 |
0.000 |
|
|
Cash & Bank Balances |
46.308
|
39.082 |
33.617 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
261.536
|
223.513 |
214.433 |
|
Total
Current Assets |
566.341
|
377.609 |
269.264 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
39.634 |
99.332 |
98.207 |
|
|
Other Current Liabilities |
84.426
|
102.739 |
18.402 |
|
|
Provisions |
0.500
|
0.267 |
0.790 |
|
Total
Current Liabilities |
124.560
|
202.338 |
117.399 |
|
|
Net Current Assets |
441.781
|
175.271 |
151.865 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
377.335 |
149.272 |
|
|
|
|
|
|
|
|
TOTAL |
2077.269 |
1738.654 |
1347.686 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
107.396 |
0.000 |
0.000 |
|
|
|
Other Income |
4.959 |
0.000 |
1.959 |
|
|
|
TOTAL (A) |
112.355 |
0.000 |
1.959 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
49.941 |
0.000 |
0.000 |
|
|
|
Employee Cost |
15.869 |
0.000 |
0.000 |
|
|
|
Other Costs |
81.306 |
0.276 |
0.028 |
|
|
|
TOTAL (B) |
147.116 |
0.276 |
0.028 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(34.761) |
(0.276) |
1.931 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
67.695 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(102.456) |
(0.276) |
1.931 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.553 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(147.009) |
(0.276) |
1.931 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(0.005) |
(0.300) |
1.362 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(147.004) |
(0.025) |
0.569 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.67) |
0.00 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(130.84)
|
-- |
29.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(136.88)
|
-- |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.68)
|
(0.06) |
0.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.82
|
2.13 |
2.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.55
|
1.87 |
2.29 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Dues to Micro, Small and Medium Enterprises |
0.000 |
0.000 |
|
|
Others |
39.634 |
99.332 |
|
|
Total |
39.634 |
99.332 |
98.207 |
STATUS OF THE
PROJECT AND PERFORMANCE :
During the year the company incurred a loss of Rs.147.004 Millions after
adjusting the brought forward profit of Rs.0.906 Million, a sum of Rs.146.097
Millions is carried forward as loss.
REVIEW :
The
company commenced production for the season in November 2009 and till March
2010, the cane crushed is 93520 MT and produced 8712 MT of Sugar. The turnover
for the company is Rs.107.396 millions and the Proflt / (Loss) after Tax for
the year is Rs.(147.000) millions.
The
sugar prices were volatile during the period for the last two quarters of the
financial year. The company commenced export of Cogeneration power for the
season from March '10.
During
the year post EID Parry's entry into the company, several measures to increase
the planting of sugarcane have been taken up. Steps to widen the sugarcane
planting area are initiated.
The
initiatives taken will contribute to an improved level operation in the
Forthcoming season.
CHANGE OF ADDRESS :
Registered office of the company has been
shifted from No. 19,
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10024942 |
|
Corporate identity
number of the company |
U15421KA2002PLC029968 |
|
Name of the
company |
SADASHIVA SUGARS LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, Anjuman Complex, Station Road,
Hubli – 580020, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Form C-5-Letter regarding
the grant of individual limits within the overall limit and Form C-6 Revival
letter and letter of arrangement whereby the existing charge of Rs.1562.600
millions stands decreased to Rs.1513.800 millions |
|
Date of
instrument Creating the charge |
16.12.2010 |
|
Amount secured by
the charge |
Rs.1513.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: working capital-present
effective interest rate 11.10% pa. Corporate loan - 11.35% pa existing
TL-11.60% pa.-all calculated on daily products with monthly rests. Terms of
Repayment : working capital
facilities - for 12 months from the date of sanction Corporate loan -
repayable in 12 quarterly installments commencing from January 2011, first 5
quarterly installments of Rs.10 Millions each and next 4 installments of
Rs.42.5 Millions each and last 3 quarterly installments of Rs.60 Millions
each. TL-I 40Crs. TL-II 62.5 Millions.
repayable in 31 quarterly installments; TL-III 31.3 Millions in 30 quaterly
installments; TL-IV Rs.20Cr. 27 quaterly installments Margin : Finished goods
levy sugar-10% Finished goods free sugar-15%, Molasses-25%,
components/consumables/ spares 25%, receivables-sugar (cover 90 days) 25%,
power-25%, letter of credit-5%, Bank Guarantee-5%. Extent and
Operation of the charge : working capital
loan -First charge on the current assets on paripassu with SBM, TL I, II,
III,IV paripassu first charge on the plant and machinery alongwith SBM and
paripassu first charge by way of EM of land and building in an area of about
191 acres and 24 guntas of land alongwith SBM, corporate loan-extension of
charge on current assets and extension of charge on fixed assets on pari
passu with SBM. |
|
Short particulars
of the property charged |
|
|
Date of latest modification
prior to the present modification |
13.05.2010 |
|
Particulars of
the present modification |
The amount
secured by charge in favour of SBI stands reduced from Rs.1562.6 millions to
Rs.1513.8 Millions and the securities described and detailed in col. no.15
are available for the reduced limit.
All other terms and conditions remain unchanged. |
FIXED ASSETS :
- Buildings
- Plant and Machinery
- Furniture
- Office Equipment
- Vehicles
- Computer
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 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.45.05 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.63.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.