MIRA
INFORM REPORT
|
Report Date : |
23.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAMAKHANDI SUGARS LIMITED |
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Registered
Office : |
Jamkhandi Urban Co Operative Bank Building, Jamkhandi 587301,
Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
26.07.1993 |
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Com. Reg. No.: |
014570 |
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Capital
Investment / Paid-up Capital : |
Rs. 256.010 millions |
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CIN No.: [Company Identification
No.] |
U85110KA1993PLC014570 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRJ01687A |
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PAN No.: [Permanent Account No.] |
AAACJ8575C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Dealer of Varieties of Sugar and their products
like Sugar Candy, Jaggery, Khandsan
Sugar, Sugar Beet etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (35) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1161600 |
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Status : |
Moderate – Improving |
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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 track records.
Financial positions of the company is improving. The company has successful in
wiping of the accumulated losses of previous years. Trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office /Factory : |
Jamkhandi Urban Co Operative Bank Building, Jamkhandi 587301,
Karnataka, India |
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Tel. No.: |
91-8353-254161/ 62 / 63 / 64 |
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Mobile No.: |
91-8353-254160 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Subbaraya Dhayanandhan |
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Designation : |
Director |
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Date of Birth/Age : |
13.02.1943 |
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Date of Appointment : |
07.09.2008 |
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Name : |
Mr. Siddappa Bhimappa Nyamagoud |
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Designation : |
Director |
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Date of Birth/Age : |
05.08.1949 |
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Date of Appointment : |
26.07.1993 |
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Name : |
Mr. Laxman Sangappa Savadi |
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Designation : |
Director |
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Date of Birth/Age : |
16.02.1960 |
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Date of Appointment : |
26.07.1993 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Dealer of Varieties of Sugar and their products
like Sugar Candy, Jaggery, Khandsan Sugar,
Sugar Beet etc. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Belgaum District Central Co Operative Bank Limited, Near Central Bus
Stand, Belgaum 590016, Karnataka, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
NNR and Company Chartered Accountant |
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Address : |
No. 163, 2nd Floor, Rajeshwari Complex, R V Road, Bangalore
560004, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
30000000 |
Equity Shares |
Rs. 10 each |
Rs.300.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
25000000 |
Equity Shares |
Rs. 10 each |
Rs.250.000 millions |
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Advance towards Share Application Money |
|
Rs. 6.010 millions |
[Of the above shares, 1,00,000 (P.Y.-Nil) Equity Shares are allotted as
fully paid-up pursuant to a contract without payments being received in cash]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
250.000 |
240.000 |
240.000 |
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2] Share Application Money |
6.010 |
9.974 |
4.787 |
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3] Reserves & Surplus |
34.394 |
0.000 |
16.225 |
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4] (Accumulated Losses) |
0.000 |
(1.315) |
(93.937) |
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NETWORTH |
290.404 |
248.659 |
167.075 |
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LOAN FUNDS |
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1] Secured Loans |
720.439 |
613.405 |
798.424 |
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2] Unsecured Loans |
144.694 |
118.127 |
114.635 |
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TOTAL BORROWING |
865.133 |
731.532 |
913.059 |
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DEFERRED TAX LIABILITIES |
4.771 |
0.000 |
0.000 |
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TOTAL |
1160.308 |
980.191 |
1080.134 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
451.982 |
474.807 |
493.054 |
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Capital work-in-progress |
37.490 |
25.605 |
26.089 |
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INVESTMENT |
11.710 |
9.584 |
9.261 |
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DEFERREX TAX ASSETS |
0.000 |
19.537 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
595.948
|
450.790 |
582.143 |
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Sundry Debtors |
63.011
|
48.284 |
48.053 |
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Cash & Bank Balances |
60.627
|
7.964 |
8.472 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
108.603
|
158.585 |
74.400 |
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Total
Current Assets |
828.189
|
665.623 |
713.068 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
134.435
|
165.192 |
101.809 |
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Other Current Liabilities |
12.947
|
45.508 |
56.157 |
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Provisions |
21.681
|
4.265 |
3.372 |
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Total
Current Liabilities |
169.063
|
214.965 |
161.338 |
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Net Current Assets |
659.126
|
450.658 |
551.730 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.0000 |
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TOTAL |
1160.308 |
980.191 |
1080.134 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Sales |
963.021 |
872.035 |
969.320 |
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Other Income |
54.854 |
90.675 |
4.962 |
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TOTAL (A) |
1017.875 |
962.710 |
974.282 |
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Less |
EXPENSES |
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Cost of Materials |
809.282 |
536.072 |
588.977 |
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Manufacturing Expenses |
60.615 |
58.939 |
48.681 |
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Increase/(Decrease) in Finished Goods |
(169.388) |
96.698 |
38.091 |
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Manpower |
31.305 |
26.293 |
23.419 |
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Administrative Expenses |
47.981 |
42.305 |
11.146 |
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Excise Duty |
0.000 |
0.000 |
87.691 |
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TOTAL (B) |
779.795 |
760.307 |
798.005 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
238.080 |
202.403 |
176.277 |
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Less |
FINANCIAL
EXPENSES (D) |
95.260 |
93.801 |
103.971 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
142.820 |
108.602 |
72.306 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.299 |
61.855 |
59.072 |
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Prior Period
Adjustment |
(0.664) |
(2.241) |
0.059 |
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Extra ordinary
Items |
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|
Waiver of Interest from IFCI |
0.000 |
12.770 |
0.000 |
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Impact of change in the method of depreciation |
0.000 |
0.000 |
226.730 |
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PROFIT BEFORE TAX
(E-F) (G) |
77.857 |
57.276 |
240.023 |
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Less |
TAX (H) |
24.754 |
(19.120) |
0.458 |
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PROFIT AFTER TAX
(G-H) (I) |
53.103 |
76.396 |
239.565 |
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Add |
PREVIOUS
YEARS’ LOSS BROUGHT FORWARD |
(17.540) |
(93.936) |
(333.502) |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
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Dividend |
14.866 |
0.000 |
0.000 |
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Tax on Dividend |
2.528 |
0.000 |
0.000 |
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|
BALANCE CARRIED
TO THE B/S |
18.169 |
(17.540) |
(93.937) |
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Earnings Per
Share (Rs.) |
2.15 |
3.18 |
9.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
5.21
|
7.93 |
24.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.08
|
6.56 |
24.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.08
|
5.02 |
19.90 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.23 |
1.43 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.57
|
3.80 |
6.43 |
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Current Ratio (Current Asset/Current Liability) |
|
4.89
|
3.09 |
4.41 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Laboratories and Workshop Equipments
·
Tools and Equipments
·
Office Equipments
·
Furniture and Fittings
·
Motor Vehicles
FORM 8
|
Corporate identity
number of the company |
U85110KA1993PLC014570 |
|
Name of the
company |
JAMAKHANDI SUGARS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Jamkhandi Urban Co Operative Bank Building, Jamkhandi 587301,
Karnataka, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property Others |
|
Particular of
charge holder |
Belgaum District Central Co Operative Bank Limited, Near Central Bus Stand, Belgaum 590016, Karnataka, India Email: jaat72@rediffmail.com |
|
Nature of
instrument creating charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
14.10.2010 |
|
Amount secured by
the charge |
Rs. 250.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 13% Terms of repayment Principal part of
the loan, should be repaid in full in a period o 8 years, after a moratorium
period of 1 year, in 14 half yearly installments Extent and operation of the charge First parri passu
charge |
|
Short particulars
of the property charged (Including location of the property) |
All that piece or
parcel of land comprised in Survey Nos. 66/1, 72, 73, 74, 78, 79 and 80 at
Village Hirepadasalgi, Taluka Jamkhandi, Dist Bagalkot admeasuring 111 acres
and 38 gunthas All that piece or
parcel of land comprised in Survey No. 88at Village Hirepadasalgi, Taluka
Jamkhandi, Dist Bagalkot admeasuring 37 acres and 35 gunthas |
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.72.92 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.