MIRA
INFORM REPORT
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Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
THE GODAVARI SUGAR MILLS PRIVATE LIMITED |
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Formerly Known
As : |
THE GODAVARI SUGAR MILLS LIMITED |
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Registered Office : |
Somaiya Bhavan,45/47, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
01.06.1939 |
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Com. Reg. No.: |
11-2945 |
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Capital
Investment / Paid-up Capital : |
Rs. 54.965 millions |
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CIN No.: [Company
Identification No.] |
U74999MH1939PLC002945 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT10387G |
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PAN No.: [Permanent Account No.] |
AAACT5004A |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturing of
Sugar, Chemicals, Alcohol, Ethylacetate, Acetic Acid and Generates Power. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 264924 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
The Godavari Sugar Mills Private Limited incorporated in the year 1939
has been demerged to Godavari Biorefineries Limited as per High Court Order
dated 20.03.2009. The company has been successful in wiping off the accumulated losses
of the previous year. Trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered normal for 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Shantilal |
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Designation : |
Office Executive |
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Contact No.: |
91-9820078124 |
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Date : |
31.03.2012 |
LOCATIONS
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Registered Office : |
Somaiya Bhavan,45/47, |
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Tel. No.: |
91-22-22858430/40/50 |
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Fax No.: |
91-22-22884635 |
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E-Mail : |
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Website : |
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Marketing Office: |
Mr. Mukashi Warden House 3rd
Floor, PM Road, Fort, Mumbai 400 001, |
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Tel. No.: |
91-22-22884635/5631/4294 |
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Branch Offices: |
New Delhi Mr. Narayanan Bank of Baroda building, 6th floor, Parliament Street, New
Delhi-110 001, Phone-91-1123723351 Bangalore Mr. Rangnathswami Tel : 91-80-2236479 Fax: 91-80-2219103 |
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Unit 1 : |
Sameerwadi At Post
Sameerwadi, Taluka Mudhol, District Bagalkot – 587 316, |
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Tel. No.: |
91-8350 – 260046
/ 47 /48 |
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Fax No.: |
91-8350-260037 |
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Unit 2 : |
Sakarwadi Somaiya Organo Chemicals
(Unit of The Godavari Sugar Mills Limited), At Post Sakarwadi, District
AhAmednagar, Maharashtra – 413 708, |
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Tel. No.: |
91-2423-279396/97/08 |
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Fax No.: |
91-2423-279339 |
DIRECTORS
AS ON 26.09.2011
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Name : |
Mr. Samir
Shantilal Somaiya |
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Designation : |
Executive
Director |
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Address : |
Padmanabh, 10,
Carmichael Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
28.02.1968 |
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Qualification : |
B.E.[Chem] MBA
[Finance] |
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Date of Appointment : |
29.09.2000 |
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Name : |
Mr. Rooshikumar
Vasudev Pandya |
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Designation : |
Director |
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Address : |
6A, Akashganga,
89, Warden Road, Mumbai – 400 026, Maharashtra, India |
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Date of
Birth/Age : |
27.03.1940 |
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Date of Appointment
: |
19.01.2007 |
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Name : |
Mrs. Amrita Samir
Somaiya |
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Designation : |
Director |
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Date of
Birth/Age : |
30.08.1970 |
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Date of
Appointment : |
02.03.2010 |
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Name : |
Mr. Girish
Mavajibhai Kajaria |
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Designation : |
Director |
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Date of
Birth/Age : |
14.07.1949 |
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Date of
Appointment : |
02.03.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Shreeram
Prasad Gupta |
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Designation : |
Company Secretary
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Address : |
Flat No. 602, EMP
– 65, Sector 1, Evershines, Millennium Paradise, Thakur Village, Kandivali
(East), Mumbai – 400 101, Maharashtra, India |
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Date of Birth/Age : |
15.12.1963 |
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Date of Appointment : |
12.12.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2011
|
Names of Shareholders (Equity Shareholders) |
No. of Shares |
|
Akhand Warehousing Private Limited |
90343 |
|
Shri Dharmeshi Morarji Popat |
200 |
|
Filmedia Communication Systems
Private Limited |
140000 |
|
Shri Ramesh J. Dalai |
200 |
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Shri Kirti Hansraj Kothari |
200 |
|
K.J. Somaiya and Sons Private
Limited |
72250 |
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Karnataka Organic Chemicals Private
Limited |
50,000 |
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Lilac Construction Private Limited |
12250 |
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Smt. Mayadevi Shantilal Somaiya |
102536 |
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Shri N.K. Firodia |
230 |
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Shri Fardun Mulla |
100 |
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Samir S. Somaiya Karta of Dr. S K
Somaiya- HUF |
29990 |
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Mrs. Priti Amit Sheth |
200 |
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Godavari Cellulosics Limited |
20000 |
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Somaiya Agencies Private Limited |
1705993 |
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Shri S.V. Muzumdar |
42 |
|
Shri Samir Shantilal Somaiya |
730563 |
|
Yellowvalley Transport Private
Limited |
361431 |
|
Zenith Commercial Agencies Private
Limited |
120000 |
|
Shri Vijai Singh Bharkatiya |
70 |
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Shri Abhay Singh Bharkatiya |
70 |
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Shri Akshay Singh Bharkatiya |
70 |
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Smt. Kuntala P. Muzumdar |
45 |
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Smt. Kuntala P. Muzumdar |
45 |
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Dr. S K Somaiya (Harinakshi Somaiya
B Trust) |
60000 |
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Lakshmiwadi Mines & Minerals
Private Limited |
989220 |
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Sakarwadi Trading Company Private
Limited |
914340 |
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Smt. Chandrika N. Sayta |
1548 |
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Smt. Leelaben Madhavji Kotak |
3870 |
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Smt. Savitriben Hariram Daiya |
3870 |
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Smt. Divyaprabha Chandrasinha
Mirani |
3870 |
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Smt. Jankiben Buddhidhan Thakkar |
3870 |
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Smt. Bhartiben Vasantbhai Thakkar |
3870 |
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Smt. Nirupama Kulinbhai Maskai |
3870 |
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Smt. Pratima K. Somaiya |
3870 |
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Shri Naval Mulla |
100 |
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Shri Rajen P. Kavadia |
1548 |
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Shri Jayesh H. Kotak |
1798 |
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Pahadi Transport Private Limited |
35000 |
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Jasmine Trading Company Private
Limited |
29000 |
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Shri Mohan Gopal Kamath |
28 |
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TOTAL |
5496500 |
AS ON 26.09.2011
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Equity Share Breakup |
Percentage of Holding |
|
Category |
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Bodies
corporate |
82.59 |
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Directors
or relatives of directors |
17.29 |
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Other
top fifty shareholders |
0.12 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of
Sugar, Chemicals, Alcohol, Ethylacetate, Acetic Acid and Generates Power. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Desai Saksena and
Associates Chartered
Accountants |
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Address : |
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Tel. No.: |
91-22-66261600/15 |
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Fax No.: |
91-22-66261617 |
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E-Mail : |
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Website: |
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Associates: |
Godavari Biorefineries Limited, India |
CAPITAL STRUCTURE
AS ON 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs. 420.000 millions |
|
1800000 |
Preference Shares |
Rs.100/- each |
Rs. 180.000 millions |
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Total |
|
Rs. 600.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5496500 |
Equity Shares |
Rs.10/- each |
Rs. 54.965 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
54.965 |
54.965 |
54.965 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.266 |
(6.391) |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(4.855) |
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NETWORTH |
66.231 |
48.574 |
50.110 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.005 |
0.005 |
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2] Unsecured Loans |
1.500 |
1.500 |
0.000 |
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TOTAL BORROWING |
1.500 |
1.505 |
0.005 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
67.731 |
50.079 |
50.115 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.428 |
45.447 |
46.587 |
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Capital work-in-progress |
4.094 |
1.804 |
0.000 |
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INVESTMENT |
16.570 |
2.538 |
2.535 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.452
|
1.732
|
0.751
|
|
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Sundry Debtors |
0.092
|
0.065
|
0.001
|
|
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Cash & Bank Balances |
0.950
|
18.893
|
0.266
|
|
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Other Current Assets |
0.000 |
0.000 |
0.000
|
|
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Loans & Advances |
3.027
|
1.197
|
0.000
|
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Total
Current Assets |
5.521
|
21.887
|
1.018
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
3.543
|
20.811
|
0.025
|
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Current Liabilities |
0.000
|
0.000
|
0.000
|
|
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Provisions |
1.339
|
0.786
|
0.000
|
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Total
Current Liabilities |
4.882
|
21.597
|
0.025
|
|
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Net Current Assets |
0.639
|
0.290
|
0.993
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
67.731 |
50.079 |
50.115 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
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Sales |
35.202 |
5.936 |
0.500 |
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Other Income |
0.000 |
0.000 |
0.429 |
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|
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TOTAL (A) |
35.202 |
5.936 |
0.929 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
|
0.220 |
|
|
|
Manufacturing Expenses |
9.520 |
4.570 |
2.776 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
|
(0.068) |
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|
Goodwill Written Off |
|
|
1.853 |
|
|
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TOTAL (B) |
9.520 |
4.570 |
4.781 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.682 |
1.366 |
(3.852) |
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|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.682 |
1.366 |
(3.852) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.125 |
1.129 |
1.003 |
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|
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PROFIT BEFORE
TAX (E-F) (G) |
24.557 |
0.237 |
(4.855) |
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Less |
TAX (H) |
6.899 |
1.775 |
0.000 |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
17.658 |
(1.538) |
(4.855) |
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|
Earnings Per
Share (Rs.) |
3.21 |
(0.28) |
(0.88) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
50.16
|
(25.90)
|
(522.60)
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
69.76
|
3.99
|
(971)
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
47.27
|
0.35
|
(10.20)
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.00
|
(0.10)
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.09
|
0.47
|
0.00
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.01
|
1.03
|
LOCAL AGENCY FURTHER INFORMATION
DEMERGER :-
The Hon'bJe High Court
of Judicature at Bombay approved on 20th March 2009, the Scheme of arrangement
for Demerger; transfer and vesting of the Sugar, Power, Chemicals and
Distillery j business of THE GODAVARI SUGAR MILLS LTD. (company) to GODAVARI
BJOREFINERIES LTD. (GBL), as a Going Concern basis w.e.f. 1stApri12008.
As a result of the
demerger and the resultant transfer of the Demerged Undertaking to GBL, the
issued, subscribed and paid-up Preference Share Capital of the company is no
longer represented by assets, which have transferred to GBL. Therefore the
Equity Share Capital has been extinguished by 80% (Rs. 2,19.860 millions ) and
reorganized to Rs. 54.965 millions. Similarly the Preference Share Capital has
been Completely extinguished by Rs. 1,80.000 millions Therefore the Equity
Share Capital after extinguish and reorganization stands to Rs. 54.965 millions
comprising of 54,96,500 shares @ Rs.10pershare. Consequent to demerger the
company will carry on business of Agriculture and Investments.
OPERATIONS :-
Gross Income of
the Company increased to Rs. 35.202 millions as against Rs. 5.936 millions in
the previous year mainly due to sale of property at Shrirampur for Rs. 27.531
millions. During the financial year under review, the Profit before Interest
and Depreciation increased to Rs. 25.682 millions as against Rs.1.366 millions
in the previous year. The Company earned Net Profit of Rs. 17.658 millions
during the year as against the loss of Rs.1.538 millions in the previous year.
Company is
exploring for development of Land at the Lakshmiwadi, Kopargaon, Maharashtra
and to further enhance Farm activities at Narmada Farm, Bhopal, Madhya Pradesh.
NOTE:
Registered office of the company has been shifted from Fazalbhoy Building, 45-47, 3rd Floor, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India to the present address w.e.f. 24.04.2009
FIXED ASSETS
- Land
- Live
Stock
- Buildings
- Plant
& Machinery
- Agricultural
Machinery
- Office
Equipments
- Motor
Vehicles
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74999MH1939PLC002945 |
|
Name of the
company |
THE GODAVARI SUGAR MILLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Somaiya Bhavan,45/47, Mahatma
Gandhi Road, Fort, Mumbai – 400 001,
Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Any Interest in
Immovable Property |
|
Particular of
charge holder |
Bank of Baroda,
Corporate Financial Services Branch, 10/12, Mumbai Samachar Marg, Fort,
Mumbai – 400 001, Maharashtra, India Email: cfsfrt@bankofbaroda.com |
|
Nature of
instrument creating charge |
Joint Deed of
Mortgage |
|
Date of
instrument Creating the charge |
03.02.2011 |
|
Amount secured by
the charge |
Rs. 890.100
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per Sanction
Letter Terms of repayment As per Sanction
Letter Margin As per Sanction
Letter Extent and operation of the charge Security by way
of simple mortgage of immovable properties of the company as mentioned in
Fifth Schedule of the attached Deed is created to secure repayment by
Godavari Biorefineries Limited (GBL) of its Working Capital Facility from
Bank of Baroda Consortium (Bank of Baroda Fund Based Rs. 150.000 millions and
Non Fund Based Rs. 614.200 millions and Syndiacate Bank Fund Based Rs. 50.000
and Non Fund Based Rs. 75.900 millions) by way of 2nd pari passu charge. |
|
Short particulars
of the property charged (Including location of the property) |
Three Properties
situated At 1. Carmicheal Road, Mumbai. 2. Reay Villa, Mahabaleshwar, Satara.
3. Flat No. 12 and 13, Sunflower Building, Cuffe Parade, Mumbai, Maharashtra,
India |
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.51.15 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.