MIRA INFORM REPORT

 

 

Report Date :

24.02.2012

 

IDENTIFICATION DETAILS

 

Name :

SHREE SOMESHWAR SAHAKARI SAKHAR KARKHANA LIMITED

 

 

Registered Office :

Someshwar Nagar, Taluka Baramati, District Pune 412306, Maharashtra

 

 

Country :

India

 

 

Date of Incorporation :

20.06.1960

 

 

Capital Investment / Paid-up Capital :

Not Divulged

 

 

Legal Form :

Co Operative Society

 

 

Line of Business :

Manufacturer and Supplier of Sugar

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

--

 

 

Comments :

Subject is a well established cooperative society having satisfactory track. The management denied to disclose any information about the subject. Therefore, the report is based on indirect sources of information.

 

It is a well established cooperative sugar factory having satisfactory track records. Promoters and directors are reported to be resourceful and respectable businessmen. Their trade relations are fair. Business is active. Payments are reported to be usually correct.

 

Subject 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

 

Management Non Cooperative (Name not Divulged)

 

 

LOCATIONS

 

Registered Office /Factory :

Someshwar Nagar, Taluka Baramati, District Pune 412306, Maharashtra. India

Tel. No.:

91-2112-282150 / 282476 / 282477 / 282411

Fax No.:

91-2112 – 282412

E-Mail :

someshwarsakhar@gmail.com

Website :

www.someshwarsakhar.com

 

 

MANAGEMENT

 

Name :

Mr. Rajvardhan Shinde

Designation :

Chairman

 

 

Name :

Mr. Sunil Bhagat

Designation :

Voice Chairman

 

 

Name :

Mr. Ajitdada Pawar

Designation :

Bank Representative

 

 

Name :

Mr. Shahajirao kakade

Designation :

Director

 

 

Name :

Mr. Vasantrao Madane

Designation :

Director

 

 

Name :

Mr. Vasantrao Dagade

Designation :

Director

 

 

Name :

Mr. Dilip Pharande

Designation :

Director

 

 

Name :

Mr. Vijay Thopate

Designation :

Director

 

 

Name :

Mr. Purushottam Jagtap

Designation :

Director

 

 

Name :

Mr. Phattesingh Jagtap

Designation :

Director

 

 

Name :

Mr. Raghunath Bhosale

Designation :

Director

 

 

Name :

Mr. Vinayakrao Pisal

Designation :

Director

 

 

Name :

Mr. Siddharth Gite

Designation :

Director

 

 

Name :

Mr. Rupchand Shendkar

Designation :

Director

 

 

Name :

Mr. Nanasaheb Khalate

Designation :

Director

 

 

Name :

Mr. Shekhar Khadangale

Designation :

Director

 

 

Name :

Mr. Sudhakar Tekawade

Designation :

Director

 

 

Name :

Mr. Vinayak Kapare

Designation :

Director

 

 

Name :

Mr. Vishwas Jagtap

Designation :

Director

 

 

Name :

Mr. Arun Jagtap

Designation :

Director

 

 

Name :

Mr. Rahul Tambe

Designation :

Director

 

 

Name :

Mr. Shrirang Salve

Designation :

Director

 

 

Name :

Mr. Mansingrao Jagtap

Designation :

Director

 

 

Name :

Mrs. Sindutai Gadekar

Designation :

Director

 

 

Name :

Mrs. Manisha Kadam

Designation :

Director

 

 

Name :

Mrs. Vijaymala Salunkhe

Designation :

Director

 

 

Name :

Mrs. Champabai Khomane

Designation :

Director

 

 

Name :

Mr. Lalasheb Nalawade

Designation :

Director

 

 

Name :

Mr. D R Ghode

Designation :

Director

 

 

Name :

Mr. K.R.Pawar

Designation :

Managing Director

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Supplier of Sugar

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

 

 

Customers :

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Not Divulged

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

Not Divulged

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Not Available

 

 

LOCAL AGENCY FURTHER INFORMATION

 

PROFILE:

 

Subject  is a cooperative sugar factory Established in 20th June 1960.situated in Baramati Taluka,Pune District in Maharashtra state. Subject was started as a 1016 TCD factory in the year 1961-62, subsequently upgraded to 2500 TCD in the year 1988-89. The first expanded capacity crushing took place in the year 1989-90. Presently the crushing capacity  including stoppages is between 3200 to 3600 TCD and excluding stoppages is between 3800 to 4000 TCD. From 2010-11 season they are expanding plant capacity from 2500 to 3500 TCD.and actual crushing will be 5000 TCD . With the implementation of various activities of cane development and supply of seeds of high yield recovery varieties, modern irrigation system etc. The potential of cane availability is tune of 10.00Lacs MT from +10,000 Hectors area.

 

Area of operation: Total 167 villages

 

·         In Taluka Baramati (Pune) 75 villages.

·         In Taluka Purandar (Pune) 77 villages.

·         In Taluka Phaltan (Satara) 1 village.

·         In Taluka Khandala (Satara) 14 villages.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.49.24

UK Pound

1

Rs.77.19

Euro

1

Rs.65.29

 

 

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

 

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.