MIRA
INFORM REPORT
|
Report Date : |
26.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
GODAVARI BIOREFINERIES LIMITED |
|
|
|
|
Registered
Office : |
Somaiya Bhavan, 45/47, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2011 |
|
|
|
|
Date of
Incorporation : |
12.01.1956 |
|
|
|
|
Com. Reg. No.: |
11-009707 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.376.021 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH1956PLC009707 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG13940D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG2543C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited
Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Bio-Fertilizers |
|
|
|
|
No. of
Employees: |
More than 3000 (Approximately) |
RATING & COMMENTS
|
MIRAs Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7331000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and well established company having fine track.
General financial position is good. Trade relations are reported as fair. Business
is active. Payments are reported to be correct and as per commitments. 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 : |
Ms. Vrushali |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-22858430 |
|
Date : |
24.05.2012 |
LOCATIONS
|
Registered Office/ Marketing Office1 : |
Somaiya Bhavan, 45/47, |
|
Tel. No.: |
91-22-22858430/40/50/ 59/ 22048272 |
|
Fax No.: |
91-22-22047297 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
|
|
|
Marketing Office 2 : |
Warden House 3rd floor, PM Road, Fort, Mumbai 400001, |
|
Tel. No.: |
91-22-22884635/5631/4294 |
|
|
|
|
Research : |
K J Somaiya Institute of Applied Agriculture Research (KIAAR) A/P.
Sameerwadi, district: Bagalkot 587316, |
|
Tel. No.: |
91-8350-260046/47/48 |
|
Fax No.: |
91-8350-260037 |
|
|
|
|
Factory 1 : |
Sugar (Sameerwad) Godavari Biorefineries Limited A/P. Sameerwadi, Taluka- Mudhol district: Bagalkot 587316, |
|
Tel. No.: |
91-8350-260046/47/48 |
|
Fax No.: |
91-8350-260037 |
|
|
|
|
Factory 3: |
Potheyr (Sameerwadi) Godavari Biorefineries Limited A/P. Sameerwadi, District-Bagalkot 587316, |
|
Tel. No.: |
91-8350-260045/47/48 |
|
Fax No.: |
91-8350-260037 |
|
|
|
|
Factory 4: |
Chemicals (Sameerwadi) Godavari Biorefineries Limited A/P. Sameerwadi, District-Bagalkot 587316, |
|
Tel. No.: |
91-8350-260081/47/48 |
|
Fax No.: |
91-8350-260022 |
|
|
|
|
Factory 5: |
Chemicals (Sakarwadi) Godavari Biorefineries Limited A/P. Sakarwadi, district Ahamednagar 413708, |
|
Tel. No.: |
91-2423-279396/97/08 |
|
Fax No.: |
91-2423-279339 |
|
|
|
|
Branches 1 : |
Bank of |
|
Tel. No.: |
91-11-23723351 |
|
|
|
|
Branches 2: |
Utility buildings, Totheyr Block, 4th Floor, |
|
Tel. No.: |
91-80-2219103 |
DIRECTORS
As on 19.12.2011
|
Name : |
Mr. Samir Shantilal Somaiya |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Padmanbh, 10, M.L. Dahanukar Marg, Mumbai-400026, |
|
Date of Birth/Age : |
28.02.1968 |
|
Qualification |
B.S Chem. Eng r. crnell |
|
Experience |
43 years |
|
Date of Appointment : |
22.06.2007 |
|
DIN No.: |
00295458 |
|
|
|
|
Name : |
Mr. Vinay Venkatesh Joshi |
|
Designation : |
Whole Time Director |
|
Address : |
C-712, |
|
Date of Birth/Age : |
10.03.1954 |
|
Date of Appointment : |
28.09.2010 |
|
DIN No.: |
00300227 |
|
|
|
|
Name : |
Mr. Kailash Pershad |
|
Designation : |
Independent Director |
|
Address : |
D 31, 5th Floor, New Chandra CHS, Off Veeradesai Raod, Andheri (West),
Mumbai-400053, |
|
Date of Birth/Age : |
01.02.1940 |
|
Date of Appointment : |
24.04.2009 |
|
DIN No.: |
00503603 |
|
|
|
|
Name : |
Mr. Badrinarayan Ramulal Barwale |
|
Designation : |
Independent Director |
|
Address : |
72-B, Urvashi, Peti Estate, |
|
Date of Birth/Age : |
13.08.1931 |
|
Date of Appointment : |
24.04.2009 |
|
DIN No.: |
00001479 |
|
|
|
|
Name : |
Mr. Kondapuram Vijaya Raghavan, FNAE |
|
Designation : |
Independent Director |
|
Address : |
INAE, Distinguished Professor, Reaction Engineering Laboratory India
Institute of Chemical Technology, |
|
Qualification |
B. Tech (Chemical Engg.), M.S. (Reaction Engg.) Ph. D.
(Mathematical Modeling and Simulation), |
|
Date of Birth/Age : |
01.10.1943 |
|
Date of Appointment : |
24.04.2009 |
|
DIN No.: |
00144054 |
|
|
|
|
Name : |
Mr. Rooshikumar Vasudev Pandya |
|
Designation : |
Independent Director |
|
Address : |
6A, Akashganga, 89, |
|
Qualification |
B.A. (Hons.), M.A. ( |
|
Date of Birth/Age : |
27.03.1940 |
|
Date of Appointment : |
24.02.2009 |
|
DIN No.: |
00256957 |
|
|
|
|
Name : |
Mr. Indubhai Chaturbhai Pa |
|
Designation : |
Independent Director |
|
Address : |
P-68, South Extenstion, Part II, New Delhi-110049, |
|
Date of Birth/Age : |
24.11.1928 |
|
Date of Appointment : |
24.04.2009 |
|
DIN No.: |
00456456 |
|
|
|
|
Name : |
Mr. Anil Kumar Jaiswara |
|
Designation : |
Nominee Director - IDBI |
|
Address : |
IDBI Bank Limtied, |
|
Qualification: |
B.com |
|
Date of Birth/Age : |
04.04.1965 |
|
Date of Appointment : |
17.06.2009 |
|
DIN No.: |
02593014 |
|
|
|
|
Name : |
Mr. Shrinivas Narayanrao Bableshwar |
|
Designation : |
Whole Time Director |
|
Address : |
SOB 4/4, GSM QTRS Sameerwadi, Mudhol, District Bagalkot 587316, |
|
Qualification: |
B. Sc. (Chemistry), Post Graduate |
|
Date of Birth/Age : |
16.06.19510 |
|
Date of Appointment : |
28.09.2011 |
|
DIN No.: |
05101183 |
KEY EXECUTIVES
|
Name : |
Mr. Shreeram Prasad Gupta |
|
Designation : |
Secretary |
|
Address : |
602, EMP-65, |
|
Date of Birth/Age : |
15.12.1963 |
|
Date of Appointment : |
24.04.2009 |
|
Pan NO.: |
ABNPG0176F |
|
|
|
|
Name : |
Ms. Vrushali |
|
Designation : |
Finance Manger |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.12.2011
|
Names of Shareholders |
|
No. of Shares |
|
The Godavair Sugar Mills Limited |
|
120000 |
|
Samir S. Somaiya |
|
3667815 |
|
Abhay Singh Bharkatiya |
|
350 |
|
Akhand Warehousing Private Limited |
|
451715 |
|
Akshay Singh Bharkatiya |
|
350 |
|
Ankit Raj Organo Chemicals Limited |
|
112500 |
|
Arpit Limited |
|
73000 |
|
Bhartiben Vasantbai Thakkar |
|
19350 |
|
Chandrika N. Sayta |
|
7740 |
|
Dharmeshi Morarji Popat |
|
1000 |
|
Divyaprabha Chandrasinha Mirani |
|
19350 |
|
Dr. S K Somaiya (Harinakshi Somaiya B Trust) |
|
300000 |
|
Shri Samir Somaiy Karta Of S K
Somaiya HUF |
|
149950 |
|
Fardun Mulla |
|
500 |
|
Filmedia Communication Systems Private Limited |
|
700000 |
|
Jankiben Buddhidhan Thakkar |
|
19350 |
|
Jasmine Trading Company Private Limited |
|
145000 |
|
Jayesh Haresh Kotak |
|
8990 |
|
K. J Somaiya And Sons Private Limited |
|
371250 |
|
Karnatka Organic Chemicals Private Limited |
|
250000 |
|
Kirit Hansraj Kothari |
|
1000 |
|
Kuntala P Muzumdar |
|
225 |
|
Kuntala P Muzumdar |
|
225 |
|
Lakshmiwadi Mines And Minerals Private Limited |
|
5061100 |
|
Leelaben Madhavji Kotak |
|
19350 |
|
Lilac Construction Private Limited |
|
61250 |
|
Mohan Gopal Kamath |
|
140 |
|
N. K Firodia |
|
1150 |
|
Naval Mulla |
|
500 |
|
Nirupama Kulinbhai Maskai |
|
19350 |
|
Narsang Vahijbhai Padhiyar, Trustee of (Along with other Trustees) Samneerwadi Sugarcane Farmers Welfare Trust |
|
2269600 |
|
Pahadi Transport Private Limited |
|
280000 |
|
Partima K Somaiya |
|
19350 |
|
Priti Amit Sheth |
|
1000 |
|
Rajen P Kavdia |
|
7740 |
|
Ramesh J Dalal |
|
1000 |
|
S. V Muzumdar |
|
210 |
|
Sakarwadi Trading Company Private Limited |
|
4743700 |
|
Smt. Savitriben Hariram Daiya |
|
19350 |
|
Smt. Mayadevi Shantilal Somaiya |
|
527680 |
|
Somaiya Agencies private limited |
|
8549965 |
|
Somaiya Chemicals Industries Private Limited |
|
20000 |
|
Upendra V Mithani |
|
68750 |
|
Vijai Singh Bharkatiya |
|
350 |
|
Vijay V Mithani |
|
68750 |
|
Yelloowvalley Transport Private Limited |
|
1812155 |
|
Zenith Commercial Agencies Private Limited |
|
630000 |
|
Total |
|
30602100 |
|
Names of Perference Shareholders |
|
No. of Shares |
|
Sakarwadi trading company private limited |
|
300000 |
|
Shir samir shantilal somaiya |
|
100000 |
|
K J Somaiya and Sons Private limited |
|
300000 |
|
Total |
|
700000 |
As on 19.12.2011
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
76.41 |
|
Directors or relatives of directors |
|
15.62 |
|
Other top fifty shareholders |
|
7.97 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bio-Fertilizers |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS
(AS on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Sugar |
MT |
NA |
12000 TCD |
231301 |
|
Potheyr |
MWH |
NA |
45.56 MWH |
166892 |
|
Rectified Spirit |
HL |
290 KLPD |
290 KLPD |
699385 |
|
Ethyl Acetate |
MT |
9628 |
270 TPD |
85026 |
|
|
|
|
|
|
GENERAL INFORMATION
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
More than 3000 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||
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Bankers : |
|
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|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Rs. in Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Desai Saksena and Associates Chartered Accountant |
|
Address : |
|
|
Tan NO.: |
AABFD6281B |
|
|
|
|
Subsidiaries: |
·
Solar Magic Private Limited CIN No:U51900MH1998PTC113856 ·
Cayuga Investments B. V, |
CAPITAL STRUCTURE
As on 30.06.2011
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 |
|
Total |
|
|
Rs.600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30602100 |
Equity Shares |
Rs.10/- each |
Rs.306.021
Millions |
|
700000 |
Preference Shares |
Rs.100/-each |
Rs.70.000
Million |
|
Total |
|
|
Rs.376.021 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 (15Months) |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
376.021 |
376.021 |
455.325 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1456.836 |
1439.351 |
745.553 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1832.857 |
1815.372 |
1200.878 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5012.845 |
4328.404 |
2702.448 |
|
|
2] Unsecured Loans |
2440.940 |
2191.240 |
894.738 |
|
|
TOTAL BORROWING |
7453.785 |
6519.644 |
3597.186 |
|
|
DEFERRED TAX LIABILITIES |
135.566 |
131.776 |
100.863 |
|
|
|
|
|
|
|
|
TOTAL |
9422.208 |
8466.792 |
4898.927 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4211.100 |
2956.775 |
2231.107 |
|
|
Capital work-in-progress |
1003.658 |
694.025 |
709.558 |
|
|
|
|
|
|
|
|
INVESTMENT |
46.309 |
13.702 |
2.590 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3884.461
|
4784.833
|
1977.214 |
|
|
Sundry Debtors |
247.994
|
306.507
|
410.381 |
|
|
Cash & Bank Balances |
68.089
|
124.852
|
124.825 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
830.549
|
560.485
|
481.934 |
|
Total
Current Assets |
5031.093
|
5776.677 |
2994.354 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
704.583
|
|
963.866 |
|
|
Other Current Liabilities |
125.724
|
830.345 |
|
|
|
Provisions |
39.645
|
59.726
|
74.816 |
|
Total
Current Liabilities |
869.952
|
974.387 |
1038.682 |
|
|
Net Current Assets |
4161.141
|
4802.290 |
1955.672 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9422.208 |
8466.792 |
4898.927 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 (15Months) |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12393.434 |
7274.704 |
7814.892 |
|
|
|
Other Income |
24.150 |
10.123 |
9.948 |
|
|
|
TOTAL (A) |
12417.584 |
7284.827 |
7824.840 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of material Changes in inventories |
9496.032 |
5020.750 |
|
|
|
|
Manufacturing Service Costs |
717.613 |
433.368 |
|
|
|
|
Employee related expenses |
565.554 |
367.911 |
|
|
|
|
Administrative Selling other Expenses |
534.111 |
478.257 |
|
|
|
|
Research and Development Expenditure |
2.835 |
2.240 |
|
|
|
|
TOTAL (B) |
11316.145 |
6302.526 |
6982.431 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1101.439 |
982.301 |
842.409 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
731.869 |
477.424 |
348.936 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
369.570 |
504.877 |
493.473 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
315.616 |
186.580 |
167.317 |
|
|
|
|
|
|
|
|
|
Less |
Exceptional
income Expenses |
0.000 |
79.892 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
53.954 |
238.405 |
326.156 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.618 |
71.513 |
66.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
39.336 |
166.892 |
259.856 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
525.074 |
434.500 |
282.171 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On Preference Shares |
23.251 |
19.828 |
21.600 |
|
|
|
On Equity Shares |
|
28.309 |
27.533 |
|
|
|
Corporate Dividend Tax |
|
8.181 |
8.394 |
|
|
|
General Reserve |
|
20.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
541.159 |
525.074 |
434.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3434.897 |
1121.509 |
1720.395 |
|
|
|
Earnings Per
Share (Rs.) |
1.15 |
5.08 |
8.52 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 (15Months) |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.31
|
2.29
|
3.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.44
|
3.28
|
4.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.58
|
2.73
|
6.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.13
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.54
|
4.13
|
3.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.78
|
5.93
|
2.88 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
No |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
SUNDRY CREDITORS
DETAILS
Rs.
in Millions
|
Particular |
30.06.2011 (15Months) |
31.03.2010 |
31.03.2009 |
|
Creditors due small micro enterprises |
704.583 |
843.160 |
963.866 |
|
|
|
|
|
Contingent Liabilities (not provided for):
(Rs. In millions)
|
Particulars |
30.06.2011 (15Months) |
31.03.2009 |
|
Sales tax |
NA |
4.431 |
|
Excise duty/service tax |
13.367 |
25.354 |
|
Bank Guarantee |
72.883 |
22.309 |
|
Export obligation |
NA |
84.800 |
Note:
The Registered Office of the company shifted from Fazalbhoy building,
45/47,
Operation:
The company's Net Sales turnover increased by 5118.700 Millions in Financial Year (FY) 2010-11. The increase in turnover was mainly because of increase in the company's Ethyl Acetate
sales by more than 37,000 MT in FY 2010-11 an increase of 35%
over previous year, increase in exportable power by 47,102 MWH an increase of
77% in FY 2010-11 over FY 2009-10, increase in production of Fuel Ethanol Plant
and Extra Neutral Alcohol (ENA) and considering accounting period of 15 Months
for FY 2010-11 compared to 12 Months for FY 2009-10. During the year the
company recorded a Net Profit before tax of Rs. 54.000 Millions in FY 2010-11
against profit of Rs.318.200 Millions in FY 2009-10. This was mainly because
all sugar companies in
The weightage of its Sugar unit's share in total revenue reduced from 58% in FY 2009-10 to 50% in FY 2010-11.
Export Oriented Unit
The company has converted its chemical unit at Sakarwadi into 100% Export Oriented Unit (EOU) from 1st July, 2011. The unit would now be able to enjoy the following benefits:-
1. Raw materials required including packing material and consumables will be allowed to be imported duty free without any import
license.
2. Raw Material purchased locally will be exempted from Central Excise Duty.
3. Import of capital goods, plant and machinery laboratory equipment etc. without payment of custom duty and without import license
requirements.
4. Concession in the Electricity Duty and Central Sales Tax payment.
All the above benefits would enable the Chemical Division to be cost effective. The EOU status would also provide the unit better standing in the world market
Sugar:
Indian Sugar Industry
Scenario for the Season 2009-10 and 2010-11
Indian sugar season Year 2010-11 started with estimates of higher production, lower stock and lower sugar prices. After two consecutive years of low sugar production of 14.6 MMT and 18.9 MMT in Sugar seasons 2008-09 and 2009-10 respectively; the sugar production in the country has bounced back to 24.4 Million MT in 2010-11.
The 30% increase in
production was due to increased sugarcane plantation followed by higher cane
prices paid in Sugar Season 2009-10. This resulted in higher crushing and thus
higher production of sugar in Sugar Season 2010-11. The World sugar prices were
at all time high during late 2009 which caused large increase in sugar prices
in
The sugar season 2010-11 started with a conservative
approach by all sugar manufacturers. The sugarcane availability was better than
that in 2009-10. The total sugar production was about 24.4 Million MT. In order
to support the local prices with the comfortable sugar availability the
Government of India started allowing exports of sugar in small tranches to
support the domestic prices.
Policy initiatives by
the Government of
The Government policy to bridge the large gap in supply and demand of about 7-8 MMT in 2008-09 and 2009-10 had shown its effect on sugar production in Sugar Season 2010-11. With the increase in the sugar production in Sugar Season 2010-11; the Government rolled back its levy sugar procurement from 20% to 10%. The bleeding sugar sector got a little support from this policy shift of the government.
Cane crushing:
The company has crushed 16.93
In FY 2010-11 the season started late and crushing commenced from November 2010 as compared to last year of September in 2009-10. The crushing season was delayed due to
a. Late monsoons which made harvesting difficult.
b. Expansion programmes: The Factory was implementing two major Expansion programmes in Sugar and Cogeneration division. TheCogeneration Project was successfully commissioned from January 2011. However the Sugar Modernisation and Expansion Project could not achieve the desired results due to technical problems with the new boiling house. These issues have since been resolved and they expect to achieve the full capacity from the forthcoming season.
Sugar production
The total sugar production for the Sugar Season 2010-11 was 1.934 Millions quintals against total sugar production of 19.26 Lac quintals in sugar season 2009-10 at Sameerwadi unit. The total sugar produced inclusive of leased factory during the season 2009-10 was 2.395 Million Quintals. This leased factory was handed back to its management after completing five years of tenure as per the lease agreement.
The sugar production at Sameerwadi for Sugar Season 2010-11 was almost same as Sugar Season 2009-10 inspite of lower cane crushing.
This was possible because the company was able to achieve higher sugar recovery 11.43% in Sugar Season 2010-11 against 11.04% in sugar season 2009-10.
Estimates for the
season 2011-12
The Indian sugar production in 2011-12 is projected at over
25 MMT. The World sugar scenario is still looking weak as
Cogeneration Plant
Expansion:
The company has successfully installed new cogeneration plant of 21.56 MW with high pressure and high temperature boiler with back pressure turbine at Sameerwadi in January 2011. The plant was constructed and commissioned within short period of 15 Months. The total installed capacity with installation of new Cogen plant is 45.5 MW. With the existing Cogen plant of 24 MW and new plant of 21.56 MW the company can export 25 MW during the season. The new Cogen plant would meet the additional steam and power requirement of sugar unit due to increase in its crushing capacity from 10,000 TCD to 15,000 TCD. The steam and power cost of sugar unit is expected to be lower because of better efficiency boilers being used to generate steam for sugar and distillery unit. This would help the company to substantially improve its bottom line in FY 2011-12.There is further scope of adding Third phase of Cogeneration Plant. The company is exploring configuration options for the same
Operations:
The company was able to increase its power generation and exports substantially over FY 2009-10 due to its new Cogen plant expansion. The average sales realization for FY 2010-11 (15 Months) was Rs. 5,275/ MWH against Rs. 5,117/ MWH in FY 2009-10.
Carbon Credits
The company has applied for Carbon Credits with UNFCCC (Second Crediting Period of Seven years, the first crediting period expired in
31.03.2009) and the same can be expected in the next Financial Year (2011-12).
Renewable Energy
Certificates (RECs)
REC's are going to be implemented in
Chemical Industry
Scenario:
The FY 2010-11 was very exciting and fulfilling for the Distillery and Chemical unit. The higher sugarcane availability in Sugar Season 2009-10 and subsequently in Sugar Season 2010-11 helped to ease the higher Molasses prices from around Rs. 5,000/Mt to Rs. 3,500 4,000/Mt.
Due to continuous rise in crude oil prices, the prices of
petrochemicals including solvents (MEK, MIBK, Acetone, Butanol) manufactured
from this route have risen sharply. Hence in the last one year prices of
chemicals manufactured by them have firmed up. Since the company manufactures
agro based chemicals rather than petro based chemicals it has a cost advantage
over its peers. Thus Ethyl Acetate, the main solvent manufactured
from Ethanol has become more competitive vis--vis the other solvents
manufactured from petrochemicals.
The Fuel Ethanol Blending Programmed:
The Government of India based on
recommendation of Expert Committee and Empowered Group of Ministers (EGOM)
fixed the Ethanol price at Rs. 27/Ltr for blending with petrol. The higher
international crude prices made the blending of ethanol commercially attractive
for Oil Marketing Companies (OMC) at the price of Rs. 27/Ltr. The OMC lifted
about 365.000 Millions Ltrs of Fuel ethanol to blend with petrol (Highest in
last 5 yrs). The demand for Fuel ethanol by OMC increased the demand for
industrial alcohol which lead to higher alcohol prices in the market. This
resulted in increase in the input cost for alcohol based chemicals but still
the cost was lower than those produced using petroleum route.
Ethyl Acetate Expansion
The company continues to be a
leader in Ethyl acetate business and is one of the largest producers in
Operations:
The Chemical unit at Sakarwadi
produced 85,000 MT Ethyl Acetate FY 2010-11 (15 Months) and 64,300 MT FY
2010-11 (12 Months) against 47,897 MT in FY 2009-10 (12 Months). The increase in
production was about 78% compared to last year. The company also produced Extra
Neutral Alcohol and Fuel ethanol at its Distillery unit at Sameerwadi.
Increase in Turnover:
The turnover of Distillery
division increased from Rs.516.400 Millions for FY 2009-10 to Rs.1238.000
Millions for FY 2010-11 (15 Months).The more than 2 fold increase was mainly
due to higher Extra Neutral Alcohol (ENA) production of 16.400 Millions Ltrs in
FY 2010-11 against ENA production of 69 Lac Ltrs in FY 2009-10. This was
achieved due to completion of Distillery expansion and ENA plant expansion from
Dec 2010. The company also supplied 96 Lac Ltrs of Fuel Alcohol (Ethanol) to
OMC's under Ethanol Blending Programme. The higher sales Quantity and higher
selling prices of ENA and Fuel Ethanol helped the company to realize higher
turnover.
The chemical divisions turnover
increased from Rs.2170.400 Millions in FY 2009-10 to Rs.4389.700 Millions in FY
2010-11 (15 Months) . The total sales turnover of Distillery and Chemicals
division increased from Rs. 2686.800 Millions from FY 2009-10 to Rs.5627.700
Millions for FY 2010-11 (15 Months)
Export Oriented Unit:
From 1st July, 2011, the chemical
division at Sakarwadi,
Products
The company produces various
grades of Alcohol viz Beverage Grade (ENA), Absolute alcohol for blending with
gasoline and Industrial Grade alcohol for manufacturing chemicals. The company
during the year produced Extra Neutral Alcohol (ENA) and Fuel Ethanol to meet
the contractual requirement at its Sameerwadi unit. The company also
manufactures alcohol based chemicals like Ethyl Acetate, Aldehyde,
Crotonaldehyde, MPO, etc
Projects
The companys R and D team has always strived to research new technologies that would add basket of products which use molasses and alcohol as feedstock and would contribute to the company's Bottom- line.
The company has in-house pilot plant facilities at Sameerwadi for making these chemicals. Once the products are successfully test marketed; the company plan to commercialize the production of these identified products.
The company's goal is to derive maximum value out of the sugarcane it processes. They are, therefore, exploring various possibilities of manufacturing different chemicals, which use sugarcane juice, bagasse, molasses and sugar as feedstock.
Form 8
|
Corporate
identity number of the company |
U67120MH1956PLC009707 |
|
Name of the
company |
GODAVARI BIOREFINERIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Somaiya Bhavan, 45/47, Email: gupta@somaiya.com |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10229639 |
|
Type of charge |
Immovable Property Movable Property Book Debts (not being pledge)) Others |
|
Particular of
charge holder |
Bank of India Lead Bank Mumbai Large Corporate Branch, Oriental Building,
Gr. Floor,
364, D. N. Road, Fort, 6 Mumbai-400023, Maharashtra, India |
|
Nature of instrument
creating charge |
First
Supplemental Joint Deed of Hypothecation. |
|
Date of
instrument Creating the charge |
03.04.2012 |
|
Amount secured by
the charge |
Rs. 2535.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : Commission and/or
interest as per sanction letters/security documents of the said banks/BOI
Consortium. Terms of Repayment : On Demand Margin Margin as per
sanction letters/security documents of the said banks/BOI Consortium. Extent and Operation of the charge: Continuing
security of Hypothecation for repayment of WC limits aggregating Rs.2350.000
Millions and TLs aggregating Rs.185.500 Millions (Total Rs.2535.500 Millions) by way of (A) 1st pari passu charge on
assets mentioned in Col No.15 (1) , (B) by way of 2nd pari passu charge on
assets m Others: (A) Security by
simple mortgage of immovable property of the company at Sameerwadi to secure repayment
of WC limits aggregating Rs.1330.000 Millions and revised TLs aggregating
Rs.185.500 Millions (Total Rs.1515.500 Millions) by way of 2nd pari passu
charge (B) by way of 2nd pari passu charge subject to1st charge and1st
Subservient charge holders on
Sakarwadi Property to secure repayment of WC limits aggregating Rs.1330.000
Millions |
|
Short particulars
of the property charged |
1)The whole of
the current assets of borrower namely stocks of RM, SIP, Semi finished and
finished goods, raw sugar, Molasses, stores/spares not relating to P and M
(Consumable stores and spares) Bill
receivables, subsidy receivable and book debts and all other movables,
bagasse, coal, fire wood and other fuel situated at Sameerwadi (Karnataka),as
per the First Schedule of First Supple Jt. Deed of Hypo 2)The whole of
the movable properties of borrower including its movable Plant and Machinery
, Machinery spares , tools and
accessories and other movables both present and future (save and except
current assets/ Book Debts and
agricultural assets and assets specifically charged) pertaining to its Sugar
Division , co-generation division and distillery division at Sameerwadi ,
Tal. Mudhol,Dist. Bagalkot (Karnataka) 3)The whole of
the movable properties of borrower including its movable Plant and Machinery,
Machinery spares, tool sand accessories and other movables both present and future (save and
except current assets/Book Debts and agricultural assets and assets
specifically charged) pertaining to its Chemical Division at Sakarwadi,
Village Wari , Tal.Kopargaon , Dist Ahamadnagar or wherever else. (4) Simple
mortgage of Sameerwadi property (5) Simple
mortgage of Sakarwadi Property |
|
Particulars of
the present modification |
First pari passu
charge on immovable properties of Sameerwadi, Karnataka as per Third Schedule
and First subservient charge on immovable properties of Sakarwadi, |
|
Date of
instrument modifying the charge |
03.02.2011 |
|
Particulars of
the present modification |
The principal
amount of first pari passu charge on hypothecated assets mentioned in Col.15
(1) - Whole of the Current Assets including book debts etc. at sameerwadi is
enhanced from Rs.1330.000 Millions to Rs.2350.000 Millions |
Fixed Assets
- Land
- Building
- Plant and Machinery
- Office Equipments
- Motor vehicles
- Patent
AS PER WEB SITE DETAILS
PROFILE
The Godavari Sugar Mills Ltd., incorporated in 1939, has
been demerged to Godavari Biorefineries Ltd. as per High Court order dated 20.03.2009.
Godavari Biorefineries Ltd. promoted by Late Shri. Karamshibhai Jethabhai
Somaiya (Padmabhushan) and his son, Dr. Shantilal Karamshibhai Somaiya, was
incorporated in 1939 and has been contributing to the industrial development of
It has plants located in the states of Karnataka and
Maharashtra in
The Company is one of the few sugar companies entirely using ERP (SAP). It has employed modern technology in its operations, processes and systems. The company has been internationally recognized in the past for its sugarcane yields, which were the highest in the world. The quality of its sugar is also comparable to the best and therefore fetches premium in the market. The Company has an approved Agricultural Research Institute K. J. Somaiya Institute of Applied Agricultural Research (KIAAR) at Sameerwadi, which works closely with other sugarcane research institutes and the farming community in developing better and newer varieties of cane. The company has two Council of Scientific and Industrial Research(CSIR) recognized Research centers working on areas of Process technology, Product improvement, New product development, Recovery improvement and Cost reduction
SISSTA
award for highest crushing during 2007-08.
Received Highest Crushing Award for 2007-2008 Season for Karnataka region from
The South Indian Sugarcane and Sugar Technologists Association.
ICC award
for corporate social responsibility 2005-06.
In recognition of the contribution made by the company in Corporate Social
responsibility, The Indian Chemical Council conferred upon the company The
Special Citation for Social responsibility for the year 2005-06.
NASEOH
award for outstanding employer for the disabled employees.
National Society for Equal Opportunities for the Handicapped (NASEOH), Mumbai
has selected Godavari Biorefineries Ltd. for Outstanding Employer of the
Disabled Award for the year 2007.
SHRI SAMIR S. SOMAIYA - Chairman and Managing Director
Chairman and Managing Director of the Company aged 42 years having more than 15
years of experience in the field of Sugar, Chemical and Power. He is Bachelor
of Chemical Engineering and a Master of Chemical Engineering. He has also done
his Masters in Business Administration from
He is LLB having more than 35 years of experience in the field of Sugar Industry.
He is a well-known person in Sugar Industry. Associated with Apex body of
Co-operative Sugar Factories, namely National Federation of Co-operative Sugar
Factories and also Sugar Industry Export Import Corporation (Exim), a body
jointly formed by Co-operative as well as Joint Stock Sugar Factories for
Export/Import of Sugar. He is past President of both the Association.
PROF. ROOSHIKUMAR V. PANDYA - Independent Director
Shri Rooshi Kumar Pandya is B.A. (Hons.), M.A. (USA), M.A. (
SHRI B.R. BARWALE - Independent Director
He is Chairman of Mahyco Vegetable Seeds Ltd. and Maharashtra Hybrid Seeds Co.
Ltd. He has rich experience in agriculture. He is being Director and Member on
many Companies and Committees providing his guidance. He has widely traveled
abroad and expert in the field of agriculture
SHRI KAILASH PERSHAD - Independent Director
He is an Engineer having more than 38 years of experience in field of Finance.
Previously he was associated with ICICI Ltd. He was involved in Financial
Restructuring of many Companies during his tenure with ICICI Ltd. At present he
is working as independent Consultant to many big Corporates
DR. K. V. RAGHAVAN - Independent Director
Dr. K. V. Raghavan is B. Tech (Chemical Engg.), M.S. (Reaction Engg.) Ph. D.
(Mathematical Modeling and Simulation), Diploma in German and have more than 30
years of experience as a technocrat. At present he is Chairman of Recruitment
and Assessment Centre, Defence Research and Development Organisation, Ministry
of Defence,
SHRI ANIL KUMAR JAISWARA - Nominee Director IDBI
He is a Nominee Director of the Company from IDBI Bank Ltd. He is B.Com. and
Certified Associate of Indian Institute of Bankers (CAIIB). He possesses rich
experience in the field of Banking and Finance. He has been associated with
IDBI Bank Ltd. for over 21 years
SHRI Vinay Joshi - Executive Director
Mr.Vinay Joshi is a Post Graduate in Commerce from
He is currently on the Board of Directors of various Companies in the field of
Chemicals, Sugar Trading, Food Processing and Book Publications.
He has successfully managed mergers, consolidation and acquisitions proposals
in the fields of Sugar, Ethanol and Ethanol- based Chemicals.
He has represented Somaiya Group at various National bodies including
Industries Association, Chambers of Commerce and various Govt. authorities. He
is widely traveled and has represented Somaiya Group at various International
Forums
SHRI S N BABLESHWAR - Director (Works)
Shri Shrinivas Narayanrao Bableshwar is a B. Sc. (Chemistry), Post Graduate
Diploma in Sugar Technology (ASNI),
Shri Bableshwar has served as a Technical Officer with renowned consultancy
firm namely M/s. J. P. Mukherjee and Associates, Pune for a brief period of Two
years from 1978- 1980.
Shri Bableshwar has been associated with the Organization for last 40 years.
During his association with organization he hold many positions such as Lab
Chemist, Lab Incharge, Mfg. Chemist, Dy. Chief Chemist, Chief Chemist, General Manager
(Manufacturing) and CTO (process) over the last four decades before being
elevated to the position of Director (Works).
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 Intl
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 companys 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.55.73 |
|
|
1 |
Rs.87.26 |
|
Euro |
1 |
Rs.69.89 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
This score serves as a reference to assess SCs 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.