1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Bannari Amman Sugars Limited |
Principal Name 1 |
Mr. S V
Balasubramaniam |
|
Status |
Good |
Principal Name 2 |
Mr. V Venkata Reddy |
|
|
|
Registration # |
18-001358 |
|
Street Address |
1212, Trichy Road, Coimbatore – 641018, Tamilnadu, India |
||
|
Established Date |
01.12.1983 |
SIC Code |
-- |
|
Telephone# |
91-422-2302277 (10 Line) |
Business Style 1 |
Manufacture |
|
Fax # |
91-422-2309999/ 2305599 |
Business Style 2 |
Distribution |
|
Homepage |
Product Name 1 |
Sugar |
|
|
# of employees |
1830
(Approximately) |
Product Name 2 |
Bio-Compost |
|
Paid up capital |
Rs.114,397,000/- |
Product Name 3 |
Power |
|
Shareholders |
Shareholding of
Promoter and Promoter Group- 54.72%, Public Shareholding- 45.28% |
Banking |
Punjab
National Bank |
|
Public Limited Corp. |
Yes |
Business Period |
29 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
A (70) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Other
Related Party |
-- |
Bannari Amman Exports Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,403,260,000 |
Current Liabilities |
2,087,420,000 |
|
Inventories |
6,127,276,000 |
Long-term Liabilities |
4,256,680,000 |
|
Fixed Assets |
6,858,924,000 |
Other Liabilities |
1,133,156,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
7,477,256,000 |
|
Invest& other Assets |
237,726,000 |
Retained Earnings |
8,035,533,000 |
|
|
|
Net Worth |
8,149,930,000 |
|
Total Assets |
15,627,186,000 |
Total Liab. & Equity |
15,627,186,000 |
|
Total Assets (Previous Year) |
15,710,476,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
11,841,084,000 |
Net Profit |
1,056,699,000 |
|
Sales(Previous yr) |
8,238,539,000 |
Net Profit(Prev.yr) |
530,614,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
BANNARI AMMAN SUGARS LIMITED |
|
|
|
|
Registered
Office : |
1212, Trichy Road, Coimbatore – 641018, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.12.1983 |
|
|
|
|
Com. Reg. No.: |
18-001358 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.114.397
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15421TZ1983PLC001358 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBB03043F/
CMBB03038A/ CMBB03064F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB8933G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of
Sugar, Industrial/Potable Alcohol, Bio-Compost, Granite Products and
Generation and Distribution of Power. |
|
|
|
|
No. of Employees
: |
1830 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 33000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having a fine
track record. Financial position of the company appears to be sound. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities (AA-) |
|
Rating Explanation |
High degree of safety, it carry very low
credit risk. |
|
Date |
14.02.2012 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities (A1+) |
|
Rating Explanation |
Highest degree of safety, it carry lowest
credit risk. |
|
Date |
14.02.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/
Corporate Office : |
1212, Trichy Road, Coimbatore – 641018, Tamilnadu, India |
|
Tel. No.: |
91-422-2302277 (10 Line) |
|
Fax No.: |
91-422-2309999/ 2305599 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sugar Unit-I
Co-Generation Bio-Diesel and Granite Processing : |
Alathukombai,
Sathyamangalam, Erode District – 638401, Tamilnadu, India |
|
Tel. No.: |
91-4295-220363/
220387 |
|
Fax No.: |
91-4295-222362/
220695 |
|
E-Mail : |
|
|
|
|
|
Sugar Unit- II
and Co-Generation : |
Alaganchi, Nanjangud, Mysore District
– 571301, Karnataka, India |
|
Tel. No.: |
91-8221-235042/ 235045/ 228855 |
|
Fax No.: |
91-8221-235014 |
|
E-Mail : |
|
|
|
|
|
Sugar Unit- III |
Kunthur Village, Kollegal, Chamrajnagar District
– 571440, Karnataka, India |
|
Tel. No.: |
91-8224-261277 |
|
Fax No.: |
91-8224-261333 |
|
E-Mail : |
|
|
|
|
|
Sugar Unit- IV and
Co-Generation : |
Kolundanpattu
Village, Thandarampattu, Tiruvannamalai District – 606706, Tamilnadu, India |
|
Tel. No.: |
91-4188-248571/
72/ 73 |
|
Fax No.: |
91-4188-248200 |
|
E-Mail : |
|
|
|
|
|
Granite Division: |
100 % EOU
Alathukombai Sathyamangalam – 638401,
Tamilnadu, India |
|
Tel. No.: |
91-4295-220363,
220 |
|
Fax No.: |
91-4295-220695 |
|
E-Mail : |
|
|
|
|
|
|
|
|
Distillery : |
· Alaganchi Village, Mysore District, Karnataka, India ·
Chinnapuliyur,
Periapuliyur Post 638455, Bhavani Taluk, Erode District, Tamilnadu, India |
|
Tel. No.: |
91-4256-236730 |
|
Fax No.: |
91-4256-230303 |
|
Email : |
|
|
|
|
|
Bio-Compost Unit : |
·
Alganchi Village, Mysore District, Tamilnadu,
India · Modur, Arakkankottai, Gobichettipalayam TK, Erode District – 638506, Tamilnadu, India |
|
Tel No.: |
91-4285-252510/ 252110 |
|
Email : |
|
|
|
|
|
Bio Diesel Plant : |
Alathukombai, Sathyamangalam, Erode District
– 638401, Tamilnadu, India |
|
Tel. No.: |
91-4295-220363/ 220387 |
|
Fax No.: |
91-4295-220695 |
|
Email : |
|
|
|
|
|
Wind Mills : |
Radhapuram Irukkandurai and Karunkulam Villages Thirunelveli District Tamilnadu, India |
|
|
|
|
Branch Office : |
Located at ·
Chennai ·
·
|
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Mr. S V
Balasubramaniam |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. V Venkata Reddy |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. B Saravanan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. A K
Perumalsamy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. E P
Muthukumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S V Alagappan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S V Arumugam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. T Gundan |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. M. P. Vijaykumar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. C Palaniswamy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1837535 |
16.06 |
|
|
4422741 |
38.66 |
|
|
6260276 |
54.72 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
6260276 |
54.72 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
230 |
0.00 |
|
|
2770 |
0.02 |
|
|
22392 |
0.20 |
|
|
25392 |
0.22 |
|
|
|
|
|
|
|
|
|
|
1151407 |
10.07 |
|
|
|
|
|
|
|
|
|
|
1073602 |
9.38 |
|
|
2448758 |
21.41 |
|
|
480265 |
4.20 |
|
|
1377 |
0.01 |
|
|
110102 |
0.96 |
|
|
45000 |
0.39 |
|
|
155486 |
1.36 |
|
|
164484 |
1.44 |
|
|
3816 |
0.03 |
|
|
5154032 |
45.05 |
|
|
|
|
|
Total Public
shareholding (B) |
5179424 |
45.28 |
|
|
|
|
|
Total (A)+(B) |
11439700 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
11439700 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacture of
Sugar, Industrial/Potable Alcohol, Bio-Compost, Granite Products and
Generation and Distribution of Power. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1830 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Punjab National Bank ·
Bank of ·
Canara Bank ·
The Federal Bank Limited ·
The Karur Vysya Bank Limited ·
Union Bank of ·
Indian Overseas Bank ·
State Bank of Travancore ·
State Bank of ·
State Bank of ·
Bank of ·
The Lakshmi Vilas Bank Limited ·
Axis Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
-----------------------------------------------------------------------------------------
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P
N Raghavendra Rao and Company Chartered Accountants |
|
|
|
|
Internal
Auditors : |
|
|
Name 1 : |
Srivatsan
and Gita Chartered
Accountants |
|
|
|
|
Name 2
: |
Bakthavachalam
and Company Chartered
Accountants |
|
|
|
|
Cost
Auditor : |
|
|
Name : |
M
Nagarajan Cost Accountant |
|
|
|
|
Sister Concern : |
· Shiva Texyarn Limited 252, Mettupalaym Road, Coimbatore – 641043, Tamilnadu, India Tel No.: 91-422-450045 Fax No.: 91-422-431199 |
|
|
|
|
Enterprises
over which Key management personnel or their relatives are able to exercise
significant influence: : |
· Annamallai Retreading Company (Private) Limited · Annamallai Enterprise (Private) Limited · Bannari Amman Spinning Mills Limited · Bannari Amman Exports Limited · Madras Sugars Limited · Shiva Cargo Movers Limited · Shiva Distilleries Limited · Vedanayagam Hospital Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs.10/- each |
Rs.290.000 Millions |
|
2100000 |
Redeemable Preference Shares |
Rs.100/-
each |
Rs.210.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11439700 |
Equity Shares |
Rs.10/- each |
Rs.114.397
Millions |
|
|
|
|
|
A. Reconciliation of the shares outstanding at the
beginning and at the end of the reporting period
|
Particulars |
AS AT 31.3.2012 |
|
|
No. of Shares |
(Rs. in Millions) |
|
|
Equity shares |
|
|
|
At the beginning of the period |
11439700 |
114.397 |
|
At the end of the period |
11439700 |
114.397 |
B. Details of shareholders holding more than 5%
shares in the company
|
Name of the
Shareholder |
AS AT 31.3.2012 |
|
|
No. of Shares |
% of Holding |
|
|
|
|
|
|
S V Balasubramaniam |
1056232 |
9.23 |
|
Shiva Distilleries Limited |
3948013 |
34.51 |
C. Terms / rights attached to equity shares
The company has
issued only one class of equity shares having face value of Rs.10/- each. One
equity share carries one vote. The members are entitled to vote in accordance with
their shareholding. The Company declares and pays dividend in Indian rupees.
The dividend recommended by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
114.397 |
114.397 |
114.397 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8035.533 |
7127.333 |
6730.116 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8149.930 |
7241.730 |
6844.513 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2509.892 |
2599.271 |
1966.392 |
|
|
2] Unsecured Loans |
1746.788 |
2627.399 |
216.133 |
|
|
TOTAL BORROWING |
4256.680 |
5226.670 |
2182.525 |
|
|
DEFERRED TAX LIABILITIES |
884.194 |
919.089 |
840.079 |
|
|
|
|
|
|
|
|
TOTAL |
13290.804 |
13387.489 |
9867.117 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6858.924 |
7140.635 |
7146.360 |
|
|
Capital work-in-progress |
231.029 |
207.566 |
224.103 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.697 |
7.494 |
38.978 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6127.276
|
5279.526
|
2665.746 |
|
|
Sundry Debtors |
942.874
|
992.903
|
449.148 |
|
|
Cash & Bank Balances |
47.502
|
48.826
|
55.823 |
|
|
Other Current Assets |
153.709
|
197.976
|
255.705 |
|
|
Loans & Advances |
1259.175
|
1835.550
|
1437.963 |
|
Total
Current Assets |
8530.536
|
8354.781
|
4864.385 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
923.668
|
0.000
|
0.000 |
|
|
Other Current Liabilities |
1163.752
|
1545.273
|
1687.605 |
|
|
Provisions |
248.962
|
777.714
|
719.104 |
|
Total
Current Liabilities |
2336.382
|
2322.987
|
2406.709 |
|
|
Net Current Assets |
6194.154
|
6031.794
|
2457.676 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13290.804 |
13387.489 |
9867.117 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11841.084 |
8238.539 |
8770.399 |
|
|
|
Other Income |
32.274 |
77.312 |
89.793 |
|
|
|
TOTAL (A) |
11873.358 |
8315.851 |
8860.192 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Purchased |
7922.338 |
6566.601 |
4299.538 |
|
|
|
Trade Goods Purchased |
40.647 |
3.395 |
0.000 |
|
|
|
Manufacturing and other expenses |
0.000 |
2742.763 |
1971.077 |
|
|
|
Excise Duty on stock |
0.000 |
80.492 |
(79.989) |
|
|
|
Stock Adjustment |
(763.570) |
(2568.190) |
235.749 |
|
|
|
Employee Benefits Expenses |
532.395 |
0.000 |
0.000 |
|
|
|
Other Expenses |
1841.748 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
9573.558 |
6825.061 |
6426.375 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2299.800 |
1490.790 |
2433.817 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
507.785 |
221.565 |
53.034 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1792.015 |
1269.225 |
2380.783 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
667.692 |
708.308 |
383.406 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1124.323 |
560.917 |
1997.377 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
67.624 |
30.303 |
561.044 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1056.699 |
530.614 |
1436.333 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
126.245 |
173.178 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
410.000 |
1350.000 |
|
|
|
Dividend |
NA |
114.397 |
114.397 |
|
|
|
Tax on Dividend |
NA |
19.000 |
19.442 |
|
|
|
Provision for Diminution in Value of
Investment |
NA |
0.000 |
(0.573) |
|
|
|
Capital Redemption Reserve |
NA |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
113.462 |
126.245 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1880.934 |
693.523 |
340.756 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Sugar |
0.000 |
1472.675 |
975.439 |
|
|
|
Components and Spares Parts |
102.011 |
79.655 |
47.650 |
|
|
|
Capital Goods |
8.147 |
40.679 |
240.532 |
|
|
TOTAL IMPORTS |
110.158 |
1593.009 |
1263.621 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
92.37 |
46.38 |
125.56 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3625.300 |
2994.200 |
3388.300 |
|
Total Expenditure |
2979.100 |
2163.700 |
2731.500 |
|
PBIDT (Excl OI) |
646.200 |
830.500 |
656.800 |
|
Other Income |
4.700 |
1.000 |
1.200 |
|
Operating Profit |
650.900 |
831.500 |
658.000 |
|
Interest |
144.800 |
97.800 |
98.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
506.100 |
733.800 |
559.300 |
|
Depreciation |
146.900 |
151.300 |
152.700 |
|
Profit Before Tax |
359.300 |
582.400 |
406.600 |
|
Tax |
77.200 |
80.800 |
26.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
282.000 |
501.700 |
379.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
282.000 |
501.700 |
379.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.90
|
6.38
|
16.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.50
|
6.80
|
22.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.31
|
3.62
|
16.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.08
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.52
|
0.72
|
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.65
|
3.60
|
2.02 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
REVIEW OF
OPERATIONS
SUGAR DIVISION
During
the financial year 2011-12 the company had crushed 34.61 lakh tonnes of cane
compared to 25.85 lakh tonnes in the previous year. The recovery had increased
in all the sugar units. The volume of sugar sales had also increased
substantially which yields improved results. The stock of sugar continues to be
at high levels resulting in increased finance costs.
Out
of four sugar plants three sugar plants are integrated with Co-generation
facilities. The company is planning to establish a 20 MW Co-generation plant in
its sugar factory at Kunthur Village, Karnataka besides expanding the crushing
capacity from 2500 TCD to 3600 TCD. Effective use of by-products has ensured
significant value addition. In spite of unfavourable monsoon the company is
expected to maintain sugar cane crush at 35 lakh tonnes. Any increase in sugar
price would benefit the company.
CO-GENERATION OF POWER
The
Co-generation plants had generated 419.80 million units of power and exported 291.98
million units of power to grids compared to the generation of 409.64 million
units and export of 291.06 million units in the previous year. Continuous delay
in making payments by the State grids significantly affects the liquidity
position of the company
DISTILLERY DIVISION
During
the year the distillery units had produced 28.55 million B. Ltrs of Alcohol as
against 25.95 million B.Ltrs in the previous year
GRANITE DIVISION
In the Granite Processing Unit 119397 square metres of
Granite Slabs and 16727 square metres of Tiles were produced compared to
production of 110667 square metres of Granite Slabs and 13675 square metres of
Tiles in the last year.
WIND MILL
Wind
Mills had generated 14.38 million units of power and exported 12.78 million units
to grid compared to the generation of 15.12 million units and export of 13.27
million units.
PROSPECTS FOR THE CURRENT YEAR 2012 – 2013
It
is estimated to crush 35 lakh tonnes of Sugarcane in aggregate. It is estimated
to produce 160 Lakh B. Ltrs of alcohol in the Distillery Unit in Tamilnadu and
150 Lakh B. Ltrs of alcohol in Distillery Unit in Karnataka. The working
results of the Company are expected to be satisfactory.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
WORLD
SUGAR INDUSTRY
The International
Sugar Organisation (ISO) estimates world sugar production at 173 million tonnes
and consumption at 168 million tonnes for the season (Oct-Sep) 2011-12.
Compared to last season, a marginal surplus is registered in the world
production.
International
sugar prices have been volatile. With major sugar producers such as Brazil,
India and Thailand reporting surplus output, prices have dropped from about
$784 a tonne in January 2011 to about $650 in December, 2011and now $570 in May
2012. The prices are expected to firm up.
INDIAN SUGAR PRICE
India is the
second largest producer and largest consumer of sugar in the world. About 50
million farmers and their dependants are involved in the industry. The Indian
sugar factories are located largely in rural areas and directly contributing to
rural economic development and employment. Industrial users viz. beverage,
biscuit, confectionary manufacturers are the largest consumers of Indian sugar
accounting to 65% of the Indian sugar production.
The
Indian sugar production registered a sharp increase in the last two sugar years
which was 189.12 lakh tonnes in the sugar year 2009-2010. Improved sugar
production with an opening stock of 68 lakh tonnes in the current season has
increased the sugar supply in the market. The prices may improve on
continuation of export under OGL.
CONTINGENT
LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)
CONTINGENT
LIABILITIES
The
company has preferred a Writ Appeal before the Division Bench of the Hon'ble
High Court, Madras challenging the Order pronounced in Writ Petition No.
4030/2002 dated 28.02.2006 in connection with increase in rate of water charges
and the method of computation of water charges pursuant to the G.O. No.474
dated 13.11.2001 for the water drawn for industrial purposes. The approximate
amount under dispute is Rs.36.066 Millions (Rs.35.234 Millions)
Sugar
Unit-I at Sathyamangalam was permitted to sell 100% of the sugar production as
Free Sugar for a period of 8 years from 1985-86 Sugar Season. Chief Director
(Sugar), Directorate of Sugar, Department of Food, New Delhi, has restricted
the entitlement of Free sale Sugar Incentive to 2,75,000 quintals production
per season by a subsequent notification. A Writ Petition has been filed in the
Madras High Court Challenging the restriction imposed and interim injunction
has been obtained. By virtue of injunction order the entire production was sold
as Free Sugar. The approximate unprovided quantum under dispute is Rs.68.335
Millions (Rs.68.335 Millions).
Sugar
Unit-I at Sathyamangalam was allowed to sell 100% of the sugar production as
free sugar for 8 years from
1985-86
sugar season and pay excise duty on incentive sugar as applicable to levy sugar
and to retain the difference in excise duty between levy and free sale sugar.
In respect of incentive sugar sold by Unit-I from 20.09.1991 to 31.01.1994, the
Central Excise Department has issued show cause notices to the Company to show
cause why the difference of Rs.33/- per quintal being the difference between
duty on levy sugar and free sugar should not be demanded from the Company. The
Company has filed Writ Petitions in Madras High Court and the High Court
disposed the case with direction to submit all explanations before the
adjudicating authority. Now the matter is pending before the adjudicating
authority the excise duty in dispute is Rs.14.999 Millions (Rs.14.999
Millions).
The
Entry Tax of Rs.28.754 Millions (Rs.28.478 Millions) on Inter-state purchase of
rough blocks is disputed
The Company
has received a demand for payment of excise duty for Rs.14.843 Millions on the
machineries purchased for co-generation plant which have been cleared by the
manufacturers based on the certificates alleged to have been forged by an
Official in the Ministry of Finance. The Company has remitted the amount under
protest. The company opted for obtaining a valid certificate for which steps
have been taken through a Writ Petition filed in Hon'ble High Court of Madras.
The
Company has been asked to pay Electricity Tax of 10 Paise per unit with effect
from 16th June 2003 for the electricity consumed from own captive power
generators which has been disputed by filing a Writ Petition before the Hon'ble
High Court of Madras. The approximate quantum under dispute is Rs.21.385
Millions (Rs.19.402 Millions).
The
company has preferred an appeal before the Commissioner of Income Tax
(Appeals); challenging the order of Assistant Commissioner of Income Tax in
connection with disallowance of deduction under section 80IA of the Income Tax
Act, 1961 for the assessment year 2009-10. The quantum under dispute is
Rs.69.540 Millions.
As
at the year end the Company has an obligation under EPCG Scheme to export sugar
of a value of USD 97,25,647 and to export granite of a value of USD 79,87,176.
Estimated
amount of contracts remaining to be executed on capital account - Tangible
Assets not provided for is Rs.96.787 Millions (Rs.113.456 Millions).
FIXED ASSETS:
·
Land
– Freehold
·
Land
– Leasehold
·
Buildings
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Office
Equipments
·
Live
Stock
·
Motor
Vehicles
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 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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
70 |
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.