MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GODAVARI BIOREFINERIES LIMITED (w.e.f. 10.11.2006) |
|
|
|
|
Formerly Known
As : |
GODAVARI INVESTMENT AND FINANCE CORPORATION LTMITED |
|
|
|
|
Registered Office
: |
Somaiya Bhavan, 45/47, Mahatma Gandhi Road, Fort, Mumbai – 400 001,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 (Profit and Loss Account) |
|
|
|
|
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, rectified spirit, anhydrous alcohol, fuel
alcohol, white sugar, ethanol alcohol, extra neutral alcohol, industrial
alcohol, dehydrated vegetables, dehydrated fruits. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (39) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 7331000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appears slight-dip in sales turnover. Profitability of the company
appears to be low. The external borrowings seem to be huge. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Loans: BBB- |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
April 16, 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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No. 91-22-22858430)
LOCATIONS
|
Registered Office/ Marketing Office 1 : |
Somaiya Bhavan, 45/47, Mahatma Gandhi Road, Fort, Mumbai – 400 001,
Maharashtra, India |
|
Tel. No.: |
91-22-22858430/ 40/ 50/ 59/ 22048272 |
|
Fax No.: |
91-22-22047297 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Marketing Office 2 : |
Warden House 3rd Floor, P.M. Road, Fort, Mumbai – 400 001,
Maharashtra, India |
|
Tel. No.: |
91-22-22884635/ 5631/ 4294 |
|
|
|
|
Research Department : |
K.J. Somaiya Institute of Applied Agriculture Research (KIAAR) A/P: Sameerwadi, District: Bagalkot – 587 316, Karnataka, India |
|
Tel. No.: |
91-8350-260046/ 47/ 48 |
|
Fax No.: |
91-8350-260037 |
|
|
|
|
Factory 1 : |
Sugar/ Power/
Chemicals (Sameerwad) A/P: Sameerwadi, Taluka – Mudhol, District: Bagalkot – 587 316,
Karnataka, India |
|
Tel. No.: |
91-8350-260046/ 47/ 48/ 81 |
|
Fax No.: |
91-8350-260037 |
|
|
|
|
Factory 2 : |
Chemicals (Sakarwadi) A/P: Sakarwadi, District – Ahamednagar – 413 708, Maharashtra, India |
|
Tel. No.: |
91-2423-279396/ 97/ 08 |
|
Fax No.: |
91-2423-279339 |
|
|
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Branch Office 1 : |
Bank of Baroda Building, 6th Floor, Parliament Street, New Delhi
– 110 001, India |
|
Tel. No.: |
91-11-23723351 |
|
|
|
|
Branch Office 2: |
Utility Buildings, Tower Block, 4th Floor, J.C. Road, Bangalore – 560 002, Karnataka, India |
DIRECTORS
As on 21.09.2012
|
Name : |
Mr. Samir Shantilal Somaiya |
|
Designation : |
Managing Director |
|
Address : |
‘Padmanabh’, 10, M.L. Dahanukar Marg, Mumbai – 400 026, Maharashtra,
India |
|
Date of Birth/Age : |
28.02.1968 |
|
Qualification : |
B.S. Chem. Engr. Cornell, M. Chem Engr., Cornell, MBA Cornell, MPA
Harvard |
|
Date of Appointment : |
22.06.2007 |
|
DIN No.: |
00295458 |
|
PAN No.: |
AMUPS9442C |
|
|
|
|
Name : |
Mr. Vinay Venkatesh Joshi |
|
Designation : |
Whole Time Director |
|
Address : |
C-712, Dev Deveshwar C.H.S., Teli Gali Cross Road, Andheri (East), Mumbai
– 400 069, Maharashtra, India |
|
Date of Birth/Age : |
10.03.1954 |
|
Date of Appointment : |
28.09.2010 |
|
DIN No.: |
00300227 |
|
PAN No.: |
AAHPJ2213M |
|
|
|
|
Name : |
Mr. Kailash Pershad |
|
Designation : |
Director |
|
Address : |
D-31, 5th Floor, New Chandra CHS, Opposite Reliance Fresh,
Off Veeradesai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India |
|
Date of Birth/Age : |
01.02.1940 |
|
Qualification : |
Engineer |
|
Date of Appointment : |
24.04.2009 |
|
DIN No.: |
00503603 |
|
|
|
|
Name : |
Dr. Badrinarayan Ramulal Barwale |
|
Designation : |
Director |
|
Address : |
72-B, ‘Urvashi’, Petit Estate, Nepean Sea Road, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
13.08.1931 |
|
Qualification : |
Doctor of Science (Honoris Causa) |
|
Date of Appointment : |
24.04.2009 |
|
DIN No.: |
00001479 |
|
|
|
|
Name : |
Dr. Kondapuram Vijaya Raghavan, FNAE |
|
Designation : |
Director |
|
Address : |
INAE, Distinguished Professor, Reaction Engineering Laboratory Indian
Institute of Chemical Technology, Uppal Road, Hyderabad – 500 007, Andhra
Pradesh, India |
|
Date of Birth/Age : |
01.10.1943 |
|
Qualification |
B.Tech, M.S., Ph. D. |
|
Date of Appointment : |
24.04.2009 |
|
DIN No.: |
00144054 |
|
|
|
|
Name : |
Prof. Rooshikumar Vasudev Pandya |
|
Designation : |
Director |
|
Address : |
6A, Akashganga, 89, Warden Road, Mumbai – 400 026, Maharashtra, India |
|
Qualification |
M.A. (USA), M.A. (Canada) |
|
Date of Birth/Age : |
27.03.1940 |
|
Date of Appointment : |
24.02.2009 |
|
DIN No.: |
00256957 |
|
|
|
|
Name : |
Mr. Indubhai Chaturbhai Patel |
|
Designation : |
Director |
|
Address : |
P-68, South Extension, Part II, New Delhi – 110 049, India |
|
Date of Birth/Age : |
24.11.1928 |
|
Date of Appointment : |
24.04.2009 |
|
DIN No.: |
00456456 |
|
|
|
|
Name : |
Mr. Anilkumar Ramprit Jaiswara, DGM (O) |
|
Designation : |
Nominee Director - IDBI |
|
Address : |
IDBI Bank Limited, IDBI Tower, 14th Floor, Cuffe Parade,
Mumbai – 400 005, Maharashtra, India |
|
Date of Birth/Age : |
04.04.1965 |
|
Qualification: |
B.Com, CAIIB |
|
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 – 587 316,
Karnataka, India |
|
Date of Birth/Age : |
16.06.1951 |
|
Qualification: |
B. Sc. (Chemistry), Post Graduate |
|
Date of Appointment : |
28.09.2011 |
|
DIN No.: |
05101183 |
|
|
|
|
Name : |
Dr. Paul Steffen Zorner |
|
Designation : |
Additional Director |
|
Address : |
1720, Hygeia Avenue, Encinitas, California, USA-92024 |
|
Date of Birth/Age : |
26.05.1954 |
|
Date of Appointment : |
21.09.2012 |
|
DIN No.: |
01888805 |
|
|
|
|
Name : |
Mr. Jayendra Natwarlal Shah |
|
Designation : |
Additional Director |
|
Address : |
52, Apurva Building, 5, Nepean Sea Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
07.03.1959 |
|
Date of Appointment : |
21.09.2012 |
|
DIN No.: |
00084759 |
|
|
|
|
Name : |
Mr. Werner Walfried Wutscher |
|
Designation : |
Additional Director |
|
Address : |
Wolkersbergenstrasse 172/1, Vienna, Austria-1130 |
|
Date of Birth/Age : |
03.05.1968 |
|
Date of Appointment : |
21.09.2012 |
|
DIN No.: |
06456562 |
KEY EXECUTIVES
|
Name : |
Mrs. Rutika Somdatta Pawar |
|
Designation : |
Company Secretary |
|
Address : |
201, Bashikali Nagar, Building No.1, Navghar Road, Bhayander (East),
Thane – 401 105, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1980 |
|
Date of Appointment : |
23.07.2012 |
|
PAN No.: |
AGIPR7903F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2012
Note: Shareholding details file attached.
As on 21.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
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, rectified spirit, anhydrous alcohol, fuel
alcohol, white sugar, ethanol alcohol, extra neutral alcohol, industrial
alcohol, dehydrated vegetables, dehydrated fruits. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 30.06.2011)
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Sugar |
NA |
12000 TCD |
231301 MT |
|
Power |
NA |
45.56 MWH |
166892 MWH |
|
Rectified Spirit and Extra Neutral Alcohol (ENA) |
290 KLPD |
290 KLPD |
699385 HL |
|
Ethanol |
9628 |
5245 |
-- |
|
Ethyl Acetate |
NA |
270 TPD |
85026 MT |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|||||||||||||||
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|||||||||||||||
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Bankers : |
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|||||||||||||||
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|||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Desai Saksena and Associates Chartered Accountants |
|
Address : |
Laxmi Building, 1st Floor, Sir P.M. Road, Fort, Mumbai –
400 001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD6281B |
|
|
|
|
Subsidiaries (As on 30.06.2011) : |
(CIN No.: U51900MH1998PTC113856)
|
|
|
|
|
Associates (As
on 30.06.2011) : |
(CIN No.: U74999MH1939PTC002945)
(CIN No.: U22120MH1953PLC009191)
(CIN No.: U51900MH1980PTC022692)
(CIN No.: U51109MH1948PTC006808)
(CIN No.: U15420MH1973PTC016460)
(CIN No.: U01113MH1973PTC016459)
(CIN No.: U15420MH1964PTC012992)
(CIN No.: U24110MH1960PTC011824)
(CIN No.: L24116MH1986PLC041681)
(CIN No.: U24230MH2005PLC155922)
(CIN No.: U31300RJ1961PLC001169)
(CIN No.: U22210MH1967PTC013667)
(CIN No.: U51101RJ1964PTC001181) |
CAPITAL STRUCTURE
As on 21.09.2012
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 (15
Months) |
31.03.2010 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
376.021 |
376.021 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1456.836 |
1439.351 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1832.857 |
1815.372 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
5012.845 |
4328.404 |
|
|
2] Unsecured Loans |
|
2440.940 |
2191.240 |
|
|
TOTAL BORROWING |
|
7453.785 |
6519.644 |
|
|
DEFERRED TAX LIABILITIES |
|
135.566 |
131.776 |
|
|
|
|
|
|
|
|
TOTAL |
|
9422.208 |
8466.792 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4211.100 |
2956.775 |
|
|
Capital work-in-progress |
|
1003.658 |
694.025 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
46.309 |
13.702 |
|
|
DEFERREDTAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3884.461
|
4784.833
|
|
|
Sundry Debtors |
|
247.994
|
306.507
|
|
|
Cash & Bank Balances |
|
68.089
|
124.852
|
|
|
Other Current Assets |
|
0.000
|
0.000
|
|
|
Loans & Advances |
|
830.549
|
560.485
|
|
Total
Current Assets |
|
5031.093 |
5776.677 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
704.583
|
843.160 |
|
|
Other Current Liabilities |
|
125.724
|
71.501 |
|
|
Provisions |
|
39.645
|
59.726
|
|
Total
Current Liabilities |
|
869.952 |
974.387 |
|
|
Net Current Assets |
|
4161.141
|
4802.290 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
9422.208 |
8466.792 |
|
Note:
Balance Sheet for the year 2012 is not
available only Profit and Loss Account is available.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (9 Months) |
30.06.2011 (15
Months) |
31.03.2010 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
9134.497 |
12393.433 |
7274.704 |
|
|
|
Other Income |
21.059 |
26.495 |
10.123 |
|
|
|
TOTAL (A) |
9155.556 |
12419.928 |
7284.827 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7762.194 |
8204.467 |
|
|
|
|
Purchases of stock-in-trade |
36.287 |
329.253 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(1395.241) |
552.414 |
|
|
|
|
Employee benefit expense |
391.797 |
569.049 |
|
|
|
|
Other Expenses |
1377.079 |
1663.356 |
|
|
|
|
TOTAL (B) |
8172.116 |
11318.539 |
6382.418 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
983.440 |
1101.389 |
902.409 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
628.885 |
731.869 |
477.424 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
354.555 |
369.520 |
424.985 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
251.066 |
315.616 |
186.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
103.489 |
53.904 |
238.405 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
40.961 |
14.568 |
71.513 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
62.528 |
39.336 |
166.892 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
541.159 |
525.074 |
434.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On Preference Shares |
NA |
23.251 |
19.828 |
|
|
|
On Equity Shares |
|
|
28.309 |
|
|
|
Corporate Dividend Tax |
|
|
8.181 |
|
|
|
General Reserve |
|
|
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
541.159 |
525.074 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
3434.897 |
1121.509 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.80 |
1.15 |
5.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (9 Months) |
30.06.2011 (15
Months) |
31.03.2010 (12 Months) |
|
PAT / Total Income |
(%) |
0.68 |
0.32
|
2.29
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.13 |
0.43
|
3.28
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
0.58
|
2.73
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.03
|
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA |
4.07
|
3.59
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA |
5.78
|
5.93
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Creditors due others |
704.583
|
843.160 |
|
|
|
|
|
Total |
704.583
|
843.160 |
|
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 |
Yes |
|
8) No. of employees |
No |
|
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 |
No |
|
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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
NOTE
The registered office of the company has been shifted from Fazalbhoy Building,
45/47, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India to present w.e.f
24.04.2009.
UNCURED LOANS
|
PARTICULARS |
30.06.2011 (15
Months) (Rs.
in millions) |
31.03.2010 (12
Months) (Rs.
in millions) |
|
Rupee term loans banks uncured |
2080.464 |
1936.905 |
|
Rupee term loans others uncured |
206.300 |
123.758 |
|
Public deposits unsecured |
104.276 |
80.677 |
|
Deposits related parties unsecured |
1.400 |
1.400 |
|
Other debt unsecured |
48.500 |
48.500 |
|
Total |
2440.940 |
2191.240 |
FINANCIAL RESULTS
(AS ON 30.06.2011):
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 India had to bear huge operational losses due to huge inventory of
Sugar Season 2009-10 being sold at lower prices during April 10 to November 10
due to sudden sharp fall in the sugar prices, increased cost of cane and
increased working capital requirement resulting into high interest cost. The
company was able to partially mitigate the situation due to improved margins
from its Chemicals and Distillery Division. The company has systematically
planned to reduce its dependence on sugar by increasing the weightage of its
Chemicals and Distillery share in total revenue.
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 India. The Government of India responded to this increase by
increasing the levy quota from 10% to 20% of production (now reduced back to
10%) and by dis-incentivizing bulk consumers / institutional Indian sugar
buyers to buy sugar from local sources and implementing a weekly release mechanism
as against monthly. The Government's policy coupled with anticipation of higher
sugar production in Sugar Season 2009-10 compared to that of 2008-09 led to
cooling down of sugar prices from January 2010. The prices collapsed suddenly
from Rs.3600/Qtl in January 2010 to 2500/Qtl by June 2010. The sugar sector had
purchased cane keeping in mind the higher sugar prices during start of sugar
season 2009-10. The entire sugar sector got affected as it incurred huge
operational losses due to higher input costs and sudden sharp dip in sugar
prices. Although the international prices were higher than the domestic market;
the Indian sugar companies were not able to take benefit of the same as the
Government had imposed ban on sugar exports. All sugar companies in India had
to bear huge operational losses due to high inventory of Sugar Season 2009-10
been sold at lower prices during April 10 to November 10.
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. India
exported 2.6 Million MT of sugar in Sugar Season 2010-11
Cane crushing:
The company has
crushed 16.93 Lac MT in the Season 2010-11 at Sameerwadi against the crushing
of 17.45 Lac MT for the Sugar Season 2009-10 at Sameerwadi unit. The crushing
for the FY 2010-11 (15 Months) was 19.15 Lacs MT and FY 2010-11 (12 Months
ending March) was 14.81 Lac MT against 15.22 Lac MT crushed in FY 2009-10. The
reduction in crushing was mainly due to:
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. The Cogeneration 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 19.34 Lac 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 23.95 Lac 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 Brazil the world largest producer has not been able to
meet its estimated output. The international sugar prices for white sugar are
at around $ 650/MT.
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.5275/MWH against Rs.5117/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 India where the concept would be similar to Carbon Credits
traded in International Markets. The exact entitlements of REC's for their
units would be known once Karnataka government notifies the rules in this
regard.
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.5000/Mt to
Rs.3500 4000/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 Programme:
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 36.5 Crs 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 India and Abroad. The company has increased its Ethyl Acetate
capacity from 60,000 TPA to 81,000 TPA.
Distillery and Chemicals
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.5000/Mt to
Rs.3500 4000/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 Programme:
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 36.5 Crs 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 India and Abroad. The company has increased its Ethyl Acetate
capacity from 60,000 TPA to 81,000 TPA.
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 164 Lac 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, Maharashtra has been converted
to 100% Export Oriented Unit (EOU).
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 company’s 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.
CONTINGENT LIABILITIES (NOT PROVIDED FOR):
|
Particulars |
30.06.2011 (Rs.
in millions) |
31.03.2009 (Rs.
in millions) |
|
Sales Tax |
-- |
4.431 |
|
Excise Duty/ Service Tax (Excluding Interest and Penalty) |
13.367 |
25.354 |
|
Bank Guarantee |
72.883 |
22.309 |
|
Export Obligation |
-- |
84.800 |
1. The Company
does not expect any reimbursements in respect of above contingent liabilities.
2. It is not practicable
to estimate the timing of cash flows, if any, in respect of matters related to
Excise duty and Service Tax pending resolution of the appellate proceedings.
Bankers Charges
Report as per Registry
|
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, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra,
India E-Mail: pawar.rutika@somaiya.com |
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10228907 |
|
Type of charge |
Immovable Property Book Debts Movable Property (not being pledge) |
|
Particular of charge holder |
Bank of Baroda
(Lead) and Syndicate Bank, Corporate Financial Services-Fort Branch, 10/12, 4th
Floor, Mumbai Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: cfsfrt@bankofbaroda.com |
|
Nature of description of the instrument
creating or modifying the charge |
Joint Deed of Further Mortgage Charge |
|
Date of instrument Creating the charge |
11.10.2012 |
|
Amount secured by the charge |
Rs.1649.000 millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest: As per Sanction Letter. Terms of Repayment: On Demand. Margin: As per Sanction Letter. Extent and Operation of the charge: The modified charge will operate as
security for repayment of Working Capital limits aggregating to Rs.1649.000
millions sanctioned by Bank of Baroda (Rs.1288.100 millions) and Syndicate
Bank (Rs.360.900 millions) to the Company Others: The modified charge will operate as
security for repayment of Working Capital limits aggregate to Rs.1649.000
millions sanctioned by Bank of Baroda (Rs.1288.100 millions) and Syndicate
Bank (Rs.360.900 millions): A)1st pari passu charge by way
of Hypothecation of assets B) 2nd pari passu charge on
assets C) 2nd Pari Passu charge on
assets D) 2nd Pari Passu charge on
Immovable Properties |
|
Short particulars of the property charged |
1) Current assets viz. stock of raw
materials, semi-finished and finished goods, stores and spares etc of
Chemical division at Sakarwadi and Chemical and Distillery division at
Sameerwadi, Karnataka Bills receivables, subsidy receivable and book debts
and all other movables situated at Sakarwadi, Maharashtra and Sameerwadi
(Karnataka) 2) The Whole of Movable properties of
borrower including its movable plant and machinery, spares, tools and
accessories of Sakarwadi, Maharashtra and Sameerwadi, Karnataka (save and
except Book Debts and agricultural assets and assets specifically charged)
pertaining to its Distillery division at Sameerwadi, Karnataka and Chemical
division at Sakarwadi, Maharashtra 3) Registered mortgage of Sameerwadi
property as per First Schedule of the attached Deed. 4) Registered mortgage of Sakarwadi
Property as per Second Schedule of the attached Deed. |
|
Date of latest modification prior to the
present modification |
24.05.2012 |
|
Particulars of the present
modification |
Additional security by Registered mortgage
of immovable properties of the company as mentioned in First and Second
Schedules of the attached Deed is created to secure repayment of Working
Capital limits aggregating to Rs.1649.000 millions sanctioned by Bank of
Baroda (Rs.1288.100 millions) and Syndicate Bank (Rs.360.900 millions) to the
Company by Joint Deed of further Mortgage dated 11.10.2012. |
FIXED ASSETS:
·
Land
·
Building
·
Plant
and Machinery
·
Office
Equipments
·
Vehicles
·
Patents
WEBSITE DETAILS:
NEWS:
ZUCHEM AND GODAVARI PARTNER TO COMMERCIALIZE
RENEWABLE MANUFACTURING BIOPROCESS FOR XYLITOL
zuChem Inc. and
Godavari Biorefineries Limited announced they have entered into a global
partnership combining zuChem’s xylitol technology platform with Godavari’s
leadership position in the production and commercialization of sweeteners and
renewable sugar-derived ingredients.
CHICAGO, IL and MUMBAI, INDIA (PRWEB) February 13,
2013
zuChem Inc. and
Godavari Biorefineries Limited announced today that they have entered into a
global partnership combining zuChem’s xylitol technology platform with
Godavari’s leadership position in the production and commercialization of
sweeteners and renewable sugar-derived ingredients. Under the agreement, the
parties will apply zuChem’s proprietary bioprocess technology to produce a
bio-sourced xylitol for use as a food ingredient.
Godavari is an
established producer and marketer of sugar and sugar-derived renewable
materials since 1939, with a commitment to providing renewable ingredients to
the global food ingredients industry.
“Our partnership
with zuChem enables us to expand our sweeteners product portfolio while
continuing to build on our biorefinery model, under which we convert otherwise
waste biomass components into high value-added renewable ingredients, such as
xylitol,” said Samir Somaiya, Chairman and Managing Director of Godavari
Biorefineries Limited.
“We are thrilled
to be working with Godavari to deliver this new xylitol product to the market.
Godavari is one of the true biorefinery innovators, and we are proud to see our
process integrated into their facility,” said David Demirjian, CEO of zuChem.
Xylitol is a
naturally occurring sweetener, contributing about 30% fewer calories than
sucrose. In contrast to other sweeteners, xylitol has been shown to be actively
beneficial for dental health, significantly reducing the occurrence of dental
caries with regular use. It has also been shown to reduce the incidence of ear
and upper respiratory infections and can be used as a diabetic sweetener.
Xylitol is
primarily used by the confectionary and dental hygiene industries and is
considered the sweetener of choice in sugar-free gums in Asia and Europe. It
has been gaining in popularity in the US and North America, but is subject to
availability and price variability due to shortages of the current raw material
used for its manufacture by chemical hydrogenation. The zuChem bioprocess
process alleviates these constraints and, combined with Godavari's production
capabilities, will open the market for the development of new
xylitol-containing products.
About zuChem Inc.
zuChem develops
and commercializes innovative green, renewable manufacturing processes to
produce unique carbohydrates and glycochemicals for human health and nutrition.
The Company's proprietary technology platform allows it to produce a variety of
specialty sweeteners, pharmaceutical intermediates, nutritional prebiotics, and
other industrial bioproducts using enzymatic, fermentation and synthetic
biology technologies. zuChem is headquartered in Chicago, Illinois with
research operations in Peoria, Illinois. For more information on zuChem's
proprietary rare sugar manufacturing processes and the availability of other
food ingredients, specialty chemicals and pharmaceutical intermediates.
About Godavari Biorefineries Limited
Godavari Sugar
Mills was incorporated in 1939, and in 2009 Godavari Biorefineries Limited was
established to emphasize Godavari's expanding focus on renewable products from
sugarcane. A part of the Somaiya Group, Godavari is a fully integrated sugar
and biofuels producer, and is ranked among the top ten sugar manufacturers in
India. Godavari is also one of the largest producers of bioethanol and a
pioneer in manufacture of alcohol-based chemicals in India. For more
information on Godavari and the Somaiya Group.
This technology
was developed in collaboration with researchers at the US Department of
Agriculture and the University of Illinois. Funding for its development was
provided in part by the Biotechnology Research and Development Corporation, the
US Department of Energy and the National Science Foundation.
GODAVARI BIO-REFINERIES EXPANDS ITS DISTILLERY
AT BAGALKOT
Godavari Bio-refineries Limited expands its distillery
at Sameervadi in Bagalkot district of Karnataka with an investment of
Rs.480.000 millions. The project involves expanding existing sugar unit from
7500 tcd to 1500 tcd and captive power generation unit from 24 MW to 64 MW. The
unit will operate for 270 day /year for molasses based operation and 300 days
if it is on grain based operations. The raw material for the expanded capacity
of 120 KLPD will be grains, cassava/Tapioca/sugar cane / Beet sugar
juice/molasses.
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 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.55.52 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
39 |
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.