MIRA
INFORM REPORT
|
Report Date : |
20.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
KESAR ENTERPRISES LIMITED |
|
|
|
|
Formerly Known
As : |
THE KESAR SUGAR WORKS LIMITED |
|
|
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|
Registered
Office : |
Oriental House 7, J Tata Road, Churchgate, Mumbai – 400020,
Maharashtra |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.06.2013 |
|
|
|
|
Date of
Incorporation : |
01.08.1933 |
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|
Com. Reg. No.: |
001996 |
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|
Capital
Investment / Paid-up Capital : |
Rs.92.802 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24116MH1933PLC001996 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11254F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK7328R |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
The company operates under four divisions namely sugar, Distillery, Co
Gen Power and Seeds and Agro-Products. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 9200000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having a moderate track record. Company has incurred loss from its operation during year 2012-13. However, trade relations are fair. Business is active. Payment terms
are 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: BB |
|
Rating Explanation |
Inadequate credit quality and high credit risk |
|
Date |
25.01.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
25.01.2013 |
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 : |
Oriental House 7, J Tata Road, Churchgate, Mumbai – 400020,
Maharashtra, India |
|
Tel. No. : |
91-22-22042396/ 22851737 |
|
Fax No. : |
91-22-22876162 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sugar Factory,
Sprits and Power Plant : |
Baheri, District Bareilly -
243201, Uttar Pradesh, India |
|
Tel. No. : |
91-5822-223691 to 223699 |
|
Fax No. : |
91-5822-223697 |
|
E-Mail : |
|
|
|
|
|
Noida Office / Seed
Division Office: |
B-27, 1st Floor,
Sector No.2., Noida - 201301, Uttar
Pradesh, India |
|
Tel No.: |
91-120-2545046/ 47 |
|
Email : |
|
|
|
|
|
Agrotech Division
and Seeds Processing Unit : |
Khurpia Agriculture Farm,
Kichha, U.S. Nagar, Uttarakhand, India |
|
Tel No.: |
91-5944-265613 |
|
Fax No. : |
91-5944-264675 |
|
Email : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. H R Kilachand |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Anilkumar Ruia |
|
Designation : |
Director |
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|
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|
Name : |
Mr. K Kannan |
|
Designation : |
Director |
|
|
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|
Name : |
Mr. Kanaiyalal D Sheth |
|
Designation : |
Director |
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|
|
|
Name : |
Mrs. M H Kilachand |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ajeet Prasad |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Prakash Narain Dubey |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. S Sethuraman |
|
Designation : |
(Nominee Director – GIC) (upto 29.8.2013) |
|
|
|
|
Name : |
Mr. P Nayak |
|
Designation : |
(Nominee Director – GIC) (w.e.f. 29.8.2013) |
KEY EXECUTIVES
|
Name : |
Mr. D J Shahss |
|
Designation : |
Sr.
Vice President (Legal) and Company
Secretary |
|
|
|
|
Audit Committee
Members : |
· K D Sheth (Chairman of the Committee) A S Ruia K Kannan Ajeet Prasad |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1250309 |
14.50 |
|
|
4346517 |
50.42 |
|
|
5596826 |
64.93 |
|
|
|
|
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
5596826 |
64.93 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1200 |
0.01 |
|
|
1090 |
0.01 |
|
|
692772 |
8.04 |
|
|
695062 |
8.06 |
|
|
|
|
|
|
|
|
|
|
380940 |
4.42 |
|
|
|
|
|
|
|
|
|
|
1336964 |
15.51 |
|
|
508963 |
5.90 |
|
|
101407 |
1.18 |
|
|
1150 |
0.01 |
|
|
100257 |
1.16 |
|
|
2328274 |
27.01 |
|
|
|
|
|
Total Public
shareholding (B) |
3023336 |
35.07 |
|
|
|
|
|
Total (A)+(B) |
8620162 |
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) |
8620162 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
The company operates under four divisions namely sugar, Distillery, Co
Gen Power and Seeds and Agro-Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Allahabad Bank Uttar Pradesh Co-operative Bank Limited UCO Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
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|
|
|
Enterprises over
which Key Management Personnel and their relatives are able to exercise significant
influence: |
· Kesar Terminals and Infrastructure Limited Kesar Multimodal Logistics Limited Kesar Corporation Private Limited Kilachand Devchand and Company Private Limited Indian Commercial Company Private Limited India Carat Private Limited Kilachand Devchand Commercial Private Limited Duracell Investments and Finance Private Limited Seel Investments Private Limited Skyline Chem-Trade Private Limited |
CAPITAL STRUCTURE
AS ON 30.06.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
10000000 |
Preference shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.220.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8620162 |
Equity Shares |
Rs.10/- each |
Rs.86.202 Millions |
|
660000 |
Preference shares |
Rs.10/- each |
Rs.6.600 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.92.802
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.06.2013 |
30.06.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
92.802 |
81.202 |
|
(b) Reserves & Surplus |
|
2217.628 |
2373.370 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2310.430 |
2454.572 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1307.143 |
1364.780 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
9.341 |
10.194 |
|
(d) long-term provisions |
|
5.963 |
6.666 |
|
Total Non-current Liabilities (3) |
|
1322.447 |
1381.640 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2760.847 |
2026.307 |
|
(b) Trade payables |
|
1032.128 |
858.928 |
|
(c) Other current
liabilities |
|
549.003 |
506.015 |
|
(d) Short-term provisions |
|
45.826 |
26.500 |
|
Total Current Liabilities (4) |
|
4387.804 |
3417.750 |
|
|
|
|
|
|
TOTAL |
|
8020.681 |
7253.962 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4852.083 |
2882.409 |
|
(ii) Intangible Assets |
|
3.044 |
3.294 |
|
(iii) Capital
work-in-progress |
|
7.735 |
1893.483 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
5.495 |
5.495 |
|
(c) Deferred tax assets (net) |
|
37.884 |
37.884 |
|
(d) Long-term Loan and Advances |
|
66.605 |
124.197 |
|
(e) Other Non-current assets |
|
7.862 |
11.448 |
|
Total Non-Current Assets |
|
4980.708 |
4958.210 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2195.172 |
1939.167 |
|
(c) Trade receivables |
|
622.978 |
151.243 |
|
(d) Cash and cash
equivalents |
|
94.260 |
24.094 |
|
(e) Short-term loans and
advances |
|
127.563 |
152.457 |
|
(f) Other current assets |
|
0.000 |
28.791 |
|
Total Current Assets |
|
3039.973 |
2295.752 |
|
|
|
|
|
|
TOTAL |
|
8020.681 |
7253.962 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
30.06.2013 |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
3375.639 |
2859.287 |
|
|
|
Other Income |
|
22.988 |
11.031 |
|
|
|
TOTAL (A) |
|
3398.627 |
2870.318 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
2775.601 |
2677.606 |
|
|
|
Purchases of Traded Goods |
|
3.630 |
2.331 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
|
(277.796) |
(508.202) |
|
|
|
Employee Benefits Expense |
|
250.455 |
207.744 |
|
|
|
Other Expenses |
|
303.640 |
341.173 |
|
|
|
Exceptional Items |
|
0.000 |
128.154 |
|
|
|
TOTAL (B) |
|
3055.530 |
2848.806 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
|
343.097 |
21.512 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
363.754 |
187.634 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(20.657) |
(166.122) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
|
146.163 |
55.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
|
(166.820) |
(221.951) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
22.101 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
|
(166.820) |
(199.850) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
0.000 |
208.709 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(23.20) |
(29.43) |
|
KEY RATIOS
|
PARTICULARS |
|
|
30.06.2013 |
30.06.2012 |
|
PAT / Total Income |
(%) |
|
(4.91) |
(6.96) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(4.94) |
(7.76) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(2.09) |
(4.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
1.76 |
1.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.69 |
0.67 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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 |
Yes |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
------------------------------------------------------------------------------------------------------------------------------
CASE
DETAILS
BRANCH – BOMBAY
|
Lodging No.: |
APPL/224/2011 |
Filing Date |
07.04.2011 |
|
|
|||
|
Petitioner: |
Connel Bros Company (India) Private Limited |
Responded |
Kesar Enterprises Limited |
|
Petn. Adv.: |
Malvi Ranchoddas and Company |
Res. Adv.: |
Bharucha & Partner Adv. |
|
District |
Mumbai |
|
|
|
|
|||
|
Bench: |
Division |
Category |
Appeals. |
|
Status : |
Admitted (Unready) |
Stage |
For Speaking to The Minutes (Original side
matters) |
|
Last Date : |
26.08.2011 |
|
|
|
Last Coram: |
Hon’ble Mrs. Justice Ranjana Desai Hon’ble Mr. Justice R. V. More |
|
|
|
|
|
|
|
|
Act. |
C.P.C. – (Interlocutory Order) |
|
|
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
|
Particulars |
30.06.2013 (Rs. in Millions) |
30.06.2012 (Rs. in Millions) |
|
Long Term
Borrowings |
|
|
|
Deposit from Public |
29.491 |
34.757 |
|
Loan from Related Parties |
38.142 |
74.900 |
|
|
|
|
|
Short term
borrowings |
|
|
|
From UCO Bank |
400.000 |
299.999 |
|
From Allahabad Bank |
200.000 |
200.000 |
|
|
|
|
|
Total |
667.633 |
609.656 |
SUBSEQUENT FINANCIAL YEAR 2013-14
Sugar Division
For the season
2013-14, the Sugar Factory is expected to start by last week of November, 2013.
The Central Government has hiked the FRP of sugarcane on 20.2.2013 from Rs.170
per quintal to Rs.210 per quintal at a base recovery of 9.5% for the season
2013-14. For the season 2013-14, the U P Government has not yet announced the
State Advised Price (SAP) of sugarcane.
Power Division
The Cogen Power Plant is expected to start by 2nd week of November 2013
and should run till June 2014.
Spirits Division
The sugar cane
crushing is expected to be the same as the previous season. Therefore, the total
molasses availability will also be the same. The production of Rectified Spirit
/ Special Denatured Spirit and ENA should be higher during this year. The sale
of Country Liquor will be higher. IMFL is expected to be the same as in the
previous year. The contract bottling arrangements continue. The overall
performance of the Spirits Division for the current year is likely to be better
as compared to the previous year.
Seed Division
With effect from
1.7.2013, the Company has merged its Agrotech Division into Seed Division, in
view of surrender of the farm lands by the Company in June 2013, which were
declared as surplus under the U.P. Imposition of Ceiling on Land Holding Act,
1960. The Company plans to expand operations in the eastern part of the country
by entering Odisha and West Bengal, which hold enormous business potential for
paddy and other kharif crops. In the north, operations are being reinforced
with the induction of additional marketing force in Punjab and Haryana.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
SCENARIO IN INDIA
Sugar
India is the
second largest producer of sugar in the world. The sugar industry is the
largest agro-processing sector in India. It is dominated by the co-operative
sector in terms of number of units. However, with private players going in for
major expansions, the gap between the private and co-operative sector is
expected to narrow down in the future in terms of installed capacity as well as
production. The industry is highly regulated by the Central and State Governments
by way of cane growing area, sugarcane pricing, import-export policy,
government policy etc. Sugar cane is cultivated in around 5 million hectares in
India. The major sugarcane producers are Uttar Pradesh, Maharashtra, Tamilnadu
and Karnataka. Uttar Pradesh alone contributes about 47% of the total acreage
and has 38% share in the total domestic production. Sugar cane is the only
source of sugar production in India unlike many other countries, which produce
sugar from sugar beat.
Power
Bagasse based
cogeneration in sugar factories in India has an established potential capacity
of 7000 MW. The installed capacity is 2250 MW in 190 plants in India today.
Most plants are set up with cogeneration plant power cycle at pressures of 45,
67 and 87 kg/cm2. About 750 MW capacity is in various stages of construction at
50 plants in India. Therefore, from among 550 sugar factories, cogeneration has
been set up in about 240 factories and the remaining operational factories are
selling bagasse in the market as is the usual practice.
Spirits
The alcohol
industry is segregated into five major segments i.e. beer, wine, IMFL, bottled
in origin alcoholic products and country liquor. IMFL consists of whisky, rum,
brandy, gin and vodka. The increase in per capita income of the middle class
led by growing young population force, urbanization and change in lifestyles
are factors which will keep the demand for IMFL and country liquor robust.
Though the per capita consumption for alcohol beverages in India is
comparatively lower as against developed countries, the sector has a promising
growth.
Seed
Seed forms a
critical input for sustainable agriculture. The response of all other inputs
depends on quality of seeds to a large extent. Introduction of a new Seed
Development Policy was yet another significant mile stone in the Indian Seed
Industry, which transformed the very character of the seed industry. The policy
gave access for Indian farmers to the best of quality of seed and planting
material available anywhere in the world. The policy stimulated appreciable
investments by private individuals, Indian Corporate and MNCs in the Indian
seed sector with strong Research and Development base for product development
with more emphasis on high value hybrids of cereals and vegetables and hi-tech
products such as Bt. Cotton. As a result, the farmer has a wide product choice
and the seed industry today is set to work with a ’farmer centric’ approach.
OUTLOOK
Sugar
The sugar industry
will be a major player in producing cost effective energy and fuel from its
by-products bagasse and molasses. Bagasse can be processed for co-generation of
power. Also, ethanol produced from molasses can be used as motor fuel by
blending it with petrol.
Power
The season should
see the proper utilization of the cogeneration plant and therefore the
exportable power will give rise to more revenues.
Spirits
The consumption of
liquor has been at a steady rise.
Seed
The Company has a
tissue culture laboratory for rapid multiplication of different varieties of
sugarcane.
INDEX OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
ADDRESS |
Service
Request Number (SRN) |
|
1 |
10365156 |
09/04/2013
* |
1,140,000,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2ND FLOOR, 37, MUMBAI SAMACHAR MARG,
FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B74566563 |
|
2 |
10340324 |
23/02/2012 |
220,000,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2ND FLOOR, 37, MUMBAI SAMACHAR MARG,
FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B34192716 |
|
3 |
10267160 |
13/10/2010 |
47,700,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2ND FLOOR, 37, M.S.MARG, FORT,
MUMBAI, MAHARASHTRA - 400023, INDIA |
A97473342 |
|
4 |
10248427 |
13/10/2010 |
400,000,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2ND FLOOR, 37, M.S MARG, FORT,
MUMBAI, MAHARASHTRA - 400023, INDIA |
A97473763 |
|
5 |
10249985 |
13/10/2010 |
410,000,000.00 |
UCO
BANK |
MID CORPORATE
BRANCH, CHURCHGATE RECLAMATION, MAFATLAL CENTRE, 1ST FLOOR, NARIMAN POINT,
MUMBAI, MAHARASHTRA - 400021, INDIA |
A97867287 |
|
6 |
10236652 |
15/10/2010
* |
80,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B00283937 |
|
7 |
10239620 |
11/07/2012
* |
520,000,000.00 |
UCO
BANK |
FLAGSHIP
CORPORATE BRANCH, MAFATLAL CENTRE, 1ST |
B43488022 |
|
8 |
10237581 |
20/07/2010 |
80,000,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2ND FLOOR, 37, MUMBAI SAMACHAR MARG,,
MUMBAI, MAHARASHTRA - 400023, INDIA |
A93182616 |
|
9 |
10192790 |
29/12/2009
* |
25,000,000.00 |
GOVERNMENT
OF INDIA |
MINISTRY
OF CONSUMER AFFAIRS, FOOD AND PUBLIC DIST, REPRESENTED BY - IFCI LTD. NEHRU
PLACE, NEW DELHI, DELHI - 110019, INDIA |
A76437110 |
|
10 |
10192792 |
29/12/2009
* |
25,000,000.00 |
GOVERNMENT
OF INDIA |
MINISTRY
OF CONSUMER AFFAIRS, FOOD AND PUBLIC DIST, REPRESENTED BY - IFCI LTD. NEHRU
PLACE, NEW DELHI, DELHI - 110019, INDIA |
A76437797 |
|
11 |
10192791 |
23/04/2010
* |
46,720,000.00 |
GOVERNMENT
OF INDIA |
MINISTRY
OF CONSUMER AFFAIRS, FOOD AND PUBLIC DIST |
A83944116 |
|
12 |
10166229 |
15/10/2010
* |
583,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B00283481 |
|
13 |
10166231 |
31/03/2011
* |
1,800,000,000.00 |
U. P.CO-OPERATIVE
BANK LTD. THRU ITS AGENT IDBI TRUSTEESHIP SERVICES LTD. |
ASIAN
BUILDING, GROUND FLOOR,, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI,
MAHARASHTRA - 400001, INDIA |
B09348087 |
|
14 |
10110475 |
18/05/2011
* |
327,300,000.00 |
GOVERNMENT
OF INDIA |
MINISTRY
OF CONSUMER AFFAIRS, FOOD AND PUBLIC DIST, REPRESENTED BY - IFCI LTD., NEHRU
PLACE, NEW DELHI, DELHI - 110019, INDIA |
B13011812 |
|
15 |
10089683 |
08/02/2008 |
327,298,400.00 |
GOVERNMENT
OF INDIA |
MINISTRY
OF CONSUMER AFFAIRS, FOOD AND PUBLIC DIST, REPRESENTED BY - IFCI LTD., NEHRU
PLACE, NEW DELHI, DELHI - 110019, INDIA |
A33168436 |
|
16 |
10040342 |
11/07/2012
* |
667,700,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B43479039 |
|
17 |
80026035 |
20/07/2010
* |
585,000,000.00 |
Allahabad
Bank |
INDUSTRIAL
FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2ND FLOOR, 37, M.S.MARG, FORT,,
MUMBAI, MAHARASHTRA - 400023, INDIA |
A93184158 |
* Date of charge modification
FIXED ASSETS
· Land – Freehold
Land
– Leasehold
Building
Plant
and Equipment
Office
Equipment
Vehicles
Furniture
and Fixture
Computer
Software
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.62.23 |
|
|
1 |
Rs.100.18 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
Yes |
|
--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 |
|
34 |
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.