MIRA INFORM REPORT
|
Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHREE RENUKA SUGARS LIMITED |
|
|
|
|
Registered
Office : |
BC 105, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.10.1995 |
|
|
|
|
Com. Reg. No.: |
08-19046 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.671.320 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L01542KA1995PLC019046 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Sugar, Ethnol and Power. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 71720000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a one of the largest private sector sugar manufacturers in There appears dip in profit of the company during financial year 2013. However, over all fundamentals of the company appears to be sound and
healthy. Directors are reported to be experienced and respectable
businessmen. Trade relations are fair. Business is active. Payment terms are
regular. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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 finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court has
barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
December 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
December 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 Office : |
BC 105, |
|
Tel. No.: |
91-831-2404000 / 2404961 |
|
Fax No.: |
91-831-2469891 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
7th Floor, Devchand House, Shiv Sagar Estate, Dr. Annie Besant
Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24977744 / 4001 / 1400 |
|
Fax No.: |
91-22-24977747 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Unit I - Munoli Sugar,
Distillery, Co-generation and Sugar
Refinery at, Gavase,
Taluka Saundatti, District:
Unit II - Athani Sugar,
Distillery, Co-Generation and Sugar
Refinery Taluka
Athani District
Unit III - Havalga Sugar,
Distillery and Co-Generation Taluka:
Afzalpur, Dist:
Unit VI - Raibag (Leased) Sugar Taluka:
Raibag, Dist:
Unit V - Pathri Sugar Deonandra,
Taluka: Pathri Dist:
Parbhani, Unit VI - Gokak Sugar
and Co-generation Kolavi,
Taluka: Gokak Dist:
Unit VII - Ajinkyatara
(BOOT) Co-Generation Shahunagar, Shendre Tal / Dist: Satara, Maharashtra Unit VIII - Panchaganga (Leased, BOOT) Sugar & Co-Generation Ganganagar, Ichalkaranji, Taluka: Hatkanangle Dist: Kolhapur, Maharashtra\ Unit IX -
Khopoli Ethanol Donvat,
Taluka: Khalapur, Unit R1 - Haldia Sugar
Refinery Kolkata,
Unit R2 - Kandla Sugar
Refinery Kandla,
Gujarat PLANT LOCATIONS
(BRAZIL) Renuka do Brasil
S/A Unit I - Usina Madhu Promissao, Sao Paulo Brazil Unit II - Usina Revati Brejo Alegre, Sao Paulo Brazil Renuka Vale do
Ivai S/A Unit I - Usina Sao Pedro do Ivai Sao Pedro do Ivai, Parana Brazil Unit II - Usina Cambui Săo Miguel do Cambuí, Parana Brazil |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mrs.
Vidya Murkumbi |
|
Designation : |
Executive
Chairperson |
|
|
|
|
Name : |
Mr.
Narendra Murkumbi |
|
Designation : |
Vice
Chairman and Managing Director |
|
|
|
|
Name : |
Mr.
Nandan Yalgi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr.
Sanjay Asher |
|
Designation : |
Independent
Director and Head - Audit Committee |
|
|
|
|
Name : |
Mr.
S. K. Tuteja |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr.
J. J. Bhagat |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr.
Hrishikesh Parandekar |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr.
S. M. Kaluti |
|
Designation : |
Non-Executive
Director |
|
|
|
|
Name : |
Mr.
Robert Taylor |
|
Designation : |
Independent
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 03.09.2013
|
Category of
Shareholder |
No. of
Shareholders |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
23155297 |
3.45 |
|
|
234336295 |
34.91 |
|
|
257491592 |
38.36 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
257491592 |
38.36 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
34671405 |
5.16 |
|
|
20722356 |
3.09 |
|
|
108057055 |
16.10 |
|
|
163450816 |
24.35 |
|
|
|
|
|
|
31374476 |
4.67 |
|
|
|
|
|
|
150052904 |
22.35 |
|
|
26026840 |
3.88 |
|
|
42923022 |
6.39 |
|
|
2611260 |
0.39 |
|
|
1500322 |
0.22 |
|
|
24736205 |
3.68 |
|
|
12875235 |
1.92 |
|
|
1200000 |
0.18 |
|
|
250377242 |
37.30 |
|
Total Public shareholding (B) |
413828058 |
61.64 |
|
Total (A)+(B) |
671319650 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
671319650 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sugar, Ethnol and Power. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
NOTE: Nature of
Security Long Term Borrowing a)
Non-Convertible Debentures: i) 600 Redeemable Non-Convertible Debentures
(11.95%) of Rs.1000000 each, secured by first pari-passu charge on movable and
immovable assets of the company and are redeemable at par on August 03, 2014. (ii) And (iii) Total 4,000 Redeemable Non-Convertible
Debentures of Rs.1000000 each, secured by first pari-passu charge on movable
and immovable assets of the company and are redeemable at par in the ratio of
25:25:25:25, due on April 07, 2013, Oct 07, 2013, April 07, 2014 and Oct 07,
2014 respectively or on exercise of put/call option. (iv) 1,500
Redeemable Non-Convertible Debentures of Rs.1000000 each, secured by first
pari-passu charge on movable and immovable assets of the company and are
redeemable at par on April, 2017. (v) 1,000
Redeemable Non-Convertible Debentures of Rs.1000000 each, secured by first
pari-passu charge on movable and immovable assets of the company and are
redeemable at par on Dec 24, 2017. b) Term-Loans: From Banks &
Financial Institutions are secured by first pari-passu charge on movable and
immovable assets of the company. From Others: SDF loans are
secured by second charge on movable and immovable assets of the company. Interest Accrued
but not due represents interest on certain long-term borrowings, where the
payment of interest has also been deferred for a period of time and is
therefore considered to be in the nature of borrowings and included as a part
of secured loans. Short Term
Borrowing Nature
of Security: Working
Capital facilities from banks are secured by hypothecation of stocks and book
debts and a third charge on movable and immovable assets of the company. |
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M/s. Ashok Kumar, Prabhashankar and Company Chartered Accountant |
|
Address : |
Bangalore, Karnataka, India |
|
|
|
|
Subsidiaries : |
œ Renuka
Commodities DMCC, Dubai (UAE) œ Parana
Global Trading (FZE), Sharjah (UAE) œ Shree
Renuka Agri Ventures Limited œ KBK
Chem-Engineering Private Limited œ Gokak
Sugars Limited œ Nandur
Sugars Limited œ Shree
Renuka Global Ventures Limited, Mauritius œ Lanka
Sugar Refinery Company (Private) Limited, Sri lanka œ Monica
Realators and Investments Private Limited œ Shree
Renuka East Africa Agriventures PLC, Ethiopia œ Shree
Renuka Tunaport Private Limited |
|
|
|
|
Associates : |
œ Khandepar
Investments Private Limited œ Vantamuri
Trading And Investments Limited œ Murkumbi
Investments Private Limited œ Shree
Renuka Energy Limited œ Renuka
Energy Resource Holdings (FZE), Sharjah œ Damodar
Resource Holdings (FZE), Sharjah œ Ravindra
Energy Limited œ Agri
Venture Trading and Investment Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000000 |
Equity Shares |
Rs.1/- each |
Rs.800.000 Millions |
|
25000000 |
Preference Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1050.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
671319650 |
Equity Shares |
Rs.10/- each |
Rs.671.320 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
(12 Months) 31.03.2013 |
(18 Months) 31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
671.320 |
671.320 |
|
(b) Reserves & Surplus |
|
17258.640 |
17133.720 |
|
(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) |
|
17929.960 |
17805.040 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
11957.660 |
17559.840 |
|
(b) Deferred tax liabilities (Net) |
|
2430.870 |
2203.880 |
|
(c) Other long term
liabilities |
|
6.710 |
329.640 |
|
(d) long-term
provisions |
|
24.940 |
26.880 |
|
Total Non-current
Liabilities (3) |
|
14420.180 |
20120.240 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
7908.540 |
22298.790 |
|
(b) Trade payables |
|
30860.240 |
7805.250 |
|
(c) Other current
liabilities |
|
8309.100 |
7389.530 |
|
(d) Short-term
provisions |
|
406.140 |
1.360 |
|
Total Current
Liabilities (4) |
|
47484.020 |
37494.930 |
|
|
|
|
|
|
TOTAL |
|
79834.160 |
75420.210 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
27273.620 |
26783.550 |
|
(ii) Intangible Assets |
|
77.330 |
46.970 |
|
(iii) Capital
work-in-progress |
|
270.410 |
1204.830 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
20128.870 |
20134.900 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4016.680 |
3394.730 |
|
(e) Other
Non-current assets |
|
12.080 |
36.760 |
|
Total Non-Current
Assets |
|
51778.990 |
51601.740 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
20588.380 |
17191.610 |
|
(c) Trade receivables |
|
1735.050 |
1765.120 |
|
(d) Cash and cash
equivalents |
|
914.720 |
103.910 |
|
(e) Short-term loans
and advances |
|
4792.340 |
4732.630 |
|
(f) Other current
assets |
|
24.680 |
25.200 |
|
Total Current Assets |
|
28055.170 |
23818.470 |
|
|
|
|
|
|
TOTAL |
|
79834.160 |
75420.210 |
|
SOURCES OF FUNDS |
|
|
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
670.380 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
17124.540 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
17794.920 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
16922.150 |
|
|
2] Unsecured Loans |
|
|
236.350 |
|
|
TOTAL BORROWING |
|
|
17158.500 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1404.350 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
36357.770 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
15710.520 |
|
|
Capital work-in-progress |
|
|
4104.610 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
16392.800 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
11359.500 |
|
|
Sundry Debtors |
|
|
3159.400 |
|
|
Cash & Bank Balances |
|
|
234.710 |
|
|
Other Current Assets |
|
|
726.890 |
|
|
Loans & Advances |
|
|
4394.480 |
|
Total
Current Assets |
|
|
19874.980 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
7.850 |
|
|
Other Current Liabilities |
|
|
19020.350 |
|
|
Provisions |
|
|
796.700 |
|
Total
Current Liabilities |
|
|
19824.900 |
|
|
Net Current Assets |
|
|
50.080 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
99.760 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
36357.770 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
(12 Months) 31.03.2013 |
(18 Months) 31.03.2012 |
30.09.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
63954.300 |
63620.990 |
55111.920 |
|
|
|
Other Income |
150.000 |
11.310 |
867.090 |
|
|
|
TOTAL |
64104.300 |
63632.300 |
55979.010 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
44384.540 |
34989.430 |
|
|
|
|
Purchase of Stock-in-trade |
10351.350 |
17646.560 |
|
|
|
|
Changes in Inventory of Finished Goods, Work-in-Progress &
Stock-in-Trade |
(1633.010) |
(3881.370) |
|
|
|
|
Employee Benefit Expenses |
1290.370 |
1444.350 |
|
|
|
|
Exceptional Items |
77.120 |
893.920 |
|
|
|
|
Other Expenses |
3612.410 |
6036.380 |
|
|
|
|
TOTAL |
58082.780 |
57129.270 |
48732.520 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6021.520 |
6503.030 |
7246.490 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3670.980 |
3698.720 |
824.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2350.540 |
2804.310 |
6421.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1592.020 |
1454.730 |
815.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
758.520 |
1349.580 |
5606.450 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
240.100 |
509.060 |
1505.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
518.420 |
840.520 |
4100.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2841.210 |
3289.230 |
1090.450 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
335.660 |
0.000 |
0.000 |
|
|
|
Interim Dividend on Equity Shares |
0.000 |
671.310 |
670.380 |
|
|
|
Corporate Dividend Tax |
57.050 |
108.900 |
111.340 |
|
|
|
Transfer to Debenture Redemption Reserve |
473.080 |
423.330 |
120.000 |
|
|
|
Transfer to General Reserve |
52.000 |
85.000 |
1000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2441.840 |
2841.210 |
3289.230 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Direct Exports of Goods and Services |
36308.850 |
34125.640 |
7309.800 |
|
|
TOTAL EARNINGS |
36308.850 |
34125.640 |
7309.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
23800.920 |
9656.210 |
|
|
|
|
Cost of traded goods |
5319.920 |
12465.290 |
|
|
|
|
Components, stores and spares |
72.610 |
190.750 |
NA |
|
|
|
Capital Goods |
0.000 |
365.540 |
|
|
|
TOTAL IMPORTS |
29193.450 |
22677.790 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.77 |
1.25 |
6.27 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Audited / UnAudited |
|
|
UnAudited |
|
Net Sales |
|
|
19374.000 |
|
Total Expenditure |
|
|
18876.000 |
|
PBIDT (Excl OI) |
|
|
498.000 |
|
Other Income |
|
|
368.000 |
|
Operating Profit |
|
|
866.000 |
|
Interest |
|
|
506.000 |
|
Exceptional Items |
|
|
(874.000) |
|
PBDT |
|
|
(514.000) |
|
Depreciation |
|
|
409.000 |
|
Profit Before Tax |
|
|
(923.000) |
|
Tax |
|
|
(287.000) |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(636.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(636.000) |
KEY RATIOS
|
PARTICULARS |
|
(12 Months) 31.03.2013 |
(18 Months) 31.03.2012 |
30.09.2010 |
|
PAT / Total Income |
(%) |
0.81
|
1.32 |
7.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.19
|
2.12 |
10.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.28
|
2.49 |
15.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.07 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.11
|
2.24 |
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.59
|
0.63 |
1.00 |
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 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 |
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 |
UNSECURED LOAN:
|
Particulars |
(12 Months) 31.03.2013 [Rs.
in Millions] |
(18 Months) 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Sugar Development Fund |
0.000 |
2.800 |
|
Deferred Purchase Tax |
68.210 |
120.340 |
|
Current Maturity of Long term borrowings transferred to Other Current
Liabilities |
(6249.040) |
(3422.600) |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Working Capital Borrowings |
0.000 |
2955.140 |
|
Commercial Papers |
500.000 |
1250.000 |
|
|
|
|
|
Total |
(5680.830) |
905.680 |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10451583 |
26/09/2013 |
1,800,000,000.00 |
State Bank of India |
Commercial Branch, N.G.N. Vaidya Marg,
Bank Street, Horniman Circle, Mumbai, Maharashtra - 400001, |
B85959062 |
|
2 |
10447653 |
12/09/2013 |
1,650,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA,
Gujarat - 390015, INDIA |
B84323104 |
|
3 |
10431512 |
16/03/2013 |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani
Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B71724082 |
|
4 |
10365485 |
30/10/2012 * |
1,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani
Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B60982030 |
|
5 |
10364333 |
27/09/2013 * |
656,300,000.00 |
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY
LIMITED |
INDIA HABITAT CENTRE1ST FLOOR EAST COURT
CORE, 4 |
B86239704 |
|
6 |
10356774 |
30/10/2012 * |
2,000,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
B62287297 |
|
7 |
10339681 |
24/06/2013 * |
800,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra
- 416001, INDIA |
B80027469 |
|
8 |
10349685 |
30/06/2012 * |
4,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound,, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA
|
B44696169 |
|
9 |
10326734 |
30/10/2012 * |
1,500,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, Floor 21, World Trade
Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B64858087 |
|
10 |
10326684 |
30/06/2012 * |
1,000,000,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor, International Infotech
Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai,
Maharashtra - 400703, INDIA |
B44788313 |
|
11 |
10318627 |
30/06/2012 * |
1,000,000,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor, International Infotech
Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai,
Maharashtra - 400703, INDIA |
B44786457 |
|
12 |
10230595 |
11/01/2011 * |
805,000,000.00 |
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY
LIMITED |
INDIA HABITAT CENTRE1ST FLOOR EAST COURT
CORE, 4 |
B03243771 |
|
13 |
10204047 |
30/06/2012 * |
366,735,000.00 |
Government of India |
Ministry of Consumer Affairs, Dept of Food
And Public Distribution Krishi Bhavan, New Delhi, Delhi - 110003, INDIA |
B56013741 |
|
14 |
10205570 |
30/06/2012 * |
66,000,000.00 |
Government of India |
Ministry of Consumer Affairs, Dept of Food
and Public Distribution Krishi Bhavan, New Delhi, Delhi - 110003, INDIA |
B56210578 |
|
15 |
10215847 |
30/06/2012 * |
65,000,000.00 |
Government of India |
Ministry of Consumer Affairs, Dept of Food
and Public Distribution Krishi Bhavan, New Delhi, Delhi - 110003, INDIA |
B56211642 |
|
16 |
10216210 |
30/06/2012 * |
250,000,000.00 |
Government of India |
Ministry of Consumer Affairs, Dept of Food
and Public Distribution Krishi Bhavan, New Delhi, Delhi - 110003, INDIA |
B56012842 |
|
17 |
10203342 |
30/06/2012 * |
169,120,000.00 |
Government of India |
Ministry of Consumer Affairs, Dept of Food
and Public Distribution Krishi Bhavan, New Delhi, Delhi - 110003, INDIA |
B56011265 |
|
18 |
10204019 |
30/06/2012 * |
642,920,000.00 |
Government of India |
Ministry of Consumer Affairs, Dept of Food
and Public Distribution Krishi Bhavan, New Delhi, Delhi - 110003, INDIA |
B56217342 |
|
19 |
10189938 |
30/06/2012 * |
600,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B44697993 |
|
20 |
10172209 |
30/06/2012 * |
15,177,200.00 |
Government of India |
Ministry of Consumer Affairs, Dept of Food
and Public Distribution Krishi Bhavan, New Delhi, Delhi - 110003, INDIA |
B56214497 |
|
21 |
10150813 |
24/09/2012 * |
3,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA,, DR. |
B62223011 |
|
22 |
10150441 |
30/06/2012 * |
2,000,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE,
Maharashtra - 411001, INDIA |
B56223530 |
|
23 |
10134985 |
30/06/2012 * |
2,500,000,000.00 |
3i Infotech Trusteeship Services Limited |
6th Floor, Ackruti Centre Point,, MIDC
Central Ro |
B55839641 |
|
24 |
10106004 |
30/06/2012 * |
150,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
B56345085 |
|
25 |
10090892 |
30/06/2012 * |
327,456,000.00 |
Government Of India |
Ministry of Consumer Affairs,, Dept of Food
And Public Distribution Krishi Bhavan, New Delhi, Delhi - 110003, INDIA |
B56215353 |
|
26 |
10091284 |
30/06/2012 * |
130,000,000.00 |
Government of India |
Ministry of Consumer Affairs, Dept of Food
and Public Distribution Krishi Bhavan, New Delhi, Delhi - 110003, INDIA |
B56213283 |
|
27 |
10091412 |
16/04/2013 * |
16,000,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
B75038828 |
|
28 |
10084746 |
19/03/2013 * |
800,000,000.00 |
Axis Bank Limited |
2nd Flr, Axis House, Bombay Dyeing Mills
Compound, |
B71213847 |
|
29 |
10055680 |
30/06/2012 * |
750,000,000.00 |
THE ROYAL BANK OF SCOTLAND N.V. |
71/72, 7th Floor,, Sakhar Bhavan, Mumbai,
Maharashtra - 400021, INDIA |
B56009657 |
|
30 |
10010416 |
24/06/2006 |
2,250,000,000.00 |
UTI BANK LIMITED |
MAKER TOWERS F, 13TH FLOOR, CUFFE PARADE, COLABA,
|
A02564839 |
|
31 |
10006609 |
30/06/2012 * |
1,000,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
B56346059 |
|
32 |
80004136 |
26/04/2010 * |
5,000,000,000.00 |
Standard Chartered Bank |
26-27, Raheja Towers,, M G Road,,
Bangalore, Karnataka - 560001, INDIA |
A86094083 |
|
33 |
80005559 |
30/06/2012 * |
1,950,000,000.00 |
ING VYSYA BANK LIMITED |
22, M G ROAD,BANGALORE, BANGALORE,
Karnataka - 560 |
B56153711 |
|
34 |
80005148 |
24/04/2013 * |
4,861,200,000.00 |
Axis Bank Limited |
Corporate Banking Branch, No.1, Queens
Road, Bangalore, Karnataka - 560001, INDIA |
B75137778 |
|
35 |
80035948 |
30/06/2012 * |
59,460,000.00 |
Government of India |
Ministry of Consumer Affairs, Dept of Food
& Public Distribution Krishi Bhavan, New Delhi, Delhi - 110003, INDIA |
B56205982 |
|
36 |
80005149 |
12/10/2010 * |
16,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Gujarat - 390015, INDIA |
A99345522 |
|
37 |
80005146 |
30/06/2012 * |
3,338,000,000.00 |
State Bank of India |
Industrial Finance Branch, Devchand
House,, 1st F |
B56259617 |
* Date of charge modification
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL
SUGAR INDUSTRY
Industry
facts
- Sugar is one of the world’s major agro-based
industries and is also one of the most actively traded soft commodities on
the exchanges
- Brazil, India, the EU, China and Thailand rank
amongst the top global producers of sugar
- India, the EU, China, Brazil and U.S. are the
major sugar consuming countries
- More than 80% of sugar is produced from
sugarcane, while the balance is from sugar beet
- Brazil and India are the largest sugar
producers from sugarcane and EU and U.S. are the major sugar producers
from beet
Global
sugar price trend
After
peaking in February 2011, global sugar prices have remained weak for a large
part since then, as sugar production continued to surpass consumption even in
2012/13 for a third consecutive year. Better sugarcane crop in Brazil, China,
U.S. and Mexico helped offset lower sugar production in India, resulting in a
rise in global inventory levels. Additionally, expectation of a further 11%
rise in sugarcane plantation in Brazil and continued surplus scenario for
2013/14 has kept prices under pressure. This along with depreciation of
currencies of major sugar producing countries (Rs. and R$) against US $ has
pushed the prices down to the levels of about $17 cents/lbs.
With
sugar prices near a 3-year low, there is a healthy demand for the commodity for
current consumption and restocking from most of the importing countries.
Furthermore, with favorable economics in Brazil for producing more ethanol than
sugar and expected fall in sugar production in India, there are indications
that prices would remain stable to firm going forward.
BRAZILIAN
SUGAR INDUSTRY
Industry
facts
- Largest producer and exporter and amongst the
lowest cost producers of sugar in the world
- Accounts for about 49% of the total sugar
exports
- Sugarcane plantations largely concentrated in
two regions i.e. Centre-South and North-Northeast, wherein Centre - South
accounts for over 89% of the total sugarcane plantations
- Large cane fields facilitate the use of high
level of mechanization for agricultural operations
- 6% CAGR increase in sugarcane plantations over
the last 10 years
After
the 11.5% decline in 2011/12, sugarcane planting in Centre-South improved by 8%
to 533 Million MT in 2012/13 as a result of favorable weather conditions and
better yields. However, drought conditions in the North Northeast, a region
which contributes 11% of sugar and 8% of ethanol production, sugarcane
production declined by 15.8% to 56 Million MT. Accordingly, total sugarcane
planting improved by 5.2% to 588 Million MT in 2012/13. With 49.5% sugarcane
being used for sugar in Centre-South, sugar production rose by 8.9% to 34
Million MT, whereas ethanol production rose by 4% to 21.4 Billion Liters.
Including North-Northeast region, total sugar and ethanol production in Brazil
rose by 6.4% and 2.3% to 38.2 Million MT and 23.2 Billion Liters respectively.
As
per estimates by Brazilian sugarcane industry association (UNICA), sugarcane
availability in the Centre-South region is expected to further improve by 10.7%
to 589.6 Million MT as a result of 6.5% expansion in acreage in the 2013/14
season. Looking at current profitability and prices, production share of sugar
vis-ŕ-vis ethanol, which was increasing for the last two years, is expected to
reverse in 2013/14. Sugar is now expected to account for 46.2% of total
sugarcane usage compared to 49.5% in 2012/13. Accordingly, despite a 10.7%
improvement in sugarcane availability, sugar production is expected to rise by
only 4.1% to 35.5 Million MT. Sugar exports are also expected to go up from
24.3 Million MT in 2012/13 to 25.8 Million MT in 2013/14.
Included
in the UNICA estimates is a possibility of twelve mills, with a crushing
capacity of 18 Million MT, not operating in the season due to financial stress.
Adjusting for the new mills being launched, the net estimated loss of processing
capacity relating to sugar in the Centre-South region may be around 500,000 MT.
COMPANY
OVERVIEW
Subjects
a global agribusiness and bio-energy company. The Company is one of the largest
sugar producers in the world, the leading manufacturer of sugar in India, and
one of the largest sugar refiners in the world.
Subject
operates in four segments: Sugar, Trading, Ethanol and Power.
Sugar:
The Company operates eleven mills globally with a total crushing
capacity of 22 million tones per annum (MTPA) or 101,520 tons crushed per day
(TCD). The Company operates seven sugar mills and two port-based sugar
refineries in India with a total crushing capacity of 8.4 MTPA and total
refining capacity of 2.3 MTPA (including 0.6 MTPA sugar mills off-season
refining). The Company also has significant presence in Centre-South Brazil,
through acquisition of Renuka Vale do Ivai (100% owned) and Renuka do Brasil
(59.4% owned). The combined crushing capacity of the Brazilian subsidiary
companies is 13.6 MTPA.
Trading:
Operates a trading hub in Dubai to capitalize on trade
opportunities in the Asian region.
Power:
Subject produces power from bagasse (a sugarcane byproduct) for
captive consumption and sale to the state grids in India and Brazil.
Ethanol:
Subject manufactures fuel grade ethanol that can be blended with
petrol. Global distillery capacity is 4,160 Kilo Liters per day (KLPD) with
Indian distillery capacity at 930 KLPD (630 KLPD from molasses to ethanol and
300 KLPD from rectified spirit to ethanol) and Brazil distillery capacity at
3,230 KLPD.
FINANCIAL
REVIEW
PRODUCTION
(SY WISE)
A
total of 4,817,465 Million MT of cane was crushed in the SY 2012-13 compared to
4,903,810 Million MT in SY 2011- 12. Sugar produced from sugarcane in the SY
2012-13 stood at 522,510 MT compared to 586,980 MT in the SY 2011-12. Sugar
yield (recovery) per tone of cane decreased to 10.85% in the SY 2012-13 from
12.02% in the SY 2011-12. Total sugar produced in the refineries from raw sugar
increased to 917,285 MT in the period from Oct’ 12 to Apr’ 13 from 259,459 MT
in the same period last year.
Total
power generation and ethanol production stood at 629 Million KWH and 70 Million
Liters in the period from Oct’ 12- Apr’13 compared to 490 Million KWH and 83
Million Liters in the same period last year respectively.
The
closing sugar stock was recorded at 559,009 MT (including 473,951 MT of white
sugar and 85,058 MT of raw sugar) as on 31st March, 2013. Inventory of ethanol
and molasses was 57,012 KL and 105,322 MT, respectively.
FINANCIALS
While
the current financial year 2012-13 consists of 12 months, the previous
financial year 2010-12 consisted of 18 months on account of change in the
financial year ending to March from September earlier. Thus, the numbers for
the current financial year are not comparable with previous financial year.
LITIGATION
DETAILS:
|
High Court of Karnataka - Principal Bench
at Bangalore |
|
WA 4237/2011 |
|
Petitioner/Appnt. Name |
THE STATE OF KARNATAKA |
|
Respondent/Defnt.
Name |
SHREE RENUKA SUGARS LIMITED |
|
Petnr./Appnt.
Advocate |
GOVERNMENT ADVOCATE |
|
Respnt./Defnt.
Advocate |
Respnt./Defnt. Advocate |
|
Date Filed |
23/05/2011 Classification: T ( KST ) |
|
District |
Bangalore City |
|
Stage |
HEARING
Last Posted for FINAL HEARING |
|
Last Action Taken |
ADJOURNED Last Date of Action
01/03/2013 Next hearing date |
|
Before Hon'ble
Judge/s |
D.V.SHYLENDRA KUMAR |
|
|
B.SREENIVASE GOWDA |
Lower Court Details [Appeal from below case.]
|
Case No |
Court name |
Disposal Dt |
|
WP 15317/2010 |
HC BANGALORE 30000 |
25/02/2011 |
|
|
|
|
CONTINGENT LIABILITIES:
|
Liabilities classified and considered contingent
due to contested claims and legal disputes |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
Income Tax Demands |
5.640 |
5.640 |
|
Excise and Service Tax Demands 464.95 261.25 |
464.950 |
261.250 |
|
Excise and Service Tax Demands 464.95 261.25 |
36.320 |
36.320 |
|
Customs Demand |
465.120 |
465.120 |
|
|
|
|
|
Total |
972.030 |
768.330 |
UNAUDITED STANDALONE FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE, 2013
|
Sr. no. |
Particulars
|
Quarter Ended 30.06.2013 |
|
|
|
(Unaudited) |
|
1 |
Income from operations |
|
|
|
a) Net
sales/income from Operations (Net of excise duty) |
19374.000 |
|
|
b) Other
Operating income |
-- |
|
|
Total income from operations (Net) |
19374.000 |
|
2 |
Expenses |
|
|
|
a) Cost of
materials consumed |
11932.000 |
|
|
b)
Purchases of traded goods |
711.000 |
|
|
c) Changes
in inventories of finished goods, work-in-progress and stock-in-trade |
5074.000 |
|
|
d)
Employee benefits expenses |
308.000 |
|
|
e)
Depreciation and amortisation expense |
409.000 |
|
|
f) Other
expenses |
851.000 |
|
|
Total expenses |
19285.000 |
|
3 |
Profit/(Loss) from operations before other
income, finance costs and exceptional items (1-2) |
89.000 |
|
4 |
Other
Income |
368.000 |
|
5 |
Profit/(Loss) from ordinary activities
before finance costs and exceptional items (3+4) |
457.000 |
|
6 |
Finance
costs |
506.000 |
|
7 |
Profit/(Loss) from ordinary activities
after finance costs but before exceptional items (5-6) |
(49.000) |
|
8 |
Exceptional
Items (gain/(loss)) |
(874.000) |
|
9 |
Profit/(Loss) from ordinary activities
before tax (7+8) |
(923.000) |
|
10 |
Tax
Expense |
(287.000) |
|
11 |
Net Profit/(Loss) from ordinary activities
after tax (9-10) |
(636.000) |
|
12 |
Extraordinary
Items (Net of tax expense) |
-- |
|
13 |
Net Profit/(Loss) for the Period (11-12) |
(636.000) |
|
14 |
Paid-up
equity share capital (Face Value of Rs. 1/- each) |
671.000 |
|
15 |
Reserve
excluding Revaluation Reserves |
-- |
|
16 |
Earnings Per Share (EPS) before and after
Extraordinary items (of Rs. 1/- each) (not annualised) |
|
|
|
a) Basic
(X) |
(0.95) |
|
|
b) Diluted
(X) |
(0.95) |
SELECT INFORMATION FOR THE QUARTER
ENDED 30TH JUNE, 2013
|
Sr No. |
Particulars |
Quarter Ended 30.06.2013 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public
Shareholding |
|
|
|
- Number of Shares |
413,828,058 |
|
|
- Percentage of Shareholding |
61.64% |
|
2 |
Promoters and
Promoter Group Shareholding a) Pledged/Encumbered |
|
|
|
-
Number of shares |
100,072,365 |
|
|
-
Percentage of shares (as a % of the total |
38.86% |
B INVESTORS
COMPLAINTS FOR THE QUARTER ENDED 30th JUNE, 2013
|
Pending at the beginning of the quarter |
Received during the quarter |
Disposed off during the quarter |
Remaining unresolved at the end of the quarter |
|
- |
22 |
22 |
- |
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
sr N. |
Particulars |
Quarter Ended 30.06.2013 |
|
|
|
(Unaudited) |
|
1 |
Segment
Revenue |
|
|
|
a) Sugar |
17902.000 |
|
|
b) Trading |
778.000 |
|
|
c) Co-Generation |
865.000 |
|
|
d) Ethanol |
325.000 |
|
|
e) Other |
22.000 |
|
|
TOTAL |
19892.000 |
|
|
Less:
Inter Segment Revenue |
518.000 |
|
|
Net
Sales/Income From Operations |
19374.000 |
|
2 |
Segment
Results (Profit/(Loss)
Before Tax And Interest) |
|
|
|
a) Sugar |
192.000 |
|
|
b) Trading |
37.000 |
|
|
c) Co-Generation |
(74.000) |
|
|
d) Ethanol |
86.000 |
|
|
e) Other |
10.000 |
|
|
TOTAL |
251.000 |
|
|
Less: I)
Finance Costs |
506.000 |
|
|
ii) Other
Unallocable Expenses |
162.000 |
|
|
iii) Exceptional
Items |
874.000 |
|
|
|
(1291.000) |
|
|
ADD: I) Other Unallocable Income |
368.000 |
|
|
Total
Profit/(Loss) Before Tax |
(923.000) |
|
3 |
Capital
Employed (Segment
Assets - Segment Liabilities) |
|
|
|
a) Sugar |
5920.000 |
|
|
b) Trading |
527.000 |
|
|
c) Co-Generation |
8337.000 |
|
|
d) Ethanol |
5064.000 |
|
|
e) Other |
114.000 |
|
|
a) Sugar |
23766.000 |
|
|
TOTAL |
43728.000 |
NOTE:
- The above results were subjected to a “limited
review” by the Statutory Auditors, reviewed by the Audit Committee and approved
at the meeting of the Board of Directors held on 14th August, 2013.
- Exceptional items represent gain/loss arising
out of foreign currency transactions.
- The financial results of the current quarter
ended on 30th June, 2013 have been prepared in accordance with the Indian
Accounting Standards.
- During the quarter, the company has
incorporated a wholly owned subsidiary viz. Shree Renuka International PTE
Limited, at Singapore.
- The figures for the quarter ended 31st March,
2013 are the balancing figures between the audited figures for the year
ended 31st March, 2013 and the published figures upto third quarter ended
31st December, 2012.
- Figures for
the previous period(s) have been regrouped/reclassified, wherever
necessary.
FIXED ASSETS:
v
Lease Hold Land
v
Free Hold Land
v
Buildings
v
Plant and Equipment
v
Furniture and Fixtures
v Vehicles
v 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.61.78 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.84.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
61 |
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.