MIRA
INFORM REPORT
|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
BANNARI AMMAN SUGARS LIMITED |
|
|
|
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Registered
Office : |
1212, Trichy Road, Coimbatore
– 641018, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.12.1983 |
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Com. Reg. No.: |
18-001358 |
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Capital
Investment / Paid-up Capital : |
Rs.114.397
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15421TZ1983PLC001358 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBB03043F/
CMBB03038A/ CMBB03064F |
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PAN No.: [Permanent Account No.] |
AAACB8933G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacture of
Sugar, Industrial/Potable Alcohol, Bio-Compost, Granite Products and
Generation and Distribution of Power. |
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|
No. of Employees
: |
1851 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 38000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and a reputed company having fine track.
Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs.500 and
Rs.1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha
polls were announced, the government decided to hike interest rates on fixed
deposit schemes offered by post offices up to 0.2 per cent. The new rates will
be effective April, 1. The Supreme Court will resume hearing on March, 11
Nokia’s appeal against a ruling over transferring ownership of its local mobile
phones plant which is the subject of a tax dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into
Hindustan Aeronautics Limited’s contracts from
Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau
of Investigation will look into allegations that over $80 million was paid in
kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a
solution for problems with state-owned Air India’s 787 Dreamliners.
The aircraft has experienced a series of malfunctions since its debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: AA- |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
31.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1+ |
|
Rating Explanation |
Have very strong degree and safety and carry
lowest credit risk. |
|
Date |
31.12.2013 |
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.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE.
Contact No.: 91-422-2302277
LOCATIONS
|
Registered/
Corporate Office : |
1212, Trichy Road, Coimbatore
– 641018, Tamilnadu, India |
|
Tel. No.: |
91-422-2302277 (10 Line) |
|
Fax No.: |
91-422-2309999/ 2305599 |
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E-Mail : |
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Website : |
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Sugar Unit-I
Co-Generation Bio-Diesel and Granite Processing : |
Alathukombai, Sathyamangalam, Erode District – 638401, Tamilnadu, India |
|
Tel. No.: |
91-4295-220363/
220387 |
|
Fax No.: |
91-4295-222362/
220695 |
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E-Mail : |
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Sugar Unit- II
and Co-Generation : |
Alaganchi, Nanjangud, Mysore District – 571119, Karnataka, India |
|
Tel. No.: |
91-8221-235042/ 235045/ 228855 |
|
Fax No.: |
91-8221-235014 |
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E-Mail : |
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Sugar Unit- III |
Kunthur Village, Kollegal, Chamrajnagar District
– 571440, Karnataka, India |
|
Tel. No.: |
91-8224-261277 |
|
Fax No.: |
91-8224-261333 |
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E-Mail : |
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Sugar Unit- IV
and Co-Generation : |
Kolundanpattu Village,
Thandarampattu, Tiruvannamalai
District – 606706, Tamilnadu, India |
|
Tel. No.: |
91-4188-248571/
72/ 73 |
|
Fax No.: |
91-4188-248200 |
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E-Mail : |
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Granite Division: |
100 % EOU Alathukombai Sathyamangalam – 638401, Tamilnadu,
India |
|
Tel. No.: |
91-4295-220363,
220 |
|
Fax No.: |
91-4295-220695 |
|
E-Mail : |
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Distillery : |
Chinnapuliyur, Periapuliyur Post 638455, Bhavani Taluk, Erode District, Tamilnadu, India |
|
Tel. No.: |
91-4256-236730 |
|
Fax No.: |
91-4256-230303 |
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Email : |
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Bio-Compost Unit : |
Modur, Arakkankottai, Gobichettipalayam TK, Erode District – 638506, Tamilnadu, India |
|
Tel No.: |
91-4285-252510/ 252110 |
|
Email : |
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Bio Diesel Plant : |
Alathukombai, Sathyamangalam, Erode District – 638401, Tamilnadu, India |
|
Tel. No.: |
91-4295-220363/ 220387 |
|
Fax No.: |
91-4295-220695 |
|
Email : |
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Wind Mills : |
Radhapuram Irukkandurai and Karunkulam Villages Thirunelveli District Tamilnadu, India |
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Branch Office : |
Located at ·
Chennai ·
·
|
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. S V Balasubramaniam |
|
Designation : |
Chairman |
|
|
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|
Name : |
Mr. V Venkata Reddy |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. B Saravanan |
|
Designation : |
Managing Director |
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|
Name : |
Mr. A K Perumalsamy |
|
Designation : |
Director |
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|
Name : |
Mr. E P Muthukumar |
|
Designation : |
Director |
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Name : |
Mr. S V Alagappan |
|
Designation : |
Director |
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Name : |
Mr. S V Arumugam |
|
Designation : |
Director |
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Name : |
Mr. T Gundan |
|
Designation : |
Director |
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Name : |
Dr. M. P. Vijaykumar
|
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. C Palaniswamy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2013)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
1837535 |
16.06 |
|
|
4422741 |
38.66 |
|
|
6260276 |
54.72 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
6260276 |
54.72 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
264 |
0.00 |
|
|
22392 |
0.20 |
|
|
22756 |
0.20 |
|
|
|
|
|
|
|
|
|
|
1242638 |
10.86 |
|
|
|
|
|
|
|
|
|
|
1021205 |
8.93 |
|
|
2516349 |
22.00 |
|
|
376476 |
3.29 |
|
|
808 |
0.01 |
|
|
9092 |
0.08 |
|
|
45000 |
0.39 |
|
|
155097 |
1.36 |
|
|
162663 |
1.42 |
|
|
3816 |
0.03 |
|
|
5156668 |
45.08 |
|
|
|
|
|
Total Public shareholding (B) |
5179424 |
45.28 |
|
|
|
|
|
Total (A)+(B) |
11439700 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
11439700 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of sugar, Industrial/ Potable alcohol, bio-compost,
granite products and generation and distribution of power. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
1851 (Approximately) |
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Bankers : |
·
Punjab National Bank ·
Bank of ·
Canara
Bank ·
The Federal Bank Limited ·
The Karur
Vysya Bank Limited ·
Union Bank of ·
Indian Overseas Bank ·
State Bank of Travancore
·
State Bank of ·
State Bank of ·
Bank of ·
The Lakshmi
Vilas Bank Limited ·
Axis Bank Limited ·
ICICI Bank Limited ·
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
P
N Raghavendra Rao and
Company Chartered Accountants |
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|
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|
Internal
Auditors : |
|
|
Name 1 : |
Srivatsan and Gita Chartered
Accountants |
|
|
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|
Name 2
: |
Bakthavachalam and Company Chartered
Accountants |
|
|
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|
Cost
Auditor : |
|
|
Name : |
M Nagarajan Cost Accountant |
|
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Sister Concern : |
· Shiva Texyarn Limited 252, Mettupalaym Road, Coimbatore
– 641043, Tamilnadu, India Tel No.: 91-422-450045 Fax No.: 91-422-431199 |
|
|
|
|
Enterprises
over which Key management personnel or their relatives are able to exercise
significant influence: : |
· Annamallai Retreading Company (Private) Limited · Annamallai Enterprise (Private) Limited · Bannari Amman Spinning Mills Limited · Bannari Amman Exports Limited · Madras Sugars Limited · Shiva Cargo Movers Limited · Shiva Distilleries Limited · Shiva Texyarn Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs.10/- each |
Rs.290.000 Millions |
|
2100000 |
Redeemable Preference Shares |
Rs.100/-
each |
Rs.210.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11439700 |
Equity Shares |
Rs.10/- each |
Rs.114.397
Millions |
|
|
|
|
|
A. Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period
|
Particulars |
AS AT 31.3.2013 |
|
|
No. of Shares |
(Rs. in Millions) |
|
|
Equity shares |
|
|
|
At the beginning of the period |
11439700 |
114.397 |
|
At the end of the period |
11439700 |
114.397 |
B. Details of shareholders holding more than 5%
shares in the company
|
Name of the Shareholder |
AS AT 31.3.2013 |
|
|
No. of Shares |
% of Holding |
|
|
|
|
|
|
S V Balasubramaniam |
1056232 |
9.23 |
|
Shiva Distilleries Limited |
3948013 |
34.51 |
C. Terms / rights attached to equity shares
The company has issued
only one class of equity shares having face value of Rs.10/- each. One equity
share carries one vote. The members are entitled to vote in accordance with
their shareholding. The Company declares and pays dividend in Indian rupees.
The dividend recommended by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
114.397 |
114.397 |
114.397 |
|
(b) Reserves & Surplus |
9305.551 |
8035.533 |
7127.333 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
9419.948 |
8149.930 |
7241.730 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
449.496 |
514.023 |
536.839 |
|
(b) Deferred tax liabilities (Net) |
914.542 |
884.194 |
919.089 |
|
(c) Other long term liabilities |
97.626 |
104.753 |
353.239 |
|
(d) long-term provisions |
22.108 |
18.833 |
14.473 |
|
Total Non-current Liabilities (3) |
1483.772 |
1521.803 |
1823.640 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3676.208 |
3742.657 |
4095.437 |
|
(b) Trade payables |
1312.077 |
923.668 |
879.743 |
|
(c) Other current
liabilities |
783.968 |
855.810 |
872.691 |
|
(d) Short-term provisions |
471.487 |
433.318 |
152.918 |
|
Total Current Liabilities (4) |
6243.740 |
5955.453 |
6000.789 |
|
|
|
|
|
|
TOTAL |
17147.460 |
15627.186 |
15066.159 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6686.003 |
6858.924 |
7140.635 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
325.113 |
231.029 |
207.566 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4.435 |
6.697 |
7.493 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
992.658 |
937.824 |
820.976 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
8008.209 |
8034.474 |
8176.670 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7598.196 |
6127.276 |
5287.980 |
|
(c) Trade receivables |
1006.484 |
942.874 |
992.903 |
|
(d) Cash and cash
equivalents |
34.278 |
47.502 |
38.079 |
|
(e) Short-term loans and
advances |
366.742 |
321.351 |
381.004 |
|
(f) Other current assets |
133.551 |
153.709 |
189.523 |
|
Total Current Assets |
9139.251 |
7592.712 |
6889.489 |
|
|
|
|
|
|
TOTAL |
17147.460 |
15627.186 |
15066.159 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
13397.419 |
11841.084 |
8238.539 |
|
|
|
Other Income |
19.333 |
32.274 |
77.312 |
|
|
|
TOTAL (A) |
13416.752 |
11873.358 |
8315.851 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Purchased |
9229.746 |
7922.338 |
6566.601 |
|
|
|
Trade Goods Purchased |
189.935 |
40.647 |
3.395 |
|
|
|
Manufacturing and other expenses |
0.000 |
0.000 |
2742.763 |
|
|
|
Excise Duty on stock |
0.000 |
0.000 |
80.492 |
|
|
|
Stock Adjustment |
(1434.735) |
(763.570) |
(2568.190) |
|
|
|
Employee Benefits Expenses |
633.310 |
532.395 |
0.000 |
|
|
|
Other Expenses |
2003.760 |
1841.748 |
0.000 |
|
|
|
TOTAL (B) |
10622.016 |
9573.558 |
6825.061 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2794.736 |
2299.800 |
1490.790 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
451.647 |
507.785 |
221.565 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2343.089 |
1792.015 |
1269.225 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
599.544 |
667.692 |
708.308 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
1743.545 |
1124.323 |
560.917 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
318.671 |
67.624 |
30.303 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
1424.874 |
1056.699 |
530.614 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
121.662 |
113.462 |
126.245 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1100.000 |
900.000 |
410.000 |
|
|
|
Provision for Proposed Dividend on Equity
shares |
142.996 |
114.397 |
114.397 |
|
|
|
Provioms for Tax on
Dividend |
24.302 |
18.558 |
19.000 |
|
|
|
Provision for Diminution in Value of
Investment |
(12.442) |
15.544 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
291.680 |
121.662 |
113.462 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1555.418 |
1880.934 |
693.523 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Sugar |
0.000 |
0.000 |
1472.675 |
|
|
|
Rough Granite Blocks |
2.921 |
0.000 |
0.000 |
|
|
|
Granits Stabs |
2.290 |
0.000 |
0.000 |
|
|
|
Components and Spares Parts |
134.142 |
102.011 |
79.655 |
|
|
|
Capital Goods |
122.316 |
8.147 |
40.679 |
|
|
TOTAL IMPORTS |
|
110.158 |
1593.009 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
124.56 |
92.37 |
46.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.62
|
8.90 |
6.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.01
|
9.50 |
10.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.37
|
7.31 |
3.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.14 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
9.82
|
0.52 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.27 |
1.15 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
114.397 |
114.397 |
114.397 |
|
Reserves & Surplus |
7127.333 |
8035.533 |
9305.551 |
|
Net worth |
7241.730 |
8149.930 |
9419.948 |
|
|
|
|
|
|
long-term borrowings |
536.839 |
514.023 |
449.496 |
|
Short term borrowings |
4095.437 |
3742.657 |
3676.208 |
|
Total borrowings |
4632.276 |
4256.680 |
4125.704 |
|
Debt/Equity ratio |
0.640 |
0.522 |
0.438 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
8238.539 |
11841.084 |
13397.419 |
|
|
|
43.728 |
13.144 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
8238.539 |
11841.084 |
13397.419 |
|
Profit |
530.614 |
1056.699 |
1424.874 |
|
|
6.44% |
8.92% |
10.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 LOANS
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Short Term Borrowings
|
|
|
|
Short Term Loan from Banks |
700.000 |
1630.000 |
|
Overdraft Accounts from Banks |
0.000 |
116.788 |
|
|
|
|
|
Total |
700.000 |
1746.788 |
REVIEW OF
OPERATIONS
SUGAR DIVISION
During the year the
aggregate sugarcane crushed is 35.27 lacs tonnes
compared to 34.61 Lacs tonnes in the previous year
The overall working results are better compared to previous year and the
expansion of crushing capacity from 2500 TCD to 3600 TCD at Kunthur
Village Karnataka is in advanced stage of completion During the year the
Central Government pursuant to the recommendations of Dr C Rangarajan
Committee has abolished both levy sugar obligation and release mechanism of
sugar stocks to the benefit of all concerned with the sugar industry.
CO-GENERATION OF POWER
The Co-generation plants
had generated 425.55 million units of power and exported 286.24 million units
of power to grids compared to the generation of 419.80 million units and export
of 291.98 million units in the previous year The project of establishing 20 MW
co-generation plant at Kunthur Village Karnataka is
in advanced stage of completion.
DISTILLERY DIVISION
During the year the distilleries
had produced 29.39 million B. Ltrs of Alcohol as
against 28.55 million B. Ltrs in the previous year.
GRANITE DIVISION
In the Granite Processing
Unit 162206 square metres of Granite Slabs and 20139 square metres of Tiles
were produced compared to production of 119397 square metres of Granite Slabs
and 16727 square metres of Tiles in the previous year Over the years the
working results of this division have vastly improved and expected to improve
further.
WIND MILL
Wind Mills had generated 16.76
million of units of power and exported 15.27 million units to grid compared to
the generation of 14.38 million units and export of 12.78 million units in the
previous year.
PROSPECTS FOR THE CURRENT YEAR 2013 – 2014
It is estimated to crush 30
lakh tonnes of sugarcane in aggregate It is estimated
to produce 29.5 million B. Ltrs of alcohol in
distillery units The workings of granite processing is encouraging and we
expect an improved results in Granite Division The overall working results of
the company are expected to be satisfactory.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERVIEW
The Company
has two sugar mills in Tamilnadu and two sugar mills
in Karnataka with the aggregate sugarcane crushing capacity of 19000 TCD The
company has also set up co-generation plants and windmills with the aggregate
installed capacity of 93.55 MW The company has also two Distillery units one in
Tamilnadu and the other in Karnataka with the
aggregate installed capacity of 127.50 KLPD It has one of the most modern granite
processing facilities at Sathyamangalam and quarries
both in Tamilnadu and Karnataka.
In the sugar
factory at Kunthur village Karnataka the crushing
capacity is being expanded from 2500 TCD to 3600 TCD besides establishing a
co-generation plant with an installed capacity of 20 MW the projects are in
advanced stage of completion.
The company
is also a producer of bio-compost in Tamilnadu and
Karnataka.
The company
contributes substantially towards welfare of the society in the areas of Health
Sanitation Irrigation Facilities Education Environment Water Conservation
Livelihood Projects etc. through trusts established by the group.
WORLD SUGAR SCENARIO
Brazil and India are the
world's two largest sugar producers Global sugar production for the year 2013-14
is estimated at around 175 million metric tonnes setting a record with the
growth in Brazil and Thailand more than offsetting sharply lower production in
India.
The use of ethanol as an
alternative fuel is an important factor in the sugar supply and demand equation
Brazil is both the largest exporter of sugar and the largest producer and
consumer of ethanol any decision that Brazil takes to expand ethanol production
can affect the balance of sugar supply and demand in the global market World
sugar prices are highly volatile in particular frequently falls below
production costs The depreciation of currencies of major sugar producing
countries (INR and Real) against dollar has also pushed the prices down.
DOMESTIC SUGAR SCENARIO
The
sugar production is estimated to be lower as sugarcane output is likely to be
affected especially in drought hit Maharashtra
Karnataka and Tamilnadu Although the Indian
Meteorological Department forecast normal monsoon rainfalls a crucial component
of cane sowing this season the pace of sowing is expected to remain slow
especially in the above states Lesser sowing would pull down India's overall
cane productivity followed by the proportionate decline in the country's sugar
output.
OUTLOOK FOR
FY 2013-14
There have
significant positive developments in India on sugar policies which will benefit
the producers and stakeholders going forward The Company expects to crush 30 lakhs tonnes of sugarcane across all mills It is estimated
to produce 295 lakh B. Ltrs
of alcohol in the distillery units The working of Granite Division will have
further improvements The working results of the Company are expected to be
satisfactory.
CONTINGENT
LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)
CONTINGENT LIABILITIES (AS ON 31.03.2013)
The company has preferred a
Writ Appeal before the Division Bench of the Hon'ble
High Court Madras challenging the Order pronounced in Writ Petition No.
4030/2002 dated 28.02.2006 in connection with increase in rate of water charges
and the method of computation of water charges pursuant to the G.O. No.474
dated 13.11.2001 for the water drawn for industrial purposes The approximate
amount under dispute is Rs.36.898 Millions (Rs.36.066 Millions)
Sugar Unit I at Sathyamangalam was permitted to sell 100% of the sugar
production as Free Sugar for a period of 8 years from 1985-86 Sugar Season
Chief Director (Sugar) Directorate of Sugar Department of Food New Delhi has
restricted the entitlement of Free sale Sugar Incentive to 275000 quintals production
per season by a subsequent notification A Writ Petition has been filed in the
Madras High Court Challenging the restriction imposed and interim injunction
has been obtained By virtue of injunction order the entire production was sold
as Free Sugar The approximate unprovided quantum
under dispute is Rs.68.335 Millions (Rs.68.335 Millions)
Sugar Unit I at Sathyamangalam was allowed to sell 100% of the Sugar
production as free sugar for 8 years from
1985-86 sugar season and
pay excise duty on incentive sugar as applicable to levy sugar and to retain
the difference in excise duty between levy and free sale sugar In respect of
incentive sugar sold by Unit I from 20.09.1991 to 31.01.1994, the Central
Excise Department has issued show cause notices to the Company to show cause
why the difference of Rs.33/- per quintal being the difference between duty on
levy sugar and free sugar should not be demanded from the Company The Company
has filed Writ Petitions in Madras High Court and the High Court disposed the case
with direction to submit all explanations before the adjudicating authority Now
the matter is pending before the adjudicating authority The excise duty in
dispute is Rs.14.999 Millions (Rs.14.999 Millions)
The
Entry Tax of Rs.28.956 Millions (Rs.28.754 Millions) on Inter-state purchase of
rough blocks is disputed
The Company has received a
demand for payment of excise duty for Rs.14.843 Millions on the machineries
purchased for co-generation plant which have been cleared by the manufacturers
based on the certificates alleged to have been forged by an Official in the
Ministry of Finance The Company has remitted the amount under protest The
company opted for obtaining a valid certificate for which steps have been taken
through a writ petition filed in Hon'ble High Court
of Madras
The company has preferred
an appeal before the Commissioner of Income Tax (Appeals); challenging the
order of Assistant Commissioner of Income Tax in connection with disallowance
of deduction under section 80IA of the Income Tax Act 1961 for the Assessment
year 2010-11. The quantum under dispute is Rs.168.427 Millions
As at the year end the
Company has an obligation under EPCG Scheme to export sugar of a value of USD
10317105 and to export granite of a value of USD 3184080
Estimated amount of
contracts remaining to be executed on capital account - Tangible Assets not
provided for is
Rs.1378.942
Millions (Rs.96.787 Millions)
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/ Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10483090 |
27/02/2014 |
250,000,000.00 |
INDIAN OVERSEAS BANK |
1027- AVINASHI ROAD, PARK
SQUARE BRANCH, NEAR VOC |
B98681166 |
|
2 |
10483079 |
25/02/2014 |
234,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH,
774, OPPANAKKARA STREET, COIMBATORE, TAMILNADU - 641001, INDIA |
B98678691 |
|
3 |
10483077 |
19/02/2014 |
300,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B98678139 |
|
4 |
10456439 |
03/03/2014 * |
900,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C00940130 |
|
5 |
10455242 |
03/03/2014 * |
200,000,000.00 |
THE FEDERAL BANK LIMITED |
PB NO.545, 21 VARIETY
HALL ROAD, COIMBATORE, TAMILNADU - 641001, INDIA |
C00771030 |
|
6 |
10440102 |
03/03/2014 * |
900,000,000.00 |
STATE BANK OF INDIA |
MID-CORPORATE GROUP,
COMMERCIAL BRANCH, 1443 TRICHY ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
C00882050 |
|
7 |
10391406 |
25/02/2014 * |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C00491498 |
|
8 |
10388058 |
25/02/2014 * |
250,000,000.00 |
ICICI BANK LIMITED |
TRICHY ROAD, COIMBATORE,
TAMIL NADU - 641018, INDIA |
C00217695 |
|
9 |
10324383 |
18/01/2012 * |
54,000,000.00 |
GOVERNMENT OF INDIA |
MINISTRY OF CONSUMER
AFFAIRS, FOOD & PUBLIC DISTR |
B30141014 |
|
10 |
10325146 |
18/01/2012 * |
54,000,000.00 |
GOVERNMENT OF INDIA |
MINISTRY OF CONSUMER
AFFAIRS, FOOD & PUBLIC DISTRIBUTION, KRISHI BHAVAN, NEW DELHI, Delhi -
110001, INDIA |
B30134779 |
|
11 |
10311899 |
19/05/2012 * |
100,000,000.00 |
AXIS BANK LIMITED |
VIGNESWAR CRESTA,
NO.1095, AVINASHI ROAD, PAPPAN |
B40674426 |
|
12 |
10255580 |
28/01/2011 * |
249,744,000.00 |
Government of India |
DEPT OF FOOD & PUBLIC
DISTRIBUTION, KRISHI BHAVAN, NEW DELHI, DELHI - 110001, INDIA |
B04329314 |
|
13 |
10191341 |
08/09/2010 * |
700,000,000.00 |
Axis Bank Limited |
"VIGNESHWAR
CRESTA", 1095, AVINASHI ROAD, PAPPANAICKENPALAYAM, COIMBATORE, TAMIL
NADU - 641037, INDIA |
A96162995 |
|
14 |
10131233 |
19/05/2012 * |
180,000,000.00 |
STATE BANK OF HYDERABAD |
UNITED INDIA BUILDING,
1028 AVINASHI ROAD, COIMBA |
B41020603 |
|
15 |
10131235 |
19/05/2012 * |
220,000,000.00 |
BANK OF INDIA |
Mid Corporate BRANCH, 1ST
FLOOR, "CHAMBER TOWERS" , 8/732, AVINASHI ROAD, COIMBATORE, TAMIL
NADU - 641018, INDIA |
B40878167 |
|
16 |
90007053 |
14/12/2001 * |
155,078,000.00 |
IFCI LIMITED |
IFCI TOWERS; 61, NEHRU
PLACE, NEW DELHI- |
- |
|
17 |
90006650 |
19/05/2012 * |
290,000,000.00 |
BANK OF BARODA |
COIMBATORE MAIN BRANCH,
82, BANK ROAD, GROUND FLOOR, COIMBATORE, TAMIL NADU - 641018, INDIA |
B40631038 |
|
18 |
80013790 |
19/05/2012 * |
450,000,000.00 |
THE FEDERAL BANK LTD |
21 VARIETY HALL ROAD,
COIMBATORE, TAMIL NADU - 641001, INDIA |
B40888687 |
|
19 |
80050026 |
25/02/2014 * |
504,000,000.00 |
INDIAN OVERSEAS BANK |
1027, AVINASHI ROAD,
UPPLIPALAYAM, COIMBATORE, TAMIL NADU - 641018, INDIA |
C00150458 |
|
20 |
80050022 |
25/02/2014 * |
705,000,000.00 |
CANARA BANK |
MID-CORPORATE BRANCH, 16
& 18, AROKIASAMY ROAD, R.S.PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA |
B98803547 |
|
21 |
80050027 |
19/05/2012 * |
193,500,000.00 |
STATE BANK OF TRAVANCORE |
PAPPANAICKENPALAYAM
BRANCH, 725 - B AVINASHI ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
B40875601 |
|
22 |
80050028 |
25/02/2014 * |
325,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1443,
TRICHY ROAD, P B NO.3902, COIMBATORE, TAMIL NADU - 641018, INDIA |
B98804537 |
|
23 |
80050021 |
25/02/2014 * |
1,100,000,000.00 |
PUNJAB NATIONAL BANK |
MID-CORPORATE BRANCH,
774, OPPANAKKARA STREET, CO |
B98901713 |
|
24 |
80050025 |
25/02/2014 * |
300,000,000.00 |
UNION BANK OF INDIA |
COIMBATORE MAIN BRANCH, 235,
OPPANAKKARA STREET, POST BOX NO.8, COIMBATORE, TAMIL NADU - 641001, INDIA |
C00103002 |
|
25 |
80050024 |
25/02/2014 * |
325,000,000.00 |
THE KARUR VYSYA BANK
LIMITED |
MAIN BRANCH, 577,
OPPANAKKARA STREET, COIMBATORE, |
C00028290 |
|
26 |
90006371 |
29/10/2012 * |
30,000,000.00 |
Canara Bank |
166, T. V. SAMY ROAD
(WEST), R. S. PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA |
B62581178 |
*
Date of charge modification
FIXED ASSETS:
·
Land
– Freehold
·
Land
– Leasehold
·
Buildings
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Office
Equipments
·
Live
Stock
·
Motor
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for
violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on 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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.