MIRA
INFORM REPORT
|
Report Date : |
22.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
GANGAKHED SUGAR AND ENERGY LIMITED [w.e.f.12.01.2010] |
|
|
|
|
Formerly Known
As : |
GANGAKHED SUGAR AND ENERGY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Vijay Nagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
28.09.2007 |
|
|
|
|
Com. Reg. No.: |
11-174599 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 695.742
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15421MH2007PLC174599 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCG3075F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Sugar and Sugarcane and also Power Generation. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Profitability of the company seems to be low. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a second
straight year of sub-5 % growth – the worst slowdown in more than a quarter of
a century. The data was below an official estimate of 4.9 % annual growth and
compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities = BB |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
April 14, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A4+ |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
April 14, 2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-2453-221755)
LOCATIONS
|
Registered/ Site Office/ Factory : |
Vijay Nagar, Kodri Road, Makhani, Gangakhed, District Parbhani – 431514,
Maharashtra, India |
|
Tel. No.: |
91-2453-221455 |
|
Fax No.: |
91-2453-221455 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
97, East High Court Road, Ramdaspeth, Nagpur - 440010, Maharashtra, India |
|
Tel. No.: |
91-712-3045200-201 (300 lines) |
|
Fax No.: |
91-712-2562091 |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Ratnakar Manikrao Gutte |
|
Designation : |
Director |
|
Address : |
Plot No.1, Near
MLA Hostel, Civil Lines, Nagpur - 440001, Maharashtra, India |
|
Date of Birth/Age : |
12.08.1958 |
|
Qualification : |
Under Graduate |
|
Date of Appointment : |
28.09.2007 |
|
PAN No.: |
ABPPG7367Q |
|
DIN No.: |
00165642 |
|
|
|
|
Name : |
Mr. Sunil Ratnakar Gutte |
|
Designation : |
Director |
|
Address : |
Plot No.1, Near MLA
Hostel, Civil Lines, Nagpur - 440001, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1982 |
|
Qualification : |
Under Graduate |
|
Date of Appointment : |
03.01.2009 |
|
PAN No.: |
AFAPG3984L |
|
DIN No.: |
00165822 |
|
|
|
|
Name : |
Mrs. Sodhamati Ratnakar Gutte |
|
Designation : |
Director |
|
Address : |
Plot No.1, Near
MLA Hostel, Civil Lines, Nagpur - 440001, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1962 |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
01.01.2009 |
|
DIN No.: |
01174733 |
|
|
|
|
Name : |
Mr. Radheshyam Rajbanshi Tiwari |
|
Designation : |
Director |
|
Address : |
Flat No. 23,
Plot No.4, Magh Complex, Dindayal Nagar, Nagpur, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1963 |
|
Qualification : |
MBA |
|
Date of Appointment : |
25.03.2008 |
|
DIN No.: |
02141127 |
KEY EXECUTIVES
|
Name : |
Mr. Shrikant C Rikhe |
|
Designation : |
Secretary |
|
Address : |
Big Ayachit Mandir, Mahal, Nagpur – 440032, Maharashtra, India |
|
Date of Appointment : |
21.05.2012 |
|
PAN No.: |
AUEPR0606F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Sunil Hitech Engineers Limited |
|
19500000 |
|
Ratnakar M. Gutte |
|
8002500 |
|
Sunil R. Gutte |
|
8002500 |
|
Vijay R. Gutte |
|
8002500 |
|
Swati Rajesh Phad |
|
8002500 |
|
Kundan Goods Private Limited |
|
5336000 |
|
Jypee Development Corporation Limited |
|
3500000 |
AS ON 27.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
40.79 |
|
Directors
or relatives of directors |
57.50 |
|
Other
top fifty shareholders |
0.07 |
|
Others
|
1.64 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sugar and Sugarcane and also Power Generation. |
||||
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|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Bankers : |
· UCO Bank MID Corporate Branch, 9 Ramakrishna Nagar, Wardha Road, Nagpur - 440015, Maharashtra, India · Union Bank of India Civil Lines,
Nagpur - 440001, Maharashtra, India Oriental Bank of Commerce Bank of India Andhra Bank The Ratnakar Bank Limited Kotak Mahindra Bank Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K.K. Mankeshwar and Company Chartered Accountants |
|
Address : |
243,"Shrika Residency" Canal Road, Dharampeth,
Nagpur, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFK1156A |
|
|
|
|
Related Parties : |
· Infrastructure Construction and Operations Management Institute [U80900MH2012NPL226677] R.M.G. Ventures Private Limited RMG Commodities Pte Limited Seam Industries Limited [U28120MH2005PLC153364] Sunil Hitech Engineers Limited [L28920MH1998PLC115155] True Mercantile Private Limited [U51109WB1990PTC049364] VRG Digital Corporation Private Limited
[U67190MH2008PTC185792] Yogeshwari Hatcheries Private Limited
[U01403MH2011PTC218473] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1050.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
69,574,188 |
Equity Shares |
Rs. 10/- each |
Rs. 695.742
Millions |
|
|
|
|
|
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 |
695.742 |
695.694 |
659.838 |
|
(b) Reserves & Surplus |
463.301 |
445.315 |
78.727 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.480 |
8.780 |
|
Total
Shareholders’ Funds (1) + (2) |
1159.043 |
1141.489 |
747.345 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3012.858 |
2835.661 |
3182.933 |
|
(b) Deferred tax liabilities (Net) |
102.077 |
90.363 |
36.447 |
|
(c) Other long
term liabilities |
1043.204 |
557.968 |
764.794 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
4158.139 |
3483.992 |
3984.174 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1838.729 |
1791.550 |
1563.229 |
|
(b)
Trade payables |
450.789 |
428.446 |
101.645 |
|
(c)
Other current liabilities |
553.710 |
520.896 |
258.862 |
|
(d) Short-term
provisions |
30.104 |
3.014 |
4.274 |
|
Total Current
Liabilities (4) |
2873.332 |
2743.906 |
1928.010 |
|
|
|
|
|
|
TOTAL |
8190.514 |
7369.387 |
6659.529 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4225.674 |
4286.695 |
4392.241 |
|
(ii)
Intangible Assets |
0.666 |
0.420 |
0.000 |
|
(iii)
Capital work-in-progress |
33.261 |
9.462 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
22.609 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
98.286 |
124.932 |
236.807 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4357.887 |
4444.118 |
4629.048 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2735.113 |
1860.762 |
1419.258 |
|
(c)
Trade receivables |
477.357 |
383.199 |
49.934 |
|
(d) Cash
and cash equivalents |
449.845 |
422.392 |
346.893 |
|
(e)
Short-term loans and advances |
170.312 |
258.916 |
214.396 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3832.627 |
2925.269 |
2030.481 |
|
|
|
|
|
|
TOTAL |
8190.514 |
7369.387 |
6659.529 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2959.436 |
3598.660 |
1130.021 |
|
|
|
Other Income |
44.685 |
46.841 |
8.931 |
|
|
|
TOTAL (A) |
3004.121 |
3645.501 |
1138.952 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2324.373 |
2290.923 |
1587.326 |
|
|
|
Purchases of Stock-in-Trade |
302.497 |
341.491 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1021.903) |
(290.094) |
(1213.905) |
|
|
|
Employees benefits expense |
109.717 |
110.456 |
47.326 |
|
|
|
Other expenses |
399.933 |
276.692 |
305.002 |
|
|
|
TOTAL (B) |
2114.617 |
2729.468 |
725.749 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
889.504 |
916.033 |
413.203 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
616.585 |
615.283 |
284.067 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
272.919 |
300.750 |
129.136 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
216.561 |
205.461 |
109.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
56.358 |
95.289 |
19.882 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
38.804 |
56.930 |
40.721 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
17.554 |
38.359 |
(20.839) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
0.25 |
0.55 |
(0.32) |
|
|
|
Diluted
|
0.25 |
0.65 |
(0.04) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.58 |
1.05 |
-1.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.90 |
2.65 |
1.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.69 |
1.30 |
0.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.08 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.19 |
4.05 |
6.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.07 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
659.838 |
695.694 |
695.742 |
|
Reserves & Surplus |
78.727 |
445.315 |
463.301 |
|
Share Application money pending allotment |
8.780 |
0.480 |
0.000 |
|
Net
worth |
747.345 |
1141.489 |
1159.043 |
|
|
|
|
|
|
long-term borrowings |
3182.933 |
2835.661 |
3012.858 |
|
Short term borrowings |
1563.229 |
1791.550 |
1838.729 |
|
Total
borrowings |
4746.162 |
4627.211 |
4851.587 |
|
Debt/Equity ratio |
6.351 |
4.054 |
4.186 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1130.021 |
3598.660 |
2959.436 |
|
|
|
218.460 |
(17.763) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1130.021 |
3598.660 |
2959.436 |
|
Profit/ [Loss] |
(20.839) |
38.359 |
17.554 |
|
|
(1.84%) |
1.07% |
0.59% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
460.174 |
401.184 |
111.600 |
|
|
|
|
|
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10386794 |
30/09/2013 * |
457,400,000.00 |
UNION BANK OF INDIA LIMITED |
CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA |
B87721692 |
|
2 |
10308218 |
29/08/2011 |
1,000,000,000.00 |
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED |
INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE, 4 A LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B21512827 |
|
3 |
10301036 |
17/08/2011 |
9,193,318.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B18368977 |
|
4 |
10126978 |
30/11/2013 * |
5,416,800,000.00 |
UCO BANK |
MID CORPORATE
BRANCH, 9 RAMAKRISHNA NAGAR, WARDHA |
B91098764 |
|
5 |
10126979 |
30/05/2013 * |
5,416,800,000.00 |
UCO BANK |
MID CORPORATE
BRANCH, 9 RAMAKRISHNA NAGAR, WARDHA |
B76868843 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Rupee term loans from Banks |
8.903 |
38.731 |
|
|
|
|
|
Total |
8.903 |
38.731 |
CHANGE OF ADDRESS
The Registered Office of the company has been
shifted from Vijay Nagar, Kodri Road, Makhani, Gangakhed – 431415, Maharashtra, India
to the present address w.e.f.08.11.2013.
PERFORMANCE REVIEW
The company succeeded in capitalizing on the opportunities that
prevailed even in the overall negative environment to report turnover of Rs.
2959.436 Millions in the current fiscal.
Maharashtra is one of the leading states in sugarcane production, but
due to unfavorable rains and some connected geographical conditions it showed a
decline in the sugarcane production for FY 2012-13, this decline in the
Sugarcane has declined Sugar production of the regional Sugar Industry. In this
negative condition the company manages to achieve better financial results.
The Net Sales/Revenue from Operations of the Company for the financial
year ended as on 31st March, 2013 is Rs 2959.436 Millions, whereas it was Rs.
3598.660 Millions for the financial year ended as on 31st March, 2012 which
shows 18% (Approx.) decline in Net Sales. Profit before tax for the financial
year ended as on 31st March, 2013 is Rs. 56.358 Millions, whereas it was Rs.
95.288 Millions for the financial year ended as on 31st March, 2012.
Profit after tax is Rs.17.554 Millions for the financial year ended as
on 31st March, 2013 and during the financial year ended as on 31st March, 2012
it was Rs. 38.359 Millions.
BACKGROUND
India is the second major sugar producing country in the world after Brazil.
Sugar industry occupies an important place among organized industries in India.
The sugar industry provides direct employment to large number of people and
indirect employment to millions. It is the largest among the processing
Industries. It is one of the emerging industries which helps the economy to
grow and flourish and contributing over 1% to National GDP.
Sugar has been manufactured in India since time immemorial. India
regarded as the original home of sugarcane and being the largest producer of
sugarcane has considerable potential for the development of sugar industry to
meet domestic demand and part of the overseas demand. The sugar industry which
holds a vital position among the Agro-industries of India and makes significant
contribution to India’s export earnings.
General Economic
Review
India's economic growth rate this fiscal is estimated to be sharply
lower at 5 %, lowest in a decade, on account of impact of the global financial
woes, poor performance of manufacturing, agriculture and services sector. The
growth in GDP (Gross Domestic Product) during 2012-13 is estimated at 5 % as
compared to a growth rate of 6.2 % in 2011-12," according to the Advanced
Estimates released today by the Central Statistical Organization (CSO). Improvement
in performance of agriculture and manufacturing sectors is expected to push the
economic growth rate to 6.4% in 2013-14. "Economy will grow at higher rate
from now. We projected growth rate of 6.4% in the current fiscal".
Sugar Industry
Review
The Indian sugar industry is characterized by the coexistence of
private, cooperative and public sector. It is inherently inclusive, supporting
over 50 million farmers and their families. It is rural centric and hence a key
driver of village level wealth creation. Sugar is India’s second largest
agro-based industry after Textiles. It has tremendous transformational
opportunities to meet food, fuel and power needs and earn carbon credit. Growth
in sugar demand is driven by the rising consumption in sectors such as confectionaries,
sweets and soft-drinks. CRISIL research expects industrial demand to grow at a
CAGR of around 4% while household demand increase is felt lower at 2.5% over
the next 5 years. Accordingly the share of indirect demand in overall sugar
consumption is projected to go upto 62% by 2015-16 from the current level of
60%.
Sugarcane as a cash crop remains to be the major contributor to Indian
economy and employment generation for rural youth in the country. Sugar
Industry contributes about Rs. 25000.000 Millions as tax to both central and
state governments. The industry size in terms of capital is more than Rs.
400000.000 Millions. Almost 50 million people depend on sugar industry for
their livelihood. During last few decades several studies have been conducted
by committees headed by Mahajan, Tuteja, ISMA, Rangarajan and others on sugar
sector in India. In all the studies major emphasis was on integration of
stakeholders viz., technologists, researchers, breeders, farm and process
equipment manufacturers, logistic players, traders, distillers, bankers, policy
makers etc. and to bring them on a common platform for the inclusive growth of
Indian sugar industry.
A paradigm shift in sugarcane husbandry research is desirable to achieve
reduction in cost of production, optimization of cane crop cycle, enhanced
physiological efficiency by reducing germination period and rapid tillering,
efficient and balanced use of nutrients, improved cultural operations,
efficient irrigation techniques etc. Bio-intensive technology module for
diseases and insect-pests management for reducing chemical load in the agro-eco
system and cane culture manipulation based on behavioural studies of
insect-pests could be more appropriate strategy for crop protection in time to
come. To minimize the adverse effects of labour shortage and to reduce costs of
production, mechanization in sugarcane need to be further intensified,
encompassing planting, intercultural & harvesting operations, GIS assisted
farm layout and field planning and improving efficiency of transport system.
Better infrastructure in irrigation, power and proper roads for
transportation of sugarcane from field to mills are areas where policy makers
should take decisions for well-being of the sugar sector. The prosperity of the
sugar industry is also closely linked to continuous modernization and
technology upgradation for cost cutting and taking advantage of economies of
scale. The technology upgradation of the industry is important to ensure its
global competence and it should be driven by enhanced capital output ratio,
improvement in plant efficiencies, energy conservation, optimizing cost of
consumables and impact of sugar quality on price realization. The transport
component of the sugarcane supply chain is one area where significant savings
can be realized at a relatively low cost. One of the main cause of the
inefficiency is the lack of a single centre to coordinate the system
holistically and that need introduction of dynamic vehicle scheduling to avoid
excessive queuing times, large numbers of no-cane-stops and poor vehicle
utilization. A high level of cooperation is required between farmers, harvest
contractors, transport contractors and mill managers to ensure that the mill
receives a steady stream of fresh cane. As small farmers constitute majority of
growers base, the industry should take initiative for sharing of high cost farm
equipments and harvesting by grower owned co-operatives. Last but not the
least, the continuous upgradation of human resource skills through training and
other programmes inclusive of motivation and reward should be the focus of
strategy aimed to enrich manpower and knowledge skills critical for holistic
development of the sugar industry.
FIXED ASSETS:
· Land
Buildings
Office
building
Factory
building
Plant
and equipment
Factory
equipments
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
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. 60.19 |
|
|
1 |
Rs. 102.87 |
|
Euro |
1 |
Rs. 81.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
|
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.