MIRA INFORM REPORT

 

 

Report Date :

24.06.2014

 

IDENTIFICATION DETAILS

 

Name :

SONHIRA SAHAKARI SAKHAR KARKHANA LIMITED

 

 

Registered Office :

Taluka: Kadegaon, District: Sangli - 415305, Maharashtra

 

 

Country :

India

 

 

Year of Establishment :

1994

 

 

Capital Investment / Paid-up Capital :

Not Divulged

 

 

Central Sales Tax No. :

414305 / C / 17

 

 

Legal Form :

Co-Operative Sector Government Enterprises.

 

 

Line of Business :

Manufacturer of Sugar

 

 

No. of Employees :

1150 (Approximately) (Permanent – 650 and Temporary - 500)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct 

 

 

Litigation :

Clear

 

 

Comments :

Subject is Government company having satisfactory track record.

 

Mr. Sanjay Patil, finance manager provided general information and denied to disclose financial details.

 

Trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

Since subject is a government company it can be considered normal 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.

 

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.

 

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 PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Bhagwan Jagdhale

Designation :

Administrative Department 

Contact No.:

91-2347-235599

 

Name :

Mr. Sanjay Patil

Designation :

Finance Manager

Contact No.:

91-2347-235599

Date :

21.06.2014

 

 

LOCATIONS

 

Registered Office :

Taluka: Kadegaon, District: Sangli - 415305, Maharashtra India 

Tel. No.:

91-2347-235579 / 235804 / 06

Fax No.:

91-2347-235803

E-Mail :

sonhirasakhar@yahoo.com

Website :

http://sonhirasugar.com

 

 

Factory :

Located at

 

  • Wangi

 

 

BOARD OF DIRECTORS

 

 

Name :

Hon. Dr. Patangrao Shripatrao Kadam

Designation :

Founder 

Address :                            

At Post Sonsal. Taluka Kadegaon District Sangli, Maharashtra, India

 

 

Name :

Hon. Mr. Mohanrao Shripati Kadam

Designation :

Chairman

Address :                            

At Post Chinchani (A) At Post Chinchani (A) Taluka. Kadegaon, District. Sangli, Maharashtra, India

 

 

Name :

Mr. Nivruti Bapu Jagadale

Designation :

Vice. Chairman

Address :                            

At Post Sonsal. Taluka Kadegaon District Sangli, Maharashtra, India

 

 

Name :

Mr. Raghunath Shripati Kadam 

Designation :

Director 

Address :                            

At Post Sonsal. Taluka Kadegaon District Sangli, Maharashtra, India

 

 

Name :

Mr. Vishwajeet Patangrao Kadam

Designation :

Director 

Address :                            

At Post Sonsal. Taluka Kadegaon District Sangli, Maharashtra, India

 

 

Name :

Mr. Prabhakar Chandru Jadhav

Designation :

Director 

Address :                            

At. Post. Aasad. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Popat Dinkar Mahind 

Designation :

Director

Address :                            

At. Post. Devrashatre. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Sayajirao Baburao Dhanawade

Designation :

Director 

Address :                            

At. Post. Bhalwani. Taluka Khanapur, District  Sangli, Maharashtra, India 

 

 

Name :

Mr. Bapuso Dattatrya Patil 

Designation :

Director 

Address :                            

At. Post. Sonkire. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Yuvaraj Pandurang Kadam

Designation :

Director 

Address :                            

At. Post. Shelkbav. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Pandharinath Vithoba Ghadge 

Designation :

Director 

Address :                            

At. Post. Rayagaon. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Purshottam Shivajirao Bhosale

Designation :

Director 

Address :                            

At. Post. Kadegaon. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Namdeorao Khashaba Jadhav 

Designation :

Director 

Address :                            

At. Post. Shivajinagar. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Shivajirao Krishna Nanaware

Designation :

Director 

Address :                            

At. Post. Nevari. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Ananda Bhiva Adate

Designation :

Director 

Address :                            

At. Post. Amarapur. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Suresh Jaganath Shirsagar

Designation :

Director 

Address :                            

At. Post. Hingangaon Bk. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Diliprao Bhagavanrao Surywanshi 

Designation :

Director 

Address :                            

At. Post. Wangi. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Tanajirao Narayan Shinde 

Designation :

Director 

Address :                            

At. Post. Chikhali. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr. Laxman Baburao Pol 

Designation :

Director 

Address :                            

At Post Saspade. Taluka Kadegaon District Sangli, Maharashtra, India

 

 

Name :

Mr. Mahadev Jotirling Daingade 

Designation :

Director 

Address :                            

At. Post. Wangi. Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Mr.Aakaram Vittal Merve(Patil) 

Designation :

Director 

Address :                            

At. Post. Chinchani (A) Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Sou. Indutai Ravaso Gharge

Designation :

Director 

Address :                            

At. Post. Upale (M). Taluka Kadegaon, District Sangli, Maharashtra, India

 

 

Name :

Sau. Sunanda Chandrakant Pawar

Designation :

Director 

Address :                            

At. Post. Balawadi (Bha.) Taluka Khanapur District Sangli, Maharashtra, India

 

 

Name :

Mr. Y. V. Surve

Designation :

Gove.Representitive

Address :                            

Kolhapur

 

 

Name :

Mr. S.F. Kadam

Designation :

Managing Director

Address :                            

A/p. Mohanrao Kadamnagar, Taluka Kadegaon, District Sangli, Maharashtra, India

Qualification :

B.Sc. A.D.S.I. Sugar Tech.

 

 

OFFICERS

 

Name :

Mr. S.J. Patil

Designation :

Chief Engineer

 

 

Name :

Mr. P. S. Deshmukh

Designation :

Chief Chemist

 

 

Name :

Mr. S. S. Patil

Designation :

Chief Accountant

 

 

Name :

Mr. U. S.Patil

Designation :

Chief Agri Officer

 

 

Name :

Mr. A.B. Kadam

Designation :

Labour Welfare Officer

 

 

Name :

Mr. U. B. Kadam 

Designation :

Civil Engineer

 

 

Name :

Mr. P.M. Nikam 

Designation :

E.D.P Manager

 

 

Name :

Mr. N. R.Patil

Designation :

Purchase Officer

 

 

Name :

Mr. N.V. Suryawanshi 

Designation :

Pollution Control Office

 

 

Name :

Mr. D.A. Jadhav 

Designation :

Store Keeper

 

 

Name :

Mr. G.D.Nikam

Designation :

Security Officer

 

 

Name :

Mr. G.B. Kadam

Designation :

Vehicle In charge

 

 

Name :

Mr. P.T. Jadhav

Designation :

Office Superintendent

 

 

Name :

Mr. P.G. Jamdar 

Designation :

Irrigation Engineer

 

 

Name :

Mr. A. P.Jadhav 

Designation :

P.R.O

 

 

Name :

Mr. P.S. Salokhe

Designation :

Cogen Manager

 

 

Name :

Mr. A.J.J agdale 

Designation :

Distillery Incharge

 

 

Name :

Mr. Bhagwan Jagdhale

Designation :

Administrative Department 

 

 

Name :

Mr. Sanjay Patil

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Not Available

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Sugar

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Brazil
  • China

 

 

Terms :

 

Selling :

Cash / L/C / Cheque

 

 

Purchasing :

Cash / L/C / Cheque

 

 

GENERAL INFORMATION

 

Customers :
  • J.K. Agencies Private Limited, Thane
  • Trisha Sugars Private Limited, Dombivali, Thane
  • Mahalaxmi Sugars Kolhapur Private Limited, Kolhapur 

 

 

No. of Employees :

1150 (Approximately) (Permanent – 650 and Temporary - 500)

 

 

Bankers :

The Maharashtra State Co-Operative Bank Limited, Kolhapur Branch

 

 

 

Banking Relations :

---

 

 

Finance Adviser :

Surana Project Financial Consultancy Private Limited, Pune

 

 

Auditors :

 

Name :

A.P. Shinde

Chartered Accountant

Address :

Sangli, Maharashtra, India 

 

 

Adviser of Institute. :
  • National Fedretion of Co.Opoperative Sugar Factory Limited, New Delhi
  • Maharashtra State Sah. Sugar Sangh Limited, Mumbai
  • Vasantdada Sugar Institute., Mangari(Bk) Dist : Pune

 

 

CAPITAL STRUCTURE

 

Not Available

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Not Divulged

 

The above information has been denied by Mr. Bhagwan Jagdhale / Mr. Sanjay Patil

 

 

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

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

No

12]

Profitability for last three years

No

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

No

15]

Capital in the business

No

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

----------------------

23]

Banking Details

Yes

24]

Banking facility details

No

25]

Conduct of the banking account

----------------------

26]

Buyer visit details

----------------------

27]

Financials, if provided

No

28]

Incorporation details, if applicable

No

29]

Last accounts filed at ROC

No

30]

Major Shareholders, if available

No

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

BRIEF HISTORY

Dr. Patanagraoji S. Kadam’s concern for the rural poor and therefore he started planning in socio- economic sector right from 1971 in the drought prone areas of Khanapur and Palus Talukas in the Western part of Sangli District. 

 

Dr. Patnagrao Kadam reviwed the situation and showed way to his thousands of followers, for the last 30 years, he has been relentlessly trying to bring about changes in social and economic conditions of the people of this area. 

 

“Sonhira” Sugar Factory is an important milestone i “Sonhira” Sugar Factory is an important milestone in Agro-industrial transition conceived by Dr. Patangrao Kadam. Sonhira is like a KALPAVRUKSHA for the people of the area around which he has visualised the flow of economic opportunities. Dr. Patangrao Kadam had identified a number of interconnected plans and programmers which include production of spirit and other chemicals from molasses, Co-generation of electricity from Bagasse, Sugarcane development and research project, agricultural information services for farmers. 

 

Sonhira has got power to change the social, economic environment of the area. in operation from 1999 by Founder Chairman Hon’ble Dr. Patangrao Kadam, Minister for Co-operation, Maharashtra State. This plant is working in excellent condition and the performance of this plant is very good. This place is well connected by rails on the Mumbai-Kolhapur main line and Karad station is around 25 km from this plant. This place is easily accessible by road and National / State highway between Kolhapur-Pune-Mumbai as well as Pune-Bangalore National Highway area nearby. 

 

The licensed capacity of the Factory is 2500 TCD. However, Sonhira SSK Limited is able to crush now an average of 3500 TCD, fully utilizing their resources effectively. Sonhira have their own cultivation land for cane production and they are spread out to approximately 8000 hectare. The yield is around 5 lakes of tones per annum and this is likely to be increased to 7-8 lakes per annum shortly. With the increase in yield, the cane crushing per day will also be increased. 

 

 The climatic conditions, viz. maximum temperatures, humidity, rainfall etc., is very much conductive to grow good quality sugar cane. Yield sugar cane per hector, as also the recovery in cane is high in this belt. 

 

The command area for the factory is in most economically backward area of Kadegaon Taluka, Sangli Distrist, of Maharashtra. In general, the selection of site for the factory is very good and there is an assured supply of sugarcane for the factory.

 

 

DATE

MEMORABLE OF MOMENTS

25 Aug, 1990

Selection Metting of Founder Chief Director.

22 Mar, 1994

2500 M.T. Cane Crushing Cap. sugar factory sanction letter of Govt. of India.

25 Mar, 1994

Cetificate ofRegi. issue by commissioner of Sugar, Maharashtra State.

03 May,1994

Sanction of place for sugar factory at Wangi.

19 Jun, 1994

Registrationn of sugar factory and 1st meeting.

12 Jun, 1995

Agreement of Machi nary

05 Jan, 1996

Agreement of Civil Construction.

03 Jan, 1999

Machinary Comming at Karkhana Site.

08 Jan, 1999

Starting Errection & commissioning of machinery.

17 May, 1999

Selection of New Director Body.

02 Feb, 2000

Ceremony ofTroal Crushing Season & Boiler Firing.

14 Feb, 2000

Starting of Trial cushing season.

17 Feb, 2000

Ceremony of First 7 Sugar Bags.

22 Apr, 2000

An Argument of sugar factory.

02 May, 2000

Ending of Trial crushing season.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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

UK Pound

1

Rs.102.56

Euro

1

Rs.81.91

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NTH

 

 

 

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

 

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.