MIRA INFORM REPORT
|
Report No. : |
314200 |
|
Report Date : |
31.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
KESAR ENTERPRISES LIMITED |
|
|
|
|
Formerly Known
As : |
THE KESAR SUGAR WORKS LIMITED |
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|
|
|
Registered
Office : |
Oriental House, 7, J Tata Road, Churchgate, Mumbai – 400020,
Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.12.2014 |
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|
Date of
Incorporation : |
01.08.1933 |
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Com. Reg. No.: |
11-001996 |
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Capital
Investment / Paid-up Capital : |
Rs. 101.683 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24116MH1933PLC001996 |
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|
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IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11254F |
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PAN No.: [Permanent Account No.] |
AABCK7328R |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company operate under four division namely Sugar, Distillery, Co
genPower and Seeds and Agro Products. |
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|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred loss from its operations during the year
2014. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution. Note: The company has
changed its financial year from 30th
June to 31st December from 12 months to 18 months ranging from 1.07.2013 to
31.12.2014. |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BB- |
|
Rating Explanation |
Inadequate credit quality and high credit risk |
|
Date |
April 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4 |
|
Rating Explanation |
Minimal degree of safety very high credit risk. |
|
Date |
April 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
|
Borrowers’ Name : |
Kesar Enterprises Limited |
|
Address : |
Oriental House, 7, Jamshedji Tata Road,
Churchgate, Mumbai – 400020, Maharashtra, India |
|
Name of Individual : |
|
|
Name of Credit Grantors / Bank & Branch: |
Industrial Development Bank Of India
Limited, Mumbai Branch |
|
Amount (Rs. In Millions) : |
Rs. 33.700 Million |
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 PARTED BY
|
Name : |
Mr. Tushar |
|
Designation : |
AGM |
|
Contact No.: |
91-22-22042396 |
|
Date : |
21.03.2014 |
LOCATIONS
|
Registered/ Corporate Office : |
Oriental House, 7, J Tata Road, Churchgate, Mumbai – 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-22042396/ 22851737 |
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Fax No.: |
91-22-22876162 |
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E-Mail : |
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Website : |
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Sugar Factory, Sprits
And Power Plant: |
Sugar Division Baheri – 243201, Uttar Pradesh, India |
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Tel No.: |
91-5822-223691/223699 |
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Fax No.: |
91-5822-223697 |
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E-Mail : |
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Delhi Office : |
2nd Floor, Zaheer Science Foundation Building, 4 – Udhyan
Marg, Next to CNG Pump, Near Gole Market, New Delhi – 110001, India |
|
Tel No.: |
91-11-23344066 |
|
E-Mail : |
DIRECTORS
AS ON 31.12.2014
|
Name : |
H R Kilachand |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
A S Ruia |
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Designation : |
Director |
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Name : |
K Kannan |
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Designation : |
Director |
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Name : |
K D Sheth |
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Designation : |
Director |
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Name : |
M H Kilachand |
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Designation : |
Director |
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|
Name : |
Ajeet Prasad |
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Designation : |
Director |
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Name : |
Prakash Dubey |
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Designation : |
Director |
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Name : |
P Nayak |
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Designation : |
Director |
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Name : |
D J Shah |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Tushar |
|
Designation : |
AGM |
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|
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|
Audit Committee Members : |
· K D Sheth (Chairman of the Committee) · A S Ruia · K Kannan ·
Ajeet Prasad ·
Prakash Dubey |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
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|
|
|
|
|
1250309 |
12.50 |
|
|
5725517 |
57.26 |
|
|
6975826 |
69.76 |
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|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
6975826 |
69.76 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
1200 |
0.01 |
|
|
1090 |
0.01 |
|
|
680006 |
6.80 |
|
|
682296 |
6.82 |
|
|
|
|
|
|
404187 |
4.04 |
|
|
|
|
|
|
1336651 |
13.37 |
|
|
483220 |
4.83 |
|
|
116982 |
1.17 |
|
|
7566 |
0.08 |
|
|
109416 |
1.09 |
|
|
2341040 |
23.41 |
|
Total Public
shareholding (B) |
3023336 |
30.24 |
|
Total (A)+(B) |
9999162 |
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) |
9999162 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company operate under four division namely Sugar, Distillery, Co
genPower and Seeds and Agro Products. |
|
|
|
|
Products : |
Not Divulged |
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Brand Names : |
“Kesar Seeds” |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises over which
Key Management Personnel and their relatives are able to exercise significant
influence: |
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CAPITAL STRUCTURE
AS ON 31.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.. 10/- each |
Rs. 120.000 Million |
|
10000000 |
Preference Shares |
Rs. 10/- each |
Rs. 100.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 220.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9999162 |
Equity Shares |
Rs.10/- each |
Rs. 99.992
Million |
|
|
1% Cumulative Redeemable Preference Shares |
Rs. 10/-
each |
Rs. 0.000
Million |
|
|
Zero Coupon Optionally Convertible
Preference Shares |
|
Rs. 1.690
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 101.682 Million |
Reconciliation of the
Shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
No. of Shares |
Rs. In Million |
|
i) Equity Shares Outstanding |
|
|
|
Shares outstanding at the beginning of the year |
8620162 |
86.202 |
|
Shares Issued during the year |
1379000 |
13.790 |
|
Shares bought back during the year |
0 |
0.000 |
|
Shares outstanding at the end of the year |
9999162 |
99.992 |
|
ii) Redeemable
Preference Shares Outstanding |
|
|
|
Shares outstanding at the beginning of the year |
660000 |
6.600 |
|
Shares Issued during the year |
0 |
0.00 |
|
Shares redeemed during the year |
660000 |
6.600 |
|
Shares outstanding at the end of the year |
0 |
0.000 |
|
iii) Zero Coupon Optionally Convertible Preference Shares Outstanding |
|
|
|
Shares outstanding at the beginning of the year |
0 |
0.000 |
|
Shares Issued during the year |
3065000 |
30.650 |
|
Shares converted into Equity Shares during the year |
2895900 |
28.959 |
|
Shares outstanding at the end of the year |
169100 |
1.691 |
During the current period the Company made preferential issue of 30,65,000 Optionally Convertible Preference Shares of Rs. 10/- each with an option to convert into Equity shares of Rs. 10/- each at a premium of Rs. 11/- per share. 28,95,900 Preference shares holders have excesiced their rights
Terms/rights attached
to
(i) Equity Shares
The Company has only one class of Equity Shares having a par
value of Rs. 10 /- per Share. Each Holder of Equity Shares is entitled to one
vote per Share. The Company declares and pays Dividends in Indian Rupees. The
Dividend, if proposed by the Board of Directors is subject to the approval of
the Shareholders in the ensuing Annual General Meeting.
(ii) Redeemable
Preference Shares
1% Cumulative Redeemble Preference Shares having a par value Rs. 10/- each fully paid up redeemable in 3 Annual Installments of Rs. 6.700 Million, Rs. 6.700 Million and Rs. 6.600 Million on 10th August, 2011, 10th August, 2012 and 10th August, 2013 respectively.
(iii) Zero Coupon
Optionally Convertible Preference Shares
Zero Coupon Optionally Convertible Preference Shares issued to promoter/ promoter group on preferencial basis with an option to convert, either partly or fully, in one or more tranches, in one or more financial years, at a price of Rs. 21/- each (including securities premium of Rs. 11/- each).
Details of
Shareholders holding more than 5% Shares in the Company
|
Names of Shareholder |
No. of Shares |
% of Holdings |
|
i) Equity Shareholders |
|
|
|
Kesar Corporation Private Limited |
2337922 |
23.38 |
|
Duracell Investments and Finance Private Limited |
1629950 |
16.30 |
|
Seel Investment Private Limited |
1515229 |
15.15 |
|
Harsh Rajnikant Kilachand |
583777 |
5.84 |
|
(ii) Cumulative
Redeemable Preference Shareholders |
|
|
|
Industrial Development Bank of India |
0 |
0.00 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
30.06.2013 |
30.06.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
101.683 |
92.802 |
81.202 |
|
(b) Reserves & Surplus |
939.266 |
2217.628 |
2373.370 |
|
(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) |
1040.949 |
2310.430 |
2454.572 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1156.154 |
1307.143 |
1364.780 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
6.726 |
9.341 |
10.194 |
|
(d) long-term
provisions |
46.930 |
34.179 |
6.666 |
|
Total Non-current
Liabilities (3) |
1209.810 |
1350.663 |
1381.640 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2127.409 |
2760.847 |
2026.307 |
|
(b) Trade
payables |
1015.976 |
1032.128 |
858.928 |
|
(c) Other
current liabilities |
420.220 |
549.003 |
506.015 |
|
(d) Short-term provisions |
13.944 |
17.610 |
26.500 |
|
Total Current
Liabilities (4) |
3577.549 |
4359.588 |
3417.750 |
|
|
|
|
|
|
TOTAL |
5828.308 |
8020.681 |
7253.962 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4496.741 |
4852.083 |
2882.409 |
|
(ii)
Intangible Assets |
3.044 |
3.044 |
3.294 |
|
(iii)
Capital work-in-progress |
8.903 |
7.735 |
1893.483 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5.495 |
5.495 |
5.495 |
|
(c) Deferred tax assets (net) |
37.884 |
37.884 |
37.884 |
|
(d) Long-term Loan and Advances |
35.183 |
66.605 |
124.197 |
|
(e) Other
Non-current assets |
17.974 |
7.862 |
11.448 |
|
Total Non-Current Assets |
4605.224 |
4980.708 |
4958.210 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
836.193 |
2195.172 |
1939.167 |
|
(c) Trade
receivables |
150.608 |
622.978 |
151.243 |
|
(d) Cash
and cash equivalents |
20.845 |
94.260 |
24.094 |
|
(e)
Short-term loans and advances |
213.515 |
127.563 |
152.457 |
|
(f) Other
current assets |
1.923 |
0.000 |
28.791 |
|
Total
Current Assets |
1223.084 |
3039.973 |
2295.752 |
|
|
|
|
|
|
TOTAL |
5828.308 |
8020.681 |
7253.962 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
30.06.2013 |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4330.588 |
3375.639 |
2859.287 |
|
|
|
Other Income |
30.518 |
22.988 |
11.031 |
|
|
|
TOTAL (A) |
4361.106 |
3398.627 |
2870.318 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2707.333 |
2775.601 |
2677.606 |
|
|
|
Purchases of Stock-in-Trade |
37.456 |
3.630 |
2.331 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
1303.419 |
(277.796) |
(508.202) |
|
|
|
Employees benefits expense |
327.409 |
250.455 |
207.744 |
|
|
|
Other expenses |
378.289 |
303.640 |
341.173 |
|
|
|
TOTAL (B) |
4753.906 |
3055.530 |
2720.652 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(392.800) |
343.097 |
149.666 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
571.921 |
363.754 |
187.634 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(964.721) |
(20.657) |
(37.968) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
235.474 |
146.163 |
55.829 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL
ITEMS |
0.000 |
0.000 |
(128.154) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(1200.195) |
(166.820) |
(221.951) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
(22.101) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(1200.195) |
(166.820) |
(199.850) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(23.20) |
(29.43) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2014 |
30.06.2013 |
30.06.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
(27.71)
|
(4.94) |
(6.99) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(9.07)
|
10.16 |
5.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.78) |
(2.09) |
(4.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.15) |
(0.07) |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
3.15 |
1.76 |
1.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.34 |
0.70 |
0.67 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
30.06.2013 |
31.12.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
81.202 |
92.802 |
101.683 |
|
Reserves & Surplus |
2373.370 |
2217.628 |
939.266 |
|
Net
worth |
2454.572 |
2310.430 |
1040.949 |
|
|
|
|
|
|
long-term borrowings |
1364.780 |
1307.143 |
1156.154 |
|
Short term borrowings |
2026.307 |
2760.847 |
2127.409 |
|
Total
borrowings |
3391.087 |
4067.990 |
3283.563 |
|
Debt/Equity
ratio |
1.382 |
1.761 |
3.154 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2012 |
30.03.2013 |
31.12.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2859.287 |
3375.639 |
4330.588 |
|
|
|
18.059 |
28.289 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2012 |
30.06.2013 |
31.12.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2859.287 |
3375.639 |
4330.588 |
|
Profit |
(199.850) |
(166.820) |
(1200.195) |
|
|
(6.99%) |
(4.94%) |
(27.71%) |
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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
|
PARTICULAR |
31.12.2014 (Rs.
in Million) |
30.06.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
i) Deposits from
Public |
|
|
|
Terms of
Repayments: Repayable in one to three years starting from the date of
the deposits and carrying interest in the range of 12.00% to 12.50% p.a. |
0.000 |
29.491 |
|
ii) Loans from
Related Parties |
|
|
|
Interest free and repayable on demand but not before 12
months from the date of Balance Sheet |
0.000 |
38.142 |
|
SHORT TERM
BORROWINGS |
|
|
|
From UCO Bank |
399.568 |
400.000 |
|
From Allahabad Bank (Rate of Interest: 7% p.a.) |
200.000 |
200.000 |
|
Total |
599.568 |
667.633 |
SUBSEQUENT FINANCIAL
YEAR 2015-16 (15 Months)
Sugar Division
The crushing season 2014-15 is already started from 02.12.2014 and is expected to continue up to end of March 2015.
The Central Government is likely to announce export incentives for the year 2014-15 (October/ September) by way of subsidy of Rs.4,000/- a quintal for export of about 1.4 million tonnes raw sugar to enable the Sugar Mills to export raw sugar at a competitive global prices and to trim inventry piled-up due to the 5th straight year of surplus output, before the end of the season, which may result into increase in the domestic price of Sugar.
Power Division
The Cogen Power Plant is already started from 30.11.2014 and is expected to run up to 2nd week of April 2015.
Recently in December 2014, UP Electricity Regulatory Commission has revised the tariff rate for sell of power from Rs.4.81 per unit to Rs.5.50 per unit w.e.f. 01.4.2014, which will result into additional revenue. The Company has applied for Renewable Energy Certificate for 5,271 units, which will generate additional revenue.
Spirits Division
The sugar cane crushing is expected to be the same as in the previous season. Therefore, the total molasses availability will also be almost the same.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
SCENARIO IN INDIA
Sugar
India is the second largest producer of sugar in the world. The sugar industry is the largest agro-processing sector in India. It is dominated by the co-operative sector in terms of number of units. However, with private players going in for major expansions, the gap between the private and co-operative sector is expected to narrow down in the future in terms of installed capacity as well as production. The industry is regulated by the Central and State Governments by way of cane growing area, sugarcane pricing, import-export policy, government policy etc. Sugar cane is cultivated in around 5 million hectares in India. The major sugarcane producers are Uttar Pradesh, Maharashtra, Tamilnadu and Karnataka. Uttar Pradesh alone contributes about 47% of the total acreage and has 38% share in the total domestic production. Sugar cane is the only source of sugar production in India unlike many other countries, which produce sugar from sugar beat.
Power
Bagasse based cogeneration in sugar factories in India has an established potential capacity of 7000 MW. The installed capacity is 2250 MW in 190 plants in India today. Most plants are set up with cogeneration plant power cycle at pressures of 45, 67 and 87 kg/cm2. About 750 MW capacity is in various stages of construction at 50 plants in India. Therefore, from among 550 sugar factories, cogeneration has been set up in about 240 factories and the remaining operational factories are selling bagasse in the market as is the usual practice.
Spirits
The alcohol industry is segregated into five major segments i.e. beer, wine, IMFL, bottled in origin alcoholic products and country liquor. IMFL consists of whisky, rum, brandy, gin and vodka. The increase in per capita income of the middle class led by growing young population force, urbanization and change in lifestyles are factors which will keep the demand for IMFL & country liquor robust. Though the per capita consumption for alcohol beverages in India is comparatively lower as against developed countries, the sector has a promising growth.
OUTLOOK
Sugar
The sugar industry will be a major player in producing cost effective energy and fuel from its by-products bagasse and molasses. Bagasse can be processed for co-generation of power. Also, ethanol produced from molasses can be used as motor fuel by blending it with petrol.
Power
The season ahead should see the proper utilization of the cogeneration plant and therefore the exportable power will give rise to more revenues. Also due to the rate hike, the income / profits will rise over previous season.
Spirits
The consumption of liquor has been at a steady rise.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10500319 |
23/05/2014 |
204,000,000.00 |
U. P. Co-Operative
Bank Ltd. Through its agent IDB |
Civil Lines,,
Bareilly Branch, Bareilly, Uttar Pr |
C05700836 |
|
2 |
10365156 |
09/04/2013 * |
1,140,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, Allahabad Bank Building, 2nd Floor, 37, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, INDIA |
B74566563 |
|
3 |
10340324 |
23/02/2012 |
220,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, Allahabad Bank Building, 2nd Floor, 37, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, INDIA |
B34192716 |
|
4 |
10267160 |
13/10/2010 |
47,700,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2ND FLOOR, 37, M.S.MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA |
A97473342 |
|
5 |
10248427 |
13/10/2010 |
400,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2nd FLOOR, 37, M.S MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA |
A97473763 |
|
6 |
10249985 |
13/10/2010 |
410,000,000.00 |
UCO BANK |
MID CORPORATE BRANCH, CHURCHGATE RECLAMATION, MAFATLAL CENTRE, 1st FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A97867287 |
|
7 |
10236652 |
15/10/2010 * |
80,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B00283937 |
|
8 |
10239620 |
11/07/2012 * |
520,000,000.00 |
UCO BANK |
Flagship Corporate Branch, Mafatlal Centre, 1st Floor, Nariman Point, MUMBAI, Maharashtra - 400021, INDIA |
B43488022 |
|
9 |
10237581 |
20/07/2010 |
80,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, Allahabad Bank Building, 2nd Floor, 37, Mumbai Samachar Marg,, Mumbai, Maharashtra - 400023, INDIA |
A93182616 |
|
10 |
10192791 |
23/04/2010 * |
46,720,000.00 |
GOVERNMENT OF INDIA |
MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DIST, REPRESENTED BY - IFCI LTD. NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A83944116 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Plant and Equpiments
· Office Equipments
· Vehicles
· Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.63 |
|
|
1 |
Rs. 92.94 |
|
Euro |
1 |
Rs. 68.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUC |
|
|
|
|
Analysis Done by
: |
KMN |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.