MIRA
INFORM REPORT
|
Report No. : |
334336 |
|
Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BALRAMPUR
CHINI MILLS LIMITED |
|
|
|
|
Registered
Office : |
234/3A,
|
|
Tel. No.: |
91-33-22874749 |
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|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
14.07.1975 |
|
|
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|
Com. Reg. No.: |
21-030118 |
|
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|
Capital
Investment / Paid-up Capital : |
Rs. 244.916 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15421WB1975PLC030118 |
|
|
|
|
IEC No.: |
0294000909 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACB9373Q |
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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
: |
Manufacturing and Marketing of Organic
Manure, Ethyl Alcohol and Ethanol, Generation and Selling of Power. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. For the financial year ended 2015, company possesses moderate
operational performance and reported loss from its operational activities
during a year under a review. However, rating takes into consideration company’s sound financial
risk profile marked by favorable capital structure along with adequate net
worth base and fair debt protection metrics. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of sound financial base, the company can be considered for
business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
ICRA |
|
Rating |
Commercial Paper/ Short Term Debt= A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
May, 15 |
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Shanyay |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-33-22874749 |
|
Date : |
29.07.2015 |
LOCATIONS
|
Registered Office : |
234/3A,
A.J.C. Bose Road, FMC Fortuna, 2nd Floor,
Kolkata-700020,
West Bengal, India |
|
Tel. No.: |
91-33-22874749 |
|
Fax No.: |
91-33-22873083 |
|
E-Mail : |
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|
Website : |
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|
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Factory 1 : |
Balrampur Chini Mills Limited Unit: Balrampur P.O.
Balrampur, Balrampur-271201, Uttar Pradesh, India |
|
Tel. No.: |
91-5263-232379 |
|
|
|
|
Factory 2 : |
Balrampur Chini Mills Limited Unit : Babhnan P.O. Babhnan, Gonda-271313, Uttar Pradesh, India |
|
Tel. No.: |
91-5546-256634 |
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|
|
|
Factory 3 : |
Tulsipur Sugar Company A Unit of Balrampur Chini Mills
Limited P.O. : Tulsipur, Balrampur- 271 206, Uttar Pradesh, India |
|
Tel. No.: |
91-7080- 207915 |
|
|
|
|
Factory 4 : |
Haidergarh Chini Mills A Unit of Balrampur Chini Mills
Limited |
|
Tel. No.: |
91-5244-2465502 |
|
|
|
|
Factory 5 : |
Akbarpur Chini Mills
A Unit of Balrampur Chini Mills Limited P.O. : Mijhaura, Tehsil :
Akbarpur, Ambedkarnagar Pin : 224152,
Uttar Pradesh, India |
|
Tel. No.: |
91-5271-254284 |
|
|
|
|
Factory 6 : |
Rauzagaon Chini Mills A Unit of Balrampur Chini Mills
Limited P.O.: Rauzagaon, Barabanki-225402, Uttar Pradesh, India |
|
Tel. No.: |
91-95595-666666 |
|
|
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|
Factory 7 : |
Mankapur Chini Mills
A Unit of Balrampur Chini Mills Limited P.O. : Datauli, Tehsil :
Mankapur, Gonda-271306, Uttar Pradesh, India
|
|
Tel. No.: |
91-5265-264680 |
|
|
|
|
Factory 8 : |
Kumbhi Chini Mills A Unit of Balrampur Chini Mills Limited
Village : Kumbhi, Tehsil : Golagokarannath, Lakhimpur Kheri , Uttar Pradesh,
India |
|
Tel. No.: |
91-5876-245451 |
|
|
|
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Factory 9 : |
Gularia Chini Mills
A Unit of Balrampur Chini Mills Limited Village : Gularia, Tehsil :
Golagokarannath, Lakhimpur Kheri, Uttar Pradesh, India |
|
Tel. No.: |
91-5870-242902 |
|
|
|
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Factory 10 : |
Maizapur Chini Mills A Unit of Balarampur Chini Mills
Limited Village : Maizapur, P.O : Haldharman Tehsil : Colonelgunj ,
Gonda-271126, Uttar Pradesh, India |
|
Tel. No.: |
91-33 2287 4749 |
|
|
|
|
Factory 11 : |
Khalilabad Sugar Mills A Unit of Balarampur Chini Mills Limited Village and P.O. - Khalilabbad Dist–Sant Kabir Nagar-272175, Uttar
Pradesh, India |
|
Tel. No.: |
91-33 2287 4749 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mrs.
Novel S. Lavasa |
|
Designation : |
Additional
Director |
|
|
|
|
Name : |
Dr.
Arvind Krishna Saxena |
|
Designation : |
Wholetime
Director |
|
|
|
|
Name : |
Mr.
Rangarajan Vasudevan |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr.
Vivek Saraogi |
|
Designation : |
Managing
Director |
|
Date of Birth/Age : |
49
Years |
|
Qualification : |
B.
Com (Hons) |
|
Experience : |
27 Years |
|
|
|
|
Name : |
Mrs.
Meenakshi Saraogi, Jt. |
|
Designation : |
Managing
Director |
|
Date of Birth/Age : |
71
Years |
|
Qualification : |
B.A.
|
|
Experience : |
32 Years |
KEY EXECUTIVES
|
Name : |
Mr. Shanyay |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr.
Kishor Shah |
|
Designation : |
Director-cum-Chief
Financial Officer |
|
|
|
|
Name : |
Mr.
Santosh Kumar Agrawala, |
|
Designation : |
Company
Secretary |
|
Date of Birth/Age : |
60
Yaers |
|
Qualification : |
B.
Com (Hons), AASM, FCMA, FCS |
|
Experience : |
39
Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
82863160 |
33.83 |
|
|
17136839 |
7.00 |
|
|
99999999 |
40.83 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
99999999 |
40.83 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
23329698 |
9.53 |
|
|
1221270 |
0.50 |
|
|
19656882 |
8.03 |
|
|
33480687 |
13.67 |
|
|
3450 |
0.00 |
|
|
3450 |
0.00 |
|
|
77691987 |
31.72 |
|
|
|
|
|
|
9542459 |
3.90 |
|
|
|
|
|
|
34555729 |
14.11 |
|
|
19234246 |
7.85 |
|
|
3891847 |
1.59 |
|
|
57094 |
0.02 |
|
|
1543711 |
0.63 |
|
|
198005 |
0.08 |
|
|
74694 |
0.03 |
|
|
2018343 |
0.82 |
|
|
67224281 |
27.45 |
|
Total Public shareholding (B) |
144916268 |
59.17 |
|
Total (A)+(B) |
244916267 |
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) |
244916267 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Organic
Manure, Ethyl Alcohol and Ethanol, Generation and Selling of Power. |
|
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|
Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Yes Bank Limited State Bank of India Punjab National Bank HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
G.
P. Agarwal Company Chartered Accountants |
|
|
|
|
Cost Auditors: |
|
|
|
|
|
Name : |
Radhakrishnan
and Company Cost
Accountants |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprises over which KMP and their relatives have substantial
interest / significant influence: |
·
Meenakshi Mercantiles Limited Udaipur Cotton Mills Company Limited Novel Suppliers Private Limited Balrampur Trust Balrampur Institute of Vocational Aid Balrampur Foundation |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Re. 1/- each |
Rs. 400.000 Million |
|
2500000 |
Preference Shares |
Rs. 100/- each |
Rs. 250.000 Million |
|
|
Total |
|
Rs. 650.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
244916267 |
Equity Shares |
Re. 1/- each |
Rs. 244.916
Million |
|
|
|
|
|
c. Reconciliation of number and amount of equity
shares outstanding:
|
Particular |
31.03.2015 |
|
|
|
No.
million |
Amount |
|
At
the beginning of the period |
244840817 |
244.841 |
|
Add: |
|
|
|
Shares issued on exercise
of employees stock options |
75450 |
0.075 |
|
Shares
issued to the shareholders of erstwhile Khalilabad Sugar Mills Private Limited
(KSMPL) pursuant to Scheme of Merger |
0.000 |
0.000 |
|
At
the end of the year |
244916267 |
244.916 |
d. The Company has only one
class of equity shares. The Company declares and pays dividend in Indian
rupees. The holders of equity shares are entitled to receive dividend as
declared from time to time and are entitled to one vote per share.
e. In the event of liquidation
of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential dues.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
f.
Shareholders holding more than 5 % of the
equity shares in the Company:
|
Particular |
31.03.2015 |
|
|
No.
of Shares held |
%
of holding |
|
|
Life
Insurance Corporation of India |
19341962 |
7.90% |
|
Government
Pension Fund Global |
13057899 |
5.33% |
|
Vivek
Saraogi |
38082320 |
15.55% |
|
Meenakshi
Saraogi |
14244300 |
5.82% |
g. The aggregate number of
equity shares issued pursuant to contract, without payment being received in
cash in immediately preceding last five years ended on 31st March, 2015 –
570942 equity shares (previous period of five years ended 31st March, 2014 -
570942 equity shares).
h.
The aggregate number of equity shares bought back in immediately preceding last
five years ended on 31st March, 2015 – 15410135 equity shares (previous period
of five years ended 31st March, 2014 - 15410135 equity shares).
i. The
Company has reserved 213200 (Previous year 306150) equity shares of par value
Rs. 1/- each for issue at a premium of Rs. 44/- each to eligible employees of
the Company under Employees Stock Option Scheme. All these shares are vested
and are exercisable at any point of time. Refer Note No. 29(2) for terms of
employees stock option scheme.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
244.916 |
244.841 |
244.314 |
|
(b) Reserves & Surplus |
11049.597 |
11940.271 |
12986.184 |
|
(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) |
11294.513 |
12185.112 |
13230.498 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
4297.871 |
4910.945 |
2263.983 |
|
(b) Deferred tax liabilities (Net) |
2292.446 |
2645.030 |
2305.994 |
|
(c) Other long
term liabilities |
60.969 |
50.301 |
39.633 |
|
(d) long-term
provisions |
26.579 |
23.542 |
97.903 |
|
Total Non-current
Liabilities (3) |
6677.865 |
7629.818 |
4707.513 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
11828.288 |
8569.058 |
12602.032 |
|
(b)
Trade payables |
7361.675 |
10153.906 |
7120.092 |
|
(c)
Other current liabilities |
1828.670 |
3003.788 |
4004.080 |
|
(d) Short-term
provisions |
34.190 |
30.224 |
597.922 |
|
Total Current
Liabilities (4) |
21052.823 |
21756.976 |
24324.126 |
|
|
|
|
|
|
TOTAL |
39025.201 |
41571.906 |
42262.137 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
13718.514 |
15218.070 |
15203.973 |
|
(ii)
Intangible Assets |
33.210 |
5.581 |
7.363 |
|
(iii)
Capital work-in-progress |
75.630 |
3.013 |
51.098 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
408.683 |
408.733 |
432.349 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
890.613 |
711.003 |
661.873 |
|
(e) Other
Non-current assets |
1715.195 |
1710.845 |
1710.825 |
|
Total Non-Current
Assets |
16841.845 |
18057.245 |
18067.481 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
16692.487 |
20922.886 |
18865.710 |
|
(c)
Trade receivables |
1586.126 |
640.567 |
1813.774 |
|
(d) Cash
and cash equivalents |
821.770 |
1434.436 |
1911.915 |
|
(e)
Short-term loans and advances |
305.327 |
282.942 |
1560.057 |
|
(f)
Other current assets |
2777.646 |
233.830 |
43.200 |
|
Total
Current Assets |
22183.356 |
23514.661 |
24194.656 |
|
|
|
|
|
|
TOTAL |
39025.201 |
41571.906 |
42262.137 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
29869.779 |
26649.443 |
32748.403 |
|
|
|
Other Income |
190.773 |
259.447 |
428.013 |
|
|
|
TOTAL (A) |
30060.552 |
26908.890 |
33176.416 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20835.402 |
22750.010 |
24109.095 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
4264.140 |
(1841.017) |
1080.450 |
|
|
|
Employees benefits expense |
1502.990 |
1417.017 |
1294.582 |
|
|
|
Other expenses |
2042.695 |
2183.211 |
2065.485 |
|
|
|
TOTAL (B) |
28645.227 |
24509.221 |
28549.612 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1415.325 |
2399.669 |
4626.804 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1020.923 |
1178.426 |
1438.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
394.402 |
1221.243 |
3188.134 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1156.032 |
1094.504 |
1082.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(761.630) |
126.739 |
2105.560 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(184.286) |
90.331 |
485.272 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(577.344) |
36.408 |
1620.288 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spare Parts |
1.616 |
12.046 |
4.120 |
|
|
|
Capital Goods |
1.081 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
2.697 |
12.046 |
4.120 |
|
|
|
|
|
|
|
|
|
|
Earnings/
(LOSS) Per Share (Rs.) |
(2.36) |
0.15 |
6.63 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
618.986 |
1760.003 |
2732.340 |
|
|
|
|
|
|
Cash
(used in)/ Generated from Operations |
(641.831) |
4515.171 |
5977.931 |
|
|
|
|
|
|
Net Cash (used in)/
generated from Operating Activities |
(762.754) |
4623.527 |
5553.508 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(1.93) |
0.14 |
4.95 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.74 |
9.00 |
14.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.98) |
0.31 |
5.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07) |
0.01 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.48 |
1.25 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.08 |
0.99 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Re. 1.00/- |
|
|
|
|
Market Value |
Rs. 47.60/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
244.314 |
244.841 |
244.916 |
|
Reserves & Surplus |
12986.184 |
11940.271 |
11049.597 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
13230.498 |
12185.112 |
11294.513 |
|
|
|
|
|
|
Long-term borrowings |
2263.983 |
4910.945 |
4297.871 |
|
Short term borrowings |
12602.032 |
8569.058 |
11828.288 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
2732.340 |
1760.003 |
618.986 |
|
Total
borrowings |
17598.355 |
15240.006 |
16745.145 |
|
Debt/Equity
ratio |
1.330 |
1.251 |
1.483 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
32748.403 |
26649.443 |
29869.779 |
|
|
|
(18.624) |
12.084 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
32748.403 |
26649.443 |
29869.779 |
|
Profit/ (Loss) |
1620.288 |
36.408 |
(577.344) |
|
|
4.95% |
0.14% |
(1.93%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10551904 |
13/02/2015 |
240,000,000.00 |
GOI MINISTRY OF CONSUMER AFFAIRS SUGAR DEVELOPMENT |
IFCI TOWER,, 61
NEHRU PLACE, NEW DELHI, DELHI - 1 |
C45005055 |
|
2 |
10484850 |
19/03/2014 |
506,200,000.00 |
PUNJAB NATIONAL BANK |
BO : IBB, 31 J L
NEHRU ROAD, KOLKATA- 700016, WEST BENGAL |
C00496240 |
|
3 |
10490194 |
27/02/2015 * |
1,750,000,000.00 |
State Bank of India |
COMMERCIAL
BRANCH, 24, PARK STREET, KOLKATA- 700016, WEST |
C47918156 |
|
4 |
10472195 |
02/01/2014 |
1,500,000,000.00 |
State bank of india |
COMMERCIAL
BRANCH, 24, PARK STREET, KOLKATA- 700016, WEST |
B94256799 |
|
5 |
10464658 |
28/10/2013 |
360,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W |
B91322800 |
|
6 |
10260719 |
05/12/2013 * |
2,750,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST |
B91767665 |
|
7 |
10144891 |
26/02/2009 * |
279,352,400.00 |
PRESIDENT OF INDIA (THROUGH IFCI LIMITED.) |
SUGAR
DEVELOPMENT FUND, KRISHI BHAVAN, MINISTRY O |
A58786997 |
|
8 |
10105498 |
29/10/2009 * |
178,000,000.00 |
PRESIDENT OF INDIA (THROUGH IFCI LIMITED.) |
SUGAR
DEVELOPMENT FUND, KRISHI BHAVAN, MINISTRY O |
A73280885 |
|
9 |
10106562 |
29/10/2009 * |
123,638,000.00 |
PRESIDENT OF INDIA (THROUGH IFCI LIMITED.) |
SUGAR
DEVELOPMENT FUND, KRISHI BHAVAN, MINISTRY O |
A72733082 |
|
10 |
10090944 |
08/02/2008 * |
319,440,000.00 |
PRESIDENT OF INDIA (THROUGH IFCI LIMITED.) |
SUGAR
DEVELOPMENT FUND, KRISHI BHAVAN, MINISTRY O |
A34192682 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
HDFC
Bank Limited (HDFC) |
250.000 |
0.000 |
|
HDFC
Bank Limited (HDFC) Commercial
Paper |
1500.000 |
0.000 |
|
Total |
1750.000 |
0.000 |
PERFORMANCE:
The Company registered a
gross turnover of Rs. 30932.100 Million for the year ended 31st March 2015 as against
Rs. 27587.100 Million for the year ended 31st March 2014. The growth of 12% in
gross turnover was mainly due to higher sale volume of sugar.
Excessive production led to
a glut in domestic market resulting in sugar prices declining drastically from
Rs. 30 to Rs. 25 a kg in U.P during the last 6 months of the financial year.
Closing stock of sugar valued at year end was significantly lower than the
production cost, leading to substantial loss in sugar segment despite
accounting for the financial assistance of Rs. 28.60 per quintal of cane
towards cane price receivable from U.P.Govt. Distillery and Power Divisions
performed well and helped in reducing the losses. Company incurred a net loss
of Rs. 577.300 Million as against a net profit of Rs. 364.000 Million in the
previous year.
OUTLOOK:
The sugar
production in the country for the season 2014-15 was estimated at an all-time
high of 280 lac metric tonnes as against 244 lac metric tonnes during the
2013-14 season. The closing inventory of sugar (as of September 2015) is
expected to be about 100 lac metric tonnes. Successive years of excess
production led to a glut which led to sharp decline in sugar prices from Rs. 30
to H25 a kilogram within a short span of six months eroding the viability of
the sugar business. The industry is at a crossroads and passing through its
most challenging phase ever. Govt. announced an export incentive of Rs. 4000
per MT to facilitate export of raw sugar from the country. Surplus production
in Brazil along with depreciating Brazilian currency Real weighed heavily on
global raw sugar prices which declined from 17.01 US cents per pound to 12.70
US cents per pound effectively shutting down the window for export from India
despite the export incentive from the Govt.
Cane price
arrears mounted to an all-time high of about Rs. 21000.000 Million. Sugarcane
dues climbed in all three large Indian sugar producing States.
Central Govt
replaced the policy for procurement of ethanol for blending programme from tender
based to fixed price. Govt announced removal of 12.50% excise duty on ethanol
effective from season 15-16. These measures would not only save valuable
foreign exchange for the Govt, but would go a long way in encouraging the sugar
industry in getting improved price of ethanol realisation on long term basis.
During the
year, UPERC increased the tariff for bagasse based power generation on an
average by Rs. 0.49 per unit effective from 20.01.15. This increase in tariff
along with the benefit from sale of REC would enhance the profitability of
power segment.
Policies relating to by
products announced above, are no doubt steps in the right direction and would
go a long way in securing value addition in distillery and power segments.
Since the sugar industry is
regulated by both Central and State Govt, there is need for balanced policy
approach on sugarcane pricing and effective addressal of the surplus stock
before situation is out of control leading to irreparable damages.
MANAGEMENT DISCUSSION AND
ANALYSIS:
INDIAN SUGAR INDUSTRY
India has nearly five
million hectares of agricultural land under sugarcane cultivation. During
2014-15, 354.95 Million metric tonnes of sugarcane was cultivated in the
country, a rise of about 1% over that of the previous year.
The estimated sugar output
in the country during 2014-15 is 28 million metric tonnes (representing an
increase
of 15% over the last year),
which is 16.2% of the total world production estimated at 172.46 million metric
tonnes.
The sugar industry can be
divided into the organised and unorganised sectors. Sugar factories belong to
the organised sector and those who produce traditional sweeteners fall into the
unorganised sector. Gur and khandsari are the traditional forms of sweeteners.
THE YEAR 2014-15
While some events did go in
favour of the sugar industry in 2014, they weren’t enough to lift the industry
out of its morass. While the industry benefited from a better contribution from
co-generated power and distillery by-products, falling global sugar prices
created a big overhang and, to make matters worse, ample domestic output kept
prices under pressure. Besides, sugarcane procurement costs remained firm,
putting further pressure on declining margins.
The world sugar market
continues to experience substantial price waning. Global sugar prices continue
to remain under pressure. A strengthening dollar has led sugar mills to dump
stocks to take advantage of weak domestic currencies, putting further pressure
on international sugar prices.
The Cabinet Committee on
Economic Affairs cleared a proposal to extend an assistance of C4000 a tonne on
production and export of 1.4 Million tonnes of raw sugar in the 2014-15 crop
year (which began last October and runs till end-September this year). This is
expected to help millers export a portion of surplus production and help sugar
mills to clear their dues. For mills with distillery facilities, the incentive
applies only if they offer to supply a fourth of their annual alcohol
production as ethanol for the ongoing petrol-blending programme of oil
marketing companies.
Domestic prices too have
fallen steeply to around C25.50 per kilogram which is much below the cost of
production. However, the bigger problem is the sugarcane procurement cost,
which was retained at C280 per quintal in Uttar Pradesh. The Uttar Pradesh
Government announced a financial assistance of C40 per quintal of cane to
lessen the burden of high sugarcane prices. It’s no surprise that Indian sugar
mills
are protesting the prices fixed
by the government for sugarcane purchases from farmers.
INTERNATIONAL SCENARIO: INDIA IN THE WORLD MARKET
Of the 115 sugar producing
countries, 67 produce sugar from cane, 39 from beet and nine from both cane and
beet. Brazil, India, Thailand, Australia and Cuba are the world’s largest
sugarcane producers. The Indian sugar industry has a significant standing in
the global sugar market. India accounts for about 16% of the total world sugar
production whereas Brazil accounted for around 22% of the world production.
Based on the decadal growth in consumption, it is expected that domestic sugar
consumption in
2016
would be approximately 25 million metric
tonnes.
COGENERATION
Sugar industry has been
traditionally practicing cogeneration by using bagasse as a fuel. With the
advancement in the technology for generation and utilisation of steam at high
temperature and pressure, sugar industry can produce electricity and steam for
their own requirements. It can also produce significant surplus electricity for
sale to the grid using bagasse. Over 200 of the 600 sugar mills have
cogeneration plants with an installed exportable capacity of over 3500
megawatts. A clear national regulation on cogeneration should be in place as
this is considered as a non-conventional source of power and the industry
should be paid higher than what it is being paid for per unit of power sold to
state grid.
ETHANOL
There are nearly 330
distilleries in India with a total combined annual production capacity of over
4 billion litres of rectified spirit (alcohol) including 1.5 billion litres of
fuel ethanol. About 143 distilleries have the capacity to distill over 2
billion litres of conventional ethanol which includes an additional annual
ethanol production capacity of over 400 million litres that was built up in
last five years.
Theoretically, the
installed capacity is sufficient to meet around 7% of blending with gasoline.
India produces conventional bioethanol mostly from sugar molasses and partly
from grains.
Domestic alcohol production
in CY 2015 will inch closer to 2.1 billion litres compared to 2 billion litres
in CY 2014.
In CY 2014, the sugar mills
offered 671 million litres of ethanol and OMCs have committed to procure 305
million litres.
The new fixed
price mechanism replaced the system of price discovery through tenders called
in by OMCs. The old system was considered timeconsuming and prone to
uncertainty. As per the new arrangements, mills would be paid C48.50 for every
litre of ethanol delivered at an OMC depot within a distance of 100 kilometres.
The delivered rate is C49 per litre if the distance is between 101 and 300
kilometres, while being C49.50 per litre for beyond 300 kilometres. These
prices are higher than the C47.5 per litre rate at which the OMCs had last contracted
35 crore litres, against a total supply tender for 156 crore litres floated in
July 2014.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Claims
against the Company not acknowledged as debts : |
|
|
|
Excise
duty demand - under appeal |
30.784 |
31.137 |
|
Sales
tax demand - under appeal |
1.110 |
1.110 |
|
Others
- under appeal/litigation |
88.464 |
86.353 |
|
Total |
120.358 |
118.600 |
FIXED ASSETS:
Tangible Assets
·
Land
Buildings
Plant and
Equipment
Furniture
and Fixtures
Computer
Electrical
Installation
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. 64.01 |
|
|
1 |
Rs. 99.83 |
|
Euro |
1 |
Rs. 70.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
45 |
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.