MIRA INFORM REPORT
|
Report No. : |
336119 |
|
Report Date : |
11.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
NSL SUGARS LIMITED [w.e.f. 10.07.2008] |
|
|
|
|
Formerly Known
As : |
SCM SUGARS LIMITED |
|
|
|
|
Registered
Office : |
60/1, 2nd Cross, Residency Road, Bangalore-560025,
Karnataka |
|
Tel. No.: |
91-20-25593413 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
23.12.1999 |
|
|
|
|
Com. Reg. No.: |
08-026121 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 556.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15429KA1999PLC026121 |
|
|
|
|
IEC No.: |
0702014401 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS05405B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCS0938Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of sugar, value added products such as power, ethanol and bio-fertilizers. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of "Mandava Holdings Private Limited" and incorporated during the year 1999. It has a satisfactory track record. For the financial year 2014, the company incurred losses due to deregulation and low price of sugar where it has maintain decent sale turnover Further, the company has healthy financial risk profile marked by efficient net worth position along with good liquidity profile. Trade relations reported as fair. Business is active. Payments terms are slow but correct. In view of healthy liquidity profile, the company could consider for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Pawan Jain |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-40-30514444 |
|
Date : |
10.08.2015 |
LOCATIONS
|
Registered Office : |
60/1, 2nd Cross, Residency Road, Bangalore-560025, |
|
Tel. No.: |
91-80-25593413/14/15 |
|
Fax No.: |
91-80-25593415 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
|
|
|
Corporate Office : |
NSL Icon, 4th Floor, D. No. 8-2-684/2/A, Road No.12,
Banjara Hills, Hyderabad-500034, Telangana, India |
|
Tel. No.: |
91-40-30514444/74/30514125 |
|
Fax No.: |
91-40-23327919/30514125 |
|
|
|
|
Factory 1: |
|
|
Tel. No.: |
91-8232-248826/248499/248706 |
|
Fax No.: |
91-8232-248666 |
|
Email: |
|
|
|
|
|
Factory 2: |
Lessee of SSKN-Alland Bhusanoor Taluka, District Gulbarga-585302, |
|
|
|
|
Factory 3: |
Pawarwadi, Beed, Majalgaon – 431131, Maharashtra, India |
DIRECTORS
AS ON 26.09.2014
|
Name : |
Mr. Ravindra Singh Singhvi |
|
Designation : |
Managing director |
|
Address : |
18-A, Chinar Drive, DLF Chhattarpur Farms, Chhattarpur, New Delhi - 110074, India |
|
Date of Birth/Age : |
16.08.1957 |
|
Date of Appointment : |
24.09.2013 |
|
DIN No.: |
03417200 |
|
PAN No.: |
ABWPS6086P |
|
|
|
|
Name : |
Mr. Mandava Rao Prabhakara |
|
Designation : |
Director |
|
Address : |
Plot No. 543, House No. 8-2-293/82/A543, Road No. 26, Jubilee Hills, Hyderabad, 500033, Telangana, INDIA |
|
Date of Birth/Age : |
19.01.1959 |
|
Date of Appointment : |
26.07.2001 |
|
DIN No.: |
00009650 |
|
|
|
|
Name : |
Mr. Ramakoteswara Rao Kommalapati |
|
Designation : |
Director |
|
Address : |
8-2-268/R/11/A, Plot No. 11, Navodaya Co-operative, House Building Society, Road No. 2, Banjara Hills, Hyderabad - 500034, Telangana, India |
|
Date of Birth/Age : |
12.11.1956 |
|
Date of Appointment : |
26.07.2001 |
|
DIN No.: |
00014649 |
|
PAN No.: |
AEUPK2474A |
|
|
|
|
Name : |
Pamidi Kotaiah |
|
Designation : |
Director |
|
Address : |
102, Pooja Pride, Plot No.75, Srinagar Colony, Hyderabad, 500073, Telangana, India |
|
Date of Birth/Age : |
15.05.1938 |
|
Date of Appointment : |
03.12.2010 |
|
DIN No.: |
00038420 |
|
|
|
|
Name : |
Mr. Gremella Shesha Chalpati Rao |
|
Designation : |
Director |
|
Address : |
B-8/24 1st Floor, Vasant Vihar, New Delhi - 110057, India |
|
Date of Birth/Age : |
01.07.1954 |
|
Date of Appointment : |
11.05.2012 |
|
DIN No.: |
00064904 |
|
|
|
|
Name : |
Mr. Mandava Ashapriya |
|
Designation : |
Director |
|
Address : |
Plot Number:543, House No:8-2-293/82/A/543,, Road No:26, Jubilee Hills, Hyderabad - 500034, Telangana, India |
|
Date of Birth/Age : |
19.09.1961 |
|
Date of Appointment : |
26.07.2001 |
|
DIN No.: |
01199936 |
|
|
|
|
Name : |
Mr. Hapase Dnyanadeo Gangaram |
|
Designation : |
Director |
|
Address : |
Dnyanasheel, 67/70, B Rajashree, Shahu Co-Operative Housing Society Natu Baug Satara Road, Pune - 411037, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1939 |
|
Date of Appointment : |
06.03.2010 |
|
DIN No.: |
02964533 |
|
|
|
|
Name : |
Mr. Basavaiah Sabbineni |
|
Designation : |
Director |
|
Address : |
CEO, NSL Sugars Limited, A-Qtrs, Tq Maddur, District Mandya, Koppa - 571425, Karnataka, India |
|
Date of Birth/Age : |
23.12.1935 |
|
Date of Appointment : |
31.03.2010 |
|
DIN No.: |
03032158 |
|
PAN No.: |
AIVPS7711F |
|
|
|
|
Name : |
Mr. Mandava Venkatram Chowdary |
|
Designation : |
Director |
|
Address : |
8-2-293/A/643, Road No 26, Jubileehills, Hyderabad - 500033, Telangana, India |
|
Date of Birth/Age : |
30.11.1987 |
|
Date of Appointment : |
11.05.2012 |
|
DIN No.: |
03567730 |
|
|
|
|
Name : |
Mr. Anil Chandra Gupta |
|
Designation : |
Director |
|
Address : |
24 - Krishinagar, P.O. Manovikasnagar, Bowenpally, Secunderabad - 500009, Telangana, India |
|
Date of Birth/Age : |
16.09.1943 |
|
Date of Appointment : |
28.12.2012 |
|
DIN No.: |
06363513 |
KEY EXECUTIVES
|
Name : |
Laxmi Prakash Soni |
|
Designation : |
Chief Finance Officer |
|
Address : |
232, Gujranwala Town Part- III, Dr. Mukerjee Nagar, S.O.,
North West Delhi, New Delhi - 110009, India |
|
Date of Appointment : |
20.06.2014 |
|
PAN No: |
AMQPS7974K |
|
|
|
|
Name : |
Mr. Mruthunjaya Murthy |
|
Designation : |
Company Secretary |
|
Address : |
C-1, 302, Shree Prakruthi Apartment, Thindlu Main Road, Kodigehalli,
Bangalore, Karnataka, India |
|
Date of Birth/Age : |
17.09.1962 |
|
Date of Appointment : |
05.11.2011 |
|
PAN No.: |
ACWPM0838L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
M. Prabhakara Rao |
|
19003960 |
|
Mandava Holdings Private Limited, |
|
23536514 |
|
M. Venkatrama Chowdhary |
|
2239646 |
|
M S Ventures (Hold by M Asha Priya Managing Partner of M S Ventures) |
|
548040 |
|
M Asha Priya |
|
251040 |
|
K. Ramakoteswara Rao |
|
143600 |
|
K V Ramanamma |
|
142200 |
|
K L Kartheek |
|
142200 |
|
K Anuhya |
|
142200 |
|
P Nageshwara Rao |
|
100 |
|
A V V Siva Prasad |
|
100 |
|
|
|
100 |
|
G |
|
100 |
|
Ch Appa Rao |
|
100 |
|
|
|
100 |
|
Total |
|
46150000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
|
|
|
|
Mandava Holdings Private Limited, |
|
950000 |
|
|
|
|
|
Total |
|
950000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2014
|
Category |
Percentage |
|
Bodies corporate |
51.00 |
|
Directors or relatives of Directors |
47.81 |
|
Other top fifty shareholders |
1.19 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of sugar, value added products such as power,
ethanol and bio-fertilizers. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers Manufacturer
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
S.R.Batliboi and Associates LLP Chartered Accountant |
|
Address : |
Oval office,18 Ilabs Center ,Hi –Tech City, Madhapur, Hyderabad - 500018, Telangana, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company: |
|
|
|
|
|
Subsidiaries: |
|
|
|
|
|
Fellow
subsidiaries: |
|
|
|
|
|
Enterprises over
which key management personnel exercise significant influence: |
|
CAPITAL STRUCTURE
AFTER 26.09.2014
Authorised Capital : Rs. 1300.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 756.500
Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
Rs.10/- each |
Rs. 700.000 Million |
|
6000000 |
Preference Shares |
Rs.100/- each |
Rs. 600.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1300.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46150000 |
Equity Shares |
Rs.10/- each |
Rs. 461.500 Million |
|
9500000 |
Preference Shares |
Rs.100/- each |
Rs. 95.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 556.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
556.500 |
461.500 |
461.500 |
|
(b) Reserves & Surplus |
2345.517 |
3180.117 |
3379.802 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
12.500 |
|
Total
Shareholders’ Funds (1) + (2) |
2902.017 |
3641.617 |
3853.802 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7553.416 |
7376.896 |
5666.146 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
79.362 |
79.031 |
|
(d) long-term provisions |
50.386 |
52.003 |
29.412 |
|
Total
Non-current Liabilities (3) |
7603.802 |
7508.261 |
5774.589 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2629.949 |
2537.658 |
2737.521 |
|
(b) Trade payables |
1935.974 |
1829.459 |
1216.504 |
|
(c) Other current liabilities |
2597.746 |
2041.356 |
1578.921 |
|
(d) Short-term provisions |
3.730 |
4.724 |
4.553 |
|
Total
Current Liabilities (4) |
7167.399 |
6413.197 |
5537.499 |
|
|
|
|
|
|
TOTAL |
17673.218 |
17563.075 |
15165.890 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8721.992 |
9236.070 |
5091.874 |
|
(ii) Intangible Assets |
6.119 |
6.661 |
1.863 |
|
(iii) Capital work-in-progress |
297.990 |
335.440 |
4235.407 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3599.901 |
1943.831 |
1300.309 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
672.354 |
2194.456 |
1946.005 |
|
(e) Other Non-current assets |
70.026 |
40.075 |
45.937 |
|
Total
Non-Current Assets |
13368.382 |
13756.533 |
12621.395 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3315.498 |
3147.708 |
1585.818 |
|
(c) Trade receivables |
280.503 |
98.493 |
167.466 |
|
(d) Cash and cash equivalents |
49.462 |
100.627 |
230.626 |
|
(e) Short-term loans and advances |
572.194 |
427.350 |
560.585 |
|
(f) Other current assets |
87.179 |
32.364 |
0.000 |
|
Total
Current Assets |
4304.836 |
3806.542 |
2544.495 |
|
|
|
|
|
|
TOTAL |
17673.218 |
17563.075 |
15165.890 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
6196.273 |
7648.847 |
5637.856 |
|
|
Other Income |
264.107 |
151.066 |
18.070 |
|
|
TOTAL
(A) |
6460.380 |
7799.913 |
5655.926 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4714.220 |
6530.903 |
3923.779 |
|
|
Purchases of stock-in-trade |
0.000 |
0.000 |
5.551 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(257.861) |
(1447.462) |
186.633 |
|
|
Employees benefits expense |
452.166 |
410.343 |
372.820 |
|
|
Other expenses |
709.985 |
838.365 |
621.586 |
|
|
TOTAL
(B) |
5618.510 |
6332.149 |
5110.369 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
841.870 |
1467.764 |
545.557 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1078.795 |
1113.677 |
722.878 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(236.925) |
354.087 |
(177.321) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
597.675 |
530.355 |
336.702 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(834.600) |
(176.268) |
(514.023) |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
23.417 |
(121.783) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(834.600) |
(199.685) |
(392.240) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(18.08) |
(4.33) |
(8.63) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
772.820 |
678.106 |
829.574 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
844.532 |
1086.234 |
902.695 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(13.47) |
(2.61) |
(6.96) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.59 |
19.19 |
9.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.06) |
(1.15) |
(5.34) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.29) |
(0.05) |
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.78 |
2.91 |
2.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.60 |
0.59 |
0.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
461.500 |
461.500 |
556.500 |
|
Reserves & Surplus |
3379.802 |
3180.117 |
2345.517 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
12.500 |
0.000 |
0.000 |
|
Net
worth |
3853.802 |
3641.617 |
2902.017 |
|
|
|
|
|
|
long-term borrowings |
5666.146 |
7376.896 |
7553.416 |
|
Short term borrowings |
2737.521 |
2537.658 |
2629.949 |
|
Current maturities of
long-term debts |
829.574 |
678.106 |
772.820 |
|
Total
borrowings |
9233.241 |
10592.660 |
10956.185 |
|
Debt/Equity
ratio |
2.396 |
2.909 |
3.775 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5637.856 |
7648.847 |
6196.273 |
|
|
|
35.669 |
(18.991) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5637.856 |
7648.847 |
6196.273 |
|
Profit |
(392.240) |
(199.685) |
(834.600) |
|
|
(6.96%) |
(2.61%) |
(13.47%) |
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 |
Yes |
|
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 |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF OPERATIONS:
The Company during the year was able to achieve the turnover of Rs. 6196.271 Million as against previous year turnover of Rs. 7648.847 Million. The turnover of the company was lower by 23.4% The Company was able to achieve EBITDA of Rs. 841.869 Million which is lower by 42.6% compared to the previous year figure of Rs. 1467.764 Million. The reduction in the turnover and EBITDA is mainly because of low cane availability due to drought conditions in the previous year coupled with increased cane prices set by the State Government. The low sugar prices due to deregulation/decontrol of sugar also contributed negatively in achieving the desired results. The deregulation of sugar from various controls/ levy obligation is beneficial to the industry and Company in the long run, though the immediate impact of the deregulation was sudden higher availability of sugar in the market with resultant depressed price throughout the year.
The segment wise
performance of the company is as follows:
SUGAR DIVISION:
The arbitrary fixation of high Cane Price by the Karnataka State Government ignoring the provisions of the Karnataka Sugar Cane ( Purcahse and Supply) Regulation and control Act, 2013, has put all the sugar mills in Karnataka into a sever financial problems. The sugar mills made several representations to the Government through SISMA about the anomalies in price fixation and the difficulties that were faced by the sugar mills considering the fact of low domestic sugar price which can not be matched with the high cane price fixed by the State Government.
The Government did not agree to the appeal of the sugar mills and subsequently the Karnataka Sugar Mills through SISMA filed the writ petition before Karnataka High Court on the act of price fixation by the State Government and the same is still pending before the HonRs.ble Karnataka High Court. During this exercise, the mills could not start their crushing at the scheduled time which ultimately resulted into low cane availability.
Recovery for all units was lower than previous year owing to lower quality cane due to drought, intermittent crushing, stabilization issues etc. Since Sugar Cane being the prime raw material, the Company is focusing its efforts on Cane development and confident of reaping the benefits in the years to come.
POWER DIVISION:
During the year the company generated 279.558 Million units ( previous year 302.351 Million units) and exported 200.450 Million units of power (previous year Million units) and realized Rs. 1143.900 Million (previous year Rs. 963.400 Million) through the sale of power. The average price realization was Rs. 5.70 per unit in this financial year. The power generation during the year was low as compared to previous year because of delay in start up of crushing. The company is confident and expected to perform much better in this segment in the coming years.
DISTILLERY DIVISION:
The Distillery plant at Koppa unit during the year was able to produce 9.285 Million Liters as against the previous year production of 10.969 Million Ltrs of spirit ( ENA and Denatured Spirit). The average rate realized was Rs. 38.58 per liter. The performance in this segment was also low due to low and belated start of crushing.
FUTURE OUTLOOK:
The company has established the strong foundation in terms of improvement in operational skills with the reduction in the cost of production. With the good rainfall during the year the Directors are of the opinion that the availability of the cane for the coming year is forecasted at the higher level and consequently all the units of the company are expected to get the sufficient cane. The Company is optimizing its efforts in cane procurement and improving the technical efficiencies in production of sugar, co-gen and distillery at the optimal cost which will yield good results in the coming year. The Company is also exploring strategies in tapping the export market, expanding the market base for institutional sales. For the distillery, the government regulations on compulsory blending of ethanol with petrol had opened up new avenues and the Company is confident of becoming a large player in this new lucrative market.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Fully convertible debentures others |
3040.000 |
2507.000 |
|
Deferred payment Indian sources |
348.273 |
347.806 |
|
Long-term maturities of finance lease obligations |
71.422 |
137.187 |
|
SHORT TERM
BORROWING |
|
|
|
Loans repayable on demand |
296.440 |
300.000 |
|
Loans and advances from others |
566.584 |
11.806 |
|
Total |
4322.719 |
3303.799 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10570256 |
25/05/2015 |
400,000,000.00 |
CANARA BANK |
PRIEME CORPRATE
BRANCH, SHANKARANARYANA BUILDING, |
C54075833 |
|
2 |
10566411 |
23/04/2015 |
300,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE
BRANCH, BANK STREET, KOTI, HYDE |
C52161866 |
|
3 |
10557977 |
30/03/2015 * |
1,593,400,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,
NO. 25,, SHANKARANARAYANA |
C48291652 |
|
4 |
10567523 |
24/03/2015 |
300,000,000.00 |
STATE BANK OF PATIALA |
MID-CORPORATE
BRANCH, HYDERABAD, TELANGANA - 50000 |
C52689841 |
|
5 |
10554506 |
04/03/2015 |
266,600,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH, NO. 25,, SHANKARANARAYANA |
C46373528 |
|
6 |
10554382 |
27/03/2015 * |
140,500,000.00 |
CANARA BANK (LEAD BANK) |
PRIME CORPORATE
BRANCH, SHANKARANARAYANA BUILDING |
C48287494 |
|
7 |
10531208 |
15/11/2014 * |
336,525,000.00 |
GOVERNMENT OF INDIA SUGAR DEVELOPMENT FUND REPRESE |
IFCI TOWER, 12TH
FLOOR, NEW DELHI, DELHI - 110019 |
C34708941 |
|
8 |
10531205 |
15/11/2014 * |
371,819,000.00 |
GOVERNMENT OF INDIA SUGAR DEVELOPMENT FUND REPRESE |
IFCI TOWER, 12TH FLOOR,
NEW DELHI, DELHI - 110019 |
C34790030 |
|
9 |
10525626 |
29/09/2014 |
41,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH, EXPRESS BUILDING, SECON |
C29498581 |
|
10 |
10514966 |
21/07/2014 |
62,700,000.00 |
STATE BANK OF INDIA |
SPECIALISED
MID-CORPORATE BRANCH, NO. 97, RAILWAY |
C16448987 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
Intangible assets
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or stadard.
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.63.76 |
|
UK Pound |
1 |
Rs.98.76 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.