MIRA INFORM REPORT
|
Report No. : |
329308 |
|
Report Date : |
26.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
GANGAKHED SUGAR AND ENERGY LIMITED [w.e.f.12.01.2010] |
|
|
|
|
Formerly Known
As : |
GANGAKHED SUGAR AND ENERGY PRIVATE LIMITED |
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Registered
Office : |
Vijay Nagar, Kodri Road, Makhani, Gangakhed, District Parbhani – 431514,
Maharashtra |
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Tel. No.: |
91-245-3221455 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.09.2007 |
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Com. Reg. No.: |
11-174599 |
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Capital
Investment / Paid-up Capital : |
Rs. 695.742
Million |
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CIN No.: [Company Identification
No.] |
U15421MH2007PLC174599 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCG3075F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of sugar, spirit and generation of power. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 rating is constrained on account of company's moderate financial risk profile marked by low reserves level along with working capital intensive nature of operations and cyclical nature of the sugar industry. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BB |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
10.04.2015 |
|
Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
10.04.2015 |
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
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-2453-221755)
LOCATIONS
|
Registered/ Site Office/ Factory : |
Vijay Nagar, Kodri Road, Makhani, Gangakhed, District Parbhani – 431514,
Maharashtra, India |
|
Tel. No.: |
91-2453-221455 |
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Fax No.: |
91-2453-221455 |
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E-Mail : |
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Website : |
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Corporate Office : |
97, East High Court Road, Ramdaspeth, Nagpur - 440010, Maharashtra, India |
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Tel. No.: |
91-712-3045200-201 (300 lines) |
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Fax No.: |
91-712-2562091 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Ratnakar Manikrao Gutte |
|
Designation : |
Director |
|
Address : |
Plot No.1, Near
MLA Hostel, Civil Lines, Nagpur - 440001, Maharashtra, India |
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Date of Birth/Age : |
12.08.1958 |
|
Qualification : |
Under Graduate |
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Date of Appointment : |
28.09.2007 |
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PAN No.: |
ABPPG7367Q |
|
DIN No.: |
00165642 |
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|
|
|
Name : |
Mr. Sunil Ratnakar Gutte |
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Designation : |
Director |
|
Address : |
Plot No.1, Near MLA
Hostel, Civil Lines, Nagpur - 440001, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1982 |
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Qualification : |
Under Graduate |
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Date of Appointment : |
03.01.2009 |
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PAN No.: |
AFAPG3984L |
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DIN No.: |
00165822 |
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|
|
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Name : |
Mrs. Sodhamati Ratnakar Gutte |
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Designation : |
Director |
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Address : |
Plot No.1, Near
MLA Hostel, Civil Lines, Nagpur - 440001, Maharashtra, India |
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Date of Birth/Age : |
10.05.1962 |
|
Qualification : |
Mechanical Engineer |
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Date of Appointment : |
01.01.2009 |
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DIN No.: |
01174733 |
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|
|
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Name : |
Mr. Radheshyam Rajbanshi Tiwari |
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Designation : |
Director |
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Address : |
Flat No. 23,
Plot No.4, Magh Complex, Dindayal Nagar, Nagpur, Maharashtra, India |
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Date of Birth/Age : |
01.04.1963 |
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Qualification : |
MBA |
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Date of Appointment : |
25.03.2008 |
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DIN No.: |
02141127 |
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|
|
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Name : |
Mr. Mandar Manohar Tambe |
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Designation : |
Additional director |
|
Address : |
D-45, Venus Co-Operative Housing Society Limited, Flat No.
24, Dr. R.G. Thadani Marg, Worli, Mumbai - 400018, Maharashtra, India |
|
Date of Appointment : |
19.03.2015 |
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DIN No.: |
00192499 |
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|
|
|
Name : |
Mr. Ravikant Shyamsunder Bohra |
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Designation : |
Additional director |
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Address : |
Venus Apartment. Building D-45, Flat No. 37, R.G. Thadani Marg, Worli Seaface, Mumbai - 400018, Maharashtra, India |
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Date of Appointment : |
19.03.2015 |
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DIN No.: |
02620221 |
KEY EXECUTIVES
|
Name : |
Mr. Rajendra Daultarao Dongare |
|
Designation : |
Chief Executive Officer |
|
Address : |
Janki Apartment, Flat No.2, Hanuman Nagar, Bhagya Nagar
Road, Nanded, Nanded - 431605, Maharashtra, India |
|
Date of Appointment : |
02.06.2014 |
|
PAN No.: |
AGAPD7116J |
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|
|
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Name : |
Mr. Dattatray Ravan Gaikwad |
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Designation : |
Chief Finance Officer |
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Address : |
Ankoli, Post Savargaon,, Latur, Latur - 413512,
Maharashtra, India |
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Date of Appointment : |
02.06.2014 |
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PAN No.: |
ANIPG3016H |
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|
|
|
Name : |
Mr. Ashish Vedprakash Sharma |
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Designation : |
Secretary |
|
Address : |
51, Sonali Apartment, Pande Layout, Khamla, Nagpur -
440025, Maharashtra, India |
|
Date of Appointment : |
01.09.2014 |
|
PAN No.: |
DRQPS5648Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Name of Shareholder |
No. of Shares held |
% of Holding |
|
Promoter and promoter Groups |
|
|
|
Sunil Hitech Engineers Limited |
19,500,000 |
28.03 |
|
Mr. Ratnakar M. Gutte |
8,002,500 |
11.50 |
|
Mrs. Sudhamati R Gutte |
8,002,500 |
11.50 |
|
Mr. Sunil R. Gutte |
8,002,500 |
11.50 |
|
Mr. Vijay R. Gutte |
8,002,500 |
11.50 |
|
Mrs. Swati Rajesh Phad |
8,000,000 |
11.50 |
|
Kundan Goods Private Limited |
5,336,000 |
7.67 |
|
Jaypee Development Corporation Limited |
3,500,000 |
5.03 |
|
Others |
1,228,188 |
1.77 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of sugar, spirit and generation of power. |
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Products/ Services : |
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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 : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
(Rs.
In Million)
Note: LONG TERM
BORROWING Details of Long Terms Loans from Bank availed by company are stated as under: a) Long term loans from UCO Bank, Union Bank, Oriental Bank Of Commerce, Bank of India, Andhra Bank is under consortium are secured by way of first Pari Passu equitable mortgage charge amongst consortium member bank over land situated at mouza Makhani Wegdwadi Akloi Taluka, Gangakhed District parbhani. Building and other immovable fixed Assets (existing and proposed); Hypothication of movable assets; Pledge of shares to the extent of 51% held in the name of promoters of the company in favour of consortium member bank on first paripassu charge basis. Loan from NBFC is the Long term loan from Tata Capital Limited of Rs.250.000 Million is secured against first and exclusive charge by the way of equitable mortgage of property as may be acceptable to Tata Capital Limited at its sole discretion having value not less than Rs.100.000 Million. First and exclusive charge on cranes having value not less than Rs.100.000 Million. Unconditional and irrecoverable personal gaurantee of Chairman and other Directors of the company and the Corporate gaurantee of Sunil Hitech Engineers Limited. Details of Loan from Sugar Development Fund availed by company are as under: (a) The Sugar Development Fund Loan includes loan for co-gen division of Rs.294.000 Million for which the company has provided a bank guarantee for Rs.355.800 Million. The loan is repayable in 7 years and 6 months (including 3 years of moratorium period.) (b) The Sugar Development Fund Loan includes loan taken for distillery division for Rs.218.900 Million for which the company has provided a bank guarantee for Rs.250.500 Million. The loan is repayable in 4 years and 6 months (including 1 years of moratorium period.) (c) The Sugar development fund Loan includes loan taken during the year for Cane development of Rs.53.900 Million for which the company has provided a bank guarantee of Rs.71.200 Million. The Loan is repayable in Ten years (including a moratorium period of three years.) Details of Loan from Indian Renewable Energy Development Agency Limited. availed by company is as under: Long term loan from Indian Renewable Energy Development Agency Limited (IREDA) are secured by way of Mortage of Immovable properties, Hypothecation of movable assets, Pledge of shares (51%) in the name of share holders of the company, 1st Pari Passu equitable mortgage charge in favour of consortium lending members bank viz. UCO Bank, Bank of India, Andhra Bank, Union Bank of India and Oriental Bank of Commerce over building and other immovable fixed assets embedded to earth at Gangakhed, Parbhani, Maharashtra, both existing and proposed. 2nd Pari-Passu charge on current assets of the company. first charge on FDR to the extent of two installments of IREDA loan and interest and Personal gurantee of Chairman and other directors of the company. Details of Vehicle Loan secured against vehicle: Vehicle loan represents loan taken from Kotak Mahindra Bank which is hypothicated against vehicle. SHORT TERM
BORROWING Details of cash credit (secured) availed from bank and description of security and name of guarantors provided for such loans. Working capital loan is a consortium finance availed from bankers that include UCO Bank (Lead Banker), IDBI, Union Bank of India and Orintal Bank of Commerce. The loan is secured by way of hypothecation of stocks and book debts both present and future of the Company, first pari pasu charge (hypothecation) on movable fixed assets and current assets. The CC limit of Rs.1500.000 Million, for which the Personal gaurantee is given by chairman, and the other Directors. Details of Short Term Loans from Bank availed by the company and description of the security provided for such loans. Loan from Union Bank of India of Rs.450.00 Million for Harvesting and Transportation for which personal gaurantees of Chairman and other directors was given. |
REPAYMENT SCHEDULE OF
LONG TERM BORROWINGS
|
Year |
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
TOTAL |
|
|
Loan from Banks |
UCO |
95.000 |
95.000 |
95.000 |
95.000 |
58.77 |
-- |
-- |
438.717 |
|
BOI |
68.000 |
68.000 |
68.000 |
68.000 |
81.551 |
- |
- |
353.551 |
|
|
UBI |
2.000 |
2.000 |
2.000 |
2.000 |
3.473 |
-- |
-- |
11.473 |
|
|
Andhra Bank |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
OBC |
22.000 |
22.000 |
22.000 |
22.000 |
22.00 |
10.547 |
-- |
120.547 |
|
|
Sugar development fund |
Cane Development |
7.709 |
7.709 |
7.709 |
7.709 |
7.709 |
7.709 |
7.709 |
53.964 |
|
Co-gen |
58.800 |
58.800 |
58.800 |
29.400 |
-- |
-- |
-- |
205.800 |
|
|
Distillery |
54.737 |
-- |
-- |
-- |
-- |
-- |
-- |
54.737 |
|
|
NBFC |
TATA |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Crop loan |
UBI |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
UCO |
112.396 |
-- |
-- |
-- |
-- |
-- |
-- |
112.396 |
|
|
Ratnakar |
49.896 |
-- |
-- |
-- |
-- |
-- |
-- |
49.896 |
|
|
IREDA |
|
100.000 |
100.000 |
100.000 |
100.000 |
100.000 |
100.00 |
100.000 |
700.00 |
|
Vehicle Loan |
|
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
TOTAL |
|
570.5838 |
353.509 |
353.509 |
324.109 |
273.450 |
118.256 |
107.709 |
2101.081 |
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
K.K. Mankeshwar and Company Chartered Accountants |
|
Address : |
243,"Shrika Residency" Canal Road, Dharampeth,
Nagpur, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFK1156A |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
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Controlled Special
Purpose Entity: |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1050.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
69574188 |
Equity Shares |
Rs. 10/- each |
Rs. 695.742
Million |
|
|
|
|
|
NOTE:
RECONCILIATION OF
NUMBER OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR
|
Particulars |
As at March 31, 2014 |
|
|
|
Number |
Rs in Million |
|
At the beginning of the year |
69,574,188 |
695.742 |
|
Add : Shares issued during the year |
-- |
-- |
|
At the end of the year |
69,574,188 |
695.742 |
Terms of Equity
Shares
The Company has only one class of Shares referred to as Equity Shares having a par value of ` 10 per share. Share holders are eligible to vote per share held.
Details of Shares in
the company held by each shareholders.
|
Name of Shareholder |
As at March 31, 2014 |
|
|
|
No. of Shares held |
% of Holding |
|
Promoter & promoter Groups |
|
|
|
Sunil Hitech Engineers Limited |
19,500,000 |
28.03 |
|
Mr. Ratnakar M. Gutte |
8,002,500 |
11.50 |
|
Mrs. Sudhamati R Gutte |
8,002,500 |
11.50 |
|
Mr. Sunil R. Gutte |
8,002,500 |
11.50 |
|
Mr. Vijay R. Gutte |
8,002,500 |
11.50 |
|
Mrs. Swati Rajesh Phad |
8,000,000 |
11.50 |
|
Kundan Goods Private Limited |
5,336,000 |
7.67 |
|
Jaypee Development Corporation Limited |
3,500,000 |
5.03 |
|
Others |
1,228,188 |
1.77 |
|
Total |
69,574,188 |
100.00 |
Calls unpaid by Directors and Officers
a) The Equity Shares issued to the directors are Fully Paid Up and there are no unpaid calls to be received
b) The company has not issued Equity Shares to its officers.
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 |
695.742 |
695.742 |
695.694 |
|
(b) Reserves & Surplus |
539.992 |
463.301 |
445.315 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.480 |
|
Total
Shareholders’ Funds (1) + (2) |
1235.734 |
1159.043 |
1141.489 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1949.246 |
2400.037 |
2835.661 |
|
(b) Deferred tax liabilities
(Net) |
42.777 |
102.077 |
90.363 |
|
(c) Other long term
liabilities |
1712.435 |
1656.026 |
557.968 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
3704.458 |
4158.140 |
3483.992 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1953.638 |
1838.728 |
1791.550 |
|
(b) Trade payables |
415.098 |
450.789 |
428.446 |
|
(c) Other current liabilities |
607.603 |
553.707 |
520.896 |
|
(d) Short-term provisions |
0.430 |
11.802 |
3.014 |
|
Total
Current Liabilities (4) |
2976.769 |
2855.026 |
2743.906 |
|
|
|
|
|
|
TOTAL |
7916.961 |
8172.209 |
7369.387 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4046.417 |
4225.676 |
4286.695 |
|
(ii) Intangible Assets |
0.464 |
0.666 |
0.420 |
|
(iii) Capital work-in-progress |
90.342 |
33.261 |
9.462 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
24.245 |
0.000 |
22.609 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
220.009 |
79.982 |
124.932 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
4381.477 |
4339.585 |
4444.118 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1904.538 |
2735.112 |
1860.762 |
|
(c) Trade receivables |
733.914 |
477.357 |
383.199 |
|
(d) Cash and cash equivalents |
559.411 |
449.845 |
422.392 |
|
(e) Short-term loans and
advances |
337.621 |
170.310 |
258.916 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3535.484 |
3832.624 |
2925.269 |
|
|
|
|
|
|
TOTAL |
7916.961 |
8172.209 |
7369.387 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
6167.198 |
2959.692 |
3598.660 |
|
|
Other Income |
95.204 |
44.429 |
46.841 |
|
|
TOTAL
(A) |
6262.402 |
3004.121 |
3645.501 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1473.517 |
2324.373 |
2290.923 |
|
|
Purchases of Stock-in-Trade |
2697.953 |
302.497 |
341.491 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1002.994 |
(1021.902) |
(290.094) |
|
|
Employees benefits expense |
108.945 |
109.717 |
110.456 |
|
|
Other expenses |
193.124 |
399.935 |
276.692 |
|
|
TOTAL
(B) |
5476.533 |
2114.620 |
2729.468 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
785.869 |
889.501 |
916.033 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
542.300 |
616.584 |
615.283 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
243.569 |
272.917 |
300.750 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
221.567 |
216.559 |
205.461 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
22.002 |
56.358 |
95.289 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(54.689) |
38.804 |
56.930 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
76.691 |
17.554 |
38.359 |
|
|
|
|
|
|
|
Basic
|
1.10 |
0.25 |
0.55 |
|
|
Diluted
|
1.10 |
0.25 |
0.65 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
455.314 |
460.174 |
401.184 |
|
Cash generated from operations |
1309.705 |
112.732 |
500.880 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.24 |
0.59 |
1.07 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.74 |
30.05 |
25.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.28 |
0.69 |
1.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.05 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.53 |
4.05 |
4.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.34 |
1.07 |
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 |
695.694 |
695.742 |
695.742 |
|
Reserves & Surplus |
445.315 |
463.301 |
539.992 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.480 |
0.000 |
0.000 |
|
Net
worth |
1141.489 |
1159.043 |
1235.734 |
|
|
|
|
|
|
long-term borrowings |
2835.661 |
2400.037 |
1949.246 |
|
Short term borrowings |
1791.550 |
1838.728 |
1953.638 |
|
Current maturities of
long-term debts |
401.184 |
460.174 |
455.314 |
|
Total
borrowings |
5028.395 |
4698.939 |
4358.198 |
|
Debt/Equity
ratio |
4.405 |
4.054 |
3.527 |
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 |
3598.660 |
2959.692 |
6167.198 |
|
|
|
(17.756) |
108.373 |
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 |
3598.660 |
2959.692 |
6167.198 |
|
Profit |
38.359 |
17.554 |
76.691 |
|
|
1.07% |
0.59% |
1.24% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONAL REVIEW
“The company has achieved turnover of Rs.6167.198 Million despite the negative environment prevailing in the current financial year” Maharashtra is one of the leading states in sugarcane production in India, but due to unfavorable rains and some connected geographical as well as economic conditions it showed a decline in the sugarcane production for FY 2013-14, this decline has ultimately affected Sugar production of the regional Sugar Industries. In such negative situations the company managed to achieve better financial results.
The Net Sales/Revenue from operations of the Company for the financial year ended on 31st March, 2014 is Rs.6167.198 Million, whereas it was Rs.2959.692 Million for the financial year ended on 31st March, 2013 which shows 108% (approx) incline in Net Sales.
Profit after tax is Rs.76.691 Million for the financial year ended on 31st March, 2014 whereas it was Rs.17.554 Million during the last financial year, which shows almost over Three Times increase in the profitability of the Company.
FUTURE PROSPECTS
BACKGROUND
Sugar as a commodity in its own right can be traced back to several thousand years in China and India. A definite reference dates to 510 B. C. when soldiers of the Persian Emperor Darius saw sugarcane growing on the banks of the River Indus. They called it the reeds which produce honey without bees. Much later it was grown in Persia and the Arabs took it to Egypt. The word sugar is itself derived from an Arabic word. India is the second largest sugar producing country in the world. The sugar industry in India is a key driver of rural development, supporting India’s economic growth. It provides direct employment to large number of people and indirect employment to millions. There are around 45 million of sugar cane growers in India and a larger portion of rural laborers in the country largely rely upon this industry. It is the largest among the processing Industries and has significant contribution in the National GDP.
SUGAR INDUSTRY REVIEW
Global sugar industry continues to deal with a large sugar surplus accrued during the last few years. While production in Brazil is affected to a certain extent due to lower rainfall, crops in India and Thailand are in a good condition and are expected to be large. Domestic cane pricing is shifting to a revenue sharing model which should lead to stable operating margins going forward. The new Government has a very positive view on the industry development and this should expand considerably here onwards.
Sugarcane is cultivated in over 5 Million hectares in 2013-14, with Uttar Pradesh and Maharashtra accounting for a combined 63% of the total acreage. Despite a deficient monsoon, sugar production in the country is expected to go up by 4 per cent in the 2014-15 season as higher yields in Maharashtra and Karnataka and an increase in areas of cane cultivation in the two states make up for an overall decline in sugarcane acreage from the previous year, according to an industry body estimate.
Sugarcane use for production of sugar has steadily increased over time in preference to alternative sweeteners. Growth in sugar demand is driven by the rising consumption in sectors such as confectionaries, sweets and soft-drinks. CRISIL research expects industrial demand to grow at a CAGR of around 4% while household demand increase is felt lower at 2.5% over the next 5 years. Accordingly the share of indirect demand in overall sugar consumption is projected to go upto 62% by 2015-16 from the current level of 60%.
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
SHORT TERM
BORROWING |
|
|
|
Security Deposits received |
9.508 |
8.903 |
|
Total |
9.508 |
8.903 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10526743 |
30/09/2014 |
450,000,000.00 |
UNION BANK OF INDIA LIMITED |
CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA |
C30355812 |
|
2 |
10308218 |
29/08/2011 |
1,000,000,000.00 |
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED |
INDIA HABITAT
CENTRE1ST FLOOR EAST COURT CORE, 4 |
B21512827 |
|
3 |
10301036 |
17/08/2011 |
9,193,318.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D,, NARIMAN POINT,, M |
B18368977 |
|
4 |
10126978 |
30/09/2014 * |
5,626,500,000.00 |
UCO BANK |
MID CORPORATE
BRANCH, 9 RAMAKRISHNA NAGAR, WARDHA |
C33412362 |
|
5 |
10126979 |
30/09/2014 * |
5,626,500,000.00 |
UCO BANK |
MID CORPORATE
BRANCH, 9 RAMAKRISHNA NAGAR, WARDHA |
C33409806 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
Claims against the company not acknowledged as debt |
57.930 |
29.523 |
|
Guarantees given by the Company to various Banks |
685.514 |
680.814 |
|
|
|
|
|
Total |
743.444 |
710.337 |
FIXED ASSETS
Tangible Assets
- Freehold Land
- Factory Buildings
- Office Building, Shed and Other building
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Computers and Printers
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 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.63.61 |
|
UK Pound |
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.71.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.