MIRA INFORM REPORT
|
Report No. : |
318519 |
|
Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN SUCROSE LIMITED |
|
|
|
|
Formerly Known
As : |
OSWAL SUGARS LIMITED |
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Registered
Office : |
G T Road, Mukerian, District Hoshiarpur – 144211, Punjab |
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Tel No.: |
91-1883-2490025 / 249001 |
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Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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|
|
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Date of
Incorporation : |
12.12.1990 |
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Com. Reg. No.: |
010903 |
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Capital
Investment / Paid-up Capital : |
Rs.224.183 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
L15424PB1990PLC010903 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLD100268C |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 of White Crystal Sugar and Cogeneration of Power. |
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No. of Employees
: |
204 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1589000 |
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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 profitability margins and leverage liquidity
position of the company. 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Kunal |
|
Designation : |
Managing Director |
|
Contact No.: |
91-9999555000 |
|
Date : |
04.05.2015 |
LOCATIONS
|
Registered Office / Works : |
G T Road, Mukerian, District Hoshiarpur – 144211, Punjab, India |
|
Tel. No.: |
91-1883-2490025 / 249001 |
|
Mobile No.: |
91-9999555000 (Mr. Kunal) |
|
Fax No.: |
91-1883-244532 / 2490001 |
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E-Mail : |
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|
Website : |
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|
Area : |
Owned |
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|
|
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Corporate Office : |
202 / 47, Thapar Arcade, Kalu Sarai, Hauz Khas, Delhi - 110016, India |
|
Tel. No.: |
91-11-42426262 |
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Fax No.: |
91-11-42426262 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Kunal Yadav |
|
Designation : |
Chairman and Managing Director |
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|
|
|
Name : |
Mr. Dharampal Singh |
|
Designation : |
Non- Executive Director |
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Date of Birth / Age : |
25.07.1948 |
|
Date of Appointment : |
03.05.2000 |
|
Qualification : |
Master of Arts |
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Other Directorship : |
|
|
|
|
|
Name : |
Mr. Pawan Dewan |
|
Designation : |
Independent Director |
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Date of Birth / Age : |
04.07.1949 |
|
Date of Appointment : |
30.10.2004 |
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Qualification : |
Graduate |
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Other Directorship : |
|
|
|
|
|
Name : |
Mr. Sheoraj Singh Ahlawat |
|
Designation : |
Independent Director |
|
Date of Birth / Age : |
01.06.1947 |
|
Date of Appointment : |
05.02.2008 |
|
Qualification : |
Graduate |
|
Other Directorship : |
Cosmos Industries Limited |
|
|
|
|
Name : |
Mr. Prakash Chandra Gupta |
|
Designation : |
Independent Director |
|
Date of Birth / Age : |
06.07.1950 |
|
Date of Appointment : |
15.02.2012 |
|
Qualification : |
L.L.B. |
|
Other Directorship : |
Raj Krishna Estate Brokers and Developers Private Limited |
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|
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|
Name : |
Mr. Sanjay Singh |
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Designation : |
Executive Director |
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|
Name : |
Ms. Kunj Deep Kalra |
|
Designation : |
Woman Director |
|
Date of Birth / Age : |
31.10.1986 |
|
Date of Appointment : |
14.08.2014 |
|
Qualification : |
B.A. (Hons) English from University of Delhi |
|
Other Directorship : |
Live Reporters Private Limited |
KEY EXECUTIVES
|
Name : |
Mr. Manish Kumar Dixit |
|
Designation : |
Company Secretary |
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|
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|
Name : |
Mr. Ravinder Sharma |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
|
|
|
|
3084886 |
19.95 |
|
|
6022607 |
38.95 |
|
|
9107493 |
58.90 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
9107493 |
58.90 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
9433 |
0.06 |
|
|
500 |
0.00 |
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|
9933 |
0.06 |
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|
|
|
|
|
864923 |
5.59 |
|
|
|
|
|
|
3730139 |
24.12 |
|
|
1000711 |
6.47 |
|
|
748608 |
4.84 |
|
|
748608 |
4.84 |
|
|
6344381 |
41.03 |
|
Total Public shareholding (B) |
6354314 |
41.10 |
|
Total (A)+(B) |
15461807 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15461807 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of White Crystal Sugar and Cogeneration of Power. |
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Products : |
v
Sugar Products v
Sugar
Related Products v
Alcoholic
Beverages v
Sweetened
Beverages |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – NOT
AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
204 (Approximately) |
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Bankers : |
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Facilities : |
NOTE: SHORT TERM
BORROWINGS TERMS AND CONDITION OF
CASH CREDIT LOAN Security Clause 1) Cash credit limit is secured
by way of pledge of sugar stocks and hypothecation of stocks of stores,
Packing material and of Molasses. 2) Cash credit limits
taken from Punjab National Bank are further secured by way of first charge on
company’s immovable properties situated at Mukerian, Distt Hoshiarpur,
Punjab. 3)
cash credit limit are also secured by way of personal guarantees of three
directors of the company |
|
Auditors : |
|
|
Name : |
Rakesh Grover and Company Chartered Accountants |
|
Address : |
1st Floor, Sohan Palace, Opp. Telephone Exchange, The Mall,
Ludhiana – 141001, India |
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Tel. No. : |
91-161-2772233 |
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Fax No. : |
91-161-5077233 |
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E-Mail : |
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Cost Auditors : |
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|
Name : |
Ajay Kumar Singh and Associates Cost Accountants |
|
Address : |
Delhi, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Parties where control exists: |
v Yadu Resorts
(India) Limited |
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|
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|
Associates : |
v Rangar Breweries
Limited |
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|
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|
Enterprises significantly influenced by Directors : |
v Cosmos
Industries Limited v Yadu Sugar
Limited v Scorpion News
Communication Private Limited v Scorpion Media
Private Limited v Top-Image Estate
Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Million |
|
700000 |
Redeemable Preference Share |
Rs.100/- each |
Rs.70.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15461807 |
Equity Shares |
Rs.10/- each |
Rs.154.183 Million |
|
700000 |
Preference Shares |
Rs.100/- each |
Rs. 70.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.224.183
Million |
NOTES:
TERMS AND CONDITIONS OF
EQUITY SHARES
The Company has one class
of Equity Shares having a par value of Rs. 10/- each.
Each Shareholder is
eligible for one vote per shares held.
The Dividend, if any,
proposed by the Board of Directors is subject to the approval of shareholders
in the Annual General Meeting, except in the case of interim dividend. In the
event of liquidation, the Equity Shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion of their shareholding.
TERMS OF PREFERENCE SHARE
Rate of Dividend on these
Preference Shares is 6% p.a.
The Preference Shares are
Cumulative with reference to the dividend.
The Preference Shares will
be convertible into equity shares of Rs. 10/- each at a premium of Rs. 4/- at
any time after the expiry of 12 Months but not later than 60 Months from the
date of issue, subject to approval of shareholder meeting of the company
The Preference Shareholders
will have no voting rights except as provided in the Companies Act, 1956.
There are Nil number of
shares (Previous Year Nil in respect of each class in the company held by its
holding company or its ultimate holding company including shares held by or by
subsidiary or associates of the holding company or the ultimate holding company
in aggregate.
Shares in the company held by each shareholders holding more than 5%
shares
|
|
As on 31.03.2014 |
|
|
|
No. of Shares held |
Percentage(%) |
|
Name of Equity Shareholders |
|
|
|
Yadu Sugar Limited - Associate |
6,022,607 |
38.95% |
|
Smt.. Umlesh Yadav |
1,649,886 |
10.67% |
|
Name of Preference Shareholders |
|
|
|
Umlesh Yadav |
225,000 |
32% |
|
Kunal Yadav |
100,000 |
14% |
|
Scorpion Media Private Limited |
175,000 |
25% |
|
Top-Image Estate Private Limited |
100,000 |
14% |
|
Noble
Buildcon Private Limited |
100,000 |
14% |
There are Nil number of shares (Previous Year Nil) reserved for issue under option and contracts/commitment for the sale of shares/disinvestment including the terms and amounts.
For the period of five years immediately preceding the date at which the balance sheet is prepared
|
Particulars |
No. of
Shares |
|
Aggregate
number and class of shares allotted as fully paid up pursuant to Contract(s)
without payment being received in cash |
Nil |
|
Aggregate number and class of shares allotted as fully paid up by way of bonus shares |
Nil |
|
Aggregate number and class of shares bought back |
Nil |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
30.09.2013 |
30.09.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
224.183 |
224.183 |
224.183 |
|
(b) Reserves & Surplus |
332.120 |
328.866 |
260.636 |
|
(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) |
556.303 |
553.049 |
484.819 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
307.996 |
164.388 |
340.075 |
|
(b) Deferred tax liabilities (Net) |
72.155 |
67.757 |
82.102 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
18.659 |
17.512 |
17.117 |
|
Total Non-current
Liabilities (3) |
398.810 |
249.657 |
439.294 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1517.998 |
563.500 |
748.515 |
|
(b) Trade
payables |
353.487 |
23.161 |
3.242 |
|
(c) Other
current liabilities |
473.090 |
788.390 |
975.649 |
|
(d) Short-term
provisions |
83.848 |
75.734 |
32.860 |
|
Total Current Liabilities
(4) |
2428.423 |
1450.785 |
1760.267 |
|
|
|
|
|
|
TOTAL |
3383.536 |
2253.491 |
2684.380 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
829.258 |
676.879 |
674.447 |
|
(ii)
Intangible Assets |
0.000 |
0.003 |
0.008 |
|
(iii)
Capital work-in-progress |
0.000 |
146.258 |
143.799 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
18.972 |
18.972 |
18.973 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
48.548 |
26.663 |
43.338 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
896.778 |
868.775 |
880.565 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
150.000 |
150.000 |
270.000 |
|
(b)
Inventories |
1475.732 |
595.888 |
418.406 |
|
(c) Trade
receivables |
175.724 |
54.171 |
239.761 |
|
(d) Cash
and cash equivalents |
204.600 |
80.494 |
342.746 |
|
(e)
Short-term loans and advances |
480.702 |
504.163 |
532.902 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2486.758 |
1384.716 |
1803.815 |
|
|
|
|
|
|
TOTAL |
3383.536 |
2253.491 |
2684.380 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
30.09.2013 |
30.09.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1114.052 |
2011.611 |
2692.157 |
|
|
|
Other Income |
2.843 |
2.186 |
38.717 |
|
|
|
TOTAL |
1116.895 |
2013.797 |
2730.874 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1662.575 |
1508.664 |
1372.203 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
3.692 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(857.807) |
(148.238) |
647.309 |
|
|
|
Employees benefits expense |
42.196 |
63.080 |
84.338 |
|
|
|
Prior Period Items |
2.268 |
0.316 |
0.125 |
|
|
|
Other expenses |
144.899 |
228.033 |
210.924 |
|
|
|
TOTAL |
994.131 |
1651.855 |
2318.591 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
122.764 |
361.942 |
412.283 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
87.608 |
206.422 |
303.711 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
35.156 |
155.520 |
108.572 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
30.080 |
58.285 |
82.091 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
5.076 |
97.235 |
26.481 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.841 |
29.006 |
26.099 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
3.235 |
68.229 |
0.382 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
(0.06) |
4.14 |
0.02 |
|
|
|
Diluted |
0.16 |
3.34 |
0.02 |
|
QUARTERLY RESULTS
|
PARTICULARS (Rs. In
Millions) |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Audited / UnAudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
554.200 |
455.300 |
533.00 |
|
Total Expenditure |
480.900 |
424.100 |
506.800 |
|
PBIDT (Excl OI) |
73.300 |
31.200 |
26.200 |
|
Other Income |
0.400 |
0.100 |
(0.800) |
|
Operating Profit |
73.700 |
31.400 |
25.500 |
|
Interest |
57.900 |
51.800 |
31.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
15.900 |
(20.500) |
(6.300) |
|
Depreciation |
15.200 |
15.400 |
15.100 |
|
Profit Before Tax |
0.700 |
(35.800) |
(21.400) |
|
Tax |
0.500 |
(2.100) |
0.500 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
0.200 |
(33.700) |
(21.800) |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
0.200 |
(33.700) |
(21.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
30.09.2013 |
30.09.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.29 |
3.39 |
0.01 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
11.02 |
17.99 |
15.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.15 |
4.66 |
1.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.18 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.28 |
1.32 |
2.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
0.95 |
1.02 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2012 |
30.09.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
224.183 |
224.183 |
224.183 |
|
Reserves & Surplus |
260.636 |
328.866 |
332.120 |
|
Net worth |
484.819 |
553.049 |
556.303 |
|
|
|
|
|
|
long-term borrowings |
340.075 |
164.388 |
307.996 |
|
Short term borrowings |
748.515 |
563.500 |
1517.998 |
|
Total borrowings |
1088.590 |
727.888 |
1825.994 |
|
Debt/Equity ratio |
2.245 |
1.316 |
3.282 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.09.2012 |
30.09.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
2692.157 |
2011.611 |
1114.052 |
|
|
|
(25.279) |
(44.619) |
NET PROFIT MARGIN
|
Net Profit Margin |
30.09.2012 |
30.09.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
2692.157 |
2011.611 |
1114.052 |
|
Profit |
0.382 |
68.229 |
3.235 |
|
|
0.01% |
3.39% |
0.29% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
30.09.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Related Party |
28.338 |
35.100 |
|
From Other |
20.474 |
35.157 |
|
|
|
|
|
Total |
48.812 |
70.257 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10484940 |
05/03/2014 |
198,800,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
C00524801 |
|
2 |
10484935 |
12/02/2014 |
500,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
C00523928 |
|
3 |
10438260 |
27/06/2013 |
740,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
B79980728 |
|
4 |
10438261 |
27/06/2013 |
990,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
B79981106 |
|
5 |
10439310 |
17/06/2013 |
2,351,724.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN, MUKERIAN,
Punjab - 144211, INDIA |
B79981650 |
|
6 |
10422155 |
28/02/2014 * |
1,500,000,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
C00530139 |
|
7 |
10411947 |
23/02/2013 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
B70805338 |
|
8 |
10395740 |
12/12/2012 |
1,300,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
B65420721 |
|
9 |
10389521 |
07/11/2012 |
1,485,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
B63165823 |
|
10 |
10387675 |
07/11/2012 |
6,500,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
B62438288 |
|
11 |
10385390 |
24/09/2012 |
700,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
B61703401 |
|
12 |
10382503 |
19/09/2012 |
1,100,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
B60451168 |
|
13 |
10360586 |
31/05/2012 |
6,200,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
B41617788 |
|
14 |
10366977 |
29/05/2012 |
136,900,000.00 |
STATE BANK OF INDIA |
MAIN BRANCH, MUKERIAN, MUKERIAN,
Punjab - 144211, INDIA |
B44333706 |
|
15 |
10245480 |
28/09/2010 |
400,000,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
A96857032 |
|
16 |
10139357 |
21/01/2009 |
600,000,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
A55105522 |
|
17 |
10225822 |
10/11/2007 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
A56090996 |
|
18 |
90168596 |
13/08/2007 * |
65,000,000.00 |
PUNJAB NATIONAL BANK |
MAIN BRANCH, MUKERIAN,
MUKERIAN, Punjab - 144211, INDIA |
A21818919 |
* Date of charge modification
PERFORMANCE REVIEW
The company achieved
turnover of Rs.1116.895 millions for the 6 months period ended March 31, 2014 as
compared to 2013.797 millions in the previous year. The net operating profit
after tax (PAT) was Rs.3.234 million during the year as compared to Rs. 68.229
millions during last year.
During the year, the
Company has crushed 5770462 QTLS of Sugarcane and produced 579740 bags of Sugar
in 129 crushing days, as compared to previous year crushing of 6118109.31 QTLS
of sugarcane and production of 594,091 600,063 QTLS of Sugar in 131 crushing
days.
The capacity utilization of
the plant during the year was 89.68% and the average recovery was 9.79 % as
compared to capacity utilization of 93.94% and average recovery of 10.21 % in
the previous year.
MANAGEMENT ANALYSIS AND
ANALYSIS REPORT
INDUSTRY STRUCTURE AND
DEVELOPMENT
SUGAR
India has been known as the
original home of sugar and sugarcane. Indian mythology supports the above fact
as it contains legends showing the origin of sugarcane. India is the second
largest producer of sugarcane next to Brazil consistently producing 25 million
tons in the last 3 years. India has the largest number of cane farmers directly
growing sugarcane. Presently, about 4 million hectares of land is under
sugarcane with an average yield of 70 tons per hectare. India is the largest
single producer of sugar including traditional cane sugar sweeteners, khandsari
and Gur equivalent to 26 million tonnes raw value followed by Brazil in the
second place at 18.5 million tonnes. Even in respect of white crystal sugar,
India has ranked No.1 position in 7 out of last 10 years. India is the largest
consumer of Sugar and one of largest exporter of sugar in the world.
The Indian sugar sector is
highly cyclical in nature and follows a 5 year cycle:
• 2 to 3 year of high
production; followed by
•
2 to 3 years of low production; and vice versa
As sugar is consumed by
every household and a large number of farmers draw their livelihood from
sugarcane cultivation, the Central Government has always wanted to control
prices in the open market, while the States want to ensure higher and higher
prices for sugarcane farmers. Sugarcane pricing is influenced by politics and
not by economics. There is no relationship between sugarcane pricing and
revenue realization, which results in higher cost of production making Indian
sugar mills uncompetitive in the global sugar market, resulting in lack in
margin of sugar mills and cane price arrears of farmers.
Recently, the Government of
India has announced partial decontrol of the sugar industry based on the
recommendation of the committee headed by Dr. C. Rangarajan, Chairman, Economic
Advisory Council. One of the decisions bringing relief to the industry is the
dismantling of the release mechanism.One of the other positive steps for both
farmers and the industry is the removal of 10 per cent ‘levy sugar’, which deals
with supply of sugar by the sugar industry to the Public Distribution System
(PDS). Levy sugar for the PDS will now be procured by State Governments from
the open market at prevailing market prices.
In yet another relief to
the sugar industry, the government has decided to provide financial assistance
to manufacturers to export up to 40 lakh tones of raw sugar for two years. This
is the second major incentive for the industry after the announcement of Rs.
76000.000 Million interest free loans for sugar processors to pay cane farmers.
CO-GENERATION OF POWER
It is estimated that 4
million units of electricity per megawatt of capacity of the cogeneration plant
is generated per year. The sale price of electricity ranges from Rs. 3.50 to
Rs. 5.50 per unit of electricity depending upon the tariff fixed by the
respective State Electricity Regulatory Commission (SERC).
In addition, captive
electricity consumption by the sugar mills from cogeneration based technology
is now eligible to earn Renewable Energy Certificates (RECs). REC is a kind of
green attribute associate with electricity generation from renewable energy
source. RECs can be traded on Energy Exchanges to earn additional revenue from
such projects.
OUTLOOK
According to the Indian
Sugar Mills Association (ISMA), India’s sugar production has declined by 3.23
per cent to 23.9 million tonnes (MT) till May during the year 2013-14
(October-September) due to lower production in key states. Sugar production
during the same period in the year 2012-13 stood at 24.7 MT. For the entire
year 2013-14, sugar production is pegged at 24.2 MT, four per cent less than
the last year’s level of 25.1 MT.
During the ongoing year,
there was a decline in the production of the sweetener from Uttar Pradesh and
Tamil Nadu whereas the mills in Maharashtra have produced almost similar
quantity of sugar, while the production in Karnataka was higher.
ISMA also highlighted that
the pace of sugar exports has slowed down due to the reduction in the export
incentive from Rs. 3,300 per tonne Rs. 2,277 per tonne by the Food Ministry.
India has exported 17.5 lakh tonne sugar during the first six months of the
2013-14. According to the data provided by the Ministry of Food and Consumer
Affairs, India exported 17,53,840 tonnes during the October 2013 and March 2014
period.
The country had exported
3.48 lakh tonnes of sugar in the full 2012-13 (October-September), as per the
data compiled by the apex sugar industry body ISMA.
With 2013 closing stocks likely
to be maintained at prior year levels, sugar would also be available for
exports, subject to global attractiveness to the domestically produced sugar.
It is believed that a comfortable global sugar demand supply balance will
result in weak international sugar prices.
CONTINGENT
LIABILITIES
- Sale Tax demand of Rs.1.119 million (Previous year 1.119 million),
no provision is made against such liability as management has been advised
that full relief may be given at appellate level.
- A liability of Rs.11.963 million was raised by the Sales Tax
Department towards purchase tax for the years 1999 2000 to 2003-2004. For
F/Y 2004-05 and from F/y 2006-07 onwards with the introduction of VAT,
company do not foresee any such liability. However, if such liability
still arises it will be to the tune of Rs.164.307 million for the
financial year 2004-05and from 2006-07 to 2013-14. - Sale Tax demand of
Rs. 0.567 pertaining to financial 1997-98.
- Bank guarantee against principal amount of Sugarcane Development
Fund Rs. NIL (Previous year Rs. 36.000).
- The company has deposited Rs. 0.200 under protest is pending with
CESTAT, New Delhi. Demand raised by department Rs.1.372
FIXED ASSETS
v Freehold Land
v Building
v Plant and Machinery
v Furniture and Fixtures
v Office Equipments
v Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON
30TH
SEPTEMBER, 2014
(Rs. in millions)
|
|
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
455.265 |
553.299 |
1008.564 |
|
|
|
b) Other Operating Income |
0.021 |
0.916 |
0.937 |
|
|
|
Total Income from
Operations (Net) |
455.286 |
554.215 |
1009.501 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
0.000 |
60.311 |
60.296 |
|
|
b) |
Purchase of stock in-trade |
0.000 |
0.000 |
0.000 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
381.048 |
377.233 |
758.281 |
|
|
d) |
Employee benefit expenses |
12.977 |
14.552 |
27.529 |
|
|
e) |
Depreciation and amortization expense |
15.356 |
15.165 |
30.521 |
|
|
f) |
Other
expenses |
30.031 |
28.817 |
58.848 |
|
|
Total Expenses |
439.412 |
496.078 |
935.475 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
15.874 |
68.137 |
74.026 |
|
4 |
Other
Income |
0.119 |
0.408 |
0.527 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
15.993 |
58.545 |
74.553 |
|
6 |
Finance
Costs |
51.822 |
57.868 |
109.690 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items (5-6) |
(35.829) |
0.677 |
(35.137) |
|
8 |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
(35.829) |
0.677 |
(35.137) |
|
|
10 |
Tax
Expense |
(2.103) |
0.451 |
(4.152) |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax (9-10) |
(33.726) |
0.226 |
(30.985) |
|
|
12 |
Extraordinary
items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit /(Loss) for the
period (11-12) |
(33.726) |
0.226 |
(30.985) |
|
|
14 |
Paid up Share Capital |
|
|
|
|
|
|
Paid
up 6% Preference Share face value f Rs.100/- each |
70.000 |
70.000 |
-- |
|
|
|
Paid
up 6% Equity Share face value f Rs.10/- each |
154.183 |
154.183 |
-- |
|
|
15 |
Reserve
excluding revaluation reserves |
|
|
|
|
|
16 |
|
Earnings
per share (before extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic
/ Diluted |
(2.45) |
(0.26) |
-- |
|
|
|
Earnings
per share (after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic
/ Diluted |
(1.65) |
0.01 |
-- |
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
-
No. of Shares |
6354314 |
6354314 |
6354314 |
|
|
|
-
Percentage of Shareholding |
41.10 |
41.10 |
41.10 |
|
2 |
|
Promoters and promoter
group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
-
Number of shares |
985000 |
985000 |
985000 |
|
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and
promoter group) |
10.82 |
10.82 |
10.82 |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
6.37 |
6.37 |
6.37 |
|
|
|
b)
Non- encumbered |
|
|
|
|
|
|
-
Number of shares |
8122493 |
8122493 |
8122493 |
|
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and
promoter group) |
89.18 |
89.18 |
89.18 |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
52.53 |
52.53 |
52.53 |
|
|
Particulars |
3 Months Ended |
|
|
B |
|
Investor
Complaints |
30.09.2014 |
|
|
|
Pending
at the beginning of the quarter |
2 |
|
|
|
Received
during the quarter |
Nil |
|
|
|
Disposed
during the quarter |
2 |
|
|
|
Remaining
unresolved at the end of the quarter |
Nil |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
Particular |
30.09.2014 (Rs.
In Millions) |
|
EQUITY AND LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
224.183 |
|
(b) Reserves and surplus |
301.128 |
|
Sub-total
- Shareholders' funds |
525.311 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
277.358 |
|
(b) Deferred Tax Liabilities (Net) |
68.002 |
|
(c) Other Long Term Liability |
-- |
|
(d) Long Term Provision |
20.611 |
|
Sub-total
- Non-current liabilities |
365.971 |
|
|
|
|
Current
liabilities |
|
|
(a) Short -term borrowings |
818.680 |
|
(b) Trade payables |
24.654 |
|
(c) Other Current Liability |
576.308 |
|
(d) Short-term provision |
50.979 |
|
Sub-total
- Current liabilities |
1470.621 |
|
|
|
|
TOTAL
- EQUITY AND LIABILITIES |
2361.903 |
|
|
|
|
ASSETS |
|
|
Non-current assets |
|
|
(a) Fixed assets |
799.247 |
|
(b) Non-current investment |
18.973 |
|
(c) Deferred tax assets (net) |
-- |
|
(d) Long-term loans and advances |
69.251 |
|
(e) Other non-current assets |
-- |
|
Sub-total
- Non-current assets Current assets |
887.471 |
|
Current assets |
|
|
(a) Current Investment |
150.000 |
|
(b) Inventories |
685.085 |
|
(c) Trade receivables |
52.424 |
|
(d) Cash and cash equivalents |
125.017 |
|
(e) Short-term loans and advances |
461.906 |
|
(f) Other current assets |
-- |
|
Sub-total
- Current assets |
1474.432 |
|
|
|
|
TOTAL
- ASSETS |
2361.903 |
NOTE:
- The above results were reviewed by Audit Committee, considered and approved by the board of directors of the company at its meeting held on 14.11.2014
- The activities of the Company relate to only one segment, i.e. Sugar Manufacturing.
- The figure of the last quarter for current and previous financial years are the balancing figures between the audited figure in respect of the full financial years ended 30th September and published unaudited (with limited reviewed) year to date figure upto the third quarter ended 30 th June of the respective financial years. .
- Previous Period figures have been regrouped/reclassified where ever necessary as per revised Schedule VI of the Companies Act 1956.
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.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--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.