MIRA INFORM REPORT
|
Report No. : |
342185 |
|
Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
DWARIKESH SUGAR INDUSTRIES LIMITED |
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Registered
Office : |
Dwarikesh Nagar, Bijnore-246762, Uttar Pradesh |
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Tel. No.: |
91-22-22832468 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
01.11.1993 |
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Com. Reg. No.: |
20-018642 |
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Capital
Investment / Paid-up Capital : |
Rs. 474.147 Million |
|
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|
|
CIN No.: [Company Identification
No.] |
L15421UP1993PLC018642 |
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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.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacture of sugar and allied products. |
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No. of Employees
: |
1584 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1993 having moderate track
record. It is engaged in business of manufacturing of sugar and allied
products. As per the financial statement, the company has a decent sales turnover
but has incurred heavy loss. It has borrowings and there is unfavourable gap
between trade payables and receivable in the year 2015. The rating is also constrained on the account of risk arising out of
the inherent cyclicality in the sugar business, agro climatic factors and
government policies governing cane pricing, sugar exports and pricing of
by-products. However, trade relations are fair. Business is active. Payment are
reported to be slow but correct. The company can be considered for business dealings 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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loan “BB” |
|
Rating Explanation |
Inadequate credit quality and high credit risk |
|
Date |
24.07.2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Long term non fund based “BB” |
|
Rating Explanation |
Inadequate credit quality high credit risk. |
|
Date |
24.07.2015 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. P.P. Singh |
|
Designation : |
Account Officer |
|
Contact No.: |
91-22-22832468 |
|
Date : |
21.09.2015 |
LOCATIONS
|
Registered Office / Unit
I: |
Dwarikesh Nagar, Bijnore-246762, Uttar Pradesh, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
511, Maker Chambers – V, 221, Nariman Point, Mumbai - 400 021, Maharashtra, India |
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Tel. No.: |
91-22-22832468 |
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Unit II: |
Dwarikesh Puram - 246 722, Tehsil Dhampur, District Bijnor, Uttar Pradesh, India |
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Unit III: |
Dwarikesh Dham - 243 503, Tehsil Faridpur, District Bareilly, Uttar Pradesh, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. G. R. Morarka |
|
Designation : |
Managing Director |
|
Address : |
511, Maker Chambers - V, 221, Nariman Point, Mumbai, 400021, Maharashtra, INDIA |
|
Qualification : |
B.Com, ICWA |
|
Date of Appointment : |
01.11.1993 |
|
DIN No.: |
00002078 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. B. K. Agarwal |
|
Designation : |
Independent Director |
|
Address : |
Flat No. 81, Praneet, J. Palkar Marg, Worli, Mumbai, 400030, Maharashtra, India |
|
Qualification : |
IAS |
|
Date of Appointment : |
14.10.2005 |
|
DIN No.: |
00001085 |
|
Other Directorship : |
· Motilal Oswal Financial Services Limited · Motilal Oswal Securities Limited |
|
|
|
|
Name : |
Mr. K. N. Prithviraj |
|
Designation : |
Independent Director |
|
Address : |
Flat No 3 2nd Floor Zara Aparts 265 DR. Srinivasiah Road, 8th Main 3rdstage Beml Layout Rajarajeshwari Nagar, Bangalore-560098, Karnataka, India |
|
Qualification : |
CAIIB- I, MA (Economics) |
|
Date of Appointment : |
30.11.2009 |
|
DIN No.: |
00115317 |
|
Other Directorship : |
· Axis Bank Limited · Surana Industries Limited · PNB Investment Services Limited · National Financial Holdings Company Limited · ILFS Infra Asset Management Limited · CAN FIN Homes Limited |
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|
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|
Name : |
Ms. Malathi Mohan |
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Designation : |
Independent Director |
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Address : |
A/2, Plot 72, 2nd Main Road, VGP, Golden Sea View - Part 1, Palavakkam, Chennai-600041, Tamilnadu, India |
|
Qualification : |
Company Secretary |
|
Date of Appointment : |
13.08.2014 |
|
DIN No.: |
02008550 |
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|
|
|
Name : |
Mr. B. J. Maheshwari |
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Designation : |
Whole Time Director & CS cum CCO |
|
Address : |
C-508, Upwan, Upper Govind Nagar, Malad (East), Mumbai-400097, Maharashtra, India |
|
Qualification : |
Chartered Accountant and Company Secretary |
|
Date of Appointment : |
01.05.2009 |
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DIN No.: |
00002075 |
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Other Directorship : |
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Name : |
Mr. Vijay S. Banka |
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Designation : |
Whole Time Director and CFO |
|
Address : |
B-23, Archana Appt, Juhudhara Complex, Juhu Versova Link Road, Andheri (West), Mumbai-400053, Maharashtra, India |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
01.05.2009 |
|
DIN No.: |
00963355 |
|
Other Directorship : |
|
KEY EXECUTIVES
|
Name : |
Mr. B. P. Dixit |
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Designation : |
Vice President (Works) – DN & DP Units |
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|
Name : |
Mr. R. K. Gupta |
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Designation : |
Vice President (Works) – DD Unit |
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Name : |
Mr. P.P. Singh |
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Designation : |
Account Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3099344 |
19.00 |
|
|
4784007 |
29.32 |
|
|
7883351 |
48.32 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7883351 |
48.32 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
25000 |
0.15 |
|
|
199232 |
1.22 |
|
|
224232 |
1.37 |
|
|
|
|
|
|
1855017 |
11.37 |
|
|
|
|
|
|
3162259 |
19.38 |
|
|
2888709 |
17.71 |
|
|
301108 |
1.85 |
|
|
106913 |
0.66 |
|
|
400 |
0.00 |
|
|
193795 |
1.19 |
|
|
8207093 |
50.30 |
|
Total Public shareholding (B) |
8431325 |
51.68 |
|
Total (A)+(B) |
16314676 |
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) |
16314676 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of sugar and allied products. |
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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 : |
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 : |
1584 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. S. Kothari Mehta and Co. Chartered Accountants |
|
Address : |
146-148, Tribhvan Complex, Ishwar Nagar, Mathura Road, New
Delhi-110065, Delhi, India |
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Tel. No.: |
91-11-46708658 |
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Fax No.: |
91-11-66628889 |
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E-Mail : |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises
over which key management
personnel are able to exercise significant influence : |
· Morarka Finance Limited · Dwarikesh Trading Company Limited · Dwarikesh Informatics Limited · Dwarikesh Agriculture Research Institute · Faridpur Sugars Limited (Associate Company) |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,75,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 175.000 Million |
|
1,50,000 |
12% cumulative redeemable preference shares (Series I) |
Rs.100/- each |
Rs. 15.000 Million |
|
15,00,000 |
8 % cumulative redeemable preference shares (Series II) |
Rs.100/- each |
Rs. 150.000 Million |
|
10,00,000 |
8 % cumulative redeemable preference shares (Series III) |
Rs.100/- each |
Rs. 100.000 Million |
|
10,00,000 |
8 % cumulative redeemable preference shares (Series IV) |
Rs.100/- each |
Rs. 100.000 Million |
|
|
Total |
|
Rs.540.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,63,14,676 |
Equity Shares |
Rs.10/- each |
Rs. 163.147
Million |
|
1,10,000 |
12% cumulative redeemable preference shares (Series I) |
Rs.100/- each |
Rs. 11.000
Million |
|
15,00,000 |
8 % cumulative redeemable preference shares (Series II) |
Rs.100/- each |
Rs. 150.000
Million |
|
10,00,000 |
8 % cumulative redeemable preference shares (Series III) |
Rs.100/- each |
Rs. 100.000
Million |
|
5,00,000 |
8 % cumulative redeemable preference shares (Series IV) |
Rs.100/- each |
Rs. 50.000
Million |
|
|
Total |
|
Rs. 474.147 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 (18 Months) |
30.09.2013 |
30.09.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
474.147 |
474.147 |
324.147 |
|
(b) Reserves & Surplus |
564.432 |
731.934 |
925.537 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
100.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1038.579 |
1206.081 |
1349.684 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1887.479 |
1567.174 |
2435.928 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
24.910 |
|
(c) Other long term
liabilities |
43.148 |
47.385 |
44.634 |
|
(d) long-term
provisions |
106.235 |
76.275 |
71.247 |
|
Total Non-current
Liabilities (3) |
2036.862 |
1690.834 |
2576.719 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3528.174 |
1523.688 |
1933.369 |
|
(b) Trade
payables |
2010.405 |
980.512 |
92.951 |
|
(c) Other current
liabilities |
1351.458 |
1185.915 |
1553.515 |
|
(d) Short-term
provisions |
22.001 |
17.632 |
15.870 |
|
Total Current
Liabilities (4) |
6912.038 |
3707.747 |
3595.705 |
|
|
|
|
|
|
TOTAL |
9987.479 |
6604.662 |
7522.108 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3985.718 |
4404.408 |
4699.243 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.405 |
0.000 |
0.647 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.400 |
2.400 |
2.400 |
|
(c) Deferred tax assets (net) |
200.066 |
101.664 |
0.000 |
|
(d) Long-term Loan and Advances |
96.356 |
105.485 |
105.270 |
|
(e) Other
Non-current assets |
6.088 |
7.090 |
17.802 |
|
Total Non-Current
Assets |
4291.033 |
4621.047 |
4825.362 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4910.722 |
1919.548 |
2393.519 |
|
(c) Trade
receivables |
427.976 |
20.049 |
257.756 |
|
(d) Cash
and cash equivalents |
8.208 |
21.086 |
13.331 |
|
(e)
Short-term loans and advances |
31.399 |
22.898 |
27.028 |
|
(f) Other
current assets |
318.141 |
0.034 |
5.112 |
|
Total Current
Assets |
5696.446 |
1983.615 |
2696.746 |
|
|
|
|
|
|
TOTAL |
9987.479 |
6604.662 |
7522.108 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 (18 Months) |
30.09.2013 |
30.09.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11360.745 |
9276.149 |
6985.973 |
|
|
|
Other Income |
26.546 |
131.038 |
21.643 |
|
|
|
TOTAL (A) |
11387.291 |
9407.187 |
7007.616 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
11997.766 |
7424.748 |
6378.976 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(2822.845) |
451.061 |
(994.106) |
|
|
|
Employees benefits expense |
714.367 |
402.957 |
380.536 |
|
|
|
Other expenses |
539.345 |
410.139 |
281.117 |
|
|
|
TOTAL (B) |
10428.633 |
8688.905 |
6046.523 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
958.658 |
718.282 |
961.093 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
752.098 |
705.609 |
788.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
206.560 |
12.673 |
172.503 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
472.464 |
331.852 |
328.904 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(265.904) |
(319.179) |
(156.401) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(98.402) |
(125.576) |
(43.347) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(167.502) |
(193.603) |
(113.054) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(520.145) |
(326.542) |
(213.488) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(687.647) |
(520.145) |
(326.542) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(13.19) |
(13.54) |
(7.88) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 (18 Months) |
30.09.2013 |
30.09.2012 |
|
Current Maturities of Long term debt |
827.903 |
831.109 |
880.991 |
|
Cash generated from operations |
(1506.229) |
2034.383 |
76.497 |
|
Net cash from operating activities |
(1506.767) |
2033.314 |
77.855 |
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2015 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
1972.270 |
|
Total Expenditure |
|
|
2372.280 |
|
PBIDT (Excl OI) |
|
|
(400.010) |
|
Other Income |
|
|
79.370 |
|
Operating Profit |
|
|
(320.640) |
|
Interest |
|
|
164.010 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
(484.650) |
|
Depreciation |
|
|
77.400 |
|
Profit Before Tax |
|
|
(562.050) |
|
Tax |
|
|
NA |
|
Provisions and
contingencies |
|
|
NA |
|
Profit After Tax |
|
|
(562.050) |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
(562.050) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 (18 Months) |
30.09.2013 |
30.09.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(1.47) |
(2.09) |
(1.62) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.44 |
7.74 |
13.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.72) |
(4.91) |
(2.08) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.26 |
(0.26) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
6.01 |
3.25 |
3.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
0.53 |
0.75 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.26.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.09.2012 |
30.09.2013 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
324.147 |
474.147 |
474.147 |
|
Reserves & Surplus |
925.537 |
731.934 |
564.432 |
|
Share Application money pending allotment |
100.000 |
0.000 |
0.000 |
|
Net
worth |
1349.684 |
1206.081 |
1038.579 |
|
|
|
|
|
|
long-term borrowings |
2435.928 |
1567.174 |
1887.479 |
|
Short term borrowings |
1933.369 |
1523.688 |
3528.174 |
|
Current maturities of
long-term debts |
880.991 |
831.109 |
827.903 |
|
Total
borrowings |
5250.288 |
3921.971 |
6243.556 |
|
Debt/Equity
ratio |
3.890 |
3.252 |
6.012 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2012 |
30.09.2013 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6985.973 |
9276.149 |
11360.745 |
|
|
|
32.782 |
22.473 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2012 |
30.09.2013 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6985.973 |
9276.149 |
11360.745 |
|
Profit |
(113.054) |
(193.603) |
(167.502) |
|
|
(1.62%) |
(2.09%) |
(1.47%) |
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 |
No |
|
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 |
Yes |
|
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 |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loan and advances
from related parties |
|
|
|
due to director |
0.654 |
0.654 |
|
inter corporate deposits |
0.198 |
0.199 |
|
Total |
0.852 |
0.853 |
FINANCIAL
PERFORMANCE:
• Last few years have been extremely challenging for The company and the sugar industry in general. The State Government hasn’t announced any increase in sugarcane price (SAP) over the last three crushing seasons. However on account of previous, year on year, successive & excessive increase in sugarcane price for almost 4 to 5 crushing seasons, sugarcane price and resultantly the costs are fastened at extremely higher & unviable levels. Sugarcane price in Uttar Pradesh is among the highest in the world. With no commensurate increase in the price of sugar & by-products, economics of sugar industry has gone haywire.
• Both globally and domestically sugar supply/ production exceeds sugar demand / consumption. Consequently there is a surplus / glut situation which has caused a drag on the sugar prices. Since sugarcane price is not linked to sugar prices in Uttar Pradesh, sugar industry in Uttar Pradesh is on loss making trajectory. The pain of the sector is showing no signs of abatement.
• State Government has announced multi-tier payment mechanism for the season 2014-15, besides announcing various other financial reliefs and subsidies. However fall in price of sugar is so pronounced that, the benefits announced have negligible impact on the overall health of the industry. Benefits were announced on the basis of benchmark price of sugar & by-products. However since the announcement prices have fallen, thus rendering the benefits grossly inadequate. Increase in sugarcane price during the earlier years is continuing to torment the industry. Double whammy of higher raw material cost and falling sugar prices has impacted the bottom-line of the company, though the bottom-line, during the period, on account higher recovery and improved operational efficiencies is relatively better as compared to the bottom-line of previous year. The Company posted after tax loss of Rs. 167.500 Million (for the 18 months period) as compared to loss of Rs. 193.600 Million posted during the year 2012-13. However, The Company did manage to earn cash profit.
Following inference
can be drawn from the above numbers:
1. EBIDTA in absolute terms as well as in percentage terms is higher than the EBIDTA for the earlier year. While comparison of EBIDTA in absolute terms may not capture & articulate the true picture, the fact that in % terms it is better at 8.44% as compared to 7.74% during the year 2012-13 is a matter of some consolation.
2. Cash profit of Rs. 206.600 Million compares favourably, both in absolute terms and in % terms with the cash profit earned during 2012-13.
3. The non-satisfactory financial results are on account of:
Fastening of sugarcane price at an raised up level of Rs. 280 per quintal for the general variety for the last 3 crushing seasons.
Rapidly declining price of sugar (presently hovering between Rs. 2,400 and Rs. 2,600 per quintal). Sugar prices are on downward spiral. Both Central Government & the State Government are seized of the problems facing the industry and are attempting to resolve the same.
EBIDTA margin of The Company has improved on account better recoveries.
Company’s efforts to recalibrate its debt profile with a view to augment the cash flows and with a view to rationalize interest costs continues. In fact the annualized finance cost during the period is significantly less than the finance cost of year 2012-13.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMY
The changes affecting Global Economy have been increasingly challenging. The changes are to a large extent the consequence of greater volatility and uncertainty, and they present a higher peril for the global economy in 2015. The fast decline and volatility in oil prices, quick adjustments in exchange rates (with the US dollar appreciating and weakening of most other currencies, notably the euro), and the new quantitative easing program of the ECB are just a few examples of the economic factors at play. Besides, there is increased geopolitical uncertainty related to the Russia-Ukraine and Middle East conflicts, as well as increased concern about the economic and political future of the Euro Area and European Union.
While the overall global real GDP growth average is estimated to be 3.3 percent, the global average reflects a combination of upsides and downsides. Downward revision are primarily because of a major GDP decline in Russia (from +0.8 to −3.5 percent) and moderate declines in the Euro Area (1.6 to 1.4 percent), Japan (1.1 to 0.6 percent), and Brazil (1.5 to 0.5 percent). Upward revisions include the United States (2.6 to 2.9 percent), Mexico (2.8 to 3.5 percent), and India.
The United States will continue to register stronger growth than its peers. European economies have more scope to recover, and the weakened euro could help offset negative effects from slower exports to emerging markets. However, Europe’s dysfunctional policy environment to accelerate growth through investment and reforms could make the recovery look moderate compared to the United States. China will continue its “soft fall” growth trajectory. Other major emerging markets will continue to grow, but their pace will vary depending on the net impact of declining oil prices and exchange rate depreciations, as well as progress of their own reform agendas. New geographies for growth, such as Africa and parts of Asia, offer opportunities to build sustainable growth models but they also bring challenges on economic, legal, and institutional fronts.
Relative to the base scenario for the outlook, downsides to the global outlook could come from probable intensified political and economic risks. Upsides relate to the ability of policy and business to invest in people, raise productivity, and rebuild trust and confidence, but they may need significantly more time than the current year to materialize.
DOMESTIC ECONOMY
As per IMF predictions, India will overtake China as the fastest growing emerging economy in 2015-16 by clocking a growth rate of 7.5 per cent on the back of recent policy initiatives, pick-up in investments and lower oil prices. India's growth is expected to strengthen from 7.2 per cent in 2014 to 7.5 per cent in 2015. Growth will benefit from recent policy reforms, a consequent pick-up in investment, and lower oil prices," the IMF said in its latest World Economic Outlook. China will see a deceleration with growth rate sliding from 7.4 per cent in 2014 to 6.8 per cent in 2015 and 6.3 per cent a year after, it added.
IMF's growth predictions of India, however, is lower than the estimates of the Finance Ministry and the RBI. The Finance Ministry expects GDP growth to be 8-8.5 per cent in 2015-16, while the Reserve Bank of India (RBI) has estimated it at 7.8 per cent. The report, released at IMF headquarters here on the sidelines of the annual meeting of the IMF and the World Bank, said lower oil prices will raise real disposable incomes, particularly among poorer households, and help drive down inflation.
In 2015 World Economic Outlook, the IMF has improved India's growth prospects for the current fiscal as well as next fiscal by 1.2 per cent and 1 per cent over its January projection. The upward projection for India by IMF comes at a juncture when other economies are not likely to show improvement in economic performance. According to the report, global growth remains moderate, with uneven prospects across the main countries and regions.
Relative to last year, the outlook for advanced economies is improving, while growth in emerging market and developing economies is projected to be lower, primarily reflecting weaker prospects for some large emerging market economies and oil-exporting countries, the IMF report said. Rating agency (Moody) has upgraded India’s rating from stable to positive. Indian economy has undergone a paradigm shift owing to its competitive stand in the World. It is on a robust growth trajectory and boosts of booming capital market.
The transparent auction and allocation of 67 coal blocks by the Government is a step in the right direction and should unlock a total value of Rs. 4000000.000 Million. Promulgation of uniform GST is on the anvil and the same would provide seamless tax structure and foster trade across states and provide resources for the development of States.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10591420 |
08/09/2015 |
1,050,000,000.00 |
Punjab National Bank |
Chowk Bazar, Najibabad, Bijnor, Uttar Pradesh - |
C64408883 |
|
2 |
10574040 |
08/06/2015 * |
72,000,000.00 |
Punjab National Bank |
Chowk Bazar, Najibabad, Bijnor, Uttar Pradesh - |
C57052177 |
|
3 |
10551693 |
23/02/2015 |
300,000,000.00 |
Likhami Commercial Company Limited |
216, Acharya J C Bose Road, Kolkatta, Kolkatta, West Bengal - 700017,
INDIA |
C44886059 |
|
4 |
10531147 |
05/11/2014 |
6,500,000.00 |
Punjab National Bank |
Chowk Bazar, Najibabad, Bijnor, Uttar Pradesh - |
C33525379 |
|
5 |
10530169 |
08/06/2015 * |
650,000,000.00 |
Punjab National Bank |
Chowk Bazar, Najibabad, Bijnor, Uttar Pradesh - |
C55918734 |
|
6 |
10478677 |
27/06/2014 * |
610,800,000.00 |
Punjab National Bank |
Chowk Bazar, Najibabad, Bijnor, Uttar Pradesh - |
C10476869 |
|
7 |
10342977 |
23/02/2015 * |
3,720,000,000.00 |
Punjab National Bank |
Chowk Bazar, Najibabad, Bijnor, Uttar Pradesh - 2 |
C45265907 |
|
8 |
10280241 |
25/03/2015 * |
1,000,000,000.00 |
Punjab National Bank |
Chowk Bazar, Najibabad, Bijnor, Uttar Pradesh - 2 |
C52267713 |
|
9 |
10122170 |
20/07/2009 * |
265,000,000.00 |
GOVT OF INDIA MIN OF CONSUMER AFFAIRS FOOD REPRESE |
KRISHI BHAVAN, NEW DELHI, NEW DELHI, Delhi - 110001, INDIA |
A65713059 |
|
10 |
10122169 |
20/07/2009 * |
275,000,000.00 |
GOVT OF INDIA MIN OF CONSUMER AFFAIRS FOOD REPRESE |
KRISHI BHAVAN, NEW DELHI, NEW DELHI, Delhi - 110001, INDIA |
A65713562 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
30.09.2013 |
|
(a) Claims not acknowledged as debts by the company. |
2.076 |
2.076 |
|
(b) In respect of show cause notices from Central Excise department in various cases against which the company has preferred appeals [net of amount reversed and payments of Rs. 24.072 Million (previous year Rs. 24.062 Million)]. |
54.535 |
32.231 |
|
(c) In respect of Trade Tax and Entry Tax demand received from Uttar Pradesh Trade Tax authorities in various cases, in respect of which the company has preferred appeals [net of amount deposited under appeal of Rs. 0.376 Million (previous year Rs. 1.598 Million]. |
Nil |
Nil |
|
(d) Guarantees issued by the bankers on behalf of the Company. |
6.968 |
Nil |
FIXED ASSETS
Tangible Assets
· Freehold land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
· Others (Computers)
Intangible Assets
·
Computer Software
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2015
|
Sr. No |
Particulars |
Standalone |
|
Quarter Ended |
||
|
30.06.2015 |
||
|
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
1965.070 |
|
|
b. Other Operating Income |
7.197 |
|
|
Total Income from
Operations (Net) |
1972.267 |
|
2 |
Expenditure |
|
|
|
a. Cost of material Consumed |
701.953 |
|
|
b. Purchase of Stock-in trade |
0.000 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
1497.559 |
|
|
d. Employees Benefit Expenses |
101.663 |
|
|
e. Depreciation and Amortisation Expenses |
77.404 |
|
|
f. Other expenses |
71.093 |
|
|
Total Expenses |
2449.672 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
(477.405) |
|
4 |
Other Income |
79.369 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
(398.036) |
|
6 |
Finance Costs |
164.009 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
(562.045) |
|
8 |
Exceptional items |
-- |
|
9 |
Profit from
ordinary activities before tax |
(562.045) |
|
10 |
Tax Expense |
- |
|
11 |
Net Profit After
Tax |
(562.045) |
|
12 |
Paid-up equity share capital (face value of Rs.10 per share) |
163.147 |
|
13 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
14 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
Basic EPS |
(34.94) |
|
|
Diluted EPS |
(34.94) |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
15 |
Public Shareholding |
|
|
|
- No. of shares |
8431325 |
|
|
- Percentage of shareholding |
51.68% |
|
16 |
Promoter &
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- No. of shares |
Nil |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
|
|
b) Non-encumbered |
|
|
|
- No. of shares |
7883351 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
48.32% |
|
|
Particulars |
Quarter ended 30.06.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
|
|
Particulars |
Quarter ended 30.06.2015 |
|
|
Primary segment information |
|
|
1. |
Segment Revenue |
|
|
|
Sugar |
1848.463 |
|
|
Co-Generation |
107.132 |
|
|
Distillery |
82.777 |
|
|
Total |
2038.372 |
|
|
Less : Inter Segment Revenue |
|
|
|
Sugar |
22.485 |
|
|
Co-Generation |
43.620 |
|
|
Net Sales/ Income from operations |
1972.267 |
|
|
|
|
|
2. |
Segment Results |
|
|
|
(Profit (=)/Loss (-) before tax and interest from Each Segment) |
|
|
|
Sugar |
(481.652) |
|
|
Co-Generation |
61.400 |
|
|
Distillery |
22.216 |
|
|
Total |
(398.036) |
|
|
Less Interest |
164.009 |
|
|
Other un-allcocable expenditure net off |
-- |
|
|
un-allcocable Income |
-- |
|
|
Total Profit before tax |
(562.045) |
|
3. |
Capital Employed |
|
|
|
(Segment Assets – Segment Labilities) |
|
|
|
Sugar |
4441.043 |
|
|
Co-Generation |
1037.240 |
|
|
Distillery |
135.134 |
|
|
Total |
5613.417 |
Notes :
1. The above financial results were approved in the meeting of the Board of Directors held on August 14, 2015 after being reviewed and recommended by the Audit Committee, The results have been subjected to limited review by the company’s statutory auditors.
2. Figures for the quarter ended March 31, 2015 represent the difference
between the audited figures in respect of the eighteen months ended March 31,
2015 and the published figures of the fifteen months ended December 31, 2014 as
regrouped.
3. For the Season 2014-15, the Government of Uttar Pradesh has announced
certain financial assistance including Rs. 28.60 (per quintal of cane) linked
to average threshold selling price of sugar and it’s by products during October
01, 2014 to May 31, 2O15. Based on the concession notified so far by the State
Govt., the Company has accounted for financial assistance @ Rs. 8.6O (per
quintal of cane) pertaining to Season 2014-15 which works out to Rs. 204.77
lacs for the quarter and Rs. 1,799.66 lacs for the 18 months period ended
March, 2O15. The balance financial assistance of Rs. 20 per quintal amounting
to Rs. 4,661.45 lacs will be accounted for when the committee constituted by
the Government of Uttar Pradesh formalises the same.
4. The company has reassessed the estimated useful life of its fixed assets
through an independent Chartered Engineer in accordance with the requirement of
determining the same under Schedule II of the Companies Act, 2013 and have
found no significant difference in the same. Accordingly there is no impact of
the same in the quarter.
5. Deferred tax assets in respect of brought forward losses and depreciation
have been recognized owing to virtual certainty of availability of future
taxable income to realize such assets.
6. Given the seasonal nature of the industry, the results of any quarter may
not be a true and /or proportionate reflection of the annual performance of the
company. The provision for tax and deferred tax, if any, will therefore be made
at the end of financial year.
7. Previous period figures have been regrouped and reclassified wherever
necessary, for the purpose of comparison.
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.65.62 |
|
|
1 |
Rs.102.73 |
|
Euro |
1 |
Rs.73.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.