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Form Dp1

FORM DP-1

CIRCULAR OR CIRCULAR IN THE FORM OF ADVERTISEMENT INVITING DEPOSIT

[Pursuant to section 73 (2)(a)and section 76 and rules 4(1)and4(2) of the Companies (Acceptance of Deposits) Rules, 2014]

  1. GENERAL INFORMATION

    a)Name, address, website and
    other contact details of the company:

    Godavari Biorefineries Limited

    CIN : U67120MH1956PLC009707

    Somaiya Bhaavan, 45/47, M.G Road, Fort, Mumbai-400001

    Website : WWW.somaiya.com Tel No : +91-22-61702100

    Fax: 022-22047297

    b)Date of Incorporation of the company:

             12th January, 1956

 

     c) Business carried on by the Company and its subsidiaries with the details of branches or units, if any:

 

Business carried on by the Company: The Company is engaged in the business of manufacturing sugar and associated products derived from sugarcane and other agro feedstock; manufacture of chemicals and related products ; the generation and sale of power and fuels from the byproducts and remainnants of sugarcane and other agro feedstock and products; wholesale trading and other commercial activities and any and all other activities which are related to, incidental to or conducive,

Whether directly or indirectly, to the foregoing objects as undertaken by the Company

 

Business carried on by the subsidiaries:

  1. Solar magic Pvt. Ltd.: The Company is engaged in manufacturing of farm products, turmeric and in providing the services to the farmers by way of sale and supply of fertilizers, irrigation facilities and other agriculture inputs.

  2. Cayuga Investments B.V.: The Company is engaged in investment activities and has two subsidiaries viz. Godavari Biorefineries B.V. and Godavari Biorefineries Inc.

 

Business carried on by the step Down subsidiaries:

  1. Godavari Biorefineries B.V., Amsterdam: To act as intermediaries, consultants to provide support services, penetrate USA markets.

  2. Godavari Biorefineries Inc., USA : To act as intermediaries, consultants to provide support services, penetrate USA markets.

    Details of Branches:

     

    Sr no

                    Branch Location

                  Branch Address

    1

    New Delhi

    C-103, Himalaya House, 10th Floor,
    Kasturba Gandhi Marg, New Delhi-110001

    2

    Bangalore

    Unity Buildings, Tower Block,
    4th Floor, J.C. Road, Bangalore-560002

 

  Details of Units:            

 Sr no

             Units Location

          Address

1

Sugar Mill, Distillery & Co-generation

plant

Sameerwadi (via Mahalingpur),

Dist. Bagalkot, Karnataka-587316

2

Distillery & Chemical Plant

Sakarwadi (stn. Kanhegaon),

Dist. Ahmednagar, Maharashtra-413708



 

d) Brief particulars of the management of the company;

The Company is managed by professional team of management guided by Board of directors.

 

e) Names, addresses, DIN and occupations of the directors;

 

Sr no Name Address Din

Occupation

1

Shri Samir shantilal Somaiya

‘padamanabh’, 10,M.L. Dahanukar marg,

Mumbai -400026.

00295458

Industrialist

2

Shri Vinay V . Joshi

C-712, Dev Deveshwar C.H.S.,
Teli Gali Cross Road, Anderi (East), Mumbai-400069.

00300227

Service

3

Dr. Badrinarayan Ramulal Barwale

  72-b, ‘Urvashi’, Petit Estate, Nepean Sea Road,
Mumbai -400006.

00001479

Business

4

Shri Kailash Pershad

D31, 5th Floor, New Chandra CHS, Opp.

Reliance Fresh , Off Veeradesai Road,
Andheri (west), Mumbai -400053

00503603

Consultant

5

Dr. Kondapuram

Vijaya Raghavan

INAE, Distinguished Professor, Reaction Engineering Laboratory,
Indian Institute of Chemical Technology, Uppal Road, Hyderabad-500007

00144054

Consultant

6

Shri Shrinivas N.

Bableshwar

SOB 4/4, G S M QTRS Sameerwadi, Taluka:

Mudhol, Dist.: Bagalkot, Karnataka-587316

05101183

Service

7

Shri Jayendra Shah

52, Apurva Bldg., 5th Floor, Nepeansea Road, Mumbai-400036

00084759

Consultant

8

Dr. Paul Zorner

1720, Hygeia Avenue, Encinitas, California-92024,
United States of America.

01888805

Consultant

9

Mr. Werner

Wustscher

Wolkersbergenstrasse 172/1, 1130, Vienna,

1130, Austria

06456562

Consultant

10

Shri S Mohan

Sakarwadi (Stn. Kanhegaon),

Ahmednagar, Maharashtra-413708

03184356

Service

11

Shri Uday Ramakant

Garg

62, Jupiter apartments, Altamount road,

Mumbai -400026

03285941

Business

12

Dr. Preeti Singh Rawat

A/901, Sainath Heights, Neelam Nagar Phase II,
Mulund (East), Mumbai-400081

07154417

Service



 

   f) Management’s perception of risk factor;

The primary business of the Company is manufacturing of sugar , power/co-generation, specialty chemicals and ethanol. Therefore, its business is subject to the general risk encountered in the sugar, power/co-generation and chemicals and ethanol industries . A number of factors, many of which are common to the sugar, power/co-generation and chemicals and ethanol industries are beyond the control of the Company, and such factors could affect the business of the Company.

 

      g) Details of default, including the amount involved, duration of default and present status, in repayment of –

  1. Statutory dues: No default in payment of statutory dues

  2. Debentures and interest thereon: No default in payment of statutory dues

  3. Loan from any bank or financial institution and interest thereon: No default in repayment of loans and interest thereon except the following loan availed from CSIR as per details given herein below:

 

The Company had signed the Agreement with Council of Scientific and Industrial Research (CSIR) on 14th March 2007. In terms of the said Agreement the Company is appointed as Industrial Partner for setting up the Pilot Plant for Production of Lactic Acid and Lactic Acid based Polymer’ with financial assistance in the form of Loan from CSIR to the extent of Rs. 485 lacs for meeting the capital expenditure in setting up the pilot plant.

 

The Company had requested CSIR to close the project in 2011 but the Company Was asked to continue and at the end 2012. CSIR decided to close the project without achieving the target. This project was not successful, and NCL/CSIR could not demonstrate the technology to make polymer grade lactic acid. This is also accepted by NCL and a third party engineering firm appointed by CSIR. However, CSIR is continuing to demand our repayment of loan . We received a legal notice dated 11th August 2014 on 15th August, 2014 demanding the payment of Rs.10 cores otherwise to refer for arbitration. As per our agreement, this dispute will be settled by Arbitration, which is pending.

2) PATICULARS OF THE DEPOSIT SCHEME

 

a) Date of passing of board resolution :

24th May, 2016

b) Date of passing of resolution in the general meeting authorizing the invitation of such deposits:

30th September,2015

c) Type of deposits, i.e., whether secured or unsecured:

Unsecured

d) Amount which the Company can raise by way of deposits as per the Act and the rules made there under, and the aggregate of deposits actually held on the last day of the immediately preceding financial year and on the date of issue of the Circular or advertisement and amount of deposit proposed to be raised and amount of deposit repayable within the next twelve months:

Maximum amount of deposits which the Company can raise on the basis of the Balance Sheet as at 31st March, 2016: From Shareholders: 10% of paid up capital & free reserves as at 31.03.2016: Rs. 1378.49 lacs 

From public: 25% of paid up capital and free reserve as at 31.03.2016: Rs. 3446.24 lacs

Outstanding deposits as on 31.03.2016: Rs.97.00 lacs

Outstanding deposits as on date of issues of advertisement:

Rs. 181.85 lacs approx. (25th June, 2016)

Deposits proposed to be raised within the next twelve months: Rs45 cores (up to 31.03.2017)

Deposits repayable within next 12 months (from 01.04.2016 to 31.03.2017): Rs. 47.90 lacs

e) Term of raising of deposits: Duration, Rate of interest, mode of payment and repayment

      
Sr no Particulars

SCHEME A- HALF YEARLY

SCHEME B -MONTHLY

SCHEME C-

CUMULATIVE

I

PERIOD (YRS)

1.

2.

3.

Rate of

Interest

10.00%

10.50%

11.00%

Rate of

Interest

10.00%

10.50%

11.00%

Rate of

Interest

10.00%

10.50%

11.00%

II

Minimum

Amount

Rs. 25,000

With further

Amount in multiples of

Rs. 5,000

Rs. 3,00,000

With further

Amount in multiples of

Rs. 25,000

Rs.25,000 with

Further amounts in multiples of Rs.5,000


 

Frequency

Of payment

Half yearly

On 30th September and 31st

March

Monthly

On maturity interest compounded half yearly basis after deducting income Tax wherever applicable.

 

Mode of payment and repayment: The mode of payment of interest and repayment of deposits will either by cheque/warrants or through electronic transfer (ECS or NEFT/RTGS) as desired by deposit holder.

f) Proposed time schedule mentioning the date of opening of Scheme and time period for which the circular or advertisement is valid:

Proposed date of opening of the Scheme: 25th June, 2016

Advertisement valid for a period up to six months from 31.03.2017 Or up to the date of Annual General Meeting of FY 2016-17, whichever is earlier.

g) Reasons or objects of raising the deposits:

To augment Working Capital and to meet the investment requirements of the farmers, who supply can to the Company. It is also for the reason to provide an investment platform to employees of the Company , as they can have an in-house product with higher return than Banks FDs.

h) Credit rating obtained; Name of the Credit Rating Agencies, Rating obtained, Meaning of the rating obtained, and Date on which rating was obtained

Agency: Credit Analysis and Research Limited

Rating: CARE BBB [Triple BBB]

Date of rating: 31st March, 2016

Meaning of rating: Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligation. Such instruments carry moderate credit risk.

i) Extent of deposit insurance: Name of the Insurances Company, terms of the insurances coverage, procedure for claim in case of default etc.:

Not yet availed. Since not available

j) Short particulars of the charge created or to be created for securing such deposits, if any:

Not Applicable as Deposits will be unsecured.

k) Any financial or other material interest of the directors. Promoters or key managerial personnel in such deposits and the effects of such interest in so far as it is different from the interests of other persons:

Director can invest in Deposits of the Company on the terms similar to ones otherwise are applicable to other Depositors of the Company.