MIRA INFORM REPORT
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Report
Date : |
24.01.2007 |
IDENTIFICATION DETAILS
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Name : |
MRF
LIMITED |
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Registered
Office : |
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Country
: |
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Financials
(as on) : |
30.09.2005 |
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Date
of Incorporation : |
05.11.1960 |
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Com.
Reg. No.: |
18-4306 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
CHEM07088E |
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PAN
No.: [Permanent
Account No.] |
AAACM4154G |
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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 and Marketing of
automobile tyres, automobile tubes, tread rubber, pre cured treads, bicycle
tyres, bicycle tubes, rubberised tank tyres & boggie wheels, conveyor
belting and speciality surface coatings. |
RATING &
COMMENTS
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MIRA’s
Rating : |
Aa |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum
Credit Limit : |
USD
30000000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established, reputed and respectable
company having fine track. Available information indicates high financial responsibility
of the company and its’ directors. Fundamentals are strong and healthy.
Market reputation is favourable. The company is progressing exceedingly well.
Its’ payments are always correct and as per commitments. The company can be considered good for any normal business
dealings. |
LOCATIONS
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Registered
Office : |
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Tel.
No.: |
91-44-28292777 |
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Fax
No.: |
91-44-28295087/28294089 |
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E-Mail
: |
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Website
: |
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Overseas Office : |
v Tel. 91-04-2239657 Fax. 91-04-2239660 E-mail. mrfdubai@emirates.net.ae Contact Person - Biju Abraham
Thomas, General v 1764, Tel. 91-001-330-9291594 Res. 91-001-330-9283096 Fax. 91-001-330-9290306 E-mail. jkillian@neo.rr.com |
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Factory
1 : |
v
Tiruvottiyur, Chennai, v
Vadavathoor, v
Usgao, Ponda, v
Icchiputhur, Arakonam, v
Sadasivapet, Medak, v
v
Sipcot Industrial Complex, Gummidipoondi, |
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Office
: |
C – 79,
Ground Floor, Okhla Industrial Area, Phase – I, E-mail : mrfpaint.del@gnmds.global.ems.vsnl.net.in No. 2,
Ground Floor, Plot No. 374, Build Arch Terrace, Sitla Devi Temple Road, Mahim Tel. No.
91-22-24463565 E-mail : mrfpaint.bby@gnbom.globalnet.ems.vsnl.net.in E-mail : mrfpaint.mds@gnmds.globalnet.ems.vsnl.net.in No. 2,
New Tel. No.
: 91-33-24589830 |
DIRECTORS
|
Name : |
Mr. K. M.
Mammen |
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Designation
: |
Chairman & Managing Director |
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Age: |
53 Years |
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Qualification
: |
B. A. |
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Experience
: |
29 Years |
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Date
of Joining : |
01.06.1985 |
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Previous
Employment : |
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Name : |
Mr. Arun
Mammen |
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Designation
: |
Joint Managing Director |
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Name : |
Mr. K. M.
Philip |
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Designation
: |
Whole-time Director |
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Age : |
65 Years |
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Qualification
: |
B.A. |
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Experience
: |
44 Years |
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Date
of Joining : |
05.11.1960 |
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Name : |
Dr. K. C.
Mammen |
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Designation
: |
Director |
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Name : |
Mr. K. D.
Parakh |
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Designation
: |
Director |
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Name : |
Mr. Ashok
Jacob |
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Designation
: |
Director |
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Name : |
Mr. S.
Nandagopal |
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Designation
: |
Director |
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Name : |
Mr. V.
Sridhar |
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Designation
: |
Director |
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Name : |
Mr. Vijay
R. Kirloskar |
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Designation
: |
Director |
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Name : |
Mr. N. Kumar |
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Designation
: |
Director |
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Name : |
Mr.
Ranjit I. Jesudasen |
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Designation
: |
Director |
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Other
Personal |
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Name : |
Mr. D. M.
Choksi |
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Designation
: |
Company Secretary |
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Name : |
Mr. Ravi Mannath |
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Designation
: |
Additional Company Secretary |
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Name : |
Mr.
Kurian and Kurian |
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Designation
: |
Legal Advisors |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing and Marketing of
automobile tyres, automobile tubes, tread rubber, pre cured treads, bicycle
tyres, bicycle tubes, rubberised tank tyres & boggie wheels, conveyor belting
and speciality surface coatings. |
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Products
: |
Item Code No. (ITC Code) 4011 Product Description New Pneumatic Tyres of
Rubber Item Code No. (ITC Code) 4013 Product Description Inner Tubes of Rubber Item Code No. (ITC Code) 401290.04 Product Description Item Code No. (ITC Code) 400610.00 Product Description Camel Black Strips for Retreading
Rubber |
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Imports
from : |
Europe and |
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Terms
: |
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Purchasing : |
L/C and Credit terms |
PRODUCTION STATUS
|
PARTICULARS |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Automobile
Tyres |
Nos. |
@ |
19772000 |
17596948 |
|
Automobile
Tubes |
Nos. |
@ |
18600000 |
16052918 |
|
Tread
Rubber |
MT |
7,946 |
8,943 |
1548 |
|
Pre-cured
Treads |
MT |
@ |
24,000 |
5971 |
|
Bicycle
Tyres |
Nos. |
20,00,000 |
20,00,000 |
-- |
|
Bicycle
Tubes |
Nos. |
20,00,000 |
20,00,000 |
-- |
|
Rubberised
Tank Tyres & Boggie Wheels |
Nos. |
15,000 |
15,000 |
-- |
|
Conveyor
Belting |
MT |
@ |
3,000 |
2778 |
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Specialty
Surface Coatings |
KL |
@ |
2,000 |
2114 |
GENERAL
INFORMATION
|
No. of
Employees : |
8077 |
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Bankers
: |
v
State Bank of v Chennai, |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors
: |
v
Sastri & Shah Chartered Accountants Chennai, Tamilnadu v
M. M. Nissim & Company Chartered Accountants Mumbai, |
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Associate
: |
v
Tiruvottiyur, Chennai, v
Vadavathoor, v
Usgao, Ponda, v
Icchiputhur, Arakonam, v
Sadasivapet, Medak, v
v Sipcot Industrial Complex,
Gummidipoondi, |
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Subsidiaries: |
v
Funskool ( v
MRF Corporation Limited v
MRF International Limited |
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Membership
: |
v
Confederation of Indian Industry |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.10/-
each |
Rs. 90.000 millions |
|
100000 |
Taxable Redeemable Cumulative Preference Shares |
Rs.100/-
each |
Rs. 10.000 millions |
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GRAND TOTAL |
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|
Rs.100.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
4241143 |
Equity Shares |
Rs.10/- each |
Rs. 42.400 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.09.2005 |
30.09.2004 |
30.09.2003 |
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
42.400 |
42.400 |
42.400 |
|
2] Reserves & Surplus |
7498.100 |
7191.700 |
6999.600 |
|
NET WORHT |
7540.500 |
7234.100 |
7042.000 |
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LOAN FUNDS |
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|
1] Secured Loans |
2995.700 |
1663.200 |
1917.300 |
|
2] Unsecured Loans |
4103.900 |
3940.400 |
2808.600 |
|
TOTAL BORROWING |
7099.600 |
5603.600 |
4725.900 |
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|
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TOTAL
|
14640.100 |
12837.700 |
11767.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5368.100 |
4192.200 |
3984.700 |
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Capital work-in-progress |
1519.900 |
1240.100 |
520.700 |
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INVESTMENTS |
137.500 |
762.100 |
751.100 |
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Deferred Tax Assets |
16.300 |
36.600 |
54.600 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Interest Accrued on investment |
0.600 |
0.600 |
-- |
|
Inventories |
5535.600 |
4820.400 |
4031.800 |
|
Sundry Debtors |
4623.400 |
3983.600 |
3963.200 |
|
Cash & Bank Balances |
460.200 |
367.200 |
402.600 |
|
Other Current Assets |
2.100 |
1.600 |
1.600 |
|
Loans & Advances |
1120.000 |
1364.200 |
1353.300 |
|
Total Current Assets |
11741.900 |
10537.600 |
9752.500 |
|
Less : |
|
|
|
|
Current Liabilities |
3205.800 |
2924.000 |
2691.100 |
Provisions
|
937.800 |
1006.900 |
604.600 |
Total Current Liabilities
|
4143.600 |
3930.900 |
3295.700 |
|
Net Current Assets |
7598.300 |
6606.700 |
6456.800 |
|
|
|
|
|
|
Miscellaneous Expenses |
0.000 |
0.000 |
0.000 |
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|
|
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TOTAL
|
14640.100 |
12837.700 |
11767.900 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
30.09.2005 |
30.09.2004 |
30.09.2003 |
Sales Turnover [including other income]
|
29948.100 |
25938.200 |
21927.600 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
553.400 |
429.000 |
1677.500 |
Provision for Taxation
|
150.300 |
141.00 |
503.700 |
Profit/(Loss) After Tax
|
403.100 |
288.000 |
1173.800 |
|
|
|
|
|
Export Value
|
4272.200 |
3555.300 |
3197.500 |
|
|
|
|
|
Import Value
|
4945.100 |
3442.400 |
2254.400 |
|
|
|
|
|
Total Expenditure
|
29352.90 |
25095.900 |
6993.400 |
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.09.2006 [Full
Year] |
|
Sales Turnover |
|
|
37388.500 |
|
Other Income |
|
|
488.300 |
|
Total Income |
|
|
37876.800 |
|
Total Expenditure |
|
|
34929.400 |
|
Operating Profit |
|
|
2947.400 |
|
Interest |
|
|
492.700 |
|
Gross Profit |
|
|
2454.700 |
|
Depreciation |
|
|
1456.600 |
|
Tax |
|
|
199.000 |
|
Reported PAT |
|
|
799.100 |
|
Dividend (%) |
|
|
2000.000 |
KEY RATIOS
|
PARTICULARS |
30.09.2005 |
30.09.2004 |
30.09.2003 |
|
Debt-Equity Ratio |
0.86 |
0.72 |
0.70 |
|
Long Term Debt-Equity Ratio |
0.51 |
0.45 |
0.46 |
|
Current Ratio |
1.68 |
1.83 |
1.90 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.24 |
2.21 |
2.04 |
|
Inventory |
6.59 |
6.76 |
6.68 |
|
Debtors |
7.93 |
7.53 |
6.74 |
|
Interest Cover Ratio |
2.10 |
3.91 |
3.34 |
|
Operating Profit Margin(%) |
5.25 |
6.88 |
8.92 |
|
Profit Before Interest And Tax Margin(%) |
2.01 |
3.68 |
5.30 |
|
Cash Profit Margin(%) |
3.99 |
5.04 |
6.29 |
|
Adjusted Net Profit Margin(%) |
0.75 |
1.84 |
2.68 |
|
Return On Capital Employed(%) |
4.99 |
8.95 |
12.17 |
|
Return On Net Worth(%) |
3.47 |
7.70 |
10.47 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.3099.20/- |
|
Low |
Rs.2821.00/- |
LOCAL AGENCY
FURTHER INFORMATION
History
MRF Limited,
incorporated in 1960 to take over the business of the Madras Rubber Factory, MRF
later went public in 1961. The company has its works at Chennai, Arakkonam,
Medak, Kottayam,
The company manufactures tyres and tubes in collaboration with Mansfield Tyres
and Rubber, US. Its products include Nylogrip, Zigma, Tyredrome, etc. Its
subsidiary companies are MRF Corp and MRF International. The company tyres are
being exported to 75 countries worldwide.
MRF diversified into conveyor belts in collaboration with
It has launched a steel-belted premium radial tyre variant called MRF ZVTS'.
While this tyre augments the company's overall range of radials, it also marks
a step forward in terms of technology, performance and superior ride quality.
It has become an original equipment supplier(OES) of radial tyres to Tata
Indica.
Volvo, the only MNC which has entered the truck market in
MRF was declared the most ethical company by 'Business Magazine' in its survey
in 1999.
The Company's speciality coatings has launched MRF Durothane, an economical,
multi-purpose, 100% polyurethane for metal, wood and plastic surfaces in 2004.
Further the company ha launched MRF Cento, an elegant 100% polyurethane finish
for wood surface, both interior and exterior and this is available in both
glossy and matte finishes.
During 2004-2005, the companies expanded its reach by exporting its products to
countries like
Volvo, the only MNC which has entered the truck market in
1946
A
young entrepreneur, K. M. Mammen Mappillai, opened a small toy balloon manufacturing
unit in a shed at Tiruvottiyur,
1949
Although
the "factory" was just a small shed without any machines, a variety
of products, ranging from balloons and latex-cast squeaking toys to industrial
gloves and contraceptives, were produced. During this time, MRF established its
first office at 334,
1952
MRF
ventured into the manufacture of tread rubber. And with that, the first
machine, a rubber mill, was installed at the factory. This step into
tread-rubber manufacture, was later to catapult MRF into a league that few had
imagined possible.
1955
MRF
soon became the only Indian-owned unit to manufacture the superior extruded,
non-blooming and cushion-backed tread-rubber, enabling it to compete with the
MNC's operating in India at that time.
1956
The
quality of the product manufactured was of such a high standard that by the
close of 1956, MRF had become the market leader with a 50% share of the
tread-rubber market in
1961
With
the success achieved in tread rubber, MRF entered into the manufacture of
tyres. MRF established a technical collaboration with the Mansfield Tire &
Rubber Company of
1963
On
June 12, 1963, India's first Prime Minister, Late Pandit Jawaharlal Nehru laid
the foundation stone for the Rubber Research Centre at Tiruvottiyur to
commemorate the inauguration of the Tiruvottiyur factory.
1964
With
the commissioning of the main plant in 1964, MRF also made progress in the
export of tyres. An overseas office at
1967
MRF
became the first Indian company to export tyres to
1973
MRF
scored a major breakthrough by being among the very first in
1978
MRF
developed the MRF Superlug-78, a sturdy tyre for heavy-duty trucks. The tyre
was a significant improvement over its existing products, and went on to become
the country's largest selling truck tyre in later years.
1979
MRF's
turnover crossed INR one billion.
1980
MRF entered into a technical collaboration with
the B.F. Goodrich Tyre Company of
MRF took a major policy decision to be
aggressive on the racing circuits.
1983
MRF
began a rapid product development programme for new vehicles entering
1984
Sales
crossed INR two billion. MRF tyres were the first tyres selected for fitment
onto the Maruti Suzuki 800 -
1985
MRF
Nylogrip tyres for two-wheeler vehicles were launched.
1986
MRF
was selected by the National Institution of Quality Assurance for their most
prestigious award. Pitted against 20 tyre companies worldwide, MRF also won 6
Quality Improvement Awards instituted by the B.F. Goodrich Tyre Company from
1987
MRF
crossed the INR three billion mark and also became the No. 1 tyre company in
1988
The
MRF Pace Foundation was set up, with international pace bowler, Dennis Lillee
as its Director. Not long thereafter, pace bowlers trained at the Foundation were
selected for the Indian Cricket Team.
1989
By
1989, MRF was the clear market leader in every tyre segment. Once again, in
recognition of excellence, MRF was awarded the Visvesvaraya Award for the Best
Business House in
1989
MRF
launched the MRF ZIGMA CC Radial synchronising with the MRF World Series
Cricket Tournament for the Jawaharlal Nehru Trophy sponsored by the company.
The Chief Minister of Tamil Nadu, Dr. M. Karunanidhi, awarded MRF the Special
Export Award. MRF also opened the MRF Tyredrome,
1990
MRF
brought the 6th World Cup Boxing Championship to Mumbai - the first of its kind
- with 39 countries participating. The event was telecast live on TV networks
worldwide.
1993
K.
M. Mammen Mappillai was awarded the Padmashri Award of National Recognition for
his contribution to industry - the only industrialist from
MRF
was selected as one of
A & M magazine.
1995
The
company's turnover crossed INR 15 billion. MRF was chosen for fitment on the
Daewoo Cielo. This year too MRF was voted by the Far Eastern Economic Review as
one of the 10 leading Indian Companies.
1996
In
the Golden Jubilee year, MRF's turnover crossed the INR 20 billion milestone. A
special factory dedicated entirely to the manufacture of radials was started at
1999
MRF
was declared the most ethical company by "Business World" magazine in
its survey.
2000
MRF
launched the Smile campaign on Indian roads.
2004
MRF's turnover crossed
INR 30 billion mark
The company
imports raw materials, components & spares parts and capital goods.
It is in
trade terms with:-
v
R.
Mendez & Sons
v
Span
Chemicals
v
Rotomech
Industry
v
Continental
Equipment India Private Limited
v
Aristo
Packers Private Limited
v
Noble
Synthetics Limited
v
Blue
v
Synthetic
& Polymers
v
Gopal
Metal Containers
v
SPGC
Metal Industries Private Limited
v
Laffans
Petro Chemicals Limited
v
Raveshia
Pigments Limited
v
Insap
Engineers Private Limited
Fixed Assets :
Land and
Building, Plant and Machinery, Moulds, Vehicles Others.
Financial
Despite unprecedented increase in cost of raw materials and their
inability to pass on completely the increase in the cost to the customers, the
Company has achieved satisfactory results due to cost cutting measures
undertaken over a period of time. Two interim dividends of 30% each for the
year ended 30th September, 2005 were declared by the Board of Directors on
21-07-2005 and on 25-10-2005. The Directors now recommend to the Annual General
Meeting the declaration of Final dividend of 140% for the year ended
30-0§-2005. With this, the total dividend for the entire year works out to
200%. The total amount of dividends aggregates to Rs. 84.800 Millions. The
Directors recommend that after making provision for taxation and proposed
Dividend, the amount of Rs.306.400 Millions be transferred to General Reserve.
With this, the Company's Reserves and Surplus stand at Rs. 7498.100 Millions.
Industrial Relations The overall industrial relations in all their
manufacturing plants were cordial and harmonious throughout the year and the
production and productivity were maintained at the desired levels.Exports
Company's exports for the year ended 30th September,2005 were at Rs. 4265.700
Millions as against Rs. 3549.900 Millions for the previous year. This works out
to an increase of almost 21%.
Future plan of Action
Sophisticated models are being continuously introduced by
the multinational automobile manufacturer in passenger car segment. The
performance requirements are stringent for these tyres. Continuous R&D
efforts are being taken to meet the precise tolerances required by the original
equipment manufacturers. New products for the specific requirement of the
automobile sector for both domestic and export markets are continuously
developed. There is a tremendous growth In the export market including PCTR.
R&D efforts are taken to meet the stringent global standards as demanded by
the foreign companies. R&D efforts are also taken to optimize the
processing stages for improving the capacity utilization. This would result in
reducing the processing cost and meeting the productivity requirements. R&D
efforts are taken for developing aircraft tyres to meet the defence
requirement.
PERFORMANCE OF THE COMPANY
The sales turnover of the Company during the year has
registered a growth of 13.96% from Rs.29932.400 Millions in 2003-04 to
Rs.34109.400 Millions in 2004-05. The Gross Profit amounted to Rs.2025.000
Millions against Rs.2082.600 Millions in the previous year. After provision for
depreciation, interest and income tax, the net profit for the year stood at
Rs.403.100 Millions (after adjusting exceptional item) as compared to
Rs.288.000 Millions (after exceptional
item of expenditure) in the previous year. Profit for the current year includes
profit on sale of investments amounting to Rs.234.300 Millions . Export
Incentives are lower during the current year since we have changed over from
DEPB to DEEC scheme of imports.
HUMAN RESOURCES
All the units and offices of the Company maintained cordial
and harmonious industrial relations throughout the year. The Company, through
continued efforts has been able to settle grievances and improve productivity.
Internal and external training programmes for knowledge, skill and behaviour
continued during the year, which improved productivity of the employees at all
levels. During the year, 8005 man-days of training have been done covering 5061
staff and 15772 workmen through 304 programmes. The total number of employees
on the rolls of the Company as on 30th September, 2005 is 9239. The Company has
adopted TPM across all the units and offices to bring about a change in the
work culture to achieve excellence in products, operation and services. Regular
audits are conducted to ensure the proper implementation of TPM practices and
policies. The efforts of cross-functional teams from various units have
provided inputs, which have yielded results in areas of cost efficiency and
enhanced productivity. The awareness of safety and environment has been
enhanced with regular training programmes. All their units have been awarded
certifications in ISO 14001.
AWARDS RECEIVED DURING
THE YEAR:
The Company has received the Top Export Award from AIRIA and Special Export
Award from CAPEXIL for the year 2003-2004.
|
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED
30th SEPTEMBER, 2006 [Rs in Millions] |
CONSOLIDATED FINANCIAL RESULTS |
|||
|
|
9 Months |
3 Months |
Year ended |
Year ended 30.09.06 |
|
|
|
|
|
|
|
|
30536.800 |
11946.300 |
8933.700 |
42484.100 |
|
Less: Excise Duty |
3621.300 |
1473.300 |
1064.200 |
5094.600 |
|
Other Income |
63.200 |
61.000 |
126.200 |
123.400 |
|
Total Expenditure |
|
|
|
|
|
a) (Increase)/Decrease in stock
in trade |
57.200 |
50.200 |
(179.500) |
106.400 |
|
b) Consumption of raw materials |
18711.500 |
7439.700 |
5832.100 |
26152.900 |
|
c) Staff Cost |
1436.100 |
565.200 |
457.900 |
2002.400 |
|
d) Other Expenditure |
4936.100 |
1737.400 |
1571.400 |
6671.600 |
|
Interest |
363.200 |
129.500 |
94.800 |
492.900 |
|
Depreciation |
1043.300 |
413.300 |
319.100 |
1457.300 |
|
Profit before tax (1+2-3-4-5) |
435.300 |
198.700 |
199.900 |
629.400 |
|
Add/(Deduct): Exceptional Item |
-- |
364.100 |
(41.800) |
364.100 |
|
Profit Before Taxation |
435.300 |
562.800 |
158.100 |
993.500 |
|
Provision for Taxation (including Fringe Benefit Tax and
Net of Deferred Tax) |
156.000 |
43.000 |
44.600 |
200.500 |
|
Net Profit (8-9) |
279.300 |
519.800 |
113.500 |
793.000 |
|
Paid-up Equity Share Capital (Face Value of Rs.10/-
each) |
42.400 |
42.400 |
42.400 |
42.400 |
|
Reserves Excluding revaluation reserves |
-- |
-- |
|
8200.300 |
|
Basic and diluted EPS for the period |
Rs. 65.85 |
Rs. 122.56 |
Rs.56.77 |
Rs.186.98 |
|
Aggregate of non-promoter shareholding - |
|
|
|
|
|
No. of Shares |
3120129 |
3121679 |
3132168 |
3121679 |
|
% of Shareholding |
73.57 % |
73.61 % |
73.85% |
73.61% |
|
SEGMENTWISE REVENUE,
RESULTS AND CAPITAL EMPLOYED [Rs in Millions] |
CONSOLIDATED FINANCIAL RESULTS |
|||
|
|
9 Months |
3 Months |
Year ended |
Year ended 30.09.06 |
|
|
|
|
|
|
|
(a) Rubber Products |
26662.700 |
10464.200 |
37126.900 |
26152.900 |
|
(b) Others |
316.000 |
69.800 |
385.800 |
386.400 |
|
Total |
26978.700 |
10534.000 |
37512.700 |
37512.900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Rubber Products |
753.000 |
336.100 |
1089.100 |
1084.100 |
|
(b) Others |
45.500 |
[7.900] |
37.600 |
38.200 |
|
(c) Exceptional Item |
-- |
364.100 |
364.100 |
364.000 |
|
|
|
|
|
|
|
Total |
798.500 |
692.300 |
1490.800 |
1486.400 |
|
Less: Other Unallocable, |
363.200 |
129.500 |
492.700 |
492.900 |
|
|
|
|
|
|
|
Total Profit Before Tax |
435.300 |
562.800 |
998.100 |
993.500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Rubber Products |
|
|
14897.000 |
14886.900 |
|
(b) Others |
|
|
136.700 |
150.500 |
|
|
|
|
|
|
|
Total |
|
|
15036.700 |
1503.7400 |
Notes:
The above
financial results which were reviewed by t.he Audit Committee, was taken on record
by the Board of Directors at their Meeting held on 20th December, 2006.
The Board
has recommended a Final dividend of 140 % for the year ended 30.09.2005, which
along with the two interim dividends of 30% each already paid, works out to
200%.
Provision
for Taxation has been made in respect of Income presently determined, subject
to appropriate revision/adjustment on final determination of Income for the
year.
Details of
Number of Investor Complaints for the quarter ended 30.09.2006 - beginning-0,
received-5, disposed of-5.
Figures
have been regrouped wherever necessary.
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 records
exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to
suggest that subject is or was the subject of any formal or informal
allegations, prosecutions or other official proceeding for making any
prohibited payments or other improper payments to government officials for
engaging in prohibited transactions or with designated parties.
3] Asset Declaration :
No records
exist to suggest that the property or assets of the subject are derived from
criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or
conviction registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or 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.44.23 |
|
|
1 |
Rs.87.56 |
|
Euro |
1 |
Rs.57.61 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
9 |
|
OPERATING
SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT
LINES |
1~10 |
9 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
76 |
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 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
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 |