MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SKM ANIMAL FEEDS
AND FOODS INDIA LIMITED |
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Formerly Known As : |
S.K.M.S.ENERGY
ANIMAL FEEDS PRIVATE LIMITED |
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Registered Office : |
Chavadipalayam
Pudur Road, Nanjaiuthukuli, Modakkurichi – 638104, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.07.1981 |
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Com. Reg. No.: |
1076 |
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CIN No.: [Company
Identification No.] |
U01533TZ1981PLC001076 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS05630C |
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PAN No.: [Permanent
Account No.] |
AACCS9493E |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and
Exporter of Broiler Feed, Layer Feed and Cattle Feed. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2000000 |
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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 and reputed company having fine track. Available information indicates high financial responsibility
of the company. Trade relations are
fair. Payments are correct and as per
commitments. The company can
be considered good for any normal business dealings. It can be
regarded as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered Office : |
Chavadipalayam
Pudur Road, Nanjaiuthukuli, Modakkurichi – 638104, Tamilnadu |
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Tel. No.: |
91-424-2500211/25001212/2500213 |
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Fax No.: |
91-424-2500172 |
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E-Mail : |
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Website : |
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Administrative Office : |
156, Gandhiji Road, Erode – 638001, Tamilnadu, India |
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Tel. No.: |
91-424-2258212/2258213/2259215 |
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Fax No.: |
91-424-2260933 |
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Corporate Office : |
180, Gandhiji Road, Erode – 638 104, Tamil Nadu |
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Tel. No.: |
91-424-2258212/2258213/2259215 |
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Fax No.: |
91-424-2260933 |
DIRECTORS
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Name : |
Mr. S K M Maeilanandhan |
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Designation : |
Chairman |
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Address : |
H 41, Periyar Nagar, Erode – 638001, Tamilnadu, India |
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Date of Birth/Age : |
18.06.1945 |
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Date of Appointment : |
03.07.1981 |
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DIN / PAN No. : |
00002380 |
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Directorship in other companies : |
CIN of Company : L01222TZ1995PLC006025 Name of Company : SKM Egg Products Export India Limited Designation : Executive Chairman CIN of Company : U02921TZ1985PTC001572 Name of Company : SKM Farm Engineering Private Limited Designation : Director CIN of Company : U15400MH1982PLC028799 Name of Company : Agrocorpex India Limited Designation : Director |
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Name : |
Mr. M. Chandrasekar |
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Designation : |
Whole Time Director |
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Address : |
H 41, Periyar Nagar, Erode – 638001, Tamilnadu, India |
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Date of Birth/Age : |
24.07.1970 |
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Date of Appointment : |
03.01.1996 |
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DIN / PAN No. : |
00002385 |
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Directorship in other companies : |
CIN of Company : L01222TZ1995PLC006025 Name of Company : SKM Egg Products Export India Limited Designation : Director CIN of Company : U02921TZ1985PTC001572 Name of Company : SKM Farm Engineering Private Limited Designation : Director |
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Name : |
Mr. S. K. M. Shree Shivkumar |
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Designation : |
Director |
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Address : |
H 41, Periyar Nagar, Erode – 638001, Tamilnadu, India |
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Date of Birth/Age : |
21.11.1968 |
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Date of Appointment : |
27.12.1993 |
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Name : |
Mr. M. Kuttilakshimi |
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Designation : |
Director |
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Address : |
H 41, Periyar Nagar, Erode – 638001, Tamilnadu, India |
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Date of Birth/Age : |
09.06.1947 |
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Date of Appointment : |
03.07.1981 |
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Name : |
Mr. S. Kumutaavalli |
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Designation : |
Director |
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Address : |
H 41, Periyar Nagar, Erode – 638001, Tamilnadu, India |
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Date of Birth/Age : |
30.03.1973 |
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Date of Appointment : |
02.03.1994 |
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Name : |
Mr. C. Shyamala Sharmili |
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Designation : |
Director |
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Address : |
H 41, Periyar Nagar, Erode – 638001, Tamilnadu, India |
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Date of Birth/Age : |
23.12.1974 |
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Date of Appointment : |
27.09.1997 |
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Name : |
Mr. S. Lakshmanan |
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Designation : |
Director |
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Address : |
18 RKV Nagar, Erode – 638003, Tamilnadu, India |
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Date of Birth/Age : |
09.01.1932 |
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Date of Appointment : |
25.08.1990 |
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Name : |
Mr. M. N. Chinnaswamy |
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Designation : |
Director |
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Address : |
261 SKC Road, Erode – 638009, Tamilnadu, India |
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Date of Birth/Age : |
15.01.1948 |
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Date of Appointment : |
16.06.1997 |
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Name : |
Mr. V. M. Subramaniam |
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Designation : |
Director |
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Address : |
Telecom Avenue, [Site No. 29, 30], Veerappam Palayam, By – Pass Road,
Thindal [Post], Erode – 638009, Tamilnadu, India |
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Date of Birth/Age : |
03.11.1943 |
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Date of Appointment : |
16.06.1997 |
KEY EXECUTIVES
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Name : |
Mr. A. K. Muthusamy |
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Designation : |
Secretary |
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Address : |
17 Keel Thindal, Erode – 638009, Tamilnadu, India |
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Date of Birth/Age : |
20.05.1964 |
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Date of Appointment : |
01.01.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 11.09.2007
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Names of Shareholders |
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No. of Shares |
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Mr. SKM
Maeilanandhan |
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2531 |
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Mr. M.
Chandrasekar |
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1212 |
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Mr. S K M Shree
Shivkumar |
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1212 |
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Mr. M.
Kuttilakshimi |
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2 |
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Mr. S.
Kumuaavalli |
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1 |
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Mr. C. Shyamala
Sharmili |
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1 |
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Mr. S. K.
Sharathram |
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1 |
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Mr. C.
Pradeepkrishna |
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1 |
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Mr. K. Deivannai
Ammammal |
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1 |
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Total |
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4962 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Broiler Feed, Layer Feed and Cattle Feed. |
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Products : |
Broiler Feed
Layer Feed
Cattle Feed
And Pellet form as
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Exports : |
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Countries : |
Middle East [Egg] |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Cash and Credit [up to 30 days] |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Poultry Feeds |
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MT |
99360 |
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(82428) |
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Cattle Feeds |
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MT |
178673 |
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(162152) |
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Poultry F.S |
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MT |
329 |
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(1018) |
GENERAL
INFORMATION
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No. of Employees : |
490 |
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Bankers : |
Commercial Branch, Erode, Tamil Nadu
Muthaiah Complex, 1168 Mettur Road, Erode – 638 011, Tamil Nadu
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Facilities : |
Secured loans as
on 31.03.2007
Note :
I.
Secured by hypothecation of stock-in-trade, raw materials and book
debts.
II.
Collaterally secured by an equitable mortgage on land nad building,
hypothecation of plant and machinery, wind mills and equitable etc.
III.
The above loans are also by personal guarantee of all the directors of
the company
IV.
The working capital limit has been converted into a foreign currency
loan (FCNR-B).the liability as on 31.03.2007 in US$ 2072100 and forward
contract is Rs. 45165 per US Dollar. |
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Banking
Relations : |
Good |
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Auditors : |
N C Rajagopal & Company Chartered Accountants, |
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Name : |
199 Agraharam Street, Erode – 638 001, Tamil Nadu, India |
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Associates/Subsidiaries : |
Ø
SKM Egg Products
Export India Limited Ø
SKM Farm
Engineering Private Limited Ø Kuttilakshimi Poultry Farm |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 1000/- Each |
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4962 |
Equity Shares |
Rs. 1000/- Each |
Rs. 4.962 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.962 |
4.962 |
4.962 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
244.018 |
220.645 |
208.256 |
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4] (Accumulated Losses) |
0.000 |
00000 |
0.000 |
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NETWORTH |
248.980 |
225.607 |
213.218 |
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LOAN FUNDS |
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1] Secured Loans |
361.607 |
201.433 |
191.927 |
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2] Unsecured Loans |
0.000 |
5.000 |
0.000 |
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TOTAL BORROWING |
361.607 |
206.433 |
191.927 |
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DEFERRED TAX LIABILITIES |
29.283 |
21.964 |
18.414 |
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TOTAL |
639.870 |
454.004 |
423.559 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
317.712 |
242.675 |
169.911 |
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Capital work-in-progress |
2.489 |
16.512 |
0.000 |
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INVESTMENT |
106.201 |
106.200 |
106.200 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
187.704
|
140.278 |
153.807 |
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Sundry Debtors |
42.196
|
22.693 |
40.140 |
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Cash & Bank Balances |
28.736
|
10.429 |
12.884 |
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Other Current Assets |
0.356
|
0.208 |
0.000 |
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Loans & Advances |
31.810
|
36.494 |
47.687 |
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Total
Current Assets |
290.802
|
210.102 |
245.518 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
101.652
|
115.450 |
105.188 |
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Provisions |
6.434
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6.035 |
4.447 |
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Total
Current Liabilities |
108.086
|
121.485 |
109.635 |
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Net Current Assets |
182.716
|
88.617 |
144.883 |
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MISCELLANEOUS EXPENSES |
30.752 |
0.000 |
2.565 |
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TOTAL |
639.870 |
454.004 |
423.559 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
2484.157 |
1746.555 |
1387.117 |
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Other Income |
78.155 |
56.845 |
25.504 |
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Total Income |
2562.312 |
1803.400 |
1412.621 |
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Profit/(Loss) Before Tax |
38.959 |
24.999 |
25.986 |
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Provision for Taxation |
12.683 |
9.781 |
7.051 |
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Profit/(Loss) After Tax |
26.276 |
15.218 |
18.935 |
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Imports : |
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Raw Materials |
63.201 |
116.026 |
151.700 |
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Total Imports |
63.201 |
116.026 |
151.700 |
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Expenditures : |
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Raw Material Consumed |
1943.770 |
1371.849 |
1119.665 |
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Purchases made for re-sale |
106.337 |
75.938 |
64.660 |
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Consumption of stores and spares parts |
35.120 |
28.212 |
13.125 |
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Increase/(Decrease) in Finished Goods |
7.536 |
(29.275) |
(18.444) |
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Salaries, Wages, Bonus, etc. |
37.146 |
29.311 |
36.591 |
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Managerial Remuneration |
4.932 |
3.866 |
3.866 |
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Payment to Auditors |
0.056 |
0.050 |
0.150 |
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Interest |
25.790 |
16.687 |
20.125 |
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Insurance Expenses |
1.954 |
1.469 |
1.258 |
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Power & Fuel |
67.372 |
51.182 |
14.278 |
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Depreciation & Amortization |
52.836 |
37.966 |
27.045 |
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Other Expenditure |
240.504 |
191.146 |
104.316 |
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Total Expenditure |
2523.353 |
1778.401 |
1386.635 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.02
|
0.84 |
1.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.56
|
1.43 |
1.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.43
|
4.34 |
4.98 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.11 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
188.64
|
1.45 |
1.41 |
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Current Ratio (Current Asset/Current Liability) |
|
2.69
|
1.72 |
2.23 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
SKM ANIMAL FEEDS AND FOODS [INDIA] LIMITED |
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Presented By |
A. K. Muthusamy, Company Secretary |
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1) Date and description of instrument creating the change |
Common Hypothecation Deed for Loans Dt. 15.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 37.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1. Hypothecation of existing plant & machinery, windmills equipment etc and in respect of the proposed refinery and solvent extraction plants 2. Extension of UREM of the following properties : 1. Property at G. S. No. 383 & 384 at Kethanoor 2. Property at S. F. No. 613/2A-3, 619/1, 619/2/a-1 at Nanjaiuthukuli 3. Property at S. F. No. 456/C, 457/A-1 at Nanjaiuthukuli 4. Property at T. S. No. 96 at Erode 5. Property at T. S. No. 97/P at Erode 6. Property at T. S. No. 95 at Erode 7. Property at R. S. No. 770/1 & 770/2 at Nanjaiuthukuli 8. Property at R. S. No. 132/1A & 133/1 B at Tercaud 9. Property at R. S. No. 630/1 at Nanjaiuthukuli 10. Property at R. S. No. 771 at Nanjaiuthukuli 11. Property at R. S. No. 382, 397 & 399 at Kethanoor 12. Property at R. S. No. 398/1at Kethanoor 13. Property at R. S. No. 772 at Nanjaiuthukuli 14. Property at R. S. No. 616 at Nanjaiuthukuli 15. Property at R. S. No. 616 at Nanjaiuthukuli 16. Property at R. S. No. 613/2A2 at Nanjaiuthukuli 17. Property at R. S. No. 613/2A1 & 1 at Nanjaiuthukuli 18. Property at R. S. No. 391/1,2,3, 456/A, 392, 390/1,2,3 & 394/2 at Kethanoor 19. Property at R. S. No. 305, 306 & 307 at Nanjaiuthukuli 20. Property at House Site No. 47 at Adhiyamankottai 21. Property at House Site No. 48 at Adhiyamankottai 22. Property at 153C, 154/1, 157 at Singanallur, Pollachi |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Operation of charge upto closure of loan account and obtaining of “No Due Certificate” from Syndicate Bank, Erode 2. Interest shall be at rate of 9% p.a. [floating] 3. The entire loan shall be repaid in 20 quarterly instalments of Rs. 1.875 millions per quarter and the first quarterly instalments falls due on 30.09.2006 |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank 1168, Mettur Road, Erode – 638011 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80044444 |
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Corporate
identity number of the company |
U01533TZ1981PLC001076 |
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Name of the
company |
SKM ANIMAL FEEDS AND FOODS [INDIA] LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Chavadipalayam Podur
Road, Nanjathukuli, Modaku, Erode – 638011, Tamilnadu, India |
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Type of charge |
Immovable property |
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Particular of
charge holder |
Syndicate Bank Muthaiah Complex, 1168 Mettur Road, Erode – 638 011, Tamil Nadu, India. |
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Nature of
description of the instrument creating or modifying the charge |
Confirmation of
deposit of title deeds |
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Date of
instrument Creating the charge |
20.02.2008 |
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Amount secured by
the charge |
Rs. 37.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest As per the sanction
letter issued by the bank and the legal documents executed by the company Terms of
repayment As per the
sanction letter issued by the bank and the legal documents executed by the
company Margin As per the
sanction letter issued by the bank and the legal documents executed by the
company Extent and
operation of the charge As per the
sanction letter issued by the bank and the legal documents executed by the
company |
|
Date of latest
modification prior to the present modification |
07.01.2008 |
FIXED ASSETS
Ø Land
Ø Building
Ø Plant And Machinery
Ø Equipment And Appliances
Ø Vehicles
Ø Furniture And Fixtures
Ø Wind Mill
Contingent liabilities
1. Corporate Guarantee On Behalf Of M/S. SKM
Egg Products Export (India) Limited To
I.
State Bank Of India Rs. 798.100 Millions
II.
B-17 Bond To Central Excise Authorities Rs.
109.050 Millions
2. Income tax liability of Rs. 1.126 millions
for the assessment year 1998-99
3. Freight charges Rs. 1.840 millions
Trade Reference:
Ø SKM Egg Products Export (India) Limited, Erode, Tamilnadu
Awards
Awarded
in the year 1989 by the institute of Economic Studies, New Delhi for the
Outstanding performance in Economic Development of the country and presented by
Hon'ble Ghani Zail Sing, Former President of India in New Delhi
Gold
Trophy
Awarded
in the year 1989 by the Institute of Marketing Management, New Delhi for
marketing the finished goods manufactured under Small Scale Entrepreneur and
presented by the Shri. Romesh Bandari. His excelleny Lt. Governor of New Delhi.
Kohinoor
Rattan Award
Awarded
by the All India Economic Forum in the year 1991 for the individual
contribution to National growth and prosperity and for Outstanding Achievement
in the chosen field and presented by his excellency the Hon'ble Governor of
Tamil Nadu Shri. Bhismanarayan Singh at Madras
National
Productivity Award
This award was
selected on the basis of the Productivity performance, profitability of the
Agriculture and Animal feeds processing industry and its contribution to the
National development and growth by the National Productivity Council, New
Delhi.
1993 - The award was presented to SKM Shree Sivakumar Executive Director by the
Hon'ble President of India Dr. S.D. Sharma.
1994 -
The award was presented to Dr. M. Chandrasekar Executive Director by the
Hon'ble Prime Minister of India Shri H. D. Deva Gowda.
1995 - The award was presented to Dr. M. Chandrasekar Executive Director by the
Hon'ble President of India Sri K.R. Narayanan
Best Tax Payer Award 1994 - 1995
Awarded
in the year 1996 for an exemplary record of prompt tax compliance under the
category as the second highest tax payer in the whole state of Tamil Nadu and
was presented to Thiru SKM. Maeilanandhan Chairman & Managing Director by
Thiru N. Rangachary, I.R.S. Chairman of the Central Board of Direct Tax.
Best Tax Payer Award 1995 - 1996
Awarded
in the year 1997 for an exemplary record of prompt tax compliance under the
category as the first highest tax payer in the whole state of Tamil Nadu and
was presented to Thiru SKM. Maeilanandhan Chairman & Managing Director by
Hon'ble Sri P. Chidambaram, Minister of Finance Government of India.
The company's fixed assets of important value include land, buildings, plant & machinery, power & generator, equipment & appliances, vehicles, furniture & fixtures, wind mill and effluent treatment plant.
CMT REPORT (Corruption, Money Laundering & Terrorism)
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|