MIRA
INFORM REPORT
|
Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SOUTH INDIA CORPORATION LIMITED |
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Registered Office : |
5th Floor, Rani Seethai Hall, 603 Anna Salai, Chennai -
600006, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.09.1935 |
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Com. Reg. No.: |
18-2652 |
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CIN No.: [Company
Identification No.] |
U51102TN1935PLC002652 |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Cloth, Polished Slabs, DTA Slabs |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
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 11009264 |
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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. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are always correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
5th Floor, Rani Seethai Hall, 603 Anna Salai, Chennai -
600006, Tamil Nadu, India |
|
Tel. No.: |
91-44-28292188/28291566
/
28291586 |
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Fax No.: |
91-44-28292611 |
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E-Mail : |
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Websites: |
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Head Office : |
Ranimeyyammai Building, 46, Race Course Road (Behind Sima), Coimbatore – 641 018, Tamil Nadu, INDIA |
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Administrative
Office: |
Rani Seethai Hall Building, Ground Floor and 6th Floor, 603, Anna
Salai, Chennai - 600006, Tamil Nadu, INDIA |
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Tel. No.: |
91-22-2895097 |
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Fax No.: |
91-22-28295067 |
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Websites: |
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Factory 1 : |
Ø Kazhipattur Village, Old Mahabalipuram
Road, Kancheepuram District, Pin – 603 107, Tamil Nadu, INDIA Ø Granite
Factory: 18/3, Rukmini Lakshmipathy Road, Egmory,
Chennai – 600 008, Tamil Nadu, INDIA Ø Shipping: 18 C, Rakmini Lakshmipathy Road, Egmore, Chennai – 600 008, Tamil Nadu, INDIA |
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Branches : |
At Chennai, Tiruchi, Karur, Tuticorin, Vizag and Cochin |
DIRECTORS
|
Name : |
Mr. V. R.
Veerappan |
|
Designation : |
Director |
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Address : |
Plot No. 6, First
Floor, Saradakrupa Sankar St., 11, 12 and 13 W. Mambalam, Chennai – 600 033,
Tamil Nadu, India |
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Date of Birth/Age : |
17.08.1930 |
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Date of Appointment : |
29.09.1997 |
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|
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Name : |
Mr. Subramaniam
Palaniappan |
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Designation : |
Director |
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Address : |
87/54, M. K.
Amman Roil St., Mylapore, Chennai – 400 004, Tamil Nadu, India |
|
Date of Birth/Age : |
08.04.1958 |
|
Date of Appointment : |
01.04.2005 |
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|
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Name : |
Mr. K. U.
Krishnan |
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Designation : |
Director |
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Address : |
“Karthikeya”,
Plot 23, Chellammal St., Valasaravakkam, Chennai – 600 087, Tamil Nadu, India |
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Date of Birth/Age : |
28th
July, 1933 |
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Name : |
Mr. Ram G. Ahuja |
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Designation : |
Nominee Director
of ICICI |
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Address : |
201, Falcon’s
Nest, 9, Bride St., Oh Langford Road, Langford Town, Bangalore – 560 025,
Karnataka, India |
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Name : |
Mr. Perumal Sekkappan Shaaswat Petha Perumal |
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Designation : |
Director |
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Address : |
2B, Srivari Shaashwat, 268/2, Race Course Road, Coimbatore – 641 018,
Tamil Nadu, India |
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Date of Birth/Age : |
16.05.1946 |
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Date of Appointment : |
29.04.2006 |
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Name : |
Mr. T Raghavendran |
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Designation : |
Director |
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Date of Birth/Age : |
11.10.1952 |
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Date of Appointment : |
08.09.2001 |
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Name : |
Mr. S Ramesh |
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Designation : |
Director |
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Date of Birth/Age : |
21.10.1964 |
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Date of Appointment : |
02.05.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Kumararani Smt. Meenakshi Achi |
|
187576 |
|
Mrs. Sigapi Achi |
|
332849 |
|
Chettinad Corporation Private Limited |
|
81 |
|
South India Corporation (Travancore) Private Limited |
|
40 |
|
Estate of Late Rani Smt. Meyyammai Achi |
|
18650 |
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Mrs. Geetha Muthiah |
|
220018 |
|
Chettinad Plantations Private Limited |
|
40 |
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Mr. Annammalai Muthiah |
|
14 |
|
Mrs. Kannammai Annamalai |
|
14 |
|
Insyte Products Marketing Private Limited |
|
12 |
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Chettinad Arts and Crafts Private Limited |
|
12 |
|
Chettinad Institute of Creative Learning Private Limited |
|
10 |
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Chettinad Logistics Private Limited |
|
34 |
|
|
Total
|
759350 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies Corporate |
0.03 |
|
2 |
Other top fifty (50) shareholders |
99.97 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cloth, Polished Slabs, DTA Slabs |
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Products : |
Ø
Sawn Slabs Ø
Polished Slabs Ø
Marbles Ø
Granites |
GENERAL
INFORMATION
|
No. of Employees : |
250 |
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|
|
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Bankers : |
Ø ICICI Banking Corporation Limited, Cenetoph
Road, Chennai – 600 010, Tamil Nadu, India Ø HDFC Bank Limited Address: HDFC Bank Houses Senapati Bapat Marg,
Lower Parel (West), Mumbai – 40 013, Maharashtra, India Ø Standard Chartered Bank, Chennai – 600
001, Tamil Nadu, India Ø Central Bank of India, Greame Road,
Chennai – 600 006, Tamil Nadu, India Ø Bank of Madura Limited, Chennai – 600 004,
Tamil Nadu, India Ø Indian Overseas Bank Esplanade Branch, No.7, Esplanade, Chennai
– 600 108, Tamil Nadu, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name 1: |
P. S. Subramania
Iyer & Company Chartered Accountants |
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Name 2: |
N Srinivasan Chartered
Accountants |
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Address: |
New No. 103, (Old
No. 57/2), P S Sivasamy Salai, Mylapore – 600 004, Chennai, Tamil Nadu, India
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Name 3: |
Mr. V Jayaraman Chartered
Accountants |
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Address: |
131, Chamiers Road, Raja Annamalai Puram, Chennai - 600 028, Tamil Nadu, India |
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Associates/Subsidiaries : |
Ø South India Corporation (Tranvancore)
Limited Cochin, Kerala, India Ø Chettinad Corporation Private Limited 603, Anna Salai, Chennai
– 600 006, Tamil Nadu, India Ø Chettinad Plantations (Private) Limited 603, Anna Salai, Chennai
– 600 006, Tamil Nadu, India Ø Lotus Agencies (Private) Limited 603, Anna Salai, Chennai
– 600 006, Tamil Nadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
760000 |
Equity Shares |
Rs.1000/- each |
Rs 760.000 millions |
|
500000 |
Preference Shares |
Rs. 10/- each |
Rs. 5.000 millions |
|
|
|
Total |
Rs.765.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
759350 |
Equity Shares |
Rs. 1000/-
each |
Rs. 759.350
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
759.350 |
759.350 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
1992.966 |
1388.873 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2752.316 |
2148.223 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
302.448 |
206.408 |
|
|
2] Unsecured Loans |
|
22.383 |
25.112 |
|
|
TOTAL BORROWING |
|
324.831 |
231.520 |
|
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DEFERRED TAX LIABILITIES |
|
6.667 |
34.340 |
|
|
|
|
|
|
|
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TOTAL |
|
3083.814 |
2414.083 |
|
|
|
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APPLICATION OF FUNDS |
|
|
|
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|
|
|
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FIXED ASSETS [Net Block] |
|
124.225 |
202.354 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
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|
|
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INVESTMENT |
|
70.736 |
70.723 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
36.247 |
52.211 |
|
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Sundry Debtors |
|
1373.376 |
1103.063 |
|
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Cash & Bank Balances |
|
200.198 |
180.492 |
|
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Other Current Assets |
|
1.874 |
2.315 |
|
|
Loans & Advances |
|
3074.224 |
2124.182 |
|
Total
Current Assets |
|
4685.919 |
3462.263 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1448.761 |
1244.711 |
|
|
Provisions |
|
348.305 |
76.546 |
|
Total
Current Liabilities |
|
1797.066 |
1321.257 |
|
|
Net Current Assets |
|
2888.853 |
2141.006 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3083.814 |
2414.083 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
110.109 |
113.732 |
|
|
Other Income |
|
4038.758 |
4034.876 |
|
|
Total Income |
|
4148.867 |
4148.608 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
836.779 |
428.493 |
|
|
Provision for Taxation |
|
[242.551] |
[66.216] |
|
|
Profit/(Loss) After Tax |
|
1079.330 |
494.709 |
|
|
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
|
16.028 |
14.145 |
|
|
Salaries, Wages, Bonus, etc. |
|
73.960 |
77.508 |
|
|
Payment to Auditors |
|
0.089 |
0.078 |
|
|
Interest |
|
28.855 |
41.220 |
|
|
Insurance Expenses |
|
16.314 |
17.567 |
|
|
Power & Fuel |
|
3.725 |
3.269 |
|
|
Depreciation & Amortization |
|
29.150 |
48.553 |
|
|
Other Expenditure |
|
3143.966 |
3517.771 |
|
Total Expenditure |
|
3312.087 |
3720.111 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
26.01 |
11.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
759.95 |
376.76 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
17.39 |
11.69 |
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.30 |
0.19 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.77 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.61 |
2.62 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U51102TN1935PLC002652 |
|
Name of the company |
SOUTH INDIA CORPORATION LIMITED |
|
Address |
5th Floor, Rani Seethai Hall, 603 Anna Salai, Chennai -
600006, Tamil Nadu, India |
|
This Form is for |
Creation of Charge |
|
Type of Charges |
· Book Debts · Movable Property · Floating Charge |
|
Particular of the charge holder
|
HDFC Bank Limited Address:
HDFC Bank Houses Senapati Bapat Marg, Lower Parel (West), Mumbai – 40
013, Maharashtra, India Email ID: srinivasan.venkataraman@hdfcbank.com
CIN : L65920MH1994PLC080618 |
|
Nature or description of the instrument creating charge |
Letter of Hypothecation of stock and book
debts dated 28th December, 2007 |
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Date of the instrument creating charge |
28.12.2007 |
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Amount Secure by the charge |
Rs. 300.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: Any such rate as may be advised to the company from time to time in
respect of the credit facilities. Terms of Repayment: Repayable on demand Margin: As may be prescribed by the bank from time to time for the credit
facilities. Extent and operation of the
charge: Hypothecation by way of Fist pari passu Charge on all stock and book debts
of the company both present and future. |
|
Short particulars of the Property charged |
Hypothecation by way of Fist pari passu
Charge on all stock and book debts of the company both present and future. |
|
Name of the
company |
SOUTH INDIA CORPORATION LIMITED |
|
Presented
By |
SOUTH INDIA CORPORATION LIMITED and Indian Overseas Bank Esplande Branch, No.7, Esplande, Chennai –
600 108 |
|
1) Date and
description of instrument creating the change |
Date 9th.09.2003 F No. 110-E, Letter
of Hypothecation (For securing Machineries / Vehicles / Goods / Book Debts) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Cash Credit
---Rs. 100.000 millions plus interest, costs, charges, and other expenses
which may be debited to the account from time to time. |
|
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 |
Hypothecation by
way of first charge on all receivable and other current assets of the company
ranking pari passu with other participating banks. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest: 11.50% Other terms and conditions as per the
agreement executed on 9th September 2003. |
|
5) Name and
Address and description of the person entitled to the charge. |
Indian Overseas Bank Esplande Branch,
No.7, Esplande, Chennai – 600 108 |
|
6) Date and brief description of instrument
modifying the charge |
Dated 22.12.2005 F.No. 110-E,
Letter of hypothecation (For securing
Machineries / Vehicles / Goods / Book Debts) Certified True
copy of the Resolution of meeting held on 22.12.2005. |
|
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. |
Adhoc Short Term
Loan--- Rs. 50.000
millions with following terms and conditions A)
Interest
rate at 6.75% p.a B)
Margin : Nil C)
Purpose :
Working capital D)
Period : To
be adjusted within 6 months E)
Security: As mentioned in Column 3 to continue for
all the limits. Other terms and conditions ass per the documents executed on
22nd December, 2005 F)
Age of
Debtors upto 90 days only will be reckoned for DP. |
FIXED ASSETS:
· Land, Building and Mines
· Plant and Machinery
· Ships
· Windmill
· Vehicles, Cranes, Pay Loaders, and Barges
· Furniture, Fixtures and Office Equipments.
WEBSITE DETAILS:
Company Profile:
The history of the
group "House of Chettinad" is linked with the 9 decades old saga. In
1912 took birth the House of Chettinad through a visionary, idealist, born
entrepreneur Dr. Rajah Sir Annamalai Chettiar who believed in Social
Transformation through business. The founder of the House of Chettinad
envisioned, his companies providing the stimulus for Industrial Growth and
conceived business as a means of improving the living standards of people.
The corporate credo
of the House of Chettinad - "STRIVE,
SAVE and SERVE" is
the very thought of their founder. In order to continue fulfilling his dreams
and aspirations, to reach greater heights the reins were taken over by equally
visionary businessmen his son, Dr.Rajah Sir Muthiah Chettiar and grandson Dr.
M.A.M. Ramaswamy. The House of Chettinad reached New Heights with generations
of hardwork, dedications and remains the stamp of QUALITY, INTEGRITY and RELIABILITY under the Versatile, Pragmatic
and Visionary leaderships.
Today, a 8500
million business group has ventured and diversified in varying fields including
Manufacturing (Cement, Silica, Quartz, Garnet, Granite), Services
(Construction, Transports, Steel Fabrication, Ship Management and Stevedoring,
Clearing and Forwarding) Trading, Power Generation, Plantation, Farms,
Information Technology, Logistics. Education, Sports Management, Literature,
Art and Music fields have also been contributed vastly. It is a matter of great
pride and satisfaction that the group finds worldwide patronage and earns precious
foreign exchange for the country.
The group aims to
broaden its Horizons and reach the zenith in this millennium under the young,
dynamic, enthusiastic, able leaderships of Mr. M.A.M.R. Muthiah and Mr.
M.A.M.M. Annamalai. The future of the companies in the House of Chettinad is
based on the time tested and proven guidelines of total customer orientation, technology in the service of man and business
as an instrument of social service. To these timeless truths, they remain
steadfast forever.
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.39.66 |
|
UK Pound |
1 |
Rs.78.16 |
|
Euro |
1 |
Rs.58.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
64 |
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 |
|