MIRA
INFORM REPORT
|
Report Date : |
10.03.2011 |
IDENTIFICATION DETAILS
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Name : |
GILLANDERS ARBUTHNOT AND COMPANY LIMITED |
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Registered
Office : |
C-4, Gillander House, Netaji Subhas |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
01.02.1935 |
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Com. Reg. No.: |
21-008194 |
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CIN No.: [Company Identification
No.] |
L51909WB1935PLC008194 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALG00213D CALG03082C |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Chemicals, Textiles and Tea Subject also engaged in construction activity |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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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 6700000 |
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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 company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
M. Niraj Singh |
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Designation : |
Account Executive |
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Contact No.: |
91-33-22302331 |
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Date : |
07.03.2011 |
LOCATIONS
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Registered Office/Head Office : |
C-4, Gillander House, Netaji Subhas |
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Tel. No.: |
91-33-2302331-35/22304182 |
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Mobile No.: |
91-9830078848 (Mr. Amitava) |
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Fax No.: |
91-33-22138930-31/22309720/22304185/224247016/22314012 |
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E-Mail : |
Mallick.amitava@gillandersarbuthnot.com |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Tea Divisions Betjan Tea Estate, Post Office : Makum Junction, District : Tinsukia
786170, |
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Factory 2 : |
Tea Divisions Borkatonee Tea Estate, P.O. Golaghat, District : Golaghat 785621, |
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Factory 3 : |
Tea Divisions Jutlibari Tea Estate, Post Office : Hoogrijan, District : Dibrugarh
786601, |
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Factory 4 : |
Tea Divisions Dherai Tea Estate, P.O. Dhekiajuli, District : Sonitpur 784110, |
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Factory 5 : |
Tea Divisions Gorunga Tea Estate, Post Office : Golaghat, District : Golaghat
785621, |
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Factory 6 : |
Tea Divisions Banwaripur Tea Factory, (Tea Processing Factory taken on lease), P.O.
Golaghat, District : Golaghat 785621, |
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Factory 7 : |
Tea Divisions Dooria Tea Estate, Post Office : Golaghat, District : Golaghat 785621, |
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Factory 8 : |
Tea Divisions Taipoo Tea Estate, Post Office : Bagdogra, District : |
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Factory 9 : |
Tea Divisions Gairkhata Tea Estate, Post Office : Gairkhata, District : Jalpaiguri
735212, West |
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Factory 10 : |
Tea Divisions Tengpani Tea Estate, P.O. - Makum JN., Dist. – Tinsukia 786170, |
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Factory 11 : |
Textile
Divisions |
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Factory 12 : |
Textile Divisions GIS Cotton Mill, 47, |
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Factory 13 : |
Engineering
(MICCO Division) Sodepur, |
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Factory 14 : |
Chemical
(Waldies) Division 70, |
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Factory 15 : |
Tea Divisons Arun Tea Estate, Post Office, Dhekiajuli, District Soitpur 784110, |
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Branches : |
Located at:
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DIRECTORS
As On 31.03.2010
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Name : |
Mr. Arun Kumar Kothari |
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Designation : |
Chairman |
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Name : |
Smt. Prabhawati Devi Kothari |
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Designation : |
Additonal Director (w.e.f 31.03.2010) |
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Name : |
Mr. Pradip Kumar Khaitan |
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Designation : |
Director |
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Name : |
Mr. Jayant Narayan Godbole |
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Designation : |
Director |
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Name : |
Mr. Hari Parsad Kanoria |
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Designation : |
Director |
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Name : |
Mr. Subroto Lahiri |
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Designation : |
Director |
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Name : |
Mr. Harish Chandra Maneklal Parekh |
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Designation : |
Director |
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Name : |
Mr. Devi Kishan Sharda |
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Designation : |
Managing Director (w.e.f 01.04.2010) |
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Name : |
Mr. Amitava Mallick |
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Designation : |
Executive Director and CEO (w.e.f 01.04.2010) |
KEY EXECUTIVES
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Name : |
Mr. P. K. Jain |
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Designation : |
Joint President and CFO |
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Name : |
Mr. D. Karmakar |
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Designation : |
Company Secretary |
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Address : |
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Audit Committee : |
Mr. S. Lahiri, Chairman Mr. A. K. Kothari, Member Mr. J. N. Godbole, Member Mr. H. M. Parekh, Member |
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Shareholdes/Investors Grievance Committee : |
Mr. S. Lahiri, Chairman Mr. A. K. Kothari, Member Mr. P. K. Khaitan, Member Mr. D. k. Sharda, Member |
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Remuneration Committee : |
Mr. A. K. Kothari, Member Mr. P. K. Khaitan, Member Mr. H. P. Kanoria, Chairman Mr. H. M. Parekh, Mmeber |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.12.2010
|
Names of Shareholders |
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No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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285,883 |
1.34 |
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14,351,669 |
67.25 |
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14,637,552 |
68.58 |
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Total shareholding of Promoter and Promoter Group (A) |
14,637,552 |
68.58 |
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(B) Public Shareholding |
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|
300 |
- |
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68,980 |
0.32 |
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7,086 |
0.03 |
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1,187,278 |
5.56 |
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1,263,644 |
5.92 |
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1,423,403 |
6.67 |
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3,021,729 |
14.16 |
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838,050 |
3.93 |
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157,968 |
0.74 |
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150,151 |
0.70 |
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5,269 |
0.02 |
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2,548 |
0.01 |
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5,441,150 |
25.49 |
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Total Public shareholding (B) |
6,704,794 |
31.42 |
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Total (A)+(B) |
21,342,346 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
21,342,346 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals, Textiles and Tea Subject also engaged in construction activity |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit: 30 Days |
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Purchasing : |
L/C, Cash, Credit: 30 Days |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tea (Saleable) |
M.T |
NA |
11850** |
9108 |
|
Bio Fertiliser |
M.T |
NA |
4000 |
558 |
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Cotton and Man-made Fibre Yarn |
Spindles |
155676 |
118252*** |
18174# |
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Fabricated
Steel, Structural/Winches and other Conveying Equipments, Furnaces, Tanks,
Gasholder, etc. |
M.T |
19200 |
19200 |
11310$ |
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Red Lead Litharge and Lead Sub Oxide |
M.T |
8128 |
9956 |
3264+ |
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White Lead and Lead Acetate |
M.T |
840 |
3292 |
4 |
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Lead Pipe |
M.T |
300 |
732 |
-- |
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Lead Salts |
M.T |
1285 |
1650 |
575 |
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Zinc Oxide |
M.T |
3350 |
-- |
-- |
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Zinc Dust |
M.T |
203 |
-- |
-- |
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Metallic Stearate |
M.T |
600 |
2025 |
-- |
* As Certified by the Management.
# Including 6 M.T. (2009 - 12 M.T.) transferred to Stock in Process.
** Inclusive of 600 M.T. of a lease hold factory. $ It relates to fabrication job at Sodepur.
*** Including 168 Rotors (2009-168 Rotors).
+ Excludes internal consumption 562 M.T. (2009 - 322 M.T.)
GENERAL INFORMATION
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No. of Employees : |
6000 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse |
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Address : |
Kolkata, West |
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Solicitors : |
Khaitan and Company |
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Address: |
Kolkata, West |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
42000000 |
Ordinary Shares |
Rs. 10/- each |
Rs. 420.000 Millions |
|
200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
total |
|
Rs. 440.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14228231 |
Ordinary Shares |
Rs. 10/- each |
Rs. 142.282
Millions |
|
200000 |
8% Redeemable Cumulative Preference Share |
Rs. 100/-
each |
Rs. 20.000
Millions |
|
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Total |
|
Rs. 162.282 Millions |
Of the Above -
(i) 10,31,62,93 (2009
- 1,01,60,043) Ordinary Shares of Rs.10/- each have been alloted as fully paid
up pursuant to a contract (Schemes of Amalgamation / Arrangement) without
payment being received in cash.
(ii) 39,10,938
(2009 - 39,10,938) Ordinary Shares of Rs. 10/- each have been allotted as fully
paid up Bonus Shares by way of capitalisation of General Reserve and Capital
Redemption Reserve.
Note:- The 8% Redeemable Cumulative Preference Share are redeemable at par in 15 (Fifteen) years from the date of allotment i.e. 31.03.2005 with the option to the Company to redeem the same at anytime after the expiry of 60 (Sixty) months from the date of allotment at the discretion of the Board of Directors of the Company.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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|
1] Share Capital |
162.282 |
162.282 |
160.719 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1517.476 |
1348.691 |
1259.886 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1679.758 |
1510.973 |
1420.605 |
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LOAN FUNDS |
|
|
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|
1] Secured Loans |
1617.195 |
1323.795 |
1255.102 |
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2] Unsecured Loans |
493.014 |
506.686 |
357.124 |
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TOTAL BORROWING |
2110.209 |
1830.481 |
1612.226 |
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DEFERRED TAX LIABILITIES |
132.700 |
65.700 |
34.500 |
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TOTAL |
3922.667 |
3407.154 |
3067.331 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2286.072 |
2333.284 |
1218.100 |
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Capital work-in-progress |
7.934 |
403.72 |
936.820 |
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INVESTMENT |
170.778 |
13.649 |
143.505 |
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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 |
1275.731
|
882.290 |
718.913 |
|
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Sundry Debtors |
836.043
|
600.563 |
373.523 |
|
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Cash & Bank Balances |
51.243
|
47.320 |
43.547 |
|
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Other Current Assets |
41.865
|
64.439 |
35.532 |
|
|
Loans & Advances |
759.322
|
650.570 |
527.385 |
|
Total
Current Assets |
2964.204
|
2245.182 |
1698.900 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
686.920
|
578.304 |
368.783 |
|
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Other Current Liabilities |
537.982
|
539.955 |
362.691 |
|
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Provisions |
281.419
|
235.963 |
204.879 |
|
Total
Current Liabilities |
1506.321
|
1354.222 |
936.353 |
|
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Net Current Assets |
1457.883
|
890.960 |
762.547 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
8.889 |
6.359 |
|
|
|
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|
|
|
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TOTAL |
3922.667 |
3407.154 |
3067.331 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
|
Income |
6071.166 |
4711.091 |
3941.513 |
|
|
|
Other Income |
91.511 |
60.398 |
48.381 |
|
|
|
Rental Income |
57.651 |
65.335 |
50.921 |
|
|
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TOTAL (A) |
6220.328 |
4836.824 |
4040.815 |
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed and inventory adjustment |
3032.229 |
2349.453 |
1915.643 |
|
|
|
Manufacturing and other expenses |
2411.586 |
2022.664 |
1733.977 |
|
|
|
TOTAL (B) |
5443.815 |
4372.117 |
3649.620 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
776.513 |
464.707 |
391.195 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
176.438 |
122.666 |
101.297 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
600.075 |
342.041 |
289.898 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
216.468 |
121.005 |
105.238 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
383.607 |
221.036 |
184.660 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
130.000 |
55.407 |
36.253 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
253.607 |
165.629 |
148.407 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
89.530 |
59.004 |
28.866 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
89.530 |
59.004 |
|
|
|
Proposed Dividend |
|
|
|
|
|
|
- Ordinary Shares |
71.141 |
71.141 |
56.287 |
|
|
|
- Preference Shares |
1.600 |
1.600 |
1.600 |
|
|
|
Tax on Dividend |
12.081 |
50.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
208.315 |
89.530 |
59.004 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Claim setting commission |
0.018 |
0.115 |
0.131 |
|
|
|
Export Earnings |
342.138 |
182.915 |
94.697 |
|
|
|
Commission on order / Liaision work |
7.650 |
19.529 |
69.722 |
|
|
TOTAL EARNINGS |
349.806 |
202.559 |
164.550 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Bought Out Goods |
5.038 |
7.983 |
-- |
|
|
|
Capital Equipments |
10.217 |
12.915 |
123.706 |
|
|
|
Raw Materials |
218.012 |
249.514 |
31.707 |
|
|
|
Spares Parts |
1.221 |
3.050 |
1.806 |
|
|
TOTAL IMPORTS |
234.488 |
273.462 |
157.219 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.69 |
11.51 |
10.41 |
|
Expected Sales (2010-2011) : Rs. 7500.000 Millions
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1596.640 |
1792.530 |
2114.350 |
|
Total Expenditure |
1387.330 |
1505.990 |
1734.670 |
|
PBIDT (Excl OI) |
209.310 |
286.540 |
379.680 |
|
Other Income |
4.500 |
6.510 |
5.790 |
|
Operating Profit |
213.810 |
293.050 |
385.470 |
|
Interest |
45.600 |
42.750 |
41.490 |
|
PBDT |
168.210 |
250.300 |
343.980 |
|
Depreciation |
54.550 |
55.740 |
56.590 |
|
Profit Before Tax |
113.660 |
194.550 |
287.390 |
|
Profit After Tax |
113.660 |
194.550 |
287.390 |
|
Net Profit |
113.660 |
194.550 |
287.390 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.08
|
3.42 |
3.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.32
|
0.45 |
4.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.31
|
4.83 |
6.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.01 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.15
|
2.11 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97
|
1.66 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
PERFORMANCE:
During the year, the Company has scaled new heights and set new
benchmarks in terms of sales, profits and net worth. Total Revenue has
increased to Rs.6220.300 millions during the year as compared to Rs.4836.800
millions in the previous year. The profit before tax and profit after tax
during the year have increased significantly by 73.55% and 53.12% respectively,
as compared to those of the previous year. Operational matters have been
discussed in detail under the heading ‘Management Discussion and Analysis,’
elsewhere in this Report.
MANAGEMENT DISCUSSION AND ANALYSIS
The Company is well diversified with 6 (six) major divisions viz. Tea,
Engineering (MICCO), Textile, Chemical (Waldies), Property and Trading
Divisions. The industry structure, development, performance, opportunities,
threats and outlook of each of these divisions, internal control systems and
industrial relations have been discussed hereunder in detail.
Tea Division
Tea, being an agricultural product, climatic condition plays a major
role both in its productivity and quality. During the year, there was a
worldwide shortage of tea due to initial drought and inclement weather in
During the year, the Tea Division posted improvement both in production
and realisation. Production was 9.28 million kgs. As reported last year, the
Division is steadily increasing its presence in Packet tea Segment and hopeful
of making further inroads in the current year. It has also entered in Export
Market of Mid-East Asian countries &
The Division has made investment in upgrading the facilities &
energy saving equipment to sustain the adverse climatic condition and to reduce
cost of production. In the current year, upto April, 2010 worldwide tea
production has increased by around 100 million kgs., which is putting pressure
on prices, more so in non-quality tea. As the Company has always laid emphasis
on quality tea, the current pressure on price will have minimal impact and the
Division is expected to remain stable in the current year. All Tea Estates of
the Company are ISO 9001 2000 and HACCP certified.
Engineering (MICCO) Division
The gradual growth in the Indian economy, with Government’s emphasis on
development of infrastructure sector, has created a surge in domestic demand
for steel which has resulted in major expansion in steel industry which is
expected to continue. With prestigious client base of SAIL, RINL, TISCO, BHEL, amongst
others, the Division, which is engaged in the execution and implementation of
turnkey projects predominantly in the steel industry, is set to benefit from
the above. The Division is also dealing with power and other metallurgical
industries and is exploring the feasibility of increasing its existence in
other related ancillary industries.
In the year, the Division has achieved higher revenue with healthy
orders in hand of Rs.5040.000 millions at the year end. The Division is further
upgrading its manufacturing facilities enhancing equipment strength and
inducting human resources to achieve higher targets and for timely execution of
projects. This Division expects further good orders and better performance
during the current year.
Textile Division
After the severe slowdown, world economy has recently started showing
signs of recovery and demand for textile is picking up. The domestic market is
also showing signs of improvement, which is leading to overall increase in
textile activities in
The Cotton crop for 2009-10 season is estimated at 30.000 millions
bales, which is slightly higher as compared to 29.000 millions bales in 2008-09
season. However, improved exports of 7.000 millions bales during the season as
against 3.500 millions bales in the previous year has created a shortage of raw
cotton for the Spinning Industry, which resulted in steep increase in the
prices of raw cotton.
The decision to ban export of raw cotton and withdrawal of export incentives
on cotton yarn are two important developments, which will have a big impact on
the growth prospects of this Industry. The need of the hour is to have an
integrated approach and to draw up policy guidelines for the entire Industry
instead of having a fragmented outlook. The overall performance of the division
in terms of production and sales is satisfactory. The captive power plant is
also running satisfactorily. Looking at the recovery, although slow, in the
global market and improvement in the domestic demand, the Directors are hopeful
of improved performance of the division in the current financial year.
Chemical (Waldies) Division
The Division is engaged mainly in the manufacture of Lead Oxides and PVC
Stabilisers which are used in the manufacture of
Property Division
Despite the recessionary trend, the Division has been able to earn
revenue of Rs 56.300 millions, during the year. The Division is continuously
putting in efforts to improve the quality of services provided to the tenants.
Lately, there has been revival in the real estate market, which is expected to
bring a positive impact to this Division. The Directors have pleasure to inform
you that there has been increase in tenants and new tenancy agreements have
also been executed. This division is expected to perform better in the current
year.
Trading Division
The Division is engaged in trading of various types of Paints,
Construction Chemicals, Abrasive Sheets and other related products. It also
undertakes waterproofing contracts. During the year, the Division has achieved
growth in all its major products except Cement Paint, which has resulted in
minor decline in the overall turnover. As reported last year, demand for Cement
Paint is continuously declining due to market shifting towards emulsion paints
and the situation has further aggravated due to erratic supply from our
principals during the year.
The Directors are exploring the means and avenues to enter the emulsion
paint segment and are also looking for the possibility of taking agencies of
synergic products. The division has recently concluded an arrangement for
distribution of Astral CPVC pipes and fittings in Chennai. In view of the above
steps, the Directors expect that the Division will yield better results in the
coming years.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2010
Rs. In Millions
|
Particulars |
Quarter ended 31.12.2010 (Unaudited) |
Nine Months ended 31.12.2010 (Unaudited) |
|
a) Net Sales / Income from Operations |
2097.200 |
5466.160 |
|
b) Other Operating Income |
17.149 |
37.346 |
|
Total Operating Income |
2114.349 |
5503.506 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
46.048 |
(238.918) |
|
(b) Consumption of Raw Materials |
793.757 |
229.474 |
|
(c) Purchase of traded goods |
236.415 |
603.521 |
|
(d) Employees Cost |
212.903 |
644.678 |
|
(e) Power and Fuel |
100.798 |
344.201 |
|
(f) Jobs on contract |
106.353 |
344.428 |
|
(g) Depreciation |
56.587 |
166.881 |
|
(h) Other Expenditure |
238.398 |
700.606 |
|
Total Expenditure |
1791.259 |
4794.871 |
|
Profit From Operations before other Income Interest & Exceptional Items |
323.090 |
708.635 |
|
Other Income |
5.794 |
16.811 |
|
Profit before Interest and Exceptional items |
328.884 |
725.446 |
|
Interest |
41.487 |
129.838 |
|
Profit after interest before Exceptional items |
287.397 |
595.608 |
|
Exceptional Items |
- |
- |
|
Profit / (Loss) From
Ordinary activities before Tax |
287.397 |
595.608 |
|
Tax Expenses |
|
|
|
- For Current Tax |
- |
- |
|
- For Differed Tax |
- |
- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
287.397 |
595.608 |
|
Extraordinary Items |
- |
- |
|
Net Profit/(Loss) for the period |
287.397 |
595.608 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
213.423 |
213.423 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
Earnings Per Share
(EPS) |
|
|
|
-Basic and Diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualized) |
13.44 |
27.84 |
|
-Basic and Diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not annualized) |
13.44 |
27.84 |
|
Public Share Holding |
|
|
|
- Number of Shares |
6704794 |
6704794 |
|
- Percentage of shareholding |
31.42 |
31.42 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
Nil |
Nil |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of shares(as a % of the total share capital of the company) |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
14637552 |
14637552 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
|
- Percentage of Share (as a % of the total share capital of the company) |
68.58 |
68.58 |
REPORTING OF
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
Particulars |
Quarter ended 31.12.2010 (Unaudited) |
Nine Months ended 31.12.2010 (Unaudited) |
|
1. Segment Revenue (Net sales/income from
operations) |
|
|
|
a) Tea |
571.400 |
1052.709 |
|
b) Trading |
47.914 |
149.248 |
|
c) Property |
16.553 |
47.251 |
|
d) Textile |
887.081 |
2476.826 |
|
e) Engineering (MICCO) |
484.353 |
1437.397 |
|
f) Chemical (Waldies) |
107.048 |
340.075 |
|
g) Unallocated |
- |
- |
|
Total |
214.349 |
5503.506 |
|
Less: Inter segment revenue |
- |
- |
|
Net sales/income from operations |
214.349 |
5503.506 |
|
2. Segment result [profit (+) / Loss (-)
before tax and interest from each segment] |
|
|
|
a) Tea |
160.989 |
290.706 |
|
b) Trading |
2.664 |
9.695 |
|
c) Property |
14.265 |
40.532 |
|
d) Textile |
86.153 |
209.502 |
|
e) Engineering (MICCO) |
58.971 |
162.252 |
|
f) Chemical (Waldies) |
2.164 |
16.829 |
|
g) Unallocated |
-- |
- |
|
Total |
325.206 |
729.516 |
|
Less: i) Interest |
41.487 |
129.838 |
|
ii) Other Unallocable Expenditure net off |
(3.678) |
4.070 |
|
Unallocable income |
3.949 |
6.527 |
|
Total profit before tax |
287.397 |
595.608 |
|
3. Capital Employed (segment assets-segment
liabilities) |
|
|
|
a) Tea |
890.705 |
890.705 |
|
b) Trading |
51.201 |
51.201 |
|
c) Property |
(30.228) |
(30.228) |
|
d) Textile |
2335.005 |
2335.005 |
|
e) Engineering (MICCO) |
747.866 |
747.866 |
|
f) Chemical (Waldies) |
82.594 |
82.594 |
|
g) Unallocated |
(1801.777) |
(1801.777) |
|
Total Capital Employed |
2275.366 |
2275.366 |
Note:
1 Consumption of raw materials as shown in
2(b) above includes cost of green leaves purchased, However, cost of green
leaves plucked from own garden for production is not readily ascertainable at
the intermediate stage.
2 Tea Industry being seasonal in character,
results of -the Company for -the part of the year (which includes results of
Tea Division) cannot be taken as indicative of results of the full year.
3 In view of note - 2 above, the Taxable
profit for the year is unascertainable at present and hence Provision for
Taxation - both current and deferred for ‘the current year will be. Considered
at the year end,
4 Pursuant to the issue and allotment of Genus
Shares on 16.09.2010, the Earning Per Share (Basic and Diluted) have been
ad4usted for all the above periods.
5 The above results, as reviewed and
recommended by the Audit Committee, were approved by the Board of Directors at
their meeting held on 14.02.2011, and ‘the Statutory Auditor has carried out
the ‘Limited Review’ as required ‘under Clause 41 of the Listing Agreement
6 Previous period’s / year figures have been
rearranged and regrouped, wherever necessary.
7 Status of Investor’s complaints for the
quarter; Opening - nil; Received - 22: Resolved -22: Pending - nil.
Fixed Assets:
- Land and building
- Estate
- Plant and machinery
- Furniture, fixtures, fittings and equipment
- Electric installation
- Live stock
- Motor and other vehicles
- Tubewell and water supply
- Computer software
AS PER WEBSITE DETAILS
PROFILE:
Subject originated as a partnership firm in the early part of the 19th Century, started by Mr. F. M. Gillanders and Mr. G. C. Arbuthnot. It was incorporated as a Limited Company under the Indian Companies Act VII of 1913 on 1st February, 1935. It became part of well known G D Kothari Group of Companies in the late sixties. Mr. G. D. Kothari, a well known and respected industrialist, is the promoter of the group, which has interests in plantations, textiles, pharmaceuticals, healthcare, chemicals, machine tools, engineering, real estates and trading business activities.
Several Companies have amalgamated with the Company from time to time. In the recent past, GIS Limited which had two major Divisions/businesses viz. 1) Textile Division engaged in the production of Cotton and Man made fibre/yarn and blends thereof. 2) Engineering Division engaged in the business of structural engineering, steel fabrication, execution of turn-key projects and other engineering work under the name ‘Modern India Construction Company’ (MICCO) was amalgamated with the Company.
The Company primarily deals in tea, textiles, engineering,
chemical and trading business activities. GACL has a diversified business
portfolio which has helped it in achieving a steady performance by overcoming
adverse cyclical fluctuations to which its various businesses may be exposed
from time to time.
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.45.02 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.62.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
61 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.