MIRA INFORM REPORT
|
Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
GILLANDERS ARBUTHNOT AND COMPANY LIMITED |
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Registered
Office : |
C-4, Gillander House, Netaji Subhas Road, Kolkata – 700001, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
01.02.1935 |
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Com. Reg. No.: |
21-008194 |
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Capital
Investment / Paid-up Capital : |
Rs. 233.423 Millions |
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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. |
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No. of Employees
: |
6000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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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 8400000 |
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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 an old and a well established company having fine track.
The company is doing well. Financial position of the company appears to be
sound. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
|
Name : |
Mr. Amitava Mallick |
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Designation : |
Advisor of company |
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Contact No.: |
91-9830078848 |
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Date : |
06.04.2012 |
LOCATIONS
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Registered Office/Head Office : |
C-4, Gillander House, Netaji Subhas Road, Kolkata – 700001, West |
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Tel. No.: |
91-33-2302331-35 / 22304182 / 22138930 / 22138931 |
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Mobile No.: |
91-9830078848 (Mr. Amitava) |
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Fax No.: |
91-33-22138930-31/ 22309720 / 22304185 / 22314012 / 22424796 |
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E-Mail : |
gillander@gillandersarbuthnot.com
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., District: Tinsukia - 786170, |
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Factory 11 : |
Textile Divisions North India Spinning Mill, Village - Akbarpur, Ahmedgarh – 148021
District - Sangrur, |
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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 Divisions Arun Tea Estate, Post Office, Dhekiajuli, District : Soitpur 784110, |
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Branches / Office : |
Located at:
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DIRECTORS
AS ON 31.03.2011
|
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 : |
Director |
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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 01.04.2011) |
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Name : |
Mr. Amitava Mallick |
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Designation : |
Executive Director and CEO (w.e.f 01.04.2011) |
KEY EXECUTIVES
|
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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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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Shareholders’ / Investors Grievance Committee : |
Mr. S. Lahiri, Chairman Mr. H.M. Parekh, Chairman Mr. A. K. Kothari, Member Smt. P.D. Kothari, Member Mr. P. K. Khaitan, Member Mr. D. K. Sharda, Member |
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Remuneration Committee : |
Mr. H.P. Kanoria, Chairman Mr. A. K. Kothari, Member Smt. P.D. Kothari, Member Mr. P. K. Khaitan, Member Mr. H. M. Parekh, Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Names of Shareholders |
Total No. of
Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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|
287953 |
1.35 |
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|
14364413 |
67.30 |
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|
14652366 |
68.65 |
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Total shareholding of Promoter and Promoter Group (A) |
14652366 |
68.65 |
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(B) Public Shareholding |
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|
300 |
- |
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|
68980 |
0.32 |
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Central
Government / State Government |
7086 |
0.03 |
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|
1187278 |
5.56 |
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|
1263644 |
5.92 |
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|
1103713 |
5.17 |
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|
3244175 |
15.20 |
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|
935027 |
4.38 |
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|
143421 |
0.67 |
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|
514 |
- |
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137120 |
0.64 |
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|
5787 |
0.03 |
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5426336 |
25.43 |
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Total Public shareholding (B) |
6689980 |
31.35 |
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Total (A)+(B) |
21342346 |
100.00 |
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Total (A)+(B)+(C) |
21342346 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
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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Terms : |
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Selling : |
L/C, Cash, Credit (30 Days / 60 Days) |
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Purchasing : |
L/C, Cash, Credit (30 Days / 60 Days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tea (Saleable) |
M.T. |
NA |
11850 (a)
|
8848 (b) |
|
Bio Fertiliser |
M.T. |
NA |
4000 |
-- |
|
Cotton and Man-made Fibre Yarn |
Spindles |
155676 |
117144 (c) |
19292 M.T.
(d) |
|
Fabricated
Steel, Structural / Winches and other Conveying Equipments, Furnaces, Tanks,
Gasholder, etc. |
M.T. |
19200 |
19200 |
12831 (e) |
|
Red Lead Litharge and Lead Sub Oxide |
M.T. |
8128 |
9956 |
3552 ( f)
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White Lead and Lead Acetate |
M.T. |
840 |
3292 |
18 |
|
Lead Pipe |
M.T. |
300 |
732 |
-- |
|
Lead Salts |
M.T. |
1285 |
1650 |
350 |
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Zinc Oxide |
M.T. |
3350 |
-- |
-- |
|
Zinc Dust |
M.T. |
203 |
-- |
-- |
|
Metallic Stearate |
M.T. |
600 |
2025 |
66 |
* As Certified by the Management.
a)
Inclusive of 600 M.T. of a lease hold factory.
b)
Excludes internal consumption, storage / (excess),
samples and transit loss 65.64 M.T.
c)
Including Nil Rotors.
d)
Including 9 M.T. transferred to Stock in Process.
e)
It relates to fabrication job at Sodepur.
f)
Excludes internal consumption 343 M.T.
GENERAL INFORMATION
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Customers : |
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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 : |
Singhi and Company Chartered Accountant |
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Solicitors : |
Khaitan and Company |
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Address: |
Kolkata, West |
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Enterprises over which Key Management Personnel and Relatives of such
Personnel are able to exercise significant influence : |
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CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
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 |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21342346 |
Ordinary Shares Of the above –
|
Rs. 10/-
each |
Rs. 213.423
Millions |
|
200000 |
8% Redeemable Cumulative Preference Share Issued as fully paid up pursuant to a contract
(Scheme of Amalgamation / Arrangement) without payment being received in cash
(See note 2 below). |
Rs. 100/- each |
Rs. 20.000
Millions |
|
|
Total |
|
Rs. 233.423 Millions |
|
|
|
|
|
Note:
- Consequent upon approval by the Shareholders through Postal Ballot,
the Board of Directors at their meeting held on 16th September,
2010 had issued and allotted 7114115 Ordinary Shares of Rs.10/- each as
fully paid up Bonus Shares to the Shareholders in the proportion of 1
(One) Bonus Share of Rs.10/- each for every existing 2 (Two) fully paid up
Ordinary Shares of Rs.10/- each held on the Record Date i.e. 15th
September, 2010. The above shares were allotted as fully paid up Bonus
Shares by way of capitalisation of General Reserve.
- 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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
233.423 |
162.282 |
162.282 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1874.784 |
1517.476 |
1348.691 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2108.207 |
1679.758 |
1510.973 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1639.210 |
1617.195 |
1323.795 |
|
|
2] Unsecured Loans |
692.578 |
493.014 |
506.686 |
|
|
TOTAL BORROWING |
2331.788 |
2110.209 |
1830.481 |
|
|
DEFERRED TAX LIABILITIES |
126.000 |
132.700 |
65.700 |
|
|
|
|
|
|
|
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TOTAL |
4565.995 |
3922.667 |
3407.154 |
|
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|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2341.951 |
2286.072 |
2333.284 |
|
|
Capital work-in-progress |
20.100 |
7.934 |
403.72 |
|
|
|
|
|
|
|
|
INVESTMENT |
176.580 |
170.778 |
13.649 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1785.854
|
1275.731
|
882.290 |
|
|
Sundry Debtors |
884.038
|
836.043
|
600.563 |
|
|
Cash & Bank Balances |
40.259
|
51.243
|
47.320 |
|
|
Other Current Assets |
59.463
|
41.865
|
64.439 |
|
|
Loans & Advances |
1190.327
|
759.322
|
650.570 |
|
Total
Current Assets |
3959.941
|
2964.204 |
2245.182 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
939.759
|
686.920
|
578.304 |
|
|
Other Current Liabilities |
514.876
|
537.982
|
539.955 |
|
|
Provisions |
477.942
|
281.419
|
235.963 |
|
Total
Current Liabilities |
1932.577
|
1506.321 |
1354.222 |
|
|
Net Current Assets |
2027.364
|
1457.883 |
890.960 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
8.889 |
|
|
|
|
|
|
|
|
TOTAL |
4565.995 |
3922.667 |
3407.154 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7384.444 |
6071.166 |
4711.091 |
|
|
|
Other Income |
80.048 |
91.511 |
60.398 |
|
|
|
Rental Income |
63.871 |
57.651 |
65.335 |
|
|
|
TOTAL (A) |
7528.363 |
6220.328 |
4836.824 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed and inventory adjustment |
3730.281 |
3032.229 |
2349.453 |
|
|
|
Manufacturing and other expenses |
2727.268 |
2411.586 |
2022.664 |
|
|
|
TOTAL (B) |
6457.549 |
5443.815 |
4372.117 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1070.814 |
776.513 |
464.707 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
180.277 |
176.438 |
122.666 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
890.537 |
600.075 |
342.041 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
224.487 |
216.468 |
121.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
666.050 |
383.607 |
221.036 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
124.120 |
130.000 |
55.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
541.930 |
253.607 |
165.629 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
208.315 |
89.530 |
59.004 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
60.000 |
50.000 |
89.530 |
|
|
|
Transfer to Preference Share Redemption
Reserve |
20.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
|
|
|
|
|
|
- Ordinary Shares |
96.041 |
71.141 |
71.141 |
|
|
|
- Preference Shares |
1.600 |
1.600 |
1.600 |
|
|
|
Tax on Dividend |
15.840 |
12.081 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
556.764 |
208.315 |
89.530 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Claim setting commission |
0.044 |
0.018 |
0.115 |
|
|
|
Export Earnings |
760.786 |
342.138 |
182.915 |
|
|
|
Commission on order / Liaison work |
0.000 |
7.650 |
19.529 |
|
|
TOTAL EARNINGS |
760.830 |
349.806 |
202.559 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Bought Out Goods |
6.015 |
5.038 |
7.983 |
|
|
|
Capital Equipments |
114.881 |
10.217 |
12.915 |
|
|
|
Raw Materials |
323.929 |
218.012 |
249.514 |
|
|
|
Spares Parts |
2.295 |
1.221 |
3.050 |
|
|
TOTAL IMPORTS |
447.120 |
234.488 |
273.462 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.31 |
11.80 |
11.51 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
9000.000 |
Expected Sales (2012-2013) : Rs. 10000.000 Millions
The above information has been parted by Mr. Amitava Mallick.
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1633.390 |
1772.070 |
1740.210 |
|
Total Expenditure |
1489.110 |
1663.650 |
1596.630 |
|
PBIDT (Excl OI) |
144.280 |
108.420 |
143.580 |
|
Other Income |
9.860 |
6.380 |
15.370 |
|
Operating Profit |
154.140 |
114.800 |
158.950 |
|
Interest |
67.060 |
70.090 |
66.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
87.080 |
44.710 |
92.750 |
|
Depreciation |
60.210 |
61.460 |
62.070 |
|
Profit Before Tax |
26.870 |
16.750 |
30.680 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
26.870 |
16.750 |
30.680 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
26.870 |
16.750 |
30.680 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.71
|
4.08
|
3.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.02
|
6.32
|
0.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.57
|
7.31
|
4.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.23
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.08
|
2.15
|
2.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
1.97
|
1.66 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
----------- |
|
Yes |
|
Yes |
|
Yes |
|
No |
|
Yes |
|
Yes |
|
Yes |
|
----------- |
|
----------- |
|
Yes |
|
Yes |
|
----------- |
|
No |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
Financial Analysis
and Review of Operation :
During the year, the Company has been able to report sizeable increase
in sales, profits and networth due to proactive approach and diversified
businesses. Total Revenue has increased to Rs. 7528.400 millions during the
year as compared to Rs. 6220.300 millions in the previous year. The profit
before tax and profit after tax during the year have increased significantly by
73.63% and 113.69% respectively, as compared to the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
The industry
structure, development, performance, opportunities, threats and outlook of each
activities, internal control systems and industrial relations have been
discussed in paragraphs to follow.
Tea Division
There was a significant
increase in world production of tea due to favourable weather prevailing in
major tea producing countries like
During the year,
the Division has produced 9.01 million kgs of Tea, being 0.27 million kgs.
lesser than last year. However, realisation increased by Rs.7.34 per Kg, which
reflects the premium the product enjoys in the market. As reported last year,
packet segment is expected to increase its presence in markets in the coming
years. Inspite of competition, the Directors hope to achieve higher exports of
tea by expanding market base. In current year, upto March, there is no
significant change in production of major tea producing countries except for
deterioration in Kenya, due to hot and dry spell. With a strong domestic demand
and minimal carry forward stock, Indian market is poised to remain firm in the
current year, particularly for quality tea. However, inflaming consequence on
wages and other input costs like coal, gas, chemicals and fertilizer may add to
the overall cost of production. The Division is determined to stand by its
policy of continuous improvement of quality and implementation of schemes for
replanting and upgrading the gardens and factory. While business is all
relative, as long as Mother Nature stays in a good mood and people’s desire for
their refreshments remain high, production and pricing will not hold tea down.
All the tea estates of the Company are ISO 9001:2008 and HACCP
certified.
Engineering (MICCO) Division
The Division is
engaged in EPC contracts covering wide range of projects in steel plants,
aluminium plants etc. involving, interalia, structural, mechanical, piping,
electrical, instrumentation as well as refractory works. Government Policies
for growth in infrastructure in
Apart from bagging
further Orders, the Division has achieved new milestones in the year by way of
obtaining a contract from Tata Steel for the largest Gasholder in the world
alongwith its overseas associate, M/s. MBL –
This Division is
making efforts to diversify its activities by exploring possibilities in Power
and other Sectors. The Directors hope to do better in the coming years.
Textile Division
The year was
marked by an increase in the prices of raw cotton to all time high with
consequent rise in other fibres prices, significantly.
This added by
unavailability of power and skilled labour, even at higher rate and ever
increasing cost of finance has driven up the prices of cotton and synthetic
yarns to an unprecedented level. This has led to uproar and protest from the
user industry thereby deteriorating the business environment within the entire
realm of textile chain.
Frequent changes
in the Policy Guidelines and intervention of the Government like withdrawal of
DEPB on cotton yarn, imposition of quota on raw cotton and cotton yarn export,
withdrawal of TUF Scheme and imposition of excise duty on branded garments has
resulted in uncertainty, which further added to the catastrophe of the entire
Textile Industry. The need of the hour is that the Government should have an
integrated approach and to draw up a long term policy guidelines looking into
the benefit of the entire textile chain. The cotton crop for 2010-2011 is
estimated at 31.200 millions bales, which is slightly higher, as compared to
29.500 millions bales, in the previous year. However, the lower carry forward
stock of raw cotton resulting due to lower global production is a matter of
concern.
The start of the current year was marked with softening of prices of
yarn with consequent softening of prices of raw cotton and other fibre, which
resulted in huge inventories of yarn with the Mills. The restart of TUF Scheme
by the Government is a welcome step in this hour of crisis.
Despite the above, the overall performance of the Division during the
year was satisfactory. The production during the year increased from 18,174
M.T. in 2010 to 19,292 M.T. in 2011.
Although the first six months of the current year is expected to be
difficult for the industry, but increase in domestic consumption in
Chemical (Waldies) Division
During the year, the overall performance of the division has been
satisfactory and outlook for the current year is promising. Efforts are
continuing for improvement in the operation of this division. The Directors
hope that this division will perform better in the coming years. The Division
enjoys ISO 9001 certification for its quality management systems and ISO 14001
certification for its environmental management systems. It also enjoys OHSAS
18001 certification for its occupational health and safety management systems.
Trading Division
As reported earlier, demand for Cement Paint is continuously declining
due to shifting of consumer preference to Emulsion Paints. Nevertheless,
turnover of the Division has increased with focus on other products such as
CPVC and PVC pipes.
They are optimistic to enter into an agreement with a renowned Company
for agency of marketing their products including Emulsion Paint. The Directors
expect that this Division will yield better results in the coming years.
Property Division
The division posted higher rental income during the year on account of
increase in occupancy. Efforts are continuing towards further increasing the
occupancy and ensuring improvement in facility, safety and security of the
tenants.
Internal Control System and their adequacy
The Company has proper and adequate system of internal controls. Independent
professional firms of Chartered
Accountants conduct the audit of the various divisions, units,
factories, sites, branches and its corporate offices. The audit findings are
reviewed by the Audit Committee of the Board of Directors and corrective action,
as deemed necessary, are taken.
The Company has also laid down procedures to safeguard and protect all
assets and ensure that the transactions are authorized, recorded and reported
correctly.
Certificate given by your Managing Director, CEO and CFO in the
Corporate Governance report confirms the adequacy of the Company’s internal
control systems and procedures.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2011
Rs. In Millions
|
Particulars |
Quarter ended 31.12.2011 (Unaudited) |
Nine Months ended 31.12.2011 (Unaudited) |
|
a) Net Sales / Income from Operations |
1721.711 |
5077.584 |
|
b) Other Operating Income |
18.500 |
68.086 |
|
Total Operating Income |
1740.211 |
5145.670 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
240.250 |
(14.957) |
|
(b) Consumption of Raw Materials |
579.003 |
2237.360 |
|
(c) Purchase of traded goods |
116.804 |
488.937 |
|
(d) Employees Cost |
214.869 |
662.900 |
|
(e) Power and Fuel |
116.186 |
406.651 |
|
(f) Jobs on contract |
101.450 |
274.415 |
|
(g) Depreciation |
62.071 |
183.743 |
|
(h) Other Expenditure |
228.070 |
694.082 |
|
Total Expenditure |
1658.703 |
4933.131 |
|
Profit From Operations before other Income Interest & Exceptional Items |
81.508 |
212.539 |
|
Other Income |
15.373 |
31.606 |
|
Profit before Interest and Exceptional items |
96.881 |
244.145 |
|
Interest |
66.200 |
203.348 |
|
Profit after interest before Exceptional items |
30.681 |
40.797 |
|
Exceptional Items |
- |
- |
|
Profit / (Loss) From
Ordinary activities before Tax |
30.681 |
40.797 |
|
Tax Expenses |
|
|
|
- For Current Tax |
- |
- |
|
- For Differed Tax |
- |
- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
30.681 |
40.797 |
|
Extraordinary Items |
- |
- |
|
Net Profit/(Loss) for the period |
30.681 |
40.797 |
|
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) |
1.42 |
13.44 |
|
-Basic and Diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not annualized) |
1.42 |
13.44 |
|
Public Share Holding |
|
|
|
- Number of Shares |
6689980 |
6704794 |
|
- Percentage of shareholding |
31.35 |
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 |
14652366 |
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) |
68.65 |
68.58 |
REPORTING OF
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
Particulars |
Quarter ended 31.12.2011 (Unaudited) |
Nine Months ended 31.12.2011 (Unaudited) |
|
1. Segment Revenue (Net sales/income from
operations) |
|
|
|
a) Tea |
523.861 |
1076.389 |
|
b) Trading |
46.733 |
151.041 |
|
c) Property |
18.088 |
52.996 |
|
d) Textile |
692.215 |
2329.610 |
|
e) Engineering (MICCO) |
333.356 |
1169.671 |
|
f) Chemical (Waldies) |
125.958 |
365.963 |
|
g) Unallocated |
- |
- |
|
Total |
1740.211 |
5145.670 |
|
Less: Inter segment revenue |
- |
- |
|
Net sales/income from operations |
1740.211 |
5145.670 |
|
2. Segment result [profit (+) / Loss (-)
before tax and interest from each segment] |
|
|
|
a) Tea |
112.152 |
259.533 |
|
b) Trading |
2.821 |
10.321 |
|
c) Property |
15.649 |
45.202 |
|
d) Textile |
(73.712) |
236.531 |
|
e) Engineering (MICCO) |
34.571 |
157.140 |
|
f) Chemical (Waldies) |
6.960 |
24.155 |
|
g) Unallocated |
- |
- |
|
Total |
98.441 |
259.820 |
|
Less: i) Interest |
66.200 |
203.348 |
|
ii) Other Unallocable Expenditure net off |
1.560 |
15.675 |
|
Unallocable income |
5.687 |
11.946 |
|
Total profit before tax |
30.681 |
40.797 |
|
3. Capital Employed (segment assets-segment
liabilities) |
|
|
|
a) Tea |
961.657 |
961.657 |
|
b) Trading |
60.596 |
60.596 |
|
c) Property |
(33.752) |
(33.752) |
|
d) Textile |
2148.744 |
2148.744 |
|
e) Engineering (MICCO) |
1010.657 |
1010.657 |
|
f) Chemical (Waldies) |
68.282 |
68.282 |
|
g) Unallocated |
(2067.180) |
(2067.180) |
|
Total Capital Employed |
2149.004 |
2149.004 |
Note:
1)
Tea Industry being
seasoned 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 for
the full year.
2)
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.
3)
The results of the
Textile segment has been adversely affected due to high price of cotton and
steep fall in yarn prices which are beyond the control of management.
4)
Due to illegal an
unjustified disruption of work by workmen. Along with various acts of
subversion of discipline the working of the GIS Cotton Mill Unit ( a unit of
Textile Division) of Champdany, West Bengal was suspended w.e.f 7th
December’ 2012. However suspension o work was lifted and normalcy has been
restored w.e.f 27th January’ 2012.
5)
The above results, as
reviewed and recommended by the Audit Committee, was approved by the Board of
Directors at their meeting held on 14th February 2012, 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 – 15: Resolved – 15:
Pending – nil.
Fixed Assets :
- Land and Building
- Estate
- Plant and Machinery
- Furniture, Fixtures, Fittings and Equipment
- Equipment
- Electric Installation
- Live Stock
- Motor and Other Vehicles
- Tubewell and Water supply
- Computer Software
News:
Unaudited Financial Results
for the quarter and nine months ended on December 31, 2010
The Board of Directors of the Company at their meeting held
on February 14, 2011 has approved the unaudited financial results of the
Company for the quarter and nine months ended on December 31, 2010. Net Sales,
Profit before Tax (PBT) and EBIDTA has increased by 23.63%, 54.71% and 30.51% respectively
on a period to period basis. For details please visit the ‘Investors’ section
of the website.
We have been accorded the
status of 'Export House' by Ministry of Commerce & Industry
Office of the Zonal Joint Director
General of Foreign Trade, Ministry of Commerce and
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. 51.41 |
|
|
1 |
Rs. 81.93 |
|
Euro |
1 |
Rs. 67.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
65 |
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.