1. Summary Information
|
Country |
|
||
|
Company Name |
BUTTERFLY
GANDHIMATHI APPLIANCES LIMITED |
Principal Name 1 |
Mr. A. Balasubramanian |
|
Status |
Good |
Principal Name 2 |
Mr. K.J. Kumar |
|
Registration # |
18-012728 |
||
|
Street Address |
143, |
||
|
Established Date |
24.02.1986 |
SIC Code |
-- |
|
Telephone# |
91- 44 - 2747422 / 2747410 |
Business Style 1 |
Manufacturer |
|
Fax # |
91- 44 - 27474126 |
Business Style 2 |
--
|
|
Homepage |
Product Name 1 |
Home appliances |
|
|
# of employees |
Not Available |
Product Name 2 |
Kitchen products |
|
Paid up capital |
154,458,000/- |
Product Name 3 |
Cookware |
|
Shareholders |
A) Promoter’s
holding promoters & their
relatives : 77.82 % B) non- promoters
holding : 22.18 % |
Banking |
State Bank of Travancore |
|
Public Limited Corp. |
Yes |
Business Period |
26 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba
(53) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Enterprises in which key management Personnel and their relatives have
Significant influence: |
-- |
LLM Appliances
Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1338,664,000 |
Current Liabilities |
986,168,000 |
|
Inventories |
717,287,000 |
Long-term Liabilities |
1063,411,000 |
|
Fixed Assets |
794,935,000 |
Other Liabilities |
98,557,000 |
|
Deferred Assets |
45,520,000 |
Total Liabilities |
2,148,136,000 |
|
Invest& other Assets |
7,914,000 |
Retained Earnings |
601,726,000 |
|
|
|
Net Worth |
756,184,000 |
|
Total Assets |
2904,320,000 |
Total Liab. & Equity |
2904,320,000 |
|
Total Assets (Previous Year) |
1676,037,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
5902,222,000 |
Net Profit |
304,091,000 |
|
Sales(Previous yr) |
2031,979,000 |
Net Profit(Prev.yr) |
151,913,000 |
MIRA INFORM
REPORT
|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
BUTTERFLY GANDHIMATHI APPLIANCES LIMITED |
|
|
|
|
Registered
Office : |
143, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.02.1986 |
|
|
|
|
Com. Reg. No.: |
18-012728 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 154.458 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28931TN1986PLC012728 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of comprehensive range of Home Appliances, Kitchen
Products and Cookware. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of butterfly group, Pioneers in Stainless Still
Appliances. It is a well established company having good track record. In the current
year company recorded phenomenal growth. Performance capacity is high. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitment. The company can be considered for normal business dealing at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+(LONG TERM RATING) |
|
Rating Explanation |
HAVING MODERATE DEGREE OF SAFETY REGARDING TIMELY SERVICING OF
FINANCIAL OBLIGATION. IT CARRY MODERATE CREDIT RISK |
|
Date |
JULY – 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Factory : |
143, |
|
Tel. No.: |
91- 44 - 2747422 / 2747410 |
|
Fax No.: |
91- 44 - 27474126 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office: |
No.34, (2nd
Floor), Rajiv Gandhi Salai, |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
E – 34, |
|
|
|
|
Factory : |
377, Anna Salai Teynampet, Chennai – 600018, Tamilnadu |
|
Tel. No.: |
91-44- 24345313 / 24350685 / 24350682 |
DIRECTORS
As on 31.08.2012
|
Name : |
Mr.V.M.Lakshminarayanan |
|
Designation : |
Chairman& Managing Director |
|
|
|
|
Name : |
Mr.V.M.Balasubramaniam, |
|
Designation : |
Vice Chairman and Director |
|
|
|
|
Name : |
Mr.V.M.Seshadri, |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr.V.M.Gangadharam |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr.V.M.Kumaresan, |
|
Designation : |
Executive Director-Technical |
|
|
|
|
Name : |
Mr.G.S.Samuel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. Balasubramanian |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.01.1949 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
14.11.2011 |
|
|
|
|
Name : |
Mr. K.J. Kumar |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.04.1944 |
|
Qualification : |
Diploma In Mechanical Engineering |
|
Date of Appointment : |
11.05.2012 |
|
|
|
|
Name : |
Mr. M.G. Samuel |
|
Designation : |
Director |
|
Date of Birth/Age : |
31.05.1951 |
|
Qualification : |
M.A., Post P.G., Research In Economics, M.B.A. (Finance) |
|
Date of Appointment : |
11.05.2012 |
|
|
|
|
Name : |
Mr. R. S. Parekh |
|
Designation : |
Nominee Director |
|
Date of Birth/Age : |
12.05.1968 |
|
Qualification : |
M. Com, Chartered Accountant And Cost And Works Accountant |
|
Date of Appointment : |
11.05.2012 |
|
|
|
|
Name : |
Mr. M. Padmanabhan |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.11.1949 |
|
Qualification : |
B.COM, F.C.A |
|
Date of Appointment : |
30.01.1999 |
|
|
|
|
Name : |
Mr. K. Ganeshan |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.10.1931 |
|
Qualification : |
B.COM, F.C.A |
|
|
|
|
Name : |
Mr. V.R. Lakshminarayanan |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.03.1931 |
|
Qualification : |
IPS (Retd) |
|
Date of Appointment : |
11.01.1993 |
KEY EXECUTIVES
|
Name : |
Mr. M. D. Krishnamurthy |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee: |
|
|
|
|
|
Remuneration Committee: |
|
|
|
|
|
Shareholders Committee: |
|
|
|
|
|
Selection Committee: |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
A) Promoter’s
holding promoters & their
relatives |
12006567 |
77.82 |
|
B) non- promoters
holding |
|
|
|
1- INSTITUTIONAL
INVESTORS |
|
|
|
Mutual Funds / UTI |
161612 |
1.05 |
|
Financial Institutions /
Banks |
- |
- |
|
2- INSTITUTIONAL INVESTORS |
|
|
|
A) Bodies Corporate |
428030 |
2.77 |
|
B) Indian Public |
2661047 |
17.25 |
|
c) NRI’S |
171295 |
1.11 |
|
Total |
15428551 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of comprehensive range of Home Appliances, Kitchen
Products and Cookware. |
PRODUCTION STATUS
|
Particulars |
Installed
Capacity |
Actual
Production |
|||
|
|
2011 (9Months) |
2010 (18MONTHS) |
2011 (9Months) |
2010 (18months) |
|
|
LPG Stove |
540,000 |
540,000 |
393,020 |
638,921 |
|
|
Mixer - Grinder |
360,000 |
360,000 |
347,684 |
303,801 |
|
|
Table-top Wet Grinder |
150,000 |
48,000 |
54,532 |
85,542 |
|
|
Cooker / Pan |
0.000 |
0.000 |
422,509 |
664,317 |
|
|
Flasks |
0.000 |
0.000 |
38,193 |
88,496 |
|
|
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Rudhrakumar Associates Chartered Accountants |
|
Address: |
11, |
|
|
|
|
Enterprises
in which key management Personnel
and their relatives have Significant influence: |
|
|
|
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15428551 |
Equity Shares |
Rs.10/- each |
Rs 154.285 Millions |
|
|
Add : Forfeited shares (amount originally paid up) |
|
Rs. 0.173 Millions |
|
|
Total |
|
Rs. 154.458
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 (12 Months) |
31.03.2011 (9 Months) |
30.06.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
154.458 |
96.519 |
96.346 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
601.726 |
316.976 |
176.471 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
756.184 |
413.495 |
272.817 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
779.766 |
522.026 |
364.389 |
|
|
2] Unsecured Loans |
283.645 |
236.895 |
310.161 |
|
|
TOTAL BORROWING |
1063.411 |
758.921 |
674.550 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1819.595 |
1174.416 |
947.367 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
794.935 |
293.137 |
193.437 |
|
|
Capital work-in-progress |
7.914 |
9.379 |
51.974 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
45.520 |
63.137 |
63.914 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
717.287
|
470.030 |
273.302 |
|
|
Sundry Debtors |
943.997
|
420.482 |
289.674 |
|
|
Cash & Bank Balances |
222.013
|
90.406 |
18.131 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
172.654
|
327.466 |
318.727 |
|
Total
Current Assets |
2055.951
|
1308.384 |
899.834 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
729.332
|
305.270 |
124.171 |
|
|
Other Current Liabilities |
256.836
|
50.667 |
137.621 |
|
|
Provisions |
98.557
|
145.684 |
0.000 |
|
Total
Current Liabilities |
1084.725
|
501.621 |
261.792 |
|
|
Net Current Assets |
971.226
|
806.763 |
638.042 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.0000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1819.595 |
1174.416 |
947.367 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (12 Months) |
31.03.2011 (9 Months) |
30.06.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5902.222 |
2031.979 |
2716.238 |
|
|
|
Other Income |
56.375 |
27.228 |
18.250 |
|
|
|
TOTAL (A) |
5958.597 |
2059.207 |
2734.488 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
3385.550 |
|
|
|
|
|
Purchase of stock in trade |
579.624 |
300.921 |
|
|
|
|
Employee benefit expenses |
319.777 |
113.252 |
2432.084 |
|
|
|
Changes in inventories |
(76.101) |
(119.208) |
|
|
|
|
Other expenses |
1117.621 |
393.156 |
|
|
|
|
Exceptional items |
(2.465) |
(11.779) |
|
|
|
|
TOTAL (B) |
5324.006 |
1818.349 |
2432.084 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
634.591 |
240.858 |
302.404 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
175.489 |
67.425 |
66.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
459.102 |
173.433 |
235.893 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.701 |
9.546 |
13.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
442.401 |
163.887 |
222.878 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
138.310 |
11.974 |
67.056 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
304.091 |
151.913 |
155.822 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
308.296 |
156.383 |
0.561 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
612.387 |
308.296 |
156.383 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export Earnings |
70.368 |
30.021 |
57.603 |
|
|
|
TOTAL EARNINGS |
70.368 |
30.021 |
57.603 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw
Materials |
9.208 |
|
|
|
|
|
Stores &
Spares |
46.308 |
33.663 |
|
|
|
|
Capital
Goods |
28.139 |
0.000 |
|
|
|
|
Finished
Goods |
1.858 |
7.489 |
|
|
|
|
TOTAL IMPORTS |
85.513 |
101.850 |
57.817 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.71 |
15.77 |
16.17 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2012 1st
Quarter |
30.09.2012 2nd
Quarter |
|
Net sales |
|
1101.260 |
1017.700 |
|
Total expenditure |
|
977.920 |
900.560 |
|
PBDIT |
|
123.340 |
117.140 |
|
Other income |
|
7.070 |
4.880 |
|
Operating profit |
|
130.410 |
122.020 |
|
Interest |
|
41.640 |
38.620 |
|
Exceptional items |
|
(8.720) |
0.000 |
|
PBDT |
|
80.050 |
83.400 |
|
Depreciation |
|
9.460 |
11.020 |
|
Profit before tax |
|
70.560 |
72.390 |
|
Tax |
|
22.890 |
9.510 |
|
Provision and contingencies |
|
0.000 |
0.000 |
|
Profit after tax |
|
47.670 |
62.880 |
|
Extraordinary items |
|
0.000 |
0.000 |
|
Prior period expenses |
|
0.000 |
0.000 |
|
Other adjustment |
|
0.000 |
0.000 |
|
Net profit |
|
47.670 |
62.880 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (12 Months) |
31.03.2011 (9 Months) |
30.06.2010 |
|
PAT / Total Income |
(%) |
5.10
|
7.37 |
5.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.50
|
8.06 |
8.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.51
|
10.23 |
20.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.40 |
0.82 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.84
|
3.05 |
3.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
2.61 |
3.43 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------------ |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
----------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
REVIEW
OF OPERATIONS:
During
the period, sales turnover on an annualised basis recorded phenomenal growth of
141% and profit before interest and depreciation on an annualised basis also
improved as compared to the previous financial year. After providing for
interest and depreciation, the Company earned a profit of Rs.304.100 Millions.
Supply
of Table Top Wet Grinders and Mixer Grinders against the tender of Tamilnadu
Civil Supplies Corporation largely contributed to the improvement in sales
turnover.
AWARDS
AND RECOGNITION:
The
Company won National Award-2010, First Prize, awarded by Government of India,
Ministry of Micro, Small and Medium Enterprises for its LPG Operated
Stoves/Appliances. Also, appreciating the Company’s performance and growth
during the financial year 2011-12, M/s. Indian Oil Corporation Limited(IOCL)
has presented a memento for having stood first on All India basis in turnover,
with respect to LPG Stoves supplied through the LPG gas distributors of IOCL.
CURRENT
YEAR’S OPERATIONS:
Taking
into account the steps taken by the Company for establishing PAN INDIA market
for its Products and in anticipation of repeat orders from the Government of
Tamilnadu for supply of Mixer Grinders and Table Top Wet Grinders, the Company
expects to sustain its growth rate. However, the persistent inflationary trend
in the country could have some effect in the disposable income of the
individuals which, in turn, can affect the Company’s turnover / margins. Also,
in view of the free distribution programme Of Table Top Wet Grinders and Mixer
Grinders to eligible category of people in Tamilnadu, turnover of these
products through the regular distribution channel may be affected.
PERFORMANCE
ANALYSIS
HIGHLIGHTS
AS COMPARED TO PREVIOUS YEAR (ANNUALISED):
•
Revenue from Operations increased by 141% to Rs.6424.100 Millions (inclusive of
Excise Duty)
•
PBDIT increased by 126% to Rs.632.100 Millions
•
Profit before Tax increased by 125% to Rs.442.400 Millions
•
Net Profit increased by 76% to Rs.304.100 Millions
a. The appreciation of dollar
against rupee from September 2011 onwards resulted in increase of input cost
of imported materials/products.
This, however had no significant impact on our margins.
b. In view of the mass
production requirements to meet supplies against the Tamilnadu Civil Supplies
Corporation (TNCSC) orders, additional production units and labour force had to
be added, resulting in steep increase in rental charges, salaries, wages and
other benefits to the employees during the financial year as compared to the
previous year.
c. In spite of its free
distribution programme of Table Top Wet Grinders and Mixer Grinders to eligible
families in Tamilnadu, the Company recorded a growth of 34% in sales turnover
through its regular marketing channel as compared to the annualized sales
turnover of the previous financial year.
d. The finance cost increased
due to availing additional need based working capital facilities from the
Consortium banks. However, after infusion of Rs.0.100 Millions by the Private
Equity participant During May 2012, the long term loans of the Company have
been paid and the additional funds Available has been credited in the cash
credit account with the consortium banks, which will Considerably bring down
the finance cost during the current financial year.
e. The increase in the inventory
level as on 31.3.2012 is for meeting the growth in sales volume expected in the
current financial year.
OUTLOOK
The
Company’s turnover has increased substantially in the last two years. Efforts
are being made to sustain the achieved rate of growth in the coming years by
enlarging the consumer base and penetrating to the western and northern Indian
markets. However, the general economic scenario in the country looks
pessimistic due to uncertainties over the purchasing power of the consumer on
account of galloping inflation.
MERGER OF GANGADHARAM
APPLIANCES LIMITED
The Hon’ble Board for Industrial and Financial Reconstruction at its Review Hearing of Case No. 279/98 of M/s.Gangadharam Appliances Limited (GAL) held on 17-08-2011 sanctioned the Modified Rehabilitation cum Merger Scheme (MS-11) submitted by GAL. The merger scheme envisaged GAL’s merger with the Company, as per scheme already approved by the members at the Extraordinary General Meeting of the Company held on 09th September, 2010. After completing statutory requirements, the merger became effective on 27th September 2011, with retrospective effect from 01st January, 2009. This merger will facilitate the Company’s stride along the road for its accelerated growth.
CONTIGENT LIABILITIES
(Rs. In millions)
|
1.Claim
against the Company not acknowledged as debts |
As on31st
March 2012 |
|
Claim
against the Company under litigation against which Bank Guarantee has been
provided |
0.726 |
|
Central
Excise demand on merged erstwhile Gangadhram Appliances Limited under appeal
disputed. |
2.294 |
|
Claim
by Employees State Insurance Corporation towards ESI contribution/interest
/damages on merged Erstwhile Gangadharam Appliances Limited disputed. |
1.224 |
|
Claim
by Employees State Insurance Corporation towards ESI contribution on Job work
parties |
0.956 |
|
Claim
by Employees Provident Fund authorities towards damages on merged erstwhile
Gangadharam Appliances Limited |
2.166 |
|
Claim
against the Company before |
4.367 |
|
2 Guarantee |
|
|
Liabilities
to bank on Counter Guarantee towards supply/performance to Tamilnadu Civil Supplies
Corporation and Indian Oil Corporation |
68.880 |
|
3 Other money for which the Company is contingently
liable |
|
|
In
term of the Memorandum of Compromise executed on 1.11.2000 by the Company and
M/s. L.G.Varadarajulu & others, Coimbatore in the matter of
patents/designs dispute in the manufacture of Table Top Wet Grinders, the Company
is liable to pay to the latter such damages as may be determined by the
Court, in the event of the suit C.S.No.613 of 1999 pending in the High Court
of judicature at |
Amount
Not determinable |
|
|
|
|
|
|
STATEMENT OF UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE2012
Rs in Millions
|
Particulars |
Quarter
ended 30.06.2012 unaudited |
|
PARTI |
|
|
Sales / Income from
operations |
1203.378 |
|
Less:
Excise duty |
112.059 |
|
a) Net
sales / Income from operations (Net of excise duty) |
1091.319 |
|
b) Other
Operating Income |
9.938 |
|
Total Income from Operations
(net) |
1101.257 |
|
Expenses |
|
|
a) Cost
of Material Consumed |
708.472 |
|
b)
Purchase of Stock-in-Trade |
122.376 |
|
c)
Changes in Inventories of Finished Goods, Work in Progress and stock- |
|
|
in-Trade |
(124.285) |
|
d)
Employee benefits expense |
95.026 |
|
e) Depreciation
and amortisation expense |
9.495 |
|
f) Other
expenses |
176.329 |
|
Total Expenses |
9,874.13 |
|
Profit
from ordinary activities before other income, finance costs & |
|
|
exceptional
items (1 2) |
113.844 |
|
Other Income |
7.071 |
|
Profit from ordinary
activities before finance costs but before exceptional |
|
|
items (3+4) |
120.915 |
|
Finance Costs |
41.640 |
|
Profit from ordinary
activities after finance costs but before exceptional |
|
|
items (5-6) |
79.275 |
|
Exceptional items |
(8.717) |
|
Profit (+) /Loss (-) from
ordinary activities before tax (7-8) |
70.558 |
|
Tax Expense |
|
|
- Current tax |
18.174 |
|
- Adjustment of Deferred Tax |
- |
|
- Excess Provision for
taxation made for the previous year reversed |
- |
|
- Deferred tax |
4.719 |
|
Net profit (+) / loss (-)
from ordinary activities after tax (9-10) |
47.665 |
|
Extra-ordinary items (net of
tax expenses) |
- |
|
Net profit (+) / loss (-)
for the period (11+12) |
47.665 |
|
Paid up Equity Share Capital
(face value Rs.10/-) |
178.796 |
|
Reseves excluding
Revaluation Reserves |
- |
|
Earnings Per Share - Rs. Ps. |
|
|
a) Basic
and Diluted EPS before Extraordinary items for the period, for the year to
date, and for the previous year (Not to be annualized) |
0.267 |
|
b) Basic
and Diluted EPS after Extraordinary items for the period, for the year to
date, and for the previous year (Not to be annualized) |
0.267 |
|
|
|
|
PART II |
|
|
Particulars of Shareholding |
|
|
Public Shareholding |
|
|
- Number of Shares |
6.308 |
|
- Percentage of shareholding |
35.28% |
|
Promoters
and Promoters Group shareholding (a) Pledged / Encumbered |
|
|
- Number of shares |
0.318100 |
|
- Percentage of Shares (as a % of the total shareholding
of promoter and promoter group) |
2.75% |
|
- Percentage of Shares (as a
% of the total share capital of the company) |
1.78% |
|
b) Non-encumbered |
|
|
- Number of shares |
11.253 |
|
- Percentage
of Shares (as a % of the total shareholding of promoters and promoter group) |
97.25% |
|
- Percentage of Shares (as a
% of the total share capital of the company) |
62.94% |
|
|
|
|
Particulars |
|
|
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
90 |
|
Disposed of during the quarter |
90 |
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
|
FIXED ASSETS
TANGIBLE ASSETS
- Plant and
Machinery
- Dies and
Tools
- Electrical
Machinery
- Computer
- Office
Equipments
- Vehicles
- Furniture and
Fittings
- Land and
Buildings
INTANGIBLE ASSETS
- Usage Right of
- Trade Marks
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 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 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.54.73 |
|
|
1 |
Rs.89.01 |
|
Euro |
1 |
Rs.72.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
53 |
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.