MIRA
INFORM REPORT
|
Report Date : |
03.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAMCO INDUSTRIES LIMITED SRI RAMCO SPINNERS – A DIVISION OF RAMCO INDUSTRIES LIMITED |
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Registered
Office : |
47, PSK Nagar, Rajapalayam, Virudhunagar – 626108, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.01.1965 |
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Com. Reg. No.: |
18-005297 |
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Capital
Investment / Paid-up Capital : |
Rs.86.663 Millions |
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CIN No.: [Company Identification
No.] |
L26943TN1965PLC005297 |
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|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Cotton Yarn. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 14900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
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 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
47, PSK Nagar, Rajapalayam, Virudhunagar – 626108, Tamilnadu |
|
Tel. No.: |
91-4563-236688 |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
“Auras Corporate Centre”, VI Floor, 98 - A, Dr. Radhakrishnan Road,
Mylapore, Chennai-600004, Tamilnadu, India |
|
Tel. No.: |
91-44-28478585 |
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Fax No.: |
91-44-28478597 |
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|
|
|
Factory : |
I. Building
Products Division Located at : ·
Winterpet Post, Arakkonam - 631005, Tamilnadu,
India Tel
No.: 91-4177-224932/ 224934 Fax
No.: 91-4177-224364 ·
Plot No. A- 1, Industrial Area, Jawahar Navodaya
Vidyalaya Raod, Bihiya Bihar, India ·
Plot No. A – 12, Sipcot Industrial Growth Centre,
Gangaikondan, Tamilnadu, India Tel
No.: 91-462-2950029 ·
Karur, Karnataka, India ·
Viilage – Dewanmaro Ayma, P.O. – Hariatara,
Kharagpur, West Bengal, India ·
Dewanmara Ayama, P.O. Haratara, P.S. Kharagpur
(L) District Paschim Medinipur, West Bengal, India ·
Agra Bombay Road, Maksi, Shajapur District –
456106, Madhya Pradesh, India Tel
No.: 91-7363-233072/ 233073 Fax
No.: 91-7363-233574 ·
Sinugra Village, Anjar Taluk, Kutch District,
Gujarat, India ·
Survey No. 204/3, Galonda Silly Road, Galonda
Village, Silvassa, Union Territory of Dadra and Nagar Haveli, India ·
Survey No. 71, Ibrahim Patnam Village, Ibrahim
Patna Taluk, Vijayawada, Andhra Pradesh, India ·
P B No. 127, Krishnapuram Road, India Tel
No.: 91-4563-235018 II. Textile
Division (Cotton Yarn) Sri Ramco Spinners, Rajapalayam, Tamilnadu, India |
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Regional Sales Offices : |
Located at:
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Sales Depots : |
Located at:
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. P. R. Ramasubrahmanetya
Rajha |
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Designation : |
Chairman |
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Qualification : |
B.Sc. |
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|
|
|
Name : |
Mr. P. R. Venketrama Raja |
|
Designation : |
Vice Chairman cum Managing Director |
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Qualification : |
B. Tech, MBA |
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|
Name : |
Mr. S. S. Ramachandra Raja |
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Designation : |
Director |
|
Qualification : |
B.Sc. |
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|
Name : |
Mr. K. T. Ramachandran |
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Designation : |
Director |
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Qualification : |
B. E |
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Name : |
Mr. N. K. Shrikantan Raja |
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Designation : |
Director |
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Qualification : |
B.Com |
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Name : |
Dr. A. Ramakrishna |
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Designation : |
Director |
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Qualification : |
B. E and M.Sc. |
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|
Name : |
Mr. R. S. Agarwal |
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Designation : |
Director |
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Qualification: |
B.Sc. and B.E |
KEY EXECUTIVES
|
Name : |
Mr. S. Krishnan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21772460 |
25.12 |
|
|
23296660 |
26.88 |
|
|
45069120 |
52.00 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
45069120 |
52.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
19664 |
0.02 |
|
|
5707011 |
6.59 |
|
|
157943 |
0.18 |
|
|
5884618 |
6.79 |
|
|
|
|
|
|
2379760 |
2.75 |
|
|
|
|
|
|
14044795 |
16.21 |
|
|
17018633 |
19.64 |
|
|
2266134 |
2.61 |
|
|
23155 |
0.03 |
|
|
1471531 |
1.70 |
|
|
770948 |
0.89 |
|
Trusts |
500 |
-- |
|
|
35709322 |
41.20 |
|
Total Public shareholding (B) |
41593940 |
48.00 |
|
Total (A)+(B) |
86663060 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
86663060 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cotton Yarn. |
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Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Fibre Cement Sheets, Accessories and Fittings |
M.T |
|
654000 |
476699 |
|
Fibre Cement Pressure Pipes and Pipe Accessories |
MT |
|
30000 |
-- |
|
Calcium Silicate Boards |
M.T |
|
40000 |
13027 |
|
Cotton Yarn |
Spindles |
|
43296 |
3112479 |
|
Cement Clinker Grinding |
MT |
|
216000 |
115727 |
|
Plastic Storage Tank |
Litres |
|
636.51 Lacs |
-- |
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
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Bankers : |
·
Canara Bank ·
HDFC Bank Limited ·
DBS Bank Limited ·
IDBI Bank Limited ·
Indian Bank ·
Kotak Mahindra Bank Limited ·
State Bank of India ·
State Bank of Mauritius Limited ·
Tamilnad Mercantile Bank Limited ·
The Karur Vysya Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors 1 : |
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|
Name : |
M.S. Jagannathan and Chartered Accountants |
|
Address : |
Unit - 5, Ground Floor, Abirami Apartments, No.14, V.O.C. Road,
Cantonment, Tiruchirapalli – 620001, Tamilnadu, India |
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|
|
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Auditors 2 : |
CNGSN and Associates Chartered Accountants |
|
Address : |
20, Raja Street, T. Nagar, Chennai – 600017, Tamilnadu, India |
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|
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Subsidiaries : |
·
Sudharsanam Investments Limited, India ·
Sri Ramco Lanka (Private) Limited, Sri Lanka ·
Sri Ramco Roofings Lanka Private Limited, Sri
Lanka |
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|
|
|
Enterprises over
which the above persons exercise significant influence and with which the
company has transactions during the year : |
·
Rajapalayam Mills Limited ·
Madras Cements Limited ·
Ramco Systems Limited ·
The Ramaraju Surgical Cotton Mills Limited ·
Sri Vishnu Shankar Mill Limited ·
Sandhya Spinning Mill Limited ·
Thanjavur Spinning Mill Limited ·
Sri Harini Textiles Limited ·
Rajapalaiyam Spinners Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Re.1/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
86663060 |
Equity Shares |
Re.1/- each |
Rs.86.663
Millions |
|
|
|
|
|
(Of the above
76681530 equity shares were allotted as fully paid Bonus shares by
capitalisation of General Reserve)
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 |
86.663 |
86.663 |
43.332 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3650.491 |
3203.670 |
2731.477 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3737.154 |
3290.333 |
2774.809 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1972.139 |
1966.204 |
1886.495 |
|
|
2] Unsecured Loans |
411.383 |
510.383 |
705.535 |
|
|
TOTAL BORROWING |
2383.522 |
2476.587 |
2592.030 |
|
|
DEFERRED TAX LIABILITIES |
240.856 |
263.856 |
293.855 |
|
|
|
|
|
|
|
|
TOTAL |
6361.532 |
6030.776 |
5660.694 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2305.103 |
2183.689 |
2343.077 |
|
|
Capital work-in-progress |
252.644 |
249.791 |
8.258 |
|
|
|
|
|
|
|
|
INVESTMENT |
2026.167 |
2026.167 |
2026.167 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1258.353
|
1292.955
|
1097.113 |
|
|
Sundry Debtors |
402.026
|
293.306
|
290.916 |
|
|
Cash & Bank Balances |
228.504
|
177.276
|
149.395 |
|
|
Other Current Assets |
0.331
|
0.180
|
0.117 |
|
|
Loans & Advances |
713.692
|
592.394
|
485.526 |
|
Total
Current Assets |
2602.906
|
2356.111
|
2023.067 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
270.376
|
267.231
|
402.492 |
|
|
Current Liabilities |
306.580
|
275.281
|
158.772 |
|
|
Provisions |
248.332
|
242.470
|
178.611 |
|
Total
Current Liabilities |
825.288
|
784.982
|
739.875 |
|
|
Net Current Assets |
1777.618
|
1571.129
|
1283.192 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6361.532 |
6030.776 |
5660.694 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5415.767 |
4981.944 |
3988.724 |
|
|
|
Power Generated from Wind Mills |
118.492 |
121.130 |
110.232 |
|
|
|
Other Income |
244.555 |
326.621 |
322.779 |
|
|
|
TOTAL (A) |
5778.814 |
5429.695 |
4421.735 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in stock |
(103.796) |
(118.658) |
(115.151) |
|
|
|
Raw Material Consumed |
3024.477 |
2916.323 |
2458.478 |
|
|
|
Cost of Resale Material |
24.520 |
5.866 |
20.120 |
|
|
|
Stores consumed |
103.562 |
111.882 |
110.846 |
|
|
|
Power & Fuel |
395.739 |
339.933 |
304.750 |
|
|
|
Salaries, Wages, Bonus, etc. |
317.567 |
261.722 |
208.882 |
|
|
|
Managerial Remuneration |
35.173 |
34.904 |
31.343 |
|
|
|
Rates and Taxes |
22.287 |
19.874 |
16.995 |
|
|
|
Repairs and Maintenance |
150.486 |
127.107 |
129.196 |
|
|
|
Selling Expenses |
189.615 |
167.928 |
82.484 |
|
|
|
Administrative and other Expenses |
147.828 |
124.532 |
144.619 |
|
|
|
Transportation and Handling expenses |
276.582 |
232.409 |
0.000 |
|
|
|
Corporate Social Responsibility Expenses |
8.648 |
8.297 |
6.418 |
|
|
|
Exceptional Items |
0.000 |
9.975 |
0.000 |
|
|
|
TOTAL (B) |
4592.688 |
4242.094 |
3398.980 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1186.126 |
1187.601 |
1022.755 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
200.276 |
212.170 |
252.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
985.850 |
975.431 |
770.162 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
294.769 |
289.477 |
306.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
691.081 |
685.954 |
463.535 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
159.000 |
150.000 |
107.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
532.081 |
535.954 |
356.485 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
65.447 |
35.541 |
35.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
420.000 |
420.000 |
280.000 |
|
|
|
Interim Equity Dividend |
43.331 |
38.998 |
43.332 |
|
|
|
Tax on Interim Equity Dividend |
7.197 |
6.628 |
7.364 |
|
|
|
Final Equity Dividend |
34.665 |
34.665 |
21.666 |
|
|
|
Tax on Final Equity Dividend |
5.624 |
5.757 |
3.682 |
|
|
BALANCE CARRIED
TO THE B/S |
86.711 |
65.447 |
35.541 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods Earnings |
160.941 |
117.950 |
293.535 |
|
|
|
Royalty Income |
103.649 |
74.979 |
84.022 |
|
|
|
Dividend from Srilankan Subsidiary |
9.388 |
19.223 |
18.183 |
|
|
TOTAL EARNINGS |
273.978 |
212.152 |
395.740 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1339.447 |
1379.111 |
1526.780 |
|
|
|
Stores & Spares |
4.167 |
12.835 |
2.991 |
|
|
|
Capital Goods |
64.500 |
47.535 |
54.225 |
|
|
TOTAL IMPORTS |
1408.114 |
1439.481 |
1583.996 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.14 |
6.18 |
4.11 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
30.09.2011 |
|
Type |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
|
1889.300 |
1437.000 |
|
Total Expenditure |
|
|
1580.200 |
1237.600 |
|
PBIDT (Excl OI) |
|
|
309.100 |
199.400 |
|
Other Income |
|
|
28.300 |
70.900 |
|
Operating Profit |
|
|
337.400 |
270.300 |
|
Interest |
|
|
45.800 |
59.800 |
|
Exceptional Items |
|
|
15.300 |
0.000 |
|
PBDT |
|
|
306.900 |
210.500 |
|
Depreciation |
|
|
79.800 |
85.000 |
|
Profit Before Tax |
|
|
227.100 |
125.500 |
|
Tax |
|
|
47.000 |
13.000 |
|
Provisions and contingencies |
|
|
0.000 |
0.000 |
|
Profit After Tax |
|
|
180.100 |
112.500 |
|
Extraordinary Items |
|
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
0.000 |
|
Other Adjustments |
|
|
0.000 |
0.000 |
|
Net Profit |
|
|
180.100 |
112.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.21
|
9.87 |
8.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.76
|
13.77 |
11.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.08
|
15.11 |
10.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.21 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
0.99 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.15
|
3.00 |
2.73 |
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
BUILDING PRODUCTS
DIVISION
(a) Fibre Cement
(FC) Sheets:
Considering the prevailing market condition, production of Fibre Cement
(F.C) Sheets during the year 2010-11 was regulated with an intent to avoid
stock build-up. Hence the actual production was lower by 16,514 M.T when
compared to the previous year. However, Sales improved by 3% to 4,80,333 M.T.
Turnover for F.C Sheets was marginally higher at Rs.3758.300 Millions during
the Financial Year as against Rs.37,44.100
Millions in the previous year.
The Directors have pleasure to inform that the new project for
manufacture of F.C Products at Gangaikondan, Tirunelveli District, Tamil Nadu,
with an Installed Capacity of 1,20,000 M.T commenced Commercial Production in
July 2010 and the F.C Sheets produced from this new Plant are well received in
the markets catering to the southern belt.
Further, implementation of another New Plant for manufacture of F.C.
Products at Bihiya, Bihar, had also been completed and the Commercial
Production had commenced on 2nd May, 2011. This Plant too has an Installed
Capacity of 1,20,000 M.T and the Cost of the Project is about Rs.350.000
Millions. This Project enjoys various Tax benefits / Incentives from Bihar
Government like 80% reimbursement of VAT deposited for 10 years up to a maximum
of 300% of Capital invested in the Project etc.
(b) Fibre Cement
Pressure Pipes:
In the Pressure Pipes Division, an amount of Rs.15.000 Millions had been
received as the Minimum Licence Fee during the year from M/s. Kanoria Sugar and
General Manufacturing Company Limited, the Licencee. The revenue from F.C.
Pressure Pipes Division remained the same as the previous year since the
production by the Licencee was affected due to the slow-down in infrastructural
activities.
(c) Calcium Silicate
Boards (CSBs):
During 2010-11, quantitative Production and Sale of CSBs were higher
when compared to the previous year as indicated above. The Turnover for the
year was at Rs.3,18.400 Millions as against Rs.2,56.100 Millions during the
previous year. CSB Division had also registered considerable increase in
Profitability during the year.
(d) Cement Clinker
Grinding (CCG) Plant at Kharagpur, West Bengal:
The Unit recorded continuous improvement in its performance during the year
. The Plant had produced 1,15,727 M.T of Cement during the year as against 1,05,320 M.T of Cement during the
previous year, registering almost 10% growth.
Similarly, Sale of Cement also increased from 1,05,534 M.T during the
last year to 1,15,355 M.T during 2010-11. Profitability of this Unit had also
improved during the year ended 31.03.2011.
COTTON YARN
DIVISION-SRI RAMCO SPINNERS:
Production and
Sales:
During the year 2010-11, the Unit had produced 31.12 Lakh Kgs. of Cotton
Yarn as compared to 33.24 Lakh Kgs. produced during the previous year. The Unit
had registered its sale of Yarn at 30.33 Lakh Kgs during the year as against
33.66 Lakh Kgs during 2009-10.
With the increase in Yarn Prices, Turnover for the year was considerably
higher at Rs.10,34.500 Millions compared to Rs.7,31.000 Millions in the
previous year and Profitability also improved substantially.
However, Current Year working may not be encouraging as there is a glut
in Yarn Market throughout India. Prices of Yarn has come down and practically
no enquiries. Hope at the end of the year, the Division will be able to show
good results as they have good Corporate buyers as their Customers.
OVERSEAS
OPERATIONS - SRI RAMCO LANKA (PRIVATE) LIMITED, SRI LANKA:
Performance of the Company’s Wholly Owned Sri Lankan Subsidiary during
the year , recorded substantial improvements in terms of Production, Sales,
Turnover and Profitability. The production at the FC Sheet Plant of the
Subsidiary, was 1,06,801 M.T. during the year ended 31.03.2011 as against
80,660 M.T. during the corresponding previous year. The Subsidiary sold
1,08,609 M.T. during 2010-11 as compared to 81,308 M.T. during 2009-10. The Net
Sales were SLR.25,492 Lakhs (INR.10,365 Lakhs) as against SLR 18,137 Lakhs (INR
7,481 Lakhs) during the corresponding previous year.
The Directors have pleasure to inform that a new Company by name M/s.
Sri Ramco Roofings Lanka Private Limited (SRRLPL) has been incorporated in Sri
Lanka as a subsidiary of M/s. Sri Ramco Lanka (Private) Limited (SRLPL) on 9th
November 2010. Since SRLPL itself is a Wholly Owned Subsidiary of M/s. Ramco
Industries Limited (RIL), SRRLPL will also be another Subsidiary of RIL. SRRLPL
has taken up the setting up of a new Unit to manufacture Fibre Cement Products
with an annual capacity of 1,20,000 MT at Pallegodowatta Industrial Estate,
Mathugama in the District of Kalutara in Sri Lanka and the Unit is expected to
be commissioned during the Current F. Y 2011-12. This Company will enjoy tax
and other benefits from the Government of Sri Lanka.
SUBSIDIARY
COMPANIES:
Government of India, Ministry of Corporate Affairs, vide their General
Circular No: 2/2011 dated 08.02.2011, has granted general exemption under
Section 212(8) of the Companies Act, 1956 to the Companies from attaching the
full text of the Financial Statements of the Subsidiaries along with the
Company’s accounts / Annual Report subject to certain conditions being
fulfilled. As required under the said general exemption Circular, the
Consolidated Financial Statements have been presented in this Annual Report and
the other required disclosures on the Company’s three Subsidiaries namely (a)
M/s. Sudharsanam Investments Limited, (b) Sri Ramco Lanka (Private) Limited,
Sri Lanka and (c) Sri Ramco Roofings Lanka Private Limited, Sri Lanka have also
been made in this Report.
The Annual Accounts of the three Subsidiary Companies and the related
detailed information will be made available to the Share holders of the Company
as also the Shareholders of the Subsidiary Companies seeking such information
at any point of time. The Annual Accounts of the three Subsidiary Companies
will also be kept for inspection by any Shareholder, at the Corporate Office of
the Company and of the Subsidiary Companies concerned.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED ON 30TH
SEPTEMBER,
2011
(Rs.
In Millions)
|
PARTICULARS |
For The Quarter Ended 30.09.2011 |
For The Half Year Ended 30.09.2011 |
|
|
Unaudited |
Unaudited |
|
Net Sales / Income from Operations |
1378.500 |
3216.400 |
|
Other Operating Income |
58.500 |
109.900 |
|
Total Income |
1437.000 |
3326.300 |
|
Expenditure |
|
|
|
(Increase)/decrease in stock in
trade and work in progress |
(159.600) |
(35.300) |
|
Consumption of raw materials |
880.100 |
1854.600 |
|
Employee cost |
98.700 |
198.500 |
|
Depreciation |
85.000 |
164.800 |
|
Other Expenditure |
|
|
|
Cost of resale materials |
87.400 |
89.600 |
|
Others |
331.000 |
710.400 |
|
Total |
1322.600 |
2982.600 |
|
Profit from Operations before Other Income, Interest and Exceptional
Items |
114.400 |
343.700 |
|
Other Income - Dividend |
70.900 |
99.200 |
|
Profit before Interest and Exceptional Items |
185.300 |
442.900 |
|
Interest |
59.800 |
105.600 |
|
Exceptional Items |
0.000 |
15.300 |
|
Profit/ Loss
from ordinary activities before tax |
125.500 |
352.600 |
|
Tax expense |
13.000 |
60.000 |
|
Net Profit /
Loss from ordinary activities after tax |
112.500 |
292.600 |
|
Extraordinary item (net of tax expense) |
-- |
-- |
|
Net Profit/ Loss
for the period |
112.500 |
292.600 |
|
Paid Up Equity Share Capital ( Face Value of the share Re.1/- each ) |
867 |
867 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
Earnings Per Share
(EPS) of Re.1/- each |
|
|
|
Basic and Diluted before and after Extraordinary Items |
1.30 |
3.38 |
|
Public Share Holding |
|
|
|
- Number of Shares |
41593940 |
41593940 |
|
- Percentage of shareholding |
48.00% |
48.00% |
|
Promoters and
Promoter group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
2600000 |
2600000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
5.77% |
5.77% |
|
- Percentage of shares(as a % of the total share capital of the company) |
3.00% |
3.00% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
42469120 |
42469120 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
94.23% |
94.23% |
|
- Percentage of Share (as a % of the total share capital of the company) |
49.00% |
49.00% |
SEGMENT
WISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
In Millions)
|
Particulars |
For The Quarter Ended 30.09.2011 |
For The Half Year Ended 30.09.2011 |
|
|
Unaudited |
Unaudited |
|
1. Segment Revenue/ Income |
|
|
|
a) Building Products |
1115.400 |
2735.300 |
|
b) Textiles |
228.600 |
450.300 |
|
c) Wind Mill |
53.200 |
880.000 |
|
d) Unallocated |
110.800 |
167.300 |
|
Total |
1508.000 |
4232.900 |
|
Less: Inter-segment Revenue |
32.800 |
52.200 |
|
Net Sales/Income
from Operations |
1475.200 |
3388.700 |
|
Segment Results (Profit(+)/Loss(-) before Tax and interest from each
segment) |
|
|
|
a) Building Products |
53.700 |
246.600 |
|
b) Textiles |
(16.000) |
(10.200) |
|
c) Wind Mill |
37.000 |
55.100 |
|
d) Unallocated |
0.000 |
0.000 |
|
Total |
74.700 |
291.500 |
|
Less : Interest and Other Financial Charges |
59.800 |
105.600 |
|
Other un-allocable expenditure net of un-allocable income |
110.600 |
166.700 |
|
Total Profit
Before Tax |
125.500 |
352.600 |
|
Capital Employed
: (Segment Assets (-) Segment Liabilities) |
|
|
|
a) Building Products |
2745.700 |
2745.700 |
|
b) Textiles |
778.900 |
778.900 |
|
c) Wind Mill |
332.900 |
332.900 |
|
d) Unallocated |
172.200 |
172.200 |
|
Total |
4029.700 |
4029.700 |
STATEMENT
OF ASSETS AND LIABILITIES
(Rs.
In Millions)
|
Particulars |
As
at 30.09.2011 |
|
Shareholders'
Funds |
|
|
(a) Capital |
86.700 |
|
(b) Reserves and
Surplus |
3943.100 |
|
Loan Funds |
2142.800 |
|
Deferred Tax
Liability |
241.900 |
|
Total |
6414.500 |
|
|
|
|
Fixed Assets
(including Capital Work in Progress) |
2612.200 |
|
Investments |
2026.200 |
|
Current Assets,
Loans and Advances |
|
|
(a) Inventories |
1344.200 |
|
(b) Sundry
Debtors |
514.500 |
|
(c) Cash and
Bank Balances |
177.300 |
|
(d) Other
Current Assets |
17.800 |
|
(e) Loans and
Advances |
766.400 |
|
Less: Current
Liabilities and Provisions |
|
|
(a) Liabilities |
985.400 |
|
(b) Provisions |
58.700 |
|
Miscellaneous
Expenditure (not written off or Adjusted) |
-- |
|
Profit and Loss
Account |
-- |
|
Total |
6414.500 |
Notes:
1. The above
results together with the Auditors Limited Review Report thereon have been
reviewed by the Audit Committee at its meeting held on 6th November,
2011 and approved and taken on record by the Board of Directors at its meeting
held on 07th November, 2011.
2. Status of
Investors' greivances for the quarter ended 30th September 2011:- At the
beginning - Nil, Received - 2, Disposed of - 2; Unresolved – NIL
3. The exceptional
income shown represents capital profit on sale of lands (part) in Gautam Budh
Nagar, Uttar Pradesh, made in the Quarter Ended, 30.06.2011
4. Previous year's
figures have been regrouped /restated wherever necessary.
Contingent
Liabilities not provided for As on 31.03.21011: -
a. Estimated amount of contracts remaining to be executed on Capital
accounts – Rs.83.177 Millions
b. Bank Guarantees – Rs.25.593 Millions
c. Letters of Credit – Rs.79.178 Millions
d. Corporate Guarantee furnished by the Company for Ramco Systems
Limited to support their credit facilities to their bankers – Rs.500.000
Millions
Corporate Guarantee furnished by the Company for Sri Harini Textiles
Limited, to support their credit facilities to their bankers – Rs.362.900
Millions
e. Sales Tax – Rs.8.900 Millions
FIXED ASSETS
·
Land
·
Land – Leasehold
·
Buildings
·
Railway Sidings
·
Plant and Machinery
·
Electrical Machinery
·
Furniture and Office Equipments
·
Vehicles
·
Aircraft
BUSINESS
DESCRIPTION
Subject is an India-based company. The Company’s segments include Building Products, Textiles, Windmill and Others. In the Building Products division, its products include fibre cement (FC) sheets, fibre cement pressure pipes; calcium silicate boards (CSBs), and cement clinker grinding (CCG) plant at Kharagpur, West Bengal, India. During the fiscal year ended March 31, 2011 (fiscal 2011), the Company produced 476, 699 metric tons of FC sheets and 13,027 metric tons of calcium silicate boards. The CCG plant had produced 115,727 metric tons of cement in fiscal 2011. In fiscal 2011, the textiles division, through Sri Ramco Spinners, produced 31.12 lakh kilograms of cotton yarn. As of March 31, 2011, the Windmills division operated 14 wind mills with an installed capacity of 16.40 megawatts. The production at the FC Sheet Plant of the Subsidiary, Sri Ramco Lanka (Private) Limited, was 106,801 metric tons as of March 31, 2011. For the fiscal year ended 31 March 2010, Ramco Industries Limited's revenues increased 13% to RS5.79B. Net income increased 28% to RS548.7M. Revenues reflect an increase in income from the operations. Net income also reflects a decrease in depreciation charges, a fall in cost of resale material and a decrease in interest expense. Subject business includes building products, textiles and overseas operations.
BOARD OF DIRECTORS
P. R.
Ramasubrahmaneya Rajha (Non-Executive Chairman of the Board)
Shri. P.R. Ramasubrahmaneya Rajha, B.Sc. serves as
Non-Executive Chairman of the Board of Subject. He is is an Industrialist,
heading the RAMCO Group of Companies as the Chairman. The RAMCO Group with
interests in the businesses of Cotton Yarn, Cement, Fibre Cement Sheets and
other Building Products, Software and Bio-Technology has a Turnover of around
Rs.45000.000 Millions. Under the leadership of Shri P.R. Ramasubrahmaneya
Rajha, the RAMCO Group has increased its volume of business manifold and is one
of the most respected Industrial / Corporate Groups in the Country achieving
international recognition for its quality products and services. Shri P.R.
Ramasubrahmaneya Rajha has been on the Board of Ramco Industries Limited since
inception. He is a member of the Investor Grievances Committee and the Share
Transfer Committee of the Board of Directors of the Company.
P. R. Venketrama Raja
(Vice Chairman of the Board, Managing Director, Executive Director)
Shri. P.R. Venketrama Raja,B.Tech., MBA is Vice Chairman of the Board, Managing Director, Executive Director of Subject. He holds a Bachelor’s Degree in Chemical Engineering and a Masters in Business Administration from the University of Michigan, USA. Under the able administration and management of Shri P.R. Venketrama Raja, VCMD, the Company has achieved substantial overall growth both in terms of volume of business and also under the Financial Parameters viz., Total Income and Profits.
R. S. Agarwal (Non-Executive Independent Director)
Shri. R.S. Agarwal, B.Sc., B.E. is Non-Executive Independent Director of
Subject. He is a Industrialist, heading the RAMCO Group of Companies as the
Chairman. The RAMCO Group with interests in the businesses of Cotton Yarn,
Cement, Fibre Cement Sheets and other Building Products, Software and
Bio-Technology. Under the leadership of he is the RAMCO Group has increased its
volume of business manifold and is one of the most respected Industrial /
Corporate Groups in the Country achieving international recognition for its
quality products and services. Shri P.R. Ramasubrahmaneya Rajha has been on the
Board of Ramco Industries Limited since inception. He is a member of the
Investor Grievances Committee and the Share Transfer Committee of the Board of
Directors of the Company.
S. S. Ramachandra
Raja (Non-Executive Director)
Shri. S.S. Ramachandra Raja, B.Sc is Non-Executive Director of Subject. He is a Science Graduate. He has been a Director of the Company since 1992 extending guidance. Shri Ramachandra Raja is also a Director in the following Companies: 1. Rajapalayam Mills Limited 2. Sri Vishnu Shankar Mill Limited 3. Ramco Systems Limited 4. Ramco Management Private Limited 5. Sri Sethu Ramasamy Farms Private Limited.
N.K. Shrikantan
Raja (Non-Executive Independent Director)
Shri. N.K. Shrikantan Raja is Non-Executive Independent Director of
Subject. He is a Commerce graduate. He was first appointed as a Director of the
Company in 1986. He continues to be a Director in the Board extending guidance.
He is also a Director in the following Companies: 1. The Ramaraju Surgical
Cotton Mills Limited 2. Sri Yennarkay Services Limited 3. Ramco Systems Limited
4. Sandhya Spinning Mill Limited 5. Sudharsanam Investments Limited 6. Sri
Vishnu Shankar Mill Limited 7. Sri Harini Textiles Limited 8. N.R.K.
Construction Systems Private Limited 9. N.R.K. Infra System Private Limited.
K. T. Ramachandran
(Non-Executive Independent Director)
Shri. K.T. Ramachandran, B.E. is Non-Executive Independent Director of Subject. He is B.E. in Civil Engineering from Madras University. He was first appointed as a Director of the Company in 1986 and since then he continues to be a Director extending guidance. He is a Member of the Audit Committee, Remuneration Committee and the Share Transfer Committee of the Board of Directors of the Company. He holds 11,000 Shares of the Company in his name. He is also a Director of M/s Thanjavur Spinning Mill Limited.
A. Ramakrishna
(Non-Executive Independent Director)
Dr. A. Ramakrishna, B.E., M.Sc. is Non-Executive Independent Director of Subject. He holds a B.E (Civil Engineering), M.Sc. (Structural Engineering) and also a Honorary Degree of Doctorate of Sciences from Andhra University. Dr. Ramakrishna had served in capacities like President, Deputy Managing Director and Advisor of L and T. With his specialized knowledge in Structural Engineering - pre cast and pre-stressed concrete and industrialized methods of construction - he had provided leadership for construction of scores of Cement Plants, Steel Plants, Power Projects, Bridges, Harbors, Airports and Nuclear Power Plants in and outside India.
PRESS
RELEASES
Ramco Industries Limited Recommends Final Dividend
Ramco Industries Limited announced that the Board of Directors has recommended a Final Dividend of INR0.40 per Equity Share of INR1 each fully paid-up. Together with the Interim Dividend of INR0.50 per Equity Share, paid already during the Financial Year 2010-11, the Total Dividend for the year ended March 31, 2011 is INR0.90 per Equity Share of INR1 each. (Total Dividend for the whole financial year 2009-2010 was INR0.85 per Equity Share of INR1 each).
Ramco
Systems participates in 3rd international conference on advanced computing
India, December 27 -- Ramco Systems, an enterprise software company focused on consulting, products and managed services, participated in the 3rd international conference on advanced computing organized jointly by Anna University, Asia's largest technical university and IEEE, the world's largest professional association for technology advancement. The prestigious conference was held between December 14-16, 2011 and was attended by 150+ international researchers, industrial experts and academicians.The conference provided a successful forum for the international community to contribute, discuss and debate on the developments in the cutting edge computing technologies. Being a pioneer in developing complex enterprise solutions on the cloud, Ramco Systems played its part in sharing the industry knowledge and experiences with the academicians.Ramco Systems, a part of the $952 million Ramco Group, is a leading software company focused on consulting, product and managed services business. Headquartered in Chennai, Ramco Systems was started as an R and D division of Ramco Industries in 1992, and later established as an independent company in 1999. The company focuses on providing innovative business solutions that can be delivered quickly and cost-effectively in complex environments.
Ramco
Systems eyes strategic partner to take cloud products overseas
India, December 14 -- Ramco Systems, software company
focused on consulting, products and managed services, is planning to rope in a
strategic partner to take its cloud-based products to global markets next year.
The company plans to introduce its products in the US and Asian markets like
Singapore for which it will raise funds, which could be nearly 20% of the
revenue. The funds will be used for partnerships, brand building, working with
research firms and attracting talent abroad. Ramco Systems, a part of the $952
million Ramco Group, is a leading software company focused on consulting,
product and managed services business. Headquartered in Chennai, Ramco Systems
was started as an R and D division of Ramco Industries in 1992, and later
established as an independent company in 1999. The company focuses on providing
innovative business solutions that can be delivered quickly and
cost-effectively in complex environments.
Ramco Systems to
showcase business results on the Cloud at the Gartner Symposium
India, November 03 -- Ramco Systems, a software company focused on consulting, products and managed services, will participate as a platinum sponsor in the first-ever Gartner Symposium to be held in India by Gartner, the world's leading IT research and advisory company. The prestigious event will be held at Hotel Renaissance, in Mumbai from November 21-23, 2011. R Shankar, Executive Vice President, Ramco Systems will address the delegates on day 1, on the topic -- Exciting Possibilities on the Cloud: Showcasing Actual Results from Business. The Gartner Symposium will cover various hot topics, including cloud computing, business intelligence, mobility, context- aware computing, social media, and more. This year's symposium focuses on "Re-imagine on IT: Leading from the front'. The agenda includes 70 plus sessions covering end-user case studies, workshops, roundtables and more.Gartner Symposium ITxpo 2011 is the industry's largest and most important gathering of CIOs and senior IT executives that delivers the insights. Tools and relationships necessary to create validate and execute transformative business technology strategies. Ramco will be showcasing its products and solutions in Stall Number 5.Ramco Systems, a part of the $952 million Ramco Group, is a leading software company focused on consulting, product and managed services business. Headquartered in Chennai, Ramco Systems was started as an RandD division of Ramco Industries Limited in 1992, and later established as an independent company in 1999. The company focuses on providing innovative business solutions that can be delivered quickly and cost-effectively in complex environments.
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.52.30 |
|
|
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.68.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.