MIRA
INFORM REPORT
|
Report Date : |
13.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
BANNARI AMMAN SPINNING MILLS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.07.1989 |
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|
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|
Com. Reg. No.: |
18-002476 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs. 157.543 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111TZ1989PLC002476 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBB03009G/ CMBB03055D |
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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
: |
Manufacture of Cotton Yarn,
Woven and Coated Fabrics and Wind Power Generation |
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|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8300000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track records.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct 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 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Sakthivel |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-422-2435555 |
|
Date : |
12.06.2012 |
LOCATIONS
|
Registered Office : |
252 Mettupalayam Road, Coimbatore – 641043, Tamilnadu, India |
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Tel. No.: |
91-422-2435555 / 2434445 |
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Fax No.: |
91-422-2434446 |
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E-Mail : |
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Website : |
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Factory : |
Spinning Mills Moorpatti Post, Vadamadurai Village, Dindigul - Trichy
National Highway Tel No.: 91-4551-238220 sales@bannarimills.com
Weaving Mills Weaving Division) Kunnathur Village, Ganesapuram (PO), Coimbatore – 641107, Tamilnadu, India. |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Dr. S. V. Balasubramaniam |
|
Designation : |
Chairman |
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Name : |
Mr. S. V. Alagappan |
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Designation : |
Vice Chairman |
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Name : |
Mr. S. V. Arumugam |
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Designation : |
Managing Director |
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Name : |
Mr. S. K. Sundaraman |
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Designation : |
Executive Director |
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Name : |
Mr. V. Venkata Reddy |
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Designation : |
Director |
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Name : |
Mr. K N V Ramani |
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Designation : |
Director |
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Name : |
Mr. C. S. Prabhu |
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Designation : |
Director |
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Name : |
Dr. K R Thillainathan |
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Designation : |
Director |
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Name : |
Mr. S. Palaniswami |
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Designation : |
Director |
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Name : |
Mr. K. Sadhasivam |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A. Senthil |
|
Designation : |
Chief Executive Officer |
|
|
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Name : |
Mr. N. Krishnaraj |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Sakthivel |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2012)
|
Category of
Shareholder |
No. of Shares |
% of No. of Shares |
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|
|
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|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
168,017 |
1.07 |
|
|
8,583,233 |
54.48 |
|
|
8,751,250 |
55.55 |
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|
|
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|
Total
shareholding of Promoter and Promoter Group (A) |
8,751,250 |
55.55 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
287,214 |
1.82 |
|
|
287,214 |
1.82 |
|
|
|
|
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1,742,831 |
11.06 |
|
|
|
|
|
|
1,784,757 |
11.33 |
|
|
3,074,684 |
19.52 |
|
|
113,533 |
0.72 |
|
|
17,903 |
0.11 |
|
|
95,628 |
0.61 |
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|
2 |
- |
|
|
6,715,805 |
42.63 |
|
Total Public
shareholding (B) |
7,003,019 |
44.45 |
|
Total (A)+(B) |
15,754,269 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
15,754,269 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacture of Cotton Yarn, Woven
and Coated Fabrics and Wind Power Generation |
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Products : |
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Exports : |
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Countries : |
·
Bangladesh ·
Canada ·
Israel ·
Pakistan ·
US |
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Imports : |
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Countries : |
·
Germany ·
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Yarn |
Kgs |
143232 Spindles |
22234774 |
|
Cotton Waste |
Kgs |
-- |
7169957 |
|
Fabrics |
Mtrs |
135 Looms |
8896448 |
|
Wind Energy |
Units |
29950 KWh |
53759006 |
|
Processing |
|
2400000 Mtrs per
years |
-- |
|
Coated Fabric |
Mtrs |
-- |
1883855 |
|
Quick Dr |
Mtrs |
-- |
211754 |
|
Canvass |
Mtrs |
-- |
80369 |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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Bankers : |
· The Karur Vysya Bank Limited · Corporation Bank · ICICI Bank Limited · Oriental Bank of Commerce · Indian Overseas Bank · Bank of Maharashtra · Indian Bank · IDBI Bank · Allahabad Bank · Indian Bank · ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P N Raghavendra Rao and Company Chartered Accountant |
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Address : |
Coimbatore – 641009, Tamilnadu, India |
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Internal Auditors |
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|
Name : |
Srivatsan and Gita Chartered Accountant |
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Address : |
Coimbatore – 641018, Tamilnadu, India |
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Related Parties : |
· Shiva Distilleries Limited · Shiva Texyarn Limited · Bannari Amman Sugars Limited · Anamallais Automobiles Private Limited · Annamallai Infrastructures Limited · Shiva Cargo Movers Limited · Bannari Amman Apparel Private Limited · Bannari Amman Flour Mill Limited · Sakthi Murugan Transports Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs. 160.000 Millions |
|
50000 |
Cumulative Preference Shares |
Rs.100/- each |
Rs. 5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 165.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15754269 |
Equity Share |
Rs.10/- each |
Rs. 157.543
Millions |
|
|
|
|
|
NOTE:
(Of the above 5250750 Equity shares of Rs.10/-
each have been issued as fully paid up Bonus Shares by Capitalisation of
Reserves)
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 |
157.543 |
157.543 |
157.543 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1919.690 |
1568.392 |
1445.479 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2077.233 |
1725.935 |
1603.022 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5081.565 |
4660.965 |
4119.335 |
|
|
2] Unsecured Loans |
40.106 |
56.937 |
73.144 |
|
|
TOTAL BORROWING |
5121.671 |
4717.902 |
4192.479 |
|
|
DEFERRED TAX LIABILITIES |
566.797 |
368.850 |
295.948 |
|
|
|
|
|
|
|
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TOTAL |
7765.701 |
6812.687 |
6091.449 |
|
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|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
4805.698 |
4606.095 |
4571.419 |
|
|
Capital work-in-progress |
5.160 |
119.292 |
39.240 |
|
|
Foreign Currency Monetary Item Translation Reserve A/c |
0.000 |
25.828 |
59.963 |
|
|
|
|
|
|
|
|
INVESTMENT |
174.926 |
111.697 |
80.144 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1984.876
|
943.237 |
1009.109 |
|
|
Sundry Debtors |
369.258
|
283.664 |
196.359 |
|
|
Cash & Bank Balances |
49.215
|
141.361 |
39.118 |
|
|
Other Current Assets |
326.794
|
154.837 |
177.095 |
|
|
Loans & Advances |
590.934
|
712.314 |
351.717 |
|
Total
Current Assets |
3321.077
|
2235.413 |
1773.398 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
380.554
|
230.878 |
401.474 |
|
|
Provisions |
160.606
|
54.760 |
31.241 |
|
Total
Current Liabilities |
541.160
|
285.638 |
432.715 |
|
|
Net Current Assets |
2779.917
|
1949.775 |
1340.683 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7765.701 |
6812.687 |
6091.449 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5492.437 |
3553.189 |
2868.276 |
|
|
|
Other Income |
161.583 |
8.512 |
9.704 |
|
|
|
TOTAL |
5654.020 |
3561.701 |
2877.980 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Stock Adjustment |
(406.770) |
10.449 |
(41.265) |
|
|
|
Raw Materials Consumed |
3656.434 |
2250.117 |
1885.179 |
|
|
|
Traded Goods Purchased |
61.373 |
7.370 |
84.835 |
|
|
|
Power and Fuel |
249.672 |
174.934 |
184.055 |
|
|
|
Employees Cost |
158.877 |
103.011 |
92.906 |
|
|
|
Rent Paid |
3.411 |
3.586 |
2.137 |
|
|
|
Rates and Taxes |
13.628 |
5.528 |
5.288 |
|
|
|
Insurance |
8.819 |
7.243 |
8.211 |
|
|
|
Repairs and Maintenance |
128.517 |
79.889 |
47.373 |
|
|
|
Administrative Expenses |
58.618 |
69.479 |
32.474 |
|
|
|
Expenses on TNEB Infrastructure |
23.287 |
0.000 |
0.000 |
|
|
|
Remuneration to Managerial Personnel |
30.935 |
13.369 |
7.533 |
|
|
|
Packing Material Consumed |
60.684 |
50.088 |
43.854 |
|
|
|
Selling and Distribution Charges |
136.508 |
102.515 |
63.503 |
|
|
|
TOTAL |
4183.993 |
2877.578 |
2416.083 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1470.027 |
684.123 |
461.897 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
259.188 |
204.131 |
147.969 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1210.839 |
479.992 |
313.928 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
372.003 |
256.530 |
218.084 |
|
|
|
|
|
|
|
|
|
Less |
Earlier year
depreciation on A/c of change in method of depreciation |
252.849 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Add |
Deferred Tax
Asset on above Withdraw |
85.943 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
671.930 |
223.462 |
95.844 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
283.890 |
72.903 |
15.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
388.040 |
150.559 |
80.484 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
51.337 |
78.425 |
23.872 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
150.000 |
7.500 |
|
|
|
Equity Dividend |
31.509 |
23.631 |
15.754 |
|
|
|
Tax on Corporate Dividend |
5.233 |
4.016 |
2.677 |
|
|
BALANCE CARRIED
TO THE B/S |
102.635 |
51.337 |
78.425 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1391.147 |
816.471 |
466.449 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
245.601 |
306.106 |
259.945 |
|
|
|
Capital Goods and Spares |
90.654 |
129.386 |
66.483 |
|
|
TOTAL IMPORTS |
336.255 |
435.492 |
326.428 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.63 |
9.56 |
5.11 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1302.660 |
1266.550 |
966.520 |
|
Total Expenditure |
1104.930 |
1363.890 |
859.230 |
|
PBIDT (Excl OI) |
197.730 |
(97.340) |
107.290 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
197.730 |
(97.340) |
107.290 |
|
Interest |
86.900 |
81.310 |
79.100 |
|
Exceptional Items |
0.000 |
00 |
0.000 |
|
PBDT |
110.830 |
(178.650) |
28.190 |
|
Depreciation |
91.190 |
91.480 |
91.430 |
|
Profit Before Tax |
19.640 |
(270.130) |
(63.240) |
|
Tax |
(12.670) |
(94.700) |
(17.800) |
|
Provisions and contingencies |
00 |
00 |
0.000 |
|
Profit After Tax |
32.310 |
(175.430) |
(45.440) |
|
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 |
32.310 |
(175.430) |
(45.440) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.86
|
4.23 |
2.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.23
|
6.32 |
3.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.27
|
3.27 |
1.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
32.35
|
12.95 |
5.98 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.73
|
2.90 |
2.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.14
|
7.83 |
4.10 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
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 |
REVIEW OF OPERATIONS
Spinning Division
The Spinning Mills
produced 22477.00 tonnes – inclusive of purchased quantity (242.23 tonnes) of Yarn
and sold 21015.25 tonnes (19294.03 tonnes) of Yarn. The sales include 7646.09
tonnes (5413.49 tonnes) by way of Export. The total sales of this division
amounted to 44329.66 (Rs.2679.824 Millions) of which export sales amounted to
Rs.17989.34 (Rs.750.700 Millions) constituting 40.58% (28.01%) of the total
revenue. The demand and realizations of finished products in Spinning Division
were encouraging.
Weaving Division
The Weaving
Division specializes in manufacturing wide-width cotton fabric. During the
year, 86.33 Lakh Metres (60.84 Lakh Metres) of Fabric were produced and 76.13
Lakh metres (64.78 Lakh metres) of Fabric were sold.
Wind Mill Division
The company has 4
windmills of 1250 KW each totalling 5 MW in Radhapuram Taluk, Tirunelveli
District, Tamilnadu, 25Nos Windmills, each of 800 KW capacity totaling 20 MW
capacity in Dharapuram Taluk, Tiruppur District and Palani Taluk,
Dindigul District
Tamilnadu and 3 Windmills of 1650KW each in Kongalnagaram, Udumalpet Taluk
Tirupur District, Tamilnadu. The total installed capacity of Windmills is 29.95
MW and the whole of the power generated is captively consumed by the Spinning
Units.
The windmills
produced 563.67 Lakh units of wind energy as against 522.26 Lakh units produced
in the last year.
Processing and Technical Textiles Division
Dindigul District,
Tamilnadu and 3 Windmills of 1650KW each in Kongalnagaram, Udumalpet Taluk,
Tirupur District, Tamilnadu. The total installed capacity of Windmills is 29.95
MW and the whole of the power generated is captively consumed by the Spinning
Units.
The windmills
produced 563.67 Lakh units of wind energy as against 522.26lakh units produced
in the last year.
Prospects for the current year and Expansions
The Controls and restriction
on Export of Cotton, yarn and the Court order on Dyeing units in Tirupur have
adversely affected the textile industry. The Company has taken steps to enlarge
the product range and sell the products in the upcountry markets and to
corporate buyers to tide over the crises.
MANAGEMENT DISCUSSIONS
COMPANY'S BUSINESS
The Company's business is
manufacture of cotton yarn, woven and coated fabrics and wind power generation.
The company has two modern spinning units near Dindigul, Tamilnadu with installed
capacity of 1,43,232 spindles, Weaving unit near Palladam, Tamilnadu with
installed capacity of 135 Looms, Processing and Technical Textiles near Annur,
Tamilnadu with capacity to produce 24 Lakhs meters of coated fabric per annum
and 32 windmills with installed capacity 29.95 MW of Power. The whole of the
power produced by the wind mills is captively consumed by the spinning units.
INDUSTRY STRUCTURE AND
DEVELOPMENTS
The contribution of Textile
industry to growth of the Indian economy, in terms of, industrial production,
employment generation and foreign exchange earnings is significant. The Indian
textile Industries contributes around 4% the GDP of the country, 14% to the
Industrial production and 16.63% of the export earnings comes from Textiles Sector.
Textile Sector is the second largest generator of employment after Agriculture.
Contribution of India to the world Textiles production is 12% and 40% of the
Textiles produced is exported outside the country.
Recently, the government has
introduced curbs on export of cotton and waste cotton, cotton yarn to curb the
increase in price of these items.
OUTLOOK
With the optimum utilization of
very modern machinery, it is expected that the Company will be able to improve efficiency
and successfully face global competition.
The performance of our company in
the Domestic market has been quite satisfactory. The Company continues to do
well in export of cotton yarn to countries like Turkey, Egypt, Korea, Taiwan, Hon
kong, China, Sri Lanka, Bangladesh, Singapore, Portugal, Australia, Brazil and
Poland among others. The yarn produced by our company is recognized in the
International market due to strict adherence to delivery schedules and
maintaining of consistent high quality.
The company is focusing on "Product
Mix Optimization" where by product mix is planned, continuously
monitored and reviewed to achieve best possible results in yarn production.
CONTINGENT LIABILITY:
I] The amount of
duty concession availed against the pending obligation (For import of capital
goods under concessional customs duty linked to fulfillment of export
obligations) for the year ended 31.03.2011 is Rs.169.200 Millions. (31.03.2010-
Rs.312.500 Millions).
II] The Central
Excise Department has demanded the Excise Duty rebate received by the company on account of
Export of Yarn. The amount of demand is Rs.5.909 Millions (31.03.2010- Rs. Nil)
AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2012 (Rs. in millions)
|
Particulars |
Quarter Ended |
|
|
|
31.03.2012(Audited) |
31.12.2011(Unaudited) |
|
Net Sales/
Income from Operations |
1062.423 |
956.413 |
|
Other Operating
Income |
20.699 |
9.419 |
|
Expenditure |
1083.122 |
965.832 |
|
Increase/(Decrease) in stock in trade and work in progress |
(52.338) |
20.668 |
|
Consumption of Raw Materials |
760.042 |
646.563 |
|
Purchases of Trading Goods |
0.508 |
3.882 |
|
Employees Cost |
0.801 |
60.659 |
|
Depreciation and Amortization |
98.159 |
91.434 |
|
Power
and Fuel |
82.146 |
34.570 |
|
Other Expenses |
145.965 |
92.887 |
|
Total |
1035.283 |
950.663 |
|
Profit from operations before Other Income,
Interest and Exceptional Items (1-2) |
47.839 |
15.169 |
|
Other Income |
5.363 |
0.684 |
|
Profit before
Interest and Exceptional Items (3+4) |
53.201 |
15.853 |
|
Interest |
79.080 |
79.096 |
|
Profit after
Interest but before Exceptional Items (5-6) |
(25.879) |
(63.243) |
|
Exceptional
Items |
-- |
-- |
|
Profit (+)/ Loss
(-) from Ordinary Activities before tax (7+8) |
(25.879) |
(63.243) |
|
Tax expense |
(50.683) |
(17.798) |
|
Net Profit (+)/
Loss (-) from Ordinary Activities after tax (9-10) |
24.804 |
(45.445) |
|
Extraordinary
Items (Net of tax expense) |
-- |
-- |
|
Net Profit (+)/
Loss (-) for the period |
24.804 |
(45.445) |
|
Paid-up equity
share capital (Face value of Rs.10/- each) |
157.543 |
157.543 |
|
Reserves
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
-- |
-- |
|
Earnings per share |
|
|
|
Before
Extraordinary items (not annualized) |
|
|
|
- Basic (Rs.) |
1.57 |
(2.88) |
|
- Diluted (Rs.) |
1.57 |
(2.88) |
|
Public
Shareholding |
|
|
|
- No. of shares |
7003019 |
7003019 |
|
- Percentage of
shareholding |
44.45% |
44.45% |
|
Promoters and
promoter group shareholding |
|
|
|
Pledged/
Encumbered |
|
|
|
- No. of shares |
-- |
-- |
|
- Percentage of
shares (as a % of the
total shareholding of promoter and promoter group) |
-- |
-- |
|
- Percentage of
shares (as a % of the
total share capital of the company) |
-- |
-- |
|
Non-encumbered |
|
|
|
- No. of shares |
8751250 |
8751250 |
|
- Percentage of
shares (as a % of the
total shareholding of promoter and promoter group) |
55.55% |
55.55% |
|
- Percentage of
shares (as a % of the
total share capital of the company) |
100% |
100% |
FIXED ASSETS:
· Land and Site Development
· Building
· Plant and Machinery
· Office Equipments
· Furniture and Fittings
· Vehicles
· Tools and Implements
WEBSITE DETAILS:
MANAGEMENT
Dr. S V Balasubramaniam
Dr. S. V. Balasubramaniam, aged 71 years is the Chairman and Promoter of the Company. He holds a Bachelors degree in Commerce from Madras University and is a qualified Chartered Accountant as well as a Company Secretary. He is the recipient of the prestigious Doctor of Science (Honaris Causa) from Tamil Nadu Agricultural University, Coimbatore in the presence of Hon. President of India Dr. Abdul Kalam.
He has more than 45 years experience in sugar, textile and engineering sector.
He was the president of Indian Sugar Mills Association in the year 1990-91 and
2002-03. He was awarded with the "Seva Rathnakara Award" in the year
2000 from Sri Adichunhangiri Mahasamsthana Math, Sringeri, Karnataka, the
"Baktha Siromani Award" by H. H. Kanchi Shankaracharaya and the "TNF
Excellence Award" from Tamil Nadu Foundation, USA.
Mr.
S V Alagappan
Mr. S. V. Alagappan, aged 66 years is the Vice-Chairman and Promoter of the Company. He is a qualified law graduate and has experience in the field of textile for more than two decades. As Vice-Chairman, he assists the Chairman of the Company on policy matters, project expansions, finance outlays and Investments.
Mr. S V Arumugam
Mr. S. V. Arumugam, aged 60 years is the Managing Director and promoter of the Company. He holds a Bachelors Degree in Science and is a qualified Chartered Accountant. He has more than two decades of experience in the textile industry in planning, procurement, execution and management. He is responsible for the overall operations of the Company inter alia finance, purchase, sales and marketing.
He was the Deputy Chairman of Southern India Textile Mills Association (SIMA) which has 301 Textile Mills as its Members and was the past Chairman of Confederation of Indian Industry, Coimbatore Chapter. He is a Committee Member of the Indian Cotton Mills Federation (ICMF), Mumbai. He is the Honorary Secretary of Indian Wind Power Association, Chennai.
Mr. S. K. Sundararaman
Mr.
S. K. Sundararaman, aged 37 years is an MBA from the Judge Institute of
Management Studies, Cambridge University, UK. He joined the Board as a Director
on May 24, 2004 and was elevated as Executive Director on June 27, 2005. He is
responsible for the weaving division and new initiatives. He has wide
experience in the field of Information Technology and Technical Education,
especially in the field of Textile Technology.
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. 56.05 |
|
|
1 |
Rs. 86.69 |
|
Euro |
1 |
Rs. 69.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.