MIRA
INFORM REPORT
|
Report Date : |
15.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BANNARI AMMAN SUGARS LIMITED |
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Registered
Office : |
1212, Trichy Road, Coimbatore-641018, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.12.1983 |
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Com. Reg. No.: |
18-001358 |
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Capital
Investment / Paid-up Capital : |
Rs. 114.397 Millions |
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CIN No.: [Company Identification
No.] |
L15421TZ1983PLC001358 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBB03043F/CMBB03038A/CMBB03064F |
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PAN No.: [Permanent Account No.] |
AAACB8933G |
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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 of Sugar Alcohol Bio-Compost Bio-Diesel
Granite Products and Generation and Distribution of Power. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
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 |
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Maximum Credit Limit : |
USD |
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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.
There appears to be some dip in the profitability of the company in the current
year i.e. (2010-11). However, financial position of the company appears to be
sound. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be recorded as a promising business partner in medium to long
run. |
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered
Office / Corporate Office : |
1212, Trichy Road, Coimbatore - 641 018, Tamilnadu, India |
|
Tel. No.: |
91-422-2302277 (10 Line) |
|
Fax No.: |
91-422-2309999 / 2305599 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at ·
Chennai ·
Bangalore ·
New Delhi |
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Sugar Unit-I |
Alathukombai,
Sathyamangalam - 638 401, Erode District, Tamilnadu, India |
|
Tel. No.: |
91-4295-220363/
220387 |
|
Fax No.: |
91-4295-222362/
220695 |
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E-Mail : |
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Sugar Unit- II |
Alaganchi, Nanjangud–571301,
Mysore District, Karnataka, Tamilnadu, India |
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Tel. No.: |
91-8221-235042/24/45/54/55 |
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Fax No.: |
91-8221-235014 |
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E-Mail : |
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Sugar Unit- III |
Kunthur, Kollegal 571440, Chamrajnagar District,
Karnataka, Tamilnadu, India |
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Tel. No.: |
91-8224- 261277 |
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Fax No.: |
91-8224 -261333 |
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E-Mail : |
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Sugar Unit- IV |
Kolundanpattu,
Thandarampattu Tk – 606 706, Tiruvannamalai District, Tamilnadu |
|
Tel. No.: |
91-4188-
248571/72/73 |
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Fax No.: |
91-4188
-248200 |
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E-Mail : |
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Granite Division: |
100
% EOU: Alathukombai Village,
Sathyamangalam - 638 401,
Erode District, Tamil Nadu |
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Tel. No.: |
91-4295-220363/220387 |
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Fax No.: |
91-4295-222909 |
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E-Mail : |
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Distillery Division : |
Chinnapuliyur, Periyapuliyur- 638455, Bhavani Taluk, Erode District, Tamilnadu, India |
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Tel. No.: |
91)-4256-236688 |
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Fax No.: |
91-4256-236690 |
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E-Mail : |
basddspl@vsnl.com |
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Bio-Compost Unit : |
Modur, Arakkankottai - 638506, Gobichettipalayam, TK, Erode
District, Tamilnadu, India |
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Tel. No.: |
91-4285-252510/ 252110 |
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E-Mail : |
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Bio Diesel plant : |
Alathukombai, Sathyamangalam – 638401, Erode District, Tamilnadu,
India |
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Tel. No.: |
91-4295-220363, 220387 |
|
Fax No.: |
91-4295-220695 |
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E-Mail : |
DIRECTORS
As on 31.03.2011
|
Name : |
And S V
Balasubramaniam |
|
Designation : |
Chairman |
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Name : |
And
V Venkata Reddy |
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Designation : |
Vice Chairman |
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Name : |
Mr.
B Saravanan |
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Designation : |
Managing Director |
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Qualification
: |
Commerce Graduate |
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Name : |
Mr. S V Alagappan |
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Designation : |
Director |
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Name : |
Mr. S V Arumugam |
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Designation : |
Director |
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Name : |
Mr. E P
Muthukumar |
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Designation : |
Director |
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Name : |
Mr. A K
Perumalsamy |
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Designation : |
Director |
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Name : |
Mr. T Gundan |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. C Palaniswamy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1837535 |
16.06 |
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|
4422741 |
38.66 |
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|
6260276 |
54.72 |
|
Total shareholding of Promoter and Promoter Group (A) |
|
54.72 |
|
(B) Public Shareholding |
|
|
|
|
|
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|
100 |
- |
|
|
264 |
- |
|
|
22392 |
0.20 |
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|
22756 |
0.20 |
|
|
|
|
|
|
997826 |
8.72 |
|
|
|
|
|
|
1166802 |
10.20 |
|
|
2053259 |
17.95 |
|
|
935781 |
8.21 |
|
|
436 |
- |
|
Director and their relatives and Friends |
106731 |
0.93 |
|
|
45000 |
0.39 |
|
Non Resident Indians |
249948 |
2.18 |
|
|
536616 |
4.69 |
|
|
50 |
- |
|
|
5156668 |
45.08 |
|
Total Public shareholding (B) |
5179424 |
45.28 |
|
Total (A)+(B) |
11439700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
(1) Promoters and Promoter Group |
- |
- |
|
(1) Public |
- |
- |
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Sub Total |
|
|
|
Total (A)+(B)+(C) |
11439700 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sugar Alcohol Bio-Compost Bio-Diesel
Granite Products and Generation and Distribution of Power. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Punjab National Bank ·
Bank of Baroda ·
Canara Bank ·
The Federal Bank Limited ·
The Karur Vysya Bank Limited ·
Union Bank of India ·
Indian Overseas Bank ·
State Bank of Travancore ·
State Bank of India ·
State Bank of Hyderabad ·
Bank of India ·
The Lakshmi Vilas Bank Limited |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
P
N Raghavendra Rao and Company Chartered Accountants |
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Internal
Auditors 1 : |
Srivatsan
and Gita Chartered Accountants |
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Internal
Auditors 2 : |
Bakthavachalam
and Company Chartered
Accountants |
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Cost
Auditor : |
M
Nagarajan Cost Accountant |
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Related Party : |
·
Annamallai
Retreading Company Private Limited ·
Madras
Sugars Limited ·
Anamallais
Automobiles Private Limited ·
Bannari
Amman Spinning Mills Limited ·
Shiva
Distilleries Limited ·
Vedanayagam
Hospital Limited ·
Shiva
Texyarn Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs.10/- each |
Rs.290.000 Millions |
|
2100000 |
Preference Shares |
Rs.100/-
each |
Rs.210.000
Millions |
|
|
Total
|
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11439700 |
Equity Shares |
Rs.10/- each |
Rs. 114.397
Millions |
|
|
|
|
|
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 |
114.397 |
114.397 |
114.397 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7127.333 |
6730.116 |
5427.049 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7241.730 |
6844.513 |
5541.446 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2599.271 |
1966.392 |
1973.918 |
|
|
2] Unsecured Loans |
2627.399 |
216.133 |
477.807 |
|
|
TOTAL BORROWING |
5226.670 |
2182.525 |
2451.725 |
|
|
DEFERRED TAX LIABILITIES |
919.089 |
840.079 |
588.242 |
|
|
|
|
|
|
|
|
TOTAL |
13387.489 |
9867.117 |
8581.413 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7140.635 |
7146.360 |
4432.517 |
|
|
Capital work-in-progress |
207.566 |
224.103 |
903.080 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.494 |
38.978 |
43.975 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5279.526
|
2665.746 |
2875.823 |
|
|
Sundry Debtors |
992.903
|
449.148 |
695.504 |
|
|
Cash & Bank Balances |
48.826
|
55.823 |
54.970 |
|
|
Other Current Assets |
197.976
|
255.705 |
279.178 |
|
|
Loans & Advances |
1835.550
|
1437.963 |
1155.466 |
|
Total
Current Assets |
8354.781
|
4864.385 |
5060.941 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
1545.273
|
1687.605 |
1182.745 |
|
|
Provisions |
777.714
|
719.104 |
676.355 |
|
Total
Current Liabilities |
2322.987
|
2406.709 |
1859.100 |
|
|
Net Current Assets |
6031.794
|
2457.676 |
3201.841 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13387.489 |
9867.117 |
8581.413 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8238.539 |
8770.399 |
6948.262 |
|
|
|
Other Income |
77.312 |
89.793 |
172.703 |
|
|
|
TOTAL |
8315.851 |
8860.192 |
7120.965 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Purchased |
6566.601 |
4299.538 |
3432.472 |
|
|
|
Trade Goods Purchased |
3.395 |
0.000 |
0.000 |
|
|
|
Manufacturing and other expenses |
2742.763 |
1971.077 |
1765.151 |
|
|
|
Excise Duty on stock |
80.492 |
(79.989) |
(40.066) |
|
|
|
Stock Adjustment |
(2568.190) |
235.749 |
207.820 |
|
|
|
TOTAL |
6825.061 |
6426.375 |
5365.377 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1490.790 |
2433.817 |
1755.588 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
221.565 |
53.034 |
95.814 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1269.225 |
2380.783 |
1659.774 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
708.308 |
383.406 |
340.823 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
560.917 |
1997.377 |
1318.951 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
30.303 |
561.044 |
120.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
530.614 |
1436.333 |
1198.277 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
410.000 |
1350.000 |
860.000 |
|
|
|
Dividend |
114.397 |
114.397 |
131.011 |
|
|
|
Tax on Dividend |
19.000 |
19.442 |
22.265 |
|
|
|
Provision for Diminution in Value of
Investment |
0.000 |
(0.573) |
0.478 |
|
|
|
Capital Redemption Reserve |
0.000 |
0.000 |
184.600 |
|
|
BALANCE CARRIED
TO THE B/S |
113.462 |
126.245 |
173.178 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
693.523 |
340.756 |
674.025 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Sugar |
1472.675 |
975.439 |
-- |
|
|
|
Components and Spares Parts |
79.655 |
47.650 |
57.189 |
|
|
|
Capital Goods |
40.679 |
240.532 |
18.227 |
|
|
TOTAL IMPORTS |
1593.009 |
1263.621 |
75.416 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
46.38 |
125.56 |
103.05 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2nd Quarter |
31.12.2011 3rd
Quarter |
|
Type |
|
|
|
|
Sales Turnover |
3473.880 |
2680.620 |
2597.630 |
|
Total Expenditure |
2931.430 |
2248.690 |
2249.230 |
|
PBIDT (Excl
OI) |
542.450 |
431.930 |
348.400 |
|
Other Income |
9.040 |
11.210 |
3.910 |
|
Operating
Profit |
551.490 |
443.140 |
352.310 |
|
Interest |
126.010 |
121.440 |
107.590 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
425.480 |
321.700 |
244.720 |
|
Depreciation |
170.600 |
169.430 |
164.140 |
|
Profit
Before Tax |
254.880 |
152.270 |
80.580 |
|
Tax |
53.330 |
10.990 |
9.740 |
|
Reported PAT |
201.550 |
141.270 |
70.830 |
|
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 |
201.550 |
141.270 |
70.830 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.38
|
16.21 |
16.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.80
|
22.77 |
18.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.62
|
16.63 |
13.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.29 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
0.67 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.60
|
2.02 |
2.72 |
LOCAL AGENCY FURTHER INFORMATION
Review of
Operations
Sugar Division
During the year
the sugar prices remained flat throughout the year at uneconomical levels. The cost
of inputs had increased substantially mainly due to steep increase in cane
price. The stock of sugar was almost 60% of the total production resulting in
increase of carrying cost
Co-generation of Power
The co-generation
plants had generated 409.64 million units of power and exported 291.06 million
units of power to grids compared to the generation of 245.58 million units and
export of 168.78 million units in the previous year. The increase is due to the
full year operation of co-generation plant at Unit-IV at Thiruvannamalai
District. The dues on supply of power to the Tamilnadu and Karnataka Government
grids are not settled in time and the delay has impacted the working capital
finance of the company
Distillery Division
During the year
the distillery units had produced 25.95 million BLtrs of Alcohol as against
26.80 million BLtrs in the previous year
Granite Division
In the granite
processing unit 110667 square metres of granite slabs and 13675 square metres
of tiles were produced compared to production of 111658 square metres of
granite slabs and 10722 square metres of tiles in the last year
Wind Mill
Wind Mills had
generated 15.12 million units of power and exported 13.27 million units to grid
compared to the generation of 16.77 million units and export of 15.18 million
units
Management Discussion and Analysis Report
Indian Sugar
Industry
India is one of the largest producers of sugar and the industry consists
of co-operative, public and private sector. The sugar production in 2009 - 2010
sugar season (Oct - Sep) exceeded the previous estimates. The trend in domestic
supply and demand in the last two sugar seasons are given below
Indian sugar Price
The Indian sugar prices did not move along with the world sugar prices
on account of Government's policies with regard to exports and releases in the
local market. Sugar prices remained flat at uneconomical levels throughout the
year.
The levy sugar price most of the time is much lower than the free sugar
price and the industry subsidizes the supply of sugar to public distribution
system. This also has an adverse impact on the performance.
Sugar Cane Price
The Government of India made a very important amendment in the sugarcane
(Control) Order by which Fair and Remunerative Price (FRP) is fixed by the
Government of India after taking into consideration the cost of production of
sugarcane including the cost of transportation and elements of profits and
margins for sugarcane farmers on account of risk.
The FRP fixed by the Central Government for the season 2010 - 2011 is Rs
139.12 per quintal linked to a basic recovery of 9.5% sugar with a premium of
Rs 1.46 for every 0.1% point increase in recovery. Since FRP is fixed after
taking into consideration of all the relevant factors there must not be any
room for any other authority to increase the price already fixed. However both
the Tamilnadu and Karnataka governments had advised to pay higher price than
FRP fixed by the Central Government. FRP for 2011 - 2012 has been announced
fixing the price at Rs 145 per quintal for 9.5% recovery with a premium of Rs
1.53 for every 0.1% increase in the recovery.
The raw material cost plays a very vital role in determining the
financial performance of sugar companies. Any unreasonable increase in
sugarcane price adversely affects the profitability and in the long run it
would have impact on the payments to be made to the cane growers.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant
and Machinery
·
Furniture
·
Fixtures
·
Office
and Canteen Equipments
·
Live
Stock
·
Motor
Vehicles
UNAUDITED FINANCIAL RESULTS FOR
THE THREE MONTHS ENDED 31.12.2011
|
No. |
PARTICULARS |
Three months ended 31.12.2011 (Unaudited) |
Three months ended 30.09.2011 (Unaudited) |
Year to date figure for the current period ended 31.12.2011 (Unaudited) |
|
|
|
|
|
|
|
1 |
Net Sales/ Income from operations |
3467.153 |
2676.602 |
8740.323 |
|
|
|
|
|
|
|
|
b) Other operating income |
6.730 |
4.014 |
11.804 |
|
2 |
Expenditure |
|
|
|
|
|
a) (Increase) / decrease in stock in
trade and work in progress |
(20.360) |
230.321 |
618.216 |
|
|
b) Consumption of raw materials |
2228.127 |
1374.225 |
4765.645 |
|
|
c) Purchase of traded goods |
Na |
|
|
|
|
d) Employees cost |
140.244 |
127.523 |
360.748 |
|
|
e) Depreciation |
170.598 |
169.434 |
504.170 |
|
|
f) Power and Fuel |
147.186 |
120.401 |
499.911 |
|
|
g) Other expenditure |
436.233 |
396.211 |
1184.821 |
|
|
h) Total |
3102.028 |
2418.115 |
7933.511 |
|
|
|
|
|
|
|
3 |
Profit from Operations before Other Income, Interest and
Exceptional Items(1-2) |
371.855 |
262.501 |
818.616 |
|
|
|
|
|
|
|
4 |
Other Income |
9.041 |
11.208 |
24.158 |
|
5 |
Profit before Interest and Exceptional Items (3 + 4) |
380.896 |
273.709 |
842.774 |
|
6 |
Interest |
126.007 |
121.441 |
355.042 |
|
7 |
Profit after Interest but before Exceptional Items ( 5 - 6) |
254.889 |
152.268 |
487.732 |
|
8 |
Exceptional Items |
- |
- |
- |
|
9 |
Profit/(Loss) from Ordinary Activities before Tax (7 + 8) |
254.889 |
152.268 |
487.732 |
|
10 |
Tax expenses |
53.332 |
10.994 |
74.069 |
|
11 |
Net Profit/(Loss) from Ordinary Activities after Tax ( 9- 10) |
201.557 |
141.274 |
413.663 |
|
12 |
Extraordinary Items (net of tax expenses Rs. ) |
- |
- |
- |
|
13 |
Net Profit/(Loss) for the Period (11-12) |
201.557 |
141.274 |
413.663 |
|
14 |
Paid-up Equity Share capital |
114.397 |
114.397 |
114.397 |
|
15 |
Reserves excluding Revaluation Reserves as per Balance Sheet of Previous
Accounting Year |
- |
- |
- |
|
16 |
Earning Per Share (EPS) |
|
|
|
|
|
a. Basic and diluted EPS before Extraordinary items for the
period, for the year to-date and for the previous year (Rs.) |
17.62 |
12.35 |
36.16 |
|
|
b. Basic and diluted EPS after Extraordinary items for the
period, for the year to-date and for the previous year (Rs.) |
17.62 |
12.35 |
36.16 |
|
17 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
5178424 |
5179424 |
5179424 |
|
|
- Percentage of Shareholding |
45.28 |
45.28 |
45.28 |
|
18 |
Promoters and Promoter group Shareholding: |
|
|
|
|
|
a. Pledged/Encumbered |
|
|
|
|
|
Number of Shares |
Nil |
Nil |
Nil |
|
|
Percentage of Shares (as a % of the total share holding of promoter
and promoter group) |
NA |
NA |
NA |
|
|
Percentage of Shares (as a % of the total share holding of the
company) |
NA |
NA |
NA |
|
|
b. Non-encumbered |
|
|
|
|
|
- Number of Shares |
6260276 |
6260276 |
6260276 |
|
|
Percentage of Shares (as
a % of the total share holding of promoter and promoter group) |
100 |
100 |
100 |
|
|
Percentage of Shares (as a % of the total share holding of the
company) |
54.72 |
54.72 |
54.72 |
STOCK EXCHANGE FOR
THE THREE MONTHS ENDED 31.12.2011
|
|
PARTICULARS |
Three months ended 31.12.2011 (Unaudited) |
Three months ended 30.09.2011 (Unaudited) |
Year to date figure for the current period ended 31.12.2011 (Unaudited) |
|
1 |
SEGMENT REVENUE ( Net
Sales/Income from each segment) |
|
|
|
|
|
a) Sugar |
3000.529 |
2269.732 |
7334.097 |
|
|
b) Power |
579.169 |
475.457 |
1699.354 |
|
|
c) Distillery |
327.184 |
225.616 |
750.195 |
|
|
d) Unallocated |
206.457 |
194.209 |
552.351 |
|
|
Total |
4113.339 |
3165.014 |
10335.997 |
|
|
Less: Inter Segment Revenue |
346.186 |
488.412 |
1595.674 |
|
|
Net Sales/Income from Operation |
3467.153 |
2676.602 |
8740.323 |
|
2 |
SEGMENT RESULTS ( Profit before Tax and Interest from each
segment) |
|
|
|
|
|
a) Sugar |
98.791 |
6.009 |
62.321 |
|
|
b) Power |
129.346 |
130.849 |
454.792 |
|
|
c) Distillery |
116.016 |
77.180 |
236.304 |
|
|
d) Unallocated |
31.576 |
56.546 |
79.223 |
|
|
Total |
375.729 |
270.584 |
832.640 |
|
|
Less interest |
126.007 |
121.441 |
355.042 |
|
|
Add: Un-allocable income |
5.167 |
3.125 |
10.134 |
|
|
Total Profit Before Tax |
254.889 |
152.268 |
487.732 |
|
3 |
CAPITAL EMPLOYED (Segment Assets minus Segment
Liabilities) |
|
|
|
|
|
a) Sugar |
8876.586 |
8951.032 |
8876.586 |
|
|
b) Power |
1731.610 |
1808.748 |
1731.610 |
|
|
c) Distillery |
1196.474 |
1085.310 |
1196.474 |
|
|
d) Unallocated |
596.283 |
659.729 |
596.283 |
|
|
Total |
12400.953 |
12504.819 |
12400.953 |
Website details
Business Description
Subject is an India-based
company. The Company has five divisions: Sugar Division, Co-generation of
Power, Distillery Division, Granite Division and Wind Mill. During fiscal year
ended March 31, 2011 (fiscal 2011), the Company had crushed 509000 tons of
sugarcane in sugar unit I, 1185000 tons of sugarcane in sugar unit II, 350000
tons of sugarcane in sugar unit III and 541000 tons of sugarcane in sugar unit
IV. During fiscal 2011, the co-generation plants had generated 409.64 million
units of power and exported 291.06 million units of power to grids. During
fiscal 2011, the distillery units produced 25.95 million BLtrs of Alcohol.
During fiscal 2011, the Wind mills generated 15.12 million units of power and
exported 13.27 million units to grid. For the nine months ended 31 December
2010, Bannari Amman Sugars Limited's revenues decreased 12% to RS6.03B. Net
income decreased 89% to Rs.155.5 Millions. Revenues reflect a decrease in
income from company's operations. Net income also reflects an increase in
depreciation expenses, a higher other expenses, a rise in employee costs,
increased power & fuel expenses, a rise in interest expenses and a decrease
in operating profit margin.
Board of Directors
Mr. B.
Saravanan
(Managing Director, Executive Director, Chairman)
Mr.. B. Saravanan
is Managing Director, Executive Director of Subject. He served as Joint
Managing Director of the Company. He is also the Managing Director of Shiva
Distilleries Limited. His Other Directorships are Kerala Alcoholic Products
Limited, Madras Sugars Limited, Shiva Cargo Moers Limited, Shiva Distilleries
Limited, Annamallai Enterprise Private Limited, Bannari Enterprises Private
Limited, Kandiamman Enterprise Private Limited, Kumaraguru Enterprise Private
Limited, Soundaram Enterprise Private Limited, Soundaram Enterprise Private
Limited, Velmuruga Enterprises Private Limited.
Mr. V.Venkata Reddy
(Non-Executive Independent Vice Chairman of the
Board, Vice-Chairman)
Mr. V. Venkata
Reddy is Non-Executive Independent Vice Chairman of the Board of Subject. He is
associated with the Company. He has 45 years experience in sugar industry
including international assignments. He was the Managing Director of Sri
Chamundeswari Sugars Limited for more than 8 years. He was the President of
Sugar Mills Association, Karnataka during the period 2001 - 2003. His Other
Directorships are Bannari Amman Spinning Mills Limited, Shiva Hi-Tec
Infrastructure Limited, Shkia texyam Limited, Sri Kollapuri Amma Agro
Industries Private Limited, Sri Kollapuri Amma Enterprises Phvate Limited.
Mr. S. V. Alagappan
(Non-Executive Director, Director/ Board Member)
Mr. S. V.
Alagappan is Non-Executive Director of Subject. He holds B.Com. Is associated
with the company as Director since 29.9.1988. He has more than 37years of managerial
experience. He is the Managing Director of Shiva Texyarn Limited and Annamallai
Retreading Company Private Limited. His other directorships includes:
Annamallai Infrastructures Limited, Bannari Amman Enterprises Limited, Bannari
Amman Exports Limited, Bannari Amman Spinning Mills Limited, Bannariamman
Finance Limited, Bannari Amman Flour Mill Limited, Kerala Alcoholic Products
Limited, Shiva Cargo Movers Limited, Shiva Distilleries Limited, Anamallais
Agencies Private Limited, Anamallais Automobiles Private Limited, Annamallai
Enterprise Private Limited, Annamallai Estates Private Limited, AA Tyre
Retreading Company Private Limited, Bannari Amman Apparel Private Limited,
Bannari Amman Infrastructures Private Limited, Bannari Techno Park Private Limited,
Kwality Clothes Private Limited, Sakthi Murugan Transports Private Limited,
Shiva Automobiles Private Limited, Vadivelan Enterprises Private Limited,
Vedanayagam Hospital Private Limited.
Mr. S. V. Arumugam
(Non-Executive Director, Board Member)
Mr. S. V.
Arumugam, B.Sc., ACA, is Non-Executive Director of Subject. He is associated
with the company as Director since 28.11.1994. He has more than 23 years of
managerial experience. He is the Managing Director of Bannari Amman Spinning
Mills Limited and Bannari Amman Apparel Private Limited. His other
directorships includes: Annamallai Infrastructures Limited, Bannari Amman
Enterprises Limited, Bannari Amman Exports Limited, Bannariamman Finance
Limited, Bannari Amman Flour Mill Limited, Kerala Alcoholic Products Limited,
Shiva Cargo Movers Limited, Shiva Distilleries Limited, Shiva Texyarn Limited,
SIMATextile Processing Centre Limited, Confederation of Indian Textile
Industry, Anamallais Agencies Private Limited, Anamallais Automobiles Private
Limited. Annamallai Enterprise Private Limited, Annamallai Estates Private
Limited, Annamallai Retreading Company Private Limited, AATyre Retreading
Company Private Limited, Bannari Amman Infrastructures Private Limited, Bannari
Techno Park Private Limited, Kwality Clothes Private Limited, Murugan
Enterprise Private Limited, Sakthi Murugan Transports Private Limited, Senthil
Infrastructure Private Limited, Shiva Automobiles Private Limited, Vedanayagam
Hospital Private Limited.
Mr. T. Gundan
(Non-Executive Independent Director, Board Member)
Mr. T Gundan is
Non-Executive Independent Director of Subject. He is a Senior Cambridge and is
the Managing Director of Kothagiri Rob Roy Tea Estates Limited and experience
in business. He was a member of Tamilnadu State Legislative Assembly. He does
not hold any shares in the Company. Other Directorship includes Kothagiri Rob
Roy Tea Estates Limited, Glenburn Estates and Enterprises Private Limited,
Hotel Jagadeeswari Private Limited, Ootacamund Gymkhana Club.
Mr. E. P. Muthukumar
(Non-Executive Independent Director, Board Member)
Mr. E. P.
Muthukumar is Non-Executive Independent Director of Subject. He is associated
with Bannari Amman Sugars Limited as a Director since 6.12.1984. He doesn’t
have any Directorship in other public companies. He has 35 years experience in
sugarcane cultivation. He holds B.E.
Mr. A. K. Perumalsamy
(Non-Executive Independent Director, Board Member)
Mr. A. K.
Perumalsamy is Non-Executive Independent Director of Bannari Subject. He has
more than 48 years experience in sugarcane cultivation. He does not hold any
other Directorship.
Press Release
Next elections to
be Siddu's swan song
03 September 2011
Senior Congress leader and
former Karnataka deputy chief minister Siddaramaiah sprang a surprise on Friday
by stating that the next elections will be "his last attempt to enter the
Karnataka Assembly".
In an informal chat with
the media here on Friday, the fiery Opposition leader said that fighting
elections was becoming "cost-prohibitive".
He added that when he
contested the Lok Sabha polls in 1991 he spent a few lakhs while campaigning,
whereas a candidate contesting the Corporation elections today needs to spend
at least Rs.40.000 – 50.000 Millions.
Stating that age deters his
continuance in the political arena, Siddaramaiah, who has continuously
represented the state assembly since 1983 except for once, however, said:
"If at all I were to contest the Lok Sabha elections it would be from
Koppal, from where I had lost narrowly in the 1991 elections." He added
that the party was would finalise its candidates for the September 26 Koppal
byelections in a day or two and would campaign extensively.
"The corrupt BJP and
its failure to provide good governance will be our electoral plank," he
said.
Siddaramaiah reiterated his
demand to convene a special session of the state Assembly to discuss various
issues facing the state, including the submission of the Lokayukta report on
illegal mining and floods in North Karnataka.
"91 people have died
and property worth Rs.1100.000 Millions was lost in the rain fury.
What better reason does the
CM have for convening the session?" he questioned.
He added that the Congress
will take part in the special session.
SUGARCANE MSP: DVS GETS
MISSIVE
Bangalore: Leader of
Opposition in Assembly Siddaramaiah has urged Chief Minister D V Sadananda
Gowda to fix the minimum support price (MSP) for sugarcane at Rs.2,500 per
tonne.
In a letter addressed to
the CM which was released to the media here on Friday, Siddaramaiah said that
the Opposition parties need to be taken into confidence while holding meetings
with sugarcane growers on fixing the MSP.
The Opposition leader
opined that the state government's recent decision to fix the MSP at Rs.2,000
per tonne for the state-owned Mysugar company was not judicious.
"A majority of sugar
factories make enormous profits from the sale of byproducts of sugarcane,
including molasses and power generation, hence, the farmers' demand of seeking
higher prices for their crop is genuine," he stated in the letter.
He called on the government
to implement a similar policy for farmers supplying sugarcane to Bannari Amman
Sugars in Nanjanagud taluk.
"The Factory has not fixed
prices for sugarcane supplied to be supplied by farmers for the last three
years," he said.
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.50.31 |
|
|
1 |
Rs.79.05 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
70 |
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.