BUSINESS INFORMATION REPORT
1. Summary Information
|
Reference
# |
135-315787-01-020(20120314173) |
Country |
|
|
Company Name |
BUTTERFLY GANDHIMATHI
APPLIANCES LIMITED |
Principal Name 1 |
MR. V.M.
LAKSHMINARAYANAN |
|
Status |
SATISFACTORY |
Principal Name 2 |
MR. V.M. BALASUBRAMANIAM |
|
Our Reference # |
173498 |
Registration # |
18-012728 |
|
Street Address |
143, |
||
|
Established Date |
24.02.1986 |
SIC Code |
-- |
|
Telephone# |
91-44-67415524 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
NOT AVAILABLE |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
HOME APPLIANCES |
|
|
# of employees |
500 (APPROXIMATELY) |
Product Name 2 |
-- |
|
Paid up capital |
RS.96,346,010/- |
Product Name 3 |
-- |
|
Shareholders |
PROMOTER AND PROMOTER GROUP-77.77% PUBLIC SHAREHOLDING-22.23% |
Banking |
BANK OF |
|
Public Limited Corp. |
YES |
Business Period |
25 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 (9 Months) |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
838,354,000
|
Current Liabilities |
347,014,000
|
|
Inventories |
470,029,000
|
Long-term Liabilities |
767,845,000 |
|
Fixed Assets |
293,138,000 |
Other Liabilities |
145,684,000
|
|
Deferred Assets |
63,137,000 |
Total Liabilities |
1,260,543,000 |
|
Invest& other Assets |
9,379,000 |
Retained Earnings |
317,148,000 |
|
|
|
Net Worth |
413,494,000 |
|
Total Assets |
1,674,037,000 |
Total Liab. & Equity |
1,674,037,000 |
|
Total Assets (Previous Year - 30.06.2010) |
1,209,160,000 |
|
|
|
P/L Statement as of |
31.03.2011 (9 Months) |
(Unit: Indian Rs.) |
|
|
Sales |
2,207,048,000 |
Net Profit |
151,913,000 |
|
Sales (Previous Year - 30.06.2010) |
2,716,238,000 |
Net Profit(Prev.yr) |
155,823,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BUTTERFLY GANDHIMATHI
APPLIANCES LIMITED (w.e.f. 25.10.2011) |
|
|
|
|
Formerly Known
As : |
GANDHIMATHI APPLIANCES LIMITED |
|
|
|
|
Registered
Office : |
143, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.02.1986 |
|
|
|
|
Com. Reg. No.: |
18-012728 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.96.346
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28931TN1986PLC012728 |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s shares are listed on
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Home Appliances. |
|
|
|
|
No. of Employees
: |
500 (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 1654000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track. 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
143, |
|
Tel. No.: |
91-44-67415524 / 67415525 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
377, Anna Salai, Teyanampet, Chennai – 600 018, |
|
Tel. No.: |
91-44-24345313/ 24350685/ 24350682 |
|
Location : |
Rented |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. V.M. Lakshminarayanan |
|
Designation : |
Chairman |
|
Date of Birth/
Age : |
05.08.1948 |
|
Qualification : |
Matriculation |
|
Expertise in specific Functional Area : |
Industrialist
Expert in all key areas of management in Home Appliances industry. |
|
Date of Appointment
: |
30.04.2003 |
|
List of Outside Directorship held : |
v Gangadharam
Appliances Limited (Chairman and Managing Director) v Butterfly
Construction Limited |
|
|
|
|
Name : |
Mr. V.M.
Balasubramaniam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V.M.
Seshadri |
|
Designation : |
Managing
Director |
|
|
|
|
Name : |
Mr. V.M.
Gangadharam |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr. V.M.
Kumaresan |
|
Designation : |
Executive
Director-Technical |
|
|
|
|
Name : |
Mr. V.R.
Sivaraman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Ganesan |
|
Designation : |
Director |
|
Date of Birth/
Age : |
01.10.1931 |
|
Qualification : |
B.Com., F.C.A. |
|
Expertise in specific Functional Area : |
Mr. K. Ganesan retired
as Sr. Partner of Lovelock and Lewes, well-known firm of Chartered
Accountants. He has vast experience and expertise in auditing, accounts and
finance of several multinational and Indian Companies. |
|
Date of
Appointment : |
30.01.1999 |
|
|
|
|
Name : |
Mr. M.
Padmanabhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V.R.
Lakshminarayanan |
|
Designation : |
Director |
|
Date of Birth/
Age : |
15.03.1928 |
|
Qualification : |
IPS (Retired) |
|
Expertise in specific Functional Area : |
Mr.
Lakshminarayanan retired as Director General of Police. He has vast
experience in Public Administration and upkeep of Law and Order. |
|
Date of
Appointment : |
11.01.1993 |
|
List of Outside Directorship held : |
Alwarpet Benefit
Fund Limited |
|
|
|
|
Name : |
Mr. D.
Krishnamurthy |
|
Designation : |
Executive
Director-cum-Company Secretary |
|
|
|
|
Audit Committee : |
Mr. K. Ganesan,
Chairman Mr. M.
Padmanabhan Mr. V.M.
Lakshminarayanan Mr. V.R.
Lakshminarayanan |
|
|
|
|
Shareholders/ Investors Grievance Committee : |
Mr. K. Ganesan Mr. V.M.
Seshadri |
|
|
|
|
Remuneration Committee : |
Mr. K. Ganesan,
Chairman Mr. M.
Padmanabhan Mr. V.R.
Lakshminarayanan |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5,004,042 |
32.43 |
|
|
6,994,065 |
45.33 |
|
|
11,998,107 |
77.77 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
11,998,107 |
77.77 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2,645 |
0.02 |
|
|
2,645 |
0.02 |
|
|
|
|
|
|
412,474 |
2.67 |
|
|
|
|
|
|
1,976,877 |
12.81 |
|
|
839,025 |
5.44 |
|
|
199,423 |
1.29 |
|
|
199,423 |
1.29 |
|
|
3,427,799 |
22.22 |
|
Total Public shareholding (B) |
3,430,444 |
22.23 |
|
Total (A)+(B) |
15,428,551 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
15,428,551 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Home Appliances. |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
A. No licence is
required for any of the products of the Company.
|
B. Installed Capacity on Single Shift Basis Per
Annum (As Certified by the Managing Director) |
2010-2011 9 Months Nos. |
|
LPG Stove |
540,000 |
|
Mixer - Grinder |
360,000 |
|
Table-top Wet Grinder |
150,000 |
|
C. ACTUAL PRODUCTION |
2010-2011 9 Months Nos. |
|
LPG Stove |
393,020 |
|
Mixer - Grinder |
347,684 |
|
Table-top Wet Grinder |
54,532 |
|
Cooker / Pan |
422,509 |
|
Flasks |
38,193 |
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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Bankers : |
v
Bank of v
State Bank of Travancore v
IDBI Bank v
The South Indian Bank Limited |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
Notes: During the period,
the Company has raised an unsecured loan of Rs.202.000 millions (balance
outstanding at the end of the year is Rs.198.100 millions) from Religare
Finvest Limited (RFL) to repay a loan taken in the previous period from Dewan
Housing Finance Corporation Limited (DHFL), repayable over a period of twelve
years for which the securities have been provided by an associate Company,
Promoter Directors and their relatives. In view of
proposed merger of Gangadharam Appliances Limited with Gandhimathi Appliances
Limited, for which the Hon’ble BIFR has granted in-principle approval, the
Company has advanced in the previous period a sum of Rs.150.000 millions to
one of its Associate Companies against the security of pledge of certain
shares and Demand Promissory Note and another sum of Rs.65.000 millions to
Gangadharam Appliances Limited against the second charge of its immovable
property, to settle their liabilities, which will get extinguished once the
merger proposal is approved by Hon’ble BIFR and necessary entries are
effected in the books of the Transferor and Transferee Companies. The
interest on the loan from DHFL and RFL is borne by the Associate Company. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rudhrakumar Associates Chartered Accountants |
|
Address : |
11, |
|
|
|
|
Enterprises in
which key management personnel and their relatives have significant influence
: |
v
Butterfly Constructions Limited v
Butterfly Home Appliances v
Butterfly Quality Center Private Limited v
Butterfly Marketing Private Limited v
Swaminathan Enterprises Private Limited v
Gangadharam Appliances Limited v
LLM Appliances Limited v
Sivagurunathan Industries v
Vishalss Enterprises |
CAPITAL STRUCTURE
As on 11.08.2011
Authorised Capital : Rs.400.000 millions
Issued, Subscribed & Paid-up Capital : Rs.154.284
millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9634601 |
Equity Shares |
Rs.10/- each |
Rs.96.346
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 (9 Months) |
30.06.2010 |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
96.346 |
96.346 |
96.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
317.148 |
176.471 |
20.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
413.494 |
272.817 |
116.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
502.495 |
364.389 |
120.400 |
|
|
2] Unsecured Loans |
265.350 |
310.161 |
131.100 |
|
|
TOTAL BORROWING |
767.845 |
674.550 |
251.500 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
39.800 |
|
|
|
|
|
|
|
|
TOTAL |
1181.339 |
947.367 |
408.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
293.138 |
193.437 |
142.100 |
|
|
Capital work-in-progress |
9.379 |
51.974 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
63.137 |
63.914 |
55.500 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
470.029
|
273.302
|
128.600 |
|
|
Sundry Debtors |
420.482
|
289.674
|
215.800 |
|
|
Cash & Bank Balances |
90.406
|
18.131
|
6.700 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
327.466
|
318.728
|
47.300 |
|
Total
Current Assets |
1308.383
|
899.835
|
398.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
305.271
|
|
177.300 |
|
|
Other Current Liabilities |
41.743
|
18.755
|
|
|
|
Provisions |
145.684
|
118.867
|
10.500 |
|
Total
Current Liabilities |
492.698
|
261.793
|
187.800 |
|
|
Net Current Assets |
815.685
|
638.042
|
210.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1181.339 |
947.367 |
408.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 (9 Months) |
30.06.2010 |
30.06.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2207.048 |
2716.238 |
1446.900 |
|
|
|
Other Income |
27.228 |
18.250 |
43.600 |
|
|
|
TOTAL (A) |
2234.276 |
2734.488 |
1490.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials, Stores & Spares, Work-in-process and Finished Goods |
1323.723 |
1581.310 |
|
|
|
|
Salaries and Wages and Other Expenses |
511.156 |
669.668 |
|
|
|
|
Excise Duty |
175.069 |
181.105 |
|
|
|
|
Extraordinary item - Insurance Claim |
(11.779) |
0.000 |
|
|
|
|
Prior period expenses |
0.000 |
13.200 |
|
|
|
|
TOTAL (B) |
1998.169 |
2445.283 |
1306.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
236.107 |
289.205 |
183.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
62.674 |
66.511 |
31.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
173.433 |
222.694 |
152.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.546 |
13.015 |
17.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
163.887 |
209.679 |
135.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
11.974 |
53.856 |
40.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
151.913 |
155.823 |
95.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
156.384 |
0.561 |
(94.500) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
9.635 |
-- |
-- |
|
|
|
Tax on proposed dividend |
1.600 |
-- |
-- |
|
|
BALANCE CARRIED TO
THE B/S |
297.062 |
156.384 |
0.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on FOB basis |
30.021 |
57.603 |
NA |
|
|
TOTAL EARNINGS |
30.021 |
57.603 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials/Components |
101.850 |
57.817 |
NA |
|
|
TOTAL IMPORTS |
101.850 |
57.817 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.77 |
16.17 |
6.58 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
632.350 |
1020.410 |
2102.190 |
|
Total Expenditure |
563.090 |
902.040 |
1827.640 |
|
PBIDT (Excl OI) |
69.260 |
118.370 |
274.550 |
|
Other Income |
6.460 |
1.870 |
2.370 |
|
Operating Profit |
75.720 |
120.240 |
276.920 |
|
Interest |
20.830 |
31.990 |
48.990 |
|
Exceptional Items |
0.000 |
0.590 |
(3.310) |
|
PBDT |
54.890 |
88.840 |
224.620 |
|
Depreciation |
3.990 |
4.850 |
8.610 |
|
Profit Before Tax |
50.900 |
83.990 |
216.010 |
|
Tax |
17.440 |
2.050 |
100.690 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
33.460 |
81.940 |
115.320 |
|
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 |
33.460 |
81.940 |
115.320 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 (9 Months) |
30.06.2010 |
30.06.2009 |
|
PAT / Total Income |
(%) |
6.80
|
5.70 |
6.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.43
|
7.72 |
9.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.23
|
19.18 |
25.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.77 |
1.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.05
|
3.43 |
3.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
3.44 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS:
During the period,
sales turnover on an annualised basis improved by 47% and profit before
interest and depreciation on an annualised basis also improved as compared to the
previous financial year. After providing for interest and depreciation, the
Company earned a profit of Rs.152.100 millions.
In the early
morning hours of 14th December 2010, an unfortunate fire accident
took place at their factory premises in the Pressure Cooker Division.
Inventories worth approximate Rs.11.800 millions got damaged in the fire. The
necessary claim with the Insurance Company has been made during the period
there was a fire accident in the factory and inventories worth approximately Rs.11.800
millions got damaged. The necessary claim with the Insurance Company has been
made and the same is shown in the ‘Profit and Loss account’ as Extraordinary
item and as ‘Claim Receivable’ under Loans and Advances in the Balance Sheet as
on 31.3.2011.
CURRENT YEAR'S
OPERATIONS:
Taking into
account the increasing trend of consumers and also in anticipation of handsome
orders from the Government of Tamilnadu for supply of Mixer Grinders and Table
Top Wet Grinders as a part of its election manifesto, the Company expects to
sustain its growth rate. However, the persisting inflationary trend in the
country could have some effect in the disposable income of the individuals,
which to some extent can affect the Company's turnover.
MERGER OF
GANGADHARAM APPLIANCES LIMITED:
The proposal
submitted by Gangadharam Appliances Limited - (Transferor Company) for its
merger with the Company to the Hon'ble Board for Industrial and Financial
Reconstruction (BIFR) effective from 1st January, 2009 has been
circulated by Hon'ble BIFR to all Government Departments from whom any
reliefs/concessions have been sought. The date for hearing the
objections/suggestions, if any received, is fixed on 17th August,
2011.
CHANGE OF OBJECTS
CLAUSE OF MEMORANDUM OF ASSOCIATION :
In view of the
merger of the sick Company Gangadharam Appliances Limited (GAL) with the
company in the near future, it has become necessary to alter the main objects
clause of Memorandum of Association of the company incorporating the products
manufactured by GAL and the product range covered in the objects clause of its
Memorandum of Association. Accordingly, a Special Resolution for giving effect
to the proposed alteration has been sent to the Shareholders for being passed
by the Postal Ballot Process, as required by Section 192A of the Companies Act,
1956 read with Companies (passing of Resolution by Postal Ballot) Rules, 2011.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW:
The Company's
sales performance for the financial year improved by 47% as compared to the
previous financial year.
SALES VOLUME AND
REALISATION:
The average price
realization in respect of LPG Stoves, Table Top Wet Grinders and Pressure
Cookers improved as compared to the previous financial year. Sales quantities
in respect of LPG Stoves, table top wet grinders and pressure cookers also
increased on an annualised basis as compared to the previous financial year.
The modernization of the Flask manufacturing plant has since been completed and
the production of flask is picking up.
EXPORTS:
The Company
achieved exports turnover of Rs.30.000 millions for the nine months period of
financial year ended on 31.3.2011.
PRICE REALISATION
FOR FINISHED PRODUCTS:
Price realisation
in respect of all the products manufactured by the Company improved as compared
to the previous year.
OUTLOOK
In view of
substantial increase in production/sales turnover of mixer grinders additional
manufacturing area of 11500 sq.ft. was constructed during the year. Similarly, additional
storage space of 9500 sq.ft. for storing finished goods (mixer grinders) was
also constructed.
The plant and
machinery in the LPG Division having become old and out dated, new plant and
machinery for LPG Stoves at a cost of Rs.20.700 millions have been installed.
As a measure of staff welfare, Company has procured nine new buses for the use
of its workers/staff, who are commuting long distances. Thus, additions to
fixed assets during the year aggregated to Rs.110.900 millions.
With the improved
market conditions, the Company has made a progressive marketing plan to further
improve its growth level during the current financial year. A four year plan
has been drawn to take the Company's turnover and profitability to greater
heights. Action plan to achieve the set goal is under implementation.
PROPOSED MERGER
WITH GANGADHARAM APPLIANCES LIMITED
A proposal
submitted by Gangadharam Appliances Limited (GAL), an associate of the Company,
which is also in the same segment of business as the Company, viz., domestic
appliances, for the merger of its entire undertaking
with the Company
has been approved ‘in principle’ by the Hon’ble Board for Industrial and
Financial Reconstruction (BIFR). The draft Scheme for the said merger as of 1st
January, 2009 (approved date) is submitted by GAL to BIFR. An extraordinary
General Meeting of the Company seeking approval of the shareholders of the
Company for the proposed merger was convened on 9th September, 2010
at which the shareholders unanimously approved through a Special Resolution,
the proposed merger and the draft Scheme therefore is subject to approval of
the same by Hon’ble BIFR. The approval of BIFR has not been received till date.
The results now provided are therefore of the Company only on a standalone basis
and on the proposed merger being approved by Hon’ble BIFR, the Transaction,
Assets and Liabilities of GAL will be incorporated as part of the Transaction,
Assets and Liabilities of the Company and will be reflected appropriately in
the accounts of the Company to be made after such approval is received from
BIFR.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
As on 31.03.2011 (Rs. in
millions) |
|
(a) Claim
against the Company under litigation against which, Bank Guarantee has been
provided. |
0.726 |
|
(b) Sales Tax
demand under dispute against which payment made under protest and included in
Loans and Advances |
7.130 |
|
Total |
7.856 |
UNAUDITED
FINANCIAL RESUTLS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2011
(Rs.
in millions)
|
Particulars |
Three
months ended 30.09.11 (Unaudited) |
Six months ended 30.09.11 (Unaudited) |
|
1. a) Net Sales / Income from Operations |
1109.812 |
1793.435 |
|
b) Other Operating Income |
9.018 |
17.796 |
|
Total Income |
1118.829 |
1811.231 |
|
2. Expenditure |
|
|
|
a. Increase/(Decrease) in stock in trade and work in progress |
(10.845) |
(12.181) |
|
b. Consumption of raw materials, Components |
439.757 |
758.520 |
|
stores and Spares and Processing charges |
|
|
|
c. Purchase of traded goods |
164.803 |
229.541 |
|
d. Employees cost |
57.766 |
107.940 |
|
e. Depreciation |
4.853 |
9.356 |
|
f. Excise Duty |
98.422 |
156.324 |
|
g. Other expenditure |
250.558 |
376.074 |
|
h. Total |
1005.314 |
1625.573 |
|
3. Profit from Operations before Other Income, Interest and Exceptional item (1-2) |
113.515 |
185.658 |
|
4. Other Income |
1.870 |
8.334 |
|
5. Profit before Interest & Exceptional Items (3 + 4) |
115.385 |
193.992 |
|
6. Interest |
31.993 |
56.306 |
|
7. Profit after Interest but before Exceptional Items (5-6) |
83.392 |
137.685 |
|
8. Exceptional Items |
0.593 |
0.593 |
|
9. Profit (+)/ Loss (-) from Ordinary Activities before
tax (7+8) |
83.985 |
138.279 |
|
10. Tax expenses |
|
|
|
- Income Tax |
- |
- |
|
- Fringe Benefit Tax |
- |
- |
|
- Excess Provision for taxation made for the previous year reversed |
- |
- |
|
- Deferred Tax Asset/Liabilities |
2.047 |
2.189 |
|
11. Net Profit (+)/ Loss (-) from Ordinary Activities
after tax (9-10) |
81.938 |
136.090 |
|
12. Extraordinary Items (net of tax expenses) |
|
|
|
13. Appropriations: |
- |
- |
|
Proposed Dividend on Equity Share |
- |
- |
|
Tax on proposed Dividend |
- |
- |
|
14. Net Profit (+) / Loss (-) for the period (11-12) |
81.938 |
136.090 |
|
15. Paid-up equity share capital (Face Value of the share Rs.10 each) |
154.286 |
154.286 |
|
16. Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
- |
- |
|
17. Earnings Per Share (EPS) |
|
|
|
a. Basic and diluted EPS before Extraordinary Items for the period, for the year to date and for the previous year. |
5.31 |
8.82 |
|
b. Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year. |
5.31 |
8.82 |
|
18. Public share holding |
|
|
|
- Number of shares |
3,432,793 |
3,432,793 |
|
- Percentage of shareholding |
22.25% |
22.25% |
|
19. Promoters and promoter group share holding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
318,100 |
318,100 |
|
- Percentage of shares (as a % of the total share holding of promoter and promoter group) |
2.65% |
2.65% |
|
- Percentage of shares (as a % of the total share capital of the Company) |
2.06% |
2.06% |
|
b) Non-encumbered |
|
|
|
- Number of shares |
11,677,658 |
11,677,658 |
|
- Percentage of shares (as a % of the total share holding of promoter and promoter group) |
97.35% |
97.35% |
|
- Percentage of shares (as a % of the total share capital of the Company) |
75.69% |
75.69% |
STATEMENT OF ASSETS
AND LIABILITIES
(Rs.
in millions)
|
Particulars |
As at 30.09.2011 Unaudited |
|
SHAREHOLDERS' FUNDS: |
|
|
(a) Capital |
254.286 |
|
(b) Reserves and Surplus |
20.374 |
|
|
|
|
LOAN FUNDS |
916.757 |
|
PROFIT AND LOSS ACCOUNT |
458.995 |
|
TOTAL |
1650.412 |
|
|
|
|
FIXED ASSETS |
501.689 |
|
INVESTMENTS |
|
|
CURRENT ASSETS,
LOANS AND ADVANCES |
|
|
(a) Inventories |
566.098 |
|
(b) Sundry Debtors |
714.988 |
|
(c ) Cash and Bank Balance |
95.002 |
|
(d) Others Current Assets |
- |
|
(e) Loans and Advances (includes Rs.250
lakhs being advance received against shares to be issued) |
597.367 |
|
Less: current Liabilities and Provisions |
|
|
(a) Liabilities |
837.838 |
|
(b) Provisions |
37.479 |
|
Deferred Tax Assets/(Liabilities) |
50.585 |
|
MISCELLANEOUS EXPENDITURE (NOT WRITTEN OFF
OR ADJUSTED) |
- |
|
PROFIT AND LOSS ACCOUNT |
- |
|
TOTAL |
1650.412 |
Notes:
1. The name of the Company has been changed from
`Gandhimathi Appliances Limited' to `Butterfly Gandhimathi Appliances Limited'
with effect form 25th October, 2011
2. Gangadharam Appliances
Limited (GAL) has been merged with this Company in terms of an Order of the
`The Board for Industrial and Financial Reconstruction' (BIFR) dated 17th
August, 2011 with retrospective effect from 1st January, 2009. Accordingly the revenue results shown above
include the activities of the erstwhile GAL. The other information shown above
under items 15 to 19 also incorporate the position arising from the merger of
GAL subject to such adjustments complying with the Order of BIFR stated above.
3. The audited
figures for the year ended on 31st March, 2011 relate to the
respective consolidated audited figures of GMAL and GAL after making such
adjustments, complying with the Order of BIFR stated above. Similarly statement of Assets and Liabilities
(unaudited) as at 30th September, 2011 is a consolidation of Assets
and Liabilities of both GMAL and GAL, adjusted as mentioned above.
4. No provision for
taxation under normal provisions of the Income-tax Act, 1961, is required for
three months ended on 30th September, 2011 and six months ended on
30th September, 2011 taking into consideration the carry forward
benefits of accumulated losses and depreciation of GAL as envisaged in section
72A of the Income-tax Act, 1961 (`the ACT') available for set-off in terms of
BIFR order. As far as MAT liability u/s
115JB of the `ACT' if required, will be considered at the end of the financial
year viz as on 31.03.2012.
5. The above
results, were reviewed by the Audit Committee of the Board and were approved by
the Board of Directors at its meeting held on 14th November, 2011.
6. The Figures for
the quarter ended on 30.09.2010, half year ended on 30.09.2010 and the
financial year of nine months period ended on 31.03.2011 have been regrouped/
rearranged to conform with the figures for the current quarter ended on
30.09.2011.
7. The operation of the Company relates to only
one segment, viz., domestic appliances.
8. The number of Investor complaints received
during the quarter were 20, which have been resolved / disposed off. There were no investor complaints pending
at the beginning as well as at the end of the quarter.
9. Limited Review of
the above results has been carried out by the Company's Statutory Auditors and
the Report is forwarded to the Stock Exchanges.
FIXED ASSETS:
v
Land (Freehold)
v
Buildings (Freehold)
v
Land and Buildings (Leasehold)
v
Usage Right of Trade Marks
v
Plant and Machinery
v
Dies and Tools
v
Electrical Machinery and Installations
v
Computer
v
Office Equipments
v
Vehicles
v
Furniture and Fittings
WEBSITE DETAILS
PROFILE
The Butterfly Group, Pioneers in Stainless Steel Appliances
started operations four decades ago. The company was the first in
Today, Butterfly manufactures a comprehensive range of home appliances, kitchen products and cookware. Four state-of-the-art-manufacturing units, backed by the latest R and D facilities ensure total compliance to standards of excellence in design and quality.
Quality and Consistency are their prime motivating factors. their in-house design facilities, tool and die-making facilities with an impetus on quality control, has enabled them to consistently produce products of the highest quality sticking to the finest functionality norms.
Our products are also exported to the
Across the globe, Butterfly products have been recognised
for their quality standards by various international organisations.
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.50.59 |
|
|
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.67.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--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.