MIRA
INFORM REPORT
|
Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAMCO INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
47, PSK Nagar, Rajapalayam, District Virudhunagar - 626108, Tamil Nadu |
|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
27.01.1965 |
|
|
|
|
Com. Reg. No.: |
18-005297 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.86.663 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26943TN1965PLC005297 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIR00355F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR5284J |
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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 Fiber Cement Sheets, Pressure Pipes and Accessories
and Allied Building Materials and Cotton Yarns. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and a well established company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal 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 : |
47, PSK Nagar, Rajapalayam, District Virudhunagar - 626108, Tamil
Nadu, India |
|
Tel. No.: |
91-44-28478585 |
|
Fax No.: |
91-44-28478597 |
|
E-Mail : |
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|
Website : |
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|
|
|
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Corporate Office : |
“Auras
Corporate Centre”, VI Floor, 98-A, Dr. Radhakrishnan Road, Mylapore, Chennai
– 600 004, Tamil Nadu, India |
|
Tel. No.: |
91-44-28478585 |
|
Fax No.: |
91-44-28478597 |
|
|
|
|
Factory 1 : |
Winterpet Post, Arakonam – 631005, Tamil Nadu, India |
|
Tel. No.: |
91-4177-224932 / 224934 |
|
Fax No.: |
91-4177-224364 |
|
|
|
|
Factory 2 : |
Plot No. A-12, Sipcot Industrial Growth Centre, Gangaikondan - 627352,
Tamil Nadu, India |
|
Tel. No.: |
91-462-2950029 |
|
|
|
|
Factory 3 : |
Cement Clinker Grinding Unit Dewanmara Ayma Monza, P.O. Hariatara, P.S. Kharaghpur (L),District
Paschim Midnapore, West Bengal |
|
|
|
|
Factory 4 : |
Rane Bennur, Ranebennur Taluk, Karnataka. Haveri District - 581143,
Karnataka, India |
|
Tel. No.: |
91-8373-248756 / 248757 / 248758 / 291361 |
|
Fax No.: |
91-8373-248759 |
|
|
|
|
Factory 5 : |
R.S. No. 71, Near Truck Terminal,Ibrahimpatnam, Vijayawada, Krishna
District, Andhra Pradesh, India |
|
Tel. No.: |
91-866-2882055 / 2882056 / 2882057 |
|
Fax No.: |
91-866-2992058 |
|
|
|
|
Factory 6 : |
Agra Bombay Road, Maksi, Shajapur District - 456106, Madhya Pradesh,
India |
|
Tel. No.: |
91-7363-233072 / 233073 |
|
Fax No.: |
91-7363-233574 |
|
|
|
|
Factory 7 : |
Survey No. 78 / 12-15, Anjar Mundra, N.H.8/A, Sinugra Village, Anjar
Taluk, Kutch District - 370110, Gujarat, India |
|
Tel. No.: |
91-2836-244034 / 244035 |
|
Fax No.: |
91-2836-244031 |
|
|
|
|
Factory 8 : |
Village - Dewanmaro Ayma, P.O. - Hariatara, P.S. - Kharagpur. (L),
District - Pachim Medinipur - 721301, West Bengal, India |
|
Tel. No.: |
91-3222-201700 / 201772 / 201773 |
|
Fax No.: |
91-3222-233256 |
|
|
|
|
Factory 9 : |
Plot No. A-1, Industrial Area, Jawahar Navodaya Vidyalaya Road,
BIHIYA, Bhojpur District - 802152, Bihar |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr.
P.R. Ramasubrahmaneya Rajha |
|
Designation : |
Chairman |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mr.
P.R. Venketrama Raja |
|
Designation : |
Vice-Chairman
and Managing Director |
|
Qualification : |
B.
Tech., MBA |
|
|
|
|
Name : |
Mr. S.S.
Ramachandra Raja |
|
Designation : |
Director |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mr.
K.T. Ramachandran |
|
Designation : |
Director |
|
Qualification : |
B.E. |
|
|
|
|
Name : |
Mr.
N.K. Shrikantan Raja |
|
Designation : |
Director |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Dr.
A. Ramakrishna |
|
Designation : |
Director |
|
Qualification : |
B.E.,
M.Sc. |
|
|
|
|
Name : |
Mr.
R. S. Agarwal |
|
Designation : |
Director |
|
Qualification : |
B.Sc.,
B.E. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
23283940 |
26.87 |
|
|
23296660 |
26.88 |
|
|
46580600 |
53.75 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
46580600 |
53.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9000 |
0.01 |
|
|
5707011 |
6.59 |
|
|
2000 |
-- |
|
|
5718011 |
6.60 |
|
|
|
|
|
|
2342950 |
2.70 |
|
|
|
|
|
|
13470046 |
15.54 |
|
Individual
shareholders holding nominal share capital in excess of Rs.0.100 Million |
16328846 |
18.84 |
|
Any Others (Specify) |
2222607 |
2.56 |
|
|
34079 |
0.04 |
|
|
1468998 |
1.70 |
|
|
719030 |
0.83 |
|
|
500 |
-- |
|
|
34364449 |
39.65 |
|
Total Public shareholding (B) |
40082460 |
46.25 |
|
Total (A)+(B) |
86663060 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
86663060 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fiber Cement Sheets, Pressure Pipes and Accessories
and Allied Building Materials and Cotton Yarns. |
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Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Fibre Cement Sheets, Accessories and Fittings |
|
MT |
6,54,000 |
4,76,699 |
|
Fibre Cement Pressure Pipes and Pipe Accessories |
|
MT |
30,000 |
- |
|
Calcium Silicate Board |
|
MT |
40,000 |
13,027 |
|
Cotton yarn |
|
Spindles |
43,296 |
31,12,479 Kgs |
|
Cement Clinker Grinding |
|
MT |
2,16,000 |
1,15,727 |
|
Plastic Storage Tank |
|
Litres |
636.51 Lacs |
- |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
·
Canara Bank ·
HDFC Bank Limited ·
DBS Bank Limited ·
IDBI Bank Limited ·
Indian Bank ·
Kotak Mahindra Bank Limited ·
State Bank of India ·
State Bank of Mauritius Limited ·
Tamilnad Mercantile Bank Limited ·
The Karur Vysya Bank Limited |
||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
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|
|
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Banking
Relations : |
|
|
|
|
|
Auditor 1 : |
|
|
Name : |
M.S.
Jagannathan and N. Krishnaswami Chartered Accountants |
|
Address : |
Unit - 5, Ground Floor, Abirami Apartments, No.14, V.O.C. Road,
Cantonment, Tiruchirapalli
– 620 001, Tamil Nadu, India |
|
|
|
|
Auditor 1 : |
|
|
Name : |
CNGSN
and Associates Chartered Accountants |
|
Address : |
20, Raja Street, T. Nagar, Chennai – 600 017, Tamil Nadu, India |
|
|
|
|
Related Parties : |
·
Rajapalayam Mills Limited ·
Madras Cements Limited ·
Ramco Systems Limited ·
The Ramaraju Surgical Cotton Mills Limited ·
Sri Vishnu Shankar Mill Limited ·
Sandhya Spinning Mill Limited ·
Thanjavur Spinning Mill Limited ·
Sri Harini Textiles Limited ·
Rajapalaiyam Spinners Private Limited |
|
|
|
|
Subsidiaries : |
·
Sudharsanam Investments Limited, India ·
Sri Ramco Lanka (Private) Limited, Sri Lanka ·
Sri Ramco Roofings Lanka Private Limited, Sri Lanka |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.1/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86663060 |
Equity Shares |
Rs.1/- each |
Rs.86.663
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 |
86.663 |
86.663 |
43.331 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3650.491 |
3203.670 |
2731.478 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3737.154 |
3290.333 |
2774.809 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1972.139 |
1966.204 |
1886.495 |
|
|
2] Unsecured Loans |
411.383 |
510.383 |
705.535 |
|
|
TOTAL BORROWING |
2383.522 |
2476.587 |
2592.030 |
|
|
DEFERRED TAX LIABILITIES |
240.856 |
263.856 |
293.855 |
|
|
|
|
|
|
|
|
TOTAL |
6361.532 |
6030.776 |
5660.694 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2305.103 |
2183.689 |
2343.077 |
|
|
Capital work-in-progress |
252.644 |
249.791 |
8.258 |
|
|
|
|
|
|
|
|
INVESTMENT |
2026.167 |
2026.167 |
2026.167 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1258.353
|
1292.955 |
1097.113 |
|
|
Sundry Debtors |
402.026
|
293.306 |
290.916 |
|
|
Cash & Bank Balances |
228.504
|
177.276 |
149.395 |
|
|
Other Current Assets |
0.331
|
0.180 |
0.117 |
|
|
Loans & Advances |
713.692
|
592.394 |
485.526 |
|
Total
Current Assets |
2602.906
|
2356.111 |
2023.067 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
270.376
|
267.231 |
402.492 |
|
|
Other Current Liabilities |
306.580
|
275.281 |
158.772 |
|
|
Provisions |
248.332
|
242.470 |
178.611 |
|
Total
Current Liabilities |
825.288
|
784.982 |
739.875 |
|
|
Net Current Assets |
1777.618
|
1571.129 |
1283.192 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6361.532 |
6030.776 |
5660.694 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5415.767 |
4981.944 |
3988.724 |
|
|
|
Power
generated from Wind Mills |
118.492 |
121.130 |
110.232 |
|
|
|
Other Income |
244.555 |
326.621 |
322.779 |
|
|
|
TOTAL (A) |
5778.814 |
5429.695 |
4421.735 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw
Materials consumed |
3024.478 |
2916.323 |
2458.478 |
|
|
|
Cost
of Resale Materials |
24.520 |
5.866 |
20.120 |
|
|
|
Stores
consumed |
103.562 |
111.882 |
110.846 |
|
|
|
Power
and Fuel |
395.739 |
339.933 |
304.750 |
|
|
|
Salaries,
Wages, Bonus etc. |
317.567 |
261.722 |
208.882 |
|
|
|
Managerial
remuneration |
35.173 |
34.904 |
31.343 |
|
|
|
Rates
and Taxes |
22.287 |
19.874 |
16.995 |
|
|
|
Repairs
and Maintenance |
150.486 |
127.107 |
129.196 |
|
|
|
Selling
expenses |
189.615 |
167.928 |
82.485 |
|
|
|
Administrative
and Other expenses |
147.828 |
124.532 |
144.619 |
|
|
|
Transportation
and Handling expenses |
276.582 |
232.409 |
0.000 |
|
|
|
Corporate
Social Responsibility Expenses |
8.648 |
8.297 |
6.418 |
|
|
|
Exceptional
items |
0.000 |
9.975 |
6.418 |
|
|
|
(Increase)
/ decrease in stock |
(103.796) |
(118.658) |
(115.151) |
|
|
|
TOTAL (B) |
4592.689 |
4242.094 |
3405.399 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1186.125 |
1187.601 |
1016.336 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
200.276 |
212.170 |
252.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
985.849 |
975.431 |
763.743 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
294.769 |
289.477 |
306.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
691.080 |
685.954 |
457.116 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
158.999 |
150.000 |
100.632 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
532.081 |
535.954 |
356.484
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
65.447 |
35.541 |
35.101 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
420.000 |
420.000 |
280.000 |
|
|
|
Interim Equity Dividend |
43.332 |
38.998 |
43.332 |
|
|
|
Tax on Interim Equity Dividend |
7.197 |
6.628 |
7.364 |
|
|
|
Final Equity Dividend |
34.665 |
34.665 |
21.666 |
|
|
|
Tax on Final Equity Dividend |
5.623 |
5.757 |
3.682 |
|
|
BALANCE CARRIED
TO THE B/S |
86.711 |
65.447 |
35.541 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
160.941 |
117.950 |
293.535 |
|
|
|
Royalty Income |
103.649 |
74.979 |
84.022 |
|
|
|
Dividend
from Srilankan Subsidiary |
9.388 |
19.223 |
18.183 |
|
|
TOTAL EARNINGS |
273.978 |
212.152 |
395.740 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1339.447 |
1379.111 |
1526.780 |
|
|
|
Stores & Spares |
4.167 |
12.834 |
2.992 |
|
|
|
Capital Goods |
64.500 |
47.535 |
54.225 |
|
|
TOTAL IMPORTS |
1408.114 |
1439.480 |
1583.997 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.14 |
6.18 |
4.11 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1889.300 |
1437.000 |
1654.200 |
|
Total Expenditure |
1580.200 |
1237.600 |
1450.700 |
|
PBIDT (Excl OI) |
309.100 |
199.400 |
103.500 |
|
Other Income |
28.300 |
70.900 |
31.500 |
|
Operating Profit |
337.400 |
270.300 |
235.000 |
|
Interest |
45.800 |
59.800 |
60.300 |
|
Exceptional Items |
15.300 |
0.000 |
0.000 |
|
PBDT |
306.900 |
210.500 |
174.700 |
|
Depreciation |
79.800 |
85.000 |
87.400 |
|
Profit Before Tax |
227.100 |
1254.500 |
87.300 |
|
Tax |
47.00 |
13.00 |
16.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
180.100 |
112.500 |
71.000 |
|
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 |
180.100 |
112.500 |
71.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.21
|
9.87 |
8.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.76
|
13.77 |
11.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.08
|
12.15 |
10.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.21 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
0.99 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.15
|
3.00 |
2.73 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
Yes |
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Review of
Operations and Current Trends
A. BUILDING
PRODUCTS DIVISION
(a) Fibre Cement (FC) Sheets:
Considering the prevailing market condition, production of Fibre Cement
(F.C) Sheets during the year 2010-11 was regulated with an intent to avoid
stock build-up. Hence the actual production was lower by 16,514 M.T when
compared to the previous year. However, Sales improved by 3% to 4,80,333 M.T.
Turnover for F.C Sheets was marginally higher at Rs. 3758.300 Millions during
the Financial Year as against Rs. 3744.100 Millions in the previous year.
The Directors have pleasure to inform that the new project for
manufacture of F.C Products at Gangaikondan, Tirunelveli District, Tamil Nadu,
with an Installed Capacity of 1,20,000 M.T commenced Commercial Production in
July 2010 and the F.C Sheets produced from this new Plant are well received in
the markets catering to the southern belt.
Further, implementation of another New Plant for manufacture of F.C.
Products at Bihiya, Bihar, had also been completed and the Commercial
Production had commenced on 2nd May, 2011. This Plant too has an Installed
Capacity of 1,20,000 M.T and the Cost of the Project is about Rs. 350.000
Millions. This Project enjoys various Tax benefits / Incentives from Bihar
Government like 80% reimbursement of VAT deposited for 10 years up to a maximum
of 300% of Capital invested in the Project etc.
(b) Fibre Cement
Pressure Pipes:
In the Pressure Pipes Division, an amount of Rs.15.000 Millions had been
received as the Minimum Licence Fee during the year from M/s. Kanoria Sugar and
General Manufacturing Company Limited, the Licencee. The revenue from F.C.
Pressure Pipes Division remained the same as the previous year since the
production by the Licencee was affected due to the slow-down in infrastructural
activities.
(c) Calcium
Silicate Boards (CSBs):
During 2010-11, quantitative Production and Sale of CSBs were higher
when compared to the previous year as indicated above. The Turnover for the
year was at Rs. 318.400 Millions as against Rs. 256.100 Millions during the
previous year. CSB Division had also registered considerable increase in
Profitability during the year under review.
(d) Cement Clinker
Grinding (CCG) Plant at Kharagpur, W.B:
The Unit recorded continuous improvement in its performance during the
year under review. The Plant had produced 1,15,727 M.T of Cement during the
year as against 1,05,320 M.T of Cement during the previous year, registering
almost 10% growth.
Similarly, Sale of Cement also increased from 1,05,534 M.T during the
last year to 1,15,355 M.T during 2010-11. Profitability of this Unit had also
improved during the year ended 31.03.2011.
B. WIND MILLS:
During the Financial Year 2010-11, no new Wind Mill was commissioned and
hence the total number of Wind Mills stands at the same 14.
Position regarding Wind Mills was as follows :
|
Total Capacity Installed |
16.40 MW |
|
Total Units generated |
326 Lakh Units (P.Y: 369 Lakh Units) |
|
Income earned (by generation/sale of power) |
Rs. 118.500 Millions (P.Y: Rs. 121.100 Millions) |
Units generated and Income earned were slightly lower during the year,
in tune with the weather / wind conditions.
C. COTTON YARN
DIVISION-SRI RAMCO SPINNERS:
Production and
Sales:
During the year 2010-11, the Unit had produced 31.12 Lakh Kgs. of Cotton
Yarn as compared to 33.24 Lakh Kgs. produced during the previous year. The Unit
had registered its sale of Yarn at 30.33 Lakh Kgs during the year as against
33.66 Lakh Kgs during 2009-10.
With the increase in Yarn Prices, Turnover for the year was considerably
higher at Rs.1034.500 Millions compared to Rs. 731.000 Millions in the previous
year and Profitability also improved substantially.
However, Current Year working may not be encouraging as there is a glut
in Yarn Market throughout India. Prices of Yarn has come down and practically
no enquiries. Hope at the end of the year, the Division will be able to show
good results as they have good Corporate buyers as their Customers.
D. OVERSEAS
OPERATIONS - SRI RAMCO LANKA (PRIVATE) LIMITED, SRI LANKA:
Performance of the Company’s Wholly Owned Sri Lankan Subsidiary during
the year under review, recorded substantial improvements in terms of
Production, Sales, Turnover and Profitability. The production at the FC Sheet
Plant of the Subsidiary, was 1,06,801 M.T. during the year ended 31.03.2011 as
against 80,660 M.T. during the corresponding previous year. The Subsidiary sold
1,08,609 M.T. during 2010-11 as compared to 81,308 M.T. during 2009-10. The Net
Sales were SLR.25,492 Lakhs (Rs.1036.500 Millions) as against SLR 18,137 Lakhs
(Rs. 748.100 Millions) during the corresponding previous year.
The Directors have pleasure to inform that a new Company by name M/s.
Sri Ramco Roofings Lanka Private Limited (SRRLPL) has been incorporated in Sri
Lanka as a subsidiary of M/s. Sri Ramco Lanka (Private) Limited (SRLPL) on 9th
November 2010. Since SRLPL itself is a Wholly Owned Subsidiary of M/s. Ramco
Industries Limited (RIL), SRRLPL will also be another Subsidiary of RIL. SRRLPL
has taken up the setting up of a new Unit to manufacture Fibre Cement Products
with an annual capacity of 1,20,000 MT at Pallegodowatta Industrial Estate,
Mathugama in the District of Kalutara in Sri Lanka and the Unit is expected to
be commissioned during the Current F.Y 2011-12. This Company will enjoy tax and
other benefits from the Government of Sri Lanka.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED 31ST DECEMBER, 2011
(Rs. In Millions)
|
Particulars |
3 Months Ended |
9 Months Ended |
|||
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|||
|
Unaudited |
|||||
|
1 |
|
Net Sales / Income from Operations |
1586.200 |
1378.500 |
4802.600 |
|
2 |
|
Other Income from Operations |
68.000 |
58.500 |
177.900 |
|
3 |
|
Total Income (1 + 2) |
1654.200 |
1437.000 |
4980.500 |
|
4 |
|
Expenditure |
|
|
|
|
|
a |
(Increase) / Decrease in Stock in Trade and Work in
Progress |
(100.500) |
(159.600) |
(135.800) |
|
|
b |
Consumption of Raw materials |
995.600 |
880.100 |
2850.200 |
|
|
c |
Employees Cost |
103.900 |
98.700 |
302.400 |
|
|
d |
Depreciation |
87.400 |
85.000 |
252.200 |
|
|
e |
Other Expenditure |
|
|
|
|
|
|
Cost of resale materials |
69.300 |
87.400 |
158.900 |
|
|
|
Others |
382.400 |
331.000 |
1092.800 |
|
|
|
Total Expenditure |
1538.100 |
1322.600 |
4520.700 |
|
5 |
|
Profit from Operations before Other income, Interest and
Exceptional Items (3-4) |
116.100 |
114.400 |
459.800 |
|
6 |
|
Other Income - Dividend |
31.500 |
70.900 |
130.700 |
|
7 |
|
Profit from Operations before interest and Exceptional
items (5+6) |
147.600 |
185.300 |
590.500 |
|
8 |
|
Interest |
60.300 |
59.800 |
165.900 |
|
9 |
|
Profit from Operations after interest but before
Exceptional items (7-8) |
87.300 |
125.500 |
424.600 |
|
10 |
|
Exceptional Items |
- |
- |
15.300 |
|
11 |
|
Profit / Loss from Ordinary Activities Before Tax(9+10) |
87.300 |
125.500 |
439.900 |
|
12 |
|
Tax Expense |
|
|
|
|
|
|
Current Tax |
21.700 |
7.000 |
80.700 |
|
|
|
Deferred Tax |
(5.400) |
6.000 |
(4.400) |
|
13 |
|
Net Profit / Loss from ordinary activities after Tax (11
-12) |
71.000 |
112.500 |
363.600 |
|
14 |
|
Extraordinary items (Net of tax expense) |
- |
- |
- |
|
15 |
|
Net Profit / Loss for the period (13 -14) |
71.000 |
112.500 |
363.600 |
|
16 |
|
Paid up Equity Share Capital (Face value of Rs.1/-per share) |
86.700 |
86.700 |
86.700 |
|
17 |
|
Reserves excluding revaluation reserves |
|
|
|
|
18 |
|
Earnings Per Share (EPS) of Rs.1/- each |
|
|
|
|
|
|
Basic and Diluted before and after Extraordinary Items
-Rs. |
0.82 |
1.3 |
4.2 |
|
19 |
|
Public share holding |
|
|
|
|
|
|
Number of Shares (F.V. Rs.1/-) |
41136340 |
41593940 |
41136340 |
|
|
|
Percentage of shareholding |
47.47% |
48.00% |
47.47% |
|
20 |
a |
Promoters and Promoter group shareholding |
|
|
|
|
|
|
Pledged / Encumbered : |
|
|
|
|
|
|
Number of Shares (F.V. Rs.1/-) |
2600000 |
2600000 |
2,600,000 |
|
|
|
Percentage of Shares (as a % of the total Share
holding of Promoter and Promoter group) |
5.71% |
5.77% |
5.71% |
|
|
|
Percentage of Shares (as a % of the total Share
Capital of the Company) |
3.00% |
3.00% |
3.00% |
|
|
b |
Non-encumbered : |
|
|
|
|
|
|
Number of Shares (F.V. Rs.1/-) |
42926720 |
42469120 |
42926720 |
|
|
|
Share holding of Promoter and Promoter group) |
94.28% |
94.23% |
94.28% |
|
|
|
Percentage of Shares (as a % of the total Share
Capital of the Company) |
49.53% |
49.00% |
49.53% |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
3 Months Ended |
9 Months Ended |
|||
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|||
|
Unaudited |
|||||
|
1 |
|
Segment Revenue / Income: |
|
|
|
|
|
a |
Building Products |
1386.700
|
1115.300 |
4122.000 |
|
|
b |
Textiles |
209.300 |
228.600 |
659.500 |
|
|
c |
Wind Mill |
17.600 |
53.200 |
105.600 |
|
|
d |
Unallocated |
72.100 |
110.800 |
239.400 |
|
|
|
TOTAL |
1685.700 |
1507.900 |
5126.500 |
|
|
|
Less: Inter-segment Revenue |
23.100 |
32.800 |
75.300 |
|
|
|
Net Sales / Income from Operations |
1662.600 |
1475.100 |
5051.200 |
|
2 |
|
Segment Results Profit [+) Loss (-) Before tax and |
|
|
|
|
|
a |
Building Products |
104.700 |
53.700 |
351.300 |
|
|
b |
Textiles |
(28.900) |
(16.000) |
(39.100) |
|
|
c |
Wind Mill |
0.400 |
37.000 |
55.500 |
|
|
d |
Unallocated |
|
|
|
|
|
|
Total |
76.200 |
74.700 |
367.700 |
|
|
|
Less: Interest |
60.300 |
59.800 |
165.900 |
|
|
|
Add: Un-allocable income net off unallocable expenditure |
71.400 |
110.600 |
238.100 |
|
|
|
Total Profit before Tax |
87.300 |
125.500 |
439.900 |
|
3 |
|
Capital Employed: (Segment Assets (-) Segment Liabilities
) |
|
|
|
|
|
a |
Building Products |
2882.900 |
2745.700 |
2882.900 |
|
|
b |
Textiles |
773.800 |
778.900 |
773.800 |
|
|
c |
Wind Mill |
300.500 |
332.900 |
300.500 |
|
|
d |
Unallocated |
143.700 |
172.200 |
143.700 |
|
|
|
TOTAL |
4100.900 |
4029.700 |
4100.900 |
Notes:
1. The above un-audited results were reviewed by the Audit Committee at its
meeting held on 01.02.2012 and was taken on record at the Meeting of the Board
of Directors held on 03.02.2012
2. Status of Investors' greivances for the quarter ended 31st December
2011:- At the beginning - Nil, Received -1, Disposed of -1; Unresolved – NIL
3. The exceptional income shown represents capital profit on sale of lands
(part) in Gautam Budh Nagar, U.P., made in the Q.E., 30.06.2011
4. Previous year's figures have been regrouped / restated wherever necessary
FIXED ASSETS:
·
Land
·
Buildings
·
Railway Sidings
·
Plant and Machinery
·
Electrical Machinery
·
Furniture and Office
·
Equipments
·
Vehicles
·
Aircraft
WEBSITE DETAILS:
PROFILE
Subject is one of the best performing, highly efficient producers of
Fibre Cement Sheets in India and is the Market leader. RIL has pioneered and
introduced the innovative Calcium Silicate Board, a versatile Building Int
-erior Product in India
Subject, part of RAMCO group of companies entered the asbestos cement
field in 1967. Ramco's first asbestos cement sheet plant was set up at
Arakkonam (Tamil Nadu) in 1967 and since then the production technology has
been updated continuously. The second sheet plant was commissioned at Karur
(Karnataka) in 1974 followed by one more sheet plant at Maksi (Madhya Pradesh)
in 1987. A plant for the manufacture of AC pressure pipes in 5 metres length
and in diametres of 80 mm to 1000 mm was established at Maksi (MP) in 1983.
This was the first plant in India to introduce pipes of 5 M length and
diametres of above 600 mm.
Subject is operating the most modern fibre cement roofing sheets and
pipe plants in India today - in Arakkonam and Gangaikondan, Tamil Nadu; Karur,
Karnataka; Maksi, Madhya Pradesh; Silvassa, Union Territory of Dadra and Nagar
Haveli; Kharagpur, West Bengal; Vijayawada, Andhra Pradesh; Sinugra, Gujarat;
Bihiya, Bihar;
The present aggregate capacity for Fibre Cement Sheets is 5 lakh tonnes
per annum and Fibre Cement Pressure Pipe is 30 lakh tonnes per annum. Its
turnover is around Rs.3000.000 Millions and it employs about 1500 persons.
The entire working cycle from the feeding of raw material to the
formation of sheets is automated to ensure pollution free environment in all
the factories.
Subject has also set up a most advanced plant in Srilanka. It has built
a nation-wide dealer network and has a strong customer base among architects
and builders.
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.56.29 |
|
|
1 |
Rs.88.26 |
|
Euro |
1 |
Rs.70.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.