MIRA
INFORM REPORT
|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAMCO INDUSTRIES LIMITED SRI RAMCO SPINNERS A DIVISION
OF RAMCO INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
47, PSK Nagar, Rajapalayam, District Virudhunagar - 626108, Tamil Nadu |
|
|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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 Share 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. |
|
|
|
|
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 16959000 |
|
|
|
|
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A1 + |
|
Rating Explanation |
Having very strong degree of safety regarding timely payment of
financial obligation it carry lowest credit risk. |
|
Date |
July, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
Subject’s name has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2012.
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 : |
|
|
Website : |
|
|
|
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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 |
|
|
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|
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 |
|
|
|
|
Factory 10 : |
Survey No. 204 / 3, Silly Road, Galanda Village, Silvassa, Dadra and Nagar Haveli – 396230, India |
|
Tel. No.: |
91-0260-6546494 / 6546474 |
|
Fax No.: |
91-0260-2644706 |
|
|
|
|
Factory 11 : |
Textile (Cotton
Yarn) Sri Ramco Spinners, Rajapalayam, Tamilnadu, India |
|
|
|
|
Factory 12: |
Fibre
Cement Pressure Pipes unit: Maksi, Madhya Pradesh |
|
Factory 13: |
Calcium Silicate
Board unit Arakkonam, Tamil Nadu |
|
Factory 14: |
Textile Division: Cotton
Yarn Spinning unit Rajapalayam, Tamil Nadu |
|
|
|
|
Factory 15: |
Wind farm Division: Tirunelveli and Coimbatore Districts, Tamil Nadu |
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Factory 16: |
Wind farm Division: Chitradurga and Hassan Districts, Karnataka |
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Factory 17: |
Wind farm Division: Kutch District, Gujarat |
DIRECTORS
As on 31.03.2012
|
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 30.09.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
23428161 |
27.03 |
|
|
23296660 |
26.88 |
|
|
46724821 |
53.92 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
46724821 |
53.92 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
9000 |
0.01 |
|
|
5540589 |
6.39 |
|
|
2000 |
0.00 |
|
|
5551589 |
6.41 |
|
|
|
|
|
|
2242657 |
2.59 |
|
|
|
|
|
|
13048195 |
15.06 |
|
|
16801447 |
19.39 |
|
|
2294351 |
2.65 |
|
|
140770 |
0.16 |
|
|
1447575 |
1.67 |
|
|
695306 |
0.80 |
|
|
10700 |
0.01 |
|
|
34386650 |
39.68 |
|
Total Public
shareholding (B) |
39938239 |
46.08 |
|
Total (A)+(B) |
86663060 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
86663060 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fiber Cement Sheets, Pressure Pipes and Accessories
and Allied Building Materials and Cotton Yarns. |
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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|
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Facilities : |
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|
|
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Banking
Relations : |
-- |
|
|
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|
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 2 : |
|
|
Name : |
CNGSN
and Associates Chartered Accountants |
|
Address : |
20, Raja Street, T. Nagar, Chennai – 600 017, Tamil Nadu, India |
|
|
|
|
Subsidiary Companies: |
·
Sudharsanam Investments Limited,
India ·
Sri Ramco Lanka (Private) Limited,
Sri Lanka ·
Sri Ramco Roofings Lanka (Private)
Limited, Sri Lanka |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Re.1/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86663060 |
Equity Shares |
Re.1/- each |
Rs.86.663 Millions |
|
|
|
|
|
The reconciliation of the number of shares outstanding is
set out below:
|
Particulars |
31.03.2012 |
|
Equity Shares at the beginning of the year |
86.663 |
|
Add: Number of shares allotted during the year |
0.000 |
|
Less: Number of shares bought back |
0.000 |
|
Equity Shares at the end of the year |
86.663 |
Rights,
preferences and restrictions attaching to various classes of shares - NIL
Share
holding in the company of the holding company and ultimate holding company and
their subsidiaries / associates- NIL
The details of Shareholders holding more than 5% shares:
|
Name of the Shareholder |
31.03.2012 |
|
|
No. of Shares |
% held |
|
|
Madras Cements Limited |
1,33,72,500 |
15.43 |
|
Rajapalayam Mills Limited |
79,20,680 |
9.14 |
|
Shri.P.R.Ramasubrahmaneya Rajha |
80,80,040 |
9.32 |
|
Shri.P.R.Venketrama Raja |
52,85,000 |
6.10 |
|
|
3,46,58,220 |
39.99 |
Shares reserved for issue under options and contracts - NIL
Commitments for sale of shares / disinvestment - NIL
Of the above, 4,33,31,530 equity shares were allotted in the
year 2009-10 as fully paid Bonus Shares by capitalisation of General Reserves.
Allotment of shares for consideration other than cash,
allotment of bonus shares and shares bought back -
NIL
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
86.663 |
86.663 |
86.663 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4153.141 |
3650.490 |
3203.670 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4239.804 |
3737.153 |
3290.333 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1510.937 |
1237.167 |
1966.204 |
|
|
2] Unsecured Loans |
203.428 |
411.375 |
510.383 |
|
|
TOTAL BORROWING |
1714.365 |
1648.542 |
2476.587 |
|
|
DEFERRED TAX LIABILITIES |
228.856 |
240.856 |
263.856 |
|
|
|
|
|
|
|
|
TOTAL |
6183.025 |
5626.551 |
6030.776 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2674.178 |
2305.103 |
2183.689 |
|
|
Capital work-in-progress |
74.897 |
252.644 |
249.791 |
|
|
|
|
|
|
|
|
INVESTMENT |
2026.168 |
2026.168 |
2026.167 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1511.755
|
1277.638 |
1292.955 |
|
|
Sundry Debtors |
596.917
|
497.966 |
293.306 |
|
|
Cash & Bank Balances |
138.815
|
228.504 |
177.276 |
|
|
Other Current Assets |
735.180
|
518.850 |
0.180 |
|
|
Loans & Advances |
147.714
|
364.223 |
592.394 |
|
Total
Current Assets |
3130.381
|
2887.181 |
2356.111 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
377.677
|
376.121 |
267.231 |
|
|
Other Current Liabilities |
1093.440
|
1141.142 |
275.281 |
|
|
Provisions |
251.482
|
327.282 |
242.470 |
|
Total
Current Liabilities |
1722.599
|
1844.545 |
784.982 |
|
|
Net Current Assets |
1407.782
|
1042.636 |
1571.129 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6183.025 |
5626.551 |
6030.776 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6746.066 |
5596.228 |
4981.944 |
|
|
|
Power
generated from Wind Mills |
-- |
-- |
121.130 |
|
|
|
Other Income |
413.239 |
182.586 |
326.621 |
|
|
|
TOTAL (A) |
7159.305 |
5778.814 |
5429.695 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials |
3977.215 |
3024.478 |
4242.094 |
|
|
|
Cost of Resale materials |
177.656 |
24.520 |
|
|
|
|
Change in inventories |
(183.685) |
(103.796) |
|
|
|
|
Employee benefit expenses |
422.692 |
350.568 |
|
|
|
|
Other expenses |
1476.824 |
1290.341 |
|
|
|
|
TOTAL (B) |
5870.702 |
4586.111 |
4242.094 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1288.603 |
1192.703 |
1187.601 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
241.538 |
206.854 |
212.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1047.065 |
985.849 |
975.431 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
333.908 |
294.769 |
289.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
713.157 |
691.080 |
685.954 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
99.711 |
159.000 |
150.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
613.446 |
532.080 |
535.954 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
86.710 |
65.447 |
35.541 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
490.000 |
420.000 |
420.000 |
|
|
|
Interim Equity Dividend |
77.997 |
43.332 |
38.998 |
|
|
|
Tax on Interim Equity Dividend |
12.653 |
7.197 |
6.628 |
|
|
|
Final Equity Dividend |
17.333 |
34.665 |
34.665 |
|
|
|
Tax on Final Equity Dividend |
2.812 |
5.623 |
5.757 |
|
|
BALANCE CARRIED
TO THE B/S |
99.361 |
86.710 |
65.447 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
395.540 |
160.941 |
117.950 |
|
|
|
Royalty Income |
86.217 |
103.649 |
74.979 |
|
|
|
Dividend
from Srilankan Subsidiary |
53.681 |
9.388 |
19.223 |
|
|
TOTAL EARNINGS |
535.438 |
273.978 |
212.152 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1801.954 |
1339.447 |
1379.111 |
|
|
|
Stores & Spares |
3.755 |
4.167 |
12.834 |
|
|
|
Capital Goods |
16.740 |
64.500 |
47.535 |
|
|
TOTAL IMPORTS |
1822.449 |
1408.114 |
1439.480 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.08 |
6.14 |
6.18 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2717.500 |
1653.800 |
|
Total Expenditure |
|
2294.300 |
1392.500 |
|
PBIDT (Excl OI) |
|
423.200 |
261.300 |
|
Other Income |
|
0.000 |
29.000 |
|
Operating Profit |
|
423.200 |
290.300 |
|
Interest |
|
68.100 |
68.200 |
|
Exceptional Items |
|
19.400 |
(12.100) |
|
PBDT |
|
374.500 |
210.000 |
|
Depreciation |
|
82.300 |
82.300 |
|
Profit Before Tax |
|
292.200 |
127.700 |
|
Tax |
|
71.000 |
23.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
221.200 |
104.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
221.200 |
104.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.57 |
9.21 |
9.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.57 |
12.35 |
13.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.29 |
1.31 |
15.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.18 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.81 |
0.93 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82 |
1.57 |
3.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 involved in |
------ |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
------ |
|
26] |
Buyer visit details |
------ |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
REVIEW OF OPERATIONS AND CURRENT TRENDS
A. BUILDING
PRODUCTS DIVISION
|
PRODUCT |
PRODUCTION Qty. in M.T. |
SALES Qty. in M.T. |
TURNOVER Rs. in Millions |
|||
|
31.03.2012 |
31.03.2011 |
31.03.2012 |
31.03.2011 |
31.03.2012 |
31.03.2011 |
|
|
Fibre
Cement Sheets |
5,65,026 |
4,76,699 |
5,50,026 |
4,80,333 |
4927.000 |
3818.500 |
|
Calcium
Silicate Boards |
13,375 |
13,027 |
14,603 |
14,382 |
300.100 |
318.400 |
(a) Fibre Cement
(FC) Sheets:
During the year, the
Production of Fibre Cement Sheets (FC Sheets) increased by 88,327 M.T.
registering a growth of 19% over the corresponding previous year. The Sales of
FC Sheets increased by 69,693 M.T. recording a growth of 15% over the
corresponding previous year. The Turnover was higher at Rs. 4927.000 Millions
during the Financial Year as against Rs. 3818.500 Millions in the corresponding
previous year. The New Unit at Bihiya commenced Commercial Production during
the year. This addition along with improved output from the other plants
contributed to the increase.
(b) Calcium
Silicate Boards (CSBs):
During 2011-12,
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. 300.100 Millions
as against Rs. 318.400 Millions during the previous year. Work is under way for
setting up of a State-of-the-Art Project for manufacture of Calcium Silicate
Boards with an annual capacity of 48,000 M.T. at Kotputli, Rajasthan.
(c) Cement Clinker
Grinding (CCG) Plant at Kharagpur, W.B:
The Unit recorded
continuous improvement in its performance during the year. The Plant had
produced 1,30,152 M.T of Cement during the year as against 1,15,727 M.T of
Cement during the previous year, registering 12% growth. Similarly, Sale of
Cement also increased from 1,15,355 M.T during the last year to 1,30,038 M.T
during 2011-12. Profitability of this Unit had also improved during the year
ended 31.03.2012.
(d) Fibre Cement
Pressure Pipes:
Operations of Pressure
Pipes continued to be under pressure owing to the slow down in infrastructural
activities during the year. Accordingly, the minimum Licence fee receivable
from the Licensee during the Current year is Rs.10.000 Millions.
B. WIND MILLS:
During the
Financial Year 2011-12, 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 : 302 Lakh Units (P.Y: 326 Lakh Units)
Income earned : Rs. 122.400 Millions
(P.Y: Rs. 118.500 Millions)
(by
generation/sale of power)
Units generated were lower during the year under review due to reduction
in Grid availability.
C. COTTON YARN
DIVISION-SRI RAMCO SPINNERS:
Production and
Sales :
During the year
2011-12, the Unit had produced 24.65 Lakh Kgs. of Cotton Yarn as compared to
31.12 Lakh Kgs. produced during the previous year. The Unit had registered its
sale of Yarn at 24.98 Lakh Kgs during the year as against 30.33 Lakh Kgs.
during 2010-11.
The cotton prices
have gone up too steeply during the season 2010-11. The Mills were forced to
buy good quality cotton at abnormally higher prices during that season which
was consumed during the financial year 2011-12. The mounting pressure of
inventory with Indian Mills and their eagerness to get rid of their inventory
before the arrival of new cotton, virtually pushed the global yarn prices down
by more than 30 per cent within a month.
The power cut in
Tamil Nadu has worsened during the year and severe power cut measures were
announced and the power availability was only 25% from March 2012 and is still
continuing. The mismatch between increased demand for electricity and shortage
in the supply has affected the capacity utilization of Mills in Tamil Nadu.
Timely decision taken by the Directors to install Windmills in previous years
and purchase of power from Third Party have helped the Company to tide over the
power crisis. Still to meet the full requirements, the Company has to use
Diesel Generator sets resulting in higher costs.
The cumulative effect of the above factors have adversely affected the
performance of the Textile division of the Company.
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
also Profitability. The production at the FC Sheet Plant of the Subsidiary, was
1,11,888 M.T. during the year ended 31.03.2012 as against 1,06,801 M.T. during
the corresponding previous year. The Subsidiary sold 1,13,842 M.T. during
2011-12 as compared to 1,08,609 M.T. during 2010-11. The Net Sales were SLR
32,839 lakhs (Rs. 1399.000 Millions) as against SLR.25,492 Lakhs (Rs. 1036.500
Millions) during the corresponding previous year. The Directors have pleasure
to inform that the Company’s step-down Subsidiary viz. M/s. Sri Ramco Roofings
Lanka (Private) Limited (SRRLPL) incorporated for manufacture of Fibre Cement
Products at Pallegodowatta Industrial Estate, Mathugama in the District of
Kalutara in Sri Lanka, with an annual capacity of 1,20,000 M.T. commenced Commercial
Operations on 30th March, 2012. This Company will enjoy tax and other benefits
from the Government of Sri Lanka.
FUTURE PLAN OF ACTION
Use of alternative fibres in the production of Sheets.
Development of Poly Propylene strip reinforced sheets.
Development of different formulations of asbestos-free flat Boards for
different applications.
Development of
sandwich panels.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH
SEPTEMBER 2012
(Rs. in Millions)
|
PART - I |
|||
|
PARTICULARS |
Quarter ended 30.09.2012 Unaudited |
Quarter ended 30.06.2012 Unaudited |
Half Year Ended 30.09.2012 Unaudited |
|
1. Income from Operations |
|
|
|
|
a. Net Sales / Income from Operations (Net
of Excise Duty) |
1611.600 |
2688.600 |
4300.002 |
|
b. Other Income from Operations |
42.200 |
28.900 |
71.100 |
|
Total Income (1 +2) |
1653.800 |
2717.500 |
4371.300 |
|
2. Expenses |
|
|
|
|
a. Cost of Materials consumed |
1274.400 |
1381.800 |
2656.200 |
|
b. Purchase of Stock In Trade |
- |
-- |
-- |
|
c. Changes In Inventories of Finished
Goods, Work-in-Progress & Stock in Trade |
(358.400) |
173.100 |
(185.300) |
|
d. Employee Benefits Expenses |
106.700 |
125.500 |
232.200 |
|
e. Depreciation and Amortisation Expense |
82.300 |
82.300 |
164.600 |
|
f. Other expenditure |
|
|
|
|
g. Cost of resale materials |
17.000 |
32.700 |
49.7000 |
|
h. Others |
352.800 |
581.200 |
934.000 |
|
Total expenditure |
1474.800 |
2376.600 |
3851.400 |
|
3.Profit from Operations before Other income,
Finance cost and Exceptional items (1-2) |
179.000 |
340.900 |
519.900 |
|
4. Other Income |
29.000 |
- |
29.000 |
|
5 Profit from Operations before Finance
cost and Exceptional items (5+6) |
208.000 |
340.900 |
548.900 |
|
6 Finance Costs |
68.200 |
68.100 |
136.300 |
|
7 Profit from Operations after Finance
cost but before Exceptional items (6-7) |
139.800 |
272.800 |
412.600 |
|
Exceptional items |
(21.100) |
19.400 |
7.300 |
|
9 Profit/ Loss from Ordinary Activities
Before Tax (7+8) |
127.700 |
292.200 |
419.900 |
|
10 Tax Expense |
|
|
|
|
- Current Tax |
26.000 |
75.000 |
101.000 |
|
- Deferred Tax |
(3.000) |
(4.000) |
(7.000) |
|
11. Net Profit/Loss from ordinary
activities after Tax (9-10) |
104.700 |
221.200 |
325.900 |
|
12. Extraordinary items (Net of tax
expense) |
-- |
-- |
-- |
|
13. Net Profit / Loss for the period
(11-12) |
104.700 |
221.200 |
325.900 |
|
14. Paid up Equity Share Capital (Face
value of Re.1/- per share) |
86.700 |
86.700 |
86.700 |
|
15. Reserves Excluding Revaluation
reserves |
- |
- |
- |
|
16. Earnings Per Share (EPS) of Re. 1/-
each Basic and Diluted before & after
Extraordinary items Rs. |
1.21 |
2.55 |
3.76 |
|
Part II Select inlormation tor
the Quarter / Half year ended 30.09.2012 |
|||
|
A. Particulars of Shareholding |
|
|
|
|
Public Share holding |
|
|
|
|
Number of Shares (F.V. Re. 1/-) |
39,938,239 |
39,938,239 |
39,938,239 |
|
Percentage of shareholding |
46.08% |
46.08% |
46.08% |
|
Promoters & Promoter group
shareholding |
|
|
|
|
|
|
|
|
|
a. Pledged /. Encumbered: |
|
|
|
|
No. shares (F.V. Re. 1/-) |
2,600,000 |
2,600,000 |
2,600,000 |
|
Percentage of Shares (as a % of the total
Share holding of the Promoter & Promoter Group) |
5.56% |
5.56% |
5.56% |
|
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 .Re. 1/-) |
44,124,821 |
44,124,821 |
44,124,821 |
|
Percentage of shares (as a % of the total
share hording of Promoter & Promoter Group) |
94.44% |
94.44% |
94.44% |
|
Percentage of Shares (as a % of the total |
50.92% |
50.92% |
50.92% |
|
B.
Investor Complaints: |
Quarter ended
30.09.2012 Unaudited |
Quarter ended
30.06.2012 Unaudited |
Half Year Ended 30.09.2012 Unaudited |
|
Pending at the beginning of the quarter |
Nil |
Nil |
Nil |
|
Received during the quarter |
Nil |
Nil |
Nil |
|
Disposed of during the quarter |
Nil |
Nil |
Nil |
|
Remaining
unresolved at the end of the quarter |
Nil |
Nil |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
(Rs. in Millions)
|
Particulars |
Quarter ended
30.09.2012 Unaudited |
Quarter ended
30.06.2012 Unaudited |
Half Year Ended 30.09.2012 Unaudited |
|
Segment Revenue / Income |
|
|
|
|
a. Building Products |
1190.200 |
2316.200 |
3506.400 |
|
b. Textiles |
3,50.500 |
329.700 |
680.200 |
|
c. Wind Mill |
76.000 |
49.200 |
125.200 |
|
d. Unallocated |
37.100 |
22.400 |
59.500 |
|
Total |
1653.800 |
2717.500 |
4371.300 |
|
Less: Inter-segment Revenue |
50.300 |
28.600 |
78.900 |
|
Net Sales / Income from Operations |
1603.500 |
2688.900 |
4292.400 |
|
Segment Results Profit (+) Loss (-) |
|
|
|
|
Before Tax and Finance cost |
|
|
|
|
a. Building Products |
57.100 |
307.100 |
364.200 |
|
b. Textiles |
0.900 |
(22.300) |
(21.400) |
|
c. Wind Mill |
59.700 |
33.800 |
93.500 |
|
d. Unallocated |
117.700 |
318.600 |
436.300 |
|
Total |
68.200 |
68.100 |
136.300 |
|
Less: Finance Cost |
|
|
|
|
Add: Un-allocable income net off
unallocable |
|
|
|
|
expenditure |
78.200 |
41.700 |
119.900 |
|
Total Profit before Tax |
127.700 |
292.200 |
419.900 |
|
3. Capital Employed: (Segment Assets
(-)Segment Liabilities) |
|
|
|
|
a. Building Products |
2716.900 |
2615.500 |
2716.900 |
|
b. Textiles |
779.000 |
789.300 |
779.000 |
|
c. Wind Mill |
349.000 |
297.800 |
349.000 |
|
d. Unallocated |
720.800 |
758.400 |
720.800 |
|
Total |
4565.700 |
4461.000 |
4565.700 |
STATEMENT
OF ASSETS AND LIABILITIES
(Rs. in Millions)
|
Particulars |
30.09.2012 Unaudited |
|
A
EQUITY AND LIABILITIES |
|
|
1. Share Holders Funds: |
|
|
(a) Capital |
86.700 |
|
(b) Reserves and Surplus |
4479.000 |
|
(c) Money received against share warrants |
|
|
Sub Total - Share Holders' funds |
4565.700 |
|
2. Non-Current Libilities |
|
|
(a) Long Term Borrowings |
1092.000 |
|
(b) Deferred Tax Liabilities |
221.900 |
|
(c) Other Long Term Liabilities |
175.200 |
|
(d) Long Term Provisions |
-- |
|
Sub Total - Non Current Liabilities |
1489.100 |
|
3. Current Liabilities |
|
|
(a) Short Term borrowings |
956.500 |
|
(b) Trade Payables |
918.100 |
|
(c) Other Current Liabilities |
1019.300 |
|
(d) Short Term Provisions |
397.800 |
|
Sub Total Current Liabilities |
3291.700 |
|
Total Equity and Liabilities |
9346.500 |
|
B. ASSETS |
|
|
1. Non Current Assets |
|
|
(a) Tangible FA |
2493.900 |
|
(b) Intangible FA |
19.700 |
|
(c) Capital WIP |
179.400 |
|
(d) Intangible assets under construction |
|
|
(e) Non-current investments |
2026.200 |
|
(f) Long Term Loans and advances |
275.600 |
|
(g) Other Non-Current Assets |
141.600 |
|
Sub Total - Non Current Assets |
5136.400 |
|
2. Current Assets |
|
|
(a) Current investments |
-- |
|
(b) Inventories |
2443.800 |
|
(c) Trade receivables |
753.000 |
|
(d) Cash and cash equivalents |
120.600 |
|
(e) ST Loans and advances |
-- |
|
(f) Other current assets |
892.700 |
|
Sub Total - Current Assets |
4210.100 |
|
Total Assets_ |
9346.500 |
Notes:
1. The above results have been reviewed by the Audit Committee
at its meeting held on 4th November, 2012 and approved and taken on record by
the Board of Directors at its meeting held on 5th November, 2012.
2. During the half year ended 30.09.2012 exceptional item is
nett off Capital Profit on sale of land in Gautam Budh Nagar, U.R, and loss on
Sale of Aircraft.
3. During the half year ended 30.09.2012 other expenditure
includes Rs. 15.500 Millions towards net loss on foreign currency fluctuations
to the extent that they are not regarded as an adjustments to the finance cost
/ fixed asset as per notification dated 31.03.2009 and 11.05.2011 amending AS
11
4. Previous year's figures have been regrouped / restated wherever
necessary
CONTINGENT
LIABILITY
Contingent Liability not provided for, in respect of: -
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
A. Claims against the company / disputed liabilities not
acknowledged as debts: |
|
|
a. In respect of Joint ventures |
NIL |
|
b. In respect of others |
0.989 |
|
B. Guarantees |
|
|
Bank Guarantees to Banks/Financial institutions against
credit facilities extended to third parties : |
|
|
a. In respect of Joint ventures |
NIL |
|
b. In respect of others |
989.900 |
FIXED ASSETS:
·
Land - Freehold
·
Land - Lease Hold
·
Buildings
·
Railway Sidings
·
Plant and Machinery
·
Electrical Machinery
·
Furniture
·
Office Equipments
·
Vehicles
·
Aircraft
·
Computer Software
·
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 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.54.34 |
|
|
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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.