MIRA
INFORM REPORT
|
Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
HARRISONS
MALAYALAM LIMITED |
|
|
|
|
Registered
Office : |
24/1624 Bristow
Road, Willingdon Island, Cochin, Ernakulam - 682003, Kerala |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
05.01.1978 |
|
|
|
|
Com. Reg. No.: |
09-2947 |
|
|
|
|
Paid up Capital : |
Rs.184.543 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L01119KL1978PLC002947 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHNH00049A /
CHNH00043B |
|
|
|
|
Legal Form : |
A public limited
liability company. The company’s
shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturer,
Exporter and Trading of Tea, Coffee, Rubber, Clearing, Shipping and
Biotechnology |
|
|
|
|
No. of Employees : |
3000
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
|
|
Maximum Credit Limit : |
USD 13000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of RPG Group a medium sized industrial house. It is
an established company having satisfactory track record. The company has reported a slight dip in its sales turnover but has seen
an increase in the net profitability during 2012. Financial position appears
to be decent. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of reputed group company. The subject can be considered 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
October 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
October 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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mrs. More |
|
Designation : |
Account Department |
|
Contact No.: |
91-484-2668023 |
|
Date : |
29.07.2013 |
LOCATIONS
|
Registered Office/Factory : |
24/1624 Bristow Road,
Willingdon Island, Cochin, Ernakulam - 682003, Kerala, India |
|
Tel. No.: |
91-484-2668023 |
|
Fax No.: |
91-484-2667032 |
|
E-Mail : |
hmlcorp@harrisonsmalayalam.com |
|
Website : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Pankaj Kapoor |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Dr. R P Goenka |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Sanjiv Goenka |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P K Chowdhary |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G Momen |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Umang Kanoria |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ajit Singh Chouhan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ravi A |
|
Designation : |
Company Secretary and Chief
Manager - Accounts and Treasury |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
90000 |
0.49 |
|
|
5553655 |
30.09 |
|
|
5643655 |
30.58 |
|
|
|
|
|
|
3640000 |
19.72 |
|
|
3640000 |
19.72 |
|
Total shareholding of Promoter and Promoter Group (A) |
9283655 |
50.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7020 |
0.04 |
|
|
2483 |
0.01 |
|
|
33570 |
0.18 |
|
|
240 |
0.00 |
|
|
240 |
0.00 |
|
|
43313 |
0.23 |
|
|
|
|
|
|
958456 |
5.19 |
|
|
|
|
|
|
6195086 |
33.57 |
|
|
1730304 |
9.38 |
|
|
244591 |
1.33 |
|
|
21698 |
0.12 |
|
|
10182 |
0.06 |
|
|
133205 |
0.72 |
|
|
79506 |
0.43 |
|
|
9128437 |
49.46 |
|
Total Public shareholding (B) |
9171750 |
49.70 |
|
Total (A)+(B) |
18455405 |
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) |
18455405 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter
and Trading of Tea, Coffee, Rubber, Clearing, Shipping and Biotechnology |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
Europe ·
Africa ·
Middle East ·
New Zealand ·
US ·
Canada |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tea |
MT |
Not
ascertainable |
15,592.687 |
|
Rubber (Including Centrifuge Rubber Latex) |
MT |
10540 |
8,832.837 |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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|
No. of Employees : |
3000 (Approximately) |
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|
Bankers : |
·
State Bank of India ·
State Bank of Travancore ·
State Bank of Hyderabad ·
ICICI Bank ·
National Bank for Agriculture and Rural
Development ·
IDBI Bank Limited |
|||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
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Facilities : |
|
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|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
32, Khader Nawaz Khan Road, Nungambakkam, Chennai - 600 006,
Tamilnadu, India |
|
|
|
|
Related Party : |
·
HML Engineering Company Limited (HECL) effective
June 6, 2011 ·
Enchanting Plantations Limited (EPL) effective
February 8, 2012 ·
Harmony Plantations Limited (HPL) effective
February 12, 2012 ·
Malayalam Plantations Limited (MPL) effective November
11, 2011 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18455405 |
Equity Shares |
Rs.10/- each |
Rs. 184.554
Millions |
|
|
Less: Allotment Money in Arrears |
|
Rs. 0.011
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 184.543 Millions |
Note:
|
Particulars |
31.03.2012 |
|
|
Number of shares outstanding as at the
beginning of the year |
Number of shares |
Rs. In Millions |
|
Number of shares outstanding as at the end
of the year |
18455405 |
184.543 |
|
|
18455405 |
184.543 |
Shares in the Company held by each shareholder holding more than 5
percent shares:
|
Particulars |
31.03.2012 |
|
|
|
Number of shares |
% holding |
|
Malayalam Plantations (Holdings) Limited |
3640000 |
19.72% |
|
Instant Holdings Limited |
1605200 |
8.70% |
|
Universal Industrial Fund Limited |
1221713 |
6.62% |
Rights, preferences and restrictions attached
to Equity shares mentioned above:
The company has only one class of equity shares
having a par value of Rs.10 per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting
except in case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company, in
proportion to their shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
184.543 |
184.543 |
|
(b) Reserves & Surplus |
|
3005.316 |
2990.352 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3189.859 |
3174.895 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
630.086 |
713.140 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
281.987 |
205.585 |
|
Total Non-current Liabilities (3) |
|
912.073 |
918.725 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
271.042 |
277.110 |
|
(b) Trade payables |
|
122.938 |
161.279 |
|
(c) Other current liabilities |
|
497.451 |
427.025 |
|
(d) Short-term provisions |
|
161.041 |
166.841 |
|
Total Current Liabilities (4) |
|
1052.472 |
1032.255 |
|
|
|
|
|
|
TOTAL |
|
5154.404 |
5125.875 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4261.413 |
4234.632 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
5.335 |
18.043 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.604 |
0.108 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
80.436 |
78.621 |
|
(e) Other Non-current assets |
|
31.328 |
40.878 |
|
Total Non-Current Assets |
|
4379.116 |
4372.282 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1.505 |
0.004 |
|
(b) Inventories |
|
188.935 |
258.579 |
|
(c) Trade receivables |
|
128.538 |
128.680 |
|
(d) Cash and cash
equivalents |
|
143.886 |
96.330 |
|
(e) Short-term loans and
advances |
|
176.099 |
100.319 |
|
(f) Other current assets |
|
136.325 |
169.681 |
|
Total Current Assets |
|
775.288 |
753.593 |
|
|
|
|
|
|
TOTAL |
|
5154.404 |
5125.875 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
184.543 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2983.140 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3167.683 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
915.092 |
|
|
2] Unsecured Loans |
|
|
127.773 |
|
|
TOTAL BORROWING |
|
|
1042.865 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4210.548 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
4179.943 |
|
|
Capital work-in-progress |
|
|
35.860 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.120 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
338.856
|
|
|
Sundry Debtors |
|
|
133.703
|
|
|
Cash & Bank Balances |
|
|
72.800
|
|
|
Other Current Assets |
|
|
58.215
|
|
|
Loans & Advances |
|
|
164.888
|
|
Total
Current Assets |
|
|
768.462
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
339.316
|
|
|
Other Current Liabilities |
|
|
134.394
|
|
|
Provisions |
|
|
300.127
|
|
Total
Current Liabilities |
|
|
773.837
|
|
|
Net Current Assets |
|
|
(5.375)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4210.548 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3649.891 |
3709.663 |
3643.535 |
|
|
|
Other Income |
39.249 |
49.154 |
89.723 |
|
|
|
TOTAL (A) |
3689.140 |
3758.817 |
3733.258 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
748.243 |
974.162 |
|
|
|
|
Purchases of stock in trade |
190.140 |
185.273 |
|
|
|
|
Changes in inventories of finished goods |
59.694 |
67.710 |
|
|
|
|
Employee benefits expenses |
1114.059 |
971.937 |
|
|
|
|
Other expenses |
1238.688 |
1288.817 |
|
|
|
|
TOTAL (B) |
3350.824 |
3487.899 |
3565.608 (Including
Financial Expenses) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
338.316 |
270.918 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
168.842 |
157.277 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
169.474 |
113.641 |
167.650 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.919 |
61.148 |
44.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
104.555 |
52.493 |
123.610 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
57.418 |
13.000 |
24.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
47.137 |
39.493 |
99.110 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
898.260 |
893.023 |
844.530 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
2.357 |
1.975 |
7.433 |
|
|
|
Proposed Dividend |
27.683 |
27.683 |
36.911 |
|
|
|
Tax on Dividend |
4.492 |
4.598 |
6.273 |
|
|
BALANCE CARRIED
TO THE B/S |
910.865 |
898.260 |
893.023 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
342.756 |
225.146 |
|
|
|
TOTAL EARNINGS |
342.756 |
567.902 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
6.764 |
2.414 |
7.502 |
|
|
|
Stores and Spare Parts |
0.076 |
2.930 |
|
|
|
|
Packing material |
3.368 |
2.161 |
|
|
|
TOTAL IMPORTS |
10.208 |
7.505 |
11.429 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.55 |
2.14 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.28
|
1.05 |
2.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.86
|
1.42 |
3.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.03
|
1.03 |
16.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.02 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.28
|
0.31 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.74
|
0.73 |
0.99 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10435165 |
10/06/2013 |
430,559.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B78895331 |
|
2 |
10425297 |
18/04/2013 |
764,091.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B74960295 |
|
3 |
10425300 |
18/04/2013 |
764,091.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B74960535 |
|
4 |
10420922 |
03/04/2013 |
401,726.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B73510497 |
|
5 |
10420916 |
27/03/2013 |
556,801.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B73509648 |
|
6 |
10417064 |
22/03/2013 |
6,821,900.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B72346893 |
|
7 |
10417642 |
15/03/2013 |
766,895.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B72567837 |
|
8 |
10411868 |
25/02/2013 |
866,001.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B70784483 |
|
9 |
10411776 |
14/02/2013 |
365,380.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B70764915 |
|
10 |
10411779 |
14/02/2013 |
365,380.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B70765730 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Short term loan from bank |
0.000 |
100.000 |
|
|
|
|
|
Total |
0.000 |
100.000 |
|
Note: Short term loan
from bank Loan repayable by June 30, 2011 carrying an interest of 10.5% per
annum. |
||
PERFORMANCE
The Company achieved a turnover of Rs 3689.140 Millions for the
financial year (Previous year Rs.3733.258 Millions). Rubber prices (RSS IV) fluctuated
widely between a high of Rs.243 and a low of Rs.184 during FY 2011-12. The
average RSS IV price for the industry was Rs.207.83 which is higher by Rs.17.48
as compared to the previous year on a per kilo basis. The average HML Rubber
price was Rs.213.83 as against Rs.206.11 of the previous year. Tea industry
experienced buoyancy after a long time. During the year, the auction averages
registered an upward movement. HML Tea prices in Auction at Rs.77.95 per kilo
were higher than Rs.71.10 per kilo of last year. The average price realisation
for Tea was Rs.75.96 per kilo (previous year Rs.71.14). The Company has made
substantial progress in Bought Operations in Tea and Rubber which has
contributed in improving the capacity utilisation of the factories. This has
resulted in higher turnover and improved profitability. The Company’s efforts
in improving labour productivity through incentive schemes and reorganised work
continued to yield positive results. The company made substantial investments
in bringing larger areas under replanting in Rubber and infilling in Tea. Also,
substantial improvements were made in upgrading the Tea and Rubber factories
resulting in lowering costs and improving product quality. They believe these
investments would give us long term benefits.
COMPOSITE SCHEME
OF ARRANGEMENT AND AMALGAMATION
The Board of Directors at their meeting held on February 10, 2012
approved the Composite Scheme of Arrangement in accordance with the Provisions
of Section 391 to 394 read with Sections 78, 100 to 103 of the Companies Act,
1956. The Scheme provides for the demerger and vesting of Venture, Isfield,
Koney, Lahai, Kaliyar and Palapilly rubber estates and Achoor, Chundale,
Sentinel Rock, Touramulla, Arrapetta, Mayfield and Upper Surianallie tea estates,
of the Company into Harmony Plantations Limited (HPL) either directly or
indirectly with effect from April 1, 2012.
The Scheme is subject to the consent or approval of the requisite
majority of the shareholders, Creditors, the Hon’ble High Court of Kerala at
Ernakulam and other statutory or regulatory authorities, which by law may be
necessary for implementation of the Scheme.
Pursuant to the sanction of the Scheme, shareholders of the Company will
be entitled to shares in HPL in the same proportion as their current
shareholding in the Company. For every l (one) fully paid up equity share of Rs
10 each held by shareholders in the Company, l (one) equity share of Rs 7 each
will be issued and allotted in HPL. The shares of HPL would be listed in the Bombay
Stock Exchange, National Stock Exchange of India and
also Cochin Stock Exchange.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
TEA
OVERVIEW
Indian Tea production in 2011 was 988 million kgs as compared to 967
million kgs in 2010, an increase of just 21 million kgs. Other major tea
producing countries in 2011 were Kenya 377 million kgs, Sri Lanka 328 million
kgs, other African Countries 168 million kgs, Vietnam 145 million kgs,
Indonesia 57 million kgs and Bangladesh 59 million kgs.
Kenya and other African countries due to dry weather conditions up to
March 2011 lost around 22 million kgs of crop as compared to 2010. India
however gained 21 million kgs of crop during 2011 as compared to previous year,
due to ideal weather conditions up to October 2011. Strong consumptional
growth, low inventory and normal production has helped in maintaining the
prices in the domestic market during the year. Prices in global market were
positive and stable due to lower production in Kenya. Cost in India has gone up
on account of revision in wages and increase in prices of power and fuel.
OUTLOOK
India and global tea production is likely to remain stagnant to very
insignificant growth in the next two years due to negligible addition of land
under tea cultivation in the organized sector. Demand however is expected to
increase marginally and thereby creating further shortage and lower inventory
levels. Gradual change in the weather conditions may affect the production.
RUBBER
OVERVIEW
The global Natural Rubber production in 2011 showed an increase of 5.5%
at 10,977 million kgs compared to 10,406 million kgs in the year 2010. The
overall consumption of rubber was 10,920 million kgs in 2011 as against 10,783
million kgs in the previous year, an increase of 1.3%. Fundamentals not being
supportive of rubber, with global production rising in recent years while
demand has fallen in major consuming countries, have resulted in the price of
Natural Rubber touching a 3 year low in the Tokyo Commodity Exchange (TOMCO).
Thailand, Indonesia and Malaysia who account for 70% of global output have
taken drastic measures to stem the fall in prices, which included procurement
of rubber at prices above market levels and cut aging trees to curtail 450
million kgs of production.
In India, Natural Rubber production during 2011-12 showed an increase of
4.3% at 899 million kgs compared to 862 million kgs in 2010-11. The consumption
during the year was 967 million kgs against 948 million kgs in the previous
year, an increase of 2%. The rubber prices touched a record high of Rs 243 a kg
in April 2011. The prices since then have been showing a downward trend. During
the year 30 million kgs of rubber was exported at an average realisation of Rs
214 per kg, while 178 million kgs were imported at Rs 181 per kg.
OUTLOOK
As production that was planned years ago comes on-stream in
non-traditional areas such as north-eastern states, India is likely to produce
942 million kgs of natural rubber in the current year. With consumption expected
to be 1006 million kgs and India’s natural rubber imports likely to drop by 27
% to 130 million kgs in the current year, the prices of natural rubber is
unlikely to fall from the current levels. Also rubber prices will gain support
from Asia-pacific demand mainly from China’s booming automotive, medical, heavy
equipment and other industries. However Natural rubber prices could come under
pressure due to a fall in crude oil prices, which makes synthetic rubber
cheaper. Company’s rubber production would remain at the present levels as the
Company had initiated a massive Replanting exercise 5 years ago, and would
start yielding results in coming years, in the process making HML as one of the
companies having the highest land productivity in the Rubber Plantation Sector.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Claims against the Company not acknowledged as debt |
|
|
|
Employee related |
46.819 |
35.238 |
|
Penalties under section 14B of Employees’
Provident Fund Miscellaneous Provisions Act 1952 |
14.604 |
9.559 |
|
Disputed Income Tax matters |
46.914 |
32.367 |
|
Disputed Sales Tax matters |
0.000 |
6.153 |
|
Customs duty payable pending fulfillment of
export obligation |
0.000 |
2.350 |
|
The Government of Kerala had issued a
notification in February 2006, enhancing the minimum wages of plantation
workers which has been challenged by the Association of Planters of Kerala of
which the Company was a member and an interim stay was granted by the High
Court of Kerala. As the Company resigned from Association of Planters of
Kerala with effect from 12.02.2007, a separate writ petition was filed and an
interim stay of the Government Notification obtained. |
34.849 |
38.275 |
|
|
|
|
FIXED ASSETS
Tangible Assets
·
Land and Development -
·
Freehold and Leasehold
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Water Supply
·
Vehicles
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] 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.61.12 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.