MIRA
INFORM REPORT
|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUPER SPINNING MILLS LIMITED |
|
|
|
|
Registered
Office : |
‘ |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.06.1962 |
|
|
|
|
Com. Reg. No.: |
18-001200 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 55.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111TZ1962PLC001200 |
|
|
|
|
IEC No.: |
3201001988 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS0672G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Cotton Yarn. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a well-established company having moderate track. The company has seen a vulnerability in its profitability due to
volatility in raw material prices during 2013. The ratings also take into consideration the strained liquidity position
due to high working capital intensive operations and sizeable loss incurred
during FY 2012. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of long standing experience of the promoters in the textile
industry, the subject can be considered for business dealings with some
caution. |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BB |
|
Rating Explanation |
Moderate risk of default regarding timely payments |
|
Date |
09.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
09.07.2013 |
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.
LOCATIONS
|
Registered / Corporate Office : |
‘Elgi Towers’, P. B. 7113, 737 – D, Green Fields, Puliakulam Road,
Coimbatore - 641045, Tamilnadu, India |
|
Tel. No.: |
91-422-2311711/ 2314511/ 4351711 |
|
Fax No.: |
91-422-2311611/ 2315111 |
|
E-Mail : |
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|
Website : |
|
|
|
|
|
PLANT LOCATIONS |
|
|
A and O.E. Unit: |
Kirikera, Hindupur, District Anantapur – 515211, Andhra Pradesh,
India |
|
Tel. No.: |
91-8556-220522 / 220194 |
|
Fax No.: |
91-8556-220997. |
|
E-Mail : |
|
|
|
|
|
B Unit : |
Kotnur, Hindupur, Anantapur – 515213, Andhra Pradesh, India |
|
Tel. No.: |
91-8556-20182/20187 |
|
Fax No.: |
91-8556-20858 |
|
E-Mail : |
|
|
|
|
|
C Unit : |
D.- Gudalur, Dindigul – 624620, Tamilnadu, India |
|
Tel. No.: |
91-4551-225310 |
|
Fax No.: |
91-4551-225229 |
|
E-Mail : |
|
|
|
|
|
Unit Super Sara : |
Beerapalli, Hindupur - 515212, Andhra Pradesh, India |
|
Tel. No.: |
91-8556-249687/ 249786 |
|
Fax No.: |
91-8556-249744 |
|
E-Mail : |
|
|
|
|
|
Garment Units: |
Unit II, New Tirupur, Thekkalur-641654, Coimbatore District, Tamilnadu, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Vidyaprakash D |
|
Designation : |
Chairman |
|
Date of
Birth/Age : |
06.08.1945 |
|
Qualification
: |
B. Sc. [Maths] |
|
|
|
|
Name : |
Mr. Sumanth Ramamurthi |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. C S K Prabhu |
|
Designation : |
Director |
|
Date of
Birth/Age : |
10.09.1954 |
|
Qualification
: |
FCA |
|
|
|
|
Name : |
Mr. D Sarath Chandran |
|
Designation : |
Director |
|
Date of
Birth/Age : |
12.05.1946 |
|
Qualification
: |
B.Sc (Hons), MBA |
|
|
|
|
Name : |
Mr. Sudarsan Varadaraj |
|
Designation : |
Director |
|
Date of
Birth/Age : |
22.01.1958 |
|
Qualification
: |
B.E (Hons), M.S (ME) |
|
|
|
|
Name : |
Mr. B Vijayakumar |
|
Designation : |
Director |
|
Date of
Birth/Age : |
22.01.1953 |
|
Qualification
: |
B. Sc. |
|
|
|
|
Name : |
Mr. Vijay Venkataswamy |
|
Designation : |
Director |
|
Date of
Birth/Age : |
12.08.1947 |
|
Qualification
: |
MBA |
KEY EXECUTIVES
|
Name : |
Mr. R Srikanth |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. A S Thirumoorthy |
|
Designation : |
Chief
Operating Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17729730 |
32.24 |
|
|
3584250 |
6.52 |
|
|
1968367 |
3.58 |
|
|
1318367 |
2.40 |
|
|
650000 |
1.18 |
|
|
23282347 |
42.33 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
23282347 |
42.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4400 |
0.01 |
|
|
5000 |
0.01 |
|
|
3500 |
0.01 |
|
|
12900 |
0.02 |
|
|
|
|
|
|
3801169 |
6.91 |
|
|
|
|
|
|
21352020 |
38.82 |
|
|
5772209 |
10.49 |
|
|
779355 |
1.42 |
|
|
25409 |
0.05 |
|
|
289338 |
0.53 |
|
|
30741 |
0.06 |
|
|
433867 |
0.79 |
|
|
31704753 |
57.65 |
|
Total Public shareholding (B) |
31717653 |
57.67 |
|
Total (A)+(B) |
55000000 |
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) |
55000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Cotton Yarn. |
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Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
· Union Bank of India · State Bank of India · IDBI Bank · Andhra Bank · ICICI Bank Limited · Axis Bank ·
State Bank Of Hyderabad |
|||||||||||||||||||||
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|
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|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Reddy, Goud and Janardhan Chartered Accountants |
|
|
|
|
Subsidiaries : |
· Sara Elgi Arteriors Limited ·
Elgi Building Products Limited |
|
|
|
|
Others : |
· Elgi Electric and Industries Limited · Super Sara Textiles Limited · Sara Elgi Industries Limited · Super Farm Products Limited · Kakatiya Textiles Limited · Sara Elgi Insurance Advisory Services Private Limited · Sara Elgi Envirotech Limited · Sara Trading and Industrial Services Limited · Sara Elgi Industrial Research and Devlopment Limited · Coimbatore Pioneer Fertilisers Limited ·
Prashanth Textiles Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Re. 1/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
Re. 1/- each |
Rs.55.000
Millions |
|
|
|
|
|
|
Name of the Shareholders |
31.03.2013 |
|
|
|
No of
Shares |
% of
Holding |
|
Sumanth Ramamurthi |
8,568,220 |
15.58 |
|
Nikhil Govind Ramamurthi |
4,000,000 |
7.27 |
|
Sanjay Krishna Ramamurthi |
4,000,000 |
7.27 |
The Company declares and pays dividends in indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amount exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
55.000 |
55.000 |
55.000 |
|
(b) Reserves & Surplus |
645.163 |
570.108 |
999.276 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
700.163 |
625.108 |
1054.276 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
76.110 |
177.583 |
369.508 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
127.314 |
|
(c) Other long term
liabilities |
3.531 |
3.553 |
0.000 |
|
(d) long-term provisions |
42.471 |
39.962 |
0.000 |
|
Total Non-current
Liabilities (3) |
122.112 |
221.098 |
496.822 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1141.490 |
1057.267 |
1393.891 |
|
(b) Trade payables |
462.762 |
313.452 |
394.935 |
|
(c) Other current
liabilities |
234.442 |
349.519 |
510.752 |
|
(d) Short-term provisions |
21.203 |
19.312 |
51.865 |
|
Total Current Liabilities
(4) |
1859.897 |
1739.550 |
2351.443 |
|
|
|
|
|
|
TOTAL |
2682.172 |
2585.756 |
3902.541 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1007.525 |
1171.635 |
1429.855 |
|
(ii) Intangible Assets |
0.000 |
0.252 |
0.497 |
|
(iii) Capital
work-in-progress |
3.214 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
282.537 |
282.437 |
282.437 |
|
(c) Deferred tax assets (net) |
89.218 |
97.809 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1382.494 |
1552.133 |
1712.789 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
495.794 |
362.651 |
1409.568 |
|
(c) Trade receivables |
406.539 |
351.048 |
360.732 |
|
(d) Cash and cash
equivalents |
24.005 |
26.829 |
49.736 |
|
(e) Short-term loans
and advances |
312.264 |
279.212 |
357.034 |
|
(f) Other current
assets |
61.076 |
13.883 |
12.682 |
|
Total Current Assets |
1299.678 |
1033.623 |
2189.752 |
|
|
|
|
|
|
TOTAL |
2682.172 |
2585.756 |
3902.541 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4354.407 |
3807.838 |
4777.637 |
|
|
|
Other Income |
66.752 |
144.762 |
60.183 |
|
|
|
TOTAL (A) |
4421.159 |
3952.600 |
4837.820 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2292.587 |
2731.073 |
2869.880 |
|
|
|
Purchases of Stock-in-Trade |
168.600 |
140.100 |
105.000 |
|
|
|
Changes in inventories of Finished Goods /
Work-in-progress and Stock-in-Trade |
9.791 |
162.029 |
(126.379) |
|
|
|
Employee benefits expense |
427.033 |
365.119 |
407.319 |
|
|
|
Other expenses |
1038.936 |
680.665 |
996.403 |
|
|
|
TOTAL (B) |
3936.947 |
4078.986 |
4252.223 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
484.212 |
(126.386) |
585.597 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
231.097 |
302.289 |
229.278 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
253.115 |
(428.675) |
356.319 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
169.709 |
190.019 |
208.122 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
83.406 |
(618.694) |
148.197 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.351 |
(189.526) |
9.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
75.055 |
(429.168) |
139.053 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(445.188) |
(16.020) |
(155.073) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(370.133) |
(445.188) |
(16.020) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (FOB value) |
992.085 |
576.076 |
894.576 |
|
|
TOTAL EARNINGS |
992.085 |
576.076 |
894.576 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.36 |
(7.80) |
(2.53) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.70
|
(10.86) |
2.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.92
|
(16.25) |
3.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.62
|
(28.25) |
4.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
(0.99) |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.74
|
1.98 |
1.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.70
|
0.59 |
0.93 |
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 |
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 involved in |
Yes |
|
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 |
LITIGATIONS DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
|
|
Case No.: |
673 |
|
Year : |
2011 |
|
Petitioner : |
M/S.HAMSAVENI SPINNERS PRIVATE LIMITED |
|
Respondent : |
M/S.SUPER SPINNING MILLS LIMITED |
|
Pet's Advocate : |
M/S.ANANDA GOMATHY SIVAKU |
|
Res's Advocate : |
|
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Oct 13 2011 |
UNSECURED LOAN
Rs. In
Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short-term
Borrowings |
|
|
|
Loans repayable on demand From Directors |
3.711 |
6.997 |
|
Total |
3.711 |
6.997 |
CORPORATE INFORMATION
Super Spinning Mills Limited is a public limited company domiciled in
India and incorporated under the provisions of the Companies Act, 1956. The
company is engaged in the manufacture and selling of cotton yarn and its shares
are listed on the Bombay Stock Exchange and the National Stock Exchange. The
company has manufacturing units in Tamilnadu and Andhra Pradesh.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY CONDITIONS
AND REVIEW OF OPERATIONS
The Indian textile industry witnessed noticeable improvement during the course of the year. During the year the company was able to effect a turnaround in performance due to stable cotton prices, remunerative yarn price, upward trend in export of cotton yarn and through dedicated efforts aimed at improving operational efficiency, focus on optimal product mix and effective cost saving practices, all of which resulted in improved sales and return to profitability.
The inadequacy of power had a major impediment for the year. Company has incurred additional cost on power and fuel in the states of Andhra Pradesh and Tamil Nadu, where the Company’s units are located. This has reduced the profit considerably.
COMPANY OUTLOOK
The demand for export yarn for the first quarter is subdued. The Company expects the trend will change and the demand of yarn will improve in rest of the year both in domestic and export markets. However, the significant matter of concern is continuing power shortage in the states of Andhra Pradesh and Tamilnadu, where the Company’s units are located.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10450995 |
30/08/2013 * |
200,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B87664181 |
|
2 |
10125234 |
31/07/2012 * |
140,000,000.00 |
AXIS BANK LIMITED |
1095, AVINASHI ROAD, PAPPANAICKENPALAYAM, COIMBATORE, TAMILNADU - 641037, INDIA |
B56268006 |
|
3 |
10032468 |
22/06/2009 * |
250,000,000.00 |
STATE BANK OF HYDERABAD |
UNITED INDIA BUILDING, 1028 AVINASHI ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
A65664328 |
|
4 |
90004498 |
10/11/2004 |
100,000,000.00 |
ICICI BANK LIMITED |
LANDMARK, RACE COURCE CIRCLE, VADODARA, GUJARAT - |
- |
|
5 |
90003899 |
29/10/2007 * |
250,000,000.00 |
ANDHRA BANK |
17, MILL ROAD, COIMBATORE, TAMILNADU- 641001, INDIA |
A26807974 |
|
6 |
90003887 |
08/02/2010 * |
300,000,000.00 |
IDBI BANK LIMITED |
72, MAYFLOWER 'E' CASTLE, DR. BALASUNDARAM ROAD, |
A80427297 |
|
7 |
90000222 |
29/10/2007 * |
699,000,000.00 |
UNION BANK OF INDIA |
MAIN BRANCH, COIMBATORE, TAMILNADU - 640001, INDIA |
A26818047 |
|
8 |
80034363 |
30/08/2013 * |
352,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B87663779 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Computer software
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2013
Rs. In Millions
|
Sr. No. |
Particulars |
Quarter Ended |
Six Months Ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
||
|
|||||
|
Unaudited |
Unaudited |
Unaudited |
|
||
|
|
|
|
|
|
|
|
1 |
a. Net Sales / Income from Operations |
1411.800 |
1118.200 |
2530.000 |
|
|
b. Other Operating Income |
7.000 |
7.600 |
14.600 |
|
|
|
2 |
Expenditure |
|
|
|
|
|
Consumption of Raw Materials |
834.100 |
676.800 |
1510.900 |
|
|
|
Purchase of stock in trade |
45.500 |
38.000 |
83.500 |
|
|
|
Changes in inventories of finished goods, work in progress and stock in trade |
(20.800) |
(73.800) |
(94.600) |
|
|
|
Employee benefit expense |
131.800 |
121.900 |
253.700 |
|
|
|
Power and Fuel |
160.600 |
154.000 |
314.600 |
|
|
|
Depreciation |
38.300 |
39.500 |
77.800 |
|
|
|
Other Expenditure |
139.900 |
119.600 |
259.500 |
|
|
|
Total |
1329.400 |
1076.000 |
2405.400 |
|
|
|
3 |
Profit from Operations before Other Income, Interest and Exceptional Items (1-2) |
89.400 |
49.800 |
139.200 |
|
|
4 |
Other Income |
2.500 |
5.200 |
7.700 |
|
|
5 |
Profit before Interest and Exceptional Items (3+4) |
91.900 |
55.000 |
146.900 |
|
|
6 |
Finance costs |
56.400 |
53.500 |
109.900 |
|
|
7 |
Profit after finance costs but before Exceptional Items (5-6) |
35.500 |
1.500 |
37.000 |
|
|
8 |
Exceptional Items – Income |
-- |
-- |
-- |
|
|
Exceptional Items -Expenses |
-- |
-- |
-- |
|
|
|
9 |
Profit (+) / Loss (-) from Ordinary Activities Before Tax (7 + 8) |
35.500 |
1.500 |
37.000 |
|
|
10 |
Tax expense |
7.600 |
0.000 |
7.600 |
|
|
11 |
Net Profit (+) / Loss (-) from Ordinary Activities after Tax (9-10) |
27.900 |
1.500 |
29.400 |
|
|
12 |
Extraordinary Items |
-- |
0.000 |
-- |
|
|
13 |
Net Profit (+) / Loss (-) for the period (11-12) |
27.900 |
1.500 |
29.400 |
|
|
14 |
Share of profit / (loss) of Associates |
-- |
0.000 |
-- |
|
|
15 |
Net Profit (+) / Loss (-) for the period (13 -14) |
27.900 |
1.500 |
29.400 |
|
|
|
|
|
|
|
|
|
16 |
Paid-up Equity Share Capital - (face value of equity share Re 1 each) |
|
|
|
|
|
- Equity |
55.000 |
55.000 |
55.000 |
|
|
|
17 |
Reserves excluding revaluation reserves |
-- |
|
|
|
|
18 |
Earnings per Share |
|
|
|
|
|
A |
Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
0.51 |
0.03 |
0.53 |
|
|
B |
Basic and diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
0.51 |
0.03 |
0.53 |
|
|
|
|
|
|
|
|
|
1 |
A. Particulars of Shareholding |
|
|
|
|
|
|
Public Share Holdings |
|
|
|
|
|
|
- No. of Shares |
31717653 |
32164720 |
31717653 |
|
|
|
- Percentage |
57.67 |
58.48 |
57.67 |
|
|
|
|
|
|
|
|
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
|
|
Pledged / Encumbered |
|
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
|
- Percentage of Shares (as a % of the total outstanding of promoter and promoter group) |
-- |
-- |
-- |
|
|
|
- Percentage Of Shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Non-encumbered |
|
|
|
|
|
|
- Number of Shares |
23282347 |
22835280 |
23282347 |
|
|
|
- Percentage of Shares (as a % of the total outstanding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage Of Shares (as a % of the total share capital of the Company) |
42.33 |
41.52 |
42.33 |
|
|
Sr. No. |
Particulars |
Quarter Ended 30.09.2013 |
|
|
B. Investor
Complaints [Nos.] |
|
|
1 |
Pending at the beginning of the year |
-- |
|
2 |
Received during the quarter |
-- |
|
3 |
Disposed of during the quarter |
-- |
|
4 |
Remaining unresolved at the end of the quarter |
-- |
STATEMENT OF ASSETS
AND LIABILITIES
Rs. In Millions
|
Sr. No. |
Particulars |
Standalone 30.09.2013 |
|
|
|
|
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
a) Share Capital |
55.000 |
|
|
b) Reserves and Surplus |
674.600 |
|
|
|
|
|
2 |
Share application
money pending allotment |
-- |
|
|
|
|
|
3 |
Non-current
liabilities |
|
|
|
a) Long-term borrowings |
215.800 |
|
|
(b) Other long term liabilities |
3.100 |
|
|
(c) long-term provisions |
45.500 |
|
|
|
|
|
4 |
Current liabilities |
|
|
|
a) Short-term borrowings |
1130.600 |
|
|
b) Trade payables |
216.200 |
|
|
c) Other current liabilities |
252.400 |
|
|
d) Short-term provisions |
30.400 |
|
|
Total |
2623.600 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
a) Fixed Assets |
|
|
|
I) Tangible Assets |
938.900 |
|
|
ii) Intangible Assets |
0.000 |
|
|
iii) Capital
work-in-progress |
0.000 |
|
|
b) Non-current investments |
275.500 |
|
|
c) Deferred tax assets (net) |
81.600 |
|
|
|
|
|
2 |
Current assets |
|
|
|
a) Inventories |
512.600 |
|
|
b) Trade receivables |
473.500 |
|
|
c) Cash and cash equivalents |
6.500 |
|
|
d) Short-term loans and advances |
281.600 |
|
|
e) Other current assets |
53.400 |
|
|
Total |
2623.600 |
Notes:
1. The above results were reviewed by the Audit Committee held on the 5th November 2013 and approved by the Board of Directors in their meeting held on 9th November 2013.
2. Previous period / Year’s figures have been re-grouped where ever required.
3. The company operates in only one segment i.e. Textiles.
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.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.