MIRA
INFORM REPORT
|
Report Date : |
19.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUPER SPINNING MILLS LIMITED |
|
|
|
|
Registered
Office : |
‘Elgi Towers’, P. B. 7113, 737 – D, Green Fields, Puliakulam Road,
Coimbatore - 641045, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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 (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2500000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record.
There appears huge loss during 2012 recorded by the company. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company 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 – 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating : (CARE) BB |
|
Rating Explanation |
Having moderate risk of default regarding
timely servicing of financial obligation. |
|
Date |
November 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.
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 : |
|
|
Website : |
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|
|
|
|
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 : |
|
|
|
|
|
D Unit : |
No. 119 – Dhally Road, Udumalpet - 642126, Tamilnadu, India |
|
Tel. No.: |
91-4252-223606/ 227611 |
|
Fax No.: |
91-4252-223658 |
|
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 31.03.2012
|
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 |
|
|
|
|
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 |
KEY EXECUTIVES
|
Name : |
Mr. R Srikanth |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. A S
Thirumoorthy |
|
Designation : |
Chief
Operating Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17521730 |
31.86 |
|
|
3382550 |
6.15 |
|
|
1931000 |
3.51 |
|
|
1281000 |
2.33 |
|
|
650000 |
1.18 |
|
|
22835280 |
41.52 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
22835280 |
41.52 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4400 |
0.01 |
|
|
5000 |
0.01 |
|
|
453500 |
0.82 |
|
|
462900 |
0.84 |
|
|
|
|
|
|
3916510 |
7.12 |
|
|
|
|
|
|
21336895 |
38.79 |
|
|
5589979 |
10.16 |
|
|
858436 |
1.56 |
|
|
105736 |
0.19 |
|
|
292338 |
0.53 |
|
|
27995 |
0.05 |
|
|
432367 |
0.79 |
|
|
31701820 |
57.64 |
|
Total Public shareholding (B) |
32164720 |
58.48 |
|
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 |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Cotton Yarn. |
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||||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Yarn and Dyed Yarn |
Kgs |
165984 Spindles
and 1200 rotors |
208.18 |
|
Weaving and Knitting |
Kgs |
-- |
2.77 |
|
Garments |
Pcs |
556 Machines |
-- |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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|
Bankers : |
Ř Union Bank of India Ř State Bank of India Ř IDBI Bank Ř Andhra Bank Ř ICICI Bank Ř Axis Bank Ř
State Bank of Hyderabad |
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Facilities : |
|
||||||||||||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Reddy, Goud and Janardhan Chartered Accountants |
|
|
|
|
Subsidiaries : |
Ř Sara Elgi Arteriors Limited Ř
Elgi Building Products Limited |
|
|
|
|
Other Related Parties : |
Ř Elgi Electric and Industries Limited Ř Super Sara Textiles Limited Ř Sara Elgi Industries Limited Ř Super Farm Products Limited Ř Kakatiya Textiles Limited Ř Sara Elgi Insurance Advisory Services Private Limited Ř Sara Elgi Envirotech Limited Ř Sara Trading and Industrial Services Limited Ř Sara Elgi Industrial Research and Development Limited Ř Coimbatore Pioneer Fertilisers Limited Ř Prashanth
Textiles Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
|
|
|
|
|
There is no change in the number of shares outstanding at the beginning and at the end.
Shareholders holding more than 5% of shares
|
Name of the Shareholders |
31.03.2012 |
|
|
|
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 |
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 |
|
55.000 |
55.000 |
|
(b) Reserves & Surplus |
|
570.108 |
999.276 |
|
(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) |
|
625.108 |
1054.276 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
177.583 |
369.508 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
127.314 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
177.583 |
496.822 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1057.267 |
1393.891 |
|
(b)
Trade payables |
|
313.452 |
394.935 |
|
(c)
Other current liabilities |
|
367.500 |
510.752 |
|
(d) Short-term
provisions |
|
54.196 |
51.865 |
|
Total Current
Liabilities (4) |
|
1792.415 |
2351.443 |
|
|
|
|
|
|
TOTAL |
|
2595.106 |
3902.541 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1171.635 |
1429.855 |
|
(ii)
Intangible Assets |
|
0.252 |
0.497 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
282.437 |
282.437 |
|
(c) Deferred tax assets (net) |
|
97.809 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1552.133 |
1712.789 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
362.651 |
1409.568 |
|
(c)
Trade receivables |
|
351.048 |
360.732 |
|
(d) Cash
and cash equivalents |
|
26.829 |
49.736 |
|
(e) Short-term
loans and advances |
|
288.562 |
357.034 |
|
(f)
Other current assets |
|
13.883 |
12.682 |
|
Total
Current Assets |
|
1042.973 |
2189.752 |
|
|
|
|
|
|
TOTAL |
|
2595.106 |
3902.541 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
55.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
860.225 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
915.225 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1976.137 |
|
|
2] Unsecured Loans |
|
|
3.780 |
|
|
TOTAL BORROWING |
|
|
1979.917 |
|
|
DEFERRED TAX LIABILITIES |
|
|
129.366 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3024.508 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1671.033 |
|
|
Capital work-in-progress |
|
|
0.970 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
290.297 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
584.650
|
|
|
Sundry Debtors |
|
|
197.836
|
|
|
Cash & Bank Balances |
|
|
29.010
|
|
|
Other Current Assets |
|
|
88.324
|
|
|
Loans & Advances |
|
|
1125.609
|
|
Total
Current Assets |
|
|
2025.429
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
616.240
|
|
|
Other Current Liabilities |
|
|
101.350
|
|
|
Provisions |
|
|
245.631
|
|
Total
Current Liabilities |
|
|
963.221
|
|
|
Net Current Assets |
|
|
1062.208
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3024.508 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3779.532 |
4777.637 |
3853.785 |
|
|
|
Other Income |
144.762 |
60.183 |
19.068 |
|
|
|
TOTAL (A) |
3924.294 |
4837.820 |
3872.853 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2706.944 |
2869.880 |
|
|
|
|
Purchases of Stock-in-Trade |
140.100 |
105.000 |
|
|
|
|
Changes in inventories of Finished Goods /
Work-in-progress and Stock-in-Trade |
159.024 |
(126.379) |
|
|
|
|
Employee benefits expense |
369.395 |
407.319 |
|
|
|
|
Other expenses |
675.217 |
996.403 |
|
|
|
|
TOTAL (B) |
4050.680 |
4252.223 |
3439.477 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(126.386) |
585.597 |
433.376 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
302.289 |
229.278 |
215.824 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(428.675) |
356.319 |
217.552 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
190.019 |
208.122 |
235.237 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(618.694) |
148.197 |
(17.685) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(189.526) |
9.144 |
(20.852) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(429.168) |
139.053 |
3.167 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(16.020) |
(155.073) |
(158.240) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(445.188) |
(16.020) |
(155.073) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (FOB value) |
576.076 |
894.576 |
1036.588 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(7.80) |
(2.53) |
0.06 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
961.100 |
1101.100 |
1026.100 |
1266.200 |
|
Total Expenditure |
857.600 |
1004.200 |
945.500 |
1129.600 |
|
PBIDT (Excl OI) |
103.500 |
96.900 |
80.600 |
136.600 |
|
Other Income |
1.900 |
54.300 |
17.200 |
(6.600) |
|
Operating Profit |
105.400 |
151.200 |
97.800 |
130.000 |
|
Interest |
60.300 |
57.000 |
54.600 |
59.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
45.100 |
94.200 |
43.200 |
70.800 |
|
Depreciation |
44.000 |
43.200 |
42.300 |
40.200 |
|
Profit Before Tax |
1.100 |
51.000 |
0.900 |
30.600 |
|
Tax |
0.000 |
(3.200) |
0.000 |
11.600 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
1.100 |
54.200 |
0.900 |
19.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1.100 |
54.200 |
0.900 |
19.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(10.94)
|
2.87 |
0.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(16.37)
|
3.10 |
(0.46)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(27.93)
|
4.09 |
(0.48)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.99)
|
0.14 |
(0.02)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.98
|
1.67 |
2.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.58
|
0.93 |
2.10 |
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 |
-- |
|
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 |
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 Tamil Nadu and Andhra
Pradesh.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY CONDITIONS
AND REVIEW OF OPERATIONS
During
the first quarter of financial year 2011-12 cotton price crashed due to global
pressure and frequent changes in government policies with regard to cotton and
cotton yarn exports. Poor realisation was a general prevalence for entire
textile industry.
During
the period, domestic and international cotton prices fell steadily from the
peak levels seen during March 2011. As a result of this, the prices of cotton
stocks held by the company were higher than the market prices, coupled with
major fall in yarn price. These were the factors mainly attributable for huge
loss of the Company. Added to above, the continued shortage of power in
Tamilnadu and Andhra Pradesh has affected the utilisation levels and has
increased energy costs.
COMPANY OUTLOOK
During
the last quarter of the financial year there is a marginal improvement in the
demand for the Company’s products and further improvement is expected. Cotton
prices are fairly stable in the current year. Measures are being taken to save
costs and rationalize operations that are likely to yield positive results. The
decline in consumer spending which had affected sale of yarn is expected to
ease with the gradual improvement in the economic conditions.
AUDITED FINANCIAL RESULTS FOR THE
QUARTER AND YEAR ENDED 31ST MARCH 2013
(Rs. in Millions)
|
Sr. No. |
Particulars |
Standalone |
||
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
3 Months Ended |
Year Ended |
|||
|
Unaudited |
Unaudited |
Audited |
||
|
|
|
|
|
|
|
1 |
a. Net Sales / Income from Operations |
1216.700 |
1024.600 |
4302.500 |
|
b. Other Operating Income |
49.500 |
1.500 |
51.900 |
|
|
2 |
Expenditure |
|
|
|
|
Consumption of Raw Materials |
616.200 |
552.300 |
2292.600 |
|
|
Purchase of stock in trade |
43.600 |
40.900 |
168.600 |
|
|
Changes in inventories of finished goods, work in progress and stock in trade |
59.100 |
(12.900) |
9.800 |
|
|
Employee benefit expense |
116.600 |
105.200 |
427.000 |
|
|
Power and Fuel |
146.300 |
150.900 |
551.200 |
|
|
Depreciation |
40.200 |
42.300 |
169.700 |
|
|
Other Expenditure |
147.800 |
109.100 |
487.700 |
|
|
Total |
1169.800 |
987.800 |
4106.600 |
|
|
3 |
Profit from Operations before Other Income, Interest and Exceptional Items (1-2) |
96.400 |
38.300 |
247.800 |
|
4 |
Other Income |
(6.600) |
17.200 |
66.800 |
|
5 |
Profit before Interest and Exceptional Items (3+4) |
89.800 |
55.500 |
314.600 |
|
6 |
Finance costs |
59.200 |
54.600 |
231.100 |
|
7 |
Profit after finance costs but before Exceptional Items (5-6) |
30.600 |
0.900 |
83.500 |
|
8 |
Exceptional Items – Income |
-- |
-- |
-- |
|
Exceptional Items -Expenses |
-- |
-- |
-- |
|
|
9 |
Profit (+) / Loss (-) from Ordinary Activities Before Tax (7 + 8) |
30.600 |
0.900 |
83.500 |
|
10 |
Tax expense |
11.600 |
0.000 |
8.400 |
|
11 |
Net Profit (+) / Loss (-) from Ordinary Activities after Tax (9-10) |
19.000 |
0.900 |
75.100 |
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
13 |
Net Profit (+) / Loss (-) for the period (11-12) |
19.000 |
0.900 |
75.100 |
|
14 |
Share of profit / (loss) of Associates |
-- |
-- |
-- |
|
15 |
Net Profit (+) / Loss (-) for the period (13 -14) |
19.000 |
0.900 |
75.100 |
|
|
|
|
|
|
|
16 |
Paid-up Equity Share Capital - (face value of equity share Re 1 each) |
55.000 |
55.000 |
55.000 |
|
- Equity |
|
|
|
|
|
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) |
0.35 |
0.02 |
1.37 |
|
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) |
0.35 |
0.02 |
1.37 |
|
|
|
|
|
|
|
1 |
A. Particulars of Shareholding |
|
|
|
|
|
Public Share Holdings |
|
|
|
|
|
- No. of Shares |
32179897 |
32833762 |
32179897 |
|
|
- Percentage |
58.51 |
59.70 |
58.51 |
|
|
|
|
|
|
|
|
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 |
22820103 |
22166238 |
22820103 |
|
|
- 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) |
41.49 |
40.30 |
41.49 |
|
Sr. No. |
Particulars |
3 Months Ended 31.03.2013 |
|
|
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 |
-- |
SEGMENT
WISE REVENUE DETAILS
(Rs. in Millions)
|
Sr. No. |
Particulars |
Standalone |
|
31.03.2013 |
||
|
Year Ended |
||
|
Audited |
||
|
|
|
|
|
1 |
Segment Revenue |
|
|
Operating Revenue from: |
|
|
|
a) Textile operations |
4354.400 |
|
|
b) UPVC Windows, Parts
& Accessories |
118.800 |
|
|
Total |
4473.200 |
|
|
less: Inter Segment Revenue |
25.600 |
|
|
Net Sales / Income from Operations |
4447.600 |
|
|
2 |
Segment Results ( Profit before tax and interest from each segment) |
|
|
a) Textile operations |
314.600 |
|
|
b) UPVC Windows, Parts & Accessories |
(10.100) |
|
|
c) Unallocated |
-- |
|
|
Total |
304.500 |
|
|
Less: Interest |
231.900 |
|
|
Un-allocable expenditure net off |
-- |
|
|
Un-allocable Income |
-- |
|
|
Total Profit before Tax |
72.600 |
|
|
3 |
Capital Employed |
|
|
a) Textile operations |
2024.500 |
|
|
b) UPVC Windows, Parts & Accessories - Domestic |
142.200 |
|
|
|
2166.700 |
|
|
Unallocated Corporate Capital Employed |
-- |
|
|
Total Capital Employed |
2166.700 |
STATEMENT OF ASSETS
AND LIABILITIES
(Rs. in Millions)
|
Sr. No. |
Particulars |
Standalone 31.03.2013 |
|
|
|
|
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
a) Share Capital |
55.000 |
|
|
b) Reserves and Surplus |
645.200 |
|
2 |
Share application
money pending allotment |
|
|
3 |
Non-current
liabilities |
|
|
|
a) Long-term borrowings |
76.100 |
|
7 |
b) Deferred tax liabilities (Net) |
0.000 |
|
|
(c) Other long
term liabilities |
3.500 |
|
|
(d) long-term provisions |
42.500 |
|
4 |
Current liabilities |
|
|
|
a) Short-term borrowings |
1141.500 |
|
|
b) Trade payables |
462.800 |
|
|
c) Other current liabilities |
234.400 |
|
|
d) Short-term provisions |
21.200 |
|
|
Total |
2682.200 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
a) Fixed Assets |
|
|
|
I) Tangible Assets |
1007.500 |
|
|
ii) Intangible Assets |
0.000 |
|
|
iii)
Capital work-in-progress |
3.200 |
|
|
b) Non-current investments |
282.500 |
|
|
c) Deferred tax assets (net) |
89.200 |
|
2 |
Current assets |
|
|
|
a) Inventories |
495.800 |
|
|
b) Trade receivables |
406.500 |
|
|
c) Cash and cash equivalents |
24.000 |
|
|
d) Short-term loans and advances |
312.300 |
|
|
e) Other current assets |
61.200 |
|
|
Total |
2682.200 |
Notes:
1. The above
results were reviewed by the Audit Committee held on the 20th May 2013 and
approved by the Board of Directors in their meeting held on 27th May, 2013.
2. Due to carry
forward losses, the directors have not recommended any dividend for the year.
3. Previous
period figures have been re-grouped wherever necessary.
4. The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published Year-to-date figures upto the third quarter of the current financial year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
Letters of Credit |
171.528 |
231.030 |
|
Bank Guarantees |
0.600 |
0.600 |
|
Bills discounted with company's bankers |
73.811 |
288.691 |
|
Disputed demands from Income tax authorities |
175.762 |
305.864 |
|
Disputed Excise duty liability |
7.598 |
28.757 |
|
Disputed Sales tax liability |
8.393 |
8.393 |
|
Corporate Guarantee to bank on behalf of subsidiary |
27.000 |
27.000 |
FIXED ASSETS:
Ř Land
Ř Buildings
Ř Plant and Equipment
Ř Furniture and Fixtures
Ř Vehicles
Ř 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 records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery o 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. 59.71 |
|
|
1 |
Rs. 90.59 |
|
Euro |
1 |
Rs. 78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.