MIRA
INFORM REPORT
|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SURANA CORPORATION LIMITED |
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|
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Registered
Office : |
29, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.05.1991 |
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Com. Reg. No.: |
18-020783 |
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Capital
Investment / Paid-up Capital : |
Rs. 218.587 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65991TN1991PLC020783 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES02842A |
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PAN No.: [Permanent Account No.] |
AAACS3122L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Exporter and Retailer of Jewllery Products and Traders
in Steel and Bullion. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15000000 |
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|
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|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitment. The company can be considered normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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 |
ICRA |
|
Rating |
Long Term Rating (A-) |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
16.12.2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating (A2+) |
|
Rating Explanation |
Strong degree of safety. It carry low credit risk. |
|
Date |
16.12.2011 |
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 Office/ Corporate Office : |
29, |
|
Tel. No.: |
91-44-28525596/28525127 (3 Lines) |
|
Fax No.: |
91-44-28521143 |
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E-Mail : |
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Website : |
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Factory 1 : |
No 121,123,125, |
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|
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Factory 2 : |
No F – 11, Ambattur Industrial Estate, Chennai – 600 058, Tamil Nadu, |
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|
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Jewellery Showroom (New) : |
No 70, New No.143, |
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|
|
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Jewellery Showroom (Old) : |
No 79, New No. 161, |
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|
|
|
MW Wind Energy
Farm : |
Tenkasi aluk, Tirunelveli District, Tamil |
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|
|
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Special Economic
Zone : |
Plot A-4, Phase II, MEPZ-SEZ, N H -45, Tambaram, Chennai-600045, Tamil
Nadu, India |
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|
|
DIRECTORS
As on : 28.06.2011
|
Name : |
Mr. Shantilal Surana |
|
Designation : |
Chairman |
|
Address : |
SUS Bhawan, 131 23, |
|
Date of Birth/Age : |
18.05.1955 |
|
Date of Appointment : |
04.03.2004 |
|
DIN No.: |
00007328 |
|
|
|
|
Name : |
Mr. Vijayraj Surana |
|
Designation : |
Managing Director |
|
Address : |
Flat No.2 D, 11 Floor, 15, Harrington Road, 6th Avenue, Chetpet,
Chennai – 600031, Tamilnadu, India |
|
Date of Birth/Age : |
14.03.1964 |
|
Date of Appointment : |
04.03.2004 |
|
DIN No.: |
00007313 |
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|
|
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Name : |
Mr. V Pattabhiram |
|
Designation : |
Director |
|
Address : |
B.6, Arcot lerrace,. 160, NSK Salai, Vadaualani. Chennai- 600026, |
|
Date of Birth/Age : |
29.12.1961 |
|
Date of Appointment : |
06.12.2000 |
|
DIN No.: |
00233602 |
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|
|
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Name : |
Mr. Venkatasubramaniya Muthu Swami |
|
Designation : |
Director |
|
Address : |
13, Old No.7, Fourth Cross Street, Sastri Nagar, Chennai - 600020, |
|
Qualification : |
M.Com, LLB, CAIIB |
|
Date of Birth/Age : |
30.06.1940 |
|
Date of Appointment : |
01.09.2008 |
|
DIN No.: |
00009552 |
|
|
|
|
Name : |
Mr. Guruswamy Subramania |
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Designation : |
Director |
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Address : |
No.3, Surendra Nagar, |
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Date of Birth/Age : |
22.05.1948 |
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Qualification : |
B.Com, P.G in Business Administration |
|
Date of Appointment : |
09.02.2010 |
|
DIN No.: |
02507376 |
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|
|
|
Name : |
Mr. Tilakchand Lodaya Koovarji |
|
Designation : |
Director |
|
Address : |
New No 102, E V R
Salai, 238-348 And 640-702, Anna Nagar District, North Chennai,
Chennai-600010, |
|
Qualification : |
B.A, B.Com, LLB |
|
Date of Birth/Age : |
22.05.1948 |
|
Date of Appointment : |
09.02.2010 |
|
DIN No.: |
02956825 |
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|
|
|
Name : |
Mr. Harish P Rajdev |
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Designation : |
Director |
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|
|
|
Name : |
Mr. Jagadish Gopal |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Deepak Surana |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Sandeep Surana |
|
Designation : |
Executive Director |
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KEY EXECUTIVES
|
Name : |
Mr. Chandra Prakash Abar |
|
Designation : |
Company Secretary |
|
Name : |
Mr. N Elemaran |
|
Designation : |
Management |
|
Name : |
Mr. R Shrinivasan |
|
Designation : |
Management |
|
Name : |
Mr. Srinath V |
|
Designation : |
Management |
|
Name : |
Mr. Pritesh V Sanghvi |
|
Designation : |
Management |
|
Name : |
Mr. K. E. Devarajan |
|
Designation : |
Management |
|
Name : |
Mr. Chandra Prakash Abar |
|
Designation : |
Management |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12,216,713 |
50.15 |
|
|
12,216,713 |
50.15 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
12,216,713 |
50.15 |
|
|
|
|
|
|
7,105,707 |
29.17 |
|
|
|
|
|
|
1,474,708 |
6.05 |
|
|
732,711 |
3.01 |
|
|
2,828,895 |
11.61 |
|
Hindu Undivided
Families |
148,952 |
0.61 |
|
Non Resident Indians |
1,579,943 |
6.49 |
|
Overseas Corporate
Bodies |
1,100,000 |
4.52 |
|
|
12,142,021 |
49.85 |
|
Total Public shareholding (B) |
12,142,021 |
49.85 |
|
Total (A)+(B) |
24,358,734 |
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) |
24,358,734 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Retailer of Jewllery Products and Traders
in Steel and Bullion. |
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Products : |
|
PRODUCTION STATUS
As on 31.03.2012
|
Particulars |
Unit |
|
|
Actual
Production |
|
Gold |
KGS |
|
|
23270 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of ·
Punjab National Bank, ·
Standard Chartered Bank, rajaji Salai, 19, Rajaji
Salai, 4th Floor , Chennai – 600 001, Tamil Nadu, · IDBI bank Limited, Specialist Corporate, No. 7, Chevalier Sivaji, Ganesan Salai, (South Boag Road), T Nagar, Chennai – 600 017 ·
Bank of ·
Syndicate Bank, Corporate Finance, 170, |
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Facilities : |
Rs in Millions
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Statutory Auditors : |
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|
Name : |
C S P Jain and Company Chartered Accountants |
|
Address : |
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|
|
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Internal
Auditors : |
|
|
Name : |
Sanjiv Shah and Associates, Chartered Accountants |
|
Address : |
Adarsh Apartments, II Floor, No 80, |
|
|
|
|
Associates : |
Surana Industries
Limited, (CINL27104TN1991PLC020533) |
CAPITAL STRUCTURE
As on : 28.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55000000 |
Equity Shares |
Rs. 10/-each |
Rs. 550.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21858734 |
Equity Shares |
Rs. 10/-each |
Rs. 218.587 Millions |
|
|
|
|
|
|
Particulars |
As at 31.03.2012 |
|
|
No. of Shares |
Amount |
|
|
Shares outstanding at the beginning of the year |
21858734 |
Rs. 218.587 Millions |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
21858734 |
Rs. 218.587
Millions |
|
Particulars |
As at 31.03.2012 |
|
|
No. of Shares |
% of Holding |
|
|
BLS Power Solutions Limited |
3347856 |
15.32 |
|
G. R Surana |
2631141 |
12.04 |
|
Shantilal Surana |
3022865 |
13.83 |
|
Dineshchand Surana |
3054178 |
13.97 |
|
Vijayraj Surana |
3053647 |
13.97 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
218.587 |
218.587 |
218.587 |
|
|
2] Share Application Money |
750.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2797.064 |
2131.883 |
1595.720 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3765.651 |
2350.470 |
1814.307 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1570.110 |
2098.967 |
1353.318 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
522.330 |
|
|
TOTAL BORROWING |
1570.110 |
2098.967 |
1875.648 |
|
|
DEFERRED TAX LIABILITIES |
185.351 |
145.155 |
149.662 |
|
|
|
|
|
|
|
|
TOTAL |
5521.112 |
4594.592 |
3839.617 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1467.732 |
696.454 |
488.459 |
|
|
Capital work-in-progress |
0.000 |
8.200 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.300 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4571.060
|
3565.973 |
3044.549 |
|
|
Sundry Debtors |
7098.866
|
4807.520 |
3744.045 |
|
|
Cash & Bank Balances |
531.180
|
801.520 |
282.581 |
|
|
Other Current Assets |
57.292
|
19.379 |
0.000 |
|
|
Loans & Advances |
147.180
|
1001.282 |
82.988 |
|
Total
Current Assets |
12405.578
|
10195.674 |
7154.163 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8242.042
|
5703.133 |
3733.617 |
|
|
Other Current Liabilities |
23.912
|
525.721 |
0.11 |
|
|
Provisions |
86.244
|
76.882 |
69.578 |
|
Total
Current Liabilities |
8352.198
|
6305.736 |
3803.305 |
|
|
Net Current Assets |
4053.380
|
3889.938 |
3350.858 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5521.112 |
4594.592 |
3839.617 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
86660.020 |
53197.785 |
40620.046 |
|
|
|
Other Income |
0.188 |
(0.039) |
0.489 |
|
|
|
TOTAL (A) |
86660.208 |
53197.746 |
40620.535 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials and manufacturing Expenses |
86037.967 |
52367.438 |
15.844 |
|
|
|
Changes in Inventories |
(1005.087) |
(521.424) |
39364.893 |
|
|
|
Employees Benefits |
37.392 |
26.159 |
12.490 |
|
|
|
Other Expenses |
125.420 |
57.838 |
78.646 |
|
|
|
TOTAL (B) |
85195.692 |
51930.011 |
39471.691 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1464.516 |
1267.735 |
1148.844 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
445.306 |
535.133 |
620.728 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1019.210 |
732.602 |
528.116 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
244.276 |
120.114 |
35.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
774.934 |
612.488 |
493.047 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
97.963 |
30.293 |
88.382 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
676.971 |
582.195 |
404.665 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1378.643 |
900.699 |
493.458 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MAT credit entitlement account |
39.357 |
0.000 |
0.000 |
|
|
|
Interim Dividend with dividend tax |
25.573 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
67.697 |
58.219 |
32.788 |
|
|
|
Proposed Dividend |
25.574 |
46.033 |
0.000 |
|
|
|
Amalgamation reserve |
54.707 |
0.000 |
0.000 |
|
|
|
Dividend |
0.000 |
0.000 |
5.572 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
40.466 |
|
|
BALANCE CARRIED
TO THE B/S |
2130.834 |
1378.643 |
900.699 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Recieve |
NA |
NA |
7552.900 |
|
|
TOTAL EARNINGS |
NA |
NA |
7552.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
Basic |
30.97 |
26.63 |
18.51 |
|
|
|
Diluted |
27.79 |
0.00 |
18.51 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
30.12.2012 |
|
Net Sales |
22791.600 |
18308.600 |
22994.700 |
|
Total Expenditure |
22346.500 |
17847.800 |
22591.000 |
|
PBIDT (Excl OI) |
445.100 |
460.800 |
403.700 |
|
Other Income |
0.400 |
1.000 |
0.200 |
|
Operating Profit |
445.500 |
461.800 |
403.900 |
|
Interest |
91.200 |
159.700 |
179.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
354.300 |
302.100 |
224.900 |
|
Depreciation |
52.000 |
50.200 |
44.300 |
|
Profit Before Tax |
302.300 |
251.900 |
180.600 |
|
Tax |
57.400 |
47.900 |
34.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
244.900 |
204.000 |
146.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
244.900 |
204.000 |
146.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.78
|
1.09 |
0.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.89
|
1.15 |
1.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.59
|
5.62 |
6.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.26 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.42
|
0.89 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.62 |
1.88 |
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 |
OPERATIONS –
BUSINESS PERFORMANCE :
The company’s total turnover during the year ended 31st
March, 2012 increased to Rs.86660.200 Millions as against Rs.53197.800 Millions
for the previous year, recording a jump of 63%.
The Export turnover of the company has increased by 31% to Rs.19107.300
Millions in 201 1-2012 as against Rs.14514.800 Millions in last year.
Similarly, domestic sales during the year have increased by 75% to Rs.67552.900
Millions as against Rs.38652.900 Millions in the previous year. The increase in
domestic turnover has been due to the business generated as Nominated Agency.
Revenues from wind energy during the year amounted to Rs.56.800 Millions as
against Rs.30.100 Millions. As a result of this the company The Export turnover
of the company has increased by 31% to Rs.19107.300 Millions in 201 1-2012 as
against Rs.14514.800 Millions in last year. Similarly, domestic sales during
the year have increased by 75% to Rs.67552.900 Millions as against Rs.38652.900
Millions in the previous year. The increase in domestic turnover has been due
to the business generated as Nominated Agency. Revenues from wind energy during
the year amounted to Rs.56.800 Millions as against Rs.30.100 Millions. As a
result of this the company
This all round improvement in performance and profits came from better
management of the resources of the company, control on overheads and deeper
understanding of the market behaviour. During the year, Gold Prices
witnessed a steady uptrend
FUTURE OUTLOOK :
Gold continues to be one of the major investment options for the general
public, as the commodity continued to register year on year increase in price
for the 10th year in a row. During 201 1, gold registered a price increase of
28% in the global market over the previous year. In the domestic market,
gold registered a whopping 37% increase in price during 201 1-12. Such
increase, which is not seen in equity markets and bank rates, obviously draws more
investment in gold. However, Silver continued to fare badly both in terms of
demand as well as price
and thus Silver was not an option for investment.
The demand for gold for
The demand for jewellery remains robust. This segment accounts for about
80% of the gold consumption in the
country. While the overall size of the jewellery market in the country
hovers around Rs.1500000.000 Millions annually, major cities like Chennai,
The company has recorded a brilliant performance on the export front
during the year.From Rs.14510.000 Millions during 2010-11, the export of
jewellery touched Rs.19100.000 Millions during the financial year 2011-12,
posting an increase of 32% over the previous year.This remarkable increase is
in line with the growth trend in the country’ s export of jewellery. From USD
12.9 billion in 2010-1 1, the country’s export of jewellery reached the level
of USD 15.80 billion (Provisional) during 201 1-12, which is a 22.5% increase.
Major export markets for the country are UAE, Hong Kong and
And meet its own requirements for exports and manufacture of jewellery.
The import of gold by the company rose by 23% over the previous year. The
increase in Silver import is 10% over last year. The Directors are continually
engaged in efforts to diversify the sources of international supply in order to
ensure competitive imports.
It is proposed to commence production of jewellery in the newly acquired
land measuring 14000 sq.ft in the Ambattur Industrial Area (as reported by us
in our previous report) during the current financial year. The existing Factory
at Tondiarpet will be phased out thereafter. Thier new showroom at
The company has launched trading of bullion through NSEL in order to
reach a wider circle of clientele through electronic trading platform. It has entered
into an agreement with NSEL to launch various categories of product contracts
for online bullion commodity trading.
The Directors continued their efforts during the year to extend customer
reach for delivery of bullion to more cities.
In addition to
CORPORA TE
GOVERNANCE :
The Securities and Exchange Board of India (SEBI) had constituted a
Committee on the Corporate Governance to promote and raise the standard of
Corporate Governance in respect of all the Listed Companies. The Company has
been complying with all the guidelines issued by the SEBI in respect of
Corporate Governance. A Certificate from the Statutory Auditors of the Company
regarding compliance of the conditions of the Corporate
Governance is also attached to this Report
CONTINGENT
LIABILITIES :
Rs
in Millions
|
PARTICULARS |
As
at 31.03.2012 |
|
Guarantees fully secured by Fixed Deposits |
30.000 |
|
Other money for which the company is contingently liable |
13.539 |
|
Total |
43.539 |
Statement of Unaudited financial results for the Quarter
and
Nine
Months Ended on 31st December, 2012
Rs
in Millions
|
Particulars |
Standalone |
|
|
Unaudited |
Unaudited |
|
|
Quarter Ended |
||
|
31.12.2012 |
31.12.2012 |
|
|
INCOME
FROM OPERATIONS |
23005.400 |
64107.000 |
|
- Sales |
2298.28 |
63994.000 |
|
- Wind Energy |
22.400 |
111.400 |
|
- Other Income |
0.200 |
1.600 |
|
TOTAL
EXPENDITURE |
22817.400 |
63364.800 |
|
- Increase/Decrease
in Stock |
991.800 |
(1311.600) |
|
- Staff Cost |
7.400 |
25.000 |
|
- Cost of Goods |
21548.200 |
63944.500 |
|
- Other
Expenditure |
43.800 |
127.600 |
|
- Financial Expenses |
179.000 |
429.900 |
|
- Depreciation |
47.200 |
149.400 |
|
|
|
|
|
PROFIT BEFORE TAX |
188.000 |
742.200 |
|
PROVISION
FOR TAX |
35.700 |
141.000 |
|
PROVISION
FOR DEFERRED TAX |
0.000 |
0.000 |
|
PROFIT AFTER TAX |
152.300 |
601.200 |
|
SHARE
CAPITAL - PAIDUP |
243.600 |
243.600 |
|
RESERVES
(EXCLUDING REVALUATION RESERVES) |
0.000 |
0.000 |
|
EPS-
BASIC |
6.25 |
20.53 |
|
- DILUTED |
-- |
-- |
SEGMENT RESULTS GEOGRAPHICAL :
|
PARTICULARS |
DOMESTIC |
EXPORTS |
TOTAL |
|||
|
|
2012-13 Upto
31st Dec 2012 |
2011-12 |
2012-13 Upto
31st Dec 2012 |
2011-12 |
2012-13 Upto
31st Dec 2012 |
2011-12 |
|
SALES |
52247.400 |
67552.700 |
11859.600 |
19107.300 |
64107.000 |
86660.000 |
|
EXPENDITURE |
52045.800 |
67270.900 |
11319.00 |
18614.100 |
63364.800 |
85885.100 |
|
PROFIT BEFORE TAX |
201.600 |
281.700 |
540.600 |
493.200 |
742.200 |
774.900 |
|
TAX(INCLUDING
DEFERRED TAX) |
38.300 |
98.000 |
102.700 |
-- |
141.000 |
98.000 |
|
PROFIT AFTER TAX |
163.300 |
183.700 |
437.900 |
493.200 |
601.200 |
676.900 |
|
ASSETS |
-- |
16218.600 |
-- |
7454.900 |
-- |
23673.500 |
|
LIABILITIES |
-- |
12825.500 |
-- |
7121.700 |
-- |
19947.200 |
|
CAPITAL EMPLOYED |
-- |
-- |
-- |
|
-- |
3765.700 |
Note : DOMESTIC SALES INCLUDE WIND ENERGY REVENUES.
Notes:
1. The above Unaudited
Financial Results have been reviewed by the Audit Committee and approved by
the Board of Directors at their meeting held on 24th Jan 2013.
2. Previous period
figures have been re grouped wherever necessary to confirm this year
classification.
3.The Company did not have any Investor Complaints pending
at the beginning of the quarter,
not
received Investor Complaints during the quarter.
Hence
there are no Complaints lying pending at the end of the quarter ended 31st Dec
2012.
4.In view of the writ petition admitted by the Hon'ble
Chennai High Court challenging the retrospective applicability of MAT, by the
Association of SEZ and its units, MAT on SEZ Profits is not provided. TDS will
take care of the balance Tax liability.
5.The above financial results for the quarter ended 31st Dec
2012 have been reviewed by the Statutory Auditors.
FIXED ASSETS
·
·
·
Building
·
Plant and Machinery
·
Wind Mills
·
Computers
·
Office Equipments
·
Furniture and Fittings
·
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 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. 53.95 |
|
|
1 |
Rs. 83.81 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.