MIRA
INFORM REPORT
|
Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BUTTERFLY GANDHIMATHI APPLIANCES LIMITED |
|
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Registered
Office : |
143, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.02.1986 |
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Com. Reg. No.: |
18-012728 |
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Capital
Investment / Paid-up Capital : |
Rs. 178.968 Millions |
|
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|
CIN No.: [Company Identification
No.] |
L28931TN1986PLC012728 |
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|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of comprehensive range of Home Appliances, Kitchen
Products and Cookware. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having fine track record. The rating reflects company’s established track record of business
operation supported by its diversified product profile, healthy financial
risk profile and adequate liquidity position of the company. Trade relations are reported as fair. Business is active payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor
international report.
There is a $29.34 bn outward foreign direct investment by domestic companies
between April and January of 2013/14 which has seen some signs of recovery
according to a Care Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to
raise $ 500 million via a US initial public offering. Alibaba,
which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has raised
Rs.2,453.2 crore (350 million Swiss Francs) by
selling six-year bonds at a coupon rate of three per cent and maturing in 2020.
This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss
Francs by selling five year bonds at 2.98 % coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost
complete Paradip refinery in Odhisha
in three to four years. The company board is set to consider the setting up of
a 700000 tonne per annum polypropylene plant at an
estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye
Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
05.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
05.12.2013 |
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.
INFORMATION DENIED
MANAGEMENT NON CO – OPERATIVE (91 – 44 – 67415590)
LOCATIONS
|
Registered Office / Factory : |
143, Pudupakkam Village, Vandalur
– Kelambakkam Road, Kelambakkam,
Kancheerpuram – 603103 Tamilnadu,
India |
|
Tel. No.: |
91- 44 - 2747422 / 2747410 |
|
Fax No.: |
91- 44 - 27474126 |
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E-Mail : |
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Website : |
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Head Office: |
No.34, (2nd Floor), Rajiv Gandhi Salai, Egattur Village, Chennai –603013, Tamil Nadu, India |
|
E-Mail : |
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|
Corporate Office : |
E – 34, Sucons Oki Info Park, Rajiv Gandhi Salai, Kancheepuram District Navalur –
603103, Tamilnadu, India |
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|
|
|
Factory : |
377, Anna Salai Teynampet,
Chennai – 600018, Tamilnadu, India |
|
Tel. No.: |
91-44- 24345313 / 24350685 / 24350682 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. V.M. Lakshminarayanan |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. V.M. Balasubramaniam, |
|
Designation : |
Vice Chairman and Director |
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|
Name : |
Mr. V.M. Seshadri, |
|
Designation : |
Managing Director |
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|
Name : |
Mr. V.M. Gangadharam |
|
Designation : |
Executive Director |
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|
Name : |
Mr. V.M. Kumaresan, |
|
Designation : |
Executive Director-Technical |
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|
|
|
Name : |
Mr. G.S. Samuel |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. A. Balasubramanian |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.01.1949 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
14.11.2011 |
|
|
|
|
Name : |
Mr. K.J. Kumar |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.04.1944 |
|
Qualification : |
Diploma In Mechanical Engineering |
|
Date of Appointment : |
11.05.2012 |
|
|
|
|
Name : |
Mr. R. S. Parekh |
|
Designation : |
Nominee Director |
|
Date of Birth/Age : |
12.05.1968 |
|
Qualification : |
M. Com, Chartered Accountant And Cost And Works Accountant |
|
Date of Appointment : |
11.05.2012 |
|
|
|
|
Name : |
Mr. M. Padmanabhan |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.11.1949 |
|
Qualification : |
B.COM, F.C.A |
|
Date of Appointment : |
30.01.1999 |
|
|
|
|
Name : |
Mr. K. Ganeshan |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.10.1931 |
|
Qualification : |
B.COM, F.C.A |
|
|
|
|
Name : |
Mr. V.R. Lakshminarayanan |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.03.1931 |
|
Qualification : |
IPS (Retd) |
|
Date of Appointment : |
11.01.1993 |
|
|
|
|
Name : |
Mr. D. Krishnamurthy |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. D. Krishnamurthy |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5090113 |
28.47 |
|
|
6553665 |
36.65 |
|
|
11643778 |
65.12 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
11643778 |
65.12 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
396458 |
2.22 |
|
|
2000 |
0.01 |
|
|
2451000 |
13.71 |
|
|
2451000 |
13.71 |
|
|
2849458 |
15.94 |
|
|
|
|
|
|
465320 |
2.60 |
|
|
|
|
|
|
1876893 |
10.50 |
|
|
965298 |
5.40 |
|
|
78804 |
0.44 |
|
|
3386315 |
18.94 |
|
Total Public
shareholding (B) |
6235773 |
34.88 |
|
Total (A)+(B) |
17879551 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
Total
(A)+(B)+(C) |
17879551 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Any OtherBUSINESS DETAILS
|
Line of Business : |
Manufacturer of comprehensive range of Home Appliances, Kitchen
Products and Cookware. |
|
|
|
|
Products/services
|
·
Double Burner Salem Regular Friendly ·
Triple Burner Friendly ·
Four Burner ·
Single Burner Salem Regular Ideal |
PRODUCTION STATUS
|
Particulars |
Installed
Capacity |
Actual
Production |
|
|
|
2011 (9
Months) |
2011 (9
Months) |
|
|
LPG Stove |
540,000 |
393,020 |
|
|
Mixer - Grinder |
360,000 |
347,684 |
|
|
Table-top Wet Grinder |
150,000 |
54,532 |
|
|
Cooker / Pan |
0.000 |
422,509 |
|
|
Flasks |
0.000 |
38,193 |
|
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of Travancore ·
IDBI Bank ·
Bank of Baroda ·
Axis Bank ·
NG Vysya
Bank |
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Facilities : |
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Rudhrakumar
Associates Chartered Accountants |
|
Address: |
11, Mangesh Street, T.Nagar Chennai – 600 017, Tamilnadu,
India |
|
Tel No.: |
91-44-24344746/24346586 |
|
Fax No.: |
91-44-24336527 |
|
Email: |
|
|
|
|
|
Enterprises in which key management personnel and their Relatives have
Significant influence: |
·
LLM Appliances Limited ·
Butterfly Constructions Limited ·
Butterfly Marketing Private Limited ·
V.M. Chettiar and Sons
India Private Limited ·
Butterfly Quality Center Private Limited ·
Chrysalis Home Needs Private Limited ·
Swaminathan Enterprises
Private Limited ·
Sivagurunathan Industries ·
Butterfly Home Appliances ·
East West Combined Industries ·
Vetrivel Transport ·
Mrinalini Industries |
CAPITAL STRUCTURE
As on 26.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17879551 |
Equity Shares |
Rs.10/- each |
Rs 178.796 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17879551 |
Equity Shares |
Rs.10/- each |
Rs 178.795 Millions |
|
|
Add : Forfeited shares (amount originally
paid up) |
|
Rs. 0.173 Millions |
|
|
Total |
|
Rs. 178.968 Millions |
LISTING DETAILS:
|
|
BSE : 517421 NSE : BUTTERFLY ISIN: INE295F01017 |
|
Stock Exchange Place : |
· Bangalore Stock Exchange Limited. · Madras Stock Exchange Limited., ·
National Stock Exchange of India
Limited.(Listing Date 28.04.2014) · The Stock Exchange, Mumbai |
NOTE:
Reconciliation - Share Capital
|
Particulars |
No. of Shares |
Share Capital Rs. In Millions |
|
At 1st April, 2012 |
15428551 |
154.285 |
|
Arising on account of issue of 24,51,000
shares of Rs.10/- each at a premium of
Rs..398/- per equity share aggregating Rs.1000.008 Millions in favour of M/s. Reliance Alternative Investments Services
Private Limited) received during the year |
2451000 |
24.510 |
|
At 31st March, 2013 |
17879551 |
178.795 |
Details of Major Shareholders
|
Shareholders Name |
31.03.2013 |
|
|
|
No. of Shares |
% of Holding |
|
LLM Appliances Limited |
3,046,565 |
17.04% |
|
Butterfly Marketing Private Limited |
2,835,000 |
15.86% |
|
Reliance Alternative Investments Services Private Limited |
2,451,000 |
13.71% |
|
Mr. V.M. Seshadri |
1,250,673 |
6.99% |
|
Mr. V.M. Lakshminarayanan
|
1,000,965 |
5.60% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 (9 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
178.968 |
154.458 |
96.519 |
|
(b) Reserves & Surplus |
1833.900 |
601.726 |
316.976 |
|
(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) |
2012.868 |
756.184 |
413.495 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
104.980 |
353.876 |
308.435 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
22.227 |
24.243 |
24.886 |
|
Total Non-current Liabilities (3) |
127.207 |
378.119 |
333.321 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
370.818 |
709.535 |
450.486 |
|
(b) Trade payables |
2204.049 |
729.332 |
305.270 |
|
(c) Other current
liabilities |
517.311 |
256.836 |
50.667 |
|
(d) Short-term provisions |
183.391 |
74.314 |
120.798 |
|
Total Current Liabilities (4) |
3275.569 |
1770.017 |
927.221 |
|
|
|
|
|
|
TOTAL |
5415.644 |
2904.320 |
1674.037 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
930.260 |
758.158 |
267.537 |
|
(ii) Intangible Assets |
50.443 |
24.000 |
25.600 |
|
(iii) Capital
work-in-progress |
38.395 |
7.914 |
9.379 |
|
(iv) Intangible
assets under development |
0.000 |
12.777 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
33.725 |
45.520 |
63.137 |
|
(d) Long-term Loan and Advances |
13.216 |
2.127 |
2.433 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1066.039 |
850.496 |
368.086 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1587.941 |
717.287 |
470.030 |
|
(c) Trade receivables |
1954.930 |
943.997 |
420.482 |
|
(d) Cash and cash
equivalents |
462.574 |
222.013 |
90.406 |
|
(e) Short-term loans
and advances |
344.160 |
170.527 |
325.033 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
4349.605 |
2053.824 |
1305.951 |
|
|
|
|
|
|
TOTAL |
5415.644 |
2904.320 |
1674.037 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7302.091 |
5918.197 |
2031.979 |
|
|
|
Other Income |
51.376 |
56.375 |
27.228 |
|
|
|
TOTAL (A) |
7353.467 |
5974.572 |
2059.207 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
4447.883 |
3385.550 |
1142.007 |
|
|
|
Purchases of Stock-in-Trade |
734.851 |
579.624 |
300.921 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process and
Stock-in-Trade |
(264.050) |
(76.101) |
(119.208) |
|
|
|
Employee Benefit Expenses |
515.468 |
319.777 |
113.252 |
|
|
|
Other Expenses |
1170.103 |
1133.596 |
393.156 |
|
|
|
Exceptional Items |
|
|
|
|
|
|
Insurance Claim received |
0.000 |
(0.593) |
(11.779) |
|
|
|
Gratuity provision reversed |
0.000 |
(6.797) |
0.000 |
|
|
|
Excess provision reversed on Insurance claim |
0.000 |
4.925 |
0.000 |
|
|
|
Long term Repayment charges |
8.717 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
6612.972 |
5339.981 |
1818.349 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
740.495 |
634.591 |
240.858 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
223.315 |
175.489 |
67.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
517.180 |
459.102 |
173.433 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.059 |
16.701 |
9.546 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
477.121 |
442.401 |
163.887 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
142.891 |
138.309 |
11.974 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
334.230 |
304.092 |
151.913 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
612.388 |
308.297 |
156.384 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
946.618 |
612.388 |
308.297 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
64.741 |
70.368 |
30.021 |
|
|
TOTAL EARNINGS |
64.741 |
70.368 |
30.021 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
142.357 |
9.208 |
60.698 |
|
|
|
Components and spares parts |
534.788 |
46.308 |
33.663 |
|
|
|
Capital goods |
37.619 |
28.139 |
0.000 |
|
|
|
Finished Goods |
531.013 |
1.858 |
7.489 |
|
|
TOTAL IMPORTS |
1245.777 |
85.513 |
101.850 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.69 |
19.71 |
15.77 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2012 |
31.12.2012 |
31.03.2012 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
2096.900 |
1448.200 |
2416.200 |
1747.700 |
|
Total Expenditure |
1926.600 |
1265.200 |
2244.500 |
1647.600 |
|
PBIDT (Excl OI) |
170.300 |
183.000 |
171.700 |
100.100 |
|
Other Income |
9.000 |
5.000 |
02.100 |
3.200 |
|
Operating Profit |
179.300 |
188.000 |
173.800 |
103.300 |
|
Interest |
36.800 |
76.500 |
73.800 |
64.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
142.500 |
111.500 |
100.000 |
38.700 |
|
Depreciation |
11.500 |
12.100 |
13.600 |
12.100 |
|
Profit Before Tax |
131.100 |
99.400 |
86.400 |
26.600 |
|
Tax |
42.500 |
32.700 |
27.500 |
16.500 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
88.500 |
66.700 |
58.800 |
10.100 |
|
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 |
88.500 |
66.700 |
58.800 |
10.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.55 |
5.09 |
7.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.53 |
7.48 |
8.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.79 |
8.28 |
5.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.15 |
0.22 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.84 |
0.24 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.33 |
1.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
154.458 |
178.968 |
96.519 |
|
Reserves & Surplus |
601.726 |
1833.900 |
316.976 |
|
Net
worth |
756.184 |
2012.868 |
413.495 |
|
|
|
|
|
|
long-term borrowings |
353.876 |
104.980 |
308.435 |
|
Short term borrowings |
709.535 |
370.818 |
450.486 |
|
Total
borrowings |
1063.411 |
475.798 |
758.921 |
|
Debt/Equity
ratio |
1.406 |
0.236 |
1.835 |
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2031.979 |
5918.197 |
7302.091 |
|
|
|
191.253 |
23.384 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2031.979 |
5918.197 |
7302.091 |
|
Profit |
151.913 |
304.092 |
334.230 |
|
|
7.48% |
5.14% |
4.58% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10479083 |
19/02/2014 |
600,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NO.86.RAJAJI SALAI, CHENNAI, TAM |
B96992441 |
|
2 |
10454336 |
11/10/2013 |
50,000,000.00 |
BANK OF BARODA |
MOUNT ROAD BRANCH, 1, CLUB HOUSE ROAD,, ANNA SALA |
B87225231 |
|
3 |
10444086 |
31/07/2013 |
300,000,000.00 |
STATE BANK OF TRAVANCORE |
NO.556, JEEVAN ANAND,, TEYNAMPET,, CHENNAI, TAMIL |
B82589342 |
|
4 |
10401411 |
15/12/2012 |
50,000,000.00 |
ING VYSYA BANK LIMITED |
185,ANNA SALAI ,, NEAR TVS,, CHENNAI, TAMIL NADU |
B67413666 |
|
5 |
10379448 |
25/11/2013 * |
950,000,000.00 |
AXIS BANK LIMITED |
GROUND FLOOR, KARUMUTTU NILAYAM,, NO.192, ANNA SA |
B91983791 |
|
6 |
10403177 |
17/08/2012 |
70,000,000.00 |
FULLERTON INDIA CREDIT COMPANY LIMITED |
MEGH TOWERS, THIRD FLOOR, OLD NO-307,, NEW NO-165 |
B59925305 |
|
7 |
10346288 |
28/03/2014 * |
3,550,000,000.00 |
OTHERS |
STATE BANK OF TRAVANCORE, NO.556, MOUNT ROAD, TEY |
C03015252 |
|
8 |
10322680 |
23/11/2011 |
1,760,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B27689371 |
|
9 |
10315378 |
24/10/2011 * |
75,000,000.00 |
STATE BANK OF TRAVANCORE |
JEEVAN ANAND BUILDING, NO.556, MOUNT ROAD, TEYNAM |
B25326414 |
|
10 |
10259840 |
10/12/2010 |
9,744,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B03287307 |
|
11 |
10213605 |
21/09/2012 * |
460,000,000.00 |
IDBI BANK LTD. |
115, ANNA SALAI,, SAIDAPET,, CHENNAI, TAMIL NADU |
B60079183 |
|
12 |
10110551 |
25/05/2011 * |
500,000,000.00 |
PEC LIMITED |
HANSALAYA15 BARAKHAMBA ROAD, NEW DELHI, DELHI - 11 |
B15158827 |
|
13 |
90285292 |
27/09/2007 * |
27,750,000.00 |
BANK OF BARODA |
CORPORATE FINANCE BRANCH, NO.74, THIAGARAYA ROAD,, |
A24883795 |
|
14 |
90286232 |
28/10/2011 * |
806,500,000.00 |
BANK OF BARODA |
1, CLUB HOUSE ROAD, CHENNAI, TAMIL NADU - 600002, |
B25216755 |
|
15 |
90285092 |
25/10/1994 |
10,000,000.00 |
STATE BANK OF TRAVANCORE |
IND. FINANCE BRANCH 816/817 POONAMALLEE, HIGH RO |
- |
|
16 |
90285844 |
26/10/1993 |
196,000.00 |
CITI BANK N A |
766 ANNA SALAI SHAKTI TOWN, MADRAS, TAMIL NADU - |
- |
|
17 |
90285060 |
16/08/1993 |
736,385.00 |
INDIA EQUIPMENT LEASING LTD. |
21 PATULLOS ROAD, MADRAS, TAMIL NADU - 600002, IN |
- |
|
18 |
90284953 |
29/05/1987 |
1,200,000.00 |
INDIAN OVERSEAS BANK |
TIRUVATTIYUR, MADRAS, TAMIL NADU, INDIA |
- |
|
19 |
90284939 |
05/01/1987 |
2,495,000.00 |
INDIAN OVERSEAS BANK |
TIRUVATTIYUR, MADRAS, TAMIL NADU - 600019, INDIA |
- |
* Date of charge modification
UNSECURED LOAN
Rs. In
Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long- term
borrowings |
|
|
|
Other |
|
|
|
Security Deposit from Distributors |
40.931 |
46.832 |
|
From a Director |
0.611 |
0.611 |
|
Religare Finvest Limited (For settlement of liabilitiesof Gangadhram AppliancesLimited on its Merger asper BIFR order dated17th August, 2011). |
0.000 |
236.202 |
|
Total |
41.542 |
283.645 |
2. Others
a. Security Deposit from Distributors - 409.31
409.31 - 468.32 468.32
b. From a Director - 6.11 6.11
- 6.11 6.11
STATEMENT OF AUDITED
FINANCIAL RESULTS FOR THE YEAR ENDED ON
31ST DECEMBER,2014
|
PARTICULARS |
Three months ended |
Year ended |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
audited |
Unaudited |
audited |
|
1. Income for operations |
|
|
|
|
a) Gross sales/Income from Operations |
1886.626 |
2643.939 |
8388.682 |
|
Less: Excise Duty |
150.146 |
241.337 |
746.869 |
|
Net Sales/ Income from Operations (Net of Excise duty) |
1736.480 |
2402.602 |
7641.812 |
|
b) Other Operating Income |
11.258 |
13.631 |
47.950 |
|
Total Income from
operations (Net) |
1747.738 |
2416.233 |
7689.762 |
|
2. Expenses |
|
|
|
|
a. Cost of Material consumed |
1035.037 |
1565.906 |
4835.768 |
|
b. Purchases of Stock-in-trade |
136.168 |
170.682 |
558.753 |
|
c. Changes in Inventories of Finished Goods , Work-in-Process and Stock-in-Trade |
(511.124) |
(46.295) |
(192.346) |
|
d. Employee Benefit Expenses |
164.304 |
150.470 |
608.137 |
|
e. Depreciation and amortisation expenses |
12.101 |
13.620 |
49.326 |
|
f. Other expenditure |
363.227 |
403.752 |
1336.787 |
|
Total Expenses |
1659.714 |
2258.135 |
7196.425 |
|
3. Profit from Operations before Other Income, finance costs and Exceptional items (1-2) |
88.024 |
141.360 |
493.337 |
|
4. Other Income |
3.188 |
1.740 |
17.518 |
|
5. Profit from ordinary activities before finance costs and exceptional items (3 + 4) |
91.212 |
160.144 |
510.856 |
|
6. Finance Costs |
64.615 |
73.784 |
167.459 |
|
7. Profit from ordinary activities after finance costs but before exceptional items (5 - 6) |
26.598 |
86.360 |
343.396 |
|
8. Exceptional Items |
|
|
|
|
9. Profit from ordinary activities before tax (7+8) |
26.598 |
86.360 |
343.396 |
|
10. Tax expenses |
|
|
|
|
- Income Tax |
(4.731) |
22.832 |
88.718 |
|
- Excess Provision for taxation made for the previous year reversed |
|
|
|
|
- Deferred Tax Asset/Liabilities |
21.201 |
4.710 |
30.537 |
|
11. Net Profit from Ordinary Activities after tax (9-10) |
10.128 |
58.818 |
224.142 |
|
12. Extraordinary Items (net of tax expenses) |
|
|
|
|
13. Net Profit for
the period (11+12) |
10.128 |
58.818 |
224.142 |
|
14. Paid-up equity share capital |
178.795 |
178.795 |
178.795 |
|
(Face Value of the share Rs.10 each) |
|
|
2050.206 |
|
15. Reserves excluding Revaluation Reserves as per balance sheet |
|
|
|
|
of previous accounting year |
|
|
|
|
16.i Earnings Per Share (before extraordinary items) |
|
|
|
|
a. Basic |
0.57 |
3.29 |
12.54 |
|
b. Diluted |
|
|
|
|
17.ii Earnings Per Share (after extraordinary items) |
|
|
|
|
a. Basic |
0.57 |
3.29 |
12.54 |
|
b. Diluted |
|
|
|
|
A PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. Public Share holding |
|
|
|
|
- Number of shares |
6,235,773 |
6,235,773 |
6,235,773 |
|
- Percentage of shareholding |
34.88% |
34.88% |
34.88% |
|
2. Promoters and promoter group share holding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
- |
318,100 |
- |
|
- Percentage of shares (as a % of the total share holding of promoter and promoter group) |
0.00% |
2.73% |
0.00% |
|
- Percentage of shares (as a % of the total share capital of the Company) |
0.00% |
1.78% |
0.00% |
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
11,325,678 |
11,325,678 |
11,325,678 |
|
- Percentage of shares (as a % of the total share holding of promoter and promoter group) |
100.00% |
97.27% |
100.00% |
|
- Percentage of shares (as a % of the total share capital of the Company) |
65.12% |
63.34% |
65.12% |
STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
31.03.2014 |
|
|
A. EQUITY AND LIABILITIES |
|
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
178.795 |
|
|
b] Reserves and Surplus |
2058.215 |
|
|
Sub-total –
Shareholders’ funds |
2237.010 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
142.903 |
|
|
b] Other current liabilities |
38.702 |
|
|
c] Long term provisions |
32.830 |
|
|
Sub-total -
Non-current Liabilities |
214.435 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
1712.871 |
|
|
b] Trade Payables |
2072.020 |
|
|
c] Other Current Liabilities |
221.407 |
|
|
d] Short Term Provision |
269.012 |
|
|
Sub-total - Current Liabilities |
4275.31 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
6726.755 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
1637.054 |
|
|
b] Non-current investment |
0.000 |
|
|
c] Deferred tax assets |
3.188 |
|
|
d] Other non-current assets |
0.000 |
|
|
Sub-total – Non- current assets |
1640.243 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
|
|
|
Inventories |
1672.260
|
|
|
Trade Receivables |
2793.358
|
|
|
Cash & Bank Balances |
199.919
|
|
|
Short Term loans and advances |
420.975
|
|
Sub-total – Current Assets |
5086.513
|
|
|
|
|
|
|
TOTAL - ASSETS |
6726.755 |
|
1.The above results, were reviewed by the Audit Committee of the Board and were approved by the Board of Directors at its meeting held on May 28, 2014.
2. Gross Sales include supplies to Tamilnadu Civil
Suppliers Corporation (TNCSC) of Rs 808.000 Millions
for the quarter ended on March 31, 2014 Rs 1232.400
Millions for the quarter ended on December 31, 2013, Rs
2315.000 Millions for the quarter ended on March 31, 2013, and Rs 3312.600 Millions for current financial year ended on
March 31, 2014, Rs.3687.700 Millions for previous year ended on March 31, 2013.
3. With a view to conserve financial resources for accelerated growth of the
company, no dividend has been recommended by the Board for the financial year
ended on March 31, 2014 against Rs 2.50 per equity
share for previous financial year
4. Other Expenses include Exchange Fluctuation Loss of Rs 7.987 Millions for the quarter ended on March 31, 2014, Rs. 4.455 Millions for the quarter ended on December 31, 2013, Rs 5.395 Millions for the quarter ended on March 31, 2013 and Rs 53.500 Millions for current financial year ended on March 31, 2014, Rs. 22.858 Millions for previous year ended on March 31, 2013
5. The Company under a Business Purchase Agreement dated March 26, 2014 has
acquired Domestic Kitchen and Domestic Electrical Appliance division, with the
trade mark 'Butterfly' from its associate enterprise, M/s,LLM
Appliance Ltd. by way of 'Slump Sale' on a going concern basis at the close of
transaction on March 29, 2014, for a net consideration of Rs
477.500 Millions, treated as Intangible Asset in the form of Trade Mark and
Licenses.
6. The operation of the Company relates to only one segment, viz., domestic
appliances.
7. The figures for last quarter of the financial year 2013-14 are balancing figures
between the audited figures in
respect of the full financial year and the published figures upto the 3rd quarter of the financial year.
8. Figures for Previous year and previous quarters have been regrouped,
wherever necessary.
|
B |
INVESTOR COMPLAINTS |
3 months ended 31.03.2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
18 |
|
|
Disposed of during the quarter |
18 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
FIXED ASSETS
TANGIBLE ASSETS
·
Land (Freehold)
·
Buildings (Freehold)
·
Plant and Machinery
·
Dies and Tools
·
Electrical Machinery and
Installations
·
Computers
·
Office Equipments
·
Vehicles
·
Furniture and Fittings
INTANGIBLE ASSETS
·
Usage Right of Trade
Marks
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No 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.59.79 |
|
|
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
YOG |
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 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.