Summary Information
|
Country |
India |
||
|
Company Name |
BUTTERFLY
GANDHIMATHI APPLIANCES LIMITED |
Principal Name 1 |
Mr. A. Balasubramanian |
|
Status |
Good |
Principal Name 2 |
Mr. K.J. Kumar |
|
Registration # |
18-012728 |
||
|
Street Address |
143, Pudupakkam
Village, Vandalur – Kelambakkam Road, Kelambakkam, Kancheerpuram – 603103
Tamilnadu |
||
|
Established Date |
24.02.1986 |
SIC Code |
-- |
|
Telephone# |
91- 44 - 2747422 / 2747410 |
Business Style 1 |
Manufacturer |
|
Fax # |
91- 44 - 27474126 |
Business Style 2 |
--
|
|
Homepage |
Product Name 1 |
Home appliances |
|
|
# of employees |
Not Available |
Product Name 2 |
Kitchen products |
|
Paid up capital |
Rs.154,458,000/- |
Product Name 3 |
Cookware |
|
Shareholders |
Promoter’s holding promoters
& their relatives : 65.12% non- promoters holding : 34.88 % |
Banking |
State Bank of Travancore |
|
Public Limited Corp. |
Yes |
Business Period |
28 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public Enterprise |
Yes |
Rating |
Ba (54) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Related Party: |
-- |
LLM Appliances Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,774,880,000 |
Current Liabilities |
2721,360,000 |
|
Inventories |
1,587,941,000 |
Long-term Liabilities |
475,798,000 |
|
Fixed Assets |
1,019,098,000 |
Other Liabilities |
205,618,000 |
|
Deferred Assets |
33,725,000 |
Total Liabilities |
3,402,776,000 |
|
Invest& other Assets |
0,000 |
Retained Earnings |
1,833,900 |
|
|
|
Net Worth |
2,012,868,000 |
|
Total Assets |
5,415,644,000 |
Total Liab. & Equity |
5,415,644,000 |
|
Total Assets (Previous Year) |
2,904,320,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
7,302,091,000 |
Net Profit |
334,230,000 |
|
Sales(Previous yr) |
5902,222,000 |
Net Profit(Prev.yr) |
304,091,000 |
MIRA INFORM REPORT
|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BUTTERFLY GANDHIMATHI APPLIANCES LIMITED |
|
|
|
|
Registered
Office : |
143, Pudupakkam Village, Vandalur – Kelambakkam Road, Kelambakkam,
Kancheerpuram – 603103 Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.02.1986 |
|
|
|
|
Com. Reg. No.: |
18-012728 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 178.968 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28931TN1986PLC012728 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of comprehensive range of Home Appliances, Kitchen
Products and Cookware. |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 |
|
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 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office: |
No.34, (2nd Floor), Rajiv Gandhi Salai, Egattur Village, Chennai –603013, Tamil Nadu, India |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
E – 34, Sucons Oki Info Park, Rajiv Gandhi Salai, Kancheepuram
District Navalur – 603103, Tamilnadu, India |
|
|
|
|
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 |
|
|
|
|
Name : |
Mr. V.M. Seshadri, |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. V.M. Gangadharam |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. V.M. Kumaresan, |
|
Designation : |
Executive Director-Technical |
|
|
|
|
Name : |
Mr. G.S. Samuel |
|
Designation : |
Director |
|
|
|
|
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 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
17879551 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of comprehensive range of Home Appliances, Kitchen
Products and Cookware. |
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
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
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: |
|
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 |
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 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
178.968 |
154.458 |
|
(b) Reserves & Surplus |
|
1833.900 |
601.726 |
|
(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) |
|
2012.868 |
756.184 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
104.980 |
353.876 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
22.227 |
24.243 |
|
Total Non-current
Liabilities (3) |
|
127.207 |
378.119 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
370.818 |
709.535 |
|
(b) Trade payables |
|
2204.049 |
729.332 |
|
(c) Other current
liabilities |
|
517.311 |
256.836 |
|
(d) Short-term
provisions |
|
183.391 |
74.314 |
|
Total Current
Liabilities (4) |
|
3275.569 |
1770.017 |
|
|
|
|
|
|
TOTAL |
|
5415.644 |
2904.320 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
930.260 |
758.158 |
|
(ii) Intangible Assets |
|
50.443 |
24.000 |
|
(iii) Capital
work-in-progress |
|
38.395 |
7.914 |
|
(iv)
Intangible assets under development |
|
0.000 |
12.777 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
33.725 |
45.520 |
|
(d) Long-term Loan and Advances |
|
13.216 |
2.127 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1066.039 |
850.496 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1587.941 |
717.287 |
|
(c) Trade receivables |
|
1954.930 |
943.997 |
|
(d) Cash and cash
equivalents |
|
462.574 |
222.013 |
|
(e) Short-term loans and
advances |
|
344.160 |
170.527 |
|
(f) Other current
assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
4349.605 |
2053.824 |
|
|
|
|
|
|
TOTAL |
|
5415.644 |
2904.320 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 (9 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
96.519 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
316.976 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
413.495 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
522.026 |
|
|
2] Unsecured Loans |
|
|
236.895 |
|
|
TOTAL BORROWING |
|
|
758.921 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1174.416 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
293.137 |
|
|
Capital work-in-progress |
|
|
9.379 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
63.137 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
470.030 |
|
|
Sundry Debtors |
|
|
420.482 |
|
|
Cash & Bank Balances |
|
|
90.406 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
327.466 |
|
Total
Current Assets |
|
|
1308.384 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
305.270 |
|
|
Other Current Liabilities |
|
|
50.667 |
|
|
Provisions |
|
|
145.684 |
|
Total
Current Liabilities |
|
|
501.621 |
|
|
Net Current Assets |
|
|
806.763 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.0000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1174.416 |
|
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 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.55
|
5.09 |
7.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.53
|
7.48 |
8.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.93
|
15.59 |
10.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.59 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24
|
1.41 |
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.16 |
1.41 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
154.458 |
178.968 |
|
Reserves & Surplus |
601.726 |
1833.900 |
|
Net
worth |
756.184 |
2012.868 |
|
|
|
|
|
long-term borrowings |
353.876 |
104.980 |
|
Short term borrowings |
709.535 |
370.818 |
|
Total
borrowings |
1063.411 |
475.798 |
|
Debt/Equity
ratio |
1.406 |
0.236 |
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 |
46.932 |
|
From a Director |
0.611 |
0.611 |
|
Total |
41.542 |
47.543 |
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
UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON 31ST
DECEMBER,2013
|
PARTICULARS |
Three months ended |
Nine month ended |
|
|
|
31.12.2013 |
30.09.2013 |
30.09.2013 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. Income for operations |
|
|
|
|
a) Gross sales/Income from Operations |
2643.939 |
1556.840 |
6502.056 |
|
Less: Excise Duty |
241.337 |
123.102 |
596.724 |
|
Net Sales/ Income from Operations (Net of Excise duty) |
2402.602 |
1433.738 |
5905.332 |
|
b) Other Operating Income |
13.631 |
14.460 |
36.691 |
|
Total Income from
operations (Net) |
2416.233 |
1448.198 |
5942.023 |
|
2. Expenses |
|
|
|
|
a. Cost of Material consumed |
1565.906 |
831.457 |
3806.959 |
|
b. Purchases of Stock-in-trade |
170.682 |
145.596 |
422.585 |
|
c. Changes in Inventories of Finished Goods , Work-in-Process and Stock-in-Trade |
(46.295) |
(79.007) |
(141.222) |
|
d. Employee Benefit Expenses |
150.470 |
144.559 |
443.833 |
|
e. Depreciation and amortisation expenses |
13.620 |
12.126 |
37.225 |
|
f. Other expenditure |
403.752 |
222.586 |
885.017 |
|
Total Expenses |
2258.135 |
1277.317 |
5454.397 |
|
3. Profit from Operations before Other Income, finance costs and Exceptional items (1-2) |
158.098 |
170.881 |
487.626 |
|
4. Other Income |
2.046 |
4.998 |
14.331 |
|
5. Profit from ordinary activities before finance costs and exceptional items (3 + 4) |
160.144 |
175.879 |
501.957 |
|
6. Finance Costs |
73.784 |
76.490 |
185.160 |
|
7. Profit from ordinary activities after finance costs but before exceptional items (5 - 6) |
86.360 |
99.389 |
316.797 |
|
8. Exceptional Items |
|
|
|
|
9. Profit from ordinary activities before tax (7+8) |
86.360 |
99.389 |
316.797 |
|
10. Tax expenses |
|
|
|
|
- Income Tax |
22.832 |
29.440 |
93.449 |
|
- Excess Provision for taxation made for the previous year reversed |
|
|
|
|
- Deferred Tax Asset/Liabilities |
4.710 |
3.228 |
9.336 |
|
11. Net Profit from Ordinary Activities after tax (9-10) |
58.818 |
66.720 |
214.012 |
|
12. Extraordinary Items (net of tax expenses) |
|
|
|
|
13. Net Profit for
the period (11+12) |
58.818 |
66.720 |
214.012 |
|
14. Paid-up equity share capital |
178.795 |
178.795 |
178.795 |
|
(Face Value of the share Rs.10 each) |
|
|
|
|
15. Reserves excluding Revaluation Reserves as per balance sheet |
|
|
|
|
of previous accounting year |
|
|
|
|
16.i Earnings Per Share (before extraordinary items) |
|
|
|
|
a. Basic |
3.29 |
3.73 |
11.97 |
|
b. Diluted |
|
|
|
|
17.ii Earnings Per Share (after extraordinary items) |
|
|
|
|
a. Basic |
3.29 |
3.73 |
11.97 |
|
b. Diluted |
|
|
|
|
A PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. Public Share holding |
|
|
|
|
- Number of shares |
6,235,773 |
63,08,273 |
6,235,773 |
|
- Percentage of shareholding |
34.88% |
35.28% |
34.88% |
|
2. Promoters and promoter group share holding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
318,100 |
318,100 |
318.100 |
|
- Percentage of shares (as a % of the total share holding of promoter and promoter group) |
2.73% |
2.75% |
2.73% |
|
- Percentage of shares (as a % of the total share capital of the Company) |
1.78% |
1.78% |
1.78% |
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
11,325,678 |
1,12,53,178 |
11,325,678 |
|
- Percentage of shares (as a % of the total share holding of promoter and promoter group) |
97.27% |
97.25% |
97.27% |
|
- Percentage of shares (as a % of the total share capital of the Company) |
63.34% |
62.94% |
63.34% |
|
B |
INVESTOR COMPLAINTS |
3 months ended 31.12.2013 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
24 |
|
|
Disposed of during the quarter |
24 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1. Gross Sales includes supplies to Tamilnadu Civil Suppliers
Corporation of Rs. 1232.400 Crores, Rs. Nil, Rs.1272.200 Crores, Rs.1005.800
Millions, for the quarters ended on December 31, 2013, September 30, 2013, June
30, 2013 and December 31, 2012, and Rs. 2504.600 Millions, Rs.1360.900 Millions
for nine months period ended on September 30, 2013 and September 30, 2012
respectively.
2. 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 January 30, 2014. The method of valuation of inventories is at cost or
realisable value, whichever is lower as in previous years. As from April 01,
2013 in ascertaining the cost for the current quarter and previous two
quarters, the Company has changed from FIFO method to Weighted Average Method,
as a result of which the inventory value reflected at the end of the current
quarter/nine months is Higher by Rs.1.08 Millions. Consequently the net profit
as shown above for the nine months to December 31, 2013 is Higher by Rs.10.800
Millions.
3. The operation of the Company relates to only
one segment, viz., domestic appliances.
4. Limited Review of the above results has been
carried out by the Company's Statutory Auditors and the Report is forwarded to
the Stock Exchanges. 5. Figures for Previous period have been regrouped
wherever necessary.
5. The Unaudited Financial results for the quarter and Nine months ended on December 31, 2013 of the Company will be available on the website of BSE Limited and the Company.
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.58.84 |
|
|
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
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.