MIRA
INFORM REPORT
|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUPER SPINNING MILLS LIMITED |
|
|
|
|
Registered
Office : |
‘ |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.06.1962 |
|
|
|
|
Com. Reg. No.: |
18-001200 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 55.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111TZ1962PLC001200 |
|
|
|
|
IEC No.: |
3201001988 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS03383C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS0672G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Cotton Yarn. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having moderate track record. Profitability of the company seems to be low during 2014. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The subject can be considered for business dealings with some
cautions. |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains revenue
guidance. COO Rao says attrition still an area of concern and it would take a
few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had illfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BB+ |
|
Rating Explanation |
Have moderate risk of default |
|
Date |
31.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4 |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk |
|
Date |
31.12.2013 |
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
31-03-2014.
INFORMATION DECLINED
Management Non Cooperative (91-422-2311711)
LOCATIONS
|
Registered / Corporate Office : |
‘Elgi Towers’, P. B. 7113, 737 – D, Green Fields, Puliakulam Road,
Coimbatore - 641045, Tamilnadu, India |
|
Tel. No.: |
91-422-2311711/ 2314511/ 4351711 |
|
Fax No.: |
91-422-2311611/ 2315111 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
PLANT LOCATIONS |
|
|
A and O.E. Unit: |
Kirikera, Hindupur, District Anantapur – 515211, Andhra Pradesh,
India |
|
Tel. No.: |
91-8556-220522 / 220194 |
|
Fax No.: |
91-8556-220997. |
|
E-Mail : |
|
|
|
|
|
B Unit : |
Kotnur, Hindupur, Anantapur – 515213, Andhra Pradesh, India |
|
Tel. No.: |
91-8556-20182/20187 |
|
Fax No.: |
91-8556-20858 |
|
E-Mail : |
|
|
|
|
|
C Unit : |
D.- Gudalur, Dindigul – 624620, Tamilnadu, India |
|
Tel. No.: |
91-4551-225310 |
|
Fax No.: |
91-4551-225229 |
|
E-Mail : |
|
|
|
|
|
Unit Super Sara : |
Beerapalli, Hindupur - 515212, Andhra Pradesh, India |
|
Tel. No.: |
91-8556-249687/ 249786 |
|
Fax No.: |
91-8556-249744 |
|
E-Mail : |
|
|
|
|
|
Garment Units: |
Unit II, New Tirupur, Thekkalur-641654, Coimbatore District, Tamilnadu, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sumanth Ramamurthi |
|
Designation : |
Executive Chairman |
|
Date of
Birth/Age : |
12.08.1959 |
|
Qualification
: |
B.S (Electrical Engineering) |
|
|
|
|
Name : |
Mr. A S Thirumoorthy (w.e.f 01.04.2014) |
|
Designation : |
Managing Director |
|
Date of
Birth/Age : |
19.05.1959 |
|
Qualification
: |
ACA |
|
|
|
|
Name : |
Mr. C S K Prabhu |
|
Designation : |
Director |
|
Date of
Birth/Age : |
10.09.1954 |
|
Qualification
: |
FCA |
|
|
|
|
Name : |
Mr. D Sarath Chandran |
|
Designation : |
Director |
|
Date of
Birth/Age : |
12.05.1946 |
|
Qualification
: |
B.Sc (Hons), MBA |
|
|
|
|
Name : |
Mr. Sudarsan Varadaraj |
|
Designation : |
Director |
|
Date of
Birth/Age : |
22.01.1958 |
|
Qualification
: |
B.E (Hons), M.S (ME) |
|
|
|
|
Name : |
Mr. B Vijayakumar |
|
Designation : |
Director |
|
Date of
Birth/Age : |
22.01.1953 |
|
Qualification
: |
B. Sc. |
|
|
|
|
Name : |
Mr. Vijay Venkataswamy |
|
Designation : |
Director |
|
Date of
Birth/Age : |
12.08.1947 |
|
Qualification
: |
MBA |
|
|
|
|
Name : |
Mr. C G Kumar (w.e.f 01.06.2014) |
|
Designation : |
Director |
|
Date of
Birth/Age : |
13.06.1972 |
|
Qualification
: |
Bachelor of Law |
|
|
|
|
Name : |
Mrs. Suguna Ravichandran (w.e.f 01.06.2014) |
|
Designation : |
Director |
|
Date of
Birth/Age : |
11.08.1958 |
|
Qualification
: |
FCA |
KEY EXECUTIVES
|
Name : |
Mr. R Srikanth |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. N Hemanand |
|
Designation : |
Chief
Operating Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
17729730 |
17729730 |
|
|
3585000 |
3585000 |
|
|
2012910 |
2012910 |
|
|
1362910 |
1362910 |
|
|
650000 |
650000 |
|
|
23327640 |
23327640 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
23327640 |
23327640 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1470 |
1470 |
|
|
1000 |
0 |
|
|
2470 |
1470 |
|
|
|
|
|
|
3750496 |
3732496 |
|
|
|
|
|
|
20083080 |
18543025 |
|
|
6035779 |
5654959 |
|
|
1800535 |
1800535 |
|
|
175628 |
175628 |
|
|
201520 |
201520 |
|
|
5862 |
5862 |
|
|
380945 |
380945 |
|
|
1036580 |
1036580 |
|
|
31669890 |
29731015 |
|
Total Public shareholding (B) |
31672360 |
29732485 |
|
Total (A)+(B) |
55000000 |
53060125 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
Total (A)+(B)+(C) |
55000000 |
53060125 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Cotton Yarn. |
||||||||||
|
|
|
||||||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Union Bank of India · State Bank of India · IDBI Bank · Andhra Bank · ICICI Bank ·
State Bank of Hyderabad |
|||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Reddy, Goud and Janardhan Chartered Accountants |
|
|
|
|
Subsidiaries : |
· Sara Elgi Arteriors Limited ·
Elgi Building Products Limited |
|
|
|
|
Others : |
· Elgi Electric and Industries Limited · Super Sara Textiles Limited · Sara Elgi Industries Limited · Super Farm Products Limited · Kakatiya Textiles Limited · Coimbatore Pioneer Fertilisers Limited · Sara Elgi Envirotech Limited ·
Prashanth Textiles Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Re. 1/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
Re. 1/- each |
Rs.55.000
Millions |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the year:
|
|
As at 31.03.2014 |
|
|
Particulars |
Rs. In Millions |
No. of shares |
|
No. of Equity shares outstanding at the beginning of the year |
55.000 |
55,000,000 |
|
Add: Additional shares / Bonus shares issued |
-- |
-- |
|
Less: Shares forfeited / Bought back |
-- |
-- |
|
No. of Equity
shares outstanding at the end of the year |
55.000 |
55,000,000 |
Shareholders holding
more than 5% of shares
|
Name of the Shareholders |
31.03.2014 |
|
|
|
No of
Shares |
% of
Holding |
|
Sumanth Ramamurthi |
8,568,220 |
15.58 |
|
Nikhil Govind Ramamurthi |
4,000,000 |
7.27 |
|
Sanjay Krishna Ramamurthi |
4,000,000 |
7.27 |
The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amount exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
55.000 |
55.000 |
55.000 |
|
(b) Reserves & Surplus |
678.407 |
645.163 |
570.108 |
|
(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) |
733.407 |
700.163 |
625.108 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
315.686 |
76.110 |
177.583 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
2.956 |
3.531 |
3.553 |
|
(d) long-term provisions |
45.909 |
42.471 |
39.962 |
|
Total Non-current Liabilities (3) |
364.551 |
122.112 |
221.098 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1000.896 |
1141.490 |
1057.267 |
|
(b) Trade payables |
462.816 |
462.762 |
313.452 |
|
(c) Other current
liabilities |
226.213 |
237.867 |
349.519 |
|
(d) Short-term provisions |
27.089 |
21.203 |
19.312 |
|
Total Current Liabilities (4) |
1717.014 |
1863.322 |
1739.550 |
|
|
|
|
|
|
TOTAL |
2814.972 |
2685.597 |
2585.756 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
951.945 |
1007.525 |
1171.635 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.252 |
|
(iii) Capital
work-in-progress |
8.395 |
3.214 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
273.079 |
282.537 |
282.437 |
|
(c) Deferred tax assets (net) |
74.222 |
89.218 |
97.809 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1307.641 |
1382.494 |
1552.133 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
620.095 |
495.794 |
362.651 |
|
(c) Trade receivables |
433.878 |
406.539 |
351.048 |
|
(d) Cash and cash
equivalents |
21.959 |
24.005 |
26.829 |
|
(e) Short-term loans and
advances |
356.030 |
315.689 |
279.212 |
|
(f) Other current assets |
75.369 |
61.076 |
13.883 |
|
Total Current Assets |
1507.331 |
1303.103 |
1033.623 |
|
|
|
|
|
|
TOTAL |
2814.972 |
2685.597 |
2585.756 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5212.029 |
4341.455 |
3807.838 |
|
|
|
Other Income |
50.305 |
80.235 |
144.762 |
|
|
|
TOTAL (A) |
5262.334 |
4421.690 |
3952.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3045.007 |
2292.587 |
2731.073 |
|
|
|
Purchases of Stock-in-Trade |
143.800 |
168.600 |
140.100 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(60.471) |
9.791 |
162.029 |
|
|
|
Employees benefits expense |
524.695 |
427.033 |
365.119 |
|
|
|
Other expenses |
1172.007 |
1039.467 |
680.665 |
|
|
|
TOTAL (B) |
4825.038 |
3937.478 |
4078.986 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
437.296 |
484.212 |
(126.386) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
237.984 |
231.097 |
302.289 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
199.312 |
253.115 |
(428.675) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
151.072 |
169.709 |
190.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
48.240 |
83.406 |
(618.694) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.996 |
8.351 |
(189.526) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
33.244 |
75.055 |
(429.168) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(370.133) |
(445.188) |
(16.020) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(336.889) |
(370.133) |
(445.188) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (FOB value) |
1468.392 |
992.085 |
576.076 |
|
|
TOTAL EARNINGS |
1468.392 |
992.085 |
576.076 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.60 |
1.36 |
(7.80) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.63 |
1.70 |
-10.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.93 |
1.92 |
-16.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.96 |
3.61 |
-28.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.12 |
-0.99 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.80 |
1.74 |
1.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.70 |
0.59 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
55.000 |
55.000 |
55.000 |
|
Reserves & Surplus |
570.108 |
645.163 |
678.407 |
|
Net worth |
625.108 |
700.163 |
733.407 |
|
|
|
|
|
|
long-term borrowings |
177.583 |
76.110 |
315.686 |
|
Short term borrowings |
1057.267 |
1141.490 |
1000.896 |
|
Total borrowings |
1234.850 |
1217.600 |
1316.582 |
|
Debt/Equity ratio |
1.975 |
1.739 |
1.795 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3807.838 |
4341.455 |
5212.029 |
|
|
|
14.014 |
20.053 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3807.838 |
4341.455 |
5212.029 |
|
Profit |
(429.168) |
75.055 |
33.244 |
|
|
(11.27%) |
1.73% |
0.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATIONS DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
|
|
Case No.: |
673 |
|
Year : |
2011 |
|
Petitioner : |
M/S.HAMSAVENI SPINNERS PRIVATE LIMITED |
|
Respondent : |
M/S.SUPER SPINNING MILLS LIMITED |
|
Pet's Advocate : |
M/S.ANANDA GOMATHY SIVAKU |
|
Res's Advocate : |
|
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Oct 13 2011 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Short-term
Borrowings |
|
|
|
Loans repayable on demand From Directors |
3.500 |
3.711 |
|
Total |
3.500 |
3.711 |
|
|
|
|
CORPORATE INFORMATION
Super Spinning Mills Limited is a public limited company domiciled in
India and incorporated under the provisions of the Companies Act, 1956. The
company is engaged in the manufacture and selling of cotton yarn and its shares
are listed on the Bombay Stock Exchange and the National Stock Exchange. The
company has manufacturing units in Tamilnadu and Andhra Pradesh.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Conditions
and Review of Operations
The Indian textile industry witnessed reasonable improvement during the course of the year. During the year the company was able to maintain its performance due to stable cotton prices, remunerative yarn price, upward trend in export of cotton yarn coupled with depreciation of Indian Rupee and through dedicated efforts aimed at improving operational efficiency, focus on optimal product mix and effective cost saving practices.
Power situation was cause of concern for most part of the financial year. The Company has taken up the modernization of its manufacturing facilities and planning an outlay of around Rs.500.000 Millions towards the above in the next 3 to 4 years.
Company Outlook
During the current year, in the first quarter the demand for the yarn is subdued and yarn prices could not be increased corresponding to the increase in cotton prices.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10450995 |
30/08/2013 * |
200,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B87664181 |
|
2 |
10032468 |
22/06/2009 * |
250,000,000.00 |
STATE BANK OF HYDERABAD |
UNITED INDIA BUILDING, 1028 AVINASHI ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
A65664328 |
|
3 |
90004498 |
10/11/2004 |
100,000,000.00 |
ICICI BANK LIMITED |
LANDMARK, RACE COURCE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
- |
|
4 |
90003899 |
27/03/2014 * |
358,600,000.00 |
ANDHRA BANK |
COIMBATORE MAIN BRANCH, 17, MILL ROAD, COIMBATORE, TAMILNADU - 641001, INDIA |
C09013616 |
|
5 |
90003887 |
08/02/2010 * |
300,000,000.00 |
IDBI BANK LIMITED |
72, MAYFLOWER 'E' CASTLE, DR. BALASUNDARAM ROAD, |
A80427297 |
|
6 |
90000222 |
29/10/2007 * |
699,000,000.00 |
UNION BANK OF INDIA |
MAIN BRANCH, COIMBATORE, TAMILNADU - 640001, INDIA |
A26818047 |
|
7 |
80034363 |
30/08/2013 * |
352,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B87663779 |
* Date of charge modification
FIXED ASSETS
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Computer software
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2014
Rs. In Millions
|
Sr. No. |
Particulars |
3 Months Ended |
|
|
30.06.2014 |
|
||
|
|||
|
Unaudited |
|
||
|
|
|
|
|
|
1 |
a. Net Sales / Income from Operations |
1124.400 |
|
|
b. Other Operating Income |
15.100 |
|
|
|
2 |
Expenditure |
|
|
|
Consumption of Raw Materials |
757.800 |
|
|
|
Purchase of stock in trade |
20.500 |
|
|
|
Changes in inventories of finished goods, work in progress and stock in trade |
(100.700) |
|
|
|
Employee benefit expense |
140.900 |
|
|
|
Power and Fuel |
146.300 |
|
|
|
Depreciation |
52.600 |
|
|
|
Other Expenditure |
135.800 |
|
|
|
Total |
1153.200 |
|
|
|
3 |
Profit from Operations before Other Income, Interest and Exceptional Items (1-2) |
(13.700) |
|
|
4 |
Other Income |
25.200 |
|
|
5 |
Profit before Interest and Exceptional Items (3+4) |
11.500 |
|
|
6 |
Finance costs |
61.200 |
|
|
7 |
Profit after finance costs but before Exceptional Items (5-6) |
(49.700) |
|
|
8 |
Exceptional Items – Income |
-- |
|
|
Exceptional Items -Expenses |
-- |
|
|
|
9 |
Profit (+) / Loss (-) from Ordinary Activities Before Tax (7 + 8) |
(49.700) |
|
|
10 |
Tax expense |
(16.000) |
|
|
11 |
Net Profit (+) / Loss (-) from Ordinary Activities after Tax (9-10) |
(33.700) |
|
|
12 |
Extraordinary Items |
-- |
|
|
13 |
Net Profit (+) / Loss (-) for the period (11-12) |
(33.700) |
|
|
14 |
Share of profit / (loss) of Associates |
- |
|
|
15 |
Net Profit (+) / Loss (-) for the period (13 -14) |
(33.700) |
|
|
|
|
|
|
|
16 |
Paid-up Equity Share Capital - (face value of equity share Re 1 each) |
|
|
|
- Equity |
55.000 |
|
|
|
17 |
Reserves excluding revaluation reserves |
|
|
|
18 |
Earnings per Share |
|
|
|
A |
Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
(0.61) |
|
|
B |
Basic and diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
(0.61) |
|
|
|
|
|
|
|
1 |
A. Particulars of Shareholding |
|
|
|
|
Public Share Holdings |
|
|
|
|
- No. of Shares |
31672360 |
|
|
|
- Percentage |
57.59 |
|
|
|
|
|
|
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
Pledged / Encumbered |
|
|
|
|
- Number of Shares |
-- |
|
|
|
- Percentage of Shares (as a % of the total outstanding of promoter and promoter group) |
-- |
|
|
|
- Percentage Of Shares (as a % of the total share capital of the Company) |
-- |
|
|
|
|
|
|
|
|
Non-encumbered |
|
|
|
|
- Number of Shares |
23327640 |
|
|
|
- Percentage of Shares (as a % of the total outstanding of promoter and promoter group) |
100.00 |
|
|
|
- Percentage Of Shares (as a % of the total share capital of the Company) |
42.41 |
|
|
Sr. No. |
Particulars |
3 Months ended 30.06.2014 |
|
|
B. Investor
Complaints [Nos.] |
|
|
1 |
Pending at the beginning of the year |
-- |
|
2 |
Received during the quarter |
-- |
|
3 |
Disposed of during the quarter |
-- |
|
4 |
Remaining unresolved at the end of the quarter |
-- |
Note:
1. The above results were reviewed by the Audit Committee held on August 02, 2014 and approved by the Board of Directors in their meeting held on August 07, 2014.
2. Previous period figures have been re-grouped wherever necessary.
3. The entire operations of the company relate to only one segment viz.
Textiles.
4. Depreciation has been charged in accordance with the provisions of Schedule
II of the Companies Act 2013. The incremental charge amount to Rs 156.51 Lakhs
for the quarter.
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.61.75 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.