MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
HARRISONS MALAYALAM LIMITED |
|
|
|
|
Registered
Office : |
24/1624, Bristow Road, Willingdon Island, Cochin – 682003, Kerala |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
05.01.1978 |
|
|
|
|
Com. Reg. No.: |
09-002947 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 184.543 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L01119KL1978PLC002947 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNH00043B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer,
Exporter and Trading of Tea, Coffee, Rubber, Clearing, Shipping and
Biotechnology. |
|
|
|
|
No. of Employees
: |
12000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 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
willfully 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 |
ICRA |
|
Rating |
Long term – Term Loans = BBB |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
March 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term – Non-fund based facilities = A3+ |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
|
Date |
March 2014 |
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
[CONTACT NO.: 91-484-2668023]
LOCATIONS
|
Registered Office : |
24/1624, Bristow Road, Willingdon Island, Cochin – 682003, Kerala, India |
|
Tel. No.: |
91-484-2668023 |
|
Fax No.: |
91-484-2667032 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant Locations |
|
|
Tea Estates : |
Eleven Estates located in Kerala and two in Tamilnadu |
|
|
|
|
Rubber Estates : |
Eleven Estates located in Kerala |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Sanjiv Goenka |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
Commerce Graduate |
|
|
|
|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Director |
|
Date of Birth/Age : |
44 Years |
|
|
|
|
Name : |
Mr. G. Momen |
|
Designation : |
Director |
|
Date of Birth/Age : |
81 Years |
|
Qualification : |
B.A. |
|
|
|
|
Name : |
Mr. Umang Kanoria |
|
Designation : |
Director |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
B.Com (Hons.) ACMA, MBA (Switzerland) |
|
|
|
|
Name : |
Mr. Ajit Singh Chouhan |
|
Designation : |
Director |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
Graduate in Mechanical Engineering with Masters in Business Administration and an Alumni of London Business School. |
|
Experience : |
Over 31 years of varied experience working in India and overseas. |
|
|
|
|
Name : |
Mr. Ashok Bachan Goyal (up to 24.07.2014) |
|
Designation : |
Director |
|
Date of Birth/Age : |
61 Years |
|
Qualification : |
B. Tech. and a post graduate in Business Management from IIM (Kolkata) |
|
|
|
|
Name : |
P. Rajagopalan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J. M. Kothary |
|
Designation : |
Director |
|
Qualification : |
Graduate in Commerce and also holds a Degree in Law and
also done his Masters’ in Business Administration in USA. |
|
|
|
|
Name : |
Mrs. Sucharita Basu |
|
Designation : |
Director |
|
Date of Appointment : |
08.08.2014 |
|
|
|
|
Name : |
N. Dharmaraj |
|
Designation : |
Whole Time Director |
|
Qualification : |
Graduate in Agriculture Science |
|
Experience : |
Has over 40 years’ experience in plantations business. |
|
Date of Appointment : |
08.08.2014 |
KEY EXECUTIVES
|
Name : |
V. Venugopal |
|
Designation : |
Manager |
|
|
|
|
Name : |
Ravi A. |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
90000 |
0.49 |
|
|
5291575 |
28.67 |
|
|
262080 |
1.42 |
|
|
262080 |
1.42 |
|
|
5643655 |
30.58 |
|
|
|
|
|
|
3640000 |
19.72 |
|
|
3640000 |
19.72 |
|
Total
shareholding of Promoter and Promoter Group (A) |
9283655 |
50.30 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
7020 |
0.04 |
|
|
2483 |
0.01 |
|
|
33570 |
0.18 |
|
|
240 |
0.00 |
|
|
240 |
0.00 |
|
|
43313 |
0.23 |
|
|
|
|
|
|
1247006 |
6.76 |
|
|
|
|
|
|
5872350 |
31.82 |
|
|
1700884 |
9.22 |
|
|
308197 |
1.67 |
|
|
107480 |
0.58 |
|
|
31350 |
0.17 |
|
|
99066 |
0.54 |
|
|
70301 |
0.38 |
|
|
9128437 |
49.46 |
|
Total Public
shareholding (B) |
9171750 |
49.70 |
|
Total (A)+(B) |
18455405 |
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) |
18455405 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Trading of Tea, Coffee, Rubber, Clearing, Shipping and
Biotechnology. |
GENERAL INFORMATION
|
No. of Employees : |
12000 (Approximately) |
||||||||||||||||||||||||||||||
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|
|
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|
Bankers : |
|
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
8th Floor, Prestige Palladium Bayan,129 – 140, Greams
Road, Chennai – 600006, Tamilnadu, India |
|
|
|
|
Legal Advisors : |
|
|
Name : |
Menon and Pai Advocates |
|
Address : |
I.S. Press Road, Cochin – 682018, Kerala, India |
|
|
|
|
Related Parties: |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18455405 |
Equity Shares |
Rs.10/- each |
Rs. 184.554
Millions |
|
|
Less: Allotment Money in Arrears |
|
Rs. 0.011
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 184.543 Millions |
Note:
|
Particulars |
31.03.2014 |
|
|
Number of shares outstanding as at the
beginning of the year |
Number of shares |
Rs. In Millions |
|
Number of shares outstanding as at the end
of the year |
18455405 |
184.543 |
|
|
18455405 |
184.543 |
Shares in the Company held by each shareholder holding more than 5
percent shares:
|
Particulars |
31.03.2014 |
|
|
|
Number of shares |
% holding |
|
Malayalam Plantations (Holdings) Limited |
3640000 |
19.72% |
|
Instant Holdings Limited |
1420200 |
7.70% |
|
Universal Industrial Fund Limited |
1121230 |
6.08% |
Rights, preferences and restrictions attached to Equity shares mentioned
above:
The company has only one class of equity
shares having a par value of Rs.10 per share. Each shareholder is eligible for
one vote per share held. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting except in case of interim dividend. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the
Company, in proportion to their shareholding.
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 |
184.543 |
184.543 |
184.543 |
|
(b) Reserves & Surplus |
3034.657 |
3012.098 |
3005.316 |
|
(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) |
3219.200 |
3196.641 |
3189.859 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
688.104 |
522.832 |
630.086 |
|
(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 |
363.214 |
296.540 |
281.987 |
|
Total
Non-current Liabilities (3) |
1051.318 |
819.372 |
912.073 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
380.355 |
455.802 |
271.042 |
|
(b)
Trade payables |
176.099 |
163.664 |
122.938 |
|
(c)
Other current liabilities |
440.996 |
528.158 |
497.451 |
|
(d)
Short-term provisions |
144.310 |
137.321 |
161.041 |
|
Total
Current Liabilities (4) |
1141.760 |
1284.945 |
1052.472 |
|
|
|
|
|
|
TOTAL |
5412.278 |
5300.958 |
5154.404 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4294.477 |
4284.878 |
4261.413 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
16.155 |
45.791 |
5.335 |
|
(iv) Intangible assets under development |
5.394 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.602 |
0.602 |
0.604 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
80.414 |
74.571 |
80.436 |
|
(e)
Other Non-current assets |
30.089 |
51.384 |
31.328 |
|
Total
Non-Current Assets |
4427.131 |
4457.226 |
4379.116 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1.500 |
1.504 |
1.505 |
|
(b)
Inventories |
254.190 |
205.993 |
188.935 |
|
(c)
Trade receivables |
148.565 |
81.825 |
128.538 |
|
(d)
Cash and cash equivalents |
167.081 |
202.524 |
143.886 |
|
(e)
Short-term loans and advances |
266.990 |
230.476 |
176.099 |
|
(f)
Other current assets |
146.821 |
121.410 |
136.325 |
|
Total
Current Assets |
985.147 |
843.732 |
775.288 |
|
|
|
|
|
|
TOTAL |
5412.278 |
5300.958 |
5154.404 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3641.909 |
3321.233 |
3649.891 |
|
|
|
Other Income |
26.603 |
24.638 |
39.249 |
|
|
|
TOTAL (A) |
3668.512 |
3345.871 |
3689.140 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1043.399 |
814.160 |
748.243 |
|
|
|
Purchases of Stock-in-Trade |
31.007 |
76.662 |
190.140 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(37.838) |
(9.488) |
59.694 |
|
|
|
Employees benefits expense |
1228.841 |
1152.157 |
1114.059 |
|
|
|
Other expenses |
1136.520 |
1062.314 |
1238.688 |
|
|
|
Extraordinary item (net) |
(2.563) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
3399.366 |
3095.805 |
3350.824 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
269.146 |
250.066 |
338.316 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
151.072 |
145.873 |
168.842 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
118.074 |
104.193 |
169.474 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
63.131 |
65.145 |
64.919 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
54.943 |
39.048 |
104.555 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.793 |
16.072 |
57.418 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
44.150 |
22.976 |
47.137 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
917.647 |
910.865 |
898.260 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
0.000 |
0.000 |
2.357 |
|
|
|
Proposed Dividend |
18.455 |
13.842 |
27.683 |
|
|
|
Tax on Dividend |
3.136 |
2.352 |
4.492 |
|
|
BALANCE CARRIED
TO THE B/S |
940.206 |
917.647 |
910.865 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
313.842 |
183.668 |
342.756 |
|
|
TOTAL EARNINGS |
313.842 |
183.668 |
342.756 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
3.329 |
6.764 |
|
|
|
Stores and Spare Parts |
0.191 |
3.095 |
0.076 |
|
|
|
Packing material |
0.000 |
0.000 |
3.368 |
|
|
TOTAL IMPORTS |
0.191 |
6.424 |
10.208 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.39 |
1.24 |
2.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.20 |
0.69 |
1.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.51 |
1.18 |
2.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.02 |
0.74 |
2.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.01 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.33 |
0.31 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
0.66 |
0.74 |
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 |
184.543 |
184.543 |
184.543 |
|
Reserves & Surplus |
3005.316 |
3012.098 |
3034.657 |
|
Net
worth |
3189.859 |
3196.641 |
3219.200 |
|
|
|
|
|
|
long-term borrowings |
630.086 |
522.832 |
688.104 |
|
Short term borrowings |
271.042 |
455.802 |
380.355 |
|
Total
borrowings |
901.128 |
978.634 |
1068.459 |
|
Debt/Equity
ratio |
0.282 |
0.306 |
0.332 |
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 |
3649.891 |
3321.233 |
3641.909 |
|
|
|
(9.005) |
9.655 |
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 |
3649.891 |
3321.233 |
3641.909 |
|
Profit |
47.137 |
22.976 |
44.150 |
|
|
1.29% |
0.69% |
1.21% |
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 |
Yes |
|
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 |
UNSECURED LOANS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Short term loan from bank |
50.000 |
100.000 |
|
|
|
|
|
Total |
50.000 |
100.000 |
LITIGATION DETAILS
KERALA HIGH COURT
CASE STATUS INFORMATION SYSTEM
Case Status: PENDING
|
Status of UNNUMBERED RP 101 of 2014 STATE OF KERALA Vs. M/S. HARRISONS MALAYALAM LTD Pet's Adv. : GOVERNMENT PLEADER Res's Adv. : -- Last Listed On2 : 6-6-2014 Category : Land Conservancy Act
Case Updated on: Friday, June 06, 2014 |
INDEX OF CHARGES
|
S.No |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10519956 |
20/08/2014 |
740,326.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
C20631859 |
|
2 |
10502601 |
02/05/2014 |
741,199.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
C06421036 |
|
3 |
10495721 |
01/04/2014 |
914,335.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
C04771796 |
|
4 |
10495734 |
01/04/2014 |
914,335.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
C04773503 |
|
5 |
10501581 |
28/03/2014 |
471,911.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
C05949565 |
|
6 |
10495713 |
28/03/2014 |
421,848.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
C04770384 |
|
7 |
10504611 |
06/03/2014 |
744,012.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
C07736804 |
|
8 |
10480875 |
14/02/2014 |
400,000,000.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B97691067 |
|
9 |
10480350 |
23/01/2014 |
350,406.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B97494389 |
|
10 |
10475117 |
07/01/2014 |
350,861.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
B95309969 |
PERFORMANCE
During the year, the Company’s revenue from operations increased by 9.7%
over previous year to reach Rs. 3642.100 Millions. Including other income and
income from discontinued operations, total income grew by 10.6% from Rs.
3499.300 Millions to Rs. 3868.600 Millions. Profit after taxes was Rs. 44.000
Millions.
TEA:
With realizations moving upwards, 2013-14 witnessed buoyancy in the tea
industry, the average price being Rs 111.70 per kg, an increase of Rs. 13.82
over the previous year. HML tea prices in Auction at Rs.114.80 per kilo
(previous year Rs.100.50) was higher than the South Indian Auction average of
Rs. 97.49. Tea production at 15978 MT was higher by 4.4%. Tea manufactured from
green leaves harvested from own gardens was 9% lower. This was compensated
through higher volumes in Bought Operations, which registered a rise of over
70%.
During the year, a fire broke out in the Wallardie Tea Factory causing
damage not only to tea machinery but also stock and other consumables.
Production however was not affected as the neighboring Moongalaar Factory could
cater to the requirements. The Company’s insurance claim has been settled by
the insurer.
RUBBER:
Despite a drop in rubber production, rubber price remained flat for most
part of the year. The RSS IV saw a high of Rs. 196 per kg during August 2013
and a low of Rs 142 during January 2014. The average RSS IV price for the
industry was Rs.166.04, lower by Rs. 10.81 per kg as compared to previous year.
Currently prices are ruling at Rs.139 per kg. The average price realized
by HML was Rs 194.93 per kg as against Rs 191.23 in the previous year.
Production from own gardens, which was 4% lower, was compensated by higher
volume through Bought Rubber Operations. Bought Rubber constituted
approximately 48% of the total rubber produced by the Company, compared to 43%
in the previous year. The accelerated replanting program initiated from 2008-09
should start yielding good results with a part of the 2008-09 planted area
coming into bearing.
140 hectares in Kumbazha Rubber Estate encroached by trespassers,
continue to remain untapped. Rubber Tree income for the season 2013-14 could
not be accounted as felling of rubber trees could not be carried out due to the
ban order issued by the Special Officer appointed by the Government of Kerala.
The Company’s writ petition challenging the ban order has been heard by the
High Court, and Orders are reserved.
AWARDS AND
ACHIEVEMENT
During the year, the Company achieved accreditations for its best
manufacture practices. Wentworth Factory received awards in all categories
namely Leaf, Fannings and Dust and Pattumalay Factory received the award in the
Fannings category at the tenth edition of The Golden Leaf India Award (TGLIA)
function held in Dubai.
Wentworth tea estate of the Company has received the Trustea
certification. An initiative of the Tea Board, this certification highlights
the Company’s commitment to issues relating to environment, sustainability and
livelihood. The Ethical Tea Partnership certification which is recognized by
European Union markets has been received by all the tea estates of the Company.
Recently Wentworth estate obtained the Rain Forest Alliance certification, an
international accreditation for sourcing credibility, which enhances its image
with leading international tea packers.
During the year, Achoor Tea Factory and Palapilly Rubber Factory
obtained ISO certifications. For the 2nd consecutive year, Kumbazha Centrifuge
Latex Factory secured the second position amongst small industries for
substantial and sustained efforts in pollution control. HML has also been
judged as one among the top 100 Best companies to work for 2014- India by Great
Place to Work.
PROSPECTS
Plantation business is largely influenced by external factors like
weather and volatility of primary markets. The company continues to be a strong
player in the South Indian plantation industry and hopes to enlarge its
operations through processing, purchased raw material and trading in both tea
and rubber. Sustained efforts to improve labour productivity should to some
extent alleviate escalating labour cost - a major concern for all South Indian
plantations.
Realisations from both tea and rubber are expected to improve in view of
the Company’s continued focus on product quality, coupled with encouraging
market outlook for tea in the next twelve months. Financial Year 14-15 is
expected to be significantly better in terms of performance, as initiatives
started earlier make positive contributions.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
TEA
OVERVIEW
India, the world’s largest grower of black tea, produced 1200 million kgs
in 2013 which was 43% of the global black tea output. This is 7.6% higher,
compared to 1115 million kg of black tea produced in 2012- an increase of 85
million kg. The other major tea producing countries in the world in 2013 were
Kenya 432 million kg, Sri Lanka 340 million kg, other African countries 207
million kg and Bangladesh 63 million kg. China annually produces 1850 million
kg of green tea.
India’s 80% of total black tea output comes from North India, South
India accounts for the balance. While favorable growing conditions in North
East helped harvesting of a bumper crop in North India, the South Indian crop
remained at the previous year’s level. Weather conditions in South India with
long spells of drought followed by excessive rainfall led to stagnation in
harvesting of crop.
Exports up to December, 2013 were lower at 159 million kg as against 167
million kg in the previous period. Exports to Iran and USA increased in terms
of volume, but exports to CIS and UK declined. The average tea price realization
from Indian exports increased by Rs 18.06 per kg. North Indian exports recorded
an increase of Rs 24.83 per kg over the previous period, while South Indian
export realization rose by Rs 15.45 per kg.
OUTLOOK
Global tea production is likely to remain either static or very
insignificant growth in the next two years. This is largely due to negligible
addition of land under tea cultivation in the organized sector. Indian
production should recover with the expected near - normal weather conditions. Demand
for tea is likely to increase due to strong consumption growth leading to
further shortage and lower inventory levels. This should see prices
stabilising. Also, the superior quality teas produced by HML have already found
encouraging acceptance. The potential to respond to a growing market is
therefore great.
RUBBER
OVERVIEW
In 2013, global Natural Rubber (NR) production increased by 3.7% to
12036 million kg, while consumption at 11322 million kg rose only by 2.7%. As a
result, rubber stock piled up to 3208 million kg, an increase of 10.1%. There
was a drastic decline in rubber prices in the international market.
On the domestic front, natural rubber production in 2013 stood at 846
million kg and consumption at 979 million kg. Despite production being down by
7.4% and consumption remaining flat, no significant upward movement in natural
rubber price was visible. The deficit in local production was made up through
import at prices lower than that prevailing in the domestic market. During
2013, 325 million kg of natural rubber was imported and 5 million kg exported,
as against 217 million kg imported and 31 million kg exported in the previous
year.
OUTLOOK
A combination of dry weather conditions across South-east Asia (where
three-quarters of global rubber production is located) and low prices may
result in lower output and production rationalization. Natural rubber
production in 2014 is expected to remain flat at 12.1 million tons before
bouncing back by 3.3% in 2015. The prevailing economic scenario in Thailand,
may pave the way for exports into that country.
Natural rubber consumption in 2014-15 is expected to grow 3.9%, as
demand recovers in several major consuming countries. Despite this pace of
growth, it will not be enough to eliminate the substantial market surplus in
2014-15. It is expected that prices in 2014 will favour consumers. Heavy stock
piles in China and Japan will be against apparent demand, as consumers there
will be able to contain imports by drawing down on reserves. China will remain
by far the world's largest natural rubber consumer in 2014-15, but other
emerging regions, such as Europe, North America and Latin America, will help
support consumption growth. Consumption is expected to outpace production in
2016 which should see revival in natural rubber prices.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the Company not acknowledged as debt |
|
|
|
Employee related |
32.471 |
56.003 |
|
Penalties under section 14B of Employees’
Provident Fund Miscellaneous Provisions Act 1952 |
4.941 |
9.349 |
|
Disputed Income Tax matters |
101.997 |
67.410 |
|
The Government of Kerala had issued a notification
in February 2006, enhancing the minimum wages of plantation workers which has
been challenged by the Association of Planters of Kerala of which the Company
was a member and an interim stay was granted by the High Court of Kerala. As
the Company resigned from Association of Planters of Kerala with effect from
12.02.2007, a separate writ petition was filed and an interim stay of the
Government Notification obtained. |
34.849 |
34.849 |
FIXED ASSETS:
Tangible Assets
- Land and
Development -
- Freehold and
Leasehold
- Buildings
- Plant and
Machinery
- Furniture and
Fittings
- Water Supply
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.23 |
|
|
1 |
Rs. 98.53 |
|
Euro |
1 |
Rs. 77.75 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.