MIRA
INFORM REPORT
|
Report Date : |
13.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
BANNARI AMMAN SPINNING MILLS LIMITED |
|
|
|
|
Registered
Office : |
252, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.07.1989 |
|
|
|
|
Com. Reg. No.: |
18-002476 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.157.543 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111TZ1989PLC002476 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBB03009G/ CMBB03055D |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacture of Cotton Yarn,
Woven and Coated Fabrics and Wind Power Generation |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk
profile and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 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
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities=BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
03.09.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities=A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
03.09.2013 |
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 DENIED
Management Non Co-operative (91-422-2435555)
LOCATIONS
|
Registered Office : |
252, Mettupalayam Road, Coimbatore – 641043, Tamilnadu, India |
|
Tel. No.: |
91-422-2435555 |
|
Fax No.: |
91-422-2434446 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Spinning
Division 1 NaduKandanur Pirivu, Morepatty Post adamadurai, Dindigul – 624802,
Tamilnadu, India |
|
|
|
|
Factory 2 : |
Spinning
Division 2 Velvarkottai, Dindigul Trichy National Highway 45, Vedasandur Taluk,
Dindigul – 624803, Tamilnadu, India |
|
|
|
|
Factory 3 : |
Weaving Division Karanampet - Paruvai Road, Paruvai Post, Coimbatore – 641658,
Tamilnadu, India |
|
|
|
|
Factory 4 : |
Technical /
Flocking Division Kovai – Sathy Main Road, Kunnathur Village, Ganesapuram Post, S S
Kulam (Via) Coimbatore – 641107, Tamilnadu, India |
|
|
|
|
Factory 5 : |
Windmill
Division 1 Irukandurai and Dhanakarkulam Villages, Radhapuram Taluk, Tirunelveli
District, Tamilnadu, India |
|
|
|
|
Factory 6 : |
Windmill
Division 2 Chinnapudur Village, Dharapuram Taluk Erode District, Tamilnadu, India |
|
|
|
|
Factory 7 : |
Garments
Division 1 Palladam Hitech Weaving Park, Sukkampalayam Village, K N Puram (Po) Palladam – 641662,
Tamilnadu, India |
|
|
|
|
Factory 8 : |
Garments
Division 2 Karanampet - Paruvai Road, Paruvai Post, Coimbatore – 641658,
Tamilnadu, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. S. V. Arumugam |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. K N V Ramani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. S. K. Prabhu |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. K R Thillainathan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Palaniswami |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Sadhasivam |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A. Senthil |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. N. Krishnaraj |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
AS ON 30.06.2014
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
168017 |
1.07 |
|
|
8583233 |
54.48 |
|
|
8751250 |
55.55 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8751250 |
55.55 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
178056 |
1.13 |
|
|
178056 |
1.13 |
|
|
|
|
|
|
2306260 |
14.64 |
|
|
|
|
|
|
1356361 |
8.61 |
|
|
3031042 |
19.24 |
|
|
131300 |
0.83 |
|
|
44230 |
0.28 |
|
|
87068 |
0.55 |
|
|
2 |
0.00 |
|
|
6824963 |
43.32 |
|
Total Public shareholding (B) |
7003019 |
44.45 |
|
Total (A)+(B) |
15754269 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15754269 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Cotton Yarn,
Woven and Coated Fabrics and Wind Power Generation |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· The Karur Vysya Bank Limited · Corporation Bank · ICICI Bank Limited · Oriental Bank of Commerce · Indian Overseas Bank · Bank of Maharashtra · Indian Bank · IDBI Bank · Allahabad Bank |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P N Raghavendra Rao and Company Chartered Accountants |
|
Address : |
Coimbatore – 641009, Tamilnadu, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Srivatsan and Gita Chartered Accountant |
|
Address : |
Coimbatore – 641018, Tamilnadu, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
M Nagarajan Chartered Accountant |
|
Address : |
Coimbatore – 641018, Tamilnadu, India |
|
|
|
|
Related Parties : |
· Shiva Texyarn Limited · Anamallais Automobiles Private Limited · Annamallai Infrastructures Limited · Young Brand Apparel Private Limited · Bannari Amman Flour Mill Limited · Sakthi Murugan Transports Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 Millions |
|
50000 |
Cumulative Preference Shares |
Rs.100/- each |
Rs.5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.165.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15754269 |
Equity Share |
Rs.10/- each |
Rs.157.543
Millions |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the reporting period
|
Name of the
Share holder |
As at 31.03.2014 |
|
|
No. of shares |
Amount in Millions |
|
|
Equity Shares |
|
|
|
At the beginning of the period |
1,57,54,269 |
157.543 |
|
At the end of the period |
1,57,54,269 |
157.543 |
Terms/rights
attached to the equity shares
The company has issued only one class of equity shares having a par
value of Rs.10 per equity share. Each holder of equity share is entitled
to one vote per share. The company declares and pays dividend in Indian
Rupees. The dividend proposed by Board of Directors is subject to the approval
of Shareholders in the ensuing Annual General Meeting.
Details of shareholders
holding more than 5% shares in the company.
|
Name of the
Share holder |
As at 31.03.2014 |
|
|
No. of shares |
% of holding |
|
|
Equity Shares |
|
|
|
Murugan Enterprises Private Limited |
78,03,733 |
49.53 |
|
Gagandeep Credit Capital Private Limited |
9,13,122 |
5.80 |
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 |
157.543 |
157.542 |
157.542 |
|
(b) Reserves & Surplus |
2271.063 |
1992.246 |
1755.928 |
|
(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) |
2428.606 |
2149.788 |
1913.470 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2035.626 |
2483.936 |
2641.894 |
|
(b) Deferred tax liabilities (Net) |
668.886 |
524.071 |
390.009 |
|
(c) Other long term liabilities |
11.857 |
10.887 |
11.273 |
|
(d) long-term provisions |
0.000 |
0.000 |
10.736 |
|
Total Non-current Liabilities (3) |
2716.369 |
3018.894 |
3053.912 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1781.771 |
663.210 |
891.708 |
|
(b) Trade payables |
385.002 |
328.204 |
387.439 |
|
(c) Other current liabilities |
743.374 |
732.581 |
682.894 |
|
(d) Short-term provisions |
47.415 |
46.591 |
4.868 |
|
Total Current Liabilities (4) |
2957.562 |
1770.586 |
1966.909 |
|
|
|
|
|
|
TOTAL |
8102.537 |
6939.268 |
6934.291 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4400.453 |
4422.841 |
4637.892 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
21.473 |
69.633 |
15.180 |
|
(iv) Foreign currency monetary items translation reserve a/c |
17.247 |
32.083 |
50.471 |
|
(b) Non-current Investments |
239.122 |
226.671 |
174.926 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
433.531 |
354.516 |
358.528 |
|
(e) Other Non-current assets |
23.492 |
26.492 |
33.407 |
|
Total Non-Current Assets |
5135.318 |
5132.236 |
5270.404 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1833.520 |
908.501 |
992.261 |
|
(c) Trade receivables |
672.181 |
446.436 |
326.179 |
|
(d) Cash and cash equivalents |
208.097 |
218.988 |
124.704 |
|
(e) Short-term loans and advances |
180.749 |
184.871 |
141.795 |
|
(f) Other current assets |
72.672 |
48.236 |
78.948 |
|
Total Current Assets |
2967.219 |
1807.032 |
1663.887 |
|
|
|
|
|
|
TOTAL |
8102.537 |
6939.268 |
6934.291 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6996.507 |
5597.151 |
4597.251 |
|
|
|
Other Income |
10.590 |
10.925 |
22.577 |
|
|
|
TOTAL (A) |
7007.097 |
5608.076 |
4619.828 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4383.916 |
3197.467 |
3179.821 |
|
|
|
Purchases of stock-in-trade |
293.305 |
65.740 |
10.007 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(168.953) |
104.271 |
231.154 |
|
|
|
Employee benefits expenses |
318.371 |
256.869 |
189.712 |
|
|
|
Other expenses |
991.341 |
838.440 |
650.105 |
|
|
|
TOTAL (B) |
5817.980 |
4462.787 |
4260.799 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1189.117 |
1145.289 |
359.029 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
378.606 |
380.481 |
326.383 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
810.511 |
764.808 |
32.646 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
350.015 |
357.566 |
372.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT /(LOSS)
BEFORE TAX (E-F) (G) |
460.496 |
407.242 |
(339.616) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
144.815 |
134.061 |
(175.855) |
|
|
|
|
|
|
|
|
|
|
PROFIT /(LOSS)
AFTER TAX (G-H) (I) |
315.681 |
273.181 |
(163.761) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
75.192 |
(61.125) |
102.636 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Provision for Equity Dividend |
31.509 |
31.509 |
0.000 |
|
|
|
Provision for Tax on Dividend |
5.355 |
5.355 |
0.000 |
|
|
|
Transfer to General Reserve |
200.000 |
100.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
154.009 |
75.192 |
(61.125) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2911.429 |
2323.060 |
1825.083 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
233.771 |
337.031 |
182.200 |
|
|
|
Capital Goods |
123.469 |
117.487 |
44.336 |
|
|
TOTAL IMPORTS |
357.240 |
454.518 |
226.536 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.04 |
17.34 |
(10.39) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.51 |
4.87 |
(3.55) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.58 |
7.28 |
(7.39) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.89 |
6.17 |
(5.07) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.19 |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.57 |
1.46 |
1.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.02 |
0.85 |
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 |
157.542 |
157.542 |
157.543 |
|
Reserves & Surplus |
1755.928 |
1992.246 |
2271.063 |
|
Net
worth |
1913.470 |
2149.788 |
2428.606 |
|
|
|
|
|
|
long-term borrowings |
2641.894 |
2483.936 |
2035.626 |
|
Short term borrowings |
891.708 |
663.210 |
1781.771 |
|
Total
borrowings |
3533.602 |
3147.146 |
3817.397 |
|
Debt/Equity
ratio |
1.847 |
1.464 |
1.572 |
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 |
4,597.251 |
5,597.151 |
6,996.507 |
|
|
|
21.750 |
25.001 |
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
|
4,597.251 |
5,597.151 |
6,996.507 |
|
Profit |
(163.761) |
273.181 |
315.681 |
|
|
(3.56%) |
4.88% |
4.51% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
REVIEW OF OPERATIONS
The Company has
achieved an increase of 25% in turnover as compared to the previous year with improved
working results
Spinning Division
The Spinning Mills
produced 20,700.32 tonnes (17,563.29 tonnes) and purchased 1,378.53 tonnes
(226.97 tonnes) of Yarn and sold 21,050.40 tonnes (17,286.64 tonnes) of Yarn.
Sales include 10,732.84 tonnes (9,337.58 tonnes) by export of yarn.
The total sales of
this division amounted to Rs.5236.613 Millions (Rs.4021.094 Millions) of which
export sales amounted to Rs.2545.437 Millions (Rs.2049.979 Millions)
constituting 48.60% (50.98%) of the total revenue.
Weaving Division
The Weaving
Division specializes in manufacturing wider width cotton fabric. During the
year, 76.23 Lakh Metres (61.27 Lakh Metres) of Fabric were produced and 71.59
Lakh Metres (69.58 Lakh Metres) of Fabric were sold.
Knitting Division
During the year,
1672.42 tonnes of Knitted fabric were produced and 1529.40 tonnes were sold.
The total sales of this division amounted to Rs.364.095 Millions of which
export sales accounted for Rs.80.607 Millions.
Processing Division and Technical Textiles Division
During the year,
583.32 tonnes (previous year - Nil) of fabrics were processed and the total
processing charges earned by this division was Rs.46.413 Millions, Rs.0.482
Million (Rs.0.835 Million) Meters of canvas were produced and 2.54 Lakhs (6.28
Lakhs) meters of canvas were sold. It also produced 1.49 Lakhs (0.37 Lakhs)
meters of breathable water proof fabric and 0.05 Lakhs (0.74 Lakhs) meters were
sold.
Garment Division
7.46 Lakhs (4.86
Lakhs) pieces of Garments were produced and sold 7.09 Lakhs (5.14 Lakhs)
pieces. The total sales in this division amounted to Rs.319.249 Millions
(Rs.193.463 Millions) of which export sales accounted for ` 3143.25 Lakhs
(Rs.1894.35 Millions).
Wind Mill Division
The Company has 4
windmills of 1250 KW each totaling 5MW in Radhapuram Taluk, Tirunelveli
District, Tamilnadu, 25 Nos windmills, each of 800 KW capacity totaling 20 MW
capacity in Dharapuram Taluk, Tirupur District and Palani Taluk, Dindigul
District, Tamilnadu and 3 Windmills of 1650 KW each in Kongalnagaram, Udumalpet
Taluk, Tirupur District, Tamilnadu. The total installed capacity of Windmills
is 29.95 MW and the whole of the power generated is captively consumed by the
Spinning Units and Weaving Unit.
The windmills
produced 492.39 Lakh units of wind energy as against 618.25 Lakh units produced
in the last year. The lower production/consumption of power is on account of
Non- availability of grid facilities and non- evacuation.
MANAGEMENT DISCUSSION AND ANALYSIS
COMPANY'S BUSINESS
The Company's business
is manufacture of Cotton yarn, woven and coated fabrics, Garments, Processing
and wind power generation. The Company has two modern spinning units near
Dindigul, Tamilnadu with installed capacity of 1,44,240 spindles, Weaving unit
near Palladam, Tamilnadu with installed capacity of 135 Looms, Processing &
Technical Textiles near Annur, Tamilnadu with capacity to produce 24 Lakhs
meters of coated fabric per annum and 32 windmills with installed capacity
29.95 MW of Power. The whole of the power produced by the wind mills is
captively consumed by the spinning units.
INDUSTRY STRUCTURE AND DEVELOPMENTS
India is the
world's second largest producer of textiles and garments. The Indian textiles industry
accounts for about 24 per cent of the world's spindle capacity. The potential
size of the Indian textiles and apparel industry is expected to reach US$ 223
billion by next 6-7 years.
The sector
contributes about 14 per cent to industrial production, 4 per cent to the gross
domestic product (GDP), and 27 per cent to the country's foreign exchange
inflows. The textiles sector is the second largest provider of employment after
agriculture. Thus, the growth and all round development of this industry has a
direct bearing on the improvement of the India's economy.
India has improved
its ranking to emerge as the second largest exporter in the world from fifth
position. This was possible due to reason that the textile industry is
vertically integrated from raw material to finished products. India has emerged
as the most preferred destination for global brands due to its strength of
vertical and horizontal integration.
Overall demand
outlook for the textile industry for the financial year 2014-15 is expected to
remain stable; the rebounding economic growth in key export destinations,
stabilizing input costs and exchange rates being key factors for the industry.
The trends, if sustained in FY15 (year end March), are likely to improve the
financial metrics of yarn and garment manufacturers.
Textiles exports
stood at US$ 28.53 billion during April 2013-January 2014 as compared to US$
24.90 billion during the corresponding period of the previous year, registering
a growth of 14.58 per cent. Garment exports from India is expected to touch US$
60 billion over the next three years, with the help of government support.
OUTLOOK
With the optimum
utilization of very modern machinery and the measures taken by the company
overcome Power crisis, it is expected that the Company would be able to improve
efficiency. The company has been taking steps to increase the export sales as
well as up-country sales for improving the sales turnover and focusing on the
increase on the value added products.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Long-term maturities of finance lease obligations |
12.041 |
12.238 |
|
|
|
|
|
Total |
12.041 |
12.238 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10490357 |
23/07/2014
* |
261,600,000.00 |
STATE
INDUSTRIES PROMOTION CORPORATION OF TAMILNADU (SIPCOT) |
19-A,
RUKMANI LAKSHMIPATHY ROAD, EGMORE, CHENNAI, TAMILNADU - 600008, INDIA |
C12936613 |
|
2 |
10379309 |
09/10/2012
* |
400,000,000.00 |
ICICI
BANK LIMITED |
CHERAN
PLAZA, 1ST FLOOR, 1090, TRICHY ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
B59558296 |
|
3 |
10269574 |
17/02/2011 |
250,000,000.00 |
ICICI
BANK LIMITED |
CHERAN
PLAZA, I FLOOR, 1090, TRICHY ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
B06817647 |
|
4 |
10261570 |
09/05/2012
* |
450,000,000.00 |
ALLAHABAD
BANK |
98 MECRICAR
ROAD, R S PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA |
B39241567 |
|
5 |
10203400 |
17/02/2010 |
300,000,000.00 |
IDBI
BANK LIMITED |
72,
MAYFLOWER, 'E' CASTLE, DR BALASUNDARAM ROAD, ATT COLONY, COIMBATORE, TAMIL
NADU - 641018, INDIA |
A79869087 |
|
6 |
10113425 |
21/03/2014
* |
1,344,000,000.00 |
INDIAN
BANK |
31,
VARIETY HALL ROAD, P O BOX NO:65 MAIN BRANCH, |
C00730937 |
|
7 |
10092799 |
20/12/2007 |
400,000,000.00 |
INDIAN
OVERSEAS BANK |
125,
D B ROAD, R S PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA |
A34351296 |
|
8 |
10046357 |
23/07/2014
* |
570,000,000.00 |
BANK
OF MAHARASHTRA |
194/1,
RANGAI GOWDER STREET, NEAR TEPPAKULAM, COIMBATORE, TAMIL NADU - 641001, INDIA |
C14806228 |
|
9 |
10032654 |
26/09/2013
* |
850,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
1057,
JAYA ENCLAVE, AVINASHI ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
B89536494 |
|
10 |
10011950 |
27/06/2006 |
18,750,000.00 |
CORPORATION
BANK |
816,
OPPANAKARA STREET,, COIMBATORE, TAMIL NADU - 641001, INDIA |
A02898864 |
|
11 |
10001306 |
23/07/2014
* |
300,000,000.00 |
CORPORATION
BANK |
816,
OPPANAKARA STREET, COIMBATORE, TAMIL NADU - 641001, INDIA |
C15019789 |
|
12 |
10001714 |
23/07/2014
* |
2,087,100,000.00 |
INDIAN
OVERSEAS BANK |
1027-
AVINASHI ROAD, NEAR VOC GROUND, UPPILIPALAYAM, COIMBATORE, TAMIL NADU -
641018, INDIA |
C15288053 |
|
13 |
10000025 |
10/07/2010
* |
1,500,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
1057,
JAYA ENCLAVE, AVINASHI ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
A89912638 |
|
14 |
90004460 |
16/09/2004 |
180,000,000.00 |
ICICI
BANK LTD |
LANDMARK,
RACE COURSE CIRCLE, VDODARA, GUJARAT - |
- |
|
15 |
90003184 |
23/07/2014
* |
695,000,000.00 |
CORPORATION
BANK |
816,
OPPANAKARA STREET, COIMBATORE, TAMIL NADU - 641001, INDIA |
C15017189 |
|
16 |
80063829 |
03/09/2004
* |
78,000,000.00 |
THE
KARUR VYSYA BANK LIMITED |
OPPANAKKARA
STREET, COIMBATORE, TAMIL NADU - 641001, INDIA |
- |
*Date of modification Charges
FIXED ASSETS:
· Land and Site Development
· Building
· Plant and Machinery
· Office Equipments
· Furniture and Fittings
· Vehicles
· Tools and Implements
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2014
Rs. In Millions
|
Particulars |
3 months ended 30.06.2014 |
|
|
Unaudited |
|
Net Sales/ Income from Operations |
1683.793 |
|
Other Operating Income |
41.794 |
|
Total income
from operation |
1725.587 |
|
Expenditure |
|
|
a) Cost of Materials Consumed |
1173.048 |
|
b) Purchase of Stock in trade |
77.101 |
|
c) Change in inventories of finished goods, work in progress & stock in trade |
(144.226) |
|
d) Employee benefits expense |
84.917 |
|
e) Power and Fuel expenses |
137.565 |
|
f) Depreciation and amortization expense |
74.871 |
|
g) Other expenses |
132.682 |
|
Total |
1535.958 |
|
Profit from
operations before Other Income, Interest and Exceptional Items (1-2) |
189.630 |
|
Other Income |
-- |
|
Profit before Interest and Exceptional Items (3+4) |
189.630 |
|
Interest |
102.608 |
|
Profit after Interest but before Exceptional Items (5-6) |
87.022 |
|
Exceptional Items |
-- |
|
Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8) |
87.022 |
|
Tax expense |
26.977 |
|
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10) |
60.045 |
|
Extraordinary Items (Net of tax expense) |
-- |
|
Net Profit (+)/ Loss (-) for the period |
60.045 |
|
Paid-up equity share capital (Face value of Rs.10/- each) |
157.543 |
|
Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
Earnings per
share |
|
|
Before Extraordinary items (not annualized) |
|
|
- Basic (Rs.) |
3.81 |
|
- Diluted (Rs.) |
3.81 |
|
Public Shareholding |
|
|
- No. of shares |
7003019 |
|
- Percentage of shareholding |
44.45% |
|
Promoters and promoter group shareholding |
|
|
Pledged/ Encumbered |
|
|
- No. of shares |
Nil |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
|
- Percentage of shares (as a % of the total share capital of the company) |
Nil |
|
Non-encumbered |
|
|
- No. of shares |
8751250 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
55.55% |
|
- Percentage of shares (as a % of the total share capital of the company) |
100.00% |
|
|
|
|
INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
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 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.60.84 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
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.