MIRA INFORM REPORT
|
Report No. : |
350719 |
|
Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAMCO INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
47, PSK Nagar, Rajapalayam, Virudhunagar District- 626108, Tamilnadu. |
|
Tel. No.: |
91-44-28478585 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
27.01.1965 |
|
|
|
|
Com. Reg. No.: |
005297 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.86.663 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26943TN1965PLC005297 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Building Products, Textiles and Power Generation From
Windmill (Register Activity) |
|
|
|
|
No. of Employees
: |
1275 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 13000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is well established company incorporated in the year 1665. For the financial year ended 2015, the company has healthy scale of operation
marked by decent top line growth of 9.9% along with profitability margin of
2.8%. The company has strong financial base, efficient net worth position
healthy debt protection metrics marked by favourable gap between trade
payable and receivables. Rating also take into consideration long history of business
operations and extensive experience of its promoters. Trade relations are fair. Business is active. Payments are regular and
as per commitment. 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Not Divulged |
|
Designation : |
Account Manager |
|
Contact No.: |
91-44-28478585 |
|
Date : |
25.11.2015 |
LOCATIONS
|
Registered Office : |
47, PSK Nagar, Rajapalayam, Virudhunagar District- 626108.,
Tamilnadu,, India. |
|
Tel. No.: |
91-44-28478585 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Auras Corporate Centre, Vi Floor, 98-A, Dr. Radhakrishnan Road, Mylapore,
Chennai – 600 004, Tamilnadu, India |
|
|
|
|
Factories : |
Building Products
Division
Textile Division
(Cotton Yarn)
|
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. P.R. Ramasubrahmaneya Rajha, |
|
Designation : |
Chairman |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mr. P.R. Venketrama Raja |
|
Designation : |
Vice Chairman & Managing Director |
|
Qualification : |
B.Tech., MBA |
|
|
|
|
Name : |
Mr. S.S. Ramachandra Raja |
|
Designation : |
Director |
|
Qualification : |
B.Sc |
|
|
|
|
Name : |
Mr. K.T. Ramachandran |
|
Designation : |
Director |
|
Qualification : |
B.E |
|
|
|
|
Name : |
Mr. N.K. Shrikantan Raja |
|
Designation : |
Director |
|
Qualification : |
B.Com. |
|
|
|
|
Name : |
Mr. R.S. Agarwal, |
|
Designation : |
Director |
|
Qualification : |
B.E |
|
|
|
|
Name : |
Mr. V. Santhanaraman |
|
Designation : |
Director |
|
Qualification : |
B.Com, CAIIB |
|
|
|
|
Name : |
Smt. Justis Chitra Venkataraman |
|
Designation : |
Director |
|
Qualification : |
B.A, B.L. |
KEY EXECUTIVES
|
Name : |
Prem G Shanker |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
K. Sankaranarayanan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
S. Balamurugasundaram |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Share Break up (Percentage of Total Equity)
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Building Products, Textiles and Power Generation From
Windmill (Register Activity) |
|
|
|
|
Products : |
-- |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1275 (Approximately) |
||||||||||||||||||
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Bankers : |
|
||||||||||||||||||
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|
||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
M.S. Jagannathan and N. Krishnaswami Chartered Accountant |
|
Address : |
Unit - 5, Ground Floor, Abirami Apartments,
No.14, V.O.C. Road, Cantonment, Tiruchirapalli – 620 001, Tamilnadu, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries companies : |
|
|
|
|
|
Enterprises over which
the above persons exercise significant influence and with which the Company
has transactions during the year |
Public Trust - Raja Charity Trust - P A C Ramasamy Raja Education
Charity Trust - Abinava Vidyatheertha
Seva Trust - P.A.C.R. Sethurammal Charity Trust |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.1/- each |
Rs.200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86663060 |
Equity Shares |
Rs.1/- each |
Rs.86.663 Million |
|
|
|
|
|
The reconciliation of the number of shares outstanding
is set out below
|
Particular |
Number |
Amount |
|
Shares outstanding at the beginning of the
year |
86663060 |
86663060 |
|
Shares outstanding at the end of the year |
86663060 |
86663060 |
The details of Shareholders holding more than
5% shares :
|
Particular |
Number of share
held |
% of Holding |
|
The Ramco Cements Limited |
13372500 |
15.43 |
|
Rajapalayam Mills Limited |
7920680 |
9.14 |
|
P.R.Venketrama |
5500000 |
6.35 |
|
Nalina Ramalak |
5580000 |
6.44 |
|
Saradha Deepa |
5500000 |
6.35 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
86.663 |
86.663 |
86.663 |
|
(b) Reserves &
Surplus |
4680.804 |
4513.896 |
4587.279 |
|
(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) |
4767.467 |
4600.559 |
4673.942 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1090.745 |
1742.031 |
1915.080 |
|
(b) Deferred tax
liabilities (Net) |
95.830 |
113.965 |
201.856 |
|
(c) Other long term
liabilities |
239.615 |
210.531 |
199.370 |
|
(d) long-term provisions |
34.102 |
29.542 |
36.852 |
|
Total Non-current
Liabilities (3) |
1460.292 |
2096.069 |
2353.158 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2071.524 |
1736.131 |
1672.684 |
|
(b) Trade payables |
369.498 |
196.658 |
223.512 |
|
(c) Other current
liabilities |
1360.528 |
902.237 |
1170.436 |
|
(d) Short-term provisions |
35.047 |
28.135 |
153.453 |
|
Total Current Liabilities
(4) |
3836.597 |
2863.161 |
3220.085 |
|
|
|
|
|
|
TOTAL |
10064.356 |
9559.789 |
10247.185 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3698.939 |
3686.755 |
2461.346 |
|
(ii) Intangible Assets |
5.087 |
13.007 |
16.949 |
|
(iii) Capital
work-in-progress |
34.040 |
57.513 |
1039.078 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2131.567 |
2031.916 |
2031.595 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
195.665 |
135.057 |
262.247 |
|
(e) Other Non-current
assets |
31.162 |
130.471 |
169.990 |
|
Total Non-Current Assets |
6096.460 |
6054.719 |
5981.205 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2598.443 |
2209.470 |
2866.592 |
|
(c) Trade receivables |
693.437 |
652.381 |
687.417 |
|
(d) Cash and cash
equivalents |
72.890 |
127.253 |
122.866 |
|
(e) Short-term loans and
advances |
383.889 |
292.956 |
412.331 |
|
(f) Other current assets |
219.237 |
223.010 |
176.774 |
|
Total Current Assets |
3967.896 |
3505.070 |
4265.980 |
|
|
|
|
|
|
TOTAL |
10064.356 |
9559.789 |
10247.185 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
7349.673 |
6686.251 |
7820.947 |
|
|
Other Income |
259.830 |
234.171 |
284.418 |
|
|
TOTAL |
7609.503 |
6920.422 |
8105.365 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4734.351 |
4109.634 |
5076.728 |
|
|
Purchases of
Stock-in-Trade |
11.258 |
16.199 |
65.037 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(130.789) |
224.731 |
(422.007) |
|
|
Employees benefits
expense |
536.958 |
471.392 |
424.855 |
|
|
Other expenses |
1802.189 |
1477.246 |
1700.162 |
|
|
TOTAL |
6953.967 |
6299.202 |
6844.775 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
655.536 |
621.220 |
1260.590 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
370.271 |
336.582 |
289.192 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
285.265 |
284.638 |
971.398 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
188.924 |
432.495 |
331.763 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
96.341 |
(147.857) |
639.635 |
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEM |
101.326 |
0.000 |
7.276 |
|
|
|
|
|
|
|
|
PROFIT AND LOSS BEFORE TAX |
197.667 |
0.000 |
646.931 |
|
|
|
|
|
|
|
Less |
TAX |
(11.642) |
(87.891) |
102.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
209.309 |
(59.966) |
544.931 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2198.297 |
1529.732 |
2829.308 |
|
|
Components and Stores parts |
2.056 |
1.808 |
4.965 |
|
|
Capital Goods |
32.341 |
284.519 |
275.134 |
|
|
TOTAL IMPORTS |
2232.694 |
1816.059 |
3109.407 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export
of Goods |
135.608 |
349.878 |
434.349 |
|
|
Royalty
Income |
143.114 |
131.432 |
123.759 |
|
|
Dividend
from Srilankan Subsidiary |
21.433 |
1.596 |
0.000 |
|
|
TOTAL EARNINGS |
300.155 |
482.906 |
558.108 |
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
|
|
|
Basic and Diluted earnings per share of Rs.1 each |
2.42 |
(0.69) |
6.29 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
875.896 |
463.932 |
732.430 |
|
Cash generated from operations |
622.739 |
831.407 |
142.473 |
|
Net cash flows from (used in) operations |
616.239 |
796.407 |
17.473 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 (Unaudited |
30.09.2015 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
2393.20 |
1325.50 |
|
Total Expenditure |
2168.00 |
1261.40 |
|
PBIDT (Excel OI) |
225.20 |
64.10 |
|
Other Income |
NA |
78.70 |
|
Operating Profit |
225.20 |
142.80 |
|
Interest |
93.10 |
91.40 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
132.10 |
51.40 |
|
Depreciation |
46.90 |
46.30 |
|
Profit Before Tax |
85.20 |
5.10 |
|
Tax |
14.30 |
(5.10) |
|
Provisions and
contingencies |
NA |
NA |
|
Profit After Tax |
70.90 |
10.70 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
70.90 |
10.70 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
Net Profit Margin |
(%) |
2.85 |
(0.90) |
6.97 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
8.92 |
9.29 |
16.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.96 |
(1.54) |
6.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
(0.01) |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.85 |
0.86 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.22 |
1.32 |
STOCK
PRICES
|
Face Value |
Rs.1.00 /- |
|
Market Value |
Rs.124 /- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
86.663 |
86.663 |
86.663 |
|
Reserves & Surplus |
4587.279 |
4513.896 |
4680.804 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
4673.942 |
4600.559 |
4767.467 |
|
|
|
|
|
|
long-term borrowings |
1915.080 |
1742.031 |
1090.745 |
|
Short term borrowings |
1672.684 |
1736.131 |
2071.524 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
732.430 |
463.932 |
875.896 |
|
Total borrowings |
4320.194 |
3942.094 |
4038.165 |
|
Debt/Equity ratio |
0.924 |
0.857 |
0.847 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
7820.947 |
6686.251 |
7349.673 |
|
|
|
(14.508) |
9.922 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
7820.947 |
6686.251 |
7349.673 |
|
Profit |
544.931 |
(59.966) |
209.309 |
|
|
6.97% |
(0.90)% |
2.85% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Litigation Details:
|
|
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Review of Operations
and Current Trends
Building Products
Division
|
Production |
Production Qty
in M.T. |
Sales Qty.in M.T |
Turnover in
Million |
|||||
|
31.03.2015 |
31.03.2015 |
31.03.2015 |
31.03.2015 |
31.03.2015 |
31.03.2015 |
|||
|
Fiber Cement Sheet |
543218 |
397064 |
520226 |
441285 |
53267 |
44644 |
||
|
Calcium Silicate Boards |
214244 |
14451 |
16.525 |
12851 |
3532 |
2965 |
||
(a) Fibre
Cement (FC) Sheets:
During the year
Sales quantity of FC Sheets grown by around 18% compared to previous year.
Revival in demand pattern was observed mainly in Western, Northern and Eastern
parts of the country. The demand pattern in the South remained sluggish.
Increase in volume could be attributed to reasonably good monsoon in the year
resulting in good crops which are buoyant facts for good retail sales. However
net realisation decreased due to high transport costs for movements of
materials from Plants located in South India to high demand areas in the west
and east of the Country.
Union
Government’s initiatives on rural development and Prime Minister’s Swachh
Bharat Abhiyan scheme will be boost for fibre cement products and trend may
continue.
(b) Calcium
Silicate Boards (CSBs):
Efforts are
taken to increase the utilization Capacity of new State-of-the-art plant of
Calcium Silicate Boards at Rajasthan with persistent steps to improve the
market of CSB in domestic and abroad. While there has been increase in
production compared to last year, Sales also have been increased compared to
last year.
(c) Cement
Clinker Grinding (CCG) Plant at Kharagpur, West Bengal:
The Plant had
produced 137867 M.T. of Cement during the year under review as against 140765 M.T.
of Cement during the previous year.
Similarly, Sale
of Cement also decreased from 140868 M.T during the last year to 137398 M.T.
during 2014-15.
(d) Fibre
Cement Pressure Pipes:
Operations of
Pressure Pipes continued to be under pressure owing to the sluggish market. The
Union Government’s infrastructure initiatives are expected to increase the sale
of this product.
B. WIND MILLS:
During the
Financial Year 2014-15, the Wind energy was low compared to last year, from the
existing 15 Wind Mills.
Position
regarding Wind Mills was as follows:-
Total Capacity
Installed: 16.73 MW
Total Units
generated: 24.400 Million Units (P.Y: 25.300 Million Units)
Income earned:
Rs.133.900 Million (P.Y: Rs.132.700 Million)
(by
generation/sale of power)
C. COTTON YARN
DIVISION - SRI RAMCO SPINNERS:
Production and
Sales:
During the year
2014-15, the Unit had produced 3.028 Million Kgs. of Cotton Yarn as compared to
3.260 Million Kgs. produced during the previous year. The Unit had registered
its sale of Yarn at 3.081 Million Kgs. (including traded yarn) during the year
under review as against 3.329 Million Kgs. during 2013-14.
During the year
under review, the performance of the Cotton yarn division was severely affected
due to high cotton cost, price fall for yarn in export market, continuation of
power cut and high power cost.
The reduction
in yarn selling price and the increase in costs have contributed to reduction
in profits for the year 2014-15, compared to the previous year.
With the
moderation in cotton prices & stability in yarn prices, the Directors are
hopeful in achieving satisfactory results during the year 2015-16.
D. OVERSEAS
OPERATIONS OF SUBSIDIARIES - SRI RAMCO LANKA (PRIVATE) LIMITED AND SRI RAMCO
ROOFINGS LANKA (PRIVATE) LIMITED, SRI LANKA :
The production
of FC plant of Sri Ramco Roofings Lanka (Private) Limited (SRRLPL), which
commenced commercial production in 2012, was 49729 M.T. and Sales was 48776
M.T. during the year under review, compared to 52207 M.T. and 52724 M.T. of
last year.
Due to sluggish
market conditions, there was drop in Net Sales of Sri Ramco Lanka (Private)
Limited, during the year under review.
This was
partially offset by supplies effected from Sri Ramco Roofings Lanka (Private) Limited.
At a Consolidated level of both the Companies, the Net Sales were SLR 3087.200
Million (INR 1440.800 Million) as against SLR 3171.000 Million (INR 1472.9
Million) during the corresponding previous year.
The Company
proposes to transfer an amount of Rs.30.000 Million to the General Reserves. An
amount of Rs.303.600 Million is proposed to be retained in the statement of
Profit and Loss.
FUTURE OUTLOOK
The present
Government’s policies are expected to give a big push to the economic
activities. The thrust given in the Union Budget 2015-16 for development of
Infrastructure activities such as Housing, Roads and Highways, Ports,
Development of Smart Cities, etc. is expected to accelerate the growth of the
infrastructure industry. The investments in infrastructure are expected to give
a boost to the construction activities. The moderate inflation will encourage
investments in housing sector. The Government’s commitment to reforms and its
initiatives relating to “Make in India” and ease of doing business are expected
to make the GDP grow in excess of 8%. All these will positively impact the
demand for Building Products in future. As all their plants are fully equipped
and modernized with supporting logistics facilities, their Company will be able
to take full advantage of the economic momentum in the coming years.
UNSECURED LOAN
(Rs. in million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Term Loan from Banks |
0.000 |
198.804 |
|
Deposits from Public |
0.000 |
0.000 |
|
SHORT TERM
BORROWING |
|
|
|
Deposits from Public |
0.000 |
0.880 |
|
Deposits from Directors |
0.000 |
2.856 |
|
Total |
0.000 |
3.736 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Claims
against the Company / disputed liabilities not acknowledged as debts |
484.542 |
200.044 |
|
Ramco
System Limited |
355.000 |
655.000 |
|
Sri
Harini Textiles Limited |
362.900 |
362.900 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10562278 |
03/03/2015 |
1,000,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, NO.192,, ANNA SALAI,
CHENNAI, CHENNAI, TAMILNADU - 600002, INDIA |
C50422211 |
|
2 |
10533016 |
03/11/2014 |
200,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX,
BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C34735308 |
|
3 |
10449412 |
20/08/2013 |
500,000,000.00 |
ICICI BANK |
NO.1, CENOTAPH ROAD, TEYNAMPET, CHENNAI,
TAMILNADU - 600018, INDIA |
B85158079 |
|
4 |
10440721 |
05/06/2014 * |
600,000,000.00 |
ICICI BANK LIMITED |
NO.1, CENOTAPH ROAD, CHENNAI, TAMILNADU -
600018, INDIA |
C46507802 |
|
5 |
10421260 |
05/06/2014 * |
300,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
NO.30, RAJAJI SALAI, CHENNAI, TAMILNADU -
600001, INDIA |
C43396555 |
|
6 |
10421263 |
05/06/2014 * |
250,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
NO.30, RAJAJI SALAI, CHENNAI, TAMILNADU -
600001, INDIA |
C43398098 |
|
7 |
10414481 |
05/06/2014 * |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL( W), MUMBAI,MAHARASHTRA - 400013, INDIA |
C47396312 |
|
8 |
10408231 |
05/06/2014 * |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL
(W), MUMBAI, MAHARASHTRA - 400013, INDIA |
C47398565 |
|
9 |
10182825 |
05/06/2014 * |
50,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL (W), MUMBAI, MAHARASHTRA - 400013, INDIA |
C47401666 |
|
10 |
10058025 |
05/06/2014 * |
423,500,000.00 |
CANARA BANK |
883 TENKASI ROAD, RAJAPALAYAM, TAMILNADU -
626117, INDIA |
C46149423 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.06.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1276.600 |
2349.800 |
3626.400 |
|
b) Other operating income |
48.900 |
43.400 |
92.300 |
|
Total
income from Operations(net) |
1325.500 |
2393.200 |
3718.700 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
808.500 |
1275.800 |
2084.300 |
|
b) Purchases of stock in trade |
3.400 |
4.200 |
7.600 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(102.400) |
177.000 |
74.600 |
|
d) Employees benefit expenses |
156.000 |
143.900 |
299.900 |
|
e) Depreciation and amortization expenses |
46.300 |
46.9000 |
93.200 |
|
f) Other expenditure |
395.900 |
567.100 |
963.000 |
|
Total expenses |
1307.700 |
2214.900 |
3522.600 |
|
3. Profit from operations before other income and
financial costs |
17.800 |
178.300 |
196.100 |
|
4. Other income |
78.700 |
0.000 |
78.700 |
|
5. Profit from ordinary activities before finance costs |
96.500 |
178.300 |
274.800 |
|
6. Finance costs |
91.400 |
93.100 |
184.500 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
5.100 |
85.200 |
90.300 |
|
Exchange gain/ (Loss) |
0.000 |
0.000 |
0.000 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
5.100 |
85.200 |
90.300 |
|
10.Tax expenses |
(5.600) |
14.300 |
8.700 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
10.700 |
70.900 |
81.600 |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
10.700 |
70.900 |
81.600 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
86.700 |
86.700 |
86.700 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of previous
accounting year |
0.000 |
0.000 |
0.000 |
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
0.12 |
0.82 |
0.94 |
|
(b) Diluted |
|
|
|
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.06.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
39933239 |
39933239 |
39933239 |
|
- Percentage of shareholding |
46.08% |
46.08% |
46.08% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
700000 |
700000 |
700000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
1.50% |
1.50% |
1.50% |
|
Percentage of shares (as a % of total share capital of the
company) |
0.81% |
0.81% |
0.81% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
46029821 |
46029821 |
46029821 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
98.50% |
98.50% |
98.50% |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
53.11% |
53.11% |
53.11% |
|
|
|
|
|
|
B.
Investor Complaints |
3
Months Ended |
|
|
|
|
30.09.2015 |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
Nil |
|
|
|
Disposed of during the quarter |
Nil |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.06.2015 |
|
1. Segment Revenue |
|
|
|
|
a. Building Products |
1069.300 |
2080.700 |
3150.000 |
|
b. Textiles |
195.200 |
261.200 |
456.400 |
|
C. Windmill |
60.300 |
26.900 |
87.200 |
|
d. Unallocated |
45.100 |
38.400 |
83.500 |
|
Total |
1369.900 |
2407.200 |
3777.100 |
|
Less : Inter Segment Revenue |
44.400 |
14.000 |
58.400 |
|
Net Sales |
1325.500 |
2393.200 |
3718.700 |
|
|
|
|
|
|
2. Segment Result (Profit before Interest and Tax) |
|
|
|
|
a. Building Products |
(79.600) |
117.500 |
37.900 |
|
b. Textiles |
16.500 |
21.600 |
38.100 |
|
C. Windmill |
47.100 |
14.900 |
62.8000 |
|
d. Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
(16.000) |
154.000 |
138.000 |
|
Less: finance |
91.400 |
93.100 |
184.500 |
|
Other un-allocable expenditure net of un-allocable income |
112.500 |
24.200 |
136.800 |
|
Profit before Tax |
5.100 |
85.200 |
90.300 |
|
3. Capital Employed |
|
|
|
|
a. Building Products |
3549.100 |
3634.500 |
3549.100 |
|
b. Textiles |
777.200 |
771.700 |
777.700 |
|
C. Windmill |
206.100 |
206.600 |
206.100 |
|
d. Unallocated |
316.100 |
225.600 |
316.100 |
|
Total |
4849.000 |
4838.400 |
4849.000 |
FIXED ASSETS
- Land
- Building
- Railway
Sidings
- Plant and
Machinery
- Electrical
Machinery
- Furniture
- Office
Equipment’s
- Vehicles
- Aircraft In
Joint Venture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
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 records 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 ssociate 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.66.75 |
|
UK Pound |
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
PRV |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.