MIRA INFORM REPORT

 

 

Report No. :

307457

Report Date :

10.02.2015

 

IDENTIFICATION DETAILS

 

Name :

SKM EGG PRODUCTS EXPORT INDIA LIMITED

 

 

 

Registered Office :

185, Chennimalai Road, Opposite to Railway Station, Erode – 638001, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

06.04.1995

 

 

Com. Reg. No.:

18-006025

 

 

Capital Investment / Paid-up Capital :

Rs. 263.300 Millions

 

 

CIN No.:

[Company Identification No.]

L01222TZ1995PLC006025

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CMBS05632E

 

 

PAN No.:

[Permanent Account No.]

AACCS7106G

 

 

Legal Form :

A Public Limited Liability Company.  The Company’s Shares are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturer and Supplier of Egg Products.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD  1300000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The rating takes into consideration company moderate financial risk profile and low reserves level of the company.

 

However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct.

 

The company can be considered for business dealings with some caution.

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

CARE

Rating

Long term bank facilities: BB

Rating Explanation

Moderate risk of default.

Date

31.03.2014

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities: A4+

Rating Explanation

Minimal degree of safety it carry high credit risk.

Date

31.03.2014

 

 

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.

 

 

LOCATIONS

 

Registered/ Corporate Office :

185 Chennimalai Road, Opposite to Railway Station, Erode – 638001, Tamilnadu, India

Tel. No.:

91-424-2262963/ 2351532/ 2351534

Fax No.:

91-424-2258419/ 2351531

E-Mail :

shares@skmegg.com

Website :

http://www.skmegg.com

 

 

Factory :

Erode to Karur Main Road, Cholangapalayam, Punjal Kilambadi Village, Erode District – 638154, Tamilnadu, India

 

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Shivkumar S K M

Designation :

Managing director

Address :

441 Periyar Nagar, Erode – 638001, Tamilnadu, India

Date of Birth/Age :

21.11.1968

Qualification :

B.E

Date of Appointment :

25.06.2006

DIN No.:

00002384

 

 

Name :

Mr. Maeilanandhan SKM

Designation :

Executive Chairman

Address :

441 Periyar Nagar, Erode – 638001, Tamilnadu, India

Date of Birth/Age :

18.06.1945

Qualification :

S.S.L.C

Date of Appointment :

25.06.2006

DIN No.:

00002380

 

 

Name :

Mr. Bangaru Ramakrishnan

Designation :

Director

Address :

31/ 1, Muthu Mohamed Street, Puzhuthi Vakkahi, Chennai – 600097, India

Date of Birth/Age :

24.07.1970

Qualification :

B.E., M.B.A

Date of Appointment :

25.07.2005

DIN No.:

00182214

 

 

Name :

Mr. S M  Venkatachalapathy

Designation :

Director

Address :

No. 7, Uzhavan Nagar, Erode – 638009, Tamilnadu, India

Date of Birth/Age :

12.06.1939

Qualification :

B.Com., B.L

Date of Appointment :

28.02.1997

DIN No.:

00043288

 

 

Name :

Mr. P Kumarasamy

Designation :

Director

Address :

New No. 36, Kumarasamy Street, Erode – 638001, Tamilnadu, India

Date of Birth/Age :

02.02.1935

Qualification :

S.S.L.C

Date of Appointment :

28.02.1997

DIN No.:

00046090

 

 

Name :

Mr. Lakkapuram Muthusamy Ramakrishnan

Designation :

Director

Address :

No. 294, Hettur Road, Erode – 638009, Tamilnadu, India

Date of Birth/Age :

20.09.1942

Qualification :

MBBS

Date of Appointment :

28.02.1997

DIN No.:

00001978

 

 

Name :

Mr. Shivkumar Kumutaavalli

Designation :

Additional director

Address :

SKM House H-41, Periyar Nagar, Erode – 638001, Tamilnadu, India

Date of Birth/Age :

30.03.1973

Qualification :

MSc. Psychotherapy

Date of Appointment :

30.09.2011

DIN No.:

00002390

 

 

Name :

Mr. C. Devarajan

Designation :

Director

DIN No.:

00109836)

 

 

Name :

Mr. M. Chinnayan

Designation :

Director

DIN No.:

01497482)

 

 

Name :

Mr. Kumarasamy

Designation :

Director

DIN No.:

00046090

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2014

 

Category of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

12288902

46.67

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

1995800

7.58

http://www.bseindia.com/include/images/clear.gifSub Total

14284702

54.25

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

14284702

54.25

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

604046

2.29

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

7008218

26.62

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

1885197

7.16

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

2547837

9.68

http://www.bseindia.com/include/images/clear.gifTrusts

14784

0.06

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

27510

0.10

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1095733

4.16

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

1092100

4.15

http://www.bseindia.com/include/images/clear.gifClearing Members

218416

0.83

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

99294

0.38

http://www.bseindia.com/include/images/clear.gifSub Total

12045298

45.75

Total Public shareholding (B)

12045298

45.75

Total (A)+(B)

26330000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

26330000

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Supplier of Egg Products.

 

 

Products :

ITC Code

Product Descriptions

4081100

Egg Powder

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :

State Bank of India, Commercial Branch, New No. 45, Old No. 20, VCTV  Road, Sathy Main Road, Erode - 638 003, Tamilnadu, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

Long-term Borrowings

 

 

From Banks

 

 

SBI Bank, Term Loan

170.454

317.701

SBI Bank (FITL) - Term Loan

12.400

38.839

From Others

Kotak Mahindra ( Vehicle Loan )

0.634

1.212

Short-term borrowings

 

 

Working Capital Finance From

 

a. State Bank of India Commercial Branch, Erode.

283.415

278.752

Total

466.903

636.504

NOTE:

 

CORPORATE TERM LOANS ARE SECURED BY:

 

a) First charge on the entire fixed assets of the company.

b) Personal guarantees of Executive Chairman and Managing director.

c) Terms loans with SBI are repayable over a period of six years in accordance with reschedulement arrangement entered into with the bank four

years ago.

d) Funded Interest Term Loan (FITL) represents accumulation of interest on the term loan availed from the SBI as per the terms of thereschedulement entered into with the bank four years ago repayment of which loan commenced from October-2012 repayable over a period of next two years.

e) Vehicle Loans are Secured by the Hypothecation of Vehicle and are repayable over a period of three to five years from the date of borrowing.

f) TermLoan Installments of 2014-15 are considered under other current liabilities

 

WORKING CAPITAL FINANCE FROM SBI ARE SECURED BY

 

a) Hypothecation of stocks consisting of Raw materials, semi finished goods, finished goods and stores and spares and other current assets of the company.

b) Personal guarantees of Executive Chairman and Managing director.

c) Second charge on the entire fixed assets of the company.

d) SBI - Pledge of shares of the company held by the Managing Director.

 

 

 

Banking Relations :

--

 

 

Statutory Auditors:

 

Name :

N.C. Rajagopal and Company

Chartered Accountants

Address :

199, Agraharam Sreet, Erode - 638 001, Tamilnadu, India

Income-tax PAN of auditor or auditor's firm :

AAAFR8818D

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Other Related Party :
  • SKMAnimal Feeds and Foods (India) Limited
  • SKMUniversal Marketing Company India Limited
  • SKMEurope BV,Utrecht, The Netherlands

 

 

 

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

 

 

 

 

26330000

Equity Shares

Rs. 10/- each

Rs. 263.300 Millions

 

 

 

 

 

NOTE:

 

Reconcillation of the shares outstanding at the beginning and at the end of the year :

31.03.2014

Equity Shares :

 

At the beginning and at the end of the year

26330000

No of Shares

263.300

Value of Shares

 

Details of Shareholders holding more than 5% shares of the company

 

Name of the Share Holders

 

SKM SHREE SHIVKUMAR

113312370

Face value of the Equity Shares

1331237

No of Equity Shares Held as on Balance sheet dt.

43.00

% of Holdings

 

TAMILNADU INDUSTRIAL DEVELOPMENT CORP. LIMITED

 

Face value of the Equity Shares

19958000

No of Equity Shares Held as on Balance sheet dt.

1995800

% of Holdings

7.60

Total No of Equity Shares

26330000

Face value of Equity shares

10

 

 

 

 

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

263.300

263.300

263.300

(b) Reserves & Surplus

187.205

119.146

108.935

(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)

450.505

382.446

372.235

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

336.888

511.151

499.774

(b) Deferred tax liabilities (Net)

47.351

18.052

15.673

(c) Other long term liabilities

0.000

50.000

0.000

(d) long-term provisions

4.037

4.810

3.243

Total Non-current Liabilities (3)

388.276

584.013

518.690

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

283.415

278.752

376.866

(b) Trade payables

105.399

88.627

148.774

(c) Other current liabilities

106.231

77.977

38.424

(d) Short-term provisions

50.850

4.723

4.044

Translation Reserve

2.040

0.000

0.000

Total Current Liabilities (4)

547.935

450.079

568.108

 

 

 

 

TOTAL

1386.716

1416.538

1459.033

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets (Not Under Leases)

706.000

860.081

923.065

(ii) Tangible Assets (Under Lease)

22.083

23.443

24.802

(iii) Capital work-in-progress

0.000

1.235

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

Live Birds Stock

10.220

3.538

13.334

(b) Non-current Investments

0.833

0.833

0.832

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

19.569

23.164

81.742

(e) Other Non-current assets

11.846

11.846

11.845

Total Non-Current Assets

770.551

924.140

1055.620

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

256.601

308.754

185.570

(c) Trade receivables

104.766

23.381

58.279

(d) Cash and cash equivalents

83.089

43.835

48.866

(e) Short-term loans and advances

3.964

3.104

2.814

(f) Other current assets

167.745

113.307

107.884

Translation Reserve

0.000

0.017

0.000

Total Current Assets

616.165

492.398

403.413

 

 

 

 

TOTAL

1386.716

1416.538

1459.033

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

2393.759

1933.813

1265.252

 

Other Income

10.556

70.036

(21.840)

 

TOTAL (A)

2404.315

2003.849

1243.412

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1731.430

1498.517

1038.546

 

Purchases of Stock-in-Trade

7.428

46.025

0.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

51.377

(101.104)

16.618

 

Employees benefits expense

84.612

72.106

59.919

 

Other expenses

222.252

172.554

94.452

 

TOTAL (B)

2097.099

1688.098

1209.535

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

307.216

315.751

33.877

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

83.586

117.597

115.277

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

223.630

198.154

)81.400_

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

126.272

184.500

90.073

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

97.358

13.654

(171.473)

 

 

 

 

 

Less

TAX (I)

29.299

3.309

(55.312)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

68.059

10.345

(116.161)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

2121.400

1680.100

1069.500

 

TOTAL EARNINGS

2121.400

1680.100

1069.500

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

2.58

0.39

-4.41

 

 

QUARTERLY RESULTS

 

Particulars 

30.06.2014

30.09.2014

31.12.2014

 

1st Quarter

2nd Quarter

3rd Quarter

Audited / UnAudited

UnAudited

UnAudited

UnAudited

Net Sales

602.600

706.300

741.400

Total Expenditure

518.300

613.700

642.300

PBIDT (Excl OI)

84.300

92.600

99.200

Other Income

(9.800)

25.400

46.100

Operating Profit

74.400

118.000

145.300

Interest

16.400

13.900

10.800

Exceptional Items

0.000

0.000

0.000

PBDT

58.100

104.100

134.400

Depreciation

16.400

16.500

16.600

Profit Before Tax

41.700

87.600

117.800

Tax

12.600

26.300

34.900

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

29.000

61.300

83.000

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

29.0

61.300

83.000

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

2.84

0.53

-9.18

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

12.83

16.33

2.68

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

7.08

0.97

-11.87

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.22

0.04

-0.46

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.38

2.07

2.36

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.12

1.09

0.71

 

 

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

263.300

263.300

263.300

Reserves & Surplus

108.935

119.146

187.205

Net worth

372.235

382.446

450.505

 

 

 

 

long-term borrowings

499.774

511.151

336.888

Short term borrowings

376.866

278.752

283.415

Total borrowings

876.640

789.903

620.303

Debt/Equity ratio

2.355

2.065

1.377

 

 

 

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

1265.252

1933.813

2393.759

 

 

52.840

23.784

 

 

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

1265.252

1933.813

2393.759

Profit

(116.161)

10.345

68.059

 

(9.18%)

0.53%

2.84%

 

 

 

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

Yes

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

COMPANY PROFILE

 

India is one of the leading players in egg production and the cost of producing egg in India is also cheap. India ranks fifth in the world. India is exporting egg powder, frozen egg yolk and albumen powder to Europe, Japan and other countries. Table eggs are mostly exported to middle east. The company uses predominantly local inputs and exporting its final products, changes in economies both locally and at international level affect the growth and performance of the company. The abnormal increase in the cost of ingredients used in the manufacture of poultry feeds put a tremendous pressure on the cost of producing eggs which will in turn have a direct bearing on the profitability of the company.

 

INDUSTRY PERFORMANCE

 

As only few companies in India are engaged in processed eggs business, data relating to performance of this industry are not available. The company operated its plant and produced 5468.335 MTs of egg powder & 1188.543 MTs of liquid eggs as against the installed capacity of the plant 6300 Mts. During the current financial year the situation of INR v US dollar took a reverse trend and it is expected that the company's operating margin would be improved to a significant level.

 

BUSINESS OUTLOOK

 

Pronouncements by several leading economists and Central Bankers across the world would suggest that the worst is over for the global economy. There are early, if feeble, signs of recovery in the US economy, which as a significant bearing on the other major economies including India. Even though headline inflation has been brought under control, the projected increase in government borrowing is likely to have an adverse impact on market liquidity and consequently, on interest rate. The company, as in the past, will continue to pursue its objective of growth with quality. The Company also continues to focus on new opportunities to improve profitability.

 

The year faced with the problem of unprecedented increase in egg prices. In this current financial year also the trend of increase in raw material price continued as there is a spurt in feed ingredients cost. As the increase in feed ingredients cost experienced through out the world there is a corresponding upward movement in the final product price which neutralized the thread posed due to raw material price movements. The outlook of this industry appears to be bright by considering the present trend in movements in the end product price and raw material cost.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

Long-term Borrowings

 

 

Loan from Executive Chairman

0.000

60.000

Loan from Managing Director

109.500

49.500

SKM Universal Marketing Company India Limited

43.900

43.900

Total

153.400

153.400

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

90003142

06/07/2013 *

1,088,900,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH,,, COMMERCIAL BRANCH,, 78/79 PA
RK ROAD,, ERODE, TAMIL NADU - 638001, INDIA

B78932985

 

* Date of charge modification

 

CONTINGENT LIABILITIES (As on 31.03.2014):

 

i) Export Bills discounted with the State Bank of India, Commercial Branch, Erode Rs. 208.565 Millions. (Previous year Rs. 246.411 Millions).

ii) Income Tax Liability Rs. 55.281 Millions (Net of recovery and Payments) (Previous year Rs.35.906 Millions).

iii) Service Tax Liability Rs.3.962 Millions (Previous year Rs.3.962 Millions).

iv) Excise Duty Liability Rs.2.717 Millions (Previous year Rs.1.453 Millions).

 

UNAUDITED FINANCIAL RESULTS FOR THE    QUARTER / NINE MONTHS ENDED 31.12.2014

 

(Rs. In Millions)

Particulars

3 Months Ended

( Unaudited)

Preceding 3 Months Ended  ( Unaudited)

Year to be figures for the current period ended  ( Unaudited)

 

31.12.2014

30.09.2014

31.12.2014

 

 

 

 

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

735.464

700.873

2033.939

b) Other operating income

5.952

5.405

16.336

Total income from Operations(net)

741.416

706.278

2050.275

2.Expenditure

 

 

 

a) Cost of material consumed

587.073

532.859

1607.568

b) Purchases of stock in trade

0.000

0.000

0.000

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(29.283)

(0.522)

(76.155)

d) Employees benefit expenses

25.658

25.513

74.080

e) Depreciation and amortization expenses

16.631

16.518

49.544

f) Power and Fuel

36.788

29.276

97.259

g) Transport forwarding expenses

13.709

11.620

37.393

h) Other expenditure

8.306

14.931

34.111

Total expenses

658.881

630.195

1823.800

3. Profit from operations before other income and financial costs

82.535

76.083

226.475

4. Other income

46.103

25.383

61.641

5. Profit from ordinary activities before finance costs

128.637

101.466

288.116

6. Finance costs

10.825

13.872

41.047

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

117.812

87.594

247.069

8. Exceptional item

0.000

0.000

0.00

9. Profit from ordinary activities before tax Expense:

117.812

87.594

247.069

10.Tax expenses

34.856

26.300

73.797

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

82.957

61.293

173.272

12.Extraordinary Items (net of tax expense)

0.000

0.00

0.000

13.Net Profit / (Loss) for the period (11 -12)

82.957

61.293

173.272

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

263.300

263.300

263.300

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

351.351

340.708

351.351

16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

(a) Basic

3.15

2.33

6.58

(b) Diluted

3.15

2.33

6.58

 

 

 

 

Particulars

3 Months Ended

( Unaudited)

Preceding 3 Months Ended  ( Unaudited)

Year to be figures for the current period ended  ( Unaudited)

 

31.12.2014

30.09.2014

31.12.2014

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

12045298

12104298

12045298

- Percentage of shareholding

45.75

45.97

45.75

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

3372752

3372752

3372752

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

23.61

23.71

23.61

Percentage of shares (as a % of total share capital of the company)

12.81

12.81

12.81

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

10911950

10852950

10911950

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

76.39

76.29

76.39

Percentage of shares (as a % of total share capital of the company)

41.44

41.22

41.44

 

 

 

 

B. Investor Complaints

 

 

 

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

 

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Land
  • Building
  • Plant & Machinery
  • Office & Other Eqiupment
  • Computers
  • Furniture & Fixtures
  • Motor Vehicles

 

 

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 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.62.14

UK Pound

1

Rs.94.79

Euro

1

Rs.70.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KVT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

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

 

32

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.