MIRA
INFORM REPORT
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Report No. : |
303692 |
|
Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
VTM LIMITED |
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Registered
Office : |
Sulakarai, Virudhunagar,
District Ramnad - 626003, Tamilnadu
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.07.1946 |
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Com. Reg. No.: |
18-003270 |
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Capital Investment
/ Paid-up Capital : |
Rs. 40.228
Millions |
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CIN No.: [Company Identification
No.] |
L17111TN1946PLC003270 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRIV00353D |
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PAN No.: [Permanent Account No.] |
AAACV3775E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Cotton Fabrics. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a fine track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. The company can be considered normal for business 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
CRISIL |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
03.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
03.01.2014 |
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 Office/ Factory : |
Sulakarai, Virudhunagar,
District Ramnad - 426003, Tamilnadu,
India |
|
Tel. No.: |
91-4562-252019/ 252907/ 234801 |
|
Fax No.: |
91-4562-288551 |
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E-Mail : |
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Website : |
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Chairman Office : |
Thiagarajar Mills Premises, Kappalur, Madurai - 625008, Tamilnadu, India |
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Tel. No.: |
91-452-2482595 (4 Lines) 91-4549-280620/ 280592/ 280919 |
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Fax No.: |
91-452-2482590/ 2486085 |
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E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. T Kannan |
|
Designation : |
Chairman |
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Name : |
Mr. k. Thiabarajan |
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Designation : |
Director |
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Name : |
Mr. R M Somasundaram |
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Designation : |
Director |
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Name : |
Mr. L N V Subramanian |
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Designation : |
Director |
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Name : |
Mr. A Mariappan |
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Designation : |
Director |
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Name : |
Mr. M. Murugesan |
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Designation : |
Director |
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Name : |
Mr. PL. Subbiah |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. P. Sampath Kumar |
|
Designation : |
General Manager |
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|
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|
Name : |
Mr. S Paramashivan |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
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|
1613400 |
4.01 |
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|
5518300 |
13.72 |
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|
23038000 |
57.27 |
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|
23038000 |
57.27 |
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|
30169700 |
75.00 |
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|
Total shareholding of Promoter
and Promoter Group (A) |
30169700 |
75.00 |
|
(B) Public Shareholding |
|
|
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|
|
|
|
|
|
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|
579459 |
1.44 |
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|
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|
6770487 |
16.83 |
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|
2518827 |
6.26 |
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|
189127 |
0.47 |
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|
66000 |
0.16 |
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|
60000 |
0.15 |
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|
53238 |
0.13 |
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|
9889 |
0.02 |
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|
10057900 |
25.00 |
|
Total Public shareholding (B) |
10057900 |
25.00 |
|
Total (A)+(B) |
40227600 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
40227600 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Fabrics. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Looms |
Nos. |
Not Applicable |
270 |
-- |
|
Cloth (On own account) |
Mtrs. |
-- |
-- |
135.02 |
|
Cloth (on others) |
Mtrs. |
-- |
-- |
9.67 |
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India · IDBI Bank Limited ·
Standard Chartered Bank |
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Facilities : |
(Rs. In Millions)
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Auditors : |
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|
Name : |
Peri Thiagraj and
Company Chartered Accountants |
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Address : |
Madurai, Tamilnadu,
India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises in which
Key Management Personnel have significant influence : |
· Thiagarajar Mills (Private) Limited · Colour Yarns Limited · Tamaraiselvi Finance Private Limited · Thiagarajar Telekom Solutions Limited · Sree Devi Karumari Finance Private Limited · Sree Thiagaraja Finance Private Limited · Thirumagal Finance Private Limited · Thiagarajar Leasing Private Limited · Thiagarajar Rubbers Private Limited · Karumuttu Farms Private Limited · Kannappan Traders Private Limited · Sivakami Textile Traders Private Limited · SIMA-Textile Processing Centre Limited · Thiagarajar Knitters · Guruvayoorappan Investments · Avittam Investments · Thirumagal Investments · Karumuttu Investments · Celebrate Madurai Committee |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Re.1/- each |
Rs.100.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40227600 |
Equity Shares |
Re.1/- each |
Rs. 40.228
Millions |
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|
|
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|
Other Information:
1. The company has issued only one class of shares referred to as equity
shares having paid up value of Re. 1/- per share and each shareholder is entitled
to one vote per share.
2. The company declares dividend on equity shares. In the event of
declaration of interim dividend, the same is as per decision of the Board of
Directors. Final dividend is proposed by Board of Directors and approved by the
shareholders of the company at the Annual General Meeting.
3. In the event of liquidation, shareholder will be entitled to receive
remaining assets of the company after distribution of all preferential amount.
The distribution will be in proportion to the no. of equity share held by the
shareholder.
4. The company has no Holding nor any Subsidiary Company.
5. During the last five year immediately preceding the date of Balance
Sheet, the company has neither issued any shares as Bonus Shares nor for
consideration other than cash and has not bought back any shares.
6. During the year, the company splitted/
sub-divided Rs. 10/- paid up per share into
Re.1/-paid up per share.
7. Equity Shares Include.
Particulars of equity shareholders holding more than 5% of the total number
of equity shares
|
Shareholders |
No. of Shares |
Rs. In Millions |
|
T. Kannan,
Partner, Guruvayoorappan Investments |
7,520,000 |
7.520 |
|
T Kannan, Partner,
Avittam Investments |
7,500,000 |
7.500 |
|
T Kannan, Partner,
Karunuttu Investment |
6,190,000 |
6.190 |
|
Thiagarajar Mills Private Limited |
2,678,000 |
2.678 |
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 |
40.228 |
40.228 |
40.228 |
|
(b) Reserves & Surplus |
1094.531 |
1014.413 |
923.983 |
|
(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) |
1134.759 |
1054.641 |
964.211 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
16.340 |
17.907 |
10.070 |
|
(b) Deferred tax liabilities (Net) |
48.064 |
57.746 |
66.747 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.373 |
0.978 |
4.272 |
|
Total Non-current Liabilities (3) |
65.777 |
76.631 |
81.089 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1.694 |
0.121 |
0.116 |
|
(b) Trade payables |
31.329 |
21.937 |
23.927 |
|
(c) Other current
liabilities |
9.564 |
11.165 |
5.902 |
|
(d) Short-term provisions |
44.211 |
11.056 |
27.737 |
|
Total Current Liabilities (4) |
86.798 |
44.279 |
57.682 |
|
|
|
|
|
|
TOTAL |
1287.334 |
1175.551 |
1102.982 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
492.540 |
558.249 |
529.701 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
20.034 |
20.034 |
1.813 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3.787 |
3.696 |
3.696 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5.418 |
13.028 |
29.234 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
521.779 |
595.007 |
564.444 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
170.000 |
0.000 |
30.000 |
|
(b) Inventories |
234.348 |
173.708 |
150.819 |
|
(c) Trade receivables |
159.522 |
206.769 |
145.168 |
|
(d) Cash and cash
equivalents |
162.573 |
159.862 |
185.905 |
|
(e) Short-term loans and
advances |
39.112 |
40.205 |
26.646 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
765.555 |
580.544 |
538.538 |
|
|
|
|
|
|
TOTAL |
1287.334 |
1175.551 |
1102.982 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1691.582 |
1431.842 |
1166.495 |
|
|
|
Other Income |
25.106 |
30.895 |
28.215 |
|
|
|
TOTAL (A) |
1716.688 |
1462.737 |
1194.710 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1276.855 |
1001.805 |
877.501 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(63.076) |
19.415 |
(28.743) |
|
|
|
Employees benefits expense |
80.018 |
65.075 |
58.203 |
|
|
|
Other expenses |
172.836 |
128.390 |
126.295 |
|
|
|
TOTAL (B) |
1466.633 |
1214.685 |
1033.256 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
250.055 |
248.052 |
161.454 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.506 |
0.838 |
1.182 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
247.549 |
247.214 |
160.272 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
89.521 |
86.570 |
84.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
158.028 |
160.644 |
75.712 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
44.938 |
37.456 |
13.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
113.090 |
123.188 |
62.703 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
123.152 |
78.684 |
154.300 |
|
|
TOTAL EARNINGS |
123.152 |
78.684 |
154.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
12.492 |
20.202 |
10.505 |
|
|
|
Capital Goods |
3.164 |
73.769 |
1.437 |
|
|
|
Packing Materials |
0.000 |
0.000 |
0.968 |
|
|
TOTAL IMPORTS |
15.656 |
93.971 |
12.910 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.81 |
3.06 |
15.59 |
|
QUARTERLY RESULTS
|
Particulars (Rs. In Millions) |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
399.600 |
464.400 |
367.900 |
|
Total Expenditure |
349.800 |
419.200 |
337.800 |
|
PBIDT (Excl OI) |
49.800 |
45.300 |
30.100 |
|
Other Income |
6.300 |
3.000 |
13.400 |
|
Operating Profit |
56.100 |
48.200 |
43.500 |
|
Interest |
0.400 |
0.400 |
0.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
55.800 |
47.800 |
43.000 |
|
Depreciation |
12.000 |
12.000 |
12.000 |
|
Profit Before Tax |
43.800 |
35.800 |
31.000 |
|
Tax |
3.600 |
6.500 |
9.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
40.200 |
29.300 |
21.300 |
|
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 |
40.200 |
29.300 |
21.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
6.68 |
8.60 |
5.37 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.78 |
17.32 |
13.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.51 |
13.95 |
6.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.15 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02 |
0.02 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.82 |
13.11 |
9.34 |
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 |
40.228 |
40.228 |
40.228 |
|
Reserves & Surplus |
923.983 |
1014.413 |
1094.531 |
|
Net worth |
964.211 |
1054.641 |
1134.759 |
|
|
|
|
|
|
long-term borrowings |
10.070 |
17.907 |
16.340 |
|
Short term borrowings |
0.116 |
0.121 |
1.694 |
|
Total borrowings |
10.186 |
18.028 |
18.034 |
|
Debt/Equity ratio |
0.011 |
0.017 |
0.016 |
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 |
1166.495 |
1431.842 |
1691.582 |
|
|
|
22.747 |
18.140 |
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 |
1166.495 |
1431.842 |
1691.582 |
|
Profit |
62.703 |
123.188 |
113.090 |
|
|
5.38% |
8.60% |
6.69% |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
Rs. In
Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Lease Rent Advance |
10.070 |
10.070 |
|
SHORT TERM
BORROWINGS |
|
|
|
Security Deposit |
0.127 |
0.121 |
|
Total |
10.197 |
10.191 |
PERFORMANCE OF THE
YEAR AND FUTURE FROSTED TS:
The Slowdown in the Indian economy continued during the year too. The Company's Sales Turnover for the year 2013-14 increased from Rs.1431.800 Millions to Rs.1691.500 Millions However the Grow Profit before depreciation was stagnant at Rs.247.500 Millions. The textile markets witnessed strong demand during the first two quarters of the year, There was a marked slowdown in demand thereafter The Year's performance must he considered satisfactory under these circumstances.
Though the power shortage continues, the Company has been able to mitigate the same with a "mix of Wind energy and purchase of power from third parties.
The Directors hope that the new Government at the centre will usher the council into a new era of stability arid economic growth. Therefore we look forward to the year with optimism,
FUTURE PLANS:
The Company continues to the debt free and has adequate resources to embark on new projects. Your Directors are evaluating a plan to invest in a spinning plain as it appears commercially attractive.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10287963 |
06/05/2011 |
250,000,000.00 |
STANDARD CHARTERED BANK |
NO.18, RAJAJI SALAI,, CHENNAI, TAMILNADU - 600001, INDIA |
B13342712 |
|
2 |
90290321 |
07/10/2008 * |
920,000,000.00 |
IDBI BANK LIMITED |
1/1, KARTHIKRAJA COMPLEX, VINAYAGANAGAR, MELUR ROAD, K.K. NAGAR, MADURAI, TAMILNADU - 625020, INDIA |
A47411467 |
|
3 |
90297902 |
14/09/2012 * |
224,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANC, 6A, WEST VELI STREET, MADURAI, TAMILNADU - 625001, INDIA |
B59486944 |
|
4 |
90297854 |
29/03/2000 |
50,000,000.00 |
ABN-AMRO BANK N.V. |
19/1; HADDOWS ROAD,
CHENNAI, TAMILNADU - 600006, |
- |
|
5 |
90296464 |
30/03/1999 |
30,000,000.00 |
STANDARD CHARTERED BANK |
58; AMENIAN STREET, CHENNAI, TAMILNADU - 600001, INDIA |
- |
|
6 |
90297726 |
20/11/1998 * |
50,000,000.00 |
ABN-AMRO BANK N.V. |
19/1; HADDOWS ROAD, CHENNAI, TAMILNADU - 600006, INDIA |
- |
|
7 |
90296016 |
11/05/1988 |
1,500,000.00 |
CANARA BANK |
J.C. ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
- |
|
8 |
90296747 |
19/03/1987 |
640,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LTD. |
125; MARSHALLS ROAD; EGMORE, MADRAS, TAMILNADU - 600008, INDIA |
- |
|
9 |
90296728 |
10/03/1986 |
1,500,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
10 |
90296726 |
13/01/1986 |
2,000,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
11 |
90296719 |
08/07/1985 |
400,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
12 |
90295901 |
23/04/1985 |
2,000,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
13 |
90295899 |
12/05/1988 * |
9,000,000.00 |
STATE INDUSTRIES
PROMOTION CORPORATION O TAMILNADU |
NO.51; & 52;
GREMS ROAD, THOUSAND LIGHTS, CHENNAI |
- |
|
14 |
90296707 |
31/07/1984 |
500,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
15 |
90295869 |
21/05/1984 |
540,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
16 |
90295867 |
30/04/1984 |
3,000,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
17 |
90297371 |
05/03/1984 |
2,130,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
18 |
90295846 |
14/12/1983 |
500,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
19 |
90297353 |
18/04/1983 |
500,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
20 |
90297340 |
16/04/1982 |
658,300.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
21 |
90297332 |
18/01/1982 |
400,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
22 |
90296677 |
24/04/1981 |
200,000.00 |
NEW BANK OF INDIA |
11/12; EAST AVANI MOOLA, MADURAI, TAMILNADU - 625001, INDIA |
- |
|
23 |
90297321 |
17/03/1981 |
108,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
24 |
90295715 |
28/10/1977 |
1,100,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
25 |
90295698 |
29/10/1976 |
500,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
26 |
90295691 |
20/05/1976 |
600,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
27 |
90297274 |
02/05/1974 |
900,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
|
28 |
90295676 |
08/01/1974 |
800,000.00 |
CANARA BANK |
VIRUDHUNAGAR, VIRUDHUNAGAR, TAMILNADU, INDIA |
- |
* Date of charge modification
FIXED ASSETS
v
Land
v
Building
v
Plant and Machinery
v
Furniture and Fixtures
v
Vehicles
v
Office Equipment
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2014
Rs. In
Millions
|
Particulars |
Three Months ended |
Three Months
ended |
Six Months ended |
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income from Operations |
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
463.314 |
399.564 |
862.878 |
|
(b) Other Operating Income |
1.091 |
0.000 |
1.091 |
|
Total income from operations (net) |
464.405 |
399.564 |
863.969 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
337.546 |
332.886 |
670.432 |
|
(b) Changes in inventories of finished goods. work-in-progress and
stock in trade |
27.780 |
(45.962) |
(18.182) |
|
(c) Employee benefits expense |
21.702 |
21.934 |
43.636 |
|
(d) Depreciation and Anmortisation Expenses |
12.000 |
11.978 |
23.978 |
|
(e) Other Expenses |
32.130 |
40.904 |
73.034 |
|
Total expenses |
431.158 |
361.740 |
792.898 |
|
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
33.247 |
37.824 |
71.071 |
|
Other Income |
2.954 |
6.310 |
9.264 |
|
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
36.201 |
44.134 |
80.335 |
|
Finance Costs |
0.440 |
0.358 |
0.798 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
35.761 |
43.776 |
79.537 |
|
Exceptional items |
--- |
--- |
--- |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
35.761 |
43.776 |
79.537 |
|
Tax expenses |
6.490 |
3.575 |
10.065 |
|
Net Profit / (Loss) from ordinary activities after tax (9-10) |
29.271 |
40.201 |
69.472 |
|
Extraordinary item (net of tax expense) |
--- |
--- |
--- |
|
Net Profit / (Loss) for the period (11-12) |
29.271 |
40.201 |
69.472 |
|
Share of profit' (loss) of associates |
--- |
--- |
--- |
|
Minority Interest |
--- |
--- |
--- |
|
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
29.271 |
40.201 |
69.472 |
|
Paid up equity share capital (Face Value of Rs1/-each) |
40.228 |
40.228 |
40.228 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
|
|
|
|
Earnings per share (not annualised): |
--- |
--- |
--- |
|
(a) Basic |
0.73 |
1.00 |
1.73 |
|
(b) Diluted |
0.73 |
1.00 |
1.73 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of shares |
10057900 |
10057900 |
10057900 |
|
- Percentage of shareholding |
25.00% |
25.00% |
25.00% |
|
Promoters and Promoter group shareholding |
|
|
|
|
a) Pledged / Encumbered |
NIL |
NIL |
NIL |
|
b) Non Encumbered |
|
|
|
|
- Number of shares |
30169700 |
30169700 |
30169700 |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
75.00% |
75.00% |
75.00% |
|
B |
INVESTOR COMPLAINTS |
Three Months ended 30.09.2014 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
5 |
|
|
Disposed of during the quarter |
4 |
|
|
Remaining unresolved at the end of the quarter |
1 |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Particulars |
As at 30.09.2014 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholder’s Funds |
|
|
a) Share Capital |
40.228 |
|
b) Reserves & Surplus |
1164.003 |
|
|
|
|
Sub Total-
Shareholders funds |
1204.231 |
|
|
|
|
Non-current
liabilities |
|
|
a)Long term borrowings |
16.340 |
|
b)Deferred tax Liabilities (Net) |
48.064 |
|
c)Other long term liabilities |
0.000 |
|
d)Long term provisions |
4.425 |
|
Sub Total- Non
Current Liabilities |
68.829 |
|
|
|
|
Current liabilities |
|
|
(a) Short term borrowings |
1.699 |
|
(b) Trade Payables |
53.031 |
|
(c) Other current liabilities |
4.816 |
|
(d) Short term provisions |
9.631 |
|
Sub Total- Current
Liabilities |
69.177 |
|
TOTAL-EQUITY AND
LIABILITIES |
1342.237 |
|
ASSETS |
|
|
Non-current assets |
|
|
a)Fixed assets |
504.261 |
|
b)Non – Current Investments |
3.787 |
|
c)Long term loans and advances |
13.881 |
|
Sub-Total-
Non-current assets |
521.929 |
|
|
|
|
Current assets |
|
|
a) Current Investments |
230.000 |
|
b) Inventories |
234.764 |
|
c) Trade Receivables |
185.128 |
|
d) Cash and cash equivalents |
131.465 |
|
(e) Short term loans and advances |
38.951 |
|
Sub-Total- current
assets |
820.308 |
|
TOTAL ASSETS |
1342.237 |
Note:
1. The Company is operating under one business segment only viz., Textiles.
2. There are no exceptional or Extra-ordinary items.
3. The above quarterly results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their Meetings held on October 27, 2014.
4. The above un-audited financial results have been subjected to Limited Review by the statutory Auditors of the Company.
5. The Company has charged Depreciation based on the revised useful life of assets in terms of Schedule II to the Companies Act, 2013. Accordingly Depreciation has been proportionately charged for the Half-Year ended 30th September, 2014 which is lower by 142.92 Lacs. Further Depreciation as per Schedule II for the period up to 31-03-14 has been adjusted with Retained Earnings.
6. Deferred Tax Liability will be considered at the time of finalization of accounts.
7. Previous year figures have been regrouped, wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for
violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
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 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
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.