MIRA INFORM REPORT
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Report No. : |
325209 |
|
Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAJAPALAYAM MILLS LIMITED |
|
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|
|
Registered
Office : |
Rajapalayam Mills Premises, Post Box No.1, P.A.C. Ramasamy Raja Salai, Rajapalaiyam - 626 117, Tamilnadu |
|
Tel. No.: |
91-4563-235666 |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
24.02.1936 |
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Com. Reg. No.: |
18-002298 |
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Capital
Investment / Paid-up Capital : |
Rs. 73.800 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
L17111TN1936PLC002298 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MRIR00352C |
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|
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PAN No.: [Permanent Account No.] |
AAACR8897F |
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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 Yarn. |
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|
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject company is well established flagship entity of the Ramco group
and was incorporate in the year of February 1936. Company is primary engaged in spinning of cotton yarns and it is
having satisfactory track record. Rating limits on account of weak operation performance due to industry
wide decline in yarn realization and intense competition in the industry. Rating take consideration on established market presence and track
record of its business operation on backed by its strong business and vast
experience of the management from the group in spinning industry. Trade relations are fair. Business is active. Payments terms are
reported to be usually correct. In view of diversified portfolio backed by its long presence in the
yarn industry, company can be considered for the business dealing with its
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 |
ICRA |
|
Rating |
Long term rating BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
March, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
March, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non-cooperative (91-4563-235666)
LOCATIONS
|
Registered Office/ Factory : |
Rajapalayam Mills Premises, Post Box No.1, P.A.C. Ramasamy Raja Salai, Rajapalaiyam - 626 117, Tamilnadu, India |
|
Tel. No.: |
91-4563-235666 |
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Fax No.: |
91-4563-236520 |
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E-Mail : |
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Website : |
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Factory Location: |
TEXTILE DIVISION
·
Rajapalayam,
Tamilnadu Rajapalaiyam Spintext, P.A.C. Ramasamy Raja Salai, Rajapalaiyam – 626 117, Tamilnadu, India Rajapalaiyam Textiles, Perumalpatti Village – 627753 Tirunelveil District, Tamilnadu, India Andhra Pradesh Gopinenipalem Village, Vatsavi Mandal, Krishna District – 521190, Andhra Pradesh, India TISSUE CULTURE
DIVISION Shri Ramco Bio-Tech, Mailanahalli Village, Nelamangala –
526 123, Bangalore Rural District, Karnataka, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. P.R. Ramasubrahmaneya Rajha |
|
Designation : |
Chairman |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mrs. R. Sudarsanam |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. P.R. Venketrama Raja |
|
Designation : |
Director |
|
Qualification : |
B.
Tech., M.B.A., |
|
|
|
|
Name : |
Mr. S. S. Ramachandra Raja |
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Designation : |
Director |
|
Qualification : |
B.Sc., |
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|
|
|
Name : |
Mr. N. K. Ramasuwami Raja |
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Designation : |
Director |
|
Qualification : |
B.Sc., |
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|
|
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Name : |
Dr. K. T. Krishnan |
|
Designation : |
Director |
|
Qualification : |
M.D.,
F.C.C.P. |
|
|
|
|
Name : |
Mr. P. S. Jaganatha Raja |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. V. Santhana Raman |
|
Designation : |
Director |
|
Qualification : |
B.Com, C.A.I.I.B., |
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|
|
|
Name : |
Mr. A.V. Dharmakrishnan |
|
Designation : |
Director |
|
Qualification : |
B.
Com., ACA. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2016380 |
27.34 |
|
|
1905440 |
25.83 |
|
|
3921820 |
53.17 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3921820 |
53.17 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2060 |
0.03 |
|
|
2060 |
0.03 |
|
|
|
|
|
|
215451 |
2.92 |
|
|
|
|
|
|
1791188 |
24.28 |
|
|
1445641 |
19.60 |
|
|
3452280 |
46.80 |
|
Total Public shareholding (B) |
3454340 |
46.83 |
|
Total (A)+(B) |
7376160 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
7376160 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarn. |
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|
|
|
Products : |
Cotton Yarn |
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|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
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|
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors 1 : |
|
|
Name : |
M.S. Jagannathan
and N. Krishnaswami Chartered Accountants |
|
Address : |
Unit - 5, Ground Floor, Abirami Apartments, No.14, V.O.C. Road, Cantonment, Tiruchirappalli – 620001, Tamilnadu, India |
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Auditors 2 : |
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Name : |
Ramakrishna Raja and Company Chartered Accountants |
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Address : |
1-D,
Shanthinikethan, V P Rathinasamy Nadar Road, Madurai - 625002, Tamilnadu, India
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises over
which the above persons exercise significant influences and with which the
Company had transactions during the year: |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.73.800
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7376160 |
Equity Shares |
Rs.10/- each |
Rs. 73.762
Million |
|
|
|
|
|
a. Issued, Subscribed and fully paid-up Shares includes 62,13,850 Equity Shares (PY: 62,13,850 Equity Shares) of Rs. 10/- each, which were allotted as fully paid Bonus Shares by Capitalisation of Reserves.
b. Reconciliation of
the number of shares outstanding
|
|
As at 31.03.2014 |
|
|
Particulars |
No. of Shares |
Amount (Rs. In
Millions) |
|
Number of shares at the beginning |
7376160 |
73.762 |
|
Issued during the Year - Bonus Issue |
-- |
-- |
|
Issued during the Year - Preferential Allotment |
-- |
-- |
|
Number of Shares at
the end |
7376160 |
73.762 |
c. Rights /
Restrictions attached to Equity Shares
1. There are no special rights attached to Equity Shares other than those specified under provisions of various Acts.
2. The Preferential Allotment of 3,51,000 Equity Shares made on 25-11-2011 are subject to a lock-in period of three years from the date of allotment.
d. List of Shareholders holding more than 5
percent in the Company.
|
|
As at 31.03.2014 |
|
|
Particulars |
No. of Shares |
% of holding |
|
P.R. Ramasubrahmaneya Rajha |
988792 |
13.41% |
|
P.R. Venketrama Raja |
744560 |
10.09% |
|
Ramco Industries Limited |
847360 |
11.49% |
|
Madras Cements Limited |
725600 |
9.84% |
e. Aggregate number of Equity Shares alloted as fully paid up by way of Bonus Shares during the last 5 years : 35,12,580.
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 |
73.800 |
73.762 |
73.762 |
|
(b) Reserves & Surplus |
1884.600 |
1794.436 |
1681.396 |
|
(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) |
1958.400 |
1868.198 |
1755.158 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1028.400 |
1352.027 |
1602.663 |
|
(b) Deferred tax liabilities
(Net) |
612.900 |
547.160 |
426.070 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
18.200 |
15.352 |
11.840 |
|
Total
Non-current Liabilities (3) |
1659.500 |
1914.539 |
2040.573 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1563.900 |
1558.336 |
856.810 |
|
(b) Trade payables |
50.800 |
289.340 |
124.163 |
|
(c) Other current liabilities |
604.500 |
564.555 |
488.387 |
|
(d) Short-term provisions |
128.700 |
164.218 |
95.462 |
|
Total
Current Liabilities (4) |
2347.900 |
2576.449 |
1564.822 |
|
|
|
|
|
|
TOTAL |
5965.800 |
6359.186 |
5360.553 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3099.200 |
3226.025 |
2843.125 |
|
(ii) Intangible Assets |
0.000 |
1.048 |
1.109 |
|
(iii) Capital work-in-progress |
0.000 |
5.050 |
17.655 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(v) Fixed Assets pertaining to
discontinuing operations and held for sale |
0.000 |
0.000 |
10.004 |
|
(b) Non-current Investments |
775.100 |
411.554 |
464.466 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
131.600 |
374.696 |
357.796 |
|
(e) Other Non-current assets |
261.000 |
229.257 |
135.639 |
|
Total
Non-Current Assets |
4266.900 |
4247.630 |
3829.794 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
997.900 |
1284.154 |
789.570 |
|
(c) Trade receivables |
413.600 |
407.563 |
366.990 |
|
(d) Cash and cash equivalents |
37.100 |
68.503 |
45.126 |
|
(e) Short-term loans and
advances |
127.900 |
237.665 |
265.673 |
|
(f) Other current assets |
122.400 |
113.671 |
63.400 |
|
Total
Current Assets |
1698.900 |
2111.556 |
1530.759 |
|
|
|
|
|
|
TOTAL |
5965.800 |
6359.186 |
5360.553 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
3849.600 |
4338.862 |
3446.589 |
|
|
Other Income |
103.000 |
68.298 |
135.806 |
|
|
TOTAL
(A) |
3952.600 |
4407.160 |
3582.395 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1930.000 |
2140.641 |
1630.377 |
|
|
Purchases of Stock-in-Trade |
67.000 |
0.000 |
0.000 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
92.600 |
(64.107) |
56.381 |
|
|
Employees benefits expense |
460.500 |
443.896 |
343.676 |
|
|
Other expenses |
871.000 |
907.142 |
668.360 |
|
|
Exceptional Items |
(101.900) |
0.000 |
0.000 |
|
|
TOTAL
(B) |
3319.200 |
3427.572 |
2698.794 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
633.400 |
979.588 |
883.601 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
276.600 |
284.964 |
264.845 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
356.800 |
694.624 |
618.756 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
165.500 |
282.057 |
281.268 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
191.300 |
412.567 |
337.488 |
|
|
|
|
|
|
|
Less |
TAX (H) |
70.900 |
146.712 |
99.775 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
120.400 |
265.855 |
237.713 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
190.413 |
181.973 |
28.984 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
NA |
192.692 |
33.230 |
|
|
Tax on Interim Dividend |
NA |
6.268 |
5.983 |
|
|
Proposed Final Dividend |
NA |
18.440 |
7.376 |
|
|
Interim Dividend Paid |
NA |
36.881 |
36.881 |
|
|
Tax on Proposed Dividend |
NA |
3.134 |
1.254 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
310.813 |
190.413 |
181.973 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
147.411 |
159.168 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
352.441 |
262.849 |
|
|
Components and Stores parts |
NA |
9.715 |
11.582 |
|
|
Capital Goods |
NA |
63.432 |
2.761 |
|
|
TOTAL
IMPORTS |
NA |
425.588 |
277.192 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
16.00 |
36.04 |
32.23 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
436.820 |
390.050 |
|
Cash generated from operations |
NA |
625.586 |
458.751 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.13 |
6.13 |
6.90 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.45 |
22.58 |
25.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.69 |
6.94 |
6.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.22 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.32 |
1.79 |
1.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72 |
0.82 |
0.98 |
STOCK
PRICES
|
Face Value |
Rs.10 |
|
Market Value |
Rs.257 |
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 |
73.762 |
73.762 |
73.800 |
|
Reserves & Surplus |
1681.396 |
1794.436 |
1884.600 |
|
Net
worth |
1755.158 |
1868.198 |
1958.400 |
|
|
|
|
|
|
long-term borrowings |
1602.663 |
1352.027 |
1028.400 |
|
Short term borrowings |
856.810 |
1558.336 |
1563.900 |
|
Total
borrowings |
2849.523 |
3347.183 |
2592.300 |
|
Debt/Equity
ratio |
1.624 |
1.792 |
1.324 |
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 |
3446.589 |
4338.862 |
3849.600 |
|
|
|
25.889 |
(11.276) |
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 |
3446.589 |
4338.862 |
3849.600 |
|
Profit |
237.713 |
265.855 |
120.400 |
|
|
6.90% |
6.13% |
3.13% |
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 |
No |
|
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 |
No |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
||||||||||||||||
|
Short-term
borrowings |
|
|
||||||||||||||||
|
Loan Repayable on Demand from Banks |
NA |
78.156 |
||||||||||||||||
|
Deposits |
NA |
86.858 |
||||||||||||||||
|
Loan from Related Parties |
NA |
117.871 |
||||||||||||||||
|
Total |
NA
|
282.885 |
||||||||||||||||
|
Notes: a) Term Loan from Banks are secured by pari-passu charge on the fixed assets of the Company and a second charge on the current assets of the Company. b) The Term Loans from Banks are repayable in quarterly installments. The year wise repayment of Term Loans are as follows: (Rs. In Million)
|
||||||||||||||||||
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10312164 |
23/09/2011 |
300,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDING, 611 A |
B23250822 |
|
2 |
10312166 |
23/09/2011 |
350,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDING, 611 A |
B23251267 |
|
3 |
10263340 |
06/06/2012 * |
5,205,300,000.00 |
IDBI BANK LIMITED |
SPECIALISED CORPORATE BRANCH, LIC BUILDING,, FIRS |
B42175927 |
|
4 |
10243311 |
28/09/2010 |
384,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDINGS, NO.6 |
A96267349 |
|
5 |
10244808 |
28/09/2010 |
108,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDINGS, NO.6 |
A96724448 |
|
6 |
10249972 |
28/09/2010 |
108,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDINGS, NO.6 |
A99125288 |
|
7 |
10285191 |
23/09/2011 * |
145,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDING, 611 A |
B23250954 |
|
8 |
10165106 |
06/12/2012 * |
5,255,300,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, SANKARANKOIL ROAD, RAJAPALAYAM |
B65219016 |
|
9 |
10091630 |
02/06/2009 * |
200,000,000.00 |
PUNJAB AND SIND BANK |
GEORGE TOWN BRANCH, NO.165,THAMBU CHETTY STREET, |
A63705750 |
|
10 |
10093081 |
06/06/2009 * |
262,500,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDINGS, 611, |
A66505942 |
FINANCIAL RESULTS (As
on 31.03.2014)
The financial results for the year ended 31st March, 2014 after charging all expenses and contribution to P.A.C. Ramasamy Raja Memorial Fund of Rs. 10.000 Million (which is within the limits laid in the Articles of Association) but before deducting finance cost and depreciation have resulted in operating profit of Rs. 9,795.88 Million against Rs. 883.601 Million for the previous financial year 2012-13. After deducting Rs. 284.964 Million towards finance cost and providing Rs. 282.057 Million towards Depreciation, the Net Profit for the year is Rs. 412.567 Million, against Rs. 337.488 Million for the previous financial year 2012-13. Adding the surplus of Rs. 181.973 Million brought forward from the previous year and after deducting Rs. 95.400 Million, being the debit balance in the profit and loss account of transferor Company on amalgamation, The Directors propose to appropriate the total sum of Rs. 499.140 Million.
EXPORTS
On the export front during the year, we have made export of Cotton Yarn / Fabrics (including Merchant Exports) for a value of Rs. 1225.600 Million as against Rs.786.400 Million of the previous year. The Directors are thankful to M/s. Mitsubishi Corporation, M/s. Doko Spinning Co. Limited, and M/s. Unitika Limited., Japan for their continued support and efforts for promotion of exports to Japan and other countries.
PROSPECTS FOR THE
CURRENT YEAR
The cotton prices are currently ruling high at uneconomical levels. Due to sluggish demand for yarn, the Spinning Mills are not able to increase the yarn prices in line with the increased cotton cost. While the cost of major inputs are increasing steeply, the yarn prices are falling due to sluggishness in both domestic and global yarn markets. There is no parity between cotton cost and yarn selling prices.
The Company is maintaining high standards of yarn quality, cost effective production and stringent waste control measures and focusing on more automation with a view to utilize the skilled manpower more efficiently. The Company is making all efforts to cope up with the current challenges through continuous cost reduction, imparting training to the employees at all levels, re-engineering of process and improved customer service to protect the profit margins. The Directors are hopeful of achieving satisfactory results for the current year with the implementation of above steps.
WIND MILL
The Company has wind mills with installed capacity of 32.75 MW for its captive power consumption. These wind mills are connected to the grids maintained by Tamilnadu Generation and Distribution Corporation (TANGEDCO). These wind mills were permitted to run and generate power throughout the wind season until previous years. But during this year, TANGEDCO did not evacuate the power generated by wind mills and the wind mills were forced to shut down during peak wind season, ranging from eight to twenty hours resulting in heavy financial losses to the Company. Due to this, there was drastic reduction in the power generated by our wind farm, though there was good wind season during the year compared to previous year.
The wind farm has generated 54.600 Million Kwh as compared to 64.400 Million Kwh of the previous year. The income during the year from the Wind Mill Division was Rs. 315.500 Million as against Rs. 365.400 Million of previous year.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
|
Liability on guarantees given to the Bankers |
4642.800 |
|
Of which, actual loan amount outstanding as at the end of the year |
2359.200 |
FIXED ASSETS
- Land
- Buildings
- Plant and Machinery
- Electrical Machinery
- Furniture and Office Equipments
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.97.26 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.