MIRA INFORM REPORT

 

 

Report No. :

327555

Report Date :

17.06.2015

 

IDENTIFICATION DETAILS

 

Name :

RAJAPALAYAM MILLS LIMITED

 

RAJAPALAIYAM SPINTEXT (A DIVISION OF RAJAPALAYAM MILLS LIMITED)

 

 

Registered Office :

Rajapalayam Mills Premises, Post Box No.1, P.A.C. Ramasamy Raja Salai, Rajapalaiyam - 626117, Tamilnadu

 

 

Tel. No.:

91-4563-235666

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

24.02.1936

 

 

Com. Reg. No.:

18-002298

 

 

Capital Investment / Paid-up Capital :

Rs. 73.800 Million

 

 

CIN No.:

[Company Identification No.]

L17111TN1936PLC002298

 

 

IEC No.:

0488018919

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MRIR00352C

 

 

PAN No.:

[Permanent Account No.]

AAACR8897F

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturer of Cotton Yarn and also Power Generation.

 

 

No. of Employees :

Not Divulged

 

 

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

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

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 31-03-2013.

 

 

INFORMATION DECLINED

 

Management non-cooperative (Mob. No.: 91-4563-235666)

 

 

LOCATIONS

 

Registered Office/ Factory :

Rajapalayam Mills Premises, Post Box No.1, P.A.C. Ramasamy Raja Salai, Rajapalaiyam - 626117, Tamilnadu, India

Tel. No.:

91-4563-235666

Fax No.:

91-4563-236520

E-Mail :

rajacot@ramcotex.com

rajacot@sancharnet.in 

Website :

www.rajapalayammills.co.in

 

 

Factories:

TEXTILE DIVISION

 

·         Rajapalaiyam Spintext, P.A.C. Ramasamy Raja Salai, Rajapalaiyam – 626 117, Tamilnadu, India

 

·         Rajapalaiyam Textiles, Perumalpatti Village, Tirunelveil District – 627753, Tamilnadu, India

 

·         Gopinenipalem Village, Vatsavi Mandal, Krishna District – 521190, Andhra Pradesh, India

 

FABRIC DIVISION

 

·         Shed No.A-40, Palladam Hi-Tech Weaving Park, Sukkampalayam Village, Palladam, Coimbatore District - 641662, Tamilnadu, India

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. P.R. Ramasubrahmaneya Rajha

Designation :

Chairman

Date of Birth/Age :

55 Years

Qualification :

Bachelor Degree in Chemical Engineering from University of Madras and Master in Business Administration from University of Michigan, USA.

 

 

Name :

Mrs. R. Sudarsanam

Designation :

Managing Director

 

 

Name :

Mr. P.R. Venketrama Raja

Designation :

Director

Qualification :

B. Tech., M.B.A.,

 

 

Name :

Mr. S. S. Ramachandra Raja

Designation :

Director

Qualification :

B.Sc.,

 

 

Name :

Mr. N. K. Ramasuwami Raja

Designation :

Director

Qualification :

B.Sc.

DIN No.:

00432698

 

 

Name :

Dr. K. T. Krishnan

Designation :

Director

Qualification :

M.D., F.C.C.P.

DIN No.:

00707574

 

 

Name :

Mr. V. Santhana Raman

Designation :

Director

Qualification :

B.Com, C.A.I.I.B.

Date of Appointment :

27.12.2013

DIN No.:

00212334

 

 

Name :

Mr. A.V. Dharmakrishnan

Designation :

Director

Date of Birth/Age :

57 Years

Qualification :

B. Com., ACA.

 

 

Name :

Mr. P.P.S. Janardhana Raja

Designation :

Director

Qualification :

B.L.

Date of Appointment :

28.10.2013

DIN No.:

06702871

 

 

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

 

 

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

 

 

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

2016380

27.34

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

1905440

25.83

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

3921820

53.17

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

 

 

Total shareholding of Promoter and Promoter Group (A)

3921820

53.17

(B) Public Shareholding

 

 

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

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

2060

0.03

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

2060

0.03

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

 

 

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

215451

2.92

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

1791188

24.28

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

1445641

19.60

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

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

 

 

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)

7376160

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Cotton Yarn and also Power Generation.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Axis Bank Limited

·         Canara Bank

·         IDBI Bank Limited

·         Indian Bank

·         Karur Vysya Bank Limited

·         Kotak Mahindra Bank Limited

·         Punjab and Sind Bank

·         State Bank of India

·         Tamilnad Mercantile Bank Limited

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

LONG-TERM BORROWINGS

 

Term Loan from Banks

1352.027

 

 

SHORT-TERM BORROWINGS

 

Loan Repayable on Demand from Banks *

1275.451

Total

2627.478

 

NOTE

 

LONG-TERM BORROWINGS

 

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)

Year

31.03.2014

2014-15

--

2015-16

449.412

2016-17

428.312

2017-18

289.966

2018-19

175.545

2019-20

8.792

 

1352.027

 

 

SHORT-TERM BORROWINGS

 

* Loan Repayable on Demand from Banks are secured by pari-passu charge on the current assets of the Company and a second charge on the fixed assets of the Company.

 

Banking Relations :

--

 

 

Auditors 1 :

(AS ON 31.03.2014)

 

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

 

 

Auditors 2 :

(AS ON 31.03.2014)

 

 

 

Name :

Ramakrishna Raja and Company

Chartered Accountants

Address :

1-D, Shanthinikethan, V P Rathinasamy Nadar Road, Madurai - 625002, Tamilnadu, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Enterprises over which the above persons exercise significant influences and with which the Company had transactions during the year: (AS ON 31.03.2014)

Companies:

 

·         The Ramco Cements Limited

·         Sri Vishnu Shankar Mill Limited

·         The Ramaraju Surgical Cotton Mills Limited

·         Thanjavur Spinning Mill Limited

·         Ramco Industries Limited

·         Ramco Systems Limited

·         Sandhya Spinning Mill Limited

·         Sri Harini Textiles Limited

·         Ramco Management Private Limited

·         RCDC Securities and Investments Private Limited

·         Shri Harini Media Limited

·         Madras Chip Board Limited

·         Ramco Wind Farms Limited

·         Rajapalayam Spinners Limited (erstwhile Subsidiary Company now Amalgamated)

 

Public Trusts

 

·         Lingammal Ramaraju Shastra Prathishta Trust

·         P.A.C.R. Sethurammal Charity Trust

·         P.A.C.R. Sethurammal Charities

 

 

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

 

Particulars

As at 31.03.2014

No. of Shares

Amount

(Rs. In Million)

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.

 

Particulars

As at 31.03.2014

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

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

633.400

979.588

883.601

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

276.600

284.964

264.845

 

 

 

 

 

 

PROFIT 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 BEFORE TAX (E-F)                              (G)

191.300

412.567

337.488

 

 

 

 

 

Less

TAX                                                                  (H)

70.900

146.712

99.775

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

120.400

265.855

237.713

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

95.013

181.973

28.984

 

 

 

 

 

Add

BALANCE OF PROFIT AND LOSS OF RAJAPALAYAM SPINNERS LIMITED AS ON 01-04-2012 ADJUSTED ON AMALGAMATION

--

(79.446)

--

 

 

 

 

 

Add

POST AMALGAMATION LOSS OF RAJAPALAYAM SPINNERS LIMITED FOR THE PERIOD APRIL, 2012 TO MARCH, 2013

--

(15.954)

--

 

 

 

 

 

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

NA

95.013

181.973

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export on Yarn

 NA

147.411

159.168

 

TOTAL EARNINGS

 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 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

(PBDIT/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 Liability/Networth)

 

1.32

1.56

1.40

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.72

0.82

0.98

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

Rs. 10

 

 

Market Value

Rs. 234.70

 

 

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

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

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

2459.473

2910.363

2592.300

Debt/Equity ratio

1.401

1.558

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

Yes

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

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

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

 

 

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 ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA

B23250822

2

10312166

23/09/2011

350,000,000.00

INDIAN BANK

THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDING, 611 ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA

B23251267

3

10263340

06/06/2012 *

5,205,300,000.00

IDBI BANK LIMITED

SPECIALISED CORPORATE BRANCH, LIC BUILDING, FIRST FLOOR, 3, WEST MARRET STREET, MADURAI, TAMILNADU - 625001, INDIA

B42175927

4

10243311

28/09/2010

384,000,000.00

INDIAN BANK

THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDINGS, NO.6 
11, ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA

A96267349

5

10244808

28/09/2010

108,000,000.00

INDIAN BANK

THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDINGS, NO.6 
11, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA

A96724448

6

10249972

28/09/2010

108,000,000.00

INDIAN BANK

THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDINGS, NO.6 
11, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA

A99125288

7

10285191

23/09/2011 *

145,000,000.00

INDIAN BANK

THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDING, 611 ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA

B23250954

8

10165106

06/12/2012 *

5,255,300,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, SANKARANKOIL ROAD, RAJAPALAYAM, TAMILNADU - 626117, INDIA

B65219016

9

10091630

02/06/2009 *

200,000,000.00

PUNJAB AND SIND BANK

GEORGE TOWN BRANCH, NO.165, THAMBU CHETTY STREET, 
GEORGE TOWN, CHENNAI, TAMILNADU - 600001, INDIA

A63705750

10

10093081

06/06/2009 *

262,500,000.00

INDIAN BANK

THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDINGS, 611, 
ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA

A66505942

11

10039918

28/03/2011 *

1,280,000,000.00

CANARA BANK

863, TENKASI ROAD, RAJAPALAYAM, TAMIL NADU - 626117, INDIA

B12821336

12

10032274

21/03/2011 *

480,000,000.00

IDBI BANK LIMITED

LIC BUILDING, 1ST FLOOR, 3, WEST MARRET STREET, 
MADURAI, TAMILNADU - 625001, INDIA

B10350569

13

80055278

14/06/2006

748,000,000.00

STATE BANK OF INDIA

COMMERCAL BRANCH, SANKRAN KOVIL ROAD, RJAPALAYAM, 
TAMILNADU - 626117, INDIA

-

14

80055277

21/03/2014 *

320,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, SANKARANKOVIL ROAD, RAJAPALAYAM, TAMILNADU - 626117, INDIA

C04809091

15

90317243

20/11/2003 *

708,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, SANKARANKOVIL ROAD, RAJAPALYAM, TAMILNADU, INDIA

-

16

90317229

24/04/2003 *

570,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, SANKARANKOVIL ROAD, RAJAPALYAM, TAMILNADU, INDIA

-

17

90320939

14/01/1999

150,000,000.00

THE KARUR VYSYA BANK LIMITED

RAJAPALYAM, RAJAPALYAM, TAMILNADU, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. in Million)

SHORT-TERM BORROWINGS

 

Loan Repayable on Demand from Banks

78.156

Deposits

86.858

Loan from Related Parties

117.871

Total

282.885

 

 

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.

 

 

AMALGAMATION (AS ON 31.03.2014)

 

The Board of Directors approved the scheme of amalgamation of Rajapalayam Spinners Limited (RSL), a wholly owned subsidiary with the Company on 28-05-2012. The scheme of amalgamation has been filed with Honorable High Court, Madras and it was admitted by the Court in CP No. 71/2013. In terms of the scheme, the appointed date is 01-04-2012. Pursuant to the scheme of amalgamation ('the scheme') of the erstwhile RSL with the Company under sections 391 to 394 of the Companies Act,1956 sanctioned by the Honorable High Court of Madras on 13-06-2013, the assets and liabilities of the erstwhile RSL were transferred to and vested in the Company. Accordingly, the scheme has been given effect to in these accounts.

 

The amalgamation has been accounted for under the "pooling of interests" method as prescribed by AS - 14 'Accounting for Amalgamations'. Accordingly, the accounting treatment has been given as under-

 

(i) The Assets, Liabilities and debit balance in the Profit and Loss account of RSL as at 1st April, 2012 have been incorporated at their book values in the financial statements of the Company.

 

(ii) 60,00,000 Equity Shares of Rs.10/- each, fully paid up of RSL and investments in such Equity Shares held by the Company of Rs. 526.91 Lakhs stands cancelled.

 

(iii) The accounts of RSL for the year ended 31st March, 2013 were finalized as a separate entity. The Net Loss after tax amounting to Rs. 159.54 Lakhs of RSL for the financial year 2012-13, has been adjusted in the balance in Profit and Loss account of the Company. Consequently, the financial statements for the year ended 31st March, 2014 include the operations of RSL.

 

 

CONTINGENT LIABILITIES:

 

 

PARTICULARS

31.03.2014

(Rs. in million)

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 (AS ON 31.03.2014)

 

·         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, 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. 64.15

UK Pound

1

Rs. 100.04

Euro

1

Rs. 72.27

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

MRI

 

 

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

 

--

 

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.