MIRA INFORM REPORT
|
Report No. : |
311399 |
|
Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
BANNARI AMMAN SPINNING MILLS LIMITED |
|
|
|
|
Registered
Office : |
252, Mettupalayam Road, Coimbatore – 641043, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.07.1989 |
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Com. Reg. No.: |
18-002476 |
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Capital
Investment / Paid-up Capital : |
Rs.157.543 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L17111TZ1989PLC002476 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBB03009G / CMBB03055D |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Manufacture of Cotton Yarn,
Woven and Coated Fabrics and Wind Power Generation |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
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 fine track record. The rating reflects company’s established track record of business
operations with competitive position in the cotton spinning industry supported
by sound financial base and fair profitability margins of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities=A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
25.09.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities=A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
25.09.2014 |
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.
INFORMATION DENIED
Management Non Co-operative (91-422-2435555)
LOCATIONS
|
Registered Office : |
252, Mettupalayam Road, Coimbatore – 641043, Tamilnadu, India |
|
Tel. No.: |
91-422-2435555 |
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Fax No.: |
91-422-2434446 |
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E-Mail : |
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Website : |
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Factory 1 : |
Spinning
Division 1 NaduKandanur Pirivu, Morepatty Post adamadurai, Dindigul – 624802,
Tamilnadu, India |
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Factory 2 : |
Spinning Division
2 Velvarkottai, Dindigul Trichy National Highway 45, Vedasandur Taluk,
Dindigul – 624803, Tamilnadu, India |
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Factory 3 : |
Weaving Division Karanampet - Paruvai Road, Paruvai Post, Coimbatore – 641658,
Tamilnadu, India |
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Factory 4 : |
Technical /
Flocking Division Kovai – Sathy Main Road, Kunnathur Village, Ganesapuram Post, S S
Kulam (Via) Coimbatore – 641107, Tamilnadu, India |
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|
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Factory 5 : |
Windmill
Division 1 Irukandurai and Dhanakarkulam Villages, Radhapuram Taluk, Tirunelveli
District, Tamilnadu, India |
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Factory 6 : |
Windmill
Division 2 Chinnapudur Village, Dharapuram Taluk Erode District, Tamilnadu, India |
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Factory 7 : |
Garments
Division 1 Palladam Hitech Weaving Park, Sukkampalayam Village, K N Puram (Po) Palladam – 641662,
Tamilnadu, India |
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|
|
|
Factory 8 : |
Garments
Division 2 Karanampet - Paruvai Road, Paruvai Post, Coimbatore – 641658,
Tamilnadu, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. S. V. Arumugam |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Mr. K N V Ramani |
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Designation : |
Director |
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Name : |
Mr. C. S. K. Prabhu |
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Designation : |
Director |
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Name : |
Dr. K R Thillainathan |
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Designation : |
Director |
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Name : |
Mr. S. Palaniswami |
|
Designation : |
Director |
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Name : |
Mr. K. Sadhasivam |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A. Senthil |
|
Designation : |
Chief Executive Officer |
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|
|
Name : |
Mr. N. Krishnaraj |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
168017 |
1.07 |
|
|
8583233 |
54.48 |
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|
8751250 |
55.55 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8751250 |
55.55 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
58271 |
0.37 |
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|
58271 |
0.37 |
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|
|
|
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|
2427384 |
15.41 |
|
|
|
|
|
|
1278251 |
8.11 |
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|
2998091 |
19.03 |
|
|
241022 |
1.53 |
|
|
148819 |
0.94 |
|
|
92201 |
0.59 |
|
|
2 |
0.00 |
|
|
6944748 |
44.08 |
|
Total Public shareholding (B) |
7003019 |
44.45 |
|
Total (A)+(B) |
15754269 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15754269 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Cotton Yarn,
Woven and Coated Fabrics and Wind Power Generation |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Available |
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Bankers : |
· The Karur Vysya Bank Limited · Corporation Bank · ICICI Bank Limited · Oriental Bank of Commerce · Indian Overseas Bank · Bank of Maharashtra · Indian Bank · IDBI Bank · Allahabad Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P N Raghavendra Rao and Company Chartered Accountants |
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Address : |
Coimbatore – 641009, Tamilnadu, India |
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Internal Auditors : |
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Name : |
Srivatsan and Gita Chartered Accountant |
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Address : |
Coimbatore – 641018, Tamilnadu, India |
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Cost Auditors : |
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Name : |
M Nagarajan Chartered Accountant |
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Address : |
Coimbatore – 641018, Tamilnadu, India |
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Related Parties : |
· Shiva Texyarn Limited · Anamallais Automobiles Private Limited · Annamallai Infrastructures Limited · Young Brand Apparel Private Limited · Bannari Amman Flour Mill Limited · Sakthi Murugan Transports Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 Million |
|
50000 |
Cumulative Preference Shares |
Rs.100/- each |
Rs.5.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.165.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15754269 |
Equity Share |
Rs.10/- each |
Rs.157.543
Million |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the reporting period
|
Name of the
Share holder |
As at 31.03.2014 |
|
|
No. of shares |
Amount in Million |
|
|
Equity Shares |
|
|
|
At the beginning of the period |
1,57,54,269 |
157.543 |
|
At the end of the period |
1,57,54,269 |
157.543 |
Terms/rights
attached to the equity shares
The company has issued only one class of equity shares having a par
value of Rs.10 per equity share. Each holder of equity share is entitled
to one vote per share. The company declares and pays dividend in Indian
Rupees. The dividend proposed by Board of Directors is subject to the approval
of Shareholders in the ensuing Annual General Meeting.
Details of
shareholders holding more than 5% shares in the company.
|
Name of the
Share holder |
As at 31.03.2014 |
|
|
No. of shares |
% of holding |
|
|
Equity Shares |
|
|
|
Murugan Enterprises Private Limited |
78,03,733 |
49.53 |
|
Gagandeep Credit Capital Private Limited |
9,13,122 |
5.80 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
157.543 |
157.542 |
157.542 |
|
(b) Reserves & Surplus |
2271.063 |
1992.246 |
1755.928 |
|
(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) |
2428.606 |
2149.788 |
1913.470 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2035.626 |
2483.936 |
2641.894 |
|
(b) Deferred tax liabilities (Net) |
668.886 |
524.071 |
390.009 |
|
(c) Other long term liabilities |
11.857 |
10.887 |
11.273 |
|
(d) long-term provisions |
0.000 |
0.000 |
10.736 |
|
Total Non-current
Liabilities (3) |
2716.369 |
3018.894 |
3053.912 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1781.771 |
663.210 |
891.708 |
|
(b) Trade payables |
385.002 |
328.204 |
387.439 |
|
(c) Other current liabilities |
743.374 |
732.581 |
682.894 |
|
(d) Short-term provisions |
47.415 |
46.591 |
4.868 |
|
Total Current
Liabilities (4) |
2957.562 |
1770.586 |
1966.909 |
|
|
|
|
|
|
TOTAL |
8102.537 |
6939.268 |
6934.291 |
|
|
|
|
|
|
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4400.453 |
4422.841 |
4637.892 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
21.473 |
69.633 |
15.180 |
|
(iv) Foreign currency monetary items translation reserve a/c |
17.247 |
32.083 |
50.471 |
|
(b) Non-current Investments |
239.122 |
226.671 |
174.926 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
433.531 |
354.516 |
358.528 |
|
(e) Other Non-current assets |
23.492 |
26.492 |
33.407 |
|
Total Non-Current
Assets |
5135.318 |
5132.236 |
5270.404 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1833.520 |
908.501 |
992.261 |
|
(c) Trade receivables |
672.181 |
446.436 |
326.179 |
|
(d) Cash and cash equivalents |
208.097 |
218.988 |
124.704 |
|
(e) Short-term loans and advances |
180.749 |
184.871 |
141.795 |
|
(f) Other current assets |
72.672 |
48.236 |
78.948 |
|
Total Current
Assets |
2967.219 |
1807.032 |
1663.887 |
|
|
|
|
|
|
TOTAL |
8102.537 |
6939.268 |
6934.291 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6996.507 |
5597.151 |
4597.251 |
|
|
|
Other Income |
10.590 |
10.925 |
22.577 |
|
|
|
TOTAL (A) |
7007.097 |
5608.076 |
4619.828 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4383.916 |
3197.467 |
3179.821 |
|
|
|
Purchases of stock-in-trade |
293.305 |
65.740 |
10.007 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(168.953) |
104.271 |
231.154 |
|
|
|
Employee benefits expenses |
318.371 |
256.869 |
189.712 |
|
|
|
Other expenses |
991.341 |
838.440 |
650.105 |
|
|
|
TOTAL (B) |
5817.980 |
4462.787 |
4260.799 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1189.117 |
1145.289 |
359.029 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
378.606 |
380.481 |
326.383 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
810.511 |
764.808 |
32.646 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
350.015 |
357.566 |
372.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT /(LOSS)
BEFORE TAX (E-F) (G) |
460.496 |
407.242 |
(339.616) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
144.815 |
134.061 |
(175.855) |
|
|
|
|
|
|
|
|
|
|
PROFIT /(LOSS)
AFTER TAX (G-H) (I) |
315.681 |
273.181 |
(163.761) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
75.192 |
(61.125) |
102.636 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Provision for Equity Dividend |
31.509 |
31.509 |
0.000 |
|
|
|
Provision for Tax on Dividend |
5.355 |
5.355 |
0.000 |
|
|
|
Transfer to General Reserve |
200.000 |
100.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
154.009 |
75.192 |
(61.125) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2911.429 |
2323.060 |
1825.083 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
233.771 |
337.031 |
182.200 |
|
|
|
Capital Goods |
123.469 |
117.487 |
44.336 |
|
|
TOTAL IMPORTS |
357.240 |
454.518 |
226.536 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.04 |
17.34 |
(10.39) |
|
QUARTERLY RESULTS
(Rs.
In Million)
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1725.600 |
1643.300 |
1654.100 |
|
Total Expenditure |
1461.100 |
1425.100 |
1468.500 |
|
PBIDT (Excluding Other
Income) |
264.500 |
218.200 |
185.600 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
264.500 |
218.200 |
185.600 |
|
Interest |
102.600 |
101.400 |
83.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
161.900 |
116.800 |
102.100 |
|
Depreciation |
74.900 |
75.700 |
71.800 |
|
Profit Before Tax |
87.000 |
41.200 |
30.300 |
|
Tax |
27.000 |
15.300 |
10.000 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
60.000 |
25.800 |
20.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
4.51 |
4.88 |
(3.56) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
17.00 |
20.46 |
7.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
5.89 |
6.16 |
(5.07) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.19 |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.57 |
1.46 |
1.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.02 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
157.542 |
157.542 |
157.543 |
|
Reserves & Surplus |
1755.928 |
1992.246 |
2271.063 |
|
Net
worth |
1913.470 |
2149.788 |
2428.606 |
|
|
|
|
|
|
long-term borrowings |
2641.894 |
2483.936 |
2035.626 |
|
Short term borrowings |
891.708 |
663.210 |
1781.771 |
|
Total
borrowings |
3533.602 |
3147.146 |
3817.397 |
|
Debt/Equity
ratio |
1.847 |
1.464 |
1.572 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
4,597.251 |
5,597.151 |
6,996.507 |
|
|
|
21.750 |
25.001 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
4,597.251 |
5,597.151 |
6,996.507 |
|
Profit |
(163.761) |
273.181 |
315.681 |
|
|
(3.56%) |
4.88% |
4.51% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
REVIEW OF OPERATIONS
The Company has achieved
an increase of 25% in turnover as compared to the previous year with improved
working results
Spinning Division
The Spinning Mills
produced 20,700.32 tonnes (17,563.29 tonnes) and purchased 1,378.53 tonnes
(226.97 tonnes) of Yarn and sold 21,050.40 tonnes (17,286.64 tonnes) of Yarn.
Sales include 10,732.84 tonnes (9,337.58 tonnes) by export of yarn.
The total sales of
this division amounted to Rs.5236.613 Million (Rs.4021.094 Million) of which
export sales amounted to Rs.2545.437 Million (Rs.2049.979 Million) constituting
48.60% (50.98%) of the total revenue.
Weaving Division
The Weaving
Division specializes in manufacturing wider width cotton fabric. During the
year, 76.23 Lakh Metres (61.27 Lakh Metres) of Fabric were produced and 71.59
Lakh Metres (69.58 Lakh Metres) of Fabric were sold.
Knitting Division
During the year,
1672.42 tonnes of Knitted fabric were produced and 1529.40 tonnes were sold.
The total sales of this division amounted to Rs.364.095 Million of which export
sales accounted for Rs.80.607 Million.
Processing Division and Technical Textiles Division
During the year,
583.32 tonnes (previous year - Nil) of fabrics were processed and the total
processing charges earned by this division was Rs.46.413 Million, Rs.0.482
Million (Rs.0.835 Million) Meters of canvas were produced and 2.54 Lakhs (6.28
Lakhs) meters of canvas were sold. It also produced 1.49 Lakhs (0.37 Lakhs)
meters of breathable water proof fabric and 0.05 Lakhs (0.74 Lakhs) meters were
sold.
Garment Division
7.46 Lakhs (4.86
Lakhs) pieces of Garments were produced and sold 7.09 Lakhs (5.14 Lakhs)
pieces. The total sales in this division amounted to Rs.319.249 Million
(Rs.193.463 Million) of which export sales accounted for ` 3143.25 Lakhs
(Rs.1894.35 Million).
Wind Mill Division
The Company has 4
windmills of 1250 KW each totaling 5MW in Radhapuram Taluk, Tirunelveli
District, Tamilnadu, 25 Nos windmills, each of 800 KW capacity totaling 20 MW
capacity in Dharapuram Taluk, Tirupur District and Palani Taluk, Dindigul
District, Tamilnadu and 3 Windmills of 1650 KW each in Kongalnagaram, Udumalpet
Taluk, Tirupur District, Tamilnadu. The total installed capacity of Windmills
is 29.95 MW and the whole of the power generated is captively consumed by the
Spinning Units and Weaving Unit.
The windmills
produced 492.39 Lakh units of wind energy as against 618.25 Lakh units produced
in the last year. The lower production/consumption of power is on account of
Non- availability of grid facilities and non- evacuation.
MANAGEMENT DISCUSSION AND ANALYSIS
COMPANY'S BUSINESS
The Company's
business is manufacture of Cotton yarn, woven and coated fabrics, Garments,
Processing and wind power generation. The Company has two modern spinning units
near Dindigul, Tamilnadu with installed capacity of 1,44,240 spindles, Weaving
unit near Palladam, Tamilnadu with installed capacity of 135 Looms, Processing
& Technical Textiles near Annur, Tamilnadu with capacity to produce 24
Lakhs meters of coated fabric per annum and 32 windmills with installed
capacity 29.95 MW of Power. The whole of the power produced by the wind mills
is captively consumed by the spinning units.
INDUSTRY STRUCTURE AND DEVELOPMENTS
India is the
world's second largest producer of textiles and garments. The Indian textiles
industry accounts for about 24 per cent of the world's spindle capacity. The
potential size of the Indian textiles and apparel industry is expected to reach
US$ 223 billion by next 6-7 years.
The sector
contributes about 14 per cent to industrial production, 4 per cent to the gross
domestic product (GDP), and 27 per cent to the country's foreign exchange
inflows. The textiles sector is the second largest provider of employment after
agriculture. Thus, the growth and all round development of this industry has a
direct bearing on the improvement of the India's economy.
India has improved
its ranking to emerge as the second largest exporter in the world from fifth
position. This was possible due to reason that the textile industry is
vertically integrated from raw material to finished products. India has emerged
as the most preferred destination for global brands due to its strength of
vertical and horizontal integration.
Overall demand
outlook for the textile industry for the financial year 2014-15 is expected to
remain stable; the rebounding economic growth in key export destinations,
stabilizing input costs and exchange rates being key factors for the industry.
The trends, if sustained in FY15 (year end March), are likely to improve the
financial metrics of yarn and garment manufacturers.
Textiles exports
stood at US$ 28.53 billion during April 2013-January 2014 as compared to US$
24.90 billion during the corresponding period of the previous year, registering
a growth of 14.58 per cent. Garment exports from India is expected to touch US$
60 billion over the next three years, with the help of government support.
OUTLOOK
With the optimum
utilization of very modern machinery and the measures taken by the company
overcome Power crisis, it is expected that the Company would be able to improve
efficiency. The company has been taking steps to increase the export sales as
well as up-country sales for improving the sales turnover and focusing on the
increase on the value added products.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Long-term maturities of finance lease obligations |
12.041 |
12.238 |
|
|
|
|
|
Total |
12.041 |
12.238 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10490357 |
23/07/2014
* |
261,600,000.00 |
STATE
INDUSTRIES PROMOTION CORPORATION OF TAMILNADU (SIPCOT) |
19-A,
RUKMANI LAKSHMIPATHY ROAD, EGMORE, CHENNAI, TAMILNADU - 600008, INDIA |
C12936613 |
|
2 |
10379309 |
09/10/2012
* |
400,000,000.00 |
ICICI
BANK LIMITED |
CHERAN
PLAZA, 1ST FLOOR, 1090, TRICHY ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
B59558296 |
|
3 |
10269574 |
17/02/2011 |
250,000,000.00 |
ICICI
BANK LIMITED |
CHERAN
PLAZA, I FLOOR, 1090, TRICHY ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
B06817647 |
|
4 |
10261570 |
09/05/2012
* |
450,000,000.00 |
ALLAHABAD
BANK |
98
MECRICAR ROAD, R S PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA |
B39241567 |
|
5 |
10203400 |
17/02/2010 |
300,000,000.00 |
IDBI
BANK LIMITED |
72, MAYFLOWER,
'E' CASTLE, DR BALASUNDARAM ROAD, ATT COLONY, COIMBATORE, TAMIL NADU -
641018, INDIA |
A79869087 |
|
6 |
10113425 |
21/03/2014
* |
1,344,000,000.00 |
INDIAN
BANK |
31,
VARIETY HALL ROAD, P O BOX NO:65 MAIN BRANCH, |
C00730937 |
|
7 |
10092799 |
20/12/2007 |
400,000,000.00 |
INDIAN
OVERSEAS BANK |
125,
D B ROAD, R S PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA |
A34351296 |
|
8 |
10046357 |
23/07/2014
* |
570,000,000.00 |
BANK
OF MAHARASHTRA |
194/1,
RANGAI GOWDER STREET, NEAR TEPPAKULAM, COIMBATORE, TAMIL NADU - 641001, INDIA |
C14806228 |
|
9 |
10032654 |
26/09/2013
* |
850,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
1057,
JAYA ENCLAVE, AVINASHI ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
B89536494 |
|
10 |
10011950 |
27/06/2006 |
18,750,000.00 |
CORPORATION
BANK |
816,
OPPANAKARA STREET,, COIMBATORE, TAMIL NADU - 641001, INDIA |
A02898864 |
|
11 |
10001306 |
23/07/2014
* |
300,000,000.00 |
CORPORATION
BANK |
816,
OPPANAKARA STREET, COIMBATORE, TAMIL NADU - 641001, INDIA |
C15019789 |
|
12 |
10001714 |
23/07/2014
* |
2,087,100,000.00 |
INDIAN
OVERSEAS BANK |
1027-
AVINASHI ROAD, NEAR VOC GROUND, UPPILIPALAYAM, COIMBATORE, TAMIL NADU -
641018, INDIA |
C15288053 |
|
13 |
10000025 |
10/07/2010
* |
1,500,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
1057,
JAYA ENCLAVE, AVINASHI ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
A89912638 |
|
14 |
90004460 |
16/09/2004 |
180,000,000.00 |
ICICI
BANK LTD |
LANDMARK,
RACE COURSE CIRCLE, VDODARA, GUJARAT - |
- |
|
15 |
90003184 |
23/07/2014
* |
695,000,000.00 |
CORPORATION
BANK |
816,
OPPANAKARA STREET, COIMBATORE, TAMIL NADU - 641001, INDIA |
C15017189 |
|
16 |
80063829 |
03/09/2004
* |
78,000,000.00 |
THE
KARUR VYSYA BANK LIMITED |
OPPANAKKARA
STREET, COIMBATORE, TAMIL NADU - 641001, INDIA |
- |
*Date of modification Charges
FIXED ASSETS:
· Land and Site Development
· Building
· Plant and Machinery
· Office Equipments
· Furniture and Fittings
· Vehicles
· Tools and Implements
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2014
Rs. In Million
|
Particulars |
Quarter ended |
Nine Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
UNAUDITED
|
||
|
Net Sales/ Income from Operations |
1627.971 |
1598.506 |
4910.270 |
|
Other Operating Income |
26.076 |
44.823 |
112.693 |
|
Total income from
operation |
1654.047 |
1643.329 |
5022.963 |
|
Expenditure |
|
|
|
|
a) Cost of Materials Consumed |
1114.584 |
1159.505 |
3447.137 |
|
b) Purchase of Stock in trade |
17.963 |
10.474 |
105.538 |
|
c) Change in inventories of finished goods, work in progress &
stock in trade |
37.968 |
(27.518) |
(133.776) |
|
d) Employee benefits expense |
83.097 |
81.743 |
249.757 |
|
e) Depreciation and amortization expense |
71.818 |
75.672 |
222.360 |
|
f) Other expenses |
214.889 |
200.919 |
686.054 |
|
Total |
1540.319 |
1500.794 |
4577.070 |
|
Profit from
operations before Other Income, Interest and Exceptional Items (1-2) |
113.728 |
142.535 |
445.893 |
|
Other Income |
-- |
-- |
-- |
|
Profit before Interest and Exceptional Items (3+4) |
113.728 |
142.535 |
445.893 |
|
Interest |
83.429 |
101.392 |
287.429 |
|
Profit after Interest but before Exceptional Items (5-6) |
30.299 |
41.144 |
158.464 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8) |
30.299 |
41.144 |
158.464 |
|
Tax expense |
9.998 |
15.318 |
52.293 |
|
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10) |
20.301 |
25.826 |
106.171 |
|
Extraordinary Items (Net of tax expense) |
-- |
-- |
-- |
|
Net Profit (+)/ Loss (-) for the period |
20.301 |
25.826 |
106.171 |
|
Paid-up equity share capital (Face value of Rs.10/- each) |
157.543 |
157.543 |
157.543 |
|
Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
|
|
Earnings per
share |
|
|
|
|
Before Extraordinary items (not annualized) |
|
|
|
|
- Basic (Rs.) |
1.29 |
1.64 |
6.74 |
|
- Diluted (Rs.) |
1.29 |
1.64 |
6.74 |
|
Public Shareholding |
|
|
|
|
- No. of shares |
7003019 |
7003019 |
7003019 |
|
- Percentage of shareholding |
44.45% |
44.45% |
44.45% |
|
Promoters and promoter group shareholding |
|
|
|
|
Pledged/ Encumbered |
|
|
|
|
- No. of shares |
Nil |
Nil |
NIL |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
NIL |
|
- Percentage of shares (as a % of the total share capital of the company) |
Nil |
Nil |
NIL |
|
Non-encumbered |
|
|
|
|
- No. of shares |
8751250 |
8751250 |
8751250 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
55.55% |
55.55% |
55.55% |
|
- Percentage of shares (as a % of the total share capital of the company) |
100.00% |
100.00% |
100.00% |
|
|
|
|
|
|
INVESTOR
COMPLAINTS |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
Nil |
|
|
|
Disposed during the quarter |
Nil |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or convictio
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.61.85 |
|
|
1 |
Rs.94.96 |
|
Euro |
1 |
Rs.69.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
6 |
|
--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 |
|
52 |
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.