MIRA INFORM REPORT
|
Report No. : |
312501 |
|
Report Date : |
16.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAMCO INDUSTRIES LIMITED SRI RAMCO SPINNERS (DIVISION OF
RAMCO INDUSTRIES LIMITED) |
|
|
|
|
Registered
Office : |
47, PSK Nagar, Rajapalayam, District Virudhunagar – 626 108, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
27.01.1965 |
|
|
|
|
Com. Reg. No.: |
18-005297 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.86.663 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26943TN1965PLC005297 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MRIR00355F |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACR5284J |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is primarily engaged in the manufacturing of asbestos based fibre cement (FC) sheets, which find application as a roofing material and is also engaged in spinning of cotton yarn, clinker grinding and manufacturing of calcium-silicate boards. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well-established company having fine track
record. The company has incurred loss during the financial year 2013-14. However, the company has good financial position marked by healthy
networth. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. The company can be considered 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 |
ICRA |
|
Rating |
Term Loans: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
March, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund-based/ Non-fund based Bank Facilities: A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
March, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
47, PSK Nagar, Rajapalayam, District Virudhunagar – 626 108,
Tamilnadu, India |
|
Tel. No.: |
91-44-28478585 |
|
Fax No.: |
91-44-28478597 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
“Auras Corporate Centre”, VI Floor, 98-A, Dr. Radhakrishnan Road,
Mylapore, Chennai – 600 004, Tamilnadu, India
|
|
Tel. No.: |
91-44-28478585 |
|
Fax No.: |
91-44-28478597 |
|
|
|
|
Factory 1 : |
Winterpet Post, Arakonam – 631 005, Tamilnadu, India |
|
Tel. No.: |
91-4177-224932 / 224934 |
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Fax No.: |
91-4177-224364 |
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|
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Factory 2 : |
Plot No.A-1, Industrial Area, Jawahar Navodaya Vidyalaya Road, Bihiya,
Bhojpur District – 802 152, Bihar, India |
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|
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|
Factory 3 : |
Plot No.A-12, SIPCOT Industrial Growth Centre, Gangaikondan – 627 352,
Tamilnadu, India |
|
Tel. No.: |
91-462-2950029 |
|
|
|
|
Factory 4 : |
Cement Clinker
Grinding Unit Dewanmara Ayma Monza, P.O. Hariatara, P.S. Kharaghpur (L), District
Paschim Midnapore, West Bengal, India
|
|
|
|
|
Factory 6 : |
Rane Bennur, Ranebennur Taluk, Haveri District – 581 143, Karnataka,
India |
|
Tel. No.: |
91-8373-248756 / 248757 / 248758 / 291361 |
|
Fax No.: |
91-8373-248759 |
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|
|
|
Factory 6 : |
R.S. No.71, Near Truck Terminal, Ibrahimpatnam, Vijayawada, Krishna District,
Andhra Pradesh, India |
|
Tel. No.: |
91-866-2882055 / 2882056 / 2882057 |
|
Fax No.: |
91-866-2992058 |
|
|
|
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Factory 7 : |
Agra Bombay Road, Maksi, Shajapur District – 456 106, Madhya Pradesh,
India |
|
Tel. No.: |
91-7363-233072 / 233073 |
|
Fax No.: |
91-7363-233574 |
|
|
|
|
Factory 8 : |
Survey No.78/12-15, Anjar Mundra, N.H.8/A, Sinugra Village, Anjar
Taluk, Kutch District – 370 110, Gujarat, India |
|
Tel. No.: |
91-2836-244034 / 244035 |
|
Fax No.: |
91-2836-244031 |
|
|
|
|
Factory 9 : |
Village - Dewanmaro Ayma, P.O. - Hariatara, P.S. - Kharagpur (L),
District - Pachim Medinipur - 721301, West Bengal, India |
|
Tel. No.: |
91-3222-201700 / 201772 / 201773 |
|
Fax No.: |
91-3222-233256 |
|
|
|
|
Factory 10 : |
Survey No.204/3, Silly Road, Galanda Village, Silvassa – 396 230, Dadra and
Nagar Haveli, India |
|
Tel. No.: |
91-0260-6546494 / 6546474 |
|
Fax No.: |
91-0260-2644706 |
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|
|
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Factory 11 : |
Yarn Spinning Mills P O Box 127, Krishnapuram Road, Rajapalayam, District
Virudhunagar, Tamilnadu, India |
|
|
|
|
Factory : |
Also located at: ·
Karur, Karnataka ·
Kotputli, Rajasthan Textile
Division (Cotton Yarn) ·
Sri Ramco Spinners,
Rajapalayam, Tamilnadu |
|
|
|
|
Regional Sales Office : |
Located at: ·
Chennai ·
Tirunelveli ·
Bangalore ·
Krishna District ·
Indore ·
Ahmedabad ·
Kolkata ·
Patna ·
Silvassa |
|
|
|
|
Sales Depots : |
Located at: ·
Tamilnadu ·
Kerala ·
Andhra Pradesh ·
Karnataka ·
Orissa ·
Maharashtra ·
Chhattisgarh ·
Delhi ·
Rajasthan ·
Uttar Pradesh ·
Madhya Pradesh ·
West Bengal ·
Bihar ·
Jharkhand ·
Gujarat |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. P.R. Ramasubrahmaneya Rajha |
|
Designation : |
Chairman |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mr. P.R. Venketrama Raja |
|
Designation : |
Vice-Chairman and Managing Director |
|
Qualification : |
B. Tech., MBA |
|
|
|
|
Name : |
Mr. S.S. Ramachandra Raja |
|
Designation : |
Director |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mr. K.T. Ramachandran |
|
Designation : |
Director |
|
Qualification : |
B.E. |
|
|
|
|
Name : |
Mr. N.K. Shrikantan Raja |
|
Designation : |
Director |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Mr. R. S. Agarwal |
|
Designation : |
Director |
|
Qualification : |
B.Sc., B.E. |
|
|
|
|
Name : |
Mr. M.B.N. Rao |
|
Designation : |
Director |
|
Qualification : |
B.Sc. (Agri) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
23433161 |
27.04 |
|
|
23296660 |
26.88 |
|
|
46729821 |
53.92 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
46729821 |
53.92 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
64990 |
0.07 |
|
|
3099997 |
3.58 |
|
|
17000 |
0.02 |
|
|
3181987 |
3.67 |
|
|
|
|
|
|
2941702 |
3.39 |
|
|
|
|
|
|
14574238 |
16.82 |
|
|
16871800 |
19.47 |
|
|
2363512 |
2.73 |
|
|
23622 |
0.03 |
|
|
1447124 |
1.67 |
|
|
892266 |
1.03 |
|
|
500 |
0.00 |
|
|
36751252 |
42.41 |
|
Total
Public shareholding (B) |
39933239 |
46.08 |
|
Total
(A)+(B) |
86663060 |
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) |
86663060 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the manufacturing of asbestos based fibre cement (FC) sheets, which find application as a roofing material and is also engaged in spinning of cotton yarn, clinker grinding and manufacturing of calcium-silicate boards. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
HDFC Bank Limited ·
DBS Bank Limited ·
IDBI Bank Limited ·
Indian Bank ·
Kotak Mahindra Bank Limited ·
State Bank of India ·
Tamilnad Mercantile Bank Limited ·
The Karur Vysya Bank Limited ·
HSBC Bank ·
ICICI Bank Limited |
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
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, Tiruchirapalli – 620 001, Tamilnadu, India |
|
|
|
|
Auditors 2 : |
|
|
Name : |
CNGSN and Associates Chartered Accountants |
|
Address : |
20, Raja Street, T. Nagar, Chennai – 600 017, Tamilnadu, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies : |
·
Sudharsanam Investments Limited ·
Sri Ramco Lanka (Private) Limited, Sri
Lanka ·
Sri Ramco Roofings Lanka (Private) Limited,
Sri Lanka [Wholly owned subsidiary of Sri Ramco Lanka (Private) Limited] |
|
|
|
|
Enterprises over which
the above persons exercise significant influence and with which the Company
has transactions during the year : |
·
Rajapalayam Mills Limited ·
The Ramco Cements Limited ·
Ramco Systems Limited ·
The Ramaraju Surgical Cotton Mills Limited ·
Sri Vishnu Shankar Mills Limited ·
Sandhya Spinning Mills Limited ·
Thanjavur Spinning Mills Limited ·
Sri Harini Textiles Limited Public Trust ·
Raja Charity Trust ·
P A C R Educational and Charitable Trust ·
P A C R Sethurammal Charities ·
Shri Abinava Vidyatheertha Seva Trust |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Re.1/- each |
Rs.200.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
86663060 |
Equity Shares |
Re.1/- each |
Rs.86.663 million |
|
|
|
|
|
The
reconciliation of the number of shares outstanding is set out below:
|
Particulars |
31.03.2014 |
|
Equity Shares at the beginning of the year |
86663060 |
|
Equity Shares at the end of the year |
86663060 |
The
details of Shareholders holding more than 5% shares:
|
Name of the Shareholders |
31.03.2014 |
|
|
No. of Shares |
% held |
|
|
The Ramco Cements Limited |
13372500 |
15.43 |
|
Rajapalayam Mills Limited |
7920680 |
9.14 |
|
P.R. Venketrama Raja |
5500000 |
6.35 |
|
Saradha Deepa |
5500000 |
6.35 |
|
Nalina Ramalakshmi |
5580000 |
6.44 |
|
|
37873180 |
43.70 |
Of
the above, 43331530 equity shares were allotted in the year 2009-10 as fully paid
Bonus Shares by capitalisation of General Reserves.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
86.663 |
86.663 |
86.663 |
|
(b) Reserves & Surplus |
4513.896 |
4587.279 |
4153.141 |
|
(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) |
4600.559 |
4673.942 |
4239.804 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
1742.031 |
1915.080 |
1141.922 |
|
(b) Deferred tax liabilities (Net) |
113.965 |
201.856 |
228.856 |
|
(c) Other long term
liabilities |
210.531 |
199.370 |
157.724 |
|
(d) Long-term
provisions |
29.542 |
36.852 |
36.759 |
|
Total Non-current
Liabilities (3) |
2096.069 |
2353.158 |
1565.261 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1736.131 |
1672.684 |
572.443 |
|
(b) Trade
payables |
196.658 |
223.512 |
377.677 |
|
(c) Other
current liabilities |
902.237 |
1170.436 |
995.714 |
|
(d) Short-term provisions |
28.135 |
153.453 |
154.725 |
|
Total Current
Liabilities (4) |
2863.161 |
3220.085 |
2100.559 |
|
|
|
|
|
|
TOTAL |
9559.789 |
10247.185 |
7905.624 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3686.755 |
2461.346 |
2651.287 |
|
(ii)
Intangible Assets |
13.007 |
16.949 |
22.891 |
|
(iii)
Capital work-in-progress |
57.513 |
1039.078 |
74.897 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2031.916 |
2031.595 |
2026.168 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
135.057 |
262.247 |
148.178 |
|
(e) Other
Non-current assets |
130.471 |
169.990 |
139.439 |
|
Total Non-Current
Assets |
6054.719 |
5981.205 |
5062.860 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2209.470 |
2866.592 |
1511.755 |
|
(c) Trade
receivables |
652.381 |
687.417 |
596.917 |
|
(d) Cash
and cash equivalents |
127.253 |
122.866 |
138.815 |
|
(e)
Short-term loans and advances |
292.956 |
412.331 |
377.164 |
|
(f) Other
current assets |
223.010 |
176.774 |
218.113 |
|
Total
Current Assets |
3505.070 |
4265.980 |
2842.764 |
|
|
|
|
|
|
TOTAL |
9559.789 |
10247.185 |
7905.624 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6686.251 |
7820.967 |
6654.399 |
|
|
|
Other Income |
234.171 |
284.418 |
413.239 |
|
|
|
TOTAL |
6920.422 |
8105.385 |
7067.638 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials |
4109.634 |
5076.728 |
3977.215 |
|
|
|
Cost of Resale materials |
16.199 |
65.037 |
177.656 |
|
|
|
Change in inventories of Finished Goods and
Work-in-progress |
224.731 |
(422.007) |
(183.685) |
|
|
|
Employee benefit expenses |
471.392 |
424.855 |
386.350 |
|
|
|
Other expenses |
1477.246 |
1700.162 |
1421.499 |
|
|
|
Exceptional Items |
0.000 |
(7.276) |
(15.289) |
|
|
|
TOTAL |
6299.202 |
6837.499 |
5763.746 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
621.220 |
1267.886 |
1303.892 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
336.582 |
289.192 |
241.538 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
284.638 |
978.694 |
1062.354 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
432.495 |
331.763 |
333.908 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(147.857) |
646.931 |
728.446 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(87.891) |
102.000 |
115.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(59.966) |
544.931 |
613.446 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
253.500 |
99.362 |
86.710 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim
Dividend |
0.000 |
77.997 |
77.997 |
|
|
|
Tax
on Interim Dividend |
0.000 |
12.652 |
12.653 |
|
|
|
Proposed Dividend on Equity Shares |
21.666 |
17.333 |
17.333 |
|
|
|
Tax
on Dividend |
3.682 |
2.811 |
2.811 |
|
|
|
Transfer
to General Reserve |
0.000 |
280.000 |
490.000 |
|
|
BALANCE CARRIED
TO THE B/S |
168.186 |
253.500 |
99.362 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
349.878 |
434.349 |
395.540 |
|
|
|
Royalty Income |
131.432 |
123.759 |
86.217 |
|
|
|
Dividend from Sri Lankan Subsidiary |
1.596 |
0.000 |
53.681 |
|
|
TOTAL EARNINGS |
482.906 |
558.108 |
535.438 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1529.732 |
2829.308 |
1801.954 |
|
|
|
Spares |
1.808 |
4.965 |
3.755 |
|
|
|
Capital Goods |
284.519 |
275.134 |
16.740 |
|
|
TOTAL IMPORTS |
1816.059 |
3109.407 |
1822.449 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.69) |
6.29 |
7.08 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
2460.800 |
1585.500 |
1580.700 |
|
Total
Expenditure |
2236.300 |
1480.100 |
1503.200 |
|
PBIDT
(Excl OI) |
224.500 |
105.400 |
77.500 |
|
Other
Income |
7.100 |
66.400 |
0.000 |
|
Operating
Profit |
231.600 |
171.800 |
77.500 |
|
Interest |
84.800 |
83.000 |
98.600 |
|
Exceptional
Items |
0.000 |
100.400 |
0.000 |
|
PBDT |
146.800 |
189.200 |
(21.100) |
|
Depreciation |
53.700 |
47.700 |
38.400 |
|
Profit
Before Tax |
93.100 |
141.500 |
(59.500) |
|
Tax |
15.300 |
(10.000) |
(11.700) |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.00 |
|
Profit
After Tax |
77.800 |
151.500 |
(47.800) |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior
Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
77.800 |
151.500 |
(47.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(0.90) |
6.97 |
9.22 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
9.29 |
16.21 |
19.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.98) |
9.01 |
12.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
0.14 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.76 |
0.77 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.32 |
1.35 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
86.663 |
86.663 |
86.663 |
|
Reserves & Surplus |
4153.141 |
4587.279 |
4513.896 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
4239.804 |
4673.942 |
4600.559 |
|
|
|
|
|
|
Long Term borrowings |
1141.922 |
1915.080 |
1742.031 |
|
Short Term borrowings |
572.443 |
1672.684 |
1736.131 |
|
Total borrowings |
1714.365 |
3587.764 |
3478.162 |
|
Debt/Equity ratio |
0.404 |
0.768 |
0.756 |
%20-%20312501%2016-Mar-2015_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from operation |
6654.399 |
7820.967 |
6686.251 |
|
|
|
17.531 |
(14.509) |
%20-%20312501%2016-Mar-2015_files/image024.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from operation |
6654.399 |
7820.967 |
6686.251 |
|
Profit |
613.446 |
544.931 |
(59.966) |
|
|
9.22% |
6.97% |
(0.90%) |
%20-%20312501%2016-Mar-2015_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
REVIEW OF OPERATIONS AND
CURRENT TRENDS
A.
BUILDING PRODUCTS DIVISION:
|
PRODUCT |
PRODUCTION Qty. in M.T. |
SALES Qty. in M.T. |
TURNOVER (Rs. in Million) |
|||
|
31.03.2014 |
31.03.2013 |
31.03.2014 |
31.03.2013 |
31.03.2014 |
31.03.2013 |
|
|
Fibre Cement Sheets |
397064 |
565189 |
441285 |
539844 |
4466.400 |
5583.300 |
|
Calcium Silicate Boards |
14451 |
13297 |
12851 |
12733 |
296.500 |
286.200 |
(a) Fibre Cement (FC)
Sheets:
During the year, Sale of FC
Sheets has dropped by 19% compared to last year. Lower Offtake from the market is
due to unseasonal and extended monsoon during the year, disruption due to
Telangana agitation and reduction in the price gap between FC Sheets and Steel
Sheets. Margins are under pressure as the market could not absorb the increase
in operational costs such as material costs (due to Indian Rupee depreciation),
power cost, etc. The Company is taking all efforts to reduce the operational
costs.
(b) Calcium Silicate Boards
(CSBs):
The new State-of-the-art
plant for manufacture of Calcium Silicate Boards has been commissioned during
the year. Capacity utilization of the plant is expected to go up during the
year in view of focussed actions to improve the market of CSB. While there has
been marginal increase in production compared to last year, Sales have remained
stagnant due to poor demand.
(c) Cement Clinker Grinding
(CCG) Plant at Kharagpur, West Bengal:
The Unit recorded
continuous improvement in its performance during the year. The Plant had
produced 1,40,765 M.T. of Cement during the year as against 1,40,174 M.T. of
Cement during the Previous Year, registering 4% growth.
Similarly, Sale of Cement
also increased from 1,40,033 M.T during the last year to 1,40,868 M.T. during
2013-14.
The drop in Profitability
is due to the full utilization of the incentives of the Government of West
Bengal.
(d) Fibre Cement Pressure
Pipes:
Operations of Pressure
Pipes continued to be under pressure owing to the slow down in infrastructural
activities during the year.
B. WIND MILLS:
During the Financial Year 2013-14,
the Wind energy was low compared to last year, from the existing 15 Wind Mills.
Position regarding Wind
Mills was as follows:-
Total Capacity Installed:
16.73 MW
Total Units generated: 253
lakh Units (P.Y: 343 lakh Units)
Income
earned: Rs.132.700 million (P.Y: Rs.172.700 million)
(by
generation/sale of power)
C. COTTON YARN DIVISION -
SRI RAMCO SPINNERS:
Production and Sales:
During the year 2013-14,
the Unit had produced 32.60 lakh Kgs. of Cotton Yarn as compared to 33.40 lakh
Kgs. produced during the Previous Year. The Unit had registered its sale of
Yarn at 33.29 lakh Kgs. (including traded yarn) during the year as against
33.19 lakh Kgs. during 2012-13.
The performance of the
Company during the year was good due to good demand for their yarn, both in
domestic as well as export market. Though there was volatility in cotton
prices, constant demand for the value added yarn produced by the Company has
helped to maintain the yarn prices at reasonable levels. The capacity of
spinning and other value added facilities have been utilized well during the
year. Better yarn realisation coupled with higher capacity utilization have
contributed for overall improved financial performance of the Company.
The power cut in Tamilnadu
is still continuing. Timely decision taken by the Directors to install
Windmills in previous years has helped the Company to mitigate the power
shortfall during peak wind season. During this year, there was an unusual
restrictions imposed by the Tamilnadu Generation and Distribution Corporation
(TANGEDCO) in evacuation of power generated by wind mills, which has resulted
in loss in generation of power from wind mills to the extent of approximately 6
million units, which translated into Rs.35.000 million in monetary terms.
Due to shut-down of wind
mills by TANGEDCO, the Company was forced to purchase the power from power
generating companies / run the DG and HFO sets, which are costly compared to
wind mills. Due to this, the power cost during the year has gone up
substantially.
In spite of spiraling wage
cost, power cost and logistics cost, the strategic decisions taken by the
Company to focus on high quality value added yarn catering to the premium
customers in fabric and garment segments, both in domestic and export markets
have helped the Company to improve operational and financial performance.
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.
D. OVERSEAS OPERATIONS OF
SUBSIDIARIES - SRI RAMCO LANKA (PRIVATE) LIMITED AND SRI RAMCO ROOFINGS LANKA
(PRIVATE) LIMITED, SRI LANKA:
The production of FC plant of
Sri Ramco Roofings Lanka (Private) Limited (SRRLPL), which commenced commercial
production in 2012, was 52,207 M.T. and Sales was 52,724 M.T. during the year,
compared to 45,869 M.T. and 41,804 M.T., registering an increase of 14% and 26%
respectively.
Due to sluggish market
conditions, there was drop in Net Sales of Sri Ramco Lanka (Private) Limited,
during the year.
This was partially offset
by supplies effected from Sri Ramco Roofings Lanka (Private) Limited. At a
Consolidated level of both the Companies, the Net Sales were SLR 31,710 lakhs
(INR 1472.900 million) as against SLR 31,097 lakhs (INR 1308.500 million)
during the corresponding Previous Year.
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Term
Loan from Banks |
198.804 |
198.804 |
|
Deposits
from Public |
0.000 |
0.560 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan
from Banks |
799.960 |
487.241 |
|
Deposits
from Public |
0.880 |
0.830 |
|
Deposits
from Directors |
2.856 |
7.893 |
|
Total |
1002.500 |
695.328 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10533016 |
03/11/2014 |
200,000,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
27, BKC, C 27, G BLOCK,
BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
C34735308 |
|
2 |
10449412 |
20/08/2013 |
500,000,000.00 |
ICICI BANK |
NO.1, CENOTAPH ROAD, TEYNAMPET,
CHENNAI, TAMILNADU - 600018, INDIA |
B85158079 |
|
3 |
10440721 |
06/05/2014 * |
600,000,000.00 |
ICICI BANK LIMITED |
NO.1, CENOTAPH ROAD,
CHENNAI, TAMILNADU - 600018, |
C38921144 |
|
4 |
10421263 |
05/06/2014 * |
250,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMI |
NO.30, RAJAJI SALAI,
CHENNAI, TAMILNADU - 600001, |
C43398098 |
|
5 |
10421260 |
05/06/2014 * |
300,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED |
NO.30, RAJAJI SALAI, CHENNAI,
TAMILNADU - 600001, INDIA |
C43396555 |
|
6 |
10415774 |
20/03/2013 |
350,000,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI, CHENNAI,
TAMILNADU - 600002, INDIA |
B72008667 |
|
7 |
10414481 |
30/01/2013 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B71690739 |
|
8 |
10408231 |
30/01/2013 |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B69676237 |
|
9 |
10399447 |
05/12/2012 |
325,860,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI, CHENNAI,
TAMILNADU - 600002, INDIA |
B66650730 |
|
10 |
10313397 |
29/09/2011 |
110,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH,
KANNAMMAI BUILDING, 611 ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA |
B23615511 |
|
11 |
10308066 |
13/08/2011 |
276,000,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI, CHENNAI,
TAMILNADU - 600002, INDIA |
B21398102 |
|
12 |
10182825 |
14/10/2009 |
50,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
A72384936 |
|
13 |
10058025 |
05/06/2014 * |
423,500,000.00 |
CANARA BANK |
883 TENKASI ROAD,
RAJAPALAYAM, TAMILNADU - 626117, INDIA |
C46149423 |
|
14 |
10034261 |
02/12/2009 * |
100,000,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
CEEBROS CENTRE III FLOOR,
39 MONTIETH ROAD EGMORE, CHENNAI, TAMILNADU - 600008, INDIA |
A78284437 |
|
15 |
10031468 |
05/06/2014 * |
100,000,000.00 |
TAMILNAD MERCANTILE BANK
LIMITED |
391, TENKASI ROAD,
RAJAPALAYAM, TAMILNADU - 626117, INDIA |
C46141941 |
|
16 |
80036643 |
05/06/2014 * |
88,800,000.00 |
THE KARUR VYSYA BANK
LIMITED |
37 WHITES ROAD, CHENNAI, TAMILNADU
- 600014, INDIA |
C46144044 |
|
17 |
80024957 |
30/12/2009 * |
320,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH,
ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA |
A79520417 |
|
18 |
80036119 |
30/12/2009 * |
105,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH,
ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA |
A79520284 |
|
19 |
80015594 |
05/06/2014 * |
450,000,000.00 |
IDBI BANK LIMITED |
SAIDAPET BRANCH, 115,
ANNA SALAI, SAIDAPET, CHENNAI, TAMILNADU - 600015, INDIA |
C46145900 |
|
20 |
90287129 |
23/09/2014 * |
650,000,000.00 |
STATE BANK OF INDIA |
III FLOOR, SIGAPI ACHI
BUILDING, 18/3, RUKMINI, LAKSHMIPATHI ROAD, EGMORE, CHENNAI, TAMILNADU -
600008, INDIA |
C28932739 |
* Date of charge modification
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
A. Claims against the Company / disputed
liabilities not acknowledged as debts |
|
|
|
a.
In respect of Joint ventures |
Nil |
Nil |
|
b.
In respect of others |
200.044 |
292.784 |
|
B. Guarantees |
|
|
|
Guarantees
to Banks/Financial institutions against credit facilities extended to third
parties |
|
|
|
a.
In respect of Joint ventures |
Nil |
Nil |
|
b.
In respect of others |
1017.900 |
1094.900 |
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED 31.12.2014
(Rs. in Million)
|
PART - I |
||||
|
PARTICULARS |
Quarter Ended |
Nine Months
Ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
||||
|
1.
Income from Operations |
|
|
|
|
|
a. Net Sales / Income from Operations (Net
of Excise Duty) |
1538.800 |
1538.300 |
5505.300 |
|
|
b. Other Income from Operations |
41.900 |
47.200 |
127.900 |
|
|
Total
Income |
1580.700 |
1585.500 |
5633.200 |
|
|
2.
Expenses |
|
|
|
|
|
a. Cost of Materials consumed |
1041.700 |
1110.200 |
3517.700 |
|
|
b. Purchase of Stock In Trade |
3.500 |
2.400 |
8.900 |
|
|
c. Changes In Inventories of Finished
Goods, Work-in-Progress & Stock in Trade |
(80.600) |
(171.100) |
15.600 |
|
|
d. Employee Benefits Expenses |
138.600 |
134.900 |
402.100 |
|
|
e. Depreciation and Amortisation Expense |
38.400 |
47.700 |
139.800 |
|
|
f. Other expenditure |
400.000 |
403.700 |
1275.300 |
|
|
Total
expenditure |
1541.600 |
1527.800 |
5359.400 |
|
|
3. Profit from Operations before Other income, Finance cost and
Exceptional items |
39.100 |
57.700 |
273.800 |
|
|
4. Other Income |
0.000 |
66.400 |
66.400 |
|
|
5 Profit from Operations before Finance cost and Exceptional items |
39.100 |
124.100 |
340.200 |
|
|
6. Finance Costs |
98.600 |
83.000 |
266.400 |
|
|
7. Profit from Operations after Finance cost but before Exceptional
items |
(59.500) |
41.100 |
73.800 |
|
|
8. Exceptional items |
0.000 |
100.400 |
101.300 |
|
|
9. Profit/ Loss from Ordinary Activities Before Tax |
(59.500) |
141.500 |
175.100 |
|
|
10. Tax Expense |
|
|
|
|
|
- Current Tax |
(3.300) |
9.800 |
25.500 |
|
|
- Deferred Tax |
(13.300) |
(10.000) |
(8.000) |
|
|
- MAT Credit entitlement |
4.900 |
(9.800) |
23.900 |
|
|
11. Net Profit/Loss from ordinary activities after Tax |
(47.800) |
151.500 |
181.500 |
|
|
12. Minority interest in Subsidiaries |
-- |
-- |
-- |
|
|
13. Share of Profit/ (Loss) of Associates |
-- |
-- |
-- |
|
|
13. Net Profit / Loss for the period
(11-12) |
(47.800) |
151.500 |
181.500 |
|
|
14. Paid up Equity Share Capital (Face value of Re.1/- per share) |
86.700 |
86.700 |
86.700 |
|
|
15. Reserves Excluding Revaluation
reserves |
-- |
-- |
-- |
|
|
16. Earnings Per Share (EPS) of Re. 1/-
each Basic and Diluted before & after
Extraordinary items – Rs. |
(0.55) |
1.75 |
2.09 |
|
|
|
|
|
|
|
|
PART II |
||||
|
A.
Particulars of Shareholding |
|
|
|
|
|
Public
Share holding |
|
|
|
|
|
Number of Shares (F.V. Re. 1/-) |
39933239 |
39933239 |
39933239 |
|
|
Percentage of shareholding |
46.08% |
46.08% |
46.08% |
|
|
a. Pledged /
Encumbered: |
|
|
|
|
|
No. shares (F.V. Re. 1/-) |
700000 |
700000 |
700000 |
|
|
Percentage of Shares (as a % of the total Shareholding of the Promoter
& Promoter Group) |
1.50% |
1.50% |
1.50% |
|
|
Percentage of shares (as a % of the total Share Capital of the
Company) |
0.81% |
0.81% |
0.81% |
|
|
b.
Non-encumbered: |
|
|
|
|
|
Number of Shares (F.V .Re. 1/-) |
46029821 |
46029821 |
46029821 |
|
|
Percentage of shares (as a % of the total sharehording of Promoter
& Promoter Group) |
98.50% |
98.50% |
98.50% |
|
|
Percentage of shares (as a % of the total Share Capital of the Company) |
53.11% |
53.11% |
53.11% |
|
|
B.
Investor Complaints: |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
Nil |
Nil |
|
Received during the quarter |
1 |
Nil |
1 |
|
Disposed of during the quarter |
1 |
Nil |
1 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Nil |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
(Rs. in Million)
|
PARTICULARS |
Quarter Ended |
Nine Months
Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
Unaudited |
|||
|
Segment
Revenue / Income |
|
|
|
|
a. Building Products |
1288.400 |
1192.200 |
4634.400 |
|
b. Textiles |
268.600 |
338.600 |
863.900 |
|
c. Wind Mill |
18.400 |
55.800 |
115.600 |
|
d. Unallocated |
36.600 |
40.200 |
111.400 |
|
Total |
1612.000 |
1626.800 |
5725.300 |
|
Less: Inter-segment Revenue |
31.300 |
41.300 |
92.100 |
|
Net
Sales / Income from Operations |
1580.700 |
1585.500 |
5633.200 |
|
Segment Results
Profit (+) Loss (-) Before Tax and Finance cost |
|
|
|
|
a. Building Products |
(19.000) |
(34.200) |
38.600 |
|
b. Textiles |
17.200 |
(3.500) |
34.300 |
|
c. Wind Mill |
5.600 |
36.700 |
72.400 |
|
d. Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
3.800 |
(1.000) |
145.300 |
|
Less: Finance Cost |
98.600 |
83.000 |
266.400 |
|
Add: Un-allocable income net off
unallocable expenditure |
35.300 |
225.500 |
296.200 |
|
|
|
|
|
|
Total
Profit before Tax |
(59.500) |
141.500 |
175.100 |
|
|
|
|
|
|
3. Capital
Employed: (Segment Assets (-)Segment Liabilities) |
|
|
|
|
a. Building Products |
2994.200 |
2709.300 |
2994.200 |
|
b. Textiles |
759.100 |
763.400 |
759.100 |
|
c. Wind Mill |
199.200 |
210.000 |
199.200 |
|
d. Unallocated |
820.100 |
1136.100 |
820.100 |
|
Total |
4772.600 |
4818.800 |
4772.600 |
Notes:
1.
The above unaudited results have been reviewed by the Audit Committee at its
meeting held on 04.02.2015 and approved by the Board of Directors at its meetings
held on 05.02.2015. The Statutory Auditors of the company have carried out
Limited Review of these results and are being published in accordance with
clause 41 of the listing agreement.
2. Other Income from operations for the nine
months period ended include Rs.6.800 million representing foreign currency
gain.
3. Pursuant to implementation of depreciation
methodology as per the new Companies Act, 2013.
a) The value of assets whose useful life is
exhausted as on 01.04.2014, calculated under the new Act, amounting to
Rs.11.000 million (net after adjusting deferred tax of Rs.5.700 million) have
been adjusted to General reserve.
b) The depreciation for the quarter is lower by
Rs.75.200 million when compared to the calculation of depreciation under the
Companies Act, 1956.
4. During the nine months period ended,
Exceptional items is net of (1) Rs.135.000 million towards profit on sale of
investments; (2) Rs.33.700 million towards expenditure on Voluntary Separation
scheme.
5. Previous year's figures have been regrouped /
restated wherever necessary.
FIXED ASSETS:
Tangible Assets
·
Land - Freehold
·
Land - Lease Hold
·
Buildings
·
Railway Sidings
·
Plant and Machinery
·
Electrical Machinery
·
Furniture
·
Office Equipments
·
Vehicles
·
Aircraft in joint venture (The Company owns 1/6 share
in aircraft as joint ownership)
Intangible Assets
·
Computer Software
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.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
-- PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
57 |
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.