MIRA INFORM REPORT
|
Report No. : |
320349 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
KALLAM SPINNING
MILLS LIMITED (w.e.f. 22.09.1994) |
|
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|
Formerly Known
As : |
KALLAM AGROS LIMITED |
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Registered
Office : |
N.H.-5, Chowadavaram, Guntur – 522 019, Andhra Pradesh |
|
Tel. No. |
91-863-2344010 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
18.02.1992 |
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Com. Reg. No.: |
01-013860 |
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Capital
Investment / Paid-up Capital : |
Rs. 68.511 Million |
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CIN No.: [Company Identification
No.] |
L18100AP1992PLC013860 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDK01467E HYDK01653B |
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PAN No.: [Permanent Account No.] |
AAACK9363M |
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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 and sale of cotton yarn and cotton fabrics. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1700000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating takes into consideration company moderate financial risk
profile and huge borrowings recorded by the company. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 |
Fund Based Limits (BB) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
November 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 BY
|
Name : |
Mr. Narendra |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-863-2344010 |
|
Date : |
29.04.2015 |
LOCATIONS
|
Registered Office/ Factory 1 (Spinning Unit) : |
N.H.-5, Chowadavaram, Guntur – 522 019, Andhra Pradesh, India |
|
Tel. No.: |
91-863-2344010/ 2344017/ 2344015/ 2512004/ 2512005/ 2512006 |
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Fax No.: |
91-863-2344000 |
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E-Mail : |
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Website : |
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Factory 2 (Power Plant) : |
Kotha Kothur Village, Nelakondapalli Mandal, Khammam District Andhra Pradesh, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. K. Haranadha Reddy |
|
Designation : |
Non Executive Chairman |
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|
Name : |
Mr. P.Venkateswara Reddy |
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Designation : |
Managing Director |
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Name : |
G .V Krishna Reddy |
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Designation : |
Joint Managing Director |
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Name : |
M. V Subba Reddy |
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Designation : |
Whole Time Director |
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Name : |
M.R. Naik |
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Designation : |
Director |
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Name : |
V.S.N Murthy |
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Designation : |
Nominee Director of IREDA |
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Name : |
A.Krishna Murthy |
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Designation : |
Director |
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Name : |
S. Pulla Rao |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Narendra |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
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|
2433884 |
35.53 |
|
|
874057 |
12.76 |
|
|
874057 |
12.76 |
|
|
3307941 |
48.28 |
|
|
|
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|
Total shareholding of Promoter
and Promoter Group (A) |
3307941 |
48.28 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
10000 |
0.15 |
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|
10000 |
0.15 |
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|
|
|
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|
87625 |
1.28 |
|
|
|
|
|
|
1389700 |
20.28 |
|
|
1882198 |
27.47 |
|
|
173636 |
2.53 |
|
|
170891 |
2.49 |
|
|
2745 |
0.04 |
|
|
3533159 |
51.57 |
|
Total Public shareholding (B) |
3543159 |
51.72 |
|
Total (A)+(B) |
6851100 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
6851100 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and sale of cotton yarn and cotton fabrics. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not 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 |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Note: Short Term
Borrowing The above loans are secured by way of hypothecation of Inventories and book debts. Further secured by way of second charge on pari passu basis on fixed assets of the company other than those exclusively charged to IREDA. Further guaranteed by two directors in their individual capacities. The working capital loans from Andhra bank carries interest @11% and 12.50% and from Indian bank carries interest @10.25% and 12.50%. No amounts were overdrawn during the year by the company than the limits sanctioned. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Brahmayya and Company Chartered Accountants |
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Address : |
10-3-21, Sambasivapet, |
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Cost Auditors : |
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Name : |
P. Srinivas Cost Accountant |
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Address : |
97/2rt, Vijaya Nagar Colony, Besides Masab Tank, |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Companies controlled
by Key management personnel/Relative of Key Management Personnel : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6851100 |
Equity Shares |
Rs.10/- each |
Rs. 68.511 Million |
|
|
|
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|
1. The company has only one class of Equity shares having a par value of Rs.10/- each. Each holder of equity share is entitled to one vote per share on poll and have one vote on show of hands. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company in proportion to their shareholding after distribution of payments to preferential creditors.
2. Details of share
holders holding more than 5% of total number of shares
|
Name of the
Share Holder |
As at 31.03.2014 |
|
|
Number of Shares held |
% out of total
number of shares of the company |
|
|
Kallam Haranadha Reddy (Individual) |
359300 |
5.24% |
|
Gurram Venkata Krishna Reddy |
555065 |
8.10% |
|
Kallam Agro Products and Oils Private Limited |
873982 |
12.76% |
|
T.Lakshminarayanan |
399758 |
5.83% |
3. The company is neither a holding company nor a subsidiary company to any other company.
4. Reconciliation of
number of Equity shares:
|
Particulars |
As at 31.03.2014 |
|
|
Number of Shares |
Amount |
|
|
Shares outstanding at the beginning of the year |
6851100 |
68.511 |
|
Add: Shares Issued during the year |
-- |
-- |
|
|
|
|
|
|
6851100 |
68.511 |
|
Less: Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
6851100 |
68.511 |
5. The company has not issued any bonus shares during the last five financial years.
6. None of the shares were allotted in pursuant to contract without payment being received in cash.
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 |
68.511 |
68.511 |
68.511 |
|
(b) Reserves &
Surplus |
541.705 |
404.664 |
329.946 |
|
(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) |
610.216 |
473.175 |
398.457 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1956.814 |
993.038 |
889.962 |
|
(b) Deferred tax
liabilities (Net) |
154.113 |
147.775 |
107.061 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.613 |
3.774 |
3.626 |
|
Total Non-current Liabilities
(3) |
2114.540 |
1144.587 |
1000.649 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
624.228 |
274.723 |
454.882 |
|
(b) Trade payables |
90.408 |
15.119 |
8.136 |
|
(c) Other current
liabilities |
246.561 |
259.441 |
172.337 |
|
(d) Short-term provisions |
84.302 |
67.797 |
57.234 |
|
Total Current Liabilities
(4) |
1045.499 |
617.080 |
692.589 |
|
|
|
|
|
|
TOTAL |
3770.255 |
2234.842 |
2091.695 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1273.333 |
1276.402 |
1254.385 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1521.438 |
205.148 |
57.760 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
58.889 |
46.025 |
25.247 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2853.660 |
1527.575 |
1337.392 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
591.625 |
425.642 |
488.151 |
|
(c) Trade receivables |
70.170 |
66.524 |
89.362 |
|
(d) Cash and cash
equivalents |
15.638 |
14.886 |
7.434 |
|
(e) Short-term loans and
advances |
234.407 |
197.515 |
167.429 |
|
(f) Other current assets |
4.755 |
2.700 |
1.927 |
|
Total Current Assets |
916.595 |
707.267 |
754.303 |
|
|
|
|
|
|
TOTAL |
3770.255 |
2234.842 |
2091.695 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2146.404 |
1830.265 |
1519.710 |
|
|
Other Income |
47.296 |
35.059 |
39.502 |
|
|
TOTAL (A) |
2193.700 |
1865.324 |
1559.212 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1362.580 |
1044.287 |
1157.935 |
|
|
Purchases of Stock-in-Trade |
0.000 |
29.060 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(39.653) |
38.756 |
(71.047) |
|
|
Employees benefits
expense |
44.332 |
40.277 |
35.972 |
|
|
Exceptional Items |
0.000 |
31.881 |
0.000 |
|
|
Other expenses |
389.796 |
346.403 |
242.196 |
|
|
TOTAL (B) |
1757.055 |
1530.664 |
1365.056 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
436.645 |
334.660 |
194.156 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
147.426 |
141.976 |
123.801 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
289.219 |
192.684 |
70.355 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
78.062 |
75.722 |
69.240 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
211.157 |
116.962 |
1.115 |
|
|
|
|
|
|
|
Less |
TAX (H) |
64.467 |
55.414 |
-4.914 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
146.690 |
61.548 |
6.029 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
374.653 |
313.105 |
307.076 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
3.700 |
0.000 |
0.000 |
|
|
Dividend |
8.121 |
0.000 |
0.000 |
|
|
Tax on Dividend |
1.397 |
0.000 |
0.000 |
|
|
Total (K) |
13.218 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
508.125 |
374.653 |
313.105 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Stores and Spares |
26.191 |
1.227 |
0.533 |
|
|
Capital Goods |
926.308 |
6.683 |
76.123 |
|
|
TOTAL IMPORTS |
952.499 |
7.910 |
76.656 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
21.41 |
8.98 |
0.88 |
QUARTERLY /
SUMMARISED RESULTS
|
Particulars |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
Audited / Un
Audited |
Un Audited |
Un Audited |
Un Audited |
|
Net Sales |
558.100 |
588.500 |
616.900 |
|
Total Expenditure |
472.800 |
521.000 |
535.700 |
|
PBIDT (Excl OI) |
85.300 |
67.500 |
81.200 |
|
Other Income |
12.500 |
19.200 |
23.700 |
|
Operating Profit |
97.800 |
86.700 |
104.900 |
|
Interest |
40.500 |
48.300 |
70.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
57.300 |
38.400 |
34.700 |
|
Depreciation |
19.700 |
26.800 |
32.700 |
|
Profit Before Tax |
37.600 |
11.500 |
2.000 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
37.600 |
11.500 |
2.000 |
|
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 |
37.600 |
11.500 |
2.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/ Sales) |
(%) |
6.83 |
3.36 |
0.40 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
20.34 |
18.28 |
12.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.39 |
5.76 |
0.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.25 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.23 |
2.68 |
3.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
1.15 |
1.09 |
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 |
68.511 |
68.511 |
68.511 |
|
Reserves & Surplus |
329.946 |
404.664 |
541.705 |
|
Net worth |
398.457 |
473.175 |
610.216 |
|
|
|
|
|
|
long-term borrowings |
889.962 |
993.038 |
1956.814 |
|
Short term borrowings |
454.882 |
274.723 |
624.228 |
|
Total borrowings |
1344.844 |
1267.761 |
2581.042 |
|
Debt/Equity ratio |
3.375 |
2.679 |
4.230 |
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 |
1519.710 |
1830.265 |
2146.404 |
|
|
|
20.435 |
17.273 |
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 |
1519.710 |
1830.265 |
2146.404 |
|
Profit |
6.029 |
61.548 |
146.690 |
|
|
0.40% |
3.36% |
6.83% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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:
INDUSTRY STRUCTURE
& DEVELOPMENT:
The core business of the company is manufacture and sale of cotton yarn and cotton fabrics. The management discussion and analysis given below discusses the key issues of the cotton yarn spinning and weaving sector.
a) Industry structure
Textile industry has an overwhelming presence in the economic life of the country. Apart from providing one of the basic necessities of life, the textile industry also plays a pivotal role through its contribution to industrial output, employment generation and the export earnings of the country. It contributes about 14% to the industrial production, 4% to the GDP and 17% to the country’s export earnings. It provides direct employment to over 45 million people. India earns about 27% of its total foreign exchanges through textile exports. The textile sector is the second largest provider of employment after agriculture. Hence, growth and all around development of cotton and cotton industry has a vital bearing on the overall development of the Indian economy.
b) Industry
performance
India’s share of the global textile industry is predictable to grow from 4.5% to 8% by 2012-13 and the share of apparel in the export basket is to reach US$80 billion by 2020. A Vision 2010 for textile formulated by the government after exhaustive interaction with the industry and export promotion councils to capitalize on the positive atmosphere aims to increase India’s share in the world’s textile trade from the current 4.5% to 8% by 2013 and to achieve export value of US $80 billion in 2020. Formation of 12 million new jobs in the textile sector and modernization and consolidation for creating a globally for competitive textile industry.
c) Company’s
performance
The turnover of the Company for the year increased to Rs. 2146.404 Million as compared to Rs. 1830.265 Million in the previous financial year, registering a growth of 117.27 percent. The profit before interest and tax of the company has increased by 138.48 percent on annualized basis from Rs. 258.938 Million in previous year to Rs. 358.583 Million in the current financial year. The net profit for the year under report was affected and registered a increased to Rs. 146.690 Million from Rs. 61.549 Million. The company’s Hydel power project generated power of the value of Rs 48.892 Million as against Rs. 19.450 Million in the previous year resulting a marginal increase of 151.37%.
d) Strategies and
Future plans
The Company’s spindle age capacity was 56400 spindles, Open End Plant and Ginning Division is added considerable revenue to the Company. The global fabric sourcing is shifting to India, The encouragement given by Ministry of Textile with TUF and One time Capital Subsidy the future shifting in fabric sourcing. The company is starting green field weaving and Yarn dyeing Projects at Kunkupadu Village, Addanki Mandal Praksam District.
SEGMENTAL REVIEW AND
ANALYSIS:
The company is one of the leading quality makers of 100% cotton combed yarn and Fabric. The company depended mostly on exports for its business. The power generated by its Hydro Power Plants is used for captive consumption of spinning division.
SPINNING DIVISION:
During the year the company has operated at 56400 spindles full capacity. The OE plant and new Automatic Ginning and Pressing Unit had commenced its operation in during the financial year 2010-11. The Company has made balanced approach towards export and domestic market. In domestic market most of the buyers are corporate entities and they in turn export fabric ornaments. They see that maximum product value is accrued to the Company. The company relies on consistent supply of international standard quality yarn. The company had clear vision and mission, well placed systems, team comprises with expertise professionals and strategic management expertise to diversify its qualitative products.
HYDEL POWER DIVISION:
Keeping in view the outstanding performance of the Hydel project for the past five years, the company 3rd power plant had commenced its commercial operation during the year-2010-11. During the year, with the plenty of water available in Krishna Basin the Hydel power generation had Increased from 7,55,830 units to 1,15,21,954 units. Most of the power generation was for the captive consumption of the spinning division.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
a) Deferred payment
liabilities |
|
|
|
i) Interest free Sales Tax deferment |
4.427 |
9.258 |
|
b) Other loans: |
|
|
|
i) Loans from Promoters and their relatives |
3.199 |
4.279 |
|
ii) Loans from Directors |
12.835 |
10.665 |
|
Total |
20.461 |
24.202 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10524107 |
11/09/2014 |
130,000,000.00 |
ANDHRA BANK |
GUNTUR MAIN BRANCH, GOWRI SHANKAR THEATRE ROAD, GUNTUR, ANDHRA PRADESH - 522001, INDIA |
C25969445 |
|
2 |
10433246 |
27/05/2013 |
60,000,000.00 |
ANDHRA BANK |
GUNTUR MAIN BRANCH, GOWRI SHANKAR THEATRE ROAD, GUNTUR, ANDHRA PRADESH - 522001, INDIA |
B78048634 |
|
3 |
10343054 |
09/03/2012 |
99,000,000.00 |
BANK OF BARODA |
GUNTUR BRANCH, RAJIV GANDHI BHAVAN, GUNTUR, ANDHRA PRADESH - 522004, INDIA |
B35406404 |
|
4 |
10309588 |
10/09/2011 |
135,000,000.00 |
ANDHRA BANK |
GUNTUR MAIN BRANCH, GOWRI SHANKAR THEATRE ROAD, GUNTUR, ANDHRA PRADESH - 522001, INDIA |
B22304356 |
|
5 |
10305917 |
09/11/2013 * |
1,565,200,000.00 |
INDIAN BANK |
10-1-1, 1ST LANE,, SAMBASIVAPET, NAAZ CENTRE, GUNTUR, ANDHRA PRADESH - 522001, INDIA |
B92722602 |
|
6 |
10261505 |
16/12/2010 |
135,000,000.00 |
INDIAN BANK |
10-1-1, 1ST LANE, SAMBASIVAPET, NAAZ CENTRE, GUNTUR, ANDHRA PRADESH - 522001, INDIA |
B03377215 |
|
7 |
10230216 |
30/06/2010 |
89,300,000.00 |
ANDHRA BANK |
GUNTUR MAIN BRANCH, GOWRI SHANKAR THEATRE ROAD, GUNTUR, ANDHRA PRADESH - 522001, INDIA |
A90293507 |
|
8 |
10214424 |
19/03/2010 |
48,000,000.00 |
ANDHRA BANK |
GUNTUR MAIN BRANCH, GOWRI SHANKAR THEATRE ROAD, GUNTUR, ANDHRA PRADESH - 522001, INDIA |
A83117168 |
|
9 |
10142327 |
16/01/2009 |
99,500,000.00 |
INDIAN BANK |
MAIN BRANCH, 10-1-1, SAMBASIVAPET, 1ST LINE, GUNTUR, ANDHRA PRADESH - 522001, INDIA |
A56069420 |
|
10 |
10057812 |
21/06/2007 |
198,000,000.00 |
INDIAN BANK |
MAIN BRANCH, P.B.NO. 1, NAAZ CENTRE, KOTHAPET, GUNTUR, ANDHRA PRADESH - 522001, INDIA |
A17797457 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
a) Counter guarantees given to bank in respect of Bank guarantees and letter of credit issued in favour of various constituents. |
45.214 |
157.520 |
|
b) Estimated amounts of contracts remaining to be executed on Capital accounts, and not provided for |
85.475 |
137.636 |
|
c) State levies on Electricity |
2.804 |
6.022 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
(Rs.
in Million)
|
Particulars |
Quarter Ended |
9 Months Period
Ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
616.910 |
588.519 |
1763.517 |
|
|
(b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total income from
operations (net) |
616.910 |
588.519 |
1763.517 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
408.015 |
358.342 |
1138.888 |
|
|
(b) Purchases of stock-in trade |
0.000 |
0.000 |
0.000 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(53.434) |
23.071 |
(37.315) |
|
|
(d) Employee benefits expense |
27.849 |
16.405 |
54.180 |
|
|
(e) Depreciation and Amortisation Expenses |
32.713 |
26.825 |
79.205 |
|
|
(f) Other Expenses |
153.289 |
123.190 |
373.761 |
|
|
Total expenses |
568.432 |
547.833 |
1608.719 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
48.478 |
40.686 |
154.798 |
|
4 |
Other Income |
23.696 |
19.190 |
55.362 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
72.174 |
59.876 |
210.160 |
|
6 |
Finance Costs |
70.199 |
48.338 |
159.012 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
1.975 |
11.538 |
51.148 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
1.975 |
11.538 |
51.148 |
|
10 |
Tax expenses |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
1.975 |
11.538 |
51.148 |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
1.975 |
11.538 |
51.148 |
|
14 |
Paid up equity share capital (Face Value of Rs10/-each) |
68.511 |
68.511 |
68.511 |
|
15 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
|
|
|
|
16.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
|
|
|
|
|
(a) Basic |
0.29 |
1.68 |
7.47 |
|
|
(b) Diluted |
0.29 |
1.68 |
7.47 |
|
ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not
annualised) |
|
|
|
|
|
(a) Basic |
0.29 |
1.68 |
7.47 |
|
|
(b) Diluted |
0.29 |
1.68 |
7.47 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
3545059 |
3545059 |
3545059 |
|
|
- Percentage of shareholding |
51.74 |
51.74 |
51.74 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
-- |
-- |
-- |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
3306041 |
3306041 |
33.6041 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100 |
100 |
100 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
48.26 |
48.26 |
48.26 |
|
B |
INVESTOR COMPLAINTS |
Quarter ended 31.12.2014 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
9 |
|
|
Disposed of during the quarter |
9 |
|
|
Remaining unresolved at the end of the quarter |
0 |
Segment
Results for the Quarter ended 31st December 2014
|
Particulars |
Three months ended |
Half Year ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
|
|
a) Spinning |
495.292 |
573.636 |
1626.735 |
|
|
b) Weaving |
299.388 |
95.366 |
394.753 |
|
|
c) Power |
3.403 |
5.651 |
14.900 |
|
|
Total |
798.083 |
674.653 |
2036.388 |
|
|
Less: Inter-Segment revenue |
181.173 |
86.134 |
272.871 |
|
|
Net Sales /
Income from Operations |
616.910 |
588.519 |
1763.517 |
|
|
|
|
|
|
|
2 |
Segment Results
Profit / (Loss) (before tax, interest from each Segment |
|
|
|
|
|
a) Spinning |
60.866 |
59.649 |
196.481 |
|
|
b) Weaving |
2.913 |
(1.829) |
1.083 |
|
|
c) Power |
8.395 |
2.056 |
12.596 |
|
|
Total |
72.174 |
59.876 |
210.160 |
|
|
Less: Finance costs |
70.199 |
48.338 |
159.012 |
|
|
Total
Profit(Loss) before Tax |
1.975 |
11.538 |
51.148 |
|
|
|
|
|
|
|
3 |
Capital employed |
|
|
|
|
|
a) Spinning |
1487.885 |
1435.230 |
1487.885 |
|
|
b) Weaving |
1253.631 |
1183.199 |
1253.631 |
|
|
c) Power |
200.204 |
194.517 |
200.204 |
|
|
Total Segment
Capital Employed |
2941.720 |
2812.946 |
2941.720 |
Note:
The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meeting held on 12th February, 2015.
The Statutory auditors of the Company have carried out a limited review of the
results for the quarter ended 31.12.2014.
The figures for the Quarter ended 31.12.2014 are the balancing figures between
unaudited results for the 9 Months period ended 31.12.2014 and figures for
quarter ended 30.06.2014 and 30.09.2014
Provisions towards Income tax and deferred tax will be provided at the end of
financial year.
The figures for the previous quarter have been regrouped/rearranged wherever
necessary in conformity with current quarter classification.
FIXED ASSETS
- Land
- Factory Buildings
- Non - Factory Buildings
- Plant and Equipment
- Electrical and Electronic Equipments
- Borewells and Water Pumps
- Office and Other Equipment
- Furniture and Fittings
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.58 |
|
|
1 |
Rs. 97.99 |
|
Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.