MIRA
INFORM REPORT
|
Report Date : |
13.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
S R INDUSTRIES LIMITED |
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Registered Office : |
Village Kuranwala, Barwala Road, Dera bassi, District – Patiala, Punjab-140507 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.07.1989 |
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Com. Reg. No.: |
009531 |
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CIN No.: [Company
Identification No.] |
L29246PB1989PLC009531 |
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Legal Form : |
Public Limited Liability Company. The Company Shares are Listed on
stock exchange. |
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Line of Business : |
Manufacturing of Towels in Various Colours and Sizes. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/Factory : |
Village Kuranwala, Barwala Road, Dera bassi, District – Patiala, Punjab-140507,India |
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Tel. No.: |
91-1762-506161 |
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Fax No.: |
91-1762-280409 |
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Email: |
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Website: |
www.srtowels.com |
DIRECTORS
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Name : |
Mr.R.C.Mahajan |
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Designation : |
Managing Director |
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Name : |
Mr.Amit Mahajan |
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Designation : |
Director ( Commercial) |
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Name : |
Mr.T.N.Tikoo |
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Designation : |
Director (works) |
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Name : |
Mr.Y.R.Kapur |
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Designation : |
Director ( Finance) |
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Name : |
Mr.R.K.Bhandari |
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Designation : |
Director |
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Name : |
Mr.B.K.Malhotra |
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Designation : |
Director |
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Name : |
Mr.H.K.Aggarwal |
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Designation : |
Director |
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Name : |
Mr.S.K.Duggar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr.S.K.Duggal |
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Designation : |
Chairman |
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Name : |
Mr.D.K.Bhasin |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Towels in Various Colours and Sizes. |
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Products : |
v Plain Dyed Towels v Yarn Dyed Stripe v Beach Towels v Bathmats v Bathrobes |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Auditors : |
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Name : |
Kansal and Associates Chartered Accountant |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16500000 |
Equity Shares |
Rs. 10/- Each |
Rs.165.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11922200 |
Equity Shares |
Rs. 10/- Each |
Rs.119.222 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
119.200 |
113.300 |
108.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.800 |
28.900 |
(14.400) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
151.000 |
142.200 |
93.600 |
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LOAN FUNDS |
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1] Secured Loans |
174.400 |
165.400 |
64.400 |
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2] Unsecured Loans |
05.800 |
15.400 |
43.700 |
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TOTAL BORROWING |
180.200 |
180.800 |
108.100 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
331.200 |
323.000 |
201.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
240.100 |
124.900 |
132.300 |
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Capital work-in-progress |
00.700 |
121.800 |
03.100 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
114.700
|
99.800 |
80.000 |
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Sundry Debtors |
36.600
|
18.200 |
24.200 |
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Cash & Bank Balances |
00.700
|
02.500 |
02.300 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
21.400
|
16.300 |
11.500 |
|
Total
Current Assets |
173.400
|
136.800 |
118.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
78.400
|
54.800 |
48.300 |
|
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Provisions |
04.600
|
05.700 |
03.400 |
|
Total
Current Liabilities |
83.000
|
60.500 |
51.700 |
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Net Current Assets |
90.400
|
76.300 |
66.300 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
331.200 |
323.000 |
201.700 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
384.300 |
371.300 |
356.800 |
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Other Income |
17.900 |
14.100 |
10.400 |
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Total Income |
402.200 |
385.400 |
367.200 |
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Profit/(Loss) Before Tax |
08.500 |
34.900 |
33.500 |
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Provision for Taxation |
08.300 |
01.400 |
14.400 |
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Profit/(Loss) After Tax |
00.200 |
33.500 |
19.100 |
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Expenditures : |
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Manufacturing Expenses |
89.300 |
71.400 |
54.000 |
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Administrative Expenses |
36.000 |
27.800 |
28.000 |
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|
Raw Material Consumed |
185.200 |
191.100 |
201.600 |
|
|
Increase/(Decrease) in Finished Goods |
(12.900) |
(16.300) |
(22.700) |
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Interest |
14.800 |
11.500 |
06.300 |
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Power & Fuel |
28.800 |
23.100 |
20.200 |
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Depreciation & Amortization |
29.200 |
22.800 |
21.800 |
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Other Expenditure |
23.300 |
19.100 |
24.500 |
|
Total Expenditure |
393.700 |
350.500 |
333.700 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2008 |
|
Type |
|
|
1st
Quarter |
|
Sales Turnover |
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|
108.500 |
|
Other Income |
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|
09.700 |
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Total Income |
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|
118.200 |
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Total Expenditure |
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|
105.800 |
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Operating Profit |
|
|
12.400 |
|
Interest |
|
|
03.200 |
|
Gross Profit |
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|
09.200 |
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Depreciation |
|
|
05.800 |
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Tax |
|
|
00.400 |
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Reported PAT |
|
|
03.000 |
FINANCIAL
RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity
Ratio |
1.23 |
1.23 |
1.40 |
|
Long
Term Debt-Equity Ratio |
0.68 |
0.69 |
0.80 |
|
Current
Ratio |
1.02 |
1.07 |
1.15 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
0.97 |
1.16 |
1.17 |
|
Inventory |
3.58 |
4.13 |
5.29 |
|
Debtors |
14.03 |
17.51 |
14.74 |
|
Interest
Cover Ratio |
1.57 |
4.03 |
6.32 |
|
Operating
Profit Margin(%) |
13.66 |
18.64 |
17.26 |
|
Profit
Before Interest And Tax Margin(%) |
6.06 |
12.50 |
11.15 |
|
Cash
Profit Margin(%) |
7.65 |
15.16 |
11.46 |
|
Adjusted
Net Profit Margin(%) |
0.05 |
9.02 |
5.35 |
|
Return
On Capital Employed(%) |
7.12 |
17.12 |
17.42 |
|
Return
On Net Worth(%) |
0.14 |
26.46 |
17.22 |
LOCAL AGENCY
FURTHER INFORMATION
DIRECTORS REPORT
FUTURE
PROSPECTS:
During the year the Company commissioned its expansion programme by
installation of 12 looms for production of dobby and jacquard towels, the
benefits from which will accure in the coming years. Further, with the upcoming
of major players into retailing in organised sector, the demand of terry towels
into domestic market will also increase in the coming years.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
Overview:
i) Industry Structure and
Developments:
Terry towels form an integral part of the home-textile segment. The
demand for terry towels varies across the countries depending upon various
factors like population, demographics, living style, economic status and its
climatic conditions. The annual world demand for cotton terry towels is growing
@5% p.a.
During the last few years the developed counties like U.S.A, Australia, Japan,
etc. are increasingly outsourcing their requirement of home textiles
(especially terry towels) from the developing countries due to their lower
input and labour cost. In addition to USA now Japan, Australia, New Zealand,
Latin America, Italy, Canada and South Africa are also emerging as major
markets for Indian companies.
Indian terry towel producers are performing exceedingly well and SRIL is
no exception. In addition to the advantage of cheaper labour, India also has an
edge over its competitors on account of having adequate availability, of the
principle raw material-yam. Furthermore, the investment of Indian companies on
product development and quality are also paying off. With the upcoming of major
players in retailing, the future demand for terry towels from india is likely
to grow further, both for domestic and world markets.
ii) Opportunities and
threats:
The Indian terry towel industry has been able to establish its
position in the global market as a reliable supplier of high quality towels. As
a result. it is increasingly being viewed as an alternative source for
replacing the local production in the developed world. Most major retailers in
the world, inducing Wal-Marl K-Mart. J C Penney, Carrefour. Ikea etc.
are sourcing a large part of their terry towel requirements from India.
There is a large gap between the demand and supply which offers big
scope for further growth in the coming years. Their multiplier effect on demand
can be seen after the abolition of quota which has allowed the Indian
manufacturers to further increase their share in the global textile trade from
current levels. In the post quota regime, developed countries are looking for
major outsourcing from India for home textile items. The industry will grow
further as most of the units have upgraded/expanded their production facilities
to take the benefit of 5% interest subsidy under the Textile Upgradation Fund
Scheme (TUFS) from Government of India.The domestic market for terry towels,
which was till now dominated by law price, low quality products from the
unorganized sector, has also been picking up with the emergence of growing
segment of consumers looking for high quality products and upcoming of major
players in retailing. The per capita consumption of Home Textile products in
India is very low compared to the developed countries. This is also expected to
improve with the strong economic growth being witnessed in Inda.
They at SRIL firmly belief- in providing best quality products to its
customers at the most affordable "value for money proposition. The terry
towels manufactured by the company are well accepted by the customers worldwide
and are known for its quality, competitive pricing and on-time delivery.
Subject has been able to generate good response for its product by maintaining
good quality and timely supplies. Subject has customers in Europe, U.S.A,
Australia, New Zealand and Middle East and is receiving repeat orders from its
buyers. In India the company has a long term arrangement with The Bombay Dyeing
and Manufacturing Co. Ltd. for supply of terry towels.Overall it is noted that
textile industry, including terry towels, in India is passing through boom
period. The favourable Government policies are expected to further accelerate
the growth in the post quota period. This has spurred fresh investment for
modernization and expansion of existing facilities by all the terry towel
manufacturers.
However, with the strengthening of India rupee vis-a-vis USD the profitability
of the Company has been adversely effected and hence the Company has now
started diversifying in the domestic market also.
iii) Segment-wise or product-wise
performance:
The Company has only one segment of activity namely - Terry Towels, in
accordance with the definition of "Segment" as per the Accounting
Standard 17 issued by "The Institute of Chartered Accountants of
India". The performance of the Company is discussed separately in this
report.
iv) Outlook:
The outlook for the Company remains positive. Recently the Company has
made significant investments to nearly double its production capacities. The
present order book position of the Company is excellent and they are booked for
next three months production.
AUDITED FINANCIAL RESULTS FOR THE
YEAR ENDED 31.03.2008
|
PARTICULARS |
|
|
31.03.2008 |
|
|
1. Net Sales/ Income From Operations |
|
|
332.157 |
|
|
2. Other Income |
|
|
30.180 |
|
|
|
|
|
|
|
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3.Total Expenditures : |
|
|
|
|
|
|
Consumption of Raw Material and Stores |
|
|
226.705 |
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|
Increase/(Decrease) in Stock in Trade |
|
|
(18.405) |
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Power and Fuel |
|
|
30.260 |
|
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Selling Expenses |
|
|
17.250 |
|
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Other Expenditure |
|
|
28.817 |
|
|
|
|
|
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4. Interest And Other Financial Expenses |
|
|
16.897 |
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5.Depreciation |
|
|
33.816 |
|
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6.Profit (+)/Loss(-) For The Year/Period
(1+2-3-4-5) |
|
|
4.640 |
|
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7.Expenses Relating To Previous Years |
|
|
0.108 |
|
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8.Net Profit (+)/Loss (-) (6-7) |
|
|
4.532 |
|
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9.Provision For Taxation |
|
|
|
|
|
Current Taxes |
|
|
0.500 |
|
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Deferred Taxes |
|
|
3.312 |
|
|
Fringe Benefit Tax |
|
|
0.400 |
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10.Provision For Taxes Not Required |
|
|
0.671 |
|
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11.Net Profit (+) After Taxation (8-9) |
|
|
0.991 |
|
|
12.Paid-Up Equity Share Capital |
|
|
125.462 |
|
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13.Reserves (Excluding Revaluation Reserves) |
|
|
16.519 |
|
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14.Earning Per Share (Rs.) |
|
|
|
|
|
Basic |
|
|
0.008 |
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15.Aggregate Of Non-Promoter Shareholding |
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|
|
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Number Of Shares |
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|
8279900 |
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Percentage Of Shareholding |
|
|
65.85 |
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AS PER
WEB SITE DETAILS
Subject is a Public Limited company listed on the Indian Stock Exchange.
The company has grown steadily over the years and reached a stage where it
would attain rapid growth in line with the aims and aspirations of the
management, stakeholders and the company's customers, who collectively believe
in SRIL's quality standards and inspire it to enhance the production
capacities.
Subject started commercial production in 1994 and since inception it has
always maintained highest quality standards. This has been commented and
applauded by all their customers who have visited the mill. Subject is a
integrated mill using state-of-the-art technology having all the facilities
in-house - Warping, Sizing, Weaving, Processing, Fabrication and Finishing.
Presently Subject is exporting 80% of its manufacturing to developed
countries like USA, UK, Denmark, Australia and 20% is sold locally
Technology
SR believes in delivering the best of its services and quality,
therefore we've always emphasized on technology to be a major contributor. A
in-house QandA department is being setup, which monitors Quality standards at
each and every level of production. They use the latest State-of-the-art
machines, which give better productivity and ensure goods of the highest
quality.
A brief of their
production technology is given below :
Preparatory - The Preparatory
section includes Direct Warper, Sectional Warper and Sizing. The secret of a
good quality Towel lies in how the yarn is being Warped. SRIL uses
state-of-the-art Kanamaru Warper. This machine is equipped with highly
sensitive Warp Stop motion and Yarn Tensioning devices. Sizing performs the
function of coating the raw Cotton Yarn with anti-friction coating.
Weaving - Subject has
high speed Italian rapier looms to produce the Greige or Yarn-Dyed Towels.
Processing - The process
area consists of Yarn Dyeing, Fabric Dyeing, Drying, Shearing. The equipments
used in the processing are from the leaders in this industry.
Finishing and
Fabrication - State-of-the-art Slitting, long Hemming and fabrication machines are
part of the Finishing section. Stringent Quality Control methods ensure help
them meet the highest quality standards.
Quality Control - Subject
believes and delivers quality to its customers. QC is being implemented at each
and every stage of the manufacturing process.
Their Products
Subject is in the process of making Towels in various colours and sizes.
The shade matching and depth of the shades can be well matched as per the
International Standards. They make Towels from 360 GSM to 700 GSM and can
produce Bathmats upto 1500 GSM. They use only 100% Reactive dyes (eco-friendly)
and no Azo dye-stuff are used in their factory.
Various products
manufactured by them are :-
Plain Dyed Towels
They are making Reactive
Plain Dyed Towels. All the towels are pre-shrunk, highly absorbent, ultra-soft
and dyed in eco-friendly Reactive dyes. Their range of Towels are available in
Single Sizes or Ensembles in various different shades. They are also doing
programs for Back of the Shelve products for Chain Stores
Yarn Dyed Stripe
Stripe Towels are made with different colours as stripes, mainly to
coordinate with the Plain Dyed Towels.
Beach Towels
SR is making Beach Towels in the latest designs. Beach Towels are
veloured and made in vibrant and fashionable colours.
Bathmats
They make Bathmats in Double Ply Yarn and in Single Ply Yarn too.
Bathmats are made as part of the ensemble and match the colours of the Towels.
Bathrobes
Bathrobes are made in-house. They are currently making Bathrobes in
Plain Dyed, Ribbed, Stripes and Velour design. Bathrobes are made in Hooded
design, Shawl collar and Kimono design..
They also offer value added services such as specialty Yarns - Modal and
Egyptian, Embroidered and other made-up embellishments as per the requirements
of the customers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|