MIRA
INFORM REPORT
|
Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
THE |
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Registered Office : |
Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai - 400 001, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.08.1879 |
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Com. Reg. No.: |
11-000037 |
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CIN No.: [Company
Identification No.] |
L17120MH1879PLC000037 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT00159F/MUMT13249F |
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PAN No.: [Permanent
Account No.] |
AAACT2328K |
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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 : |
Manufacturing and
Selling of Textiles (Predominantly Cotton) and DMT. It Manufactures and Sells Yarn as well as
Cloth. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 8400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is the main company of Wadia Group. It is a well established
and reputed company having fine track. General financial position is good.
Trade relations are reported as fair. Payments are reported to be correct and
as per commitments. The company can be considered good for normal 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 –
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai - 400 001, |
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Tel. No.: |
91-22-22618071 /
4520 / 22693712 / 22655014 / 22657895 |
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Fax No.: |
91-22-22615622 /
22655014 / 22614520 / 22653530 |
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E-Mail : |
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Website : |
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Factory 1 : |
Textile
Processing Unit B-28, MIDC Industrial
Area, Ranjangaon, Taluka Shirur, District Pune-412 220, |
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Tel. No.: |
91-21-38232700/
38232800 |
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Fax No.: |
91-21-38232600 |
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Factory 2 : |
Textile Mill New |
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Tel. No.: |
91-22-24308351 |
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Fax No.: |
91-22-24222085 |
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Factory 3 : |
PSF Plant A-1, Patalganga
Industrial Area, District Raigad, Taluka Khalapur, |
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Tel. No.: |
952192-251096/103 |
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Fax No.: |
952192-250263 |
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Factory 4 : |
Polyester Division Pandurang Budhkar Marg, Worli, Mumbai - 400 025, |
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Tel. No.: |
91-22-66620000 |
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Fax No.: |
91-22-66620004 |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Nusli N. Wadla |
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Designation : |
Chairman |
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Name : |
Mr. Keshub Mahindra |
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Designation : |
Director |
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Name : |
Mr. R. N. Tata |
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Designation : |
Director |
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Name : |
Mr. R. A. Shah |
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Designation : |
Director |
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Name : |
Dr. H. N. Sethna |
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Designation : |
Director |
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Name : |
Mr. S. S. Kelkar |
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Designation : |
Director |
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Qualification : |
M. Com. |
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Date of Appointment : |
09.10.1972 |
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Previous
Employment |
Bank of |
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Name : |
Mr. S. Ragothaman |
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Designation : |
Director |
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Name : |
Mr. A. K. Hirjee |
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Designation : |
Director |
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Name : |
Mr. S. M. Palia |
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Designation : |
Director |
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Name : |
Ms. Vinita Bali |
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Designation : |
Director (w.e.f. 30.04.2009) |
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Name : |
Mr. P. V. Kuppuswamy |
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Designation : |
Joint Managing Director |
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Qualification : |
B.Sc. (Chem), B. Sc. (Chem. Engg.), Post Graduate Diploma of Indian Institute
of Petroleum (Petroleum Refining and Petrochemicals) |
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Date of Appointment : |
01.08.1979 |
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Date of Ceasing : |
31.03.2010 |
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Previous
Employment |
Manager – Solvent Alcohol Plant – Nocil |
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Name : |
Mr. Ness |
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Designation : |
Joint Managing Director |
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Qualification : |
M.S.C |
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Date of Appointment : |
01.01.1994 |
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Name : |
Mr. Durgesh Mehta |
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Designation : |
Joint Managing Director and Chief Financial Officer (w.e.f. 01.04.2010) |
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Name : |
Mr. Ishaat Hussain |
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Designation : |
Director (w.e.f. 01.06.2010) |
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Name : |
Mr. Jeh N. Wadia |
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Designation : |
Director (w.e.f. 01.06.2010) |
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KEY EXECUTIVES
|
Name : |
Mr. J.C. Bham |
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Designation : |
Company Secretary |
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Name : |
P. Makhija |
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Designation : |
Chief Executive Officer (Textiles) |
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Name : |
Dr. S. C. Basu |
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Designation : |
Chief Operating Officer (Polyester) |
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Name : |
S. Rajappa |
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Designation : |
Chief Operating Officer (Textiles) |
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Name : |
R. Chandrasekharan |
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Designation : |
Vice-President (Corporate Group) |
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Name : |
S. Dasmahapatra |
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Designation : |
Vice-President – Corporate HR |
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Name : |
K. Khona, Vice-President |
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Designation : |
Finance (Corporate Group) |
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Name : |
A. Bhawsingka |
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Designation : |
Vice-President – Domestic Retail Business
(Textiles) |
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Name : |
Bhagaban Kar |
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Designation : |
Vice-President – Manufacturing (Polyester) |
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Name : |
R. K. Gupta |
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Designation : |
Vice-President – Marketing (Polyester) |
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Name : |
J. P. Rathi |
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Designation : |
Vice-President – Commercial (Polyester) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
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|
85,386 |
0.22 |
|
|
14,821,563 |
38.95 |
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|
396,606 |
1.04 |
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|
396,606 |
1.04 |
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|
15,303,555 |
40.22 |
|
|
|
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|
793,608 |
2.09 |
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2,106,758 |
5.54 |
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2,900,366 |
7.62 |
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Total
shareholding of Promoter and Promoter Group (A) |
18,203,921 |
47.84 |
|
(B) Public
Shareholding |
|
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|
|
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|
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|
4,455,292 |
11.71 |
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|
74,168 |
0.19 |
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|
2,654,110 |
6.98 |
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|
2,375,698 |
6.24 |
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|
9,559,268 |
25.12 |
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|
1,825,585 |
4.80 |
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|
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7,177,263 |
18.86 |
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|
991,137 |
2.60 |
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|
290,811 |
0.76 |
|
|
9,177 |
0.02 |
|
|
274,858 |
0.72 |
|
|
3,696 |
0.01 |
|
|
3,080 |
0.01 |
|
|
10,284,796 |
27.03 |
|
Total Public shareholding
(B) |
19,844,064 |
52.16 |
|
Total (A)+(B) |
38,047,985 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
545,000 |
- |
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|
23,995 |
- |
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|
568,995 |
- |
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Total
(A)+(B)+(C) |
38,616,980 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Trusts
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of Textiles (Predominantly Cotton) and DMT. It Manufactures and Sells Yarn as well as
Cloth. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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LICENSED CAPACITY |
|
Quantity |
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Production Capacity |
Spindles |
235132 |
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Looms |
3826 |
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M. Tons non woven fabrics per annum |
246 |
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INSTALLED CAPACITY |
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Quantity |
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Production Capacity |
Looms |
60 |
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M. Tones PSF per annum |
165000 |
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Processing Capacity |
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Lacs Mts. Cloth per annum |
600 |
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PACKED
PRODUCTION |
|
Quantity |
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Cloth |
242.65 Lac mts. |
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|
Yarn |
-- |
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PSF |
1,25,723.80 M.
tons |
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PET - Chips |
970.20 M. tons |
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Wastes |
-- |
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Wastes - PSF |
2,721.49 M. tons |
GENERAL INFORMATION
|
No. of Employees : |
1071 (Approximately) |
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Bankers : |
·
·
Credit
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Facilities : |
NOTES: A. Term Loans are secured by first part pari passu charge on the
immovable properties of the company at Textile Mills at Mumbai, Textile Processing
Unit at Ranjangaon, Polyester Division at Patalganga and part of the land
admeasuring 76,450 square metres at Spring Mills at Mumbai including
buildings and structures theron and hypothecation of fixed assets at Textile
Processing Unit at Ranjangaon and the Polyester Division at Patalganga. B. Cash credit, demand loans, packing credit and Buyer’s Credit from
banks are secured by hypothecation of stocks, book debts and other current
assets (excluding the assets at Roha and Spring Mills at Mumbai) and a second
charge on the immovable properties of the company at Textile Mills Mumbai
(excluding land admeasuring 12,000 square metres and buildings and structures
thereon), Textile Processing Unit at Ranjangaon and the Polyester division at
Patalganga and hypothecation of fixed assets at Textile Processing Unit at
Ranjangaon and the Polyester division at Patalganga.
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
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|
Advocates and Solicitors
: |
Crawford
Bayley and Company Desai and
Diwanji Mulla and
Mulla and Craigie Blunt and Caroe |
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Joint Ventures : |
|
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Subsidiaries : |
Bombay Dyeing
Real Estate Company Limited (erstwhile White Horse Real Estate Private
Limited) up to |
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Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41004329 |
Equity Shares (of these,
2,10,23,175 equity shares are allotted as fully paid-up by way of bonus
shares by capitalisation of reserves of Rs.208.600 millions and share premium
of Rs.1.700 millions) |
Rs.10/- each |
Rs.410.000 Millions |
|
Less: 2545259 |
Equity Shares bought back and extinguished
in accordance with section 77A of the companies Act,1956 |
|
Rs.(25.500) Millions |
|
Add: 157910 |
Equity Shares issued under Employees’ Stock
Option Scheme |
|
Rs.1.600
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.386.100 Millions |
Note: During the year, the Company has issued Nil equity shares on exercising
of rights of conversion of warrants, based on the
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
386.100 |
386.100 |
386.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
118.900 |
|
|
3] Reserves & Surplus |
1717.400 |
3318.100 |
3573.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2103.500 |
3704.200 |
4078.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16119.700 |
14990.000 |
9973.600 |
|
|
2] Unsecured Loans |
1631.400 |
2118.800 |
4160.200 |
|
|
TOTAL BORROWING |
17751.100 |
17108.800 |
14133.800 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19854.600 |
20813.000 |
18211.800 |
|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9521.800 |
9810.300 |
9366.800 |
|
|
Capital work-in-progress |
24.700 |
193.100 |
710.900 |
|
|
Incidental expenditure relating to construction/ development |
2059.200 |
1995.400 |
2328.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
601.900 |
602.200 |
1267.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1442.400
|
3803.100
|
1416.800
|
|
|
Sundry Debtors |
6345.700
|
4059.300
|
2848.500
|
|
|
Cash & Bank Balances |
338.900
|
1235.800
|
537.300
|
|
|
Other Current Assets |
6.400
|
43.600
|
30.600
|
|
|
Loans & Advances |
2782.200
|
2530.200
|
2673.800
|
|
Total
Current Assets |
10915.600
|
11672.000
|
7507.000
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2340.100
|
2000.000
|
2317.500
|
|
|
Other Current Liabilities |
758.500
|
1359.400
|
484.100
|
|
|
Provisions |
170.000
|
114.600
|
194.500
|
|
Total
Current Liabilities |
3268.600
|
3474.000
|
2996.100
|
|
|
Net Current Assets |
7647.000
|
8198.000
|
4510.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
14.000 |
27.900 |
|
|
|
|
|
|
|
|
TOTAL |
19854.600 |
20813.000 |
18211.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10918.600 |
10523.300 |
7323.500 |
|
|
|
Revenue from real estate activity |
5509.200 |
2639.300 |
2327.700 |
|
|
|
Other Income |
428.200 |
578.700 |
545.100 |
|
|
|
TOTAL (A) |
16856.000 |
13741.300 |
10196.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing & Other Expenses |
13950.100 |
13234.000 |
9018.700 |
|
|
|
Voluntary Retirement Compensation Written
Off |
14.000 |
20.600 |
13.900 |
|
|
|
Capitalisation of voluntary retirement
compensation, written off in the earlier year, as a part of expenditure
incidental to development of land |
0.000 |
0.000 |
(104.600) |
|
|
|
TOTAL (B) |
13964.100 |
13254.600 |
8928.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2891.900 |
486.700 |
1268.300 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
2074.600 |
1865.400 |
734.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
817.300 |
(1378.700) |
534.300 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
595.400 |
557.300 |
354.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
221.900 |
(1936.000) |
180.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.700 |
10.200 |
13.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
184.200 |
(1946.200) |
166.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
163.400 |
1885.900 |
1944.000 |
|
|
|
Transferred from debenture redemption reserve |
-- |
75.000 |
25.000 |
|
|
|
Transferred from general reserve |
-- |
193.900 |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Proposed dividend |
96.600 |
38.600 |
135.200 |
|
|
|
Additional income-tax on distributed profits |
16.000 |
6.600 |
23.000 |
|
|
|
Transferred to general reserve |
18.400 |
-- |
16.700 |
|
|
|
Debenture Redemption reserve |
-- |
-- |
75.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
216.600 |
163.400 |
1885.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
1470.800 |
1645.300 |
|
|
|
|
Reimbursement of insurance and freight on exports |
54.900 |
32.000 |
|
|
|
|
Local sales for exports |
461.500 |
130.700 |
|
|
|
|
Technical know-how fees |
0.000 |
10.200 |
|
|
|
|
|
37.200 |
0.000 |
|
|
|
TOTAL EARNINGS |
2024.400 |
1818.200 |
2084.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4050.800 |
1767.600 |
216.200 |
|
|
|
Stores, Spare parts and catalysts |
95.500 |
91.400 |
162.700 |
|
|
|
Capital Goods |
13.000 |
139.600 |
196.100 |
|
|
TOTAL IMPORTS |
4159.300 |
1998.600 |
575.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
4.77 |
(50.39) |
4.32 |
|
|
|
- Diluted |
4.77 |
(50.39) |
4.30 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
4409.300 |
4233.600 |
4472.600 |
|
Total Expenditure |
4166.200 |
4005.200 |
3890.100 |
|
PBIDT (Excl OI) |
243.100 |
228.400 |
582.500 |
|
Other Income |
2.700 |
25.100 |
3.800 |
|
Operating Profit |
245.800 |
253.500 |
586.300 |
|
Interest |
400.000 |
395.400 |
426.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(154.200) |
(141.900) |
159.800 |
|
Depreciation |
149.700 |
164.300 |
153.100 |
|
Profit Before Tax |
(303.900) |
(306.200) |
6.700 |
|
Tax |
2.200 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(306.100) |
(306.200) |
6.700 |
|
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 |
(306.100) |
(306.200) |
6.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.09
|
(14.16) |
1.64
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.03
|
(18.40) |
2.46
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.09
|
(9.01) |
1.07
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
(0.52) |
0.04
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.40
|
5.56 |
4.20
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.34
|
3.36 |
2.51
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated in 23rd August of the year 1879 at Mumbai
under the house of Wadias. It manufactures cotton textile goods, non-woven
fabrics and Dimethyl Terephthalate (DMT). Unrivalled in its reputation for
quality, the Bombay Dyeing range of fabrics and ready-mades has been growing
and evolving with changing trends and also has a wide range of industrial
fabrics that include microdot interlining; fabrics for shoe uppers, adhesives,
abrasives, leather cloth and filters. A modest beginning for a company, that
was to grow in the following years into one of
Archway Investment Company Private Limited became a wholly owned subsidiary of
the company during the incorporation year itself. The company had entered into
an agreement with Tootal Broadhurst Lee Company Limited of
During the year 1988, the company installed 2 open-end spinning machines, 3
auto coners, 7 high-speed combers, 1 hot air stenter and some jiggers in the
processing house in Mumbai also in the same year a caustic recovery plant was
installed. A year after, in 1989, 2 new Blow Room lines with cards, 7 auto
coners and 48 new Air-jet Weaving machines were installed. At the processing
house, in Mumbai, some Polywool processing machinery and new fusible
interlining machines were also installed. During the same year 1989, subject
had entered into a contract with 20th Century Foods Private Limited of
Singapore to render technical services to Thulhiriya Textile Mills (Sri Lanka)
a Government owned textile mill of Sri Lanka, having 1,30,000 spindles and 560
looms. In 1990, The Company installed a blow room line with high production
cards, 6 open-end spinning machines, 16 sulzer weaving machines and 2 auto
coners at its manufacturing mills. Additions to the processing machinery
included a chairless mercerizer, energy efficient stenter, a soaper, a singeing
machine and 3 yarn-dyeing units.
The Capital Equipment installed included 72 air jet weaving machines, 8
trutschler cards, 9 draw frames, 5 open end spinning machines, 6 auto coners, 1
warping machine and 2 sizing machines during the year 1992. In 2nd December of
the year 1993, the company had launched the Euro Issue in the international
markets. During the period of 1995, subject had increased its capacity from
1,12,000 TPA to 1,45,000 TPA. The Company introduced three new brands for Home
collection in the year 1997 and also in the same year, subject had introduced
various projects in its mills to improve the quality of yarn and fabric and
reduce rejects. The Company had signed up with fieldstone Cannon of the
In 1998, the company introduced two new brands viz
Subject made tie up with Nickleodeon for a merchandising arrangement in the
year 2005. The real estate division of the company had commenced the
development of the two properties Spring Mills, Dadar and Textile Mills, Worli
during the year 2005-06. The DMT Plant operations had been suspended from 6th
March of the year 2006 to enable implementation of the Polyester Stable Fibre
(PSF) in the same site of the company. In January 2007, commissioning of PSF
plant in sections commenced and by 31st, 2007, part of the plant was under
operational testing. The Company committed a major part of the total capital
expenditure of Rs.2060 Millions in 31st March of the year 2007 for a new
state-of-the-art processing unit along with in-house stitching facilities at
Ranjangaon.
COMPANY RESULTS
AND DIVIDEND:
The Company’s
turnover increased by over 22% to Rs.17320.000 millions during the current year
as compared to Rs.14180.000 millions in the previous year. The Textile division
recorded decline in turnover from Rs.3340.000 millions last year to Rs.2940.000
millions in the current year. The PSF division recorded a turnover of
Rs.8670.000 millions for the current year compared to Rs.8110.000 millions last
year. The revenue from the Real Estate division during the current year was Rs.5620.000
millions as compared to Rs.2730.000 millions last year. The profit after tax
for the current year was Rs.184.200 millions compared to a loss of Rs.1946.200
millions in the previous year.
The financial
performance of the Company has improved compared to the last year. The demand
for textile products remained stagnant in the domestic market. The export
market declined due to low demand in
The Real Estate
Division showed marked improvement due to sale of residential units at a better
realization per flat. The Division also sold the remaining space in the
commercial building at Worli.
The Company’s
results were also impacted due to increase in finance costs arising from higher
borrowings required for the operations.
The Directors
recommend a dividend of Rs. 2.50 per share for the year ended
TEXTILE DIVISION:
The overall
turnover declined by 12% from Rs.3340.000 millions to Rs.2940.000 millions,
mainly on account of lower exports at Rs.500.000 millions compared to
Rs.800.000 millions in the previous year. Domestic retail sales witnessed the
effect of economic slow-down in the beginning of the year, but recovered during
the later part of the year. Retail sales at Rs.1580.000 millions during the
year were at the same level as last year.
The profitability
of the Division suffered from the effects of falling exports, competition in
the domestic market and sharp rise in raw material cost. Several steps have
been initiated to improve the performance of the Division such as increased
capacity utilization, reduction of factory cost through improved efficiency,
lower wastages, reduction in selling and distribution expenses and
administrative overheads etc. Inventory and receivables have been reduced
considerably resulting in lower burden of interest on working capital.
The Division is
striving to improve the sales volume by better marketing in domestic as well as
exports market. The international and domestic demand has started looking up
with the improved global economic environment.
POLYESTER
DIVISION:
PSF industry in
the country continued to face excess capacity. Despite the adverse conditions
the Company could increase sales volume of PSF by 42% as compared to the
previous year. The Company achieved average capacity utilization at 77% for the
year which is comparable with the industry standards. In March quarter, the
capacity utilization rose to 88%.
Division
profitability suffered on account of low realization due to severe competition
coupled with higher raw material prices. Although export markets expanded, the
margins remained under pressure. Switch over from liquid fuel to Natural Gas in
second half helped to reduce the energy cost.
The company is
pursuing a strategy to increase capacity utilization, confine to focused
profitable product range, reduce cost in areas of operations including import
of raw material on long term contract basis and expand the share in the
domestic market to improve overall sales realization.
REAL ESTATE
DIVISION:
The revenue from
the Real Estate Division was Rs.5620.000 millions during the current year
compared to Rs.2730.000 millions in the previous year. During the year the
Company sold the remaining part of the commercial building under construction
at Worli and also some flats in the building under construction at Spring
Mills, Dadar. The Company has also leased out surplus space in the existing
properties, income from which has started accruing from March quarter 2010.
The construction
of the residential tower at Spring Mills and the commercial building at Textile
Mills is nearing completion. The demand for residential property has picked up
and prices of the same have also witnessed a steady rise in the past few
quarters. The Company will be progressing the next phase of development with a
view to leverage the market trends.
PREFERENTIAL ISSUE
OF WARRANTS TO PROMOTERS:
The Board of
Directors at its meeting held on 10th February, 2010 approved the issue of
39,57,000 warrants with option to subscribe to equivalent number of equity
shares of Rs. 10 each, subject to shareholders’ approval. The shareholders
overwhelmingly approved the proposal for the issue of the warrants to the
Promoters. The warrant will be converted into equity share at Rs.527.83 per
share as determined in accordance with the pricing formula given in terms of
Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations,
2009. Allotment of warrants would be made on receipt of approvals from BSE and
NSE under the listing agreements.
MANAGEMENT DISCUSSION AND ANALYSIS
TEXTILE BUSINESS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Textile
Industry in
Inview of these,
the company has been impacted with lower realization and loss of volume in the
export market.
The domestic home
textiles market is slowly recovering from the recessionary trends and slow-
down in consumer spending. While the unorganized sector continues to dominate
this industry, the Company is taking steps to drive growth through new products
at competitive price offerings to consumers.
OUTLOOK
The domestic
market is expected to deliver reasonable growth in the coming years in view of
new products and retail initiatives undertaken. They are expanding their
product portfolio to service the consumers’ home textile needs and expanding
retail presence through exclusive business outlets and greater presence in
multi brand outlets and large format stores. They will capitalize on their
leadership position through expanded product range and innovative product
properties.
Global economic
recovery has brightened the outlook for export business and the company is
hopeful of improving its market share in overseas markets.
POLYESTER BUSINESS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Amongst the three
major PSF producers in the country, the Company recorded highest volume growth
at 40 % as compared to the industry growth of 16 %. The growth momentum is
expected to continue during the current year. The exports are also expected to
be maintained at current levels, thereby enabling the company to further
improve the capacity utilization in the coming year.
OUTLOOK
Continued healthy
GDP growth is expected to boost the demand for PSF, especially in a scenario
where other fibres are witnessing sharp price escalation. The advent of
Technical Textiles is also gaining momentum, and will offer opportunities for
growth in high margin niche areas. The raw material availability is expected to
ease with new capacities both in
Real Estate
Business
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Real estate
industry has shown a visible improvement in the residential segment after the
worst crisis across the country. There is an improvement in buyer’s interest in
acquiring space. Property prices have started looking up consequent to the
buyers interest. Many multinational banking and finance sector institution are
evaluating acquisition of office spaces to accommodate their units/ divisions
which has improved the sale of office spaces or leasing out of office spaces,
but this is yet to percolate into real demand, and consequently, the prices in
these segments has remained flat.
The Government has
also increased the ratio of floor space index (FSI) which has helped in
reviving the construction activity especially in housing segment. However,
imposition of several new taxes such as service tax and VAT, having an overall
impact of approximate 5% is a major concern area for the sector.
OUTLOOK
Residential units
prices are already looking up and expected to remain at these levels. The come
back of economy has resulted in job opportunities which will result in higher
sales of residential units.
Further the
improvement in economic condition is expected to spur the demand in commercial
sector in coming years. However recovery in commercial office space is slow and
showing signs of cautious optimism with demand expected to strengthen in the
coming months.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
31.03.2010 (Rs. in
millions) |
31.03.2009 (Rs. in
millions) |
|
(a) Income-tax matters
in respect of earlier years under dispute (including interest of Rs.57.700
millions) [31.03.2009. Rs.34.600 millions] as follows: |
371.000 |
319.300 |
|
(i) Decided in
Company’s favour by appellate authorities and department in further appeal |
51.100 |
56.600 |
|
(ii) Pending in appeal - matters decided against the Company |
319.900 |
262.700 |
|
(b) Sales Tax and Excise Duties |
14.700 |
14.700 |
|
(c) Customs duty |
3.700 |
3.700 |
|
(d) Other claims against the Company not acknowledged as debts (with
interest thereon) In respect of
items (a) to (d) above, future cash outflows in respect of contingent
liabilities are determinable only on receipt of judgments pending at various
forums/authorities. |
43.800 |
40.900 |
|
(e) Counter
indemnity for an amount of Rs.814.500 millions (31.3.2009 Rs.854.600 millions) issued in favour of banks which in turn have guaranteed
loans granted by other banks abroad
to PT Five Star Textile, Indonesia, (PTFS), a joint venture company as
under:- |
|
|
|
(i) Rs.710.500
millions (31.3.2009 Rs.23.400 millions) in favour of IDBI Bank Limited
against guarantees issued to Punjab National Bank International London for
loans granted to PTFS. |
|
|
|
(ii) Rs.104.000
millions (31.3.2009 Rs. Nil) in
favour of State Bank of India, against guarantees issued to State Bank of
India, Indonesia for loans granted to PTFS. |
|
|
|
(iii) Rs. Nil (31.3.2009 Rs.410.700 millions) in favour of Standard Chartered
Bank, Mumbai, against guarantees issued to Punjab National Bank International
London for loans granted to PTFS. |
|
|
|
(iv) Rs. Nil (31.3.2009 Rs.337.700 millions) in favour of IDBI Bank Limited against
guarantees issued to State Bank of India, Singapore for loans granted to
PTFS. |
|
|
|
(v) Rs. Nil (31.3.2009 Rs.82.800 millions) in favour of State Bank of India,
against guarantees issued to State Bank of India, Hongkong for loans granted
to PTFS. |
|
|
|
Item No. i
secured by first Mortgage/charge over part of the land of the Company at
Spring Mills at Mumbai admeasuring 46,442.13 square metres and buildings and
structures thereon. Item No. ii is
secured by fixed deposit of Rs.104.000 millions earmarked in favour of State
Bank of As confirmed by
PTFS, the Company has a pari passu charge on PTFS’s machinery, which would
cover the aforesaid indemnity amount. |
|
|
|
(f) Bills discounting |
258.900 |
54.800 |
|
(g) In accordance
with the EPCG Scheme, imports of capital goods are allowed to be made duty
free and under Advance License scheme, import of raw material are allowed to
be made duty free, subject to condition that the Company will fulfill, in
future, a specified amount of export obligation within a specified time.
Based on the current operating plan, the Company would fulfill its export
obligation within the specified time period. Amount of duty saved on import
of the above goods aggregate Rs.297.800 millions (31.03.2009 Rs.356.200
millions) against
which export obligation of Rs.2382.600 millions (31.03.2009 Rs.2410.100 millions) need to be fulfilled. |
|
|
Un-audited
financial results for the quarter ended
(Rs.
In millions)
|
Particulars |
Quarter Ended 31.12.2010 (unaudited) |
Nine months ended 31.03.2010 (unaudited) |
|
(a) Net Sales/ Income from operation |
4543.800 |
13322.200 |
|
(b) Other Operating Income |
248.700 |
649.600 |
|
Total Income |
4792.500 |
13971.800 |
|
2. Expenditure |
|
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
(251.600) |
(341.500) |
|
b. Consumption of Raw-Materials |
2663.500 |
7643.900 |
|
c. Purchase of Traded Goods |
264.600 |
625.300 |
|
d. Cost in respect of real estate, net of revaluation reserves |
142.800 |
835.300 |
|
d. Employees Cost |
161.900 |
445.500 |
|
e. Depreciation |
153.100 |
467.100 |
|
f. Other Expenditure |
908.900 |
2853.000 |
|
g. Total |
4043.200 |
12528.600 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
429.400 |
586.900 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
3.800 |
31.600 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
433.200 |
618.500 |
|
6. Interest |
426.500 |
1221.900 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
6.700 |
(603.400) |
|
8. Exceptional Items |
0.000 |
0.000 |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
6.700 |
(603.400) |
|
10. Tax Expenses |
0.000 |
2.200 |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
6.700 |
(605.600) |
|
12. Extraordinary Items |
0.000 |
0.000 |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
6.700 |
(605.600) |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
38.61 |
38.61 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
|
|
|
16. Earning per Share (EPS) |
|
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
0.17 |
(15.68) |
|
b) Basic and diluted EPS after extraordinary items for the period0,
for the year to date and for the previous year (not annualised) |
0.17 |
(15.68) |
|
17. Public Shareholding |
|
|
|
Number of Shares |
19844064 |
19844064 |
|
% of Share holding |
51.39 |
51.39 |
|
18. Promoters and promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
4640774 |
4640774 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
25.49 |
25.49 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
12.02 |
12.02 |
|
b) Non-encumbered |
|
|
|
- Number of shares |
13563147 |
13563147 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
74.51 |
74.51 |
|
- Percentage of shares (as a %
of the total share capital of the
company) |
35.12 |
35.12 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter Ended 31.12.2010 (unaudited) |
Nine months ended 31.03.2010 (unaudited) |
|
Segment Revenue (net sales/ income from each segment) |
|
|
|
(A) Textile |
1064.400 |
2887.200 |
|
(B) Ployster |
3238.900 |
8627.300 |
|
(C) Real Estate |
176.700 |
1614.600 |
|
|
|
|
|
Total |
4480.000 |
13129.100 |
|
|
|
|
|
Add / (Less) : Inter Segment Revenue |
(7.400) |
(13.600) |
|
Total sales / other operating Income |
4472.600 |
13115.500 |
|
|
|
|
|
Segment Revenue – Profit / (Loss) |
|
|
|
(A) Textile |
(36.900) |
(181.000) |
|
(B) Ployster |
574.900 |
666.300 |
|
(C) Real Estate |
(13.500) |
2166.900 |
|
|
|
|
|
Total |
524.500 |
886.000 |
|
Less : (I) Voluntary Retirement Compensation Written off (II) Net Interest Expenses (III) Other Un-allocated expenditure expenditure net of Un-allocable
income |
0.000 426.500 91.300 |
0.000 1221.900 267.500 |
|
|
|
|
|
Total Profit (Loss) before tax |
6.700 |
(603.400) |
|
|
|
|
|
Capital Employed (Segment Assets – Segment Liabilities) |
|
|
|
(A) Textile |
4358.700 |
4358.700 |
|
(B) Ployster |
6628.600 |
6628.600 |
|
(C) Real Estate |
4132.300 |
4132.300 |
|
|
|
|
|
Unallocated : |
|
|
|
(I)
Voluntary Retirement Compensation (to the extent not written off or adjusted ) |
0.000 |
0.000 |
|
(II)
Others |
2335.100 |
2335.100 |
|
|
|
|
|
Total Capital Employed |
17454.700 |
17454.700 |
Note :
- The above results were reviewed by the Audit committee and approved
by the Board o Directors at their
meetings held on
- Status of investors complaints for the quarter ended
(A)
Complaints pending at the
beginning of the quarter
(B)
Complaints received
during the quarter – 24
(C)
Complaints disposed off
during the quarter 24 and
(D)
Complaints unresolved at
the end of the quarter – none
3. Figures for the previous period have been
regrouped / recasted wherever.
FIXED ASSETS
- Building
- Plant and Machinery
- Furniture
- Motor Vehicles
- Software
WEBSITE DETAILS
The Wadias' first venture,
over 250 years ago, was in the area of ship building, more than 355 ships were
designed and built by the Wadias, including men-of-war for the British Navy. It
was on one such ship that the American National Anthem was composed, and on
another Wadia built deck that the 'Treaty of Nanking', ceding Hongkong to
The Spring Mills began operations in
1903 Emerging opportunities: With the wave of industrialization in the
19th century, trading grew, and with it, opportunities for new areas of
business. In 1879,
Humble
opportunities : The Subject had been born. A modest beginning for a company
that was to grow in the following 115 yr. into one of
Sales turnover of the Textile division is nearly
equally divided between National and International markets. Bombay Dyeing,
exports to advanced countries such as
A unique strength of Bombay Dyeing in
MANUFACTURING
FACILITIES:
Bombay Dyeing has two main streams of business. Textile is a dominant activity for which the company has advanced facilities.
Each of Bombay Dyeing's five manufacturing facilities is of International
standards. Weaving facilities include technology from world leaders such as
Sulzer.Bombay Dyeing has 519 Sulzer Projectile Machines in widths of 130",
142", 153" and 169".
In addition the company has 123 Sulzer Airjet Machines in widths of 110"(
with tucked in selvedge) and 75" (with fringe selvedge). The Ruti
Automatic Looms ranging in widths of 40" to 110" totaling 1,260 are
gradually being phased out and substituted by the latest in weaving technology.
The Spinning and Winding facilities are equipped with Schlafhorst Autocore
Rotors, Auto Corner Winding Spindles and
Today the daily production at Bombay Dyeing exceeds 300,000 meters of fabrics.
Facilities are available to produce bleached fabric upto 120", dyed and
printed fabric upto 98" and grey fabric upto 124".
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 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. 44.33 |
|
|
1 |
Rs. 74.13 |
|
Euro |
1 |
Rs. 65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.