MIRA
INFORM REPORT
|
Report Date : |
24.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
NAGREEKA EXPORTS LIMITED |
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Registered Office : |
18, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.03.1989 |
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Com. Reg. No.: |
21-046387 |
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Paid-Up Capital : |
Rs. 62.550 Millions |
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CIN No.: [Company
Identification No.] |
L1810WB1989PLC046387 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALN02503E |
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PAN No.: [Permanent
Account No.] |
AAACN9999A |
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Legal Form : |
Public limited liability Company. The company’s shares are listed on
the stock exchanges. |
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Line of Business : |
Manufacturers, Exporters and Marketers Cotton Yarn and Knitted
Fabrics. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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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 3100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
18, R.N. Mukherjee Road, 6th Floor, Kolkata – 700 001, West Bengal,
India |
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Tel. No.: |
91-33-22108828/22484922/4943 |
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Fax No.: |
91-33-22481693 |
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E-Mail : |
knbansal@nagreeka.com |
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Website : |
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Corporate Office : |
7, Kala Bhavan, 3 Mathew Road, Mumbai – 400 004, Maharashtra, India |
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Tel. No.: |
91-22-23670365/61447500 |
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Fax No.: |
91-22-23612579/23630475 |
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E-mail : |
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Administrative Office: |
21/22 Kala Bhawan 3 Mathew Road, Mumbai – 400 004, Maharashtra,
India |
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Factory : |
Laxmi Tekadi Village Yavluj, Taluka Panhala, District Kolhapur -
416205, Maharashtra, India |
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Tel. No.: |
91-231-2420639/2328-237226 |
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Fax No.: |
91-231-2420638 |
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E-mail : |
DIRECTORS
As on : 31.03.2010
|
Name : |
Mr. Sushil Patwari |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
20.08.1954 |
|
Qualification : |
B. Com (H) |
|
Experience : |
Rupa and Company Limited (Director) Reliance Processors Limited (Director) Nagreeka Capital and Infrastructure Limited (Director) |
|
Date of Appointment : |
06.03.1989 |
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Name : |
Mr. Sunil Patwari |
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Designation : |
Vice Chairman |
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Name : |
Mr. Kailash Chandra Purohit |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
18.06.1932 |
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Qualification : |
B. Tech |
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Experience : |
Industrialist having rich business experience |
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Date of Appointment : |
30.06.2001 |
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Name : |
Mr. Mohan Kishen Ogra |
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Designation : |
Director |
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Name : |
Mr. Bibhuti Charan Talukdar |
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Designation : |
Director |
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Name : |
Mr. Mahendra Patwari |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
15.03.1963 |
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Qualification : |
B. E. from IIT, Mumbai |
|
Experience : |
Nagreeka Foils Limited (Director) |
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Date of Appointment : |
01.07.2004 |
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Name : |
Mr. Rajendra Mahavirprasad Ruia |
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Designation : |
Director |
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Name : |
Mr. Mahabir Prasad Periwal |
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Designation : |
Director |
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Name : |
Mr. Satish Patwari |
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Designation : |
Director |
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Name : |
Mr. Vivek Khanna |
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Designation : |
Director |
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Name : |
Mr. Ishwarlal L. Patwari |
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Designation : |
Chairman |
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Name : |
Mr. K. L. Agarwal |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. J Tiwari |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
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|
4,472,300 |
35.78 |
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2,105,186 |
16.84 |
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|
6,577,486 |
52.62 |
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Total shareholding of Promoter and Promoter Group (A) |
6,577,486 |
52.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3,300 |
0.03 |
|
|
400 |
- |
|
|
300 |
- |
|
|
4,000 |
0.03 |
|
|
|
|
|
|
2,616,086 |
20.93 |
|
|
|
|
|
|
2,720,010 |
21.76 |
|
|
344,033 |
2.75 |
|
|
238,085 |
1.90 |
|
|
230,196 |
1.84 |
|
|
800 |
0.01 |
|
|
7,089 |
0.06 |
|
|
5,918,214 |
47.35 |
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Total Public shareholding (B) |
5,922,214 |
47.38 |
|
Total (A)+(B) |
12,499,700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
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|
- |
- |
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|
- |
- |
|
Total (A)+(B)+(C) |
12,499,700 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporters and Marketers Cotton Yarn and Knitted
Fabrics. |
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Products : |
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PRODUCTION STATUS
(As on 31.03.2010):-
|
Particulars |
|
|
Unit |
Quantity
|
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Licensed Capacity / Registered
Capacity |
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Spindle |
56784 |
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Installed Capacity |
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Spindle |
55440 |
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ACTUAL
PRODUCTION |
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Cottan Yarn |
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Kg |
9525143 |
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Knitted Fabrics |
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|
Kg |
68277 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Note : i. Rupee Tetm loan from Canara Bank - Kolkata, Oriental Bank of
Commerce — Kolkata and State Bank of (a) an equitable mortgage ranking pari passu inter-se by deposit of title
deeds of all the immovable properties of the company both present and future,
relating to its spinning unit premises at Village : Yavluj, District
Kolhapur, Maharashtra and (b) by way of by hypothecation ranking pari passu infer-se of all
movable properties of the company both present and future including movable
machineries, spares, toots and accessories (save and except book debts)
subject to prior charges created or to be created in favor of the Company’s
Bankers, on its stock of Raw Materials, finished goods, consumable stores,
book debts and Such other movables as may be specifically permitted by the
institutions in writing, to secure borrowings for working capital
requirements and (c) personal guarantee of some of the Directors of the Company. ii. Working Capital Term Loan from Canara Bank, Overseas Branch,
Kolkŕta is secured by way of (a) hypothecation of stock of Raw materials, Work-in-process, finished
goods and book debts relating to spinning unit at Village Yavluj, District : (b) Second charge on immovable properties of the company relating to
above mentioned spinning unit, and (c) Personal guarantee of some of the Directors of the Company. iii. Working Capital Loan from Canara Bank, Overseas Branch, Kotkata
and Mumbai and Oriental Bank of Commerce, Overseas Branch, Kolkata are
secured by way of (a) hypothecation of stock of Raw materials, Work-In-process, finished
goods and book debts relating to spinning unit at Village Vavtuj, District
Koihapur, Maharashtra anti stock-in-trade at trading unit Kolkala, (b) Second charge on immovable properties of the company relating to
above mentioned spinning unit, and (c) personal guarantee of some of the Directors of the Company iv. Working Capital Loan from ING Vysya Bank Limited, Overseas
,Branch, Mumbai is secured by way of: (a) hypothecation of stock of raw materials, work in process, Finished
goods, book debts relating to spinning unit at Village Yavluj, District :
Kolhapur, Maharashtra and (b) Second charge on immovable Properties of the Company relating to
above mentioned spinning unit, and (c) Personal guarantee of some of the Directors of the Company. v. For the above loan a securitization agreement entered in between
the Company, AXIS Bank Limited and the above lenders. vi. Term Loans repayable within one year Rs. 60.696 millions (previous
year Rs. 16.000 millions). vii. Working Capital Term Loan repayable with in one year s. Nil. Sales is net of Foreign Exchange difference Debit (Net) Rs. 0.788
millions (Previous year Debit Rs. 0.013 millions.) a) Sundry creditors includes outstanding dues to SSI undertakings
amounting to Rs. 0.474 million (Previous year Rs.4.346 millions) and no dues
are outstanding for more than 30 days. b) The Company has not received any information from its suppliers
regarding registration under “The Micro, Small and Medium Enterprises
Development Act, 2006.” Hence the information required to be given in
accordance with section 22 of the said Act, is not ascertainable. Hence, not
disclosed. 6. Based on the information/documents available with the Company,
there was no amount due and outstanding as on 31st March, 2010 which is to be
transferred to Investors Education and Protection Fund under Section 205C of the
Companies Act, 1956. 7. As per Accounting Standard 26 issued by t he Institute of Chartered
Accountants of India, the company has assessed recoverable value of
generating Unit based on value in used method which has worked out to be much
higher than corresponding book value of net assets thereby not warranting
further exercise of arriving at their net selling price. This further
confirms absence of exigency of making any provision for impairment of
asset(s). |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Das and Prasad Chartered Accountants |
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Address : |
4, Chowringhee Lane Kolkata-700016, West |
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Associates/Subsidiaries : |
·
Nagreeka Capital and Infrastructure Limited |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs. 5/- each |
Rs. 150.000 millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12499700 |
Equity Shares |
Rs. 5/- each |
Rs. 62.499
millions |
|
(+)10300 |
Equity forfeited Sharesduring the year |
|
Rs. 0.052
million |
|
|
Total |
|
Rs. 62.551 millions |
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12510000 |
Equity Shares |
Rs. 5/- each |
Rs. 62.550 millions |
|
|
|
|
|
Note : (1500000 Equity Shares of Rs. 5/- each were
allotted as fully paid up Bonus shares by way of capitalization of General
Reserve)
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 |
62.550 |
62.550 |
62.550 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
722.117 |
702.722 |
720.349 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
784.667 |
765.272 |
782.899 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1258.379 |
890.835 |
1036.196 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1258.379 |
890.835 |
1036.196 |
|
|
DEFERRED TAX LIABILITIES |
132.096 |
128.957 |
148.945 |
|
|
|
|
|
|
|
|
TOTAL |
2175.142 |
1785.064 |
1968.040 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
868.662 |
936.888 |
924.711 |
|
|
Capital work-in-progress |
16.192 |
1.134 |
0.222 |
|
|
|
|
|
|
|
|
INVESTMENT |
202.344 |
206.862 |
146.863 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
680.770
|
333.382
|
355.157 |
|
|
Sundry Debtors |
233.741
|
61.373
|
317.895 |
|
|
Cash & Bank Balances |
7.992
|
20.878
|
36.049 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
431.170
|
352.772
|
407.261 |
|
Total
Current Assets |
1353.673
|
768.405
|
1116.362 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
93.608
|
89.648 |
102.092 |
|
|
Other Current Liabilities |
167.645
|
35.959
|
81.080 |
|
|
Provisions |
4.475
|
2.618
|
36.946 |
|
Total
Current Liabilities |
265.728
|
128.225
|
220.118 |
|
|
Net Current Assets |
1087.945
|
640.180
|
896.244 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2175.142 |
1785.064 |
1968.040 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4145.543 |
2665.269 |
3290.558 |
|
|
|
Other Income |
4.833 |
6.250 |
3.607 |
|
|
|
TOTAL
(A) |
4150.376 |
2671.519 |
3294.165 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
2740.751 |
1135.137 |
1883.194 |
|
|
|
Manufacturing Expenses |
1036.600 |
1080.123 |
944.337 |
|
|
|
Increase/(Decrease) in Finished Goods |
(219.514) |
9.087 |
(117.354) |
|
|
|
Selling and Distribution Expenses |
226.792 |
170.398 |
219.683 |
|
|
|
Other Expenses |
167.831 |
179.532 |
111.715 |
|
|
|
TOTAL (B) |
3952.460 |
2574.277 |
3041.575 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
197.916 |
97.242 |
252.590 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
111.342 |
79.804 |
63.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86.574 |
17.438 |
188.761 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
65.637 |
63.571 |
61.498 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
20.937 |
(46.133) |
127.263 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.542) |
28.505 |
(43.077) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
19.395 |
(17.628) |
84.186 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.255 |
23.883 |
35.898 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
85.234 |
|
|
|
Dividend |
NA |
NA |
9.375 |
|
|
|
Tax on Dividend |
NA |
NA |
1.593 |
|
|
BALANCE CARRIED
TO THE B/S |
25.650 |
6.255 |
23.882 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3196.352 |
1878.800 |
2590.035 |
|
|
TOTAL EARNINGS |
3196.352 |
1879.800 |
2590.035 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
5.988 |
6.017 |
|
|
|
|
Capital Goods |
7.872 |
12.103 |
6.866 |
|
|
TOTAL IMPORTS |
13.860 |
18.120 |
6.866 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.55 |
(1.41) |
6.87- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
30.06.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5ht
Quarter |
|
Net Sales |
1508.390 |
1099.490 |
1420.090 |
1553.780 |
1276.390 |
|
Total Expenditure |
1436.570 |
1018.140 |
1330.530 |
1507.220 |
1228.880 |
|
PBIDT (Excl OI) |
71.820 |
81.350 |
89.560 |
46.560 |
47.510 |
|
Other Income |
0.760 |
0.060 |
3.590 |
(1.700) |
0.090 |
|
Operating Profit |
72.580 |
81.410 |
93.150 |
44.860 |
47.600 |
|
Interest |
34.640 |
20.120 |
42.840 |
24.630 |
42.750 |
|
PBDT |
37.940 |
61.290 |
50.310 |
20.230 |
4.850 |
|
Depreciation |
16.450 |
16.970 |
17.400 |
15.720 |
17.540 |
|
Profit Before Tax |
21.490 |
44.320 |
32.910 |
4.510 |
(12.690) |
|
Tax |
0.000 |
0.000 |
19.600 |
22.070 |
0.000 |
|
Profit After Tax |
21.490 |
44.320 |
13.310 |
(17.560) |
(12.690) |
|
Net Profit |
21.490 |
44.320 |
13.310 |
(17.560) |
(12.690) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.47
|
(0.66) |
2.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.51
|
(1.73) |
3.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.94
|
(2.71) |
6.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
(0.06) |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.11
|
1.50 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.09
|
5.99 |
5.07 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATION
The Company’s turnover has increased from Rs. 2665.269 millions for the year
ended 31st March, 2009 to Rs. 4145.543 millions for the year thus recording an
increase of 55.54%. Profit after Tax for the Year is Rs.19.396 millions as
against loss of Rs.I 7.627 millions in the previous year.
The adverse effect of the Global crisis which started in mid 2008
continued during the first half of the period. The Company utilised the
situation to introspect and fine tune its operations and to utilised resources
to improve its competitiveness. Beginning from the 3rd quarter of the period, a
revival in demand for textile products and the company’s products, in
particular, began to be seen and this trend has since continued. The retailers
in the west had reduced inventories to very low levels and hence, now started
purchasing to meet their sales and also to rebuild inventory. Additionally, the
strong growth in the Indian economy together With better percolation of
benefits to the bottom of the pyramid also brought increased demand for
textiles. The company was well positioned to exploit these developments and
could achieve the growth in turnover.
The developments on the cost front, however, were not favorable.
Other input costs such as power, transportation etc., also went up due
to increase in fuel prices and inflation thus taking costs up. Interest cost
also increased as the RBI tightened monetary policy and the Government withdrew
most of the simultaneously measures.
FUTURE PROSPECT
The process of passing on the costs in prices of finished goods could be
done starting from February March 2010.
During April 2010, the Government of India has temporarily stopped
export of raw cotton and waste. This was subsequently permitted for registered
contracts and an export duty imposed. New exports would be permitted alter
October 2010. These measures promise an effort to ensure better availability of
cotton for domestic industry.
Simultaneously the Government has implemented a process of registration
to monitor the export of cotton yarn. Further, Duty Entitlement Pass Book
(DEPB) and Drawback, meant to re 1mbursa the taxes/duties paid on inputs during
the manufacture of cotton yarn have been withdrawn. This has reduced
competitiveness of export of cotton yarn.
The cotton crop for season 2010-11 is expected to be big on account of
increase in area under cotton and expectations r better weather, both in
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
A)
INDUSTRY STRUCTURE
AND DEVELOPMENT:
World economy has shown initial indications of recovery after a severe spell
of recession. The world economy is expected to grow by 4.2 percent in 2010 and
projected to maintain the growth momentum in the next five years. However, the
consumer confidence in major importing countries like
B)
Opportunities and
Threats:
The growing Indian economy and growth of organized retail promises
greater consumption of textiles. The Government of India has been encouraging
modernization of Indian textile industries through several policies such as
TIJFS. Such measures shall lend support to Indian Textile Industry in becoming
competitive and to avail the opportunities in global textile trade. These
developments offer opportunities to cotton spinning companies, in particular,
and cotton textile manufacturing and exporters in general for growth and
development.
There are some areas of concern also, which need to be stated here.
Along-with recovery, the textile industry is also facing increase in input
prices in sync with the global trends. in addition to appreciating rupee, free
export of cotton followed by withdrawal of export incentives on cotton yarn are
also causing concern for the sustained recovery in the textile industry. In
their view, if any segment suffers from some systemic disadvantages affecting
its global competitiveness, it should be overcome through suitable incentive
mechanism without affecting any other segment of the industry. They have a firm
faith in the bright future of textile industry in
C)
Outlook:
The general economic outlook globally is getting positive. There is an
increasing return of confidence though many experts opine that the recovery is
still fragile. Generally speaking, the economic outlook lends optimism, though
with caution. With global economic outlook looking positive, the global textile
trade is likely to witness an increase of around 1 0°k in the F/Y 2010-2011
over the previous year and this growth trend is likely to fetch positive
results to the Indian Textile Sector.
D)
Management
perception of Risk and Concern:
One of the major challenges for the textile industry is the continued
appreciation in the Indian rupee against US dollar, which has serious
implication on textile exports. Being highly competitive industry, increase in
the external value of rupee would cripple the competitiveness 01 the industry.
Another important issue is availability, quality and the price of power. The
availability of goods quality power at reasonable prices is critical for
financial sustainability of the industry. However, the cost of power ha been
continuously increasing, adding to the input cost pressure in the industry. We
hope that power situation will improve in the coming years. The differentiated
treatment for different sector, o textile industry, in government policy, is
also a serious development; An integral approach is required for the growth of
the industry in the country. We are making all efforts to cope up with the
challenges through continuous cost reduction, process improvements and improved
customer services to minimize the growing cost pressure.
E)
Internal Control
System:
The Company has well defined internal control system. The Company takes
abundant care to design, review and monitor ii working of internal control
system. Internal Audit in the organized is an Independent appraisal activity
and it measures the efficiency adequacy and effectiveness of other controls in
the organization. Regular internal audits and checks are carried out to provide
assurance that the responsibilities at various levels are discharge effectively
and that adequate systems are in place. The review includes overseeing
adherence of the management policies. Safe guarding the assets of the Company
and ensuring preparation of timely and accurate financial information. Al
significant issues are brought to the attention of the Audi. Committee of the
Board.
Audited
financial results for the ended on 31.03.2011
(Rs.
In millions)
|
Particulars |
Year Ended 31.03.2011 (audited) |
|
(a) Net Sales/ Income from
operation |
5581.748 |
|
(b) Other Operating Income |
-- |
|
Total Income |
5581.748 |
|
2. Expenditure |
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
(214.480) |
|
b. Consumption of Raw-Materials |
1406.250 |
|
c. Purchase of Traded Goods |
3401.410 |
|
d. Employees Cost |
94.223 |
|
e. Depreciation |
66.536 |
|
f. Other Expenditure |
605.053 |
|
g. Total |
5358.992 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item |
222.756 |
|
4. Other Income |
2.707 |
|
5. Profit(+)/ Loss(-) before Interest |
225.463 |
|
6. Interest and Finance Expenses |
122.233 |
|
7. Profit(+)/
Loss (-) from ordinary activities
before Tax |
103.230 |
|
8. Tax Expenses |
|
|
a.
Current Income Tax |
(20.425) |
|
b.
Mat Credit Entitlement |
-- |
|
c.
Earlier Year Income Tax |
(0.325) |
|
d.
Differed Tax Assets/ (Liability) |
(20.917) |
|
9. Net Profit(+)/ Loss (-) from ordinary activities after Tax |
61.563 |
|
10. Paid Up Equity Share Capital (Face Value of Rs.5 Per Share) |
62.550 |
|
11. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
776.393 |
|
12. Earning per Share (Rs.) (not to be annualised) |
|
|
Basic |
4.93 |
|
Diluted |
4.93 |
|
Cash |
1.024 |
|
13. Public Shareholding |
|
|
Number of Shares |
5922214 |
|
% of Share holding |
47.38 |
|
14. Promoters and promoter group Shareholding |
|
|
a) Pledged/Encumbered |
|
|
- Number of shares |
Nil |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
Nil |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
Nil |
|
b) Non-encumbered |
|
|
- Number of shares |
6577486 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
100 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
52.62 |
Audited
financial results for the ended on 31.03.2011
Statement
Of Assets and Liabilities As At 31.03.2011
(Rs. In millions)
|
Particulars |
Year Ended 31.03.2011 (audited) |
|
Shareholders Funds |
|
|
a) Capital |
62.550 |
|
b) Reserve and Surplus |
776.393 |
|
Loan Funds |
1606.637 |
|
Deffered Tax Liability (Net) |
153.013 |
|
Total |
2598.593 |
|
Fixed Assets |
881.953 |
|
Investments |
142.344 |
|
Current Assets,
Loans and Advances |
|
|
a) Inventories |
913.380 |
|
b) sundry Debtors |
419.330 |
|
c) Cash and Bank Balance |
37.978 |
|
d) Loans and Advances |
541.418 |
|
|
1912.106 |
|
Less : Current
Liabilities and Provisions |
|
|
a) Liabilities |
307.292 |
|
b) Provision |
30.518 |
|
Net Current
Assets |
1574.296 |
|
Miscellaneous
Expenditure |
0.000 |
|
Total |
2598.593 |
Notes :
1 The above financial results have been
reviewed by Audit Committee at Is meeting held on 30.05.2011 and approved by the
Board at Directors at its meeting held on the same day.
2 The Company has only one business segment
i.e. Textiles and thus no further disclosure ore required in accordance with
accounting standard 17 on segment reporting.
3. The Board of Directors at its meeting
considered and recommended dividend @ 10% i.e Rs. 0.50 per equity share of Rs.
5/- each for the financial year 2010-2011.
4 Investor complaints pursuant to douse 41 of
the listing agreement for the quarter ended 31.03.2011
Opening- Nil Received-Nil and Closing balance
-NIL.
7 Previous periods figures have been
rearranged / Regrouped wherever necessary..
BUSINESS DESCRIPTION
Subject is an India-based company. The Company operates in
the textile segment. During the fiscal year ended 31.03.2010 (fiscal 2010), the
Company produced 9,525,143 kilograms of cotton yarn and 68,277 kilograms of
knitted fabrics. During fiscal 2010, it sold 27,477,501 kilograms of cotton
yarn, 503,495 kilograms of knitted fabrics and 189,789 meters of cloth. During
fiscal 2010, the Company had an installed to produce 55,440 spindles. During
fiscal 2010, the storage capacity was increased by the Company. Its production
is exported to Korea, Mauritius, Taiwan, Hong Kong, Italy, Bangladesh, Turkey,
Cyprus, Canada, Germany, Switzerland, Singapore, Malaysia, Dominican Republic.
The Company's plant is located in district Kolhapur, Maharashtra. For the nine
months ended 31.12.2010, Subject's revenues increased 40% to RS4.03B. Net
income totaled RS79.1M vs. a loss of RS8.3M. Revenues reflect an increase in
income from operations and higher other income. Net income also reflects the
absence of forex loss and the presence of income from stock in trade vs. a
loss. The company engages in the manufacture, sale and export of Cotton Yarn
and Knitted Fabrics.
WEBSITE DETAILS:
PROFILE:
The Nagreeka Group is a leading manufacturer and exporter of yarns, textiles, cotton, plastic coated aluminium/steel tapes and laminates, precoated aluminium fin stock and heat shrunk products.
Founded by Mr I. L. Patwari and his family in 1953, Nagreeka started with
modest trading operations. Today, it is one of the largest and most reputed
participant in each of its industries.
With more than five decades of experience, the group has a presence in more
than 40 countries. It has carved a niche for itself in the world of exports and
manufacturing in textiles, foils and heat shrunk products.
Further, Nagreeka has forayed into non-conventional and renewable energy
including wind mill setups. It is also actively involved in financial
investments, commodity trading and real estate.
The Nagreeka Group believes in fair practices, continuous technological
upgradation, and best practices to achieve premium quality at competitive costs
and prices. They pride there selves in there reliable pool of staff and labour,
characterised by low attrition and high team spirit. Continuous training and
sound Human Resource Management practices have been the main stay for years.
The group provides opportunities for career growth and maintains transparency
at all levels of the organization on an ongoing basis.
Nagreeka’s management team consists of highly qualified technocrats, finance,
and general management experts with vast and varied industry experience at the
domestic and international level.
By thus leveraging its strong financial position, professional culture and
collective experience, the Nagreeka Group has embarked on a journey of robust
growth to propel itself onto the next level of global commerce.
Milestones
·
1953
– Shri I. L. Patwari begins trading of cotton yarn
·
1989
– Subject Incorporated
·
1994
– Subject lists on BSE with 42x over-subscription
·
1994
– Subject state of the art spinning mill commissioned at Kolhapur, Maharashtra,
India
·
1995
– Nagreeka Foils Limited plant commissioned at Dadra, D and N, India
·
2000
– Nagreeka Foils Limited Unit II commissioned at Dadra, D and N, India
·
2003 –
Mala Overseas Private Limited begins manufacturing heat shrink jointing kits
·
2004
– Nagreeka Foils Limited forays into manufacture of hydrophilic coating
·
2006
– Subject doubles and modernizes capacity
·
2007
– Nagreeka Capital and Infrastructure Limited listed on BSE, NSE
·
2010
– Nagreeka Foils Limited ventures into manufacture of foil containers and home foil
rollss
PRESS RELEASE:
Accord Fintech (India): 09.06.2011
India, June 09 -- Nagreeka Exports Limited has informed the Exchange that the Register of Members and Share Transfer Books of the Company will remain closed from 21.09.2011 to 28.09.2011 (both days inclusive) for the purpose of Annual General Meeting of the Members of the Company to be held on 28.09.2011 and for determining the names of members who will be entitled to dividend on equity shares if declared at the ensuing AGM. Published by HT Syndication with permission from Accord Fintech.
Accord Fintech
(India): 12.11.2010
India, November 12 -- Nagreeka Exports Limited has submitted to the Exchange the Standalone Financial Results for the period ended 30.09.2010.Attachment Published by HT Syndication with permission from Accord Fintech.
EquityBites: 11.11.2010
11.11.2010 - CARE on Wednesday upgraded to BBB-/PR3 from BB+/PR4+ its ratings on the INR2.054bn bank facilities of Nagreeka Exports Limited (BOM:521109).
The agency issued the following press release:
Facilities Amount (Rs. millions) Ratings1 Remarks
Long-term Bank Facilities 590.200 'CARE BBB-' (Triple B Minus) Revised from CARE BB+ (Double B Plus)
Short-term Bank Facilities 1463.700 'PR 3'(PR Three) Revised from PR4+ (PR Four Plus)
Total Facilities 2053.900
Rating Rationale
The rating revision factors in significant growth in operations along with improvement in profitability in FY10 and Q1FY11. The ratings continue to derive strength from well-established marketing setup, over four decades of experience of the promoters in trading especially in the export market and geographically-diverse customer base.
The ratings are however constrained by NEL's presence in the low end of the textile value chain and commodity nature of its products. Further, volatility in foreign exchange rates and fragmented nature of the industry also act as credit weaknesses.
Ability to achieve healthy profitability in the environment of volatile currency markets and steep rise in cotton prices remains the key rating sensitivity.
Company Profile
Incorporated in March 1989, Nagreeka Exports Limited (NEL) was promoted by Mr.Ishwarlal Patwari. The company is involved in manufacturing and exporting of cotton yarns and is also into trading.
During FY10, NEL posted a PAT of Rs.19.400 millions on total operating income of Rs.4365.100 millions. The company achieved a PAT of Rs.21.600 millions on total operating income of Rs.1305.100 millions during Q1FY11.
Aii Data Processing Limited: 11.11.2010
(ADPnews) – 11.11.2010 - CARE on Wednesday upgraded to BBB-/PR3 from BB+/PR4+ its ratings on the INR-2.054-billion bank facilities of Nagreeka Exports Limited (BOM:521109).
The agency issued the following press release:
Facilities Amount (Rs. millions) Ratings1 Remarks
Long-term Bank Facilities 590.200 ‘CARE BBB-‘ Triple B Minus) Revised from CARE BB+ (Double B Plus)
Short-term Bank Facilities 146.37 ‘PR 3’ (PR Three) Revised from PR4+ (PR Four Plus)
Total Facilities 2053.900
Rating Rationale
The rating revision factors in significant growth in operations along with improvement in profitability in FY10 and Q1FY11. The ratings continue to derive strength from well-established marketing setup, over four decades of experience of the promoters in trading especially in the export market and geographically-diverse customer base.
The ratings are however constrained by NEL’s presence in the low end of the textile value chain and commodity nature of its products. Further, volatility in foreign exchange rates and fragmented nature of the industry also act as credit weaknesses.
Ability to achieve healthy profitability in the environment of volatile currency markets and steep rise in cotton prices remains the key rating sensitivity.
Company Profile
Incorporated in March 1989, Nagreeka Exports Limited (NEL) was promoted by Mr.Ishwarlal Patwari. The company is involved in manufacturing and exporting of cotton yarns and is also into trading.
During FY10, NEL posted a PAT of Rs.19.400 millions on total operating income of Rs.4365.100 millions. The company achieved a PAT of Rs.21.600 millions on total operating income of Rs.1305.100 millions during Q1FY11.
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.45.69 |
|
|
1 |
Rs.75.29 |
|
Euro |
1 |
Rs.65.77 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.