MIRA
INFORM REPORT
|
Report Date : |
03.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
EASTERN SILK INDUSTRIES LIMITED |
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Registered
Office : |
19 R N Mukherjee Road, Kolkata-700001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.04.1946 |
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Com. Reg. No.: |
21-13554 |
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CIN No.: [Company Identification
No.] |
L17226WB1946PLC013554 |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
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Line of Business
: |
The Company is engaged in the manufacture of silk yarn, fabrics and made-ups,
home furnishings, fashion fabrics, handloom fabrics, double width fabrics,
scarves and belts, and embroidered fabrics. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16000000 |
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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 an old and 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) |
|
|
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 : |
19 R N Mukherjee Road, Kolkata-700001, West |
|
Tel. No.: |
91-33-22430817/ 22488620/ 7778 (5 Lines) |
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Fax No.: |
91-33-22482486/ 24745033/ 24758590 |
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E-Mail : |
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Website : |
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Area : |
8000 sq.ft. (Rented) |
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Factory 1 : |
411, |
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Factory 2 : |
Kammansandra Agrahara Kasaba Hobli Anekal, Bangalore-560106, |
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Factory 3 : |
11A, 2nd Cross Industrial Area, Nanjangud-571301, |
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Factory 4: |
Falta Special Economic Zone, 24, Parganas (South), West |
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3, Koramangla Industrial Layout, Koramangala, Bangalore-560095, |
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Tel. No.: |
91-80-5560039/ 5566553 |
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Fax No.: |
91-80-5531808/ 6194 |
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E-Mail : |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. S S Shah |
|
Designation : |
Chairman and managing Director |
|
Address : |
55, |
|
Date of Birth/Age : |
07.11.1935 |
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Date of Appointment : |
01.09.1952 |
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Name : |
Mr. Sudeep Shah |
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Designation : |
Executive Director |
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Name : |
Mr. G D Hamathka |
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Designation : |
Director |
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Name : |
Mr. H.S. Gopala |
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Designation : |
Director |
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Name : |
Mr. O.P. Agarwal |
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Designation : |
Director |
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Name : |
Mr. R L Gaggar |
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Designation : |
Director |
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Name : |
Mr. R S Rungta |
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Designation : |
Director |
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Name : |
Mr. Sunil V Diwakar |
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Designation : |
Nominee by IL and FS Investments Managers Limtied) |
KEY EXECUTIVES
|
Name : |
Nr. G Venkatesh |
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Designation : |
President |
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Name : |
Mr. Anil Jain |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. K T Seth |
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Designation : |
Compliance Officer/ Company Secreatry |
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E mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
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|
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|
11,350,615 |
14.38 |
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|
21,070,335 |
26.69 |
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32,420,950 |
41.06 |
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|
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|
5,000,000 |
6.33 |
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|
5,000,000 |
6.33 |
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Total shareholding of Promoter and Promoter Group (A) |
37,420,950 |
47.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
95,415 |
0.12 |
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|
2,250 |
- |
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4,294,795 |
5.44 |
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|
33,700 |
0.04 |
|
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4,426,160 |
5.61 |
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|
|
|
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|
13,225,513 |
16.75 |
|
|
|
|
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16,512,871 |
20.91 |
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6,367,776 |
8.07 |
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|
999,350 |
1.27 |
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|
999,350 |
1.27 |
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|
37,105,510 |
47.00 |
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Total Public shareholding (B) |
41,531,670 |
52.60 |
|
Total (A)+(B) |
78,952,620 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
Total (A)+(B)+(C) |
78,952,620 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the manufacture of silk yarn, fabrics and
made-ups, home furnishings, fashion fabrics, handloom fabrics, double width
fabrics, scarves and belts, and embroidered fabrics. |
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Products : |
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PRODUCTION STATUS AS ON
As on 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Silk Weaving/ Embrodiery |
Lacs Mtrs. per
Annum |
|
20000 |
-- |
|
Spun Silk Yarn |
M/T per annum |
|
240 |
-- |
|
Noil Silk Yarn |
M/T per annum |
|
360 |
-- |
|
Fabrics (Semi-Finished) |
Mtrs. |
|
-- |
915389.35 |
|
Fabrics |
Mtrs. |
|
-- |
3578626.05 |
|
Made-ups |
Pcs |
|
-- |
2851372 |
|
Silk Yarn (Semi-Finished) |
Kgs. |
|
-- |
3340930 |
|
Silk Yarn |
Kgs. |
|
-- |
130318.340 |
GENERAL INFORMATION
|
Bankers : |
·
Allahbad Bank ·
Canara Bank ·
State Bank of ·
State Bank of ·
State Bank of ·
The Federal Bank Limited ·
The Bank of Rajasthan Limited ·
UCO Bank ·
Union Bank of ·
Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. K. Shroff and Company Chartered Accountant |
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Address : |
23A, |
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Associates: |
·
Ethics Commercials Limited ·
Lucky Goldstar Company Limited ·
P.K. Textiles Limited ·
Tarun Fabrics Limited ·
Gemini Overseas Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs. 2/- each |
Rs. 300.000 Millions |
|
2000000 |
Preference Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
|
|
Total |
|
Rs. 500.000
Milions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
79110120 |
Equity Shares |
Rs. 2/- each |
Rs. 158.220
Millions |
|
1400000 |
Redeemable Cumulative Preference Shares |
Rs. 100/-
each |
Rs. 140.000
Millions |
|
|
Total |
|
Rs. 298.220 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78952620 |
Equity Shares |
Rs. 2/- each |
Rs. 157.905
Millions |
|
1400000 |
8% Redeemable Cumulative Preference Shares |
Rs. 100/-
each |
Rs. 140.000
Millions |
|
|
Total |
|
Rs. 297.905 Millions |
Notes
:
*1. Of the above shares 88,37,450 Equity Shares of Rs. 2/- were allotted
as fully paid up Bonus Shares by Capitalisation of General Reserve.
*2.During 1995-96 the company offered1,18,13,725 Equity Shares of
Rs.2/- each To the existing Shareholders
in the ratio of 1share for every 2 shares held, at a premium of Rs.6/-per share
as per letter of offer dated December 21,1995.
Out of the above shares, allotment of 6000 Equity Shares are kept in abeyance
under Court Order. *3.3,16,96,445 Equity Shares of Rs.2/-each Fully paid up at
a premium of Rs.15.60 per Equity Share were allotted to the Shareholders of
erstwhile Eastern Jingying Limited And Sstella Silks Limited(since
amalgamated)pursuant to the Scheme of Amalgamation without payment being
received in cash.
*4.During 2006-07 the company allotted 1,15,00,000 Equity Shares of
Rs.2/-each fully paid up at a premium of Rs.48.03 per Equity Share on
preferential basis .
5. 6,00,000 Redeemable Cumulative Preference Shares were allotted by the
Company on 21.01.2004, 2,00,000 Redeemable Cumulative Preference Shares were
allotted by erstwhile Eastern Jingying Limited on 09.02.2004 and 6,00,000
Redeemable Cumulative Preference Shares were allotted by erstwhile Sstella
Silks Limited on 26.03.2005.All the Preference Shares are carrying dividend at
the rate of 8%. The date of redemption of all the preference shares which were
due for redemption on 25th March, 2010 and 1st April' 2010 have now been
extended upto 1st April 2020 with the consent of all the preference
shareholders. Hence, the earliest date of redemption is 1st April 2020.
* The number of shares, face value and the premium has been reworked on
sub division of shares from Rs.10/-
each to Rs 2/- each.
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 |
297.905 |
297.905 |
297.905 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3763.852 |
3754.853 |
3467.180 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4061.757 |
4052.758 |
3765.085 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1711.807 |
1077.309 |
1019.857 |
|
|
2] Unsecured Loans |
2.473 |
28.134 |
218.140 |
|
|
TOTAL BORROWING |
1714.280 |
1105.443 |
1237.997 |
|
|
DEFERRED TAX LIABILITIES |
109.922 |
125.657 |
140.580 |
|
|
|
|
|
|
|
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TOTAL |
5885.959 |
5283.858 |
5143.662 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1652.373 |
1638.799 |
1815.481 |
|
|
Capital work-in-progress |
494.996 |
135.776 |
29.181 |
|
|
|
|
|
|
|
|
INVESTMENT |
20.539 |
58.140 |
100.842 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2515.731
|
2414.967 |
1689.038 |
|
|
Sundry Debtors |
774.431
|
789.994 |
1427.015 |
|
|
Cash & Bank Balances |
281.795
|
194.382 |
181.732 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1278.747
|
1260.661 |
1112.443 |
|
Total
Current Assets |
4850.704
|
4660.004 |
4410.228 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
726.651
|
640.374 |
323.266 |
|
|
Other Current Liabilities |
336.421
|
336.385 |
616.572 |
|
|
Provisions |
69.581
|
232.102 |
272.257 |
|
Total
Current Liabilities |
1132.653
|
1208.861 |
1212.095 |
|
|
Net Current Assets |
3718.051
|
3451.143 |
3198.133 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.024 |
|
|
|
|
|
|
|
|
TOTAL |
5885.959 |
5283.858 |
5143.662 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5439.309 |
5100.375 |
4816.528 |
|
|
|
Other Income |
120.006 |
244.843 |
108.343 |
|
|
|
TOTAL (A) |
5559.315 |
5345.218 |
4924.871 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
1967.678 |
3467.316 |
1846.504 |
|
|
|
Raw Material Consumed |
1984.588 |
1047.321 |
1179.380 |
|
|
|
Manufacturing, Selling and Other Expenses |
1142.910 |
1132.424 |
983.727 |
|
|
|
Increase/ Decrease in Stock |
[10.264] |
[899.280] |
[73.964] |
|
|
|
TOTAL (B) |
5084.912 |
4747.781 |
3935.647 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
474.403 |
597.437 |
989.224 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
252.502 |
241.499 |
229.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
221.901 |
355.938 |
759.462 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
153.358 |
164.756 |
157.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
68.543 |
191.182 |
601.662 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
11.166 |
[0.923] |
20.279 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
57.377 |
192.105 |
581.383 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1670.272 |
1563.745 |
1176.601 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
30.000 |
70.000 |
|
|
|
Preference Share Redemption Reserve |
-- |
24.000 |
28.000 |
|
|
|
Proposed Dividend |
|
|
|
|
|
|
On Equity Shares |
9.474 |
15.791 |
71.057 |
|
|
|
On Preference Shares |
11.200 |
11.200 |
11.200 |
|
|
|
Corporate Dividend Tax |
3.434 |
4.587 |
13.980 |
|
|
BALANCE CARRIED
TO THE B/S |
1693.541 |
1670.272 |
1563.747 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4190.020 |
4132.401 |
3874.691 |
|
|
TOTAL EARNINGS |
4190.020 |
4132.401 |
3874.691 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Yarn |
1405.583 |
1048.751 |
891.181 |
|
|
|
Fabrics |
30.924 |
41.033 |
32.442 |
|
|
|
Plant and Machinery |
285.263 |
0.000 |
4.500 |
|
|
TOTAL IMPORTS |
1721.770 |
1089.784 |
928.123 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.56 |
2.27 |
7.20 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1378.440 |
1953.780 |
|
Total Expenditure |
|
1267.750 |
1821.010 |
|
PBIDT (Excl OI) |
|
110.690 |
132.770 |
|
Other Income |
|
3.890 |
4.870 |
|
Operating Profit |
|
114.580 |
137.640 |
|
Interest |
|
59.180 |
84.660 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
55.400 |
52.980 |
|
Depreciation |
|
43.800 |
67.050 |
|
Profit Before Tax |
|
11.600 |
[14.070] |
|
Tax |
|
1.500 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
10.100 |
[14.070] |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
10.100 |
[14.070] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.03
|
3.59 |
11.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.26
|
3.75 |
12.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.05
|
3.04 |
9.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.05 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.32 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.28
|
3.85 |
3.64 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW
During the financial year 2009-10, the sales of the Company increased to
Rs.5439.309 Millions as compared to Rs.5100.375 Millions in the previous year.
Profit after tax declined to Rs.57.377 Millions as against Rs.192.105 Millions
largely on account of shift of overseas customers to different varieties of
textiles coupled with increase in input cost including Raw Material cost.
The Directors are pleased to inform that the EOU Status of Unit I has
been converted into Domestic Tariff Area Unit pursuant to the Company having
fulfilled the export obligation. On such debonding the old and accumulated
stocks of 1,07,319.18 mtrs of silk fabrics and other stocks were destroyed
under the order of Customs Department. The necessary accounting entries have
been passed in the books of accounts.
Due to adverse market conditions and recession in Europe, the Company’s
major buyers in
POST BALANCE SHEET
DEVELOPMENT
The sales for the quarter ended 30th June, 2010 was Rs.1322.600 Millions
as against Rs.1517.800 Millions in the corresponding quarter last year. The net
profit was Rs.10.100 Millions as against Rs.43.900 Millions in the
corresponding quarter of the previous year.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
Overall Review,
Industry Structure and Developments
The world economy is beginning to recover from one of the worst economic
downtrend in decades. But again financial crisis in countries like Dubai,
Greece, Spain, Italy, Portugal, Ireland indicate that the effects of slowdown
still persists. The consumption level of developed nations took a beating and
still the markets for high end products have not recovered fully. The increased
costs of silk goods have resulted in lesser off take of silk products in
overseas markets and shift of customers to cheaper varieties of textiles.
With a view to follow the global trend the Company has also laid more
emphasis on manufacturing and exports of poly fabrics and other blended fabrics
which are relatively cheaper than silk fabrics and are much in demand.
Opportunities and Threats
After the revival picks up the pace, the demand for value added premium
products is expected to rise across the globe. However, the rising cost of raw
materials is a matter of concern.
Segmentwise Performance
The Company’s business activities falls within a single primary segment
viz. Textiles.
Outlook
The production from the expansion programme of the Company at Unit II in
Anekal near
Contingent Liabilities not provided for in respect of:
|
Particulars |
31.03.2010 Rs. In Millions |
|
a) Letters of Credit |
823.790 |
|
b) Guarantee given by the Bankers |
13.252 |
|
c) Bills Receivable discounted with bankers |
1842.822 |
|
d) Excise, Sales Tax, Custom Duty, ESIC and Othe Claims |
18.444 |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Electric Installation
·
Office Equipments and Furniture
·
Vehicles
AS PER WEBSITE
Profile
The present net worth of the company is about Rs 3910.000 Millions and it employs over 20,000 people
directly or indirectly.
In the year 1958, the export
house embarked on its overseas business, with an export turnover of Rs 0.005
Million. As on date, the export turnover stands at a voluminous figure of Rs 5440.000 Millions in the year
2009-2010, which is likely to cross Rs
6000.000 Millions by 2010-11.
An added glitter in its crown is the number of awards that the company
has bagged over the years from various Export
Promotion Councils, such as:
- HANDLOOM EXPORT PROMOTION COUNCIL
- INDIAN SILK EXPORT PROMOTION COUNCIL
- CENTRAL SILK BOARD
- MINISTRY OF COMMERCE
The company has been recognized as "Golden Star Trading House" by the Government of India.
From developing yarn to producing premium fashion fabrics and home
furnishings, Eastern Silk is dedicated to enhancing the value of Silk ..... Queen of all fabrics.
The annual export of Euro 60 million is growing consistently as Eastern Silk
has endeared itself to the sophisticated and discerning buyers across
From traditional hand woven and hand embroidered to contemporary yarn dyed,
prints, dobbies, jacquards and machine embroideries, we are geared to produce
every type of silk fabric in Mulberry, Tussar, Eri or Muga.
In the area of self sufficiency the in house Research Wing has successfully
developed a technology indigenously of Fast Color printing on fabrics that is
the basic need for selling in the overseas market.
Modernization and adoption of new technology has been the watchword of the
company down the years.
In this back drop, the company is planning to increase its export performance,
commensurate to the extent of quantum increase in total Indian Export,
which is likely to cross Rs 6000.000 Millions by 2010-2011
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER 2010
(Rs. In Millions)
|
|
Particulars |
3 months ended |
6
months ended |
|
|
|
30/09/10
|
30/09/10 |
|
|
|
Unaudited |
Unaudited |
|
1 |
a. Net Sales / Income from Operation |
1929.191 |
3251.752 |
|
|
b. Other operating income (Net) |
24.591 |
80.468 |
|
|
Total (a+b) |
1953.782 |
3332.220 |
|
2 |
Expenditure |
|
|
|
a |
(Increase)/Decrease in Stock in Trade and Work in Progress |
(206.011) |
(176.040) |
|
b |
Consumption of Raw Materials |
391.229 |
621.495 |
|
c |
Purchase of traded goods |
1416.484 |
2269.827 |
|
d |
Employees Cost |
19.544 |
36.708 |
|
e |
Depreciation |
67.050 |
110.851 |
|
f |
Manufacturing expenses |
72.506 |
126.855 |
|
g |
Administrative expenses |
39.402 |
62.530 |
|
h |
Selling expenses |
75.829 |
135.346 |
|
|
Total Expenditure (a to h) |
1876.030 |
3187.672 |
|
3 |
Profit operations before other income, interest and exceptional items
(1-2) |
77.752 |
144.548 |
|
4 |
Other income |
4.865 |
8.753 |
|
5 |
(Loss) / Gain on forward Contracts/Derivatives |
(12.028) |
(11.936) |
|
6 |
Profit before interest and exceptional items (3+4+5) |
70.589 |
141.365 |
|
7 |
Interest |
84.656 |
143.833 |
|
8 |
Profit after interest but before exceptional items (6-7) |
(14.067) |
(2.468) |
|
9 |
Exceptional Items |
- |
- |
|
10 |
Profit (+) / Loss (-) from Ordinary Activities before tax (8+9) |
(14.067) |
(2.468) |
|
11 |
Tax expense |
|
1.500 |
|
12 |
Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) |
(14.067) |
(3.968) |
|
13 |
Extraordinary Items (net of tax expense) |
- |
- |
|
14 |
Net Profit (+) / Loss (-) for the period (12-13) |
(14.067) |
(3.968) |
|
15 |
Paidup Equity Share Capital (Face value of each share - Rs.2/-) |
157.905 |
157.905 |
|
16 |
Reserves excluding revaluation reserves (as per Balance Sheet of
previous accounting year to be given in col. 3) |
- |
|
|
17 |
Earnings per share (EPS) |
|
|
|
|
(a) Basic and diluted EPS before extraordinary items for the period to
date and for the previous year (not to be annualised) |
(0.18) |
(0.05) |
|
|
(b) Basic and diluted EPS after extraordinary items for the period to date
and for the previous year ( not to be annualised ) |
(0.18) |
(0.05) |
|
18 |
Public Shareholding |
|
|
|
|
a) No. of Shares |
41531670 |
41531670 |
|
|
b) Percentage of shareholding |
52.60 |
52.60 |
|
19 |
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
|
|
- Percentage of shares (as a % of total share capital of the Company) |
Nil |
Nil |
|
|
b) Non - encumbered |
|
|
|
|
- Number of Shares |
37420950 |
37420950 |
|
|
- Percentage of shares (as a % of total shareholding of promoter and
promoter group) |
100 |
100 |
|
|
- Percentage of shares (as a % of total share capital of the Company) |
47.40 |
47.40 |
STATEMENT
OF ASSETS and LIABILITIES AS AT 30TH SEPTEMBER 2010
(Rs. In Millions)
|
Particulars |
6 months ended |
|
|
30/09/10 |
|
LIABILITIES |
|
|
Shareholders Fund |
|
|
(a) Capital |
297.905 |
|
(b) Reserve and Surplus |
3756.220 |
|
Loan Funds |
1881.802 |
|
Deferred Tax Liability |
109.922 |
|
Total Liabilities |
6045.849 |
|
|
|
|
ASSETS |
|
|
Fixed Assets |
2210.301 |
|
Investments |
20.539 |
|
Current Assets, Loans and Advances |
|
|
a) Inventories |
2670.787 |
|
b) Sundry Debtors |
1667.135 |
|
c) Cash and Bank Balance |
290.994 |
|
d) Loans and Advance |
548.018 |
|
Less: |
|
|
Current Liabilities and Provisions |
|
|
a) Current Liabilities |
1298.818 |
|
b) Provisions |
60.107 |
|
Total Assets |
6045.849 |
|
|
|
|
|
|
NOTES:
1. The operations of the company relate to only one primary segment viz.
Textiles
2. The Company had received twelve investor complaints during the quarter
ended 30th September 2010 and no complaints was pending at the beginning and
end of this quarter.
3. The statutory auditors have carried out a limited review of the
financial results for the quarter ended 30th September, 2010.
4 The above mentioned financial results were approved by the Audit
Committee and taken on record by the Board of Directors at its meeting held on
10th November 2010.
5 As per Accounting standard AS 30 "Financial Instruments
recognition and measurements" issued by the Institute of Chartered
Accountants of India, Loss on Forward Contracts for the quarter represent Loss
on contracts in foreign currencies outstanding / matured during the quarter
ended as on 30th September 2010 . There is no mark to market valuation of
Forward Contracts as there are no outstanding contracts as on 30th September
2010.
6 Previous period / year's figures have been regrouped / rearranged
wherever necessary to conform to current period presentation.
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.44.81 |
|
|
1 |
Rs.69.29 |
|
Euro |
1 |
Rs.59.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.