MIRA
INFORM REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known
As : |
S. KUMARS SYNFABS LIMITED |
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Registered
Office : |
B-2, 5th Floor, Marathon Nextgen, Off G. K. Marg, Worli,
Lower Parel (West), Mumbai – 400013, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.09.1990 |
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Com. Reg. No.: |
11-058361 |
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CIN No.: [Company Identification
No.] |
L17120MH1990PLC058361 |
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IEC No.: |
0392025728 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS17736F |
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PAN No.: [Permanent Account No.] |
AAACS0767K |
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Legal Form : |
A Public Limited Liability
Company. The company's Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacture and |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an 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. However it would be advisable to take adequate securities to take
adequate securities while dealing with the subject. |
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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Sandeep Sharma |
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Designation : |
AVP – Finance |
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Contact No.: |
91-9820105303 |
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Date : |
07.01.2011 |
LOCATIONS
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Registered Office : |
B – 2, 5th Floor, Marathon Nextgen, Off G. K. Marg, Worli, Lower
Parel (West), Mumbai – 400013, Maharashtra, India |
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Tel No.: |
91-22-24824500 |
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Fax No.: |
91-22-24931685 |
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E-Mail : |
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Website : |
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Area : |
17,000 sq. ft. |
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Location : |
Leased |
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Corporate Office 1: |
Avash Shree Ram Mills Premises, G K Marg, Worli, Mumbai – 400018, |
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Tel. No.: |
91-22-24930180/ 24933184/
22818432/ 22818694/ 24965700/ 01/ 03/ 24933184 |
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Fax No.: |
91-22-24950402/ 24931685/
22818619 |
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Email : |
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Corporate Office 2: |
Sr. No.90/ H No.5, Inga Complex,
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Tel No.: |
91-22-28250797 |
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Fax No.: |
91-22-28207578/ 28207577 |
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Location : |
Rented |
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Factory 1 : |
Menswear
and Home Textiles Complex 3B, Industrial Area No. 2, |
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Tel. No.: |
91-7272-258025/ 258026/ 258027 |
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Fax No.: |
91-7272-252424 |
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Location : |
Leased |
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Factory 2: |
Spinning
and Weaving Complex Chamunda Standard Mills,
Balgarh, Dewas, |
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Tel. No.: |
91-7272-252891 |
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Fax No.: |
91-7272-253261 |
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Location : |
Leased |
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Factory 3: |
Total
Wardrobe Solutions No. 121/52, Hosahalli Gollarahii, |
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Tel. No.: |
91-8040-610610 |
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Fax No.: |
91-8041-410057 |
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Location : |
Leased |
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Factory 4: |
High
Value Fine Cotton (HVFC) and Home Textiles Jhagadia Industrial Estate, GIDC, Ankleshwar, |
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Tel. No.: |
91-264-5226774 |
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Location : |
Leased |
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Factory 5: |
Worsted Fabrics Complex Thandavapura, Nanjangud Taluka, Mysore District,
Karnataka, West |
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Factory 6: |
Hartmarx Corporation 1680, |
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Factory 7: |
Hickey Freeman |
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Factory 8: |
Coppley Corporation 56, |
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Factory 9: |
Marling and Evans Limited |
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Factory 10: |
Leggiuno SPA Via Dante
Alighieri, 1, 21038 Leggiuno (VA) - |
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MAJOR PLANTS |
COMPANY |
LOCATIONS |
PRODUCTS
MANUFACTURED |
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Reid and Taylor Worsted Suiting Unit |
RTIL |
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Worsted Suiting, Premium P/V Blended
Suiting. |
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S. Kumar Suiting Unit |
SKNL |
Dewas, Madhya Pradesh |
Uniforms, work Wear Fabrics, Polyester and
Polyester Blended Suiting. |
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Home Textile Chamunda Standard Mills |
SKNL |
Dewas, Madhya Pradesh |
Polyester Blended Yarn, Grey Fabrics (PV, PC
100% Cotton), Medium Value Cotton |
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Total Wardrobe Solutions |
SKNL |
Bengaluru, Karnataka |
Shirts, Trousers, Blazers, suits and Other
Accessories |
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Home Textiles (Under Implementation) |
SKNL |
Jhagadia, |
Home Textile |
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HVFC |
SKNL |
Jhagadia, |
High Value Fine Cotton Shirting |
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Leggiuno |
Overseas |
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Luxury Cotton Shirting and Woolen
Fabrics |
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HMX |
Overseas |
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Tailored Products |
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HMX |
Overseas |
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Tailored Products |
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Coppley |
Overseas |
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Tailored Products |
DIRECTORS
(AS ON 31.03.2010)
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Name : |
Dr. A. C. Shah |
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Designation : |
Chairman |
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Address : |
C – 12, |
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Date of Birth/Age : |
16.10.1932 |
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Qualification : |
Doctorate Degree in Economics |
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Date of Appointment : |
14.11.1994 |
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Name : |
Mr. Nitin S. Kasliwal |
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Designation : |
Vice Chairman and Managing Director |
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Address : |
Kanta Flat No.1, Little Gibbs Road, Malabar hill, Mumbai – 400006, |
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Date of Birth : |
22.11.1960 |
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Qualification : |
Mater in Business administration from the European |
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Experience : |
32 years |
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Name : |
Mrs. Jyoti N.
Kasliwal |
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Designation : |
Director |
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Address : |
Kanta Flat No.1, Little Gibbs Road, Malabar hill, Mumbai – 400006, |
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Date of Birth : |
26.12.1960 |
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Qualification : |
Bachelors degree in arts (Economics) |
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Name : |
Mrs. Amita Narain |
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Designation : |
Nominee Director |
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Address : |
Flat No. 44, Jolly Maker Apartment, No. Il, 4th Floor, Cuffe Parade,
Mumbai 400 005, |
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Date of Birth : |
06.07.1959 |
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Nominee Company : |
IDBI Bank |
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Name : |
Dr. Vinayshi Gautam |
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Designation : |
Nominee Director |
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Address : |
9, |
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Date of Birth : |
03.06.1946 |
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Nominee Company : |
Exim Bank |
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Name : |
Mr. Anish Modi |
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Designation : |
Nominee Director |
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Address : |
314, Shalaka, |
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Date of Birth/Age : |
21.03.1966 |
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Qualification : |
Masters degree in Finance and Economics from
London School of Economics ( |
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Experience : |
18 years |
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Date of Appointment : |
27.06.2007 |
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Nominee Company : |
IDM Private Limited |
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Directorships held in other Public Companies (excluding foreign
Companies) : |
·
Saurashtra Cement
Limited ·
Shree Nirmal
Commercial Limited ·
Kitply Industries Limited
·
Brandhouse Retails
Limited |
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Memberships / Chairmanships of committees of other public companies
(includes only Audit and Shareholders / Investors Grievance Committee) : |
·
Saurashtra Cement
Limited ·
Brandhouse Retails
Limited ·
Kitply Industries Limited
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Name : |
Mr. Denys Firth |
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Designation : |
Nominee Director |
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Address : |
Flat 301, La Hacidenda, 31 - 33, |
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Date of Birth/Age : |
26.05.1951 |
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Qualification : |
Bachelors Degree in Arts and in Physics (Oxon)
from |
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Experience : |
26 years |
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Date of Appointment : |
09.10.2007 |
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Nominee Company : |
India Debt Management Private Limited |
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Directorships held in other Public Companies (excluding foreign
Companies) : |
·
Saurashtra Cement
Limited ·
Mauritius Debt
Management Limited ·
Brandhouse Retails
Limited |
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Name : |
Mr. Jitender Balakrishnan |
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Designation : |
Director |
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Address : |
A - 1, Flat No. 12, 1st Floor, Tahna Residency, Opp. Siddhivinayak
Temple, Veer Savarkar Marg, Prabhadevi, Mumbai 400 025, Maharashtra, India |
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Date of Birth/Age : |
08.05.1949 |
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Qualification : |
Post Graduate Diploma in Industrial Management from |
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Name : |
Mr. Martin
Henry |
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Designation : |
Director |
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Address : |
The Old
Rectory, Congerstone, Neneaton, Warwickshire, CVI 36LZ, |
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Date of Birth/Age : |
20.06.1933 |
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Qualification : |
Masters Degree
in Arts from the |
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Experience : |
40 years |
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Date of Appointment : |
24.02.2005 |
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Name : |
Mr. Vijay Kalantri |
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Designation : |
Director |
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Address : |
2, Wahedna
Appartment, 75, |
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Date of Birth/Age : |
05.01.1949 |
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Qualification : |
Government
Commercial Diploma holder from Maharashtra State Technical Board and has
Diploma in Textile from Sasmira Institute of Textile |
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Experience : |
36 years |
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Name : |
Mr. Dara D.
Avari |
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Designation : |
Director |
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Address : |
A - 4, |
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Date of Birth/Age : |
21.10.1934 |
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Qualification : |
Bachelor’s
Degree in Science and Law from the |
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Date of Appointment : |
27.03.1997 |
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Name : |
Mr. Anil Channa |
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Designation : |
Deputy Managing
Director |
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Address : |
71, Sagar Tarang Co-op Hsg. Society , 15, K. Abdul Gafur Khan Road,
Worth, Mumbai -400018, Maharashtra, India |
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Date of Birth/Age : |
01.09.1948 |
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Qualification : |
Bachelors in Techonlogy (Textile Technology) from Indian Institute of
Technology, |
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Experience : |
36 years |
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Directorships held in other Public Companies (excluding foreign
Companies) : |
·
Reid and Taylor ( ·
N’Essense Holdings Limited |
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Memberships / Chairmanships of committees of other public companies
(includes only Audit and Shareholders / Investors Grievance Committee) : |
·
Reid and Taylor ( |
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Name : |
Mr. Alexander Shaik |
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Designation : |
Alternate Director |
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Address : |
Asia Debt Management Hong Kong Limited, 1008, |
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Date of Birth/Age : |
38 years |
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Qualification : |
Bachelors degree in Arts (Politics and Asian History) and Honors in Law
from The University of Melbourne, Australia |
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Experience : |
10 years |
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Name : |
K. P. Rau |
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Designation : |
Nominee Director |
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Nominee Company : |
IDBI Bank |
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Name : |
Mr. Col. S. K. Raje |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Nimesh S
Shah |
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Designation : |
Company
Secretary and Compliance Officer |
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Name : |
Little and
Company |
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Designation : |
Solicitors |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of
Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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Indian |
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3,124,113 |
1.18 |
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114739168 |
43.22 |
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(B) Public
Shareholding |
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Institutions |
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2035773 |
0.77 |
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120580 |
0.05 |
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87252834 |
32.87 |
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260842 |
0.10 |
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31824307 |
11.99 |
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8947218 |
3.37 |
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14027268 |
5.28 |
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421977 |
0.16 |
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2703508 |
1.02 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
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Total
(A)+(B)+(C) |
265457588 |
100.00 |
Individuals / Hindu Undivided Family
NRI Company
Sub TotalBUSINESS DETAILS
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Line of Business : |
Manufacture and |
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Products : |
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Terms : |
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Selling : |
L/C and Credit (30 days) |
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L/C and Credit (30 days) |
L/C and Credit (30 days) |
PRODUCTION STATUS
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Plant |
Location Details |
Capacity |
Existing Capacities |
Actual Production 2009-10 |
Products Manufactured |
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S. Kumars
Suiting Unit, Dewas |
3B Industrial
Area No.2, |
Unit I - 56
Donear Looms . Unit IV- 32
STB Looms Unit V - 32 STB Looms |
151.91 Lac mtrs p.a. |
138.26 Lac mtrs p.a. |
Uniforms, Work Wear Fabrics Polyester and Polyester Viscose Blended
Suiting |
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Home Textiles
Unit Dewas |
Unit II – 28
Donear Jacquard Looms |
3120 tons p.a. 36 lac mtrs p.a. 54 lac mtrs pa. |
52.20 lac mtrs p.a. |
Damsk Fabric |
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Home Textile (Chamunda
Standard Mill Dewas) |
Chamunda Standard Mills, Balgarh, Dewas,
(M.P.) |
38,564 Spindles 64 Suzler Looms 48 Airjet Looms |
Polyester Blended Yarn, Grey Fabrics,
(PV, PC, 100% Cotton), MVCF |
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Home Textile (Jhagadia) |
Jhagadia Industrial
Estate, GIDC, Ankleshwar, |
132 Rapier and
Air jet Looms |
280 Lac mtrs p.a. |
Under Implementation |
100% Cotton
Fabrics |
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HVFC (Jhagadia) |
128 Rapier and
Air jet Looms |
127.54 Lac mtrs p.a. |
8.65 lac mtrs p.a. |
High value Fine Cottons |
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Total Wardrobe Solutions,
Bengaluru |
No. 121/52, Hosahalli Gollarahaii, Bengaluru — 91 |
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11.40 Lac Pcs p.a. |
10.60 Lao Pcs p.a. |
Shirts, Trousers, Blazers, Suits and Other Accessories |
GENERAL INFORMATION
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Suppliers : |
·
Jayshree Textile ·
Indoworth India Limited ·
Emsos Agencies Private Limited ·
R. S. W. M. Limited ·
Uniworth Limited ·
·
Shanti Packaging ·
Economic Packaging ·
Industrial Components Company ·
Shri Balaji Packaging ·
K. T. Plastic Industries ·
Abhishekh Plastic Industries ·
Pooja Pack ·
Shri Shakti Packaging ·
Wei Weave Fabrics ·
Sanaa Syntex Private Limited |
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Customers : |
Wholesalers, Retailers and Large Format Stores, Exclusive Brand
Outlets ·
·
Gokul Fabrics ·
Bhagirath and Company ·
Texfab ·
Sukhmani Textile ·
Madhur and Company ·
Ess Vee Textile ·
Gopaldas Sarab Dayal ·
Mohan Brothers ·
Land Marc Leisure Corporation Limited ·
Brand House Retails Limited ·
Reid and Taylor Limited ·
Manors Textiles Limited ·
Shree Maheshwar Hydel Power
Corporation Limited ·
S. Kumars Online Limited ·
S. Kumars Limited ·
S. Kumars Limited ·
Land Marc Leisure Corp Limited ·
Shree Maheshwar Hydel Power Corporation
Limited ·
Shree Ram Urban Infrastructure
Limited ·
S. Kumars Online Limited ·
S. Kumars Enterprises (Synfabs)
Limited |
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No. of Employees : |
3056 (Office 264 and Factory – 2792) |
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Bankers : |
·
State Bank of ·
Export Import Bank of ·
ICICI Bank Limited ·
Corporation Bank |
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Facilities : |
NOTE 1)
Due within one year Rs.3396.111 millions The balances include interest accrued and
due Rs.239.408 millions 2)
Non Convertible Debentures issued to India Debt
Management Pvt. Ltd are secured by way of an equitable mortgage on immovable
properties both present and future and by a first charge by way of
hypothecation of all the Company’s movable Fixed Assets both presentand
future, ranking pari passu along with the lenders. 3)
CDR Debts are secured by way of charge on fixed assets,
present and future, pledge of promoters shares and personal gurantees of
directors. 4)
The Term Loans under Technology Upgradation Fund
scheme are secured by first pari passu charge on specific project assets,
second charge on all existing fixed assets and current assets of the company 5)
Term Loans for Overseas Investment are secured by
way of first pari passu charges on fixed assets (excluding Jhagadia
property), pledge of promoters shares held in SKNL and pledge of equity
shares of acquired company/subsidiary company, second charge of fixed assets
of Jhagadia and current assets of the Company 6)
Rupee Term Loans secured by first pari passu
charge on fixed assets of the Company and guarantors, second pari passu
charge on current assets of the company and gurantors, second charge on
Jhagadia property and pledge of promoters shares. 7)
Equipment Finance Loans are secured by
hypothecation of specific equipment / assets. 8)
Loan from Reid and Taylor (India) Limited are
secured by way of a second charge on all the immovable properties of the
company including plant and machinery, machinery spares, tools and
accessories and other movable both present and future. 9)
Working capital advances from Banks are secured
by hypothecation of Company’s stocks and book-debts, present and future and
second charge on all the immovable properties of the company including plant
and machinery, machinery spares, tools and accessories and other movable both
present and future.
Note 1)
*Due within one year Rs.457.265 millions 2)
The balances include interest accrued and due
Rs.3.926 millions |
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Banking
Relations : |
-- |
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Financial Institution : |
·
Wachovia Capital Finance Corporation ·
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
Leela Business Park, 7th Floor, Opposite Leela Galleria,
Andheri Kurla Road, Andheri (East), Mumbai – 40059, Maharashtra, India |
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Tel No.: |
91-22-66729999 |
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Fax No.: |
91-22-66729777 |
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Wholly Owned Subsidiary : |
·
SKNL International B.V. ·
SKNL ·
SKNL ·
SKNL Global Holdings B.V. ·
SKNL ·
SKNL (U. K.) Limited ·
Global Apparel (US) Limited ·
Global Apparel ( ·
7172931 Canada Limited ·
Global Apparel ( ·
Leggiuno S.p.A. ·
Marling and Evans Limited ·
Remala Trading B.V ·
Coppley Corp ·
HMX ·
HMX ·
HMX Acquisition Corp. ·
HMX Des Plaines LLC ·
Quartet Real Estate LLC ·
HMX LLC ·
HMX, DTC Company |
|
|
|
|
Subsidiaries : |
·
Reid and Taylor ( |
|
|
·
|
|
Associates : |
·
Brandhouse Retails Limited ·
Brandhouse Oviesse Limited ·
S. Kumars Enterprises (Synfabs) Limited ·
S. Kumars Textiles Limited ·
Belmonte Lifestyles Limited ·
N’Essence Holdings Limited ·
Anjani Finvest Private Limited ·
Verve Properties and Investment Private Limited ·
Ingenious Finance and Investment Private Limited ·
Natty Finance and Investment Private Limited ·
S. K. Worsteds Private Limited ·
Tulja Enterprises Private Limited ·
Sansar Exim Private Limited ·
Chamundeshwari Mercantile Private Limited ·
Maverick Mercantile Private Limited ·
Anjaneya Foundation ·
SKNL Foundation ·
Reid and Taylor Limited, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
370000000 |
Equity Shares |
Rs.10/- each |
Rs.3700.000 Millions |
|
9000000 |
Preference Shares |
Rs.100/- each |
Rs.900.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.4600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
Amount |
|
|
|
|
|
|
|
236513838 |
Equity Shares |
Rs.10/- each |
Rs.2233.914 Millions |
|
|
|
Add:- Allotted during the year |
|
Rs.131.224 Millions |
Rs.2365.138
Millions |
|
|
|
|
|
|
|
1982500 |
6% Cumulative Redeemable Preference Shares |
Rs.100/-each |
Rs.214.250 Millions |
|
|
|
Less : Redeemed During the year |
|
Rs.16.000 Millions |
Rs.198.250
Millions |
|
|
|
|
|
|
|
5655785 |
0.01% Redeemable Preference Shares |
Rs.100/-each |
Rs.655.187 Millions |
|
|
|
Less : Redeemed During the Year |
|
Rs.89.608 Millions |
Rs.565.579
Millions |
|
|
|
|
|
|
|
|
Total |
|
|
Rs.3128.967 Millions |
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 |
3128.967 |
3103.351 |
4654.255 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7448.550 |
5974.690 |
5026.106 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(200.512) |
|
|
5] Equity Share Warrant Partly Paid |
134.035 |
0.000 |
0.000 |
|
|
6] Employee Stock Option Outstanding |
63.184 |
48.054 |
0.000 |
|
|
NETWORTH |
10774.736 |
9126.095 |
9479.849 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22631.346 |
17151.479 |
8487.611 |
|
|
2] Unsecured Loans |
1026.716 |
2224.919 |
2529.256 |
|
|
TOTAL BORROWING |
23658.062 |
19376.398 |
11016.867 |
|
|
DEFERRED TAX LIABILITIES |
170.652 |
78.610 |
47.404 |
|
|
|
|
|
|
|
|
TOTAL |
34603.450 |
28581.103 |
20544.120 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6513.916 |
4887.076 |
3098.860 |
|
|
Capital work-in-progress |
5640.651 |
6071.293 |
5273.893 |
|
|
|
|
|
|
|
|
INVESTMENT |
4256.881 |
2063.209 |
414.180 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7259.387
|
5777.268 |
4825.160 |
|
|
Sundry Debtors |
10296.335
|
8366.694 |
6102.878 |
|
|
Cash & Bank Balances |
462.582
|
429.787 |
84.473 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4267.538
|
3809.369 |
2498.615 |
|
Total
Current Assets |
22285.842
|
18383.118 |
13511.126 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
789.547
|
|
1165.691 |
|
|
Other Current Liabilities |
1652.253
|
565.760 |
|
|
|
Provisions |
1652.040
|
1392.325 |
588.248 |
|
Total
Current Liabilities |
4093.840
|
2823.593 |
1753.939 |
|
|
Net Current Assets |
18192.002
|
15559.525 |
11757.187 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
34603.450 |
28581.103 |
20544.120 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
21548.212 |
15502.284 |
16057.230 |
|
|
|
Other Income |
47.468 |
33.840 |
97.318 |
|
|
|
TOTAL (A) |
21595.680 |
15536.124 |
16154.548 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed/fabric Purchases |
16410.256 |
12347.186 |
10072.950 |
|
|
|
Manufacturing Expenses |
298.955 |
232.418 |
416.004 |
|
|
|
Personnel Expenses |
410.444 |
290.378 |
372.094 |
|
|
|
Administrative Expenses |
502.796 |
396.581 |
410.550 |
|
|
|
Selling and Distribution Expenses |
558.464 |
379.867 |
766.421 |
|
|
|
Restructured Financial Cost Amortised |
159.627 |
126.149 |
100.126 |
|
|
|
Increase/(Decrease) in Stock |
(936.848) |
(695.425) |
641.995 |
|
|
|
Prior Period (expenses)/Income |
(3.402) |
5.452 |
4.562 |
|
|
|
Exceptional (Expenses)/ income on settlement of CDR debts |
0.000 |
(577.975) |
0.000 |
|
|
|
TOTAL (B) |
17400.292 |
12504.631 |
12784.702 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4195.388 |
3031.493 |
3369.846 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2359.646 |
1346.126 |
831.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1835.742 |
1685.367 |
2538.750 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
417.121 |
265.449 |
356.654 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1418.621 |
1419.918 |
2182.096 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
357.596 |
819.054 |
400.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1061.025 |
600.864 |
1781.267 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
(200.512) |
(1981.779) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
533.713 |
400.352 |
- |
|
|
|
Transfer to Debenture Redemption Reserve |
22.515 |
0.000 |
- |
|
|
BALANCE CARRIED
TO THE B/S |
504.797 |
0.000 |
(200.512) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
109.039 |
8.837 |
NA |
|
|
TOTAL EARNINGS |
109.039 |
8.837 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
Nil |
2.264 |
NA |
|
|
|
Stores & Spares |
Nil |
3.252 |
NA |
|
|
|
Capital Goods |
71.483 |
1016.772 |
NA |
|
|
|
Others |
7.850 |
20.213 |
NA |
|
|
TOTAL IMPORTS |
79.333 |
1042.501 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) - Basic - Diluted |
4.49 4.32 |
2.74 2.46 |
8.83 7.39 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2010 (Rs. IN
Millions) |
|
Gross Sales |
|
|
5886.000 |
|
Other Operating Income |
|
|
19.900 |
|
Other Income |
|
|
0.000 |
|
Total Income |
|
|
5905.900 |
|
Total Expenditure |
|
|
4769.600 |
|
PBIDT |
|
|
1136.300 |
|
Interest |
|
|
654.900 |
|
PBDT |
|
|
481.400 |
|
Depreciation |
|
|
162.000 |
|
Tax |
|
|
106.100 |
|
Fringe Benefit Tax |
|
|
0.000 |
|
Deferred Tax |
|
|
0.000 |
|
Reported PAT |
|
|
213.300 |
|
Extra-Ordinary Items |
|
|
0.000 |
|
Adjusted Profit After Extra Ordinary Item |
|
|
213.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.91
|
3.86 |
11.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.58
|
9.15 |
13.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.92
|
6.10 |
13.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.15 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.57
|
2.43 |
1.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.44
|
6.51 |
7.70 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING STATEMENT
(RS.
IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
|
|
(Estimated) |
(Projected) |
|
Goss Sales |
|
|
|
Domestic Sales |
25562.900 |
30487.000 |
|
Export Sales |
711.000 |
2361.800 |
|
|
|
|
|
Total |
26273.900 |
32848.800 |
|
|
|
|
|
Less : Excise Duty |
-- |
-- |
|
|
|
|
|
Net
Sales |
26273.900 |
32848.800 |
|
|
|
|
|
% rise [+] or fall [-] in net sales as compared to
previous year |
-- |
-- |
|
|
|
|
|
Cost
of Sales |
|
|
|
Raw Materials [Including stores and other items used in
the process of manufacture] |
|
|
|
[a] Imported |
13.700 |
16.700 |
|
[b] Indigenous |
20090.200 |
23079.900 |
|
|
|
|
|
Consumables |
12.800 |
13.600 |
|
Power and Fuel |
89.700 |
111.000 |
|
Job Charge |
169.400 |
186.700 |
|
Wages and Salaries |
606.400 |
941.600 |
|
Repairs and Maintenance |
9.800 |
10.200 |
|
Other Manufacturing Expenses |
408.400 |
940.200 |
|
Depreciation |
754.900 |
1332.200 |
|
|
|
|
|
TOTAL |
22155.300 |
26632.100 |
|
|
|
|
|
Add : Opening Stocks – in – process |
1391.800 |
1723.800 |
|
|
|
|
|
Sub
Total |
23547.100 |
28355.900 |
|
|
|
|
|
Deduct : Closing Stock – in – Process |
1723.800 |
2055.400 |
|
|
|
|
|
Cost
of production |
21823.300 |
26300.500 |
|
|
|
|
|
Add : Opening Stock of finished goods |
3163.200 |
4314.900 |
|
|
|
|
|
Sub
– Total |
24986.500 |
30615.400 |
|
|
|
|
|
Deduct: Closing Stock of finished goods |
4314.900 |
5187.300 |
|
|
|
|
|
Sub
– Total (Total Cost of Sales) |
20671.600 |
25428.100 |
|
|
|
|
|
Gross Profit |
5602.300 |
7420.700 |
|
|
|
|
|
Interests |
2803.300 |
2729.300 |
|
|
|
|
|
Selling General and Administrative Expenses |
1148.000 |
1626.000 |
|
|
|
|
|
SUB
– TOTAL |
3951.300 |
4355.300 |
|
|
|
|
|
Operation profit |
1651.000 |
3065.400 |
|
Other Income |
58.300 |
109.000 |
|
Add: Extraordinary Income |
-- |
-- |
|
Deduct: Amortization |
(159.600) |
(159.600) |
|
Prior Period Adjustment |
-- |
-- |
|
Transfer of assets on Demerger |
-- |
-- |
|
Sub Total |
(101.300) |
(0.506) |
|
|
|
|
|
PROFIT
BEFORE TAX |
1549.700 |
3014.800 |
|
|
|
|
|
Exceptional Income |
-- |
-- |
|
Deferred Tax |
251.400 |
340.600 |
|
Provision for Income Tax |
263.400 |
660.600 |
|
Taxation for earlier Years |
-- |
-- |
|
|
|
|
|
Profit After Tax |
1034.900 |
2013.600 |
|
|
|
|
|
Transferred to Capital Redemption Reserve |
-- |
-- |
|
|
|
|
|
Transferred to Debenture Redemption Reserve |
-- |
-- |
|
|
|
|
|
Profit Carried Forward |
1034.900 |
2013.600 |
------------------------------------------------------------------------------------------------------------------------------
BALANCE SHEETS
(RS.
IN MILLIONS)
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Estimated) |
(Projected) |
|
|
|
|
|
Short – Term borrowings from banks [including bills,
purchased, discounted and excess borrowings placed on repayment basis] |
9800.000 |
12000.000 |
|
|
|
|
|
From Application Bank |
-- |
-- |
|
From other banks |
-- |
-- |
|
|
|
|
|
Sub
Total |
9800.000 |
12000.000 |
|
|
|
|
|
Short Term Borrowings from promoters |
-- |
-- |
|
Sundry creditors [Trade] |
1198.100 |
1241.300 |
|
Advance payments from customers/ Deposits from dealers |
369.700 |
400.400 |
|
Provision for tax |
87.600 |
101.200 |
|
Dividend payable |
-- |
-- |
|
Other statutory liabilities |
-- |
-- |
|
Deposits/ Installments of term loans/ DPGs/ debentures,
etc [due within one month] For New Project |
1783.400 |
2048.500 |
|
Other current liabilities and provisions [due within one year]
[Specify major items] |
298.300 |
357.100 |
|
Sub
– Total |
3737.100 |
4148.500 |
|
|
|
|
|
TOTAL
CURRENT LIABILITIES |
13537.100 |
16148.500 |
|
|
|
|
|
TERM LIABILITIES |
|
|
|
Debentures [not maturing within one year] |
-- |
-- |
|
Preference Shares [Redeemable after 1 year] |
-- |
-- |
|
Term loans and NCD’s |
12322.100 |
10791.800 |
|
Funded Interests Term Loan |
-- |
-- |
|
Short Term Loan and Bill Discounting other Liabilities |
64.800 |
14.800 |
|
WCTL |
-- |
-- |
|
|
|
|
|
TOTAL
TERM LIABILITIES |
12386.900 |
10806.600 |
|
|
|
|
|
TOTAL
OUTSIDE LIABILITIES |
25924.000 |
26955.100 |
|
|
|
|
|
NET
WORTH |
|
|
|
|
|
|
|
Ordinary Share Capital
|
3060.200 |
3060.200 |
|
Employees Stock Options |
63.200 |
63.200 |
|
General Reserve |
2019.100 |
2019.100 |
|
Revaluation Reserve |
-- |
-- |
|
Share Premium |
9170.200 |
9170.200 |
|
Surplus [+] or deficit [-] in Profit and Loss Account |
1539.700 |
3553.300 |
|
|
|
|
|
NET
WORTH |
15852.500 |
17866.000 |
|
|
|
|
|
Deferred Tax Liabilities |
422.000 |
762.600 |
|
|
|
|
|
TOTAL
LIABILITIES |
42198.500 |
45583.800 |
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
Cash and Bank Balance |
868.500 |
553.900 |
|
Investments [Other than long term investments] |
-- |
-- |
|
Government and other Trustee securities |
-- |
-- |
|
Fixed deposit with bank |
-- |
-- |
|
|
|
|
|
Receivables other than deferred and exports |
10030.000 |
11808.800 |
|
Export receivables |
62.300 |
270.200 |
|
|
|
|
|
Installments of Deferred receivables [due within one
year] |
-- |
-- |
|
|
|
|
|
Inventory
|
|
|
|
Raw materials [Including stores and other items used in
the process of manufacture] |
|
|
|
a] Imported |
2.100 |
3.700 |
|
b] Indigenous |
3369.700 |
3806.500 |
|
|
|
|
|
Stock – in – process |
1723.800 |
2055.400 |
|
|
|
|
|
Finished Goods |
4314.900 |
5187.300 |
|
|
|
|
|
Other consumable spares |
13.900 |
14.100 |
|
|
|
|
|
Advances to suppliers of Raw Materials and stores/spares |
204.300 |
251.100 |
|
Advance payment of taxes |
0.000 |
0.000 |
|
Other current assets (specify major items) |
741.400 |
758.000 |
|
|
|
|
|
TOTAL
CURRENT ASSETS |
21330.900 |
24709.000 |
|
|
|
|
|
FIXED
ASSETS |
|
|
|
Gross Block (Land and Building, Machinery, Work-In-Progress)
|
18233.400 |
19732.400 |
|
Depreciation to date |
3053.700 |
4385.900 |
|
|
|
|
|
NET BLOCK |
15179.700 |
15346.500 |
|
|
|
|
|
OTHER
NON – CURRENT ASSETS |
|
|
|
Investments/ book/ debts/ advances/ deposits which are not
Current Assts |
|
|
|
[a] Investments in Subsidiary companies/ affiliates |
4256.900 |
4256.900 |
|
[b] Others |
-- |
-- |
|
|
|
|
|
ii] Advances to suppliers of capital goods and contractors
|
-- |
-- |
|
iii] Deferred receivables [maturity exceeding one year] |
-- |
-- |
|
iv] Others |
-- |
-- |
|
|
|
|
|
Non consumables Stores and Spares |
-- |
-- |
|
|
|
|
|
Other non – current assets including dues from directors
(Deferred Tax Assets) |
-- |
-- |
|
|
|
|
|
TOTAL
OTHER NON – CURRENT ASSETS |
4256.900 |
4256.900 |
|
|
|
|
|
Intangible assets [Patents, goodwill, prelim, expenses,
bad / doubtful expenses Not provided for etc.] |
-- |
-- |
|
|
|
|
|
TOTAL
ASSETS |
42198.500 |
45583.800 |
|
|
|
|
|
Tangible Net Worth |
14421.400 |
16594.600 |
|
|
|
|
|
Net Working Capital |
7793.800 |
8560.500 |
------------------------------------------------------------------------------------------------------------------------------
RATIOS
(RS.
IN MILLIONS)
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Estimated) |
(Projected) |
|
|
|
|
|
Gross Sales |
26273.900 |
32848.800 |
|
|
|
|
|
% rise (+) or
fall (-) in gross sales during the year as compared to previous year. |
21.93 |
25.02 |
|
|
|
|
|
Profit before tax (+) or loss(-) |
1549.700 |
3014.800 |
|
|
|
|
|
Net Profit (i.e. after tax (+) or Loss (-) |
1286.300 |
2354.200 |
|
|
|
|
|
a) Equity dividend |
-- |
-- |
|
b) Rate of Equity Dividend (%) |
-- |
-- |
|
c) Preference dividend declared |
-- |
-- |
|
d) Rate of Preference Dividend (%) |
-- |
-- |
|
|
|
|
|
Retained profit |
1286.300 |
2354.200 |
|
|
|
|
|
Retained profit
(%) |
100.00 |
100.00 |
|
|
|
|
|
Raw materials (including stores and other items used in
the process of manufacture) |
|
|
|
a) Imported |
2.100 |
3.700 |
|
How many months consumption
do these represent |
1.84 |
2.66 |
|
|
|
|
|
b) Indigenous |
3369.700 |
3806.500 |
|
How
many months consumption do these represent |
2.01 |
1.98 |
|
|
|
|
|
c) Total Raw Material Stock |
3371.800 |
3810.200 |
|
How many months consumption
do these represent. |
2.01 |
1.98 |
|
|
|
|
|
Stocks-in-process |
1723.800 |
2055.400 |
|
How
many months cost of production do these represent? |
0.95 |
0.94 |
|
|
|
|
|
Finished Goods |
4314.900 |
5187.300 |
|
How many months cost
of sales do these represent. |
2.50 |
2.45 |
|
|
|
|
|
Other consumable spares |
13.900 |
14.100 |
|
-- |
0.01 |
0.01 |
|
|
|
|
|
Receivables other than deferred receivables and export receivables (including
bills purchased and discounted by bankers) |
10030.000 |
11808.800 |
|
How
many months domestic sales other than sales on deferred payment basis do
these repr. |
4.71 |
4.65 |
|
|
|
|
|
Export receivables |
62.300 |
270.200 |
|
How many
months export sales do these repre. |
1.05 |
1.37 |
|
|
|
|
|
Sundry Creditors |
1198.100 |
1241.300 |
|
How many months
purchases do these reprt. |
0.69 |
0.63 |
|
|
|
|
|
Net Working Capital |
7793.800 |
8560.500 |
|
|
|
|
|
Current
Ratio including installment due within one year |
1.58 |
1.53 |
|
|
|
|
|
Tangible net worth |
14421.400 |
16594.600 |
|
|
|
|
|
Total
outside liabilities/ tangible networth |
1.80 |
1.62 |
|
|
|
|
|
Total
Term liabilities/Tangible networth |
0.86 |
0.65 |
|
|
|
|
|
Bank
Borrowings/total outside liabilities |
0.38 |
0.45 |
|
|
|
|
|
Net
Sales/Total tangible assets |
0.62 |
0.72 |
|
|
|
|
|
Raw Material Purchases |
20784.600 |
23535.000 |
------------------------------------------------------------------------------------------------------------------------------
COMPARATIVE
STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
(RS IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
|
|
(Estimated) |
(Projected) |
|
A CURRENT ASSETS |
|
|
|
|
|
|
|
Raw Materials |
|
|
|
[a] Imported |
2.100 |
3.700 |
|
Months Consumption |
1.84 |
2.66 |
|
[b] Indigenous |
3369.700 |
3806.500 |
|
Months Consumption |
2.01 |
1.98 |
|
|
|
|
|
Other consumable spares Excluding those
included 1 above |
|
|
|
[a] Imported |
0.200 |
0.300 |
|
[b] Indigenous |
13.700 |
13.800 |
|
How Many Months Cost of Production do these
represent? |
0.01 |
0.01 |
|
|
|
|
|
Stock in process |
1723.800 |
2055.400 |
|
Months cost of production |
0.95 |
0.94 |
|
|
|
|
|
Finished goods |
4314.900 |
5187.300 |
|
Months cost of sales |
2.50 |
2.45 |
|
|
|
|
|
Receivable other than export and deferred
receivables [including bills purchased and discounted by bankers] |
10030.000 |
11808.800 |
|
Months domestic sales |
4.71 |
4.65 |
|
[excluding deferred payment sales] |
|
|
|
|
|
|
|
Export receivables [including bills
purchased and discounted by Bankers] |
62.300 |
270.200 |
|
Months Export Sales |
1.05 |
1.37 |
|
|
|
|
|
Advances to suppliers of raw materials and
stores / spares consumable |
204.300 |
251.100 |
|
Months Purchases |
0.12 |
0.13 |
|
|
|
|
|
Other CURRENT ASSETS |
741.400 |
758.000 |
|
|
|
|
|
Cash and bank balances and deferred
receivable due within one year |
868.500 |
553.900 |
|
|
|
|
|
TOTAL CURRENT ASSETS |
21330.900 |
24709.000 |
|
|
|
|
|
B CURRENT LIABILITIES |
|
|
|
|
|
|
|
[Other than bank borrowing for working
capital] |
|
|
|
|
|
|
|
Creditors for purchases of raw materials and
stores and consumable spares |
1198.100 |
1241.300 |
|
Months Consumption |
0.69 |
0.63 |
|
|
|
|
|
Advances from customers |
369.700 |
400.400 |
|
|
|
|
|
Statutory liabilities |
-- |
-- |
|
|
|
|
|
Other current liability including short term
borrowing dividend payable, installment of DPG public deposit, debentures etc
|
298.300 |
357.100 |
|
|
|
|
|
Sub Total |
3737.100 |
4148.500 |
|
|
|
|
|
Working Capital Gap |
17593.800 |
20560.500 |
|
|
|
|
|
Actual / Projected Bank Borrowers for W\C
including Bills Purchased and Discounted and excess borrowing Placed on
repayment basis |
9800.000 |
12000.000 |
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
13537.100 |
16148.500 |
|
|
|
|
|
Net working Capital |
7793.800 |
8560.500 |
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR W\C
(RS.
IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
|
|
(Estimated) |
(Projected) |
|
|
|
|
|
1st
Method of Lending |
|
|
|
|
|
|
|
Working capital gap [WCG] |
17593.800 |
20560.500 |
|
|
|
|
|
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables |
4398.500 |
5140.100 |
|
|
|
|
|
Actual / Projected net working capital |
7793.800 |
8560.500 |
|
|
|
|
|
Item 2 minus item 2 |
13195.400 |
15420.400 |
|
|
|
|
|
Item 1 minus item 3 |
9800.000 |
12000.000 |
|
|
|
|
|
Maximum permissible bank finance |
9800.000 |
12000.000 |
|
|
|
|
|
Excess borrowings, if any representing shortfall in NWC |
-- |
-- |
|
|
|
|
|
Short Borrowing |
3395.400 |
3420.400 |
|
|
||
|
2nd
Method of Lending |
|
|
|
|
|
|
|
Working capital gap [WCG] |
17593.800 |
20560.500 |
|
|
|
|
|
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables |
5332.700 |
6177.300 |
|
|
|
|
|
Actual / Projected net working capital |
7793.800 |
8560.500 |
|
|
|
|
|
Item 8 minus item 9 |
12261.100 |
14383.300 |
|
|
|
|
|
Item 8 minus item 10 |
9800.000 |
12000.000 |
|
|
|
|
|
Maximum permissible bank finance |
9800.000 |
12000.000 |
|
|
|
|
|
Excess borrowings, if any representing shortfall in NWC |
-- |
-- |
|
|
|
|
|
Short Borrowing |
2461.100 |
2383.300 |
------------------------------------------------------------------------------------------------------------------------------
CAPITAL
ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2010
(MR.
NITIN S. KASLIWAL)
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
|
|
|
|
|
To LIC Premium |
0.001 |
By Opening Balance B/f |
24.775 |
|
To Mediclaim |
0.010 |
By Director Remuneration |
19.293 |
|
To Drawings |
0.375 |
By Interests on PPF account |
0.102 |
|
To Wealth Tax |
0.520 |
By Director Sitting Fees |
0.015 |
|
To Legal and Prof Charge |
0.008 |
By Dividend – Shares |
0.039 |
|
To TDS/ Income Tax A. Y. 09-10 |
5.884 |
By Rent Received |
0.012 |
|
To Demat Charges |
0.001 |
By Interests received – Banks – 0.025 |
|
|
To Donation |
0.002 |
-
Interests on Deb – 0.002 |
|
|
To Profession Tax |
0.003 |
-
Interests on Loans - 0.342 |
|
|
To Bank Charges |
0.000 |
-
Fixed Deposit - 0.807 |
1.176 |
|
To Provided Fund |
2.315 |
By Income Tax Refund |
0.127 |
|
To Valuation Charge |
0.098 |
By short Term Gain |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
To Balance Carried Forward |
36.322 |
|
|
|
|
|
|
|
|
Total |
45.539 |
Total |
45.539 |
MR. NITIN S. KASLIWAL
BALANCE
SHEET
(RS.
IN MILLIONS)
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
36.322 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
36.322 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
250.336 |
|
|
TOTAL BORROWING |
|
|
250.336 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
286.658 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.723 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
125.701 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
3.614 |
|
|
Other Current Assets |
|
|
71.076 |
|
|
Loans & Advances |
|
|
85.544 |
|
Total
Current Assets |
|
|
160.234 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.000 |
|
|
Net Current Assets |
|
|
160.234 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
286.658 |
|
------------------------------------------------------------------------------------------------------------------------------
HISTORY:
The transformation of Subject took place when Nitin Kasliwal took over the reins of his family run textiles business, of which Subject was the flagship company. Since assuming control he has created a strong textiles focused company that is completely professional in structure and management. With a vision to clothe the world, Subject is arguably the only Indian textiles player today that is operating across all fiber categories and market segments.
Subject became a purely textiles and apparel company with no
other businesses. With a strong focus on manufacturing especially it set up in
addition to its existing manufacturing facilities in Dewas MP, a state of the
art luxury suiting plant at
Challenging circumstances not withstanding Subject grew at a scorching pace. It developed a wide distribution network of more than 30,000 agents and dealers. Its deep penetration in all retail formats helped it ride the boom in consumer spending and growth of organised retail.
To keep pace with brisk growth in business, teams were strengthened and infrastructure modernized. Offices, plants, machinery were updated in line with the growth outlined for the company.
YEAR IN RETROSPECT
The financial highlights reflect an encouraging performance
for your company at all levels. The company manufactures polyester blended
suitings, worsted suitings and workwear fabric, home textiles and ready-to-wear
garments. It has since entered into the overseas market through strategic international
acquisitions. Your company’s focus to cater to all socio economic segments
along with capabilities of creating diversified brand portfolio has made it
possible for it to achieve such buoyant results.
When the year 2009-10 began, the Indian economy was in a
recession amidst the global slowdown that was still prevailing. Since then
there has been a perceptible improvement in the outlook for the world economy.
The Indian economy fared better than most developed economies, although its
growth was a bit muted. The performance of the industrial sector has markedly
improved. The country is now exhibiting signs of resurgence. The overall
economic outlook is generally favourable, though mixed, with some concern of an
escalating inflationary pressure.
All the established Strategic Business Units (SBU’s)
performed healthily, specifically Consumer Textiles, Luxury Textiles and
Ready-to-wear Garments. Our HVFC (High Value Fine Cotton fabrics) facility
which went on stream during the year will gradually achieve capacity build-up
during the year and also strengthen the backend – frontend synergy with our
Italian acquisition-Leggiuno. The Consumer Textiles division and Ready-to-wear
Garments division were driven by the mid-premium brand Belmonte which is increasingly
gaining consumer endorsement and the share of this brand in the consumer
textiles segment is rising.
In Consumer Textiles, SKNL operates the S.Kumars brand to
cater to the economy segment and Belmonte and Uniformity by Belmonte to cater
to the mid-price segment. This business is characterized by high volumes and
has been achieving enhancement in margins. SKNL continues to garner a dominant
35% market share of the organized sector in the uniforms and workwear fabrics.
Premium Uniforms under the Uniformity brand have become the choice of fabric in
supplies to Defence and to industries requiring special purpose fabrics. To
supplement the existing capacity of 15.2 m meters at Dewas, the company relies
on outsourcing a major portion of its fabrics sales from domestic
manufacturers. The outsourcing is limited to low-end fabrics which meet the
required quality standards. The company has undertaken expansion of its
spinning, weaving and processing capacity for poly-viscose fabrics at its Dewas
and Jhagadia units. This will provide improved logistical support and enable
better customer servicing.
Luxury textiles SBU comprises of Reid and Taylor brand which
consists of worsted, all wool, polywool and other blended fabrics. This SBU
operates with a manufacturing capacity of 9.0 m meters at its
Considering the huge potential in the Home Textiles market,
the company launched its own brand Carmichael House in 2006 to cater to the
premium-priced segment. The company mainly relies on outsourcing / contract
manufacturing its home textiles requirement from domestic manufacturers. The
new plant at Jhagadia will add finishing capacity upto 28m meters during the
year.
The company ventured into the Ready-to-Wear segment by
introducing the concept of Total Wardrobe Solutions (TWS). TWS caters to
economy, mid-priced, premium and super-premium segments with brands like
Belmonte, Reid and Taylor and Stephens Brothers.
To establish a beachhead in the EU and US markets, the
company acquired Leggiuno S.p.A. and HMX Inc. These acquisitions would offer
front end synergy for the company’s recently commissioned HVFC facility and
RTIL’s
The company recently announced about the SKNL – DKNY licence
and relationship for menswear. The joint venture agreement and strategic
licensing arrangement is between Donna Karan International (20%) and SKNL’s
wholly owned
EXPORTS
In the international market, 2009-10 has been one of the
most difficult years. Severe depression which started from the North American
market affected most of the countries. The company is predominately a domestic
player, we were able to achieve growth in exports on account of wider
penetration into different markets and by introducing new qualities in Wool and
Wool-rich blends, spreading business in the new areas and with an aggressive
selling strategy. The company’s subsidiary Reid and
Markets have started stabilizing from the last quarter of
2009-10 resulting in larger volume of orders. Export business in 2010-11 would
be much higher. Also, orders from group company - HMX - are flowing in
regularly which would contribute substantially to export volume.
CURRENT BUSINESS
OUTLOOK AND PLANS
Their domestic operating performance has significantly improved from the last year. Their international line of business is building a robust platform to expand their reach in the global market. They expect future business growth to be driven largely by volumes, across the various strategic business units of the company. SKNL has become a true multinational by making substantial investment overseas. The present phase is of consolidation so as to realize the fruits of their expertise and investment abroad.
Plans are afoot to launch new brands, either owned or through licensing arrangements, targeting different consumer segments. Towards this, the company has been actively pursuing a brand building strategy for developing a strong brand equity and recall. In the ready-to-wear segment, two new brands, one in casual premium and another in economy (World Player) are planned to be launched. Casual premium will be an out-of-office designer wear targeting the youth of the country, while World Player is aimed for the masses.
The company is pleased to inform that commercial production
at the High Value Fine Cotton plant at Jhagadia (
The company is now the proud new owner of HMX entity, one of
Subject has consecutively delivered healthy performance at all times, and has stood through growth in business earnings even in the challenging environment. Given that consumer sentiment is improving, their performance going forward looks encouraging. SKNL is well poised for growth on the back of strong brand presence across various socio-economic categories in the domestic branded textile and garments industry. The company’s acquisitions in the overseas markets have provided us with a growing presence in global regions. With a dominant position in the domestic branded garment and textile industry, a strengthening position in the international geographies and an improving global market, the company is confident that it will continue to deliver improved and sustainable performances.
The company is now a billion dollar multi-national textile conglomerate. Contribution of domestic business to total revenue in FY 10 was 82%.
SHARE CAPITAL
The paid up equity share capital of the company as at 31st
March 2010 has gone up by Rs.13,12,24,000 from the previous year-end as a result
of allotment of 1,31,22,400 nos. of equity shares of Rs.10/- each to promoter
group company, Anjani Finvest Private Limited. On 1st April 2009 on conversion
of 1,31,22,400 nos. of Fully Convertible Debentures (FCD’s) into equivalent
numbers of equity shares at a premium of Rs.72.50. The said FCD’s were issued
pursuant to the Special Resolution passed in the Extra Ordinary General Meeting
of the company held on 26th March 2007. As per the terms of issue, the FCD’s
were to be converted on or before 2nd April 2009.
Pursuant to the Board resolution dated 25th July 2009 and
subsequent special resolution passed by the members / shareholders through
postal ballot notice dated 25th July 2009 and postal ballot result declared on
2nd September 2009, the company has allotted 1,24,25,000 nos. of Equity Share
Warrants on 31st October, 2009, at a price of Rs.43.15 each to N’Essence
Holdings Limited, a promoter group company on preferential basis and received
Rs.13,40,34,687 as 25% subscription money towards the Warrants.
During the year 2009-10, the company has redeemed and
extinguished 1,60,000 nos of 6% Preference Shares of Rs.100/- each and 8,96,079
nos. of 0.01% Preference Shares of Rs.100/- each issued to the institutions, on
account of CDR exit payment. Subsequent to the Balance Sheet date, for the
information of the members, on 5th April 2010, the company has also redeemed
and extinguished 200,000 nos. of 6% Preference Shares of Rs.100 each and
2,25,492 nos. of 0.01% Preference Shares of Rs.100 each issued to lending
institutions on account of CDR exit payment.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The global as well as the Indian economy is fast catching up post the
world economic slowdown. A lot of people know
With huge growth potential and opportunities, textile industry brings
lots of challenges and issues by the sheer nature of this industry. One of the
biggest issues the textile industry faces today, and will face in near future,
is investments. The current manufacturing capacities cannot meet the
unprecedented growth in the demand. In the short term, up to 2011-12, the total
investment requirements are estimated at US$ 40 bn, and since 2006-07, only
US$15 bn worth of investments have been made. Other issues being faced by the
industry are comparatively low level of technology, lower scale of operations
and lower productivity levels, which are inherent to Indian industry because of
its fragmented nature and an unorganized sector being prevalent in
They believe that the Textiles and Apparel Industry will evolve further.
The government has laid emphasis on capacity building of raw material,
machinery, infrastructure and manufacturing units of technical textiles,
standardization, product development and common testing facilities with
international accreditation, domestic and export market development and human
resource development.
OPPORTUNITIES /
THREATS / CHALLENGES
Company caters to the entire socio-economic spectrum of the branded
textiles segment from economy to the premium and luxury segment. However, the
key growth driver for the company will be the contribution from the recently
commissioned HVFC facility along with the planned expansion of worsted fabrics
capacity from 9.0 m meters to 10.2 m meters. The Leggiuno acquisition will
provide an opportunity for front end and back end synergy for HVFC. It will
also help SKNL to expand its EU presence by servicing other brands. Company can
also substitute the worsted fabric sourced by HMX from
Brand Strength: SKNL’s brands (owned as well as licensed), namely, S.Kumars, Belmonte, Reid & Taylor and Stephens Brothers are well-established and enjoy good brand recall. Post HMX and DKNY. SKNL has one of the largest brand portfolios globally with 45 brands operational.
Strong Distribution Network: A distribution network of over 30000 retailers and over 300 wholesalers has enabled companyto enjoy a 30% market share of the organized uniform and work-wear fabric market. Expansion of EBOs by the group’s retail company Brandhouse Retails Limited further enhances its retail reach for selling mid-priced to luxury products.
Global Presence: Company post acquisition of Leggiuno and HMX, has achieved a global footprint in the key markets for premium textiles like US and the EU. This will benefit the company when there is a revival in consumer spending on premium products.
Professional Management: The Company has a professional team with proven execution track record coupled with impeccable industry experience and domain knowledge. Also, with a separate management team for looking after the affairs of the SBUs this strengthens the focus and also results in better accountability.
Inability to pass on higher raw material costs: Although the company’s target segment in the luxury space affords enough room to pass on the rise in raw material costs, any inability to do the same could lower the margins thereby impacting profitability to a certain extent.
Competition from other countries: Indian
manufacturers compete with players in countries like
Aggressive expansion: SKNL is aggressively ramping up its capacities across its SBUs. Any continued slowdown in global as well as domestic economy can adversely impact profitability.
Scope for expanding presence in developed economies: With many manufacturing facilities abroad on the verge of shutdown, there is enough scope for companies like SKNL to establish a presence in these economies.
Increase domestic market share: With the impact of economic slowdown resulting in closure of many small inefficient mills, companies like SKNL can capitalize and increase their domestic market share.
------------------------------------------------------------------------------------------------------------------------------
SWOT ANALYSIS OF THE UNIT
STRENGTHS:
1. SKNL Products are
available in all the socio-economic sector and is
2. SKNL has
attracted Private investment and has raised Rs.2310.000 Millions Recently from
QIP.
3. SKNL’s recent
acquisition in
4. SKNL is growing
at rapid pace in the last 3-4 years and future appears to be more encouraging.
WEAKNESS
1. SKNL has no past exposure
in operating in international market.
------------------------------------------------------------------------------------------------------------------------------
FIXED ASSETS
·
·
·
Building
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
Intangible assets
------------------------------------------------------------------------------------------------------------------------------
PRESS RELEASE
SKNL:
Q2 FY2010-11 Financial Results Highlights
Net Sales up 26.5 % to Rs.12034.000 Millions
EBIDTA
at Rs.2420.800 Millions, a 32.1 % increase
Mumbai, 29 October 2010: SKNL, a leading brand-led conglomerate involved in design, manufacturing,
marketing and distribution of high quality fabrics and ready-to-wear garments,
has announced its results for the second quarter and half year ended 30
September, 2010.
Financial
performance update: (All figures are consolidated unless stated otherwise)
Q2 FY2010-11 Financial results
highlights:
_ Net
sales from operations up 26.5% to Rs.12034.0000 Millions from Rs.9514.100 Millions
_
EBIDTA improves 32.1% to Rs.2420.800 Millions
from Rs.1832.500 Millions.
_ Net profit
(before minority interest) up 12.4 % to Rs.778.500 Millions compared to Rs.692.500 Millions
_ PAT
after minority interest at Rs.638.700 Millions
_
Fully diluted EPS after minority interest (not annualized) at Rs.2.52
H1 FY2010-11 Financial results highlights:
_ Net
sales from operations up 43.3% to Rs.23783.200 Millions from Rs.16595.300 Millions
_
EBIDTA improves 35.5 % to Rs.4675.900
Millions from Rs.3451.700 Millions
_ Net
profit (before minority interest) up 18.4 % to Rs.1550.400 Millions compared to Rs.1309.900 Millions
_ PAT
after minority interest at Rs.1265.800 Millions
_
Fully diluted EPS after minority interest (not annualized) at Rs.5.04
SKNL
has delivered an enhanced performance in Q2 FY2010-11. The Company has
demonstrated an ability to deliver improving and sustained performances through
variable and often challenging environments demonstrating the strength and
diversity of its business model. Now that the macro economic scenario has
turned, the Company is well placed to grow manifold driven by its brand,
design, manufacturing, marketing and distribution led activities. Domestically,
the Company has a strong set of brands catering to nearly all socioeconomic
segments in the branded garment and fabric space. With the acquisition of assets of HMX, the largest men’s tailored Company in America, SKNL
now has access to a whole array of leading international brands including
Hickey Freeman, Bobby Jones, Hart Schaffner Marx, Exclusively Misook, Austin
Reed amongst others.
For
the rest of this year, SKNL expects to progressively improve its performance
led by increased festive season sales, higher consumer confidence and efficient
cost management.
(SKNL results that are being reviewed are consolidated with
Reid and Taylor India Limited (RTIL), Leggiuno SpA along with holding Companies
and HMX LLC and Coppley Inc. and SKNL-UK)
In the
quarter under review, SKNL’s net sales grew 26.5% to Rs.12034.000 Millions from
Rs.9514.100 Millions. This
growth in sales was driven mainly by volume enhancement across product
offerings.
EBIDTA
for the quarter stood at Rs.2420.800 Millions compared to Rs.1832.500 Millions,
an increase of 32.1%. Margins for the quarter under review stood approximately at
20.0 %. In Q2 FY2010-11, PBT increased to Rs.1156.200 versus Rs.1001.500
Millions in the corresponding period last year. Net profit after minority
interest for the period under review stood at Rs.638.700 compared to Rs.584.300
Millions.
Commenting
on the performance in Q2 FY2010-11 Mr. Nitin S. Kasliwal, Managing director and
ViceChairman of SKNL said,
“We’re
pleased to report another encouraging quarter, with revenues up 26.5 % and
profits up 9.3% (PAT after minority interest). All our SBUs delivered healthy
operating and financial performance. ‘Belmonte’ in the Consumer Textiles
segment and ‘Reid and Taylor’ in the Luxury Textiles segment remained key
contributors to the overall performance for the current quarter.
Our
international operations have also
started contributing substantially to our toplines. SKNL’s US subsidiary HMX
enables tremendous backend-frontend synergies within the group. Given the
quality and diversity of its brand portfolio, HMX is an extremely exciting
business venture. Apart from giving SKNL an immediate presence in the vast
A back-end, front-end synergy model,
well-diversified and strong brand portfolio catering to diverse customer
segments across the globe, expansive marketing and distribution network and
state-of-the-art manufacturing are purposeful strides in line with our vision
of clothiers to the nation today the world tomorrow. These solid building
blocks give us the confidence to continue delivering sustainable growth going
forward.”
Financial
overview:
(All
Rupee figures in Millions unless stated otherwise)
(All figures are consolidated unless stated otherwise)
|
Particulars |
Q2
FY 2010-11 |
Q2
FY 2009-10 |
Change
(%) |
H1 FY
2010-11 |
H1 FY
2009-10 |
Change
(%) |
|
|
|
|
|
|
|
|
|
Net Sales |
12034.000 |
951.41 |
26.5 |
23783.200 |
16595.300 |
43.3% |
|
EBIDTA |
2420.800 |
183.25 |
32.1 |
4675.900 |
3451.700 |
35.5% |
|
Margins |
20.0% |
19.2% |
|
19.5% |
20.7% |
|
|
PBT |
1156.200 |
1001.500 |
15.4% |
2325.800 |
1930.400 |
20.5% |
|
Margin |
9.5% |
10.5% |
|
9.7% |
11.6% |
|
|
PAT |
778.500 |
692.500 |
12.% |
1550.400 |
1309.900 |
18.4% |
|
Margin |
6.4% |
7.3% |
|
6.5% |
7.9% |
|
|
PAT After Minority Interests |
638.700 |
584.300 |
9.3% |
1265.800 |
1096.300 |
15.5% |
|
Margins |
5.3% |
6.1% |
|
5.3% |
6.6% |
|
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.