Business
information report
1. Summary Information
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Country |
India |
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Company Name |
ALOK INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Ashok
Bhagirathmal Jiwrajka |
|
Status |
Good |
Principal Name 2 |
Mr. Ashok G Rajani |
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Registration # |
11-000334 |
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Street Address |
17/5/1, 521/1,
Village Rakholi, Saily, Silvassa, Dadar Nagar Haveli 396230 |
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Established Date |
12.03.1986 |
SIC Code |
-- |
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Telephone# |
91-260-3087000 |
Business Style 1 |
Manufacturer |
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Fax # |
91-260-2645289 |
Business Style 2 |
-- |
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Homepage |
Product Name 1 |
Cotton |
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|
# of employees |
-- |
Product Name 2 |
Viscose |
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Paid up capital |
Rs.
7,877,900,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter Group-29.37% Public Shareholding- 70.63% |
Banking |
Allahabad Bank |
|
Public Limited Corp. |
Yes |
Business Period |
25 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (52) |
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Related
Company |
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Relation
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Country
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Company
Name |
CEO |
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Subsidiaries
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India |
Alok Infrastructure Limited |
-- |
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Note |
- |
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2. Summary
Financial Statement
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Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
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Assets |
Liabilities |
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Current Assets |
33,274,700,000 |
Current Liabilities |
5,440,000,000 |
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Inventories |
14,744,100,000 |
Long-term Liabilities |
85,096,800,000 |
|
Fixed Assets |
62,058,600,000 |
Other Liabilities |
4,069,800,000 |
|
Deferred Assets |
0 |
Total Liabilities |
94,606,600,000 |
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Invest& other Assets |
11,691,100,000 |
Retained Earnings |
19,284,000,000 |
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|
|
Net Worth |
27,161,900,000 |
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Total Assets |
121,768,500,000 |
Total Liab. & Equity |
121,768,500,000 |
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Total Assets (Previous Year) |
69,738,300,000 |
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|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
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|
Sales |
43,111,700,000 |
Net Profit |
2,473,400,000 |
|
Sales(Previous yr) |
29,769,200,000 |
Net Profit(Prev.yr) |
1,883,700,0000 |
MIRA
INFORM REPORT
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Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ALOK INDUSTRIES LIMITED |
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Registered Office : |
17/5/1, 521/1,
Village Rakholi, Saily, Silvassa, Dadar Nagar Haveli 396230 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.03.1986 |
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Com. Reg. No.: |
11-000334 |
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Paid-up Capital : |
Rs. 7877.900 Millions |
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CIN No.: [Company
Identification No.] |
L17110DN1986PLC000334 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA02206B MUMA19032G |
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PAN No.: [Permanent
Account No.] |
AAACA0201C |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of cotton and viscose / blended grey and
processed fabrics and 100% cotton knitted fabrics and intermingled yarn. |
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No. of Employees : |
Information not divulged by management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company is good. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
17/5/1, 521/1,
Village Rakholi, Saily, Silvassa, Dadar Nagar Haveli 396230, |
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Tel. No.: |
91-260-3087000 |
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Fax No.: |
91-260-2645289 |
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E-Mail : |
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Website : |
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Factory 1: |
B-43, Mittal Tower, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-22874865 / 22832923 / 24940129 / 22845233 / 22881279 / 22832923 |
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Fax No.: |
91-22-22874864 / 24936078 |
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E-Mail : |
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Corporate Office : |
Peninsula Tower ‘A’ Wing, Peninsula Corporate Park, G. K. Marg, Lower
Parel, Mumbai – 400013, |
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Tel. No. : |
91-22-24996200 / 6500 |
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E-Mail : |
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Marketing Offices
(Domestic) |
Located at
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Marketing
offices: (Overseas) |
Located at
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Factory : |
Spinning 412, Saily, Silvassa, Weaving Division 209/1 and 209/4, Silvassa, Village Dadra, Yarn Division 65, A, Piparia Industrial Estate, Silvassa – 396 230, 103 / 2, Rakholi, Silvassa, Processing C-16 / 2, TTC Industrial Area, MIDC, Navi Mumbai, S. No. 268, Village Balitha, Pardi, Valsad, 254, Village Balitha, Taluka Pardi, District Valsad, State Knitting Division 17/5/1, Rakholi, Silvassa, 521/1, Saily, Union 254, 261, 268, Balitha, Taluka Pardi, Dist: 110, Morai, Pardi, Valsad, Garments 374 Saily, Silvassa, C – 271/2, TTC Industrial Area, Turbhe, Navi Mumbai Made Ups 374/2/2, Village Saily, Silvassa, 268, Balitha, Taluka Pardi, Dist. Valsad, POY 521/1, Saily, Union Texturising (Yarn) 103/2, Rakholi, Silvassa, 521/1, Saily, Union 17/5/1 and 521/1 Rakholi / Saily, Silvassa Hemming 103/2, Rakholi, Silvassa, |
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Branches : |
177, Alok House, Sant Nagar, East of Kailash, New Delhi – 110065,
Delhi, India |
DIRECTORS
As on 25.09.2009
|
Name : |
Mr. Ashok
Bhagirathmal Jiwrajka |
|
Designation : |
Whole Time
Director |
|
Address : |
301, Krishan
Kunj, |
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Date of
Birth/Age : |
07.10.1950 |
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Qualification : |
Commerce Graduate |
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Experience : |
30 Years |
|
Other Directorship : |
·
Grabal Alok Impex Limited ·
Alok Knit Exports Limited ·
·
Alspun Infrastructure Limited ·
Alok Infrastructure Private Limited ·
Alok Apparels Private Limited ·
Alok Clothing Private Limited ·
Alok Realtors Private Limited ·
Alok Homes and Apparels Private Limited ·
Alok Land Holdings Private Limited ·
Alok Aurangabad Infratex Private Limited ·
Alok New City Infratex Private Limited ·
Alok Industries International Limited ·
Grabal Alok International Limited |
|
Other
Committee Memberships : |
Chairman
of the Executive Committee of Grabal Alok Impex Limited Member of Share Transfer and Investors’ Grievances Committee of Grabal
Alok Impex Limited |
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Date of Appointment : |
12.03.1986 |
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DIN No : |
00168350 |
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Name : |
Mr. Dilip Bhagirathmal
Jiwrajka |
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Designation : |
Managing Director
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Address : |
6, Bay View, |
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Date of
Birth/Age : |
09.10.1956 |
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Date of Appointment : |
12.03.1986 |
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DIN No : |
00173476 |
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Name : |
Mr. Surendra Bhagirathmal Jiwrajka |
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Designation : |
Whole Time
Director |
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Address : |
Flat No.901, |
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Date of
Birth/Age : |
17.10.1958 |
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Date of Appointment : |
12.03.1986 |
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DIN No : |
00173525 |
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Name : |
Mr. Rakesh Vishwanath Kapoor |
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Designation : |
Director* |
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Address : |
Plot No.4, Flat
No.104, Sector 23, IFCI Apartments, Dwarka, New Delhi-110075, |
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Date of Birth/Age : |
23.07.1955 |
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Date of Appointment : |
31.01.2006 |
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DIN No : |
00015358 |
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Name : |
Mr. Ashok Girdharidas Rajani |
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Designation : |
Director |
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Address : |
101/102, Read Rose
Apartments, Pochkhanwala, Road, Mumbai-400018, |
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Date of Birth/Age : |
15.01.1953 |
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Date of Appointment : |
27.05.1993 |
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DIN No : |
00267748 |
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Name : |
Mr. Kandarp Ratanchand Modi |
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Designation : |
Director |
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Address : |
901, Pushpanjali
Apartments, |
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Date of Birth/Age : |
18.05.1942 |
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Date of Appointment : |
27.05.1994 |
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DIN No : |
00261506 |
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Name : |
Mr. Asit Baran
Dasgupta |
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Designation : |
Director |
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Address : |
CL-92, 1st
Floor, Sector-II, |
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Date of Birth/Age : |
01.01.1941 |
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Date of Appointment : |
30.12.2008 |
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DIN No : |
02476594 |
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Name : |
Mr. Chandrakumar Govindram
Bubna |
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Designation : |
Whole Time
Director |
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Address : |
124/5, Krishna
Kunj, Sainik Farm, Central Avenue, New Delhi-110062, |
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Date of Birth/Age : |
15.01.1953 |
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Date of Appointment : |
27.05.1993 |
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DIN No : |
0011031 |
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Name : |
Mr. Korath Jacob
Punnathara |
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Designation : |
Director * |
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Address : |
House No.29,
Rajalakshmi, Nagar, Pattom, Thiruvanathapuram, Kerla-695004, Tamil |
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Date of Birth/Age : |
09.06.1944 |
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Date of Appointment : |
29.04.2003 |
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DIN No : |
01385907 |
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Name : |
Mr. Ramdas
Janardhan Kamath |
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Designation : |
Director * |
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Address : |
Leela, 707, 12th
Cross, 7th Block, Jaya Nagar, Banglore-560082, |
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Date of Birth/Age : |
28.04.1941 |
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Date of Appointment : |
21.05.2005 |
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Name : |
Timothy Charles
William Ingram Stanley |
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Designation : |
Director |
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Address : |
6, |
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Date of Birth/Age : |
18.06.1947 |
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Date of Appointment : |
29.07.2005 |
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DIN No : |
01430613 |
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Name : |
Mr. Hiroo Suresh
Advani |
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Designation : |
Director |
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Address : |
403, Shivala, |
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Date of Birth/Age : |
04.03.1945 |
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Date of Appointment : |
19.04.2006 |
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DIN No : |
00265233 |
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Name : |
Mr. Keshav
Dattaram Hodavdekar |
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Designation : |
Director * |
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Address : |
A-163, |
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Date of Birth/Age : |
18.03.1951 |
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Date of Appointment : |
08.09.2008 |
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DIN No : |
00406556 |
KEY EXECUTIVES
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Name : |
Mr. Gopal
Hariharan Kadayam |
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Designation : |
Secretary |
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Address : |
C-3, Nav Pramanu,
CHS, W. T. Patil Marg, Chembur, Mumbai-400071, |
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Date of Birth/Age : |
31.01.1966 |
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Date of Appointment : |
28.07.1994 |
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PAN No : |
ADLPG4276G |
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Name : |
Mr. Sunil O. Khandelwal |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
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Names of Shareholders |
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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64183016 |
8.15 |
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166498155 |
21.13 |
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230681171 |
29.28 |
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695180 |
0.09 |
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695180 |
0.09 |
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Total shareholding of Promoter and Promoter Group (A) |
231376351 |
29.37 |
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(B) Public Shareholding |
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1280200 |
0.16 |
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90807683 |
11.53 |
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162876453 |
20.68 |
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254964336 |
32.36 |
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60220563 |
7.64 |
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117905602 |
14.97 |
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67451168 |
8.56 |
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55866337 |
7.09 |
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3203943 |
0.41 |
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865202 |
0.11 |
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6578990 |
0.84 |
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3000 |
-- |
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45184354 |
5.74 |
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|
30848 |
-- |
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|
301443670 |
38.26 |
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Total Public shareholding (B) |
556408006 |
70.63 |
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Total (A)+(B) |
787784357 |
100.00 |
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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) |
787784357 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturing of cotton and viscose / blended grey and
processed fabrics and 100% cotton knitted fabrics and intermingled yarn. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information not
divulged by management |
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Bankers : |
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Facilities : |
Notes : Term Loan from
banks to the extent of Rs. 400.000 millions (Previous year Rs. 1149.900
millions) are secured by Personal Guarantee of three Promoter Directors. |
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Banking
Relations : |
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Auditors : |
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Name : |
Gandhi and Parekh Chartered Accountant |
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Address : |
6, Saraswati Darshan, 2nd Floor, Opp. New Era Cinema, |
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Internal Auditors : |
Shah Gupta and Company Chartered Accountants Devdhar Joglekar and Srinivasan Chartered Accountants N.T. Jain and Company, Chartered Accountants Bhandarkar and Company Chartered Accountants T.R. Chadha and Company Chartered Accountants |
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Legal Advisors and Statutory : |
Kanga and Company |
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Subsidiaries : |
CIN No : U45201MH2006PLC164267
CIN No : U17200MH2007PLC173934
CIN No : U18109MH2007PTC171850
CIN No : U70102MH2008PTC179047
CIN No : U45400MH2008PTC177834
CIN No : U45400MH2008PTC180428
CIN No : U45400MH2008PTC180429
CIN No : U55101MH2008PTC181867
CIN No : U70102MH2008PTC181869
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Joint Venture: |
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Associates : |
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CAPITAL STRUCTURE
As On: 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
900000000 |
Equity Shares |
Rs.10/- each |
Rs. 9000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
787798278 |
Equity Shares |
Rs.10/- each |
Rs.7878.000
Millions |
|
|
Less: Call in arrears |
|
Rs.0.100
Millions |
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Total |
|
Rs.7877.900 Millions |
NOTES:
a) During the year
59,08,23,309 (previous year 98,00,000) equity shares are issued as under:
i] Nil (Previous Year
98,00,000) Equity shares of Rs. 10/- each are issued on conversion of Nil
(Previous Year 98,00,000) warrants to promoter group at a premium of Rs. Nil
(Previous Year Rs. 901.600 Millions).
ii] 40,87,23,061
(Previous Year Nil) Equity Shares of Rs.10/- are issued at a premium
aggregating to Rs. 408.700 Millions on
Rights basis in the ratio of 83 Rights Equity Shares for every 40 Equity Shares
held.
iii] 18,21,00,248
(Previous Year Nil) Equity Shares of Rs.10/- are issued at a premium
aggregating to Rs. 2425.600 Millions in
Qualified Institutional Placements (QIP).
b) Of the above
shares :
i] 7,45,396 equity
shares were allotted as Bonus shares by way of capitalisation of General
Reserve.
ii] 62,550 equity
shares being forfeited shares were reissued during 2001.
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 |
7877.900 |
1969.700 |
1871.700 |
|
|
2] Share Application Money |
0.000 |
1375.000 |
0.000 |
|
|
3] Share Warrants |
0.000 |
102.000 |
1101.600 |
|
|
3] Reserves & Surplus |
19284.000 |
14103.900 |
11340.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27161.900 |
17550.600 |
14313.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
80866.600 |
62562.400 |
48241.500 |
|
|
2] Unsecured Loans |
4230.200 |
3401.100 |
9431.600 |
|
|
TOTAL BORROWING |
85096.800 |
65963.500 |
57673.100 |
|
|
DEFERRED TAX LIABILITIES |
4069.800 |
3079.700 |
2104.800 |
|
|
|
|
|
|
|
|
TOTAL |
116328.500 |
86593.800 |
74091.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
62058.600 |
38255.900 |
28949.800 |
|
|
Capital work-in-progress |
9392.500 |
21582.700 |
9963.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
2296.900 |
4785.800 |
6189.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
FOREIGN CURRENCY TRANSLATION MONETARY ACCOUNTS |
1.700 |
112.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14744.100
|
9438.400 |
6875.800
|
|
|
Sundry Debtors |
11012.300
|
8841.900
|
6077.100
|
|
|
Cash & Bank Balances |
13902.900
|
3449.500
|
16737.400
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
8359.500
|
5129.500
|
4085.000
|
|
Total
Current Assets |
48018.800
|
26859.300
|
33775.300
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3799.100
|
3673.200 |
3968.400 |
|
|
Other Current Liabilities |
1090.200
|
1040.800
|
453.300
|
|
|
Provisions |
550.700
|
287.900
|
364.900
|
|
Total
Current Liabilities |
5440.000
|
5001.900
|
4786.600
|
|
|
Net Current Assets |
42578.800
|
21857.400
|
28988.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
116328.500 |
86593.800 |
74091.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
43111.700 |
29769.200 |
21704.100 |
|
|
|
Other Income |
640.200 |
208.200 |
679.400 |
|
|
|
TOTAL (A) |
43751.900 |
29977.400 |
22383.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of traded goods |
3984.600 |
1052.600 |
2986.200 |
|
|
|
Manufacturing and other expenses |
30380.700 |
24555.400 |
14497.900 |
|
|
|
Increase In Stock of Finished Goods and Process Stocks |
(3338.200) |
(3856.700) |
(1014.400) |
|
|
|
TOTAL (B) |
31027.100 |
21751.300 |
16469.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12724.800 |
8226.100 |
5913.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5350.800 |
3041.200 |
1318.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7374.000 |
5184.900 |
4595.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3626.100 |
2335.000 |
1619.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3747.900 |
2849.900 |
2975.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1274.500 |
966.200 |
989.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2473.400 |
1883.700 |
1986.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2766.300 |
2962.000 |
NA |
|
|
|
|
|
|
|
|
|
Add |
Excess
Short Provision of Dividend |
0.000 |
1.700 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
0.000 |
NA |
|
|
|
Transfer to Debenture Redemption Reserves |
3001.000 |
1908.300 |
NA |
|
|
|
Dividend |
196.900 |
147.700 |
NA |
|
|
|
Tax on Dividend |
32.700 |
25.100 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1809.100 |
2766.300 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
14370.600 |
9724.800 |
|
|
|
|
Interest Received on Fixed Deposits |
74.500 |
25.100 |
|
|
|
TOTAL EARNINGS |
14445.100 |
9749.900 |
9690.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
5054.300 |
1514.200 |
NA |
|
|
|
Stores & Spares |
772.500 |
341.400 |
NA |
|
|
|
Capital Goods |
3175.600 |
5848.700 |
NA |
|
|
|
TOTAL IMPORTS |
9002.400 |
7704.300 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
4.57 |
8.85 |
11.40 |
|
|
|
- Diluted |
4.57 |
7.74 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
10989.700 |
14515.000 |
16125.800 |
22029.000 |
|
Total Expenditure |
7721.700 |
10357.100 |
11472.100 |
16450.800 |
|
PBIDT (Excl OI) |
3268.000 |
4157.900 |
4653.700 |
5578.200 |
|
Other Income |
0.500 |
11.800 |
28.000 |
9.300 |
|
Operating Profit |
3268.500 |
4169.700 |
4681.700 |
5587.500 |
|
Interest |
1570.800 |
1782.000 |
1875.900 |
1591.100 |
|
PBDT |
1697.700 |
2387.700 |
2805.800 |
3996.400 |
|
Depreciation |
993.200 |
1200.700 |
1450.400 |
1600.000 |
|
Profit Before Tax |
704.500 |
1187.000 |
1355.400 |
2396.400 |
|
Tax |
239.400 |
389.000 |
450.200 |
795.900 |
|
Profit After Tax |
465.100 |
798.000 |
905.200 |
1600.500 |
|
Net Profit |
465.100 |
798.000 |
905.200 |
1600.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.65
|
6.28
|
8.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.69
|
9.57
|
13.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.40
|
4.38
|
4.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.16
|
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.14
|
4.07
|
4.73
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.83
|
5.37
|
7.06
|
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Total Outstanding dues to: |
|
|
|
|
- Micro Enterprises and small enterprises |
1.200 |
2.900 |
3.100 |
|
- Creditors other than micro enterprises and small enterprises |
3797.900 |
3670.200 |
3965.300 |
|
Total |
3799.100 |
3673.200 |
3968.400 |
PERFORMANCE
During the financial year, the company recorded sales of Rs. 43111.700 millions
(increase of 44.82%) and profit before tax of Rs.3747.900 millions (increase
31.51%) over the previous year. The company export (including incentives)
increased 47.84% - from Rs.10545.000 millions in 2008-2009 to Rs.15589.900
millions during the year.
All the divisions of the company recorded growth. The sales performance
of all the divisions of the company, their share in the overall business and
their growth over last year.
BUSINESS AND
OPERATIONS
The textile operations of the company are doing well and the long term
prospects look promising, both for domestic and export markets. The
consolidation of sourcing by global majors and shift in focus towards
The company presently has 226 stores across
More details about the Company’s business structure and initiatives are
contained in the Management Discussion and Analysis.
MANAGEMENT DISCUSSION AND ANALYSIS
Economic Overview
The world recovered faster than anticipated from the shocks of 2008 and
2009, in no small measure due to unprecedented amounts of money being infused
by various governments and central banks into the global economic system. From
a degrowth of 0.5% in 2009, world output in 2010 is expected to grow to an
impressive 4.25%1. The progress, however, has not been uniform and across the
board. The
The Asian economies have fared better than their Western counterparts.
With the exception of Japan, nearly all emerging Asian countries, especially in
South Asia and South East Asia, are showing signs of economic recovery in 2009;
the growth indicators for 2010 and 2011 are also quite positive (Chart A). In
Asia,
As per the statistics released by Government of India on 31.05.2010,
Textiles and Clothing and Fibres
World Trade
Textiles and clothing together account for 3.9% of the world’s
merchandise trade and 5.9% of the global manufactures (Chart C). The world’s
merchandise value of textiles and clothing is estimated at US$ 612 billion, of
which textiles contribute US$ 250 billion and clothing US$ 362 billion.2 There
are lingering effects of the slowdown, especially in the Western economies; however,
global textile and apparel markets are starting to recover. During the
slowdown, the highend luxury segment in the
The Indian Textile Industry
The Indian textile industry uses a large and diverse range of fibers and
yarn; however, cotton is its major input material. Cotton comprises of
approximately 56% of the total fibers and yarn that is consumed by the Indian
textile industry. Therefore, cotton availability and prices are a major
determinant of production efficiency and profitability of textile units.
Acreage under cotton cultivation in
During the economic slowdown, textile mills, especially the smaller
units, had cut down on production. As a result, domestic cotton consumption,
which had reached 3.98 million tons in 2007-08, had reduced by around 6% to
3.76
million tons. This position, however, has now changed, with demand picking
up. Cotton prices have been consistently rising, as can be seen from Chart E6.
As stated earlier, textile and apparel production in
Financial Performance
Subject (‘Alok’ or ‘the Company’) closed 2009-10 with a 45% growth in
sales (48% growth in export sales), over 55% growth in operating Earnings
before Interest, Depreciation and Taxes (operating EBIDTA) and more than 31%
increase in PAT. At the end of the year, the Company’s order book stood at Rs.
11640.000 millions, which translates to over three months’ total sales of
2009-10. Table 1 summarises Alok’s financial performance for the past three
years.
Textiles
Overview
Alok’s textile operations comprise of five divisions that span the
entire textile value chain: Cotton Yarn, Apparel Fabric, Home Textiles, Garments
and Polyester Yarn. During 2009- 10, the sales of these five divisions
aggregated Rs. 43111.700 millions. Domestic sales comprised of Rs. 27521.800
millions (63.84%). Share of exports sales grew from 35.42% of total sales in
2008-09 to 36.16% of total sales in 2009-10 (see Chart H).
Chart I plots the division-wise share of business during 2009-10. The
Apparel Fabric division of Alok generates the maximum share of business, which
represents 45.07% of total sales in 2009-10. Polyester Yarn sales for the year
have grown by 92.70% - from Rs. 6191.500 millions in 2008-09 to Rs. 11930.800
millions in 2009-10. Consequently, its share of business has also improved
substantially – from 20.80% in 2008-09 to 27.67% in 2009-10. Home Textiles, at
Rs. 7072.600 millions, comprises 16.41% of sales. The Garments division share
of business is at 3.27%; sales in 2009-10 at Rs. 1410.000 millions is
approximately at the same level as the previous year (Rs. 1385.800 millions in
2008-09). The Cotton Yarn division showed improved sales in 2009-10: from Rs.
1111.000 millions in 2008-09 to Rs. 3271.000 millions in 2009-10; as a result,
its share of business has also increased from 3.73% in the previous year to
7.59% in 2009-10.
Exports
Alok’s export performance during 2009-10 increased by 47.84% over the
previous year to reach Rs. 15589.900 millions. Export sales for the year,
comprised of 36.16% of total sales. Home Textiles generates the maximum exports
– 44.27% of Alok’s total exports for 2009-10 were delivered by this division;
the division’s exports in value terms grew from Rs. 4950.400 millions in
2008-09 to Rs. 6901.300 millions in 2009-10. Apparel Fabric exports have stayed
steady during 2009-10 at Rs. 2596.500 millions (Rs. 2581.400 millions in
2008-09); a similar situation is seen in the Garments division, which recorded
export sales of Rs. 1311.400 millions in 2009-10 (Rs. 1262.200 millions in
2008-09). Polyester Yarn exports doubled in 2009-10 – from Rs. 1254.900
millions in 2008-09 to Rs. 2527.600 millions in 2009-10. Cotton exports stood
at Rs. 2253.100 millions in 2009-10. Alok’s exports are geographically well
distributed, with exports being made to over 70 countries. 39.91% of Alok’s
exports are to the
Contingent Liabilities in respect of :
Rs. In Millions
|
Sr. No |
Particulars |
31.03.2010 |
31.03.2009 |
|
A |
A Customs duty on
shortfall in export obligation in accordance with EXIM Policy (The company is
hopeful of meeting the export obligation within the stipulated
period) |
Amount Unascertained |
Amount Unascertained |
|
B |
B Pending
Litigation |
0.900 |
0.400 |
|
C |
C Guarantees
given by banks on behalf of the Company |
439.600 |
479.400 |
|
D |
D Corporate
Guarantees given to bank for loans taken by Subsidiary Companies |
2127.900 |
2142.500 |
|
E |
E Bills discounted |
717.400 |
864.500 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2011
Rs. In Millions
|
Particulars |
Quarter ended 31.03.2011 (3 months provisional) |
31.03.2011 (12 months provisional) |
|
a) Net Sales / Income from Operations |
22029.000 |
63659.500 |
|
b) Other Operating Income |
9.300 |
49.600 |
|
Total Income |
22038.300 |
63709.100 |
|
|
|
|
|
Expenditure |
16450.800 |
46001.700 |
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
(777.500) |
(3142.500) |
|
(b) Consumption of Raw Material |
13066.200 |
36282.900 |
|
(c) Employees Cost |
556.100 |
1971.500 |
|
(d) Other Expenditure |
3606.000 |
10889.800 |
|
Profit before Interest & Depreciation |
5587.500 |
17707.400 |
|
Depreciation |
1600.000 |
5244.300 |
|
Interest |
1591.100 |
6819.800 |
|
Profit From Ordinary
activities before Tax |
2396.400 |
5643.300 |
|
Provision for Tax |
|
|
|
- Current |
477.600 |
1124.700 |
|
- MAT Credit |
0.000 |
0.000 |
|
- Fringe benefit Tax |
318.300 |
749.800 |
|
Net Profit From Ordinary activities after Tax |
1600.500 |
3768.800 |
|
Extraordinary Items (net of tax) |
0.000 |
0.000 |
|
Net Profit for the period |
1600.500 |
3768.800 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
7877.800 |
7877.800 |
|
Reserves (Excluding Revaluation Reserves) |
19284.000 |
19284.000 |
|
Earning per Share
(Rs.) |
|
|
|
-Basic |
2.03 |
4.78 |
|
-Diluted |
2.03 |
4.78 |
|
Aggregate of Public Share Holding |
|
|
|
- Number of Shares |
564421927 |
564421927 |
|
- Percentage of shareholding |
71.65% |
71.65% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
152427640 |
152427640 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
68.24% |
68.24% |
|
- Percentage of shares(as a % of the total share capital of the company) |
19.35% |
19.35% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
70948711 |
70948711 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
31.76% |
31.76% |
|
- Percentage of Share (as a % of the total share capital of the company) |
9.01% |
9.01% |
Notes:
1.
The above results have been reviewed by the Audit
Committee and taken on record by the Board of Directors of the Company at their
meeting held on 29.04.2011. The same are subject to Limited Review by the
statutory auditors of the Company.
2.
For the Quarter: Total Income has increased by
49.63% over the corresponding quarter of the previous year to reach Rs.
22038.300 millions. Domestic sales increased by 89.08% over Q4, 2009-10 to
reach Rs.16327.900 millions, while export sales was Rs.5701.100 millions.
For the Year: Total Income has increased by 46.61% over the previous
year to reach Rs.63709.100 millions. Domestic sales increased by 51.13% over
2009-10 to reach Rs.41593.900 millions, while export sales increased by 41.54%
from Rs. 15589.900 millions in 2009-10 to Rs.22065.600 millions.
3.
No. of investor complaints at the beginning of the
quarter were NIL, received
during the quarter were 38,
disposed off during the quarter were 38
and lying unsolved at the end of the quarter were NIL.
4.
The entire operations of the Company relate to only
one segment viz., textiles. The risk and returns are generally perceived by the
management to be the same for all units and thus treated as one segment.
5.
The figures of previous quarter/year have been
reclassified/ regrouped wherever necessary to correspond with those of the
current quarter/year.
FORM 8
|
Corporate
identity number of the company |
L17110DN1986PLC000334 |
|
Name of the
company |
ALOK INDUSTRIES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
17/5/1, 521/1,
Village Rakholi, Saily, Silvassa, Dadar Nagar Haveli 396230, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Export Import
Bank of |
|
Nature of
instrument creating charge |
Memorandum of Entry
dated recording mortgage by way of constructive delivery of title deeds with
IDBI Bank Limited, IDBI acting as an agent of Export-Import Bank of India
(Exim Bank) over the immovable properties of Alok Industries Limited (the
company) situate at (1) Saily-Silvassa (2) Rakholi – Silvassa (3)
Vasona-Silvassa (4) Dapada-Silvassa (5) Velugam-Silvassa in the Union
Territory of Dadra and Nagar Haveli, |
|
Date of
instrument Creating the charge |
01.07.2010 |
|
Amount secured by
the charge |
Rs.400.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest Rate for
both the Loans is 9% p.a. with monthly rests subject to rest in terms of the respective
Loan Agreements dated 09.12.2006 executed between the Company and Exim Bank. Terms of repayment The loans shall
be repaid in 32 equal installments commencing from 01.04.2008 or such other
dated close to that date as may be advised by Exim Bank at the time of making
the first disbursement, unless the company shall repay the loans in pursuance
of the respective loan agreements dated 09.12.2009. Extent and operation of the charge A charge created
by way of mortgage over the company’s new immovable properties situate
at (1) Saily-Silvassa (2) Rakholi –
Silvassa (3) Vasona-Silvassa (4) Dapada-Silvassa (5) Velugam-Silvassa in the
Union Territory of Dadra and Nagar Haveli, shall rank as first pari passu in
favour of Exim Bank. |
|
Short particulars
of the property charged (Including location of the property) |
1.immovable
properties of the Company situate at (i) Village Saily
of the (ii) Village
Rakholi of the Union Territory of Dadra and Nagar Haveli (iii) Village
Vasona of the (iv) Village
Dapada of the (v) Village
Velugam of the Union Territory of Dadra and Nagar Haveli. |
|
Charge identification
number of the charge to be modified |
10036288 |
|
Date of
instrument modifying the charge |
30.09.2009 |
|
Particulars of
the present modification |
Tem loan
facilities of Rs.400.000 millions (LTWC of Rs.155.000 millions and EOU loan of
Rs. 245.000 millions) are now additionally secured by mortgage over the
Company’s properties situate at (1) Saily-Silvassa (2) Rakholi – Silvassa (3)
Vasona-Silvassa (4) Dapada-Silvassa (5) Velugam-Silvassa in the Union
Territory of Dadra and Nagar Haveli, recorded with IDBI thereby enlarging the
existing charge over its entire movable fixed assets and immovable
properties. |
FIXED ASSESTS
·
· Leasehold land
·
· Office premises
· Plant and machinery
· Computer and Peripherals
· Office equipments
· Furniture and fittings
· Vehicles
· Tools and Equipment
ECONOMIC OVERVIEW
THE GLOBAL ECONOMY
The recovery is
gaining strength, but unemployment remains high in advanced economies, and new
macroeconomic risks are building in emerging market economies.
After reducing by
0.6% in 2009, world economic output was back on positive track registering 5%
growth in 2010. Much of the new growth impetus came from developing and
emerging economies that witnessed 7.1% growth in 2010 compared to 2.6% in 2009.
Even the advanced economies recovered from a 3.6% contraction in output in 2009
to a growth of 3% in 2010
In advanced
economies, the handoff from public to private demand is advancing, reducing
concerns that diminishing fiscal policy support might cause a “double-dip”
recession. Financial conditions continue to improve, although they remain
unusually fragile. In many emerging market economies, demand is robust and
overheating is a growing policy concern.
Developing
economies, particularly in sub-Saharan Africa, have also resumed fast and
sustainable growth. Rising food and commodity prices pose a threat to poor
households, adding to social and economic tensions, notably in the Middle East
and North Africa. Oil price increases since January 2011 and information on
supply, including on spare capacity, suggest that the disruptions so far would
have only mild effects on economic activity. An earthquake in Japan has exacted
a terrible human toll. Its macroeconomic impact is projected to be limited,
although uncertainty remains elevated
INDIA
• Advanced
estimates of the CSO, Government of India, estimates India is firmly back on
growth momentum with 8.6% growth in 2010-11
• The Reserve Bank
had projected year-on-year WPI inflation for March 2011 at 7 per cent. However,
further upside risks have stemmed from high international crude prices, their
impact on freely priced petroleum products, the increase in administered coal
prices and pick-up in non-food manufactured product prices
• While the
budgeted level of fiscal deficit for 2011-12 gives some comfort on the demand
front, a potential increase in the subsidies on petroleum products and
fertilizers as a result of high crude prices could put pressure on expenditure
To sum up, the
underlying inflationary pressures have accentuated, even as risks to growth are
emerging. Rising global commodity prices, particularly oil, are a major contributor
to both developments. As domestic fuel prices are yet to adjust fully to global
prices, risks to inflation remain clearly on the upside, reinforced by the
persistence of demand-side pressures as reflected in non-food manufacturing
inflation
THE TEXTILE
INDUSTRY
Global Textile and
Apparel Trade
• The US imports
of textile and apparel from the world shows a rising trend on an annual basis.
The imports in Feb ’11 have jumped by 12% to reach US$ 7.42 bn as compared to
Feb 2010. On a quarter on quarter basis also, the imports jumped by 17% to US$
24 bn for quarter ending Dec’10 as compared to same quarter previous year.
• Total textile
and apparel imports of EU from the world rose by 27% in Jan 2011 to touch US$
12 bn as compared to Jan ’10. Even last year, the total EU imports of textile
and apparel goods increased by 12% to reach US$ 122 bn, for Jan – Dec 2010 as
compared to same period previous year.
Indian Textile
Update
• The Indian
exports of textiles and apparel category to EU has also shown a positive
growth. The exports have grown by 17% for the ten months ending Jan 2011 as
compared to same period last year.
• Indian Textiles
and Apparel market, both domestic and exports, continues to grow. In 2010, the
total ‘Indian T&A
market’ was estimated
to be around Rs 3680000.000 millions (US$ 78 bn) and is estimated to grow @ 11%
CAGR to reach Rs 10320000.000 millions (US$ 220 bn) by 2020.
• Start of 2011,
has witnessed a further strengthening of yarn prices. Due to demand side
pressures, there is a continuous rise in raw material prices. The average
prices of cotton yarn rose by 45 % YoY in Mar ’11 to reach Rs. 207/Kg while PV
yarn and PC yarn has shown 35% increase each for the same period and stands at
Rs. 233/kg and Rs. 221/kg respectively
Recent Government
Initiatives: There have been various steps taken by the Government to continually
support the Textile and Clothing Sector:
Scheme for
Integrated Textile Parks (SITP): 40 Textile Park projects have been
sanctioned by the Textile Ministry till date in various states. These Parks are
planned to have facilities for spinning, sizing, texturising, weaving,
processing, apparels etc. and are expected to employ approximately 7.5 lakh
persons. Till date four projects have been completed and production started in
24 out of 40. So far government assistance of Rs. 8826.000 millions has been
provided for execution of these projects. The promoters of these textiles park
projects have brought in Rs.10000.000 millions (approx.) as their contribution.
Technology
Up-gradation Fund Scheme (TUFS): Since its inception, Rs.111960.000 millions
of subsidy has been released. The Union Budget for 2011-12 has provided an
allocation of Rs 29800.000 millions for the scheme. Government has also
enhanced subsidy allocation for modernisation of the textiles industry to Rs
154040.000 millions from earlier sanction of Rs 80000.000 millions for the
current Plan ending 2012. Of the additional Rs 74040.000 millions, Rs 19720.000
millions would be available for fresh sanctions while the remaining Rs
54320.000 millions is meant for fulfilling the committed liabilities under the
TUF scheme. Some key points of the new scheme, which focuses on balanced
development and forward integration, are:
• 5% interest
re-imbursements plus 10% capital subsidy for spinning units with matching
capacity in weaving/knitting/ processing/garmenting
• Reducing
repayment period to 7 years with 2 years moratorium to promote financial
efficiency
• 5% interest
re-imbursements plus 10% capital subsidy for establishment of new shuttle less
looms
• Interest
subsidy/capital subsidy/margin money subsidy on the basic value of the
machineries excluding the tax
component for the
purpose of valuation
Cotton Yarn
Exports – Approval: Ceding to the demands of the Cotton Yarn exporters,
the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce
announced approval of cotton yarn exports from April 1, 2011 subject to
registration of export contracts with DGFT.
WEB SITE DETAILS
BUSINESS DESCRIPTION
Subject is an
India-based integrated textile business company. It operates in five divisions:
Cotton Yarn, Apparel Fabric, Home Textiles, Garments and Polyester Yarn. The
Company provides textile solutions through its five divisions. Its products
include woven fabrics of cotton, man made filament yarn and pile fabric. Its
pile fabric includes long pile fabrics, terry fabrics, and knitted or crocheted
fabrics. The Company exports about 35% of its products to over 70 countries,
such as United States, Europe, Latin America, Asia and Africa. The Company has
manufacturing units in Navi Mumbai, Vapi and Silvassa. During the fiscal year
ended March 31, 2010 (fiscal 2010), the Company manufactured 192.387 million
meters of woven fabric; 6,852.32 million tons of knitted fabric; 10,989.08
million tons of cotton yarn, and 106,958.80 million tons of texturised yarn.
Its subsidiaries include Alok Industries International Ltd, Alok International
Inc., Alok Inc. and Alok H&A Limited. For the nine months ended 31 December
2010, subject revenues increased 46% to RS41.67B. Net income increased 47% to
RS2.17B. Revenue reflects an increase in income from operation and higher other
income. Net income also reflects an increase in operating profit margins. The
company has engaged in textile manufacturing and won GOLD trophy for highest
exports of bleached dyed, yarn dyed and printed fabrics
BOARD OF DIRECTORS
Ashok B. Jiwrajka
- Executive Chairman of the Board
Mr. Ashok B. Jiwrajka is Executive Chairman of the Board of Alok
Industries Limited. He is a Commerce graduate with 29 years of experience in
the marketing of textiles. He is responsible for the marketing and exports of
the company.
Chandra Kumar
Bubna - Executive Director
Mr. Chandra kumar Bubna is Executive Director of Alok Industries
Limited. Mr. Bubna has over two decades of experience in textile marketing. He
helps in formulating the company’s sales and marketing strategy and overseas
its implementation in the Northern region of India.
K. D. Hodavdekar -
Non-Executive Independent Director - Nominee of IDBI Bank Limited
Mr. K. D. Hodavdekar is Non-Executive Independent Director - Nominee of
IDBI Bank Limited of Alok Industries Limited. He is a post graduate in Commerce.
During his career in IDBI Bank Limited over three decades, he has assumed
responsibilities in diverse areas of banking operations in Corporate Loan
Appraisals, Project Lending and Credit Administration. He has headed branch
offices of IDBI Bank and was Zonal Manager of Western Region. Before taking
over the present challenging task as Chief General Manager and Head of
Resolutions, he has handled the amalgamation of erstwhile United Western Bank
with IDBI Bank Limited as its Chief General Manager in charge.
Timothy C.W.
Ingram - Non-Executive Independent Director
Mr. Timothy C. W. Ingram is Non-Executive Director of Alok Industries
Limited. He is presently the Chief Executive of M/s Caledonia Investments plc,
a London based Investment Company. He has wide experience in the field of
international banking and finance. He was earlier the Finance Director and
later Chief Executive of First National Finance Corporation from 1992 and
Managing Director of Abbey National from 1996 to 2002. He was approved Chief
Executive of Caledonia in 2002.
Education
MBA , INSEAD Business School
MA Economics, University of Cambridge
Dilip B. Jiwrajka
- Managing Director, Executive Director
Mr. Dilip B. Jiwrajka is Managing Director and Executive Director of
Alok Industries Limited. He completed his schooling and college from Mumbai.
Subsequently, he completed his post-graduation in business entrepreneurship and
management. He began his career as a management trainee and thereafter he
started the business of trading in textiles before jointly promoting the
Company. He is associated with the textile industry for more than 25 years. His
functions as the Managing Director include envisioning the Company’s growth
strategy, responsibility for the apparel fabric and garment divisions and
overseeing the finance, administration and overall working of the Company and
its group companies. His Directorships include Grabal Alok Impex Limited, Alok
Knit Exports Limited, Aurangabad Textiles and Apparel Parks Limited, Alspun
Infrastructure Limited, Alok Infrastructure Limited, Alok Apparels Private
Limited, Alok Realtors Private Limited, Alok Retail (India) Limited, Alok Land
Holdings Private Limited, Alok Aurangabad Infratex Private Limited, Alok New
City Infratex Private Limited, Alok Industries International Limited, Grabal
Alok International Limited, Grabal Alok (UK) Limited, Alok Inc., Alok Denims
(India) Private Limited, Alok Finance Private Limited, Jiwrajka Associates
Private Limited, Jiwrajka Investment Private Limited, Niraj Realtors and Shares
Private Limited, Nirvan Holdings Private Limited, Ashford Infotech Private
Limited, Gogri Properties Private Limited, Alok International Inc., Alok HB
Properties Private Limited, Alok HB Hotels Private Limited and Amigo Sports
Private Limited.
Surendra B.
Jiwrajka - Joint Managing Director, Executive Director
Mr. Surendra B. Jiwrajka is Joint Managing Director and Executive
Director of Alok Industries Limited. He completed his schooling and college
from Mumbai. He started his textile career with trading in polyester yarn
before jointly co-promoting the Company He has over two decades of experience
in Textiles. His functions as the Joint Managing Director include envisioning
the Company’s growth strategy, overseeing the manufacturing, marketing
functions of the polyester and spinning businesses and project implementation
of the Company. His Directorships include Grabal Alok Impex Limited, Alok Knit
Exports Limited, Aurangabad Textiles and Apparel Parks Limited, Alspun
Infrastructure Limited, Alok Infrastructure Limited, Alok Apparels Private
Limited, Alok Realtors Private Limited, Alok Retail (India) Limited, Alok Land
Holdings Private Limited, Alok Aurangabad Infratex Private Limited, Alok New
City Infratex Private Limited, Alok Industries International Limited, Grabal
Alok International Limited, Grabal Alok (UK) Limited, Alok Inc., Alok Denims
(India) Private Limited, Alok Finance Private Limited, Jiwrajka Associates
Private Limited, Jiwrajka Investment Private Limited, Niraj Realtors and Shares
Private Limited, Nirvan Holdings Private Limited, Ashford Infotech Private
Limited, Gogri Properties Private Limited, Alok International Inc., Alok HB
Properties Private Limited and Alok HB Hotels Private Limited.
K. R. Modi -
Non-Executive Independent Director
Shri. K. R. Modi is Non-Executive Independent Director of Alok
Industries Limited. He is an Advocate and Solicitor by profession with over 40
years experience. His academic qualifications include a Bachelor Degree in Arts
and Law. He is a Senior Partner with M/s. Kanga and Company, a firm of
Advocates and Solicitors in Mumbai and is an independent director on the
Company's Board.
Ashok G. Rajani -
Non-Executive Independent Director
Shri. Ashok G. Rajani is Non-Executive Independent Director of Alok
Industries Limited. He is a Chairman of Export Promotion Committee of Apparel
Exports Promotion Council and Clothing Manufacturers Association of India. He
was a Ex-President of Clothing Manufacturers Association of India and a
Vice-Chairman of Apparel Exports Promotion Council. He has experience in the
field of garment manufacturing and exports.
NEWS
PRESS RELEASE
Q4
FY11 NET SALES UP BY 49.74% TO RS. 22029.000 MILLIONS
OPERATING
PAT UP BY 67.89% TO RS. 1600.500 MILLIONS
Editors Synopsis
For the Quarter
ended March 31, 2011:
• Net Sales up by
49.74% at Rs. 22029.000 millions
• Operating EBIDTA
increased by 30% at Rs. 5587.500 millions
• Operating PAT up
by 67.89% at Rs. 1600.500 millions
For the fiscal
ended March 31, 2011
• Net sales for
the twelve months was at Rs. 63659.500 millions, up by 47.66 %
• Operating EBIDTA
was at Rs. 17707.400 millions, reflecting 39.16% growth
• Operating PAT at
Rs. 3768.800 millions, registering a growth of 52.38%
Mumbai, 29 April,
2011:
Alok Industries Limited,
one of the leading integrated textile companies in India, today reported net
sales of Rs. 22029.000 millions for the quarter ended March 31, 2011, as
compared to Rs. 14711.300 millions in the corresponding period of the last
fiscal, registering a growth of 49.74%.
Export sales for
the quarter ended March 31, 2011 stood at Rs. 5701.100 millions, as against Rs.
6076.000 millions in the same period of the last fiscal, registering a drop of
6.17%.
During the quarter
the company’s net profit stood at Rs. 1600.500 millions, higher by 67.89%, as
compared to Rs. 953.300 millions posted in the same quarter of last fiscal
year.
The EBIDTA for the
quarter was at Rs. 5587.500 millions as against Rs. 4298.000 millions in the corresponding
quarter of last fiscal year, registered a growth of 30%.
Updates on the
financial year ended March 31, 2011
For the full
financial year ended March 31, 2011, the company recorded net sales of Rs
63659.500 millions, up by 47.66%, as compared to Rs. 43111.700 millions of the
previous financial year ended March 31, 2010.
Net profit for FY
2010-11 stood at Rs. 3768.800 millions, as compared to Rs. 2473.400 millions in
FY10, registering a growth of 52.38%.
Export sales for
the year ended March 31, 2011 stood at Rs. 22065.600 millions as compared to
Rs. 15589.900 millions in the corresponding period of the last fiscal, a growth
of 41.54%.
EPS for the
Quarter and Fiscal ended March 31, 2011
Earning per share
(EPS) for 3MFY11 stood at Rs. 2.03 and for 12MFY11 at Rs. 4.78.
Management Comment
Commenting on the
results, Mr Dilip Jiwrajka, Managing Director, stated, “We continue to be
satisfied with our company’s performance. As a diversified textile enterprise,
it is indeed gratifying to see our business being driven by the continued
growth in the cotton and polyester segments, where we have a formidable
presence. The world economy is expected to continue its recovery and this
should further bolster growth potential in the textile sector. We expect our
strong infrastructural platform, extensive product offering and customer
relationship management skills to aid us in achieving sustained growth.”
About Alok
Industries Limited:
(BSE Code: 521070)
(NSE Code: ALOKTEXT) (Reuters Code: ALOK.BO) (Bloomberg Code: ALOK@IN)
Established in
1986, Alok Industries Limited. is amongst the fastest growing vertically
integrated textiles solutions provider in India. A diversified manufacturer of
world-class home textiles, apparel fabrics, garments and polyester yarns, Alok
has capacities of 82.50 mn meters of sheeting fabric and 6700 tons of terry
towels for its home textiles business, 105.00 mn meters of apparel width woven
fabrics, 18200 tons per annum of knitted fabrics and 22 million pieces per
annum of garments.
With the
commencement of spinning of cotton yarn (58500 tons per annum), Alok has
achieved complete integration. The company also has a strong presence in the
polyester segment with a capacity of 1,14,000 tons per annum of polyester
textured yarn supplemented by 2,00,000 tons per annum of POY. The company has a
blue chip international customer base comprising of world renowned retailers,
importers and brands.
BENCHMARKS TRADE FIRM TRACKING STRONG GLOBAL CUES
Accord Fintech (India)
22 July 2011
India, July 22 -- The Indian equity markets are trading firm after
making a positive start tracking positive cues from global equity indices. The
US markets made a good bounce back overnight on sign that European leaders are
getting closer to agreeing on a broad approach to dealing with the region's
debt troubles while; all the Asian markets barring KLSE Composite were trading
in the positive terrain at this point of time, indicating strong investors'
sentiment. Back home, sustained buying in mostly all the key heavyweights along
with broader indices supported BSE's -- Sensex -- and NSE's -- Nifty -- to
trade comfortably over their crucial 18,500 and 5,550 mark respectively. On the
sectoral front, software witnessed the maximum gain in trade followed by pharma
and energy, while there were no losers on the NSE sectoral space. Meanwhile,
textile stocks viz., Alok Industries, Vardhman Textile and Grasim Industries
all were trading with a gain in the range of 0.50-1.50 percent on the buzz that
the government is mulling to allow an export of 8 lakh more bales of cotton.
The government had on June 8 allowed the export of 10 lakh bales of 170 kg each
beyond the earlier ceiling of 55 lakh bales for the current cotton season
(October 2010-September 2011). The broader indices on the NSE were
outperforming benchmarks. The market breadth on the NSE was positive; there
were 860 shares on the gaining side against 284 shares on the losing side. The
index is currently trading at 18,546.16, up by 109.97 points or 0.59%. Due to some
technical issues the BSE data were not getting updated. Meanwhile, to meet the
growing demand of energy, India is considering creating a sovereign wealth fund
(SWF) with above $10 billion, from its foreign-exchange reserves to buy energy
assets overseas. Though the plan of creating country's first SWF is still in
its early stage but has started facing headwinds as the Reserve Bank of India
had raised its concern over using foreign exchange reserves for SWF.��
India's energy demand is increasing with the economic growth and development,
and as the traditional source of energy is expected to shrink in future, the
unconventional energy sources like shale gas, coal-bed methane and oil sands
are attracting attention of fastest growing countries like China and India. In
recent time, China has outpaced India in race to acquire oil and coal blocks in
different parts of world, to meet its growing demand for the energy. The
petroleum ministry had suggested setting up such mechanism in order to secure
country's energy supply against the growing demand. However, Reserve Bank of
India is not in a favor of using foreign reserves for financing the SEF, as the
reserves are used for financing country's Current Account Deficit (CAD). During
2010-11, India's CAD was 2.6% of Gross Domestic Product and in the first week
of July, country's foreign exchange reserves stood at more than $314 billion as
on July 8.The deputy Chairman of Planning Commission, Montek Singh Ahluwalia
said 'There is a group which is examining this but no decision has been taken.'
The original size of the fund was $10 billion but since commodity prices have
increased, the size of fund, if approved could be higher. However, the
government is considering other option and can put aside funds for SWF from budget.
But government is less likely to fund SWF through budgetary allocations as it
may find it difficult in current fiscal year and in coming year government is
expected to spend on populist schemes as there in elections in Utter Pradesh
and Gujarat. The S and P CNX Nifty opened at 5,576.95; about 35 points higher
compared to its previous closing of 5,541.60, and has touched a high and a low
of 5,585.35 and 5,567.10 respectively. The index is currently trading at
5,470.55, higher by 28.95 points or 0.52%. There were 47 stocks advancing
against just 3 declines on the index. The overall market breadth has made a
strong start with 860 stocks advancing against 284 declines. The broader
indices on the NSE were out performing benchmarks. The NSE CNX Midcap and CNX
Nifty Junior indices surged 0.80% and 0.66% respectively� The top gaining
sectoral indices on the NSE were, CNX IT up by 0.78%, CNX Pharma up by 0.76%,
CNX Energy up by 0.72%, CNX Services up by 0.69% and Bank Nifty was up by
0.69%. While, there were no losers on the index. The top gainers of the Nifty
were Ambuja Cement up by 1.70%, Tata Power up by 1.49%, Dr Reddy up by 1.03%,
GAIL up by 0.89% and NTPC up by 0.85%.On the flip side, Jindal Steel down by
0.23%, Cairn down by 0.09% and ITC down by 0.07%, were the only losers on the
index. All the Asian equity indices barring KLSE Composite were trading in the
green; Shanghai Composite was up 12.50 points or 0.45% to 2,778.40, Hang Seng
was up 370.76 points or 1.69% to 22,358.05, Jakarta Composite was up 20.33
points or 0.50% to 4,088.40, Nikkei 225 was up 113.47 points or 1.13% t
o10,123.86, Straits Times was up 31.50 points or 1.00% to 3,170.01, Seoul
Composite was up 18.82 points or 0.88% to 2,163.86 and Taiwan Weighted was up
62.02 points or 0.71% to 8,779.16.On the flip side, KLSE Composite was down by
2.65 points or 0.17% to 1,563.16. Published by HT Syndication with permission
from Accord Fintech.
FIRM GLOBAL CUES PULLS MARKET HIGHER; NIFTY REGAINS
5,600 MARK
Accord Fintech (India)
22 July 2011
India, July 22 -- The local benchmark, Nifty witnessed an exceptional
day of trade on Friday and regained its crucial 5,600 level after surging over
one and a half percent. However, the domestic index witnessed a terrific run
throughout the day's trade and ended the session near its intraday high.
Earlier, the Indian market opened on a firm note and extended its initial gains
in the latter trade, led by worldwide rally after European Union leaders
announced a new rescue package for Greece. The report that US President Barack
Obama is in process to reach an agreement with the House Republicans on the
debt ceiling issue too supported the sentiments. The index continued its north
ward journey and crossed the crucial 5600 mark in the mid morning trade as
buying was witnessed in all the key heavyweights along with broader indices.
The surge of around one and half a percent in index heavyweight Reliance
Industries too buttressed the benchmarks. Meanwhile, textile stocks viz., Alok
Industries and Grasim Industries ended with decent gains on the buzz that the
government is mulling to allow additional export of 8 lakh bales of cotton. The
government had on June 8 allowed the export of 10 lakh bales of 170 kg each
beyond the earlier ceiling of 55 lakh bales for the current cotton season
(October 2010-September 2011). In last half an hour of trade, market witnessed
a sharp spike up of about 20 points, led by strong gains in heavyweights like
Larsen and Toubro, SBI, Bharti Airtel and RIL.� Finally, Nifty snapped the
day's trade near its intraday high with a gain of over 90 points. On the global
front, the US markets made a good bounce back on Thursday on sign that European
leaders are getting closer to agreeing on a broad approach to deal with the
region's debt troubles while, all the Asian equity indices barring KLSE
Composite finished the day's trade in the positive terrain after euro-zone
leaders finally struck a second bailout deal for Greece that also puts in place
steps to avoid contagion in other struggling economies. All the European
counterparts were trading on a positive note where major indices like CAC, DAX
and FTSE were trading with a gain of about a percent at this point of time.
Back home, broad based buying supported all sectoral indices on the NSE to
settle in the positive territory with Bank Nifty surging the most and ending
with a gain of 2.31% followed by CNX PSU Bank up 2.11% and CNX Services up
1.03%. The India Volatility Index (VIX), a gauge for market's short term
expectation of volatility, declined 4.48% and reached 17.91, while S&P
Nifty moved higher by 92.35 points or 1.67% to close at 5,633.95. The India VIX
witnessed a decline of�4.48% at 17.91 on Friday as compared to its previous
close 18.75 on Thursday. The 50-share S&P CNX Nifty surged 92.35 points or
1.67% and settled at 5,633.95.Nifty July 2011 futures closed at 5,641.60, at a
premium of 7.65 point over spot closing of 5,633.95, while Nifty August 2011
futures were at 5,660.50 at a premium of 26.55 points over spot closing. The
near month July 2011 derivatives contract expires on Thursday, 28 July, 2011.
Nifty July futures saw an addition of 10.31% or 2.12 million (mn) units, taking
the total outstanding open interest (OI) to 22.77 mn units. From the most
active contract by contract value, Axis Bank July 2011 futures closed at a
premium of 1.40 points at 1297.40 compared with spot closing of 1296.00. The
number of contracts traded was 28,382.SBI's July 2011 futures were at a
discount of 0.60 point at 2495.95 compared with spot closing of 2496.55. The
number of contracts traded was 19,783.Petronet LNG July 2011 futures were at a
discount of 2.55 at 173.85 compared with spot closing of 176.40. The number of
contracts traded was 14,482.Infosys July 2011 futures were at a discount of
0.90 at 2819.10 compared with spot closing of 2820.00. The number of contracts
traded was 13,723. Praj Industries July 2011 futures were at a premium of 0.40
at 93.90 compared with spot closing of 93.50. The number of contracts traded
was 13,485.���Among Nifty calls, 5600 SP from the July month expiry was
the most active call with a decline of 3.24 million or 33.55%.Among Nifty puts,
5600 SP from the July month expiry was the most active put with� an addition
of 2.81 million or 44.59%.The maximum Call OI outstanding for Calls was at 5600
SP (6.42 mn) and that for Puts was at 5500 SP (9.13 mn). The respective Support
and Resistance levels are: Resistance 5661.7333 -- Pivot Point 5614.4167 --
Support 5586.6333.The Nifty Put Call Ratio (PCR) OI wise stood at 1.21 for July
month contract. Among most active underlying, Sun Pharma witnessed an addition
of 2.76% of Open Interest (OI) in the July month futures contract followed by
Asian Paints witnessed an addition of 2.00% of Open Interest (OI) in the near
month contract. Meanwhile MRF coupled with Punjab national Bank witnessed an
addition of 2.00% and 1.96% respectively of OI in the July month futures
respectively. Lastly, Jain Irrigation System witnessed an addition of 1.67% of
Open Interest (OI) in the July month futures.� Published by HT Syndication
with permission from Accord Fintech.
REDEMPTION
OF NCDS
Accord Fintech (India)
20 July 2011
India, July 20 -- Alok Industries Limited has informed BSE that on July
19, 2011, the Company have made redemption of 750 Unsecured Redeemable
Non-Convertible Debentures of the face value of Rs. 10,00,000 each aggregating
to Rs. 750.000 millions along with the interest @ 8% payable from the date of
subscription till the date of maturity. Published by HT Syndication with
permission from ACCORD FINTECH BSE.
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
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