1. Summary Information
|
|
|
Country |
|
|
Company Name |
NAKODA LIMITED |
Principal Name 1 |
MR. B.G. JAIN |
|
Status |
SATISFACTORY |
Principal Name 2 |
MR. D.B. JAIN |
|
|
|
Registration # |
04-045995 |
|
Street Address |
BLOCK NO.1 AND 12 TO 16, VILLAGE KARANJ, TALUKA MANDVI, DISTRICT |
||
|
Established Date |
13.08.1984 |
SIC Code |
-- |
|
Telephone# |
91-2621-234709/ 234711 |
Business Style 1 |
TRADERS |
|
Fax # |
91-2621-235430 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
YARN |
|
|
# of employees |
555 |
Product Name 2 |
-- |
|
Paid up capital |
Rs.632,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
PROMOTER AND PROMOTER GROUP-50.23% PUBLIC SHAREHOLDING-49.77% |
Banking |
CANARA BANK |
|
Public Limited Corp. |
YES |
Business Period |
27 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
5,602,651,000
|
Current Liabilities |
3,096,173,000 |
|
Inventories |
1,086,398,000
|
Long-term Liabilities |
5,236,978,000 |
|
Fixed Assets |
3,976,981,000 |
Other Liabilities |
135,405,000 |
|
Deferred Assets |
000 |
Total Liabilities |
8,468,556,000 |
|
Invest& other Assets |
456,301,000 |
Retained Earnings |
1,751,775,000 |
|
|
|
Net Worth |
2,653,775,000 |
|
Total Assets |
11,122,331,000 |
Total Liab. & Equity |
11,122,331,000 |
|
Total Assets (Previous Year) |
6,143,240,000 |
|
|
|
P/L Statement as of |
31.12.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
12,752,388,000 |
Net Profit |
331,531,000 |
|
Sales(Previous yr) |
9,862,708,000 |
Net Profit(Prev.yr) |
227,159,000 |
MIRA INFORM
REPORT
|
Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
NAKODA LIMITED (w.e.f. 30.03.2010) |
|
|
|
|
Formerly Known
As : |
NAKODA TEXTILE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Block No.1 and 12 to 16, Village Karanj, Taluka Mandvi, District |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
13.08.1984 |
|
|
|
|
Com. Reg. No.: |
04-045995 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.632.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111GJ1984PLC045995 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTN00191C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN7282L |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Companies shares are listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Traders of yarn and processing of polyester yarn like texturising and twisting. |
|
|
|
|
No. of Employees
: |
Total 555 :- 25 people in register office + 30 in administrative office + 500 people at factory (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory 1 : |
Block No.1 and 12 to 16, Village Karanj, Taluka Mandvi, District |
|
Tel. No.: |
91-2621-234709/ 234711 |
|
Fax No.: |
91-2621-235430 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
80000 sq. Mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory 2: |
Block No. 17 to 19, Village Karanj, Taluka Mandvi, District |
|
|
|
|
Administrative Office : |
701, International Trade Centre, Majura Gate, |
|
Tel. No.: |
91-261-3060200 |
|
Fax No.: |
91-261-3060222 |
|
|
|
|
Corporate Office : |
15B, 15th Floor, Earnest House, 194, Nariman Point, Mumbai
- 400 021, |
|
Tel. No.: |
91-22-22824740/ 43 |
|
Fax No.: |
91-22-22824745 |
|
|
|
|
Branch Office : |
36, New |
|
Tel. No.: |
91-22 -23442590 |
DIRECTORS
As on 31.12.2010
|
Name : |
Mr. B.G. Jain |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. D.B. Jain |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. P.B. Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.L. Maheshwari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.K. Bhoan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P.J. Shah |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. P.P. Vora |
|
Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mrs. Rashmi Bhatt |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1,708,400 |
2.57 |
|
|
31,641,200 |
47.65 |
|
|
33,349,600 |
50.23 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
33,349,600 |
50.23 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11,400 |
0.02 |
|
|
11,400 |
0.02 |
|
|
|
|
|
|
4,781,672 |
7.20 |
|
|
|
|
|
|
18,096,771 |
27.25 |
|
|
8,356,530 |
12.59 |
|
|
1,804,027 |
2.72 |
|
|
1,804,027 |
2.72 |
|
|
33,039,000 |
49.76 |
|
Total Public shareholding (B) |
33,050,400 |
49.77 |
|
Total (A)+(B) |
66,400,000 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Traders of yarn and processing of polyester yarn like texturising and twisting. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Chips |
MT |
49000 |
525 |
|
POY FDY |
|
89500 |
66982 |
|
Texturised Yarn Draw Twisted Yarn |
|
29870 |
8579 |
GENERAL INFORMATION
|
No. of Employees : |
Total 555 :- 25 people in register office + 30 in administrative office + 500 people at factory (Approximately) |
|||||||||||||||||||||||||||||||||||||||
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Bankers : |
|
|||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||
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Facilities : |
Note: (i) Term Loans of Rs. 2500.000 millions for CP Plant are secured by Pari Passu first charge on al existing immovable and movable assets of the company situated at Block No.17 to 19 at Karanj and Block No.A/1, B/1, M/1 at Textile Park, Hathuran and second charge on al Current Assets of the Company. (ii) Term Loans of Rs. 180.000 millions for FDY lines are secured by Hypothecation of 6 FDY lines covered under said loans. (iii) Working Capital Facilities are secured by Hypothecation of stock of Raw Material, Finished Goods, Stores, Spares, Other Current Assets, Book Debts and Colateral Security of EMT of Block No.4,11,17 to 19 at Karanj, EMT of Land and Building situated at Texturising Unit at Karanj, Hypothecation of 7 POY Lines Situated at Karanj, Second charge by way of Mortgage and/or Hypothecation of Land, Building and Machineries situated at POY division at Karanj on which GIIC Limited and GSFC having First charge. (iv) The Loan for Vehicles have been secured by specific charges on the vehicles covered under the said loan. (v)
Corporate Loan from Syndicate Bank is secured
by EMT of Land and Hypothecation of 9 Wind Mils situated at Tirunelveli,
Tamilnadu. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.M. Singapuri and Company Chartered Accountants |
|
Address : |
O-18, Kanaknidhi Apartment, Opposite Gandhi Smruti, Nanpura, |
|
|
|
|
Subsidiary: |
|
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.5/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
126400000 |
Equity Shares |
Rs.5/- each |
Rs.632.000
Millions |
Note:
(i) 6,50,000 shares were allotted as fully paid up by way of Bonus Shares as on 16.09.1991
(ii) 6,32,500 Shares fully paid up converted from fully Convertible Debentures.) as on 17.09.1992
(iii) 7,80,000 Shares fully paid up converted from fully Convertible Debentures.
(iv) 8,20,000 Shares fully paid up converted from convertible Share Warrants.
(v) 3,32,00,000 Shares were allotted as fully paid up by way of Bonus Shares.
(vi) 6,00,00,000 Shares were allotted against Global Depository Receipts.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
632.000 |
166.000 |
157.800 |
|
|
2] Share Warrant |
270.000 |
0.000 |
28.440 |
|
|
3] Reserves & Surplus |
1751.775 |
787.180 |
556.940 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2653.775 |
953.180 |
743.180 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4199.488 |
1208.470 |
724.430 |
|
|
2] Unsecured Loans |
1037.490 |
1680.640 |
596.630 |
|
|
TOTAL BORROWING |
5236.978 |
2889.110 |
1321.060 |
|
|
DEFERRED TAX LIABILITIES |
98.679 |
71.470 |
53.150 |
|
|
|
|
|
|
|
|
TOTAL |
7989.432 |
3913.760 |
2117.390 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3976.981 |
970.030 |
604.780 |
|
|
Capital work-in-progress |
324.531 |
763.690 |
50.680 |
|
|
|
|
|
|
|
|
INVESTMENT |
81.520 |
5.880 |
0.410 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1086.398
|
771.970
|
587.410 |
|
|
Sundry Debtors |
3567.473
|
2771.740
|
2075.020 |
|
|
Cash & Bank Balances |
1879.087
|
650.370
|
354.460 |
|
|
Other Current Assets |
0.000
|
0.420
|
0.420 |
|
|
Loans & Advances |
156.091
|
209.140
|
111.180 |
|
Total
Current Assets |
6689.049
|
4403.640
|
3128.490 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.516
|
2.315 |
|
|
|
Other Current Liabilities |
3092.657
|
2227.165
|
1655.320 |
|
|
Provisions |
36.726
|
0.000
|
11.650 |
|
Total
Current Liabilities |
3132.899
|
2229.480
|
1666.970 |
|
|
Net Current Assets |
3556.150
|
2174.160
|
1461.520 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
50.250 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7989.432 |
3913.760 |
2117.390 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12752.388 |
9862.708 |
7789.500 |
|
|
|
Other Income |
44.142 |
35.379 |
24.980 |
|
|
|
TOTAL (A) |
12796.530 |
9898.087 |
7814.480 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials |
11646.550 |
9044.301 |
|
|
|
|
Manufacturing Expenses |
461.266 |
413.128 |
|
|
|
|
Payments to and Provisions For Employees |
43.035 |
33.123 |
7443.620 |
|
|
|
Administrative & Selling
Expenses |
36.028 |
28.487 |
|
|
|
|
Variation in Stocks |
(128.190) |
(149.873) |
|
|
|
|
TOTAL (B) |
12058.689 |
9369.166 |
7443.620 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
737.841 |
528.921 |
370.860 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
249.815 |
201.366 |
156.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
488.026 |
327.555 |
214.670 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
77.299 |
53.886 |
47.720 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
410.727 |
273.669 |
166.950 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
79.196 |
46.510 |
32.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
331.531 |
227.159 |
134.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
524.730 |
419.482 |
313.430 |
|
|
|
|
|
|
|
|
|
Less |
DEFERRED TAX
LIABILITY |
27.214 |
18.316 |
16.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
90.000 |
|
|
|
|
Interim Dividend |
0.000 |
11.620 |
|
|
|
|
Tax on Interim Dividend |
0.000 |
1.975 |
NA |
|
|
|
Proposed Dividend |
31.600 |
0.000 |
|
|
|
|
Tax on Proposed Dividend |
5.126 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
692.321 |
524.730 |
431.130 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
72.876 |
12.725 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.62 |
13.68 |
8.52 |
|
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 |
3097.470 |
3567.830 |
3813.510 |
4516.800 |
|
Total Expenditure |
2926.270 |
3381.940 |
3611.450 |
4254.320 |
|
PBIDT (Excl OI) |
171.200 |
185.890 |
202.060 |
262.480 |
|
Other Income |
4.860 |
5.030 |
5.120 |
6.920 |
|
Operating Profit |
176.060 |
190.920 |
207.180 |
269.400 |
|
Interest |
60.260 |
62.890 |
69.810 |
75.240 |
|
PBDT |
115.800 |
128.030 |
137.370 |
194.160 |
|
Depreciation |
18.930 |
19.030 |
21.650 |
61.260 |
|
Profit Before Tax |
96.880 |
108.990 |
115.720 |
132.900 |
|
Tax |
19.310 |
21.720 |
23.020 |
26.490 |
|
Profit After Tax |
77.570 |
87.270 |
92.700 |
106.420 |
|
Net Profit |
77.570 |
87.270 |
92.700 |
106.420 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
2.59
|
2.29
|
1.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.22
|
2.77
|
2.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.85
|
5.09
|
4.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.29
|
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.15
|
5.37
|
4.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.14
|
1.98
|
1.88 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The Gross Income of the Company for the year rose to Rs. 13433.100
Millions from Rs. 10328.500 Millions during the previous year showing a growth
of 30.06%. Gross Profit before Financial Charges and Depreciation grew by
36.55% and stood at Rs. 658.700 Millions during the year compared to Rs.
482.400 Millions during the previous year. Profit for the year grew at an
impressive rate of 45.91% and was registered at Rs. 331.500 Millions against
Rs. 227.200 Millions during the previous year. The Company, accordingly,
exhibited an all round improved performance with handsome growth.
REVIEW OPERATIONS
During the year, the Company has set up Wind Mill Project at a cost of
Rs. 329.200 Millions from Global Wind Power Limited (GWPL), a company floated
by Reliance ADAG Group. The wind turbines are developed by GWPL with state of
art technology in collaboration with Norwin
Subject occupies a strong position in manufacturing POY/FDY and its
endeavour is to continue to further consolidate its strength. Towards this, it
has enhanced its spinning capacity from 50,000 MTPA to 1,00,000 MTPA,
Texturising capacity from 1070 MTPA to 30,000MTPAat an estimated cost of Rs.
3330.000 Millions. In December, The Company successfully commissioned
continuous polymerization (CP) plant with a capacity of 1,40,000 MTPA. To meet
the Captive power requirement for these projects, the Company has also put up a
Furnace Oil based power plant of 4.10MWand a Gas based power plant of 15.60MWcapacity.
Subject has commenced commercial production in their newly acquired plant
through its subsidiary Indo Korean Petrochem Limited At
SUBSIDIARY
COMPANIES
Nakoda Holdings Mauritius Limited,
The company has acquired 10,00,000 equity shares of Nakoda Holdings
Mauritius Limited constituting 100% of
the paid up capital and 9,99,992 equity shares of Gerback Holdings Pte. Limited
by Nakoda Holdings Mauritius Limited constituting 66.67% of the paid up
capital. A statement in respect of each of the subsidiaries, giving the details
of capital, reserves, total assets and liabilities, details of investment,
turnover, profit before taxation, provision for taxation, profit after taxation
and proposed dividend is attached to this report. Annual accounts of subsidiary
companies and the related detailed information will be made available to the
holding and subsidiary company investors, seeking such information. Copies of
the annual accounts of the subsidiary companies are available for inspection by
any investor at the registered Office as well as the Administrative office of
the company between 11.00 a.m. to 1.00 p.m. on all working days.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRYSTRUCTURE
AND DEVELOPMENT
Globally, Man-Made Fibres (MMF) are the most widely consumed textile
fibres with a share of 63% of the textile market. Over the years, natural
fibres have lost significant market share to MMF, mainly on account of the
uncertainty in the availability of cotton and growing popularity of the
polyester. Among the various MMF products, segments like Polyester, Olefin,
Nylon, Acrylics and Viscose are the most consumed fibres in
OPPORTUNITIES AND
FUTURE OUTLOOK
When oil prices were at $147 and costs of polyester raw materials were at
a peak, and when the economy was in the grip of a severe slowdown, the Company
has shown robust profitability reestablishing its credentials as a relatively
low-risk Company. During the financial crisis Indian consumers skewed their
spending towards value- products like PFY textiles. The growth of the rural
market has played a major role in the resilient growth of PFY in good times and
bad. It is expected that rural markets will play an increasingly important role
in the economy which offers a major opportunity for growth in the polyester
industry. The price of cotton has gone up considerably putting it out of reach
of many consumers thus improving the competitive positioning of PFY.
Per capita consumption of polyester in
Subject is an integrated player
in the polyester chain whose products stem from chips to POY/FDY and POY to
Texturised Yarn. This integration helps to insulate it from the vagaries of the
market. The textile demand for the next five years is expected to grow at more
than 3% CAGR, with polyester growing at a faster rate than any other fibre.
Polyester staple fibre markets would witness demand growth faster than
capacity addition, thus favouring healthy operating rates. However, surplus
polyester filament yarn capacity addition that happened in the last few years
would keep operating rates subdued. Last couple of months have witnessed high
volatility in the price of raw material required to manufacture filament yarns.
However, the same is expected to get stabilized shortly and remain steady
during the rest of the year.
The much awaited new fibre policy is expected to provide a level playing
field to man-made fibres vis-a-vis natural fibres. Moreover, the grant of Rs.
2000.000 Millions to establish a zero liquid discharge system at Tirupur in
Tamilnadu is an effort by the Government to sustain the textile hubs. These
measures are expected to increase textile investments in the days to come.
The general economic expansion is expected to contribute further to the
upbeat trend. The Company plans to exploit this opportunity through a
disciplined policy of long-term investment thereby achieving higher returns and
enhancing shareholder value. The Company would focus on seizing lucrative opportunities
to leverage domains of market leadership.
UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED MARCH 31, 2011
Rs. in Millions
|
Particular |
Quarter Ended |
|
|
31.03.2011 |
|
|
Unaudited |
|
|
|
|
(a) Net
Sales / Income from operations |
4508.779 |
|
(b)
Other Operating Income |
8.017 |
|
Total
Income |
4516.796 |
|
Expenditure |
|
|
a)
(Increase) / Decrease in stock in trade and work in progress |
82.050 |
|
b)
Consumption of raw materials |
1754.158 |
|
c)
Purchase of traded goods |
1969.726 |
|
d)
Employees cost |
14.638 |
|
e)
Depreciation |
61.259 |
|
f)
Other expenditure |
433.735 |
|
Total |
4315.566 |
|
Profit
from operations before other income, interest and exceptional Items |
201.230 |
|
Other
income |
6.918 |
|
Profit
before interest and exceptional Items |
208.148 |
|
Interest |
75.244 |
|
Profit before tax |
132.904 |
|
Provision
for tax |
26.488 |
|
Profit
after tax |
106.416 |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
632.000 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
-- |
|
Basic
and diluted Earning per share (EPS) |
0.84 |
|
Public
shareholding |
|
|
Number of shares |
93050400 |
|
Percentage of shareholding |
73.62 |
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
a)
Pledged /Encumbered |
|
|
Number
of shares |
9080600 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
27.23 |
|
Percentage
of shares (as a % of total share capital of the company) |
7.18 |
|
|
|
|
b)
Non Encumbered |
|
|
Number
of shares |
24269000 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
72.77 |
|
Percentage
of shares (as a % of total share capital of the company) |
19.20 |
SEGMENT REPORTING:
|
Particular |
As on 31.03.2011 |
|
|
Unaudited |
|
|
|
|
Income From Each Segment |
|
|
Manufacturing |
2344.616 |
|
Trading |
2164.163 |
|
Total |
4508.779 |
|
|
|
|
Segment Results |
|
|
Profit before interest and tax |
|
|
Manufacturing |
146.862 |
|
Trading |
61.286 |
|
Less: Interest |
75.244 |
|
Less: Provision for taxation |
26.488 |
|
Total Profit / (Loss) after tax |
106.416 |
|
|
|
|
Capital Employed* |
2796.917 |
Note:
- * Capital employed has not been identified with any of the reportable
segments, as the assets used in the company’s business and the liabilities
contracted are used interchangeable between segments.
- The above results have been reviewed by the audit committee,
approved by the board of directors of the company at its meeting held on
12th May 2011 and were subjected to the to a Limited Review by
the auditors.
- There was no unresolved complaint at the beginning of the quarter.
Further, during the quarter ended 31st March 2011, the company
received 6 investor complaints which have been suitably redressed.
- Figures for the corresponding quarter and that of previous year are
regrouped / reclassified wherever necessary.
- The board of directors has recommended dividend of Rs.0.25 per
equity shares of Rs.5/- each equivalent to 5% on paid up equity share
capital of the company for the year ended 31.12.2010. The dividend will be
paid when declared by the shareholders in accordance with the law.
WEBSITE DETAILS:
BUSINESS DESCRIPTION:
Subject, formerly Nakoda Textile Industries Limited,
manufactures semi-dull and partially oriented polyester filament yarns for
weaving applications. The Company's principal activity is to manufacture and T
polyester yarn. It manufactures partially oriented yarn, polyester textures
yarn and polyester filament yarn. The Company operates in two segments: trading
and manufacturing. Its plant is located at
PRESS RELEASE:
CARE
rates bank facilities of Nakoda Products at B+/A4
EquityBites
01 July 2011
[What follows is the full text of the news story.]
1 July 2011 - Rating agency CARE yesterday rated the long and short-term
bank facilities of Indian transformers manufacturer Nakoda Products at B+ and
A4, respectively. The ratings mirror the weak financial risk profile of the
company, its small scale of operations, low profitability margins, small
capital base and high leverage. The ratings were further constrained by the
partnership firm status of the company and its working capital intensive nature
of operations. The positive demand outlook for transformer industry and the
highly-experienced promoters of the company partially compensate for these
weaknesses. (Comments on this story may be sent to info@m2.com)
CARE
sets B+/A4 ratings to bank facilities of Nakoda Products
Aii Data Processing Limited
01 July 2011
[What follows is the full text of the news story.]
(ADPnews) - Jul 1, 2011 - Rating agency CARE yesterday rated the long
and short-term bank facilities of Indian transformers manufacturer Nakoda
Products at B+ and A4, respectively. The ratings mirror the weak financial risk
profile of the company, its small scale of operations, low profitability
margins, small capital base and high leverage. The ratings were further
constrained by the partnership firm status of the company and its working capital
intensive nature of operations. The positive demand outlook for transformer
industry and the highly-experienced promoters of the company partially
compensate for these weaknesses. Rating agency website: www.careratings.com
Board
recommends Final Dividend
Accord Fintech (
12 May 2011
[What follows is the full text of the news story.]
Nakoda
breaks ground on 5.25 MW wind farm in India
ADP Renewable Energy Track
18 February 2011
[What follows is the full text of the news story.]
(ADPnews) - Feb 18, 2011 - Indian yarn maker Nakoda Limited (BOM:521030)
on Thursday said it has started the construction of a 5.25 MW wind farm in
central Indian state Madhya Pradesh. The INR-330-million (USD 7.3m/EUR 5.4m)
farm will include 7 wind turbines of 750 kW each, made by Global Wind Power
Limited. The company has signed a power purchase agreement with Madhya Pradesh
Electricity Board for 11.2 million units a year at INR 4.35 per unit for 25
years. Nakoda's chairman and managing director B. G. Jain said the investment
is anticipated to yield additional revenue of INR 50.9 million and a profit of
INR 28 million on an approximation basis. The project is seen to generate
carbon credits worth INR 52.5 million in the next 10 years. Nakoda said the
wind farm would boost its total wind power capacity to 12 MW. (INR 10 = USD 0.221/EUR
0.163)
Nakoda
starts 5.25 MW Wind Power at Ratlam, MP
Accord Fintech (
18 February 2011
[What follows is the full text of the news story.]
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.43.95 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.