MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALOK INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
17/5/1, 521/1, Village
Rakholi, Saily, Silvassa, Dadar Nagar Haveli 396230 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
12.03.1986 |
|
|
|
|
Com. Reg. No.: |
11-000334 |
|
|
|
|
Paid-up Capital : |
Rs. 7877.900 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L17110DN1986PLC000334 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA02206B MUMA19032G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACA0201C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturing of cotton and viscose / blended grey and
processed fabrics and 100% cotton knitted fabrics and intermingled yarn. |
|
|
|
|
No. of Employees : |
Information not divulged by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be good. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. 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.
INFORMATION DECLINED BY
The Management non cooperative
LOCATIONS
|
Registered Office : |
17/5/1, 521/1,
Village Rakholi, Saily, Silvassa, Dadar Nagar Haveli 396230, |
|
Tel. No.: |
91-260-3087000 |
|
Fax No.: |
91-260-2645289 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
B-43, Mittal Tower, Nariman Point, Mumbai – 400 021, |
|
Tel. No.: |
91-22-22874865 / 22832923 / 24940129 / 22845233 / 22881279 / 22832923 |
|
Fax No.: |
91-22-22874864 / 24936078 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Peninsula Tower ‘A’ Wing, Peninsula Corporate Park, G. K. Marg, Lower
Parel, Mumbai – 400013, |
|
Tel. No. : |
91-22-24996200 / 6500 |
|
E-Mail : |
|
|
|
|
|
Marketing
Offices (Domestic) |
Located at
|
|
|
|
|
Marketing
offices: (Overseas) |
Located at
|
|
|
|
|
|
|
|
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, |
|
|
|
|
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, |
|
Date of
Birth/Age : |
07.10.1950 |
|
Qualification : |
Commerce Graduate |
|
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 |
|
Date of Appointment : |
12.03.1986 |
|
DIN No : |
00168350 |
|
|
|
|
Name : |
Mr. Dilip Bhagirathmal
Jiwrajka |
|
Designation : |
Managing Director
|
|
Address : |
6, Bay View, |
|
Date of
Birth/Age : |
09.10.1956 |
|
Date of Appointment : |
12.03.1986 |
|
DIN No : |
00173476 |
|
|
|
|
Name : |
Mr. Surendra Bhagirathmal Jiwrajka |
|
Designation : |
Whole Time
Director |
|
Address : |
Flat No.901, |
|
Date of
Birth/Age : |
17.10.1958 |
|
Date of Appointment : |
12.03.1986 |
|
DIN No : |
00173525 |
|
|
|
|
|
|
|
Name : |
Mr. Rakesh Vishwanath Kapoor |
|
Designation : |
Director* |
|
Address : |
Plot No.4, Flat
No.104, Sector 23, IFCI Apartments, Dwarka, New Delhi-110075, |
|
Date of Birth/Age : |
23.07.1955 |
|
Date of Appointment : |
31.01.2006 |
|
DIN No : |
00015358 |
|
|
|
|
Name : |
Mr. Ashok Girdharidas Rajani |
|
Designation : |
Director |
|
Address : |
101/102, Read
Rose Apartments, Pochkhanwala, Road, Mumbai-400018, |
|
Date of Birth/Age : |
15.01.1953 |
|
Date of Appointment : |
27.05.1993 |
|
DIN No : |
00267748 |
|
|
|
|
Name : |
Mr. Kandarp Ratanchand Modi |
|
Designation : |
Director |
|
Address : |
901, Pushpanjali
Apartments, |
|
Date of Birth/Age : |
18.05.1942 |
|
Date of Appointment : |
27.05.1994 |
|
DIN No : |
00261506 |
|
|
|
|
Name : |
Mr. Asit Baran
Dasgupta |
|
Designation : |
Director |
|
Address : |
CL-92, 1st
Floor, Sector-II, |
|
Date of Birth/Age : |
01.01.1941 |
|
Date of Appointment : |
30.12.2008 |
|
DIN No : |
02476594 |
|
|
|
|
Name : |
Mr. Chandrakumar
Govindram Bubna |
|
Designation : |
Whole Time
Director |
|
Address : |
124/5, Krishna Kunj,
Sainik Farm, Central Avenue, New Delhi-110062, |
|
Date of Birth/Age : |
15.01.1953 |
|
Date of Appointment : |
27.05.1993 |
|
DIN No : |
0011031 |
|
|
|
|
Name : |
Mr. Korath Jacob
Punnathara |
|
Designation : |
Director * |
|
Address : |
House No.29,
Rajalakshmi, Nagar, Pattom, Thiruvanathapuram, Kerla-695004, Tamil |
|
Date of Birth/Age : |
09.06.1944 |
|
Date of Appointment : |
29.04.2003 |
|
DIN No : |
01385907 |
|
|
|
|
Name : |
Mr. Ramdas
Janardhan Kamath |
|
Designation : |
Director * |
|
Address : |
Leela, 707, 12th
Cross, 7th Block, Jaya Nagar, Banglore-560082, |
|
Date of Birth/Age : |
28.04.1941 |
|
Date of Appointment : |
21.05.2005 |
|
|
|
|
Name : |
Timothy Charles
William Ingram Stanley |
|
Designation : |
Director |
|
Address : |
6, |
|
Date of Birth/Age : |
18.06.1947 |
|
Date of Appointment : |
29.07.2005 |
|
DIN No : |
01430613 |
|
|
|
|
Name : |
Mr. Hiroo Suresh
Advani |
|
Designation : |
Director |
|
Address : |
403, Shivala, |
|
Date of Birth/Age : |
04.03.1945 |
|
Date of Appointment : |
19.04.2006 |
|
DIN No : |
00265233 |
|
|
|
|
Name : |
Mr. Keshav
Dattaram Hodavdekar |
|
Designation : |
Director * |
|
Address : |
A-163, |
|
Date of Birth/Age : |
18.03.1951 |
|
Date of Appointment : |
08.09.2008 |
|
DIN No : |
00406556 |
KEY EXECUTIVES
|
Name : |
Mr. Gopal
Hariharan Kadayam |
|
Designation : |
Secretary |
|
Address : |
C-3, Nav Pramanu,
CHS, W. T. Patil Marg, Chembur, Mumbai-400071, |
|
Date of Birth/Age : |
31.01.1966 |
|
Date of Appointment : |
28.07.1994 |
|
PAN No : |
ADLPG4276G |
|
|
|
|
Name : |
Mr. Sunil O. Khandelwal |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
64,183,016 |
8.15 |
|
|
158,498,155 |
20.12 |
|
|
222,681,171 |
28.27 |
|
|
|
|
|
|
695,180 |
0.09 |
|
|
695,180 |
0.09 |
|
Total shareholding of Promoter and Promoter Group (A) |
223,376,351 |
28.35 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2,100,200 |
0.27 |
|
|
103,567,939 |
13.15 |
|
|
7,000 |
- |
|
|
130,225,221 |
16.53 |
|
|
235,900,360 |
29.94 |
|
|
|
|
|
|
71,687,538 |
9.10 |
|
|
|
|
|
|
128,399,985 |
16.30 |
|
|
70,912,928 |
9.00 |
|
|
57,521,116 |
7.30 |
|
|
4,671,514 |
0.59 |
|
|
943,405 |
0.12 |
|
|
6,687,895 |
0.85 |
|
|
3,000 |
- |
|
|
45,184,354 |
5.74 |
|
|
30,948 |
- |
|
|
328,521,567 |
41.70 |
|
Total Public shareholding (B) |
564,421,927 |
71.65 |
|
Total (A)+(B) |
787,798,278 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
787,798,278 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing of cotton and viscose / blended grey and
processed fabrics and 100% cotton knitted fabrics and intermingled yarn. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information not
divulged by management |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Auditors : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Gandhi and Parekh Chartered Accountant |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
6, Saraswati Darshan, 2nd Floor, Opp. New Era Cinema, |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Legal Advisors and Statutory : |
Kanga and Company |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Joint Venture: |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Associates : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
|
|
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
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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.