Information
|
|
|
Country |
|
|
Company Name |
GINNI FILAMENTS LIMITED |
Principal Name 1 |
Dr. Rajaram Jaipuria |
|
Status |
MODERATE |
Principal Name 2 |
Mr. Shishir Jaipuria |
|
|
|
Registration # |
20-12550 |
|
Street Address |
110 K.M. STONE, |
||
|
Established Date |
28.07.1982 |
SIC Code |
-- |
|
Telephone# |
91-5662-242490 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-5662-242223 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
Combed Cotton Yarn |
|
|
# of employees |
2157 (Approximately) |
Product Name 2 |
Non Woven Fabrics |
|
Paid up capital |
Rs. 781,501,000/- |
Product Name 3 |
- |
|
Shareholders |
Promoter
and Promoter group –
61.54% Public
shareholding – 38.46 |
Banking |
State Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
29 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
B
(27) |
|
Related Company |
|||
|
Relation |
Country |
Company Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,166,954,000 |
Current Liabilities |
962,465,000 |
|
Inventories |
2,279,747,000 |
Long-term Liabilities |
4,272,436,000 |
|
Fixed Assets |
3,103,775,000 |
Other Liabilities |
181,504,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
5,416,405,000 |
|
Invest& other Assets |
131,794,000 |
Retained Earnings |
684,743,000 |
|
|
|
Net Worth |
1,265,865,000 |
|
Total Assets |
6,682,270,000 |
Total Liab. & Equity |
6,682,270,000 |
|
Total
Assets (Previous Year) |
5,858,027,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
6,929,880,000 |
Net Profit |
202,174,000 |
|
Sales(Previous yr) |
5,072,084,000 |
Net Profit(Prev.yr) |
48,833,000 |
MIRA
INFORM REPORT
UPDATED REPORT
|
Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
GINNI FILAMENTS LIMITED |
|
|
|
|
Registered
Office : |
110 K.M. Stone, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
28.07.1982 |
|
|
|
|
Com. Reg. No.: |
20-12550 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 781.501 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L71200UP1982PLC012550 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG08946A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG0942K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Combed Cotton Yarn, which is used to produce Hosiery,
Under – Garments, Nightwear, T-Shirt, Handkerchiefs, Quality Woven Fabrics,
Knitted Shirts, Fashion Garments, Stocks, Embroidery Yarns, etc. |
|
|
|
|
No. of Employees
: |
2157 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5063000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appear
some accumulated losses recorded by the company. However business is active.
Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Satish Basal |
|
Designation : |
General Manager Import Export |
|
Contact No.: |
91-120-4058470 |
|
Date : |
11.11.2011 |
LOCATIONS
|
Registered Office/ Factory
1 : |
110 K.M. Stone, |
|
Tel. No.: |
91-5662-242490/ 242491/ 242341/ 246648/ 232438 |
|
Fax No.: |
91-5662-242223/ 242248 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Factory 2 : |
H – 6, Sector – 63, NH 24, Noida – 201 307, |
|
Tel. No.: |
91-120-4058400 |
|
Fax No.: |
91-120-4250975/ 76 |
|
|
|
|
Factory 3 : |
Plot No.205-207, GIDC Industrial Area, Panoli, District Bharuch,
Ankleshwar – 394 116, |
|
|
|
|
Factory 4 : |
D – 38, Industrial Area, Bahadrabad, Haridwar – 249 403, |
DIRECTORS
AS ON 05.08.2011
|
Name : |
Dr. Rajaram Jaipuria |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Degree in Economic |
|
|
|
|
Name : |
Mr. Shishir Jaipuria |
|
Designation : |
Vice-Chairman and Managing Director |
|
Qualification : |
M.Com and LLB |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. J.P Kundra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. O.P Vaish |
|
Designation : |
Director |
|
Qualification : |
Sr. Advocate |
|
|
|
|
Name : |
Mr. J.K. Bhagat |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Saket Jaipuria |
|
Designation : |
Executive Director |
|
Qualification : |
Business Administration |
|
|
|
|
Name : |
Mr. Nripendra Misra |
|
Designation : |
Director |
|
Qualification : |
Master of Economics |
|
|
|
|
Name : |
Mr. S. Singhvi |
|
Designation : |
Director – Finance |
|
Qualification : |
Charted Accountant |
|
Experience : |
30 Years |
|
|
|
|
Name : |
Mr. R.R Maheshwari |
|
Designation : |
Director (Marketing and Business Development) |
|
Qualification : |
M.B.A |
|
E-mail : |
|
|
|
|
|
Name : |
Dr. H.P Bhattacharya |
|
Designation : |
Director |
|
Qualification : |
Ph.d in Textile Technology |
|
|
|
|
Name : |
Mr. N.K Duggal |
|
Designation : |
(Nominee – IFCI) |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh K. Tripathi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Saket Jaipuria |
|
Designation : |
Chief Executive |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. S. Singhvi |
|
Designation : |
President (Corporate Affairs) and CFO |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. Shailendra Jain |
|
Designation : |
AGM – Marketing (Fabrics) |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. Rajesh Jalali |
|
Designation : |
G.M Operations (Garments) |
|
E-mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.08.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
a) Shareholding of Promoter and Promoter Group2 |
|
|
|
1) Indian |
|
|
|
Individuals/ Hindu Undivided Family |
43,468,726 |
61.53 |
|
Bodies Corporate |
8,715 |
0.001 |
|
Sub
Total |
43,477,441 |
61.54 |
|
2) Foreign |
|
|
|
Total Shareholding of Promoter and Promoter Group
(A) |
43,477,441 |
61.54 |
|
b) Public shareholding |
|
|
|
1) Institutions |
|
|
|
Mutual Funds/ UTI |
11,000 |
0.02 |
|
Financial Institutions / Banks |
3,201,099 |
4.53 |
|
Foreign Institutional Investors |
8,510 |
0.01 |
|
Any Other (specify) |
10 |
- |
|
Foreign Financial Institutions/ Banks |
10 |
- |
|
Sub Total |
3,220,619 |
4.56 |
|
2) Non-institutions |
|
|
|
Bodies Corporate |
2,496,127 |
3.53 |
|
Individuals |
|
|
|
Individuals -i. Individual shareholders holding nominal
share capital up to Rs.0.100 Million |
11,784,759 |
16.68 |
|
ii. Individual shareholders holding nominal share capital in excess of Rs.0.100
Million |
8,652,345 |
12.25 |
|
Any
Other (specify) |
|
|
|
Trusts |
1,500 |
- |
|
Directors and their Relatives and Friends |
55,147 |
0.08 |
|
Non Resident Indians |
242,121 |
0.34 |
|
Clearing Members |
34,422 |
0.05 |
|
Hindu Undivided Families |
685,584 |
0.97 |
|
Sub Total |
23,952,005 |
33.90 |
|
Total Public Shareholding (B) |
27,172,624 |
38.46 |
|
TOTAL (A) + (B) |
70,650,065 |
100.00 |
|
c)
Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
|
|
|
|
TOTAL (A)+ (B)+ (C) |
70,650,065 |
100.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Combed Cotton Yarn, which is used to produce Hosiery, Under-garments, Nightwear, T-shirts, Handkerchiefs, Quality Woven Fabrics, Knitted Shirts, Fashion Garments, Socks, Embroidery Yarns, etc. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Exports : |
|
||||||||||
|
Countries : |
·
Indonesia ·
Pakistan |
||||||||||
|
|
|
||||||||||
|
Imports : |
|
||||||||||
|
Countries : |
·
Middle East ·
African Countries ·
Germany ·
Italy |
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
|
Spindles |
Nos. |
89808 |
|
Rotors |
Nos. |
1680 |
|
Knitting Machines |
Nos. |
34 |
|
Processed Fabrics |
Kg./ Batch |
3600 |
|
Non Woven Fabric |
MT/ annum |
12000 |
|
Stitching Machines |
Nos. |
405 |
|
Wipes and Others |
Pcs. Lacs/ annum
|
1283.87 |
|
Particulars |
Unit |
Actual
Production |
|
Yarn |
Kg. in Lacs |
254.72 |
|
Fabrics – Grey |
Kg. in Lacs |
32.52 |
|
Processed Fabrics |
Kg. in Lacs |
27.66 |
|
Garments |
Pcs. In lacs |
38.55 |
|
Non Woven Fabric |
Kg. in lacs |
95.63 |
|
Wipes and Others |
Pcs. In lacs |
977.55 |
GENERAL INFORMATION
|
No. of Employees : |
2157 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v
State Bank of v
Bank of v The Federal Bank Limited v
State Bank of v UCO Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. L. Gupta and Company Chartered Accountants |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84285000 |
Equity Shares |
Rs.10/- each |
Rs. 842.850 Millions |
|
1000000 |
8% Redeemable Preference Shares |
Rs.100/- each |
Rs. 100.000 Millions |
|
|
TOTAL |
|
Rs. 942.850
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70650065 |
Equity Shares |
Rs.10/- each |
Rs. 706.501
Millions |
|
750000 |
8% Redeemable Preference Shares |
Rs.100/- each |
Rs. 75.000
Millions |
|
|
TOTAL |
|
Rs. 781.501 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
781.501 |
781.501 |
592.626 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
684.743 |
684.743 |
620.974 |
|
|
4] (Accumulated Losses) |
(200.379) |
(383.120) |
(432.881) |
|
|
NETWORTH |
1265.865 |
1083.124 |
780.719 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4195.936 |
3828.410 |
3635.878 |
|
|
2] Unsecured Loans |
76.500 |
38.695 |
265.000 |
|
|
TOTAL BORROWING |
4272.436 |
3867.105 |
3900.878 |
|
|
DEFERRED TAX LIABILITIES |
89.239 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5627.540 |
4950.229 |
4681.597 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3103.775 |
3334.207 |
3581.573 |
|
|
Capital work-in-progress |
56.113 |
7.354 |
1.737 |
|
|
|
|
|
|
|
|
INVESTMENT |
75.681 |
75.681 |
104.544 |
|
|
DEFERREX TAX ASSETS |
0.000 |
18.553 |
49.499 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2279.747
|
1444.653 |
507.504
|
|
|
Sundry Debtors |
583.473
|
526.328 |
415.646
|
|
|
Cash & Bank Balances |
45.111
|
47.680 |
72.942
|
|
|
Other Current Assets |
0.190
|
0.193 |
0.271
|
|
|
Loans & Advances |
538.180
|
402.309 |
434.909
|
|
Total
Current Assets |
3446.701
|
2421.163 |
1431.272 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
840.525
|
800.970 |
359.785 |
|
|
Other Current Liabilities |
121.940
|
37.930 |
69.344 |
|
|
Provisions |
92.265
|
68.898 |
60.038 |
|
Total
Current Liabilities |
1054.730
|
907.798 |
489.167 |
|
|
Net Current Assets |
2391.971
|
1513.365 |
942.105 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
1.069 |
2.139 |
|
|
|
|
|
|
|
|
TOTAL |
5627.540 |
4950.229 |
4681.597 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services Net |
6929.880 |
5072.084 |
4080.538 |
|
|
|
Other Income |
67.977 |
24.915 |
61.330 |
|
|
|
TOTAL (A) |
6997.857 |
5096.999 |
4141.868 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing Expenses |
5795.974 |
3832.082 |
3153.016 |
|
|
|
Payments and Benefits to Employees |
286.575 |
240.481 |
221.747 |
|
|
|
Administration, Selling and other Expenses |
536.632 |
426.561 |
615.187 |
|
|
|
Accretion/ Decretion Stock |
(517.008) |
(32.704) |
60.649 |
|
|
|
TOTAL (B) |
6102.173 |
4466.420 |
4050.599 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
895.684 |
630.579 |
91.269 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
310.747 |
291.669 |
312.576 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
584.937 |
338.910 |
(221.307) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
255.736 |
256.773 |
256.171 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
329.201 |
82.137 |
(477.478) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
127.027 |
33.304 |
161.506 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
202.174 |
48.833 |
(315.972) |
|
|
|
|
|
|
|
|
|
|
Prior Period Income/ Expenses |
(19.433) |
0.928 |
(11.421) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(383.120) |
(432.881) |
(105.488) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(200.379) |
(383.120) |
(432.881) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Goods Exported |
4752.445 |
3248.605 |
2537.042 |
|
|
TOTAL EARNINGS |
4752.445 |
3248.605 |
2537.042 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
450.404 |
415.607 |
282.959 |
|
|
|
Capital Goods |
23.388 |
2.483 |
7.183 |
|
|
|
Stores & Spares |
64.690 |
40.775 |
32.407 |
|
|
TOTAL IMPORTS |
538.482 |
458.865 |
322.549 |
|
|
|
|
|
|
|
|
|
|
Earnings/ loss
Per Share (Rs.) |
2.50 |
0.67 |
(5.52) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 (1st
Quarter) |
|
Net Sales |
|
|
1708.440 |
|
Total Expenditure |
|
|
1465.540 |
|
PBIDT (Excl OI) |
|
|
242.900 |
|
Other Income |
|
|
0.000 |
|
Operating Profit |
|
|
242.900 |
|
Interest |
|
|
114.760 |
|
Exceptional Items |
|
|
(383.640) |
|
PBDT |
|
|
(255.500) |
|
Depreciation |
|
|
20.570 |
|
Profit Before Tax |
|
|
(276.070) |
|
Tax |
|
|
(91.630) |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(184.440) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(184.440) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.89
|
0.96 |
(7.63)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.75
|
1.62 |
(11.70)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.03
|
1.43 |
(9.53)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.07 |
(0.61)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.21
|
4.41 |
5.62
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.27
|
2.67 |
2.93
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the financial year the working has improved substantially in terms of turn over and profitability. Gross sales has increased by 37% from Rs. 5078.421 millions to Rs. 6942.730 millions cash profit has increased from Rs. 338.910 millions to Rs. 584.937 millions. The net profit after tax has increased by 314% from Rs. 48.833 millions to Rs. 202.174 millions.
EXPANSION / NEW
PROJECTS
After successful
completion of converting Unit for manufacture of Nonwoven wipes at Haridwar,
Company is in the process to install another converting unit at Panoli and is
in final stage to tie up with Global brand to market its products
MANAGEMENT
DISCUSSIONS AND ANALYSIS
Industry Structure and Development
The year 2010-11 showed significant improvement in global
demand for Textiles and Clothing. Because of global recession in the year
2007-08 and 2008-09 the inventory level of textile and clothing all over the
world had reduced substantially and during the current year there was revival
of demand. The global cotton crop had declined substantially as a result of
which prices of raw cotton increased steeply in the international market as
well as in
The Government of India tried to impose certain restrictions on cotton and cotton yarn exports during the 2nd half of the year because of the pressure from the value added segment. While export of cotton yarn was needed to ensure cotton security to the industry, the restrictions on export of cotton yearn has resulted in accumulation of cotton yarn with the mills towards the end of the year.
The Ministry of Textiles has been taking a lot of initiatives for development and promotion of Technical Textiles by creating different Centres of Excellence, giving special concessions under the TUF Scheme, fixing of Standards and Regulations and creating general awareness in respect of products of technical textiles. They are optimistic that the Technical Textile sector is likely to grow both in domestic and export markets and prospects of the same are likely to improve.
Segment wise Performance
Company’s consumer products made out of spunlace fabric is a
very small segment. The major segment of Company’s textiles business including
technical textiles have performed better than previous year. Company expects
that the usage of wipes made out of spunlace fabric would expand in future in
Outlook
Although the performance of the current year has been quite
encouraging despite the fluctuations in cotton and yarn prices, the overall
scenario of textile and clothing industry looks optimistic.
FINANCIAL OPERATION AND PERFORMANCE
Company’s financial performance has substantially improved during the current year. The major portion of accumulated losses has been wiped out.
During the current year Company’s sales and services increased from Rs. 5078.400 millions to Rs. 6942.700 millions and cash profits from Rs. 338.900 millions to Rs. 584.900 millions and net profit from Rs. 48.800 millions to Rs. 202.200 millions Company’s cotton spinning division has contributed substantially towards the improvement
CONTINGENT
LIABILITY
(Rs.
in millions)
|
Particular |
31.03.2011 |
31.03.2010 |
|
1. Contingent
Liability not provided for: |
670.201 |
328.897 |
|
i) Bills discounted with banks |
|
|
|
ii) Disputed demands under excise, income tax, sales tax
and electricity etc |
9.202 |
8.841 |
|
iii) Claims against the company not acknowledged as debt |
6.899 |
6.119 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST JUNE, 2011
(Rs. in millions)
|
Particulars |
Quarter Ended 30.06.2011 |
|
(a) Net Sales/Income from Operations |
1698.074 |
|
(b) Other Operating Income |
10.367 |
|
(c) Total Income |
1708.441 |
|
Expenditure |
|
|
a) (Increase) /
Decrease in stock in trade and work in progress |
(153.085) |
|
b) Consumption
of raw materials |
1211.671 |
|
c) Purchase of traded goods |
-- |
|
d) Employees
cost |
70.458 |
|
e) Depreciation |
20.573 |
|
f) Power & Fuel |
112.696 |
|
g) Other
expenditure |
223.797 |
|
h) Total |
1486.110 |
|
Profit/Loss from Operation before Other
Income, Interest & Exceptional (Items (1-2) |
222.331 |
|
Other Income |
-- |
|
Profit/Loss before Interest &
Exceptional (Items (3+4) |
222.331 |
|
Interest |
114.759 |
|
Profit/Loss after Interest but before Exceptional Item (5-6) |
107.572 |
|
Exceptional Items |
(383.642) |
|
Profit / Loss
from Ordinary Activities before tax (7+8) |
(276.070) |
|
Tax expenses |
|
|
Current Tax |
-- |
|
Deferred Tax |
(91.627) |
|
Net Profit / Loss from Ordinary Activities after tax (9-10) |
(184.443) |
|
Extraordinary item (net of tax expense |
-- |
|
Net Profit/Loss
for the period (11-12) |
(184.443) |
|
Paid-up Equity Share Capital (Face Value of Rs.10/- each) |
706.501 |
|
Reserves excluding revaluation reserves as per balance sheet of
previous accounting year |
-- |
|
Earnings per share (EPS) |
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not to be annualized) |
(2.68) |
|
b) Basic and diluted EPS after extraordinary items for the period, for
the year to date and for the previous year (not to be annualized) |
(2.68) |
|
Public
shareholding |
|
|
-
Number of Shares |
27172624 |
|
- Percentage of shareholding |
38.46 |
|
Promoters and Promoter Group Shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of shares, |
17700000 |
|
- Percentage of shares (as a % of the total shareholding of Promoters
and Promoter Group) |
40.71 |
|
- Percentage of shares (as a % of the total share capital of the
company) |
25.05 |
|
b) Non-encumbered |
|
|
- Number of shares |
25777441 |
|
- Percentage of shares (as a % of the total shareholding of Promoters
and Promoter Group) |
59.29 |
|
- Percentage of shares (as a % of the total share capital of the
company) |
36.49 |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs.
in millions)
|
Particulars |
Quarter Ended 30.06.2011 |
|
Segment Revenue (Net) |
|
|
a) Textiles |
1682.973 |
|
b) Consumer Products |
15.101 |
|
c) Unallocated |
-- |
|
Total |
1698.074 |
|
Less : Inter Segment Revenue |
-- |
|
Net Sales / Income from Operations |
1698.074 |
|
Segment Results Profit / (Loss) |
|
|
before Tax and interest |
|
|
a) Textiles |
(161.912) |
|
b) Consumer Products |
0.601 |
|
c) Unallocated |
-- |
|
Total |
(161.311) |
|
Less : |
|
|
i) Interest |
114.759 |
|
ii) Other Un-allocable Expenditure net off |
-- |
|
iii) Un-allocable Income |
-- |
|
Total Profit/(Loss) Before Tax |
(276.070) |
|
Capital Employed |
|
|
(Segment Assets - Segment Liabilities) |
|
|
a) Textiles |
5454.583 |
|
b) Consumer Products |
81.161 |
|
c) Unallocated |
-- |
|
Total Capital employed |
5535.744 |
FIXED ASSTES:
·
Land (Leasehold)
·
Land (Freehold)
·
Lease Hold Improvements
·
Buildings
·
Plant and Machinery
·
Electrical Installation
·
Office and Other Equipments
·
Furniture and Fitting
·
Vehicles
BUSINESS
DESCRIPTION
Subject is a textile company. The Company is engaged in the
manufacture of textiles, yarn, fabric, nonwoven fabrics and garments. The
Company operates in two business segments, textiles and others. The consumer
products include wet wipes, medical disposables, wound care and home care/
industrial wiping. The Company’s products include cotton yarn, non woven
fabrics, knitted fabrics and knitted garment. The Company has non woven fabric
manufacturing facility in state of Gujarat (
WEBSITE DETAILS:
In 1990, subject was commissioned with 26208 spindles to produce ultrafine combed cotton yarn. A 100% export oriented unit, it was designed to produce a quality that was genuinely world class. Sophisticated plant and machinery from the world renowned machinery manufacturers viz. Rieter, Schlafhorst, Volkmann etc. with top of the line support systems for quality monitoring were installed.
Located in Tehsil Chatta, Distt.
The product range includes 100% combed cotton yarns from Ne16 to Ne50, both in
single and double ply construction.
In January 1998, subject embarked upon an ambitious expansion project by
entering the arena for Open End Yarn.
Subject has 1680 rotors with a capacity to produce 600 tonnes per month of open
end yarn in the count range of Ne 6 to 20. Products have been well accepted by
buyers around the world.
The company also manufactures TFO doubled, compact spun, elitwist and gassed
yarns.
The company has also graduated into knitted fabrics and installed 26 knitting machines from M/s. Terrot and Mayer to produce Single Jersey, Interlock, Rib Terry and Lycra fabrics. Since April 2005, subject has expanded into processed knitted fabrics. The complete machinery have been imported from Thies and Santex. Ginni has started working with some leading European brands and other global brands like Benetton, C and A, Allen Solly, Van Heusen, J C Penny etc. The success story at subject is the story of evolution of single minded devotion to quality. The company obtained the ISO 9002 certification as early as 1996 and also got the recognised as Trading house by the Government of India.
In order to get fully vertically integrated and be present from fibre to fashion, Subject has entered garment business with it's first unit in Noida in Sept. 2006, with a capacity of 2,50,000 pcs per month. The capacity would be increased to one million pcs per month in a phased manner.
The plant for spunlace non woven fabrics with an installed
capacity of 12,000 MT/p.a. which is the first of its kind in
Converted products made out of spunlace non woven fabrics have been launched by
the company in the Indian Market
PROMOTERS
Dr. Rajaram Jaipuria with his vision and foresightedness concieved the Ginni Group. With 44 years behind him in managing industries including textiles, sugar and synthetic fibre etc., Dr. Jaipuria has brought glory to the organisation with tremendous growth registered over the first 10 years of its inception. A fifteen fold growth that could be the envy of any organisation in the world. He is a strong protagonist of modernism, who has used world class technologies to build quality culture across the group.
He is past Chairman of Indian Cotton Mills Federation.
Besides being the main driving force behind the Ginni Group, Dr. Jaipuria has
always contributed significantly towards philanthropic projects like
educational institutions, hospitals and charitable organisations.
Shishir Jaipuria, Graduate in Commerce and has also acquired degree in Bachelor of Law. He has about twenty two years rich experience in running industries including Textiles, Sugar, Polyester Fibre and Print Media. He is also involved in social activities such as running of schools, colleges, management institutes, hospitals and other charitable institutes.
Shishir Jaipuria is Chairman, Confederation of Indian Textile Industry (CITI),
Chairman, Task Force on Technical Textiles and Committee on Textiles, Federation
of Indian Chambers of Commerce and Industry (FICCI), Director, National Skill
Development Corporation (NSDC), Chairman, Northern India Textile Research
Association (NITRA) and past President, Northern India Textile Mills
Association (NITMA).
BOARD OF DIRECTORS
Rajaram Jaipuria -
Executive Chairman of the Board, Managing Director Chairman
Dr. Rajaram Jaipuria is Executive Chairman of the Board,
Managing Director of Subject. He has Doctorate Degree in Economics. He has been
associated with the Textile Industry for over 50 years. He has served as the
Chairman of several prominent Companies viz. The Pioneer Limited, Swadeshi
Polytex Limited. Swadeshi Mining and Manufacturing Company Limited and as
Managing Director of Swadeshi Cotton Mills Company Limited. He is past Chairman
of Indian Cotton Mills Federation now known as Confederation of Indian Textile
Industry (CITI) and is a former Committee Member of Federation of Indian
Chamber of Commerce and Industry (FICCI). He is also a member of International
Who's Who of Professional of U.S.A. and has represented
Jugal Kishore Bhagat
- Independent Non-Executive Director
Shri. Jugal Kishore Bhagat is Independent Non-Executive Director of Subject. He is industrialist having more than 35 years of experience in managing enterprises of varied interest namely Jute Textiles, Roller Flour and Non Banking Financial Companies. He is the Chairman and Managing Director of the Naihati Jute Mills Company limited and also Director of Bhagat Refinerers and Chemicals Private limited, Tyroon Tea Company Limited, Ludlow Exports Limited, Ludlow Jute and Specialties Limited, Shiva Mercantile and Trading Company private limited, Dhan Lakshmi Trading Corporation Private limited, Ginni Flour and Foods Limited, Vedant Credit Finance Private limited, Lotus Enclave Private Limited and Reforms Flour Mills Private Limited. He is also Chairman of Shareholders'/Investors' Grievance Committee of Ludlow Jute and Specialties Limited, Member of Audit Committee and member of Shareholders'/Investors' Grievance Committee of Tyroon Tea Company Limited.
H. P.
Bhattacharya - Independent Non-Executive
Director
Dr. H. P. Bhattacharya, Ph.D. is the Independent
Non-Executive Director of Subject. He has a Ph. D. in Textile Technology from
the University of Manchester, UK. He had worked with the World Bank at its Head
Quarters in
J. P. Kundra - Independent Non-Executive Director
Shri. J. P. Kundra is Independent Non-Executive Director of
Subject. He is an eminent financial consultant having experience. He joined the
Imperial Bank of
Nripendra Misra - Independent Non-Executive Director
Shri. Nripendra Misra is Independent Non-Executive Director
of Subject. He is an IAS (Retd.) of 1967 batch. He is Masters of Public
Administration in Economics and Public Finance, John F. Kennedy School of
Government,
Suresh Singhvi - Chief Financial Officer, Director - Finance
, Whole Time Director
Shri. Suresh Singhvi is the Chief Financial Officer, Director - Finance, Whole Time Director of Subject. He is a Chartered Accountant and also a Law Graduate having around 30 years of experience in finance, accounts and legal matters. Before joining the Company he served for some of the big business groups including Swadeshi Polytex Limited. He is working with the Company at the top level since long time and has tremendous contribution in the growth of the Company. He is Director in Ginni Biotex Private Limited and does not hold any Committee position in any other Company.
O. P. Vaish -
Independent Non-Executive Director
Shri. O.P. Vaish is the Independent Non-Executive Director of Subject. He is a Sr. Advocate and founder of the law firm Vaish Associates. Shri Vaish served initially in the Indian Revenue Service and later as Chief, Economics and Law Committee, Federation of Indian Chambers of Commerce and Industry. Shri Vaish is a member of Long Standing of the Managing Committee of FICCI, ASSOCHAM, ICC India and Past President of PHD Chamber of Commerce and Industry. He is Honorary President of International Fiscal Association, India Branch and he is on the Governing Body of IMI and International Centre for Alternative Dispute Resolutions. Shri O.P. Vaish is Director / Chairman of Audit Committee of Godfrey Phillips India Limited. and also Director / Chairman of Investment Service Committee of International Travel House Limited and Director / Member of Audit and Remuneration Committee of PNB Finance and Industries Limited. Shri Vaish is Director / Member of Audit Committee of Indo Ram Synthetics India Limited and also Director of The India Thermit Corporation Limited and Universal Trustees Private Limited, Shri O.P. Vaish does not hold any shares of the Company.
Saket Jaipuria -
Chief Executive
Reuters Biography (Ginni Filaments Limited) Shri. Saket
Jaipuria is Wholetime Director of Subject. He hold Business Administration
Degree from
Shishir Jaipuria - Managing Director
Shri. Shishir Jaipuria is Executive Vice Chairman of the Board, Managing Director of Subject. He is M.Com., LLB and has about 25 years of experience in the Textile Industry. He has served as Managing Director of the Pioneer Limited, a News Paper of U.P. He is a past President of Northern India Textile Mills' Association (NITMA) and is Chairman of UP Committee of PHD Chamber of Commerce and Industry and Deputy Chairman of Confederation of Indian Textile Industry (CITI).
R. R Maheshwari - Director-Marketing (Textile and Clothing
and Non-Woven Spunlace Fabric Divisions)
Shri. Ram Ratan Maheshwari is the Whole Time Director of Subject. He is a Chemical Engineer and also M.B.A. is having experience in the area of sales and marketing. Before joining the Company he served for some of the big business groups including Swadeshi Polytex Limited. He is working with the Company at the top level since long time and has contributed a lot in the growth of the Company.
PRESS RELEASE:
Tetrapak,
Kirloskar Oil, TVS, Welspun and Infosys among Parivartan Sustainability
Leadership Award winners
26 March 2011
The awards were presented at the Parivartan Sustainability
summit,
The Parivartan Sustainability leadership awards, organized by India Carbon Outlook, seek to recognize Indian companies who have embraced sustainability in their business operations and supply chain and have shown leadership by taking initiatives for making their products, processes and facilities sustainable.
The winners were arrived at after evaluating the second stage shortlist of 200 + companies from an initial outreach of around 4500 companies actively engaged in the respective sector value chains. The nominations from these leading companies were judged by industry veterans and experts from the respective sectors such as Lars Domer of H and M, the leading European retailer; Avi Sahi of Nike; Arvind Goel of Tata Auto Components; Neeraj Garg of Piramal Enterprises and Vinay Awasthi of HP.
"Innovations hold the key to our success to create a
green and sustainable future. Parivartan 2011 has showcased and recognized
industry innovations to accelerate the growth of innovation power in
Echoing the sentiments, Dr. J.V. Rao, Director NITRA and another member of the Awards Jury stated "The award winners included a number of innovative approaches for catalyzing sustainability in the supply chain, and it is exciting to see such forward thinking leadership by firms."
The Parivartan Sustainability Leadership Summit and Awards were supported by market leaders like SAP, GIZ, Shell Foundation, Intertek, CIIE- IIMA etc. and were focused on sectors that are increasingly being driven to adopt sustainability measures in their extended supply chains.
"We are extremely delighted to receive the Parivartan Sustainability Leadership Award 2011. It is a matter of pride and priority for our company to strive for environmental sustainability and we are happy that our efforts are being recognized'', said Jaideep Gokhale, Environment and Communications Director at Tetra Pak.
"We are very pleased to receive the Parivartan Sustainability Leadership Award 2011. It is great to be recognized at such a platform where we have been able to showcase our solutions for catalyzing sustainability to such a large number of companies operating in this space" said V.K. Kripanand, Founder and Director-Solutions, See Beyond Technologies, a winner in the IT sector.
Earlier in the day, at the Parivartan Sustainability Summit, several of the awardees and other senior industry executives deliberated upon the sustainability imperatives facing their respective organizations as also ways in which these seemingly 'painful' and 'cost inducing efforts' can be successfully converted into newer business lines and revenue sources. The day's proceedings included a showcase of sustainability initiatives by more than 30 companies in front of more than 200 top managers and industry experts representing various brands, suppliers and industrial customers from these sectors.
The winners of Parivartan Sustainability Leadership Awards 2011 across various categories include:
- Energy Conservation Thought Leadership Awards
- Kirloskar Oil Engines (Automotive)
- Mc Donalds (Processed Food and Beverages)
- Nitin Spinners and Welspun (Textile and Apparel)
- Infosys (IT and IT enabled services)
- Water Conservation Thought Leadership Awards
- TVS Motors (Automotive)
- TechKnow Consultants (Processed Food and Beverages)
- Precot
- Thought Leadership in Recycling and Reuse
- Maharani Paints (Automotive)
- Tetrapak
and Daman
- Shri Lakshmi Cotsyn (Textile and Apparel)
- Exceptional Leadership in Catalyzing Sustainability through Waste Management
- Ginni Filaments
- Exceptional Leadership in Catalyzing Sustainability through Sustainable Material Usage
- AnaNaFit
- Exceptional Leadership in leveraging IT Products for Catalyzing Sustainability
- See Beyond Technologies
- Exceptional Leadership for leveraging Internal Measures in IT segment
- Cognizant
- Special Recognition Award
- Exceptional Leadership in Catalyzing Consumer Adoption
- KPIT Cummins
- Special Recognition Award
- Thought Leadership in Shaping Sustainable Ecosystems
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.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.