MIRA
INFORM REPORT
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Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SUMEET INDUSTRIES LIMITED (w.e.f. 01.09.1993) |
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Formerly Known
As : |
SUMEET SYNTHETICS LIMITED (w.e.f. 26.02.1992) SUMEET SYNTHETICS PRIVATE LIMITED |
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Registered
Office : |
504, Trividh Chambers, Opposite Fire Station, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.08.1988 |
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Com. Reg. No.: |
04-11049 |
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Capital
Investment / Paid-up Capital : |
Rs.499.952 millions |
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CIN No.: [Company Identification
No.] |
L45200GJ1988PLC011049 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTS00011E |
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PAN No.: [Permanent Account No.] |
AAECS2256B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Polyester Chips, Polyester Filament Yarn, Polyester
POY/ FDY, Polypropylene Yarn and Menthol Products. |
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No. of Employees : |
250 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4600000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported as
slow but correct. The company can be considered for small to mediocre 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
504, Trividh Chambers, Opposite Fire Station, |
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Tel. No.: |
91-261-2328902 |
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Fax No.: |
91-261-2334189 / 2310196 |
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E-Mail : |
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Website : |
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Factory : |
Block No. 289, 291, 292, Village : Karanj, Taluka :
Mandvi, District : |
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Tel. No.: |
91-2621-234923 |
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Branch Office : |
901, |
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Tel. No.: |
91-11-25554808, 25554773 |
DIRECTORS
As on 31.03.2011
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Name : |
Mr. Shankarlal Somani |
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Designation : |
Non-Independent
Executive Chairman |
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Name : |
Mr. Raj Kumar Somani |
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Designation : |
Managing Director, Non-Independent
Executive Director |
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Name : |
Mr. Sumeet Kumar
Somani |
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Designation : |
Non-Independent Whole
Time Director |
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Name : |
Mr. Bhagchand
Chordia |
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Designation : |
Non-Executive
Independent Director |
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Date of Birth/Age : |
15.04.1965 |
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Qualification : |
B.Com., FCA |
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Expertise in
specific functional areas : |
Practicing Chartered Accountant |
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Date of Appointment : |
17.12.2001 |
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Other
Directorship : |
·
B. Chordia and Company, Chartered Accountants ·
Audit Committee, Chairman ·
Remuneration Committee, Chairman ·
Investor Grievances ·
Committee, Chairman |
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Name : |
Mr. Dinesh Sharan
Khare |
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Designation : |
Executive Independent
Director |
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Name : |
Mr. Devi Prasad
Saboo |
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Designation : |
Non-Executive
Independent Director |
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Name : |
Mr. Vinod Kumar Ladia |
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Designation : |
Non-Executive
Independent Director |
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Date of Birth/Age : |
16.12.1945 |
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Qualification : |
B.Sc., MBA |
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Expertise in
specific functional areas : |
Industrialist |
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Date of Appointment : |
01.08.2000 |
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Other
Directorship : |
·
V.K. Texichem Private Limited ·
Shree Shyam Industries Private Limited ·
Swan Industries Limited ·
Shyam Texchem Private Limited ·
Shree Rajasthan Syntex Limited |
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Name : |
Mr. Mangilal Lahoti |
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Designation : |
Non-Executive
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Anil Kumar Jain |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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9,122,328 |
15.65 |
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16,794,622 |
28.81 |
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25,916,950 |
44.46 |
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Total shareholding of Promoter and Promoter Group (A) |
25,916,950 |
44.46 |
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(B) Public Shareholding |
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3,049,065 |
5.23 |
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3,531,851 |
6.06 |
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6,580,916 |
11.29 |
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14,527,339 |
24.92 |
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7,925,659 |
13.60 |
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2,960,865 |
5.08 |
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378,009 |
0.65 |
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175,065 |
0.30 |
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156,279 |
0.27 |
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46,665 |
0.08 |
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25,791,872 |
44.25 |
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Total Public shareholding (B) |
32,372,788 |
55.54 |
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Total (A)+(B) |
58,289,738 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
58,289,738 |
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(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
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Line of Business : |
Manufacturer of Polyester Chips, Polyester Filament Yarn, Polyester
POY/ FDY, Polypropylene Yarn and Menthol Products. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
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Capacity |
Unit |
2010-2011 |
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a) PET Chips / Polyester POY / Polypropylene i) Licensed Capacity * ii) Installed Capacity ** |
TPA TPA |
82800 |
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b) Twisted i) Installed Capacity ** |
TPA |
2500 |
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c) Texturised ** |
TPA |
3300 |
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d) Draw twisted ** |
TPA |
700 |
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e) Menthol Product ** Distilling Freezing |
TPA TPA |
720 120 |
* Not Applicable in terms of Government of India's Notification No. S.O.
477(E) dated 25.07.1991.
** As Certified by the management, being a technical matter.
|
Production |
Unit |
2010-2011 |
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C. P. Plant and Spinning Unit |
Ton |
77267.696 |
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Menthol Product |
Kgs. |
NIL |
GENERAL INFORMATION
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No. of Employees : |
250 (Approximately) |
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Bankers : |
·
Bank of ·
Bank of ·
IDBI Bank Limited |
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Facilities : |
Notes ·
Working Capital borrowings are secured by 1st
pari passue charge on all current assets of the company and 2nd pari passue charge
on fixed Assets of the company. Buyer's credit Secured by Letter of comfort
issued by B.O.B and I.D.B.I by earmarking working capital Limit/FDR. ·
Term Loan is secured by Ist charge on all Fixed
Assets of the Company and IInd pari passue charge on all Current Assets of
The Company. ·
Vehicle loan are secured by hypothecation of
vehicles. ·
All the above facilities are further secured by
Personal Gaurantee of Shri Shankar Lal Somani, Shri Raj Kumar Somani, Shri
Sumeet Somani, Smt. Ganga Devi Somani and Corporate Guarantee of M/s. Sitaram
Prints Private Limited and Mortgage of Fixed Assets of M/s. Sitaram Prints
Private Limited and Residence Bunglow of Shri Shankar lal Somani and
Smt.Ganga Devi Somani. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pradeep
Singhi and Associates Chartered Accountants |
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Address : |
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Internal
Auditor : |
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Name : |
RRA and Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 millions |
|
10000000 |
6% Non Convertible Redeemable Preference
shares |
Rs.10/- each |
Rs.100.000 millions |
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Total |
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Rs.900.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39995160 |
Equity Shares (Out of which 7605930 Shares are issued for consideration other than Cash) |
Rs.10/- each |
Rs.399.952 millions |
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10000000 |
6% Non Convertible Redeemable Preference
shares |
Rs.10/- each |
Rs.100.000
millions |
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Total |
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Rs.499.952 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
499.952 |
499.952 |
399.952 |
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2] Share Application Money |
87.000 |
25.000 |
0.000 |
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3] Reserves & Surplus |
568.460 |
280.520 |
219.172 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1155.412 |
805.472 |
619.124 |
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LOAN FUNDS |
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1] Secured Loans |
2213.389 |
2269.607 |
1298.174 |
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2] Unsecured Loans |
211.286 |
197.115 |
103.906 |
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TOTAL BORROWING |
2424.675 |
2466.722 |
1402.080 |
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DEFERRED TAX LIABILITIES |
149.160 |
110.353 |
53.127 |
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TOTAL |
3729.247 |
3382.547 |
2074.331 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1887.760 |
1859.257 |
421.445 |
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Capital work-in-progress |
26.564 |
39.924 |
1099.574 |
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INVESTMENT |
12.673 |
5.369 |
10.720 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
915.520
|
646.610
|
391.626
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Sundry Debtors |
641.338
|
392.320
|
63.452
|
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Cash & Bank Balances |
101.336
|
416.117
|
40.449
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
445.518
|
232.359
|
118.693
|
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Total
Current Assets |
2103.712
|
1687.406
|
614.220 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
129.410
|
102.164
|
52.096
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Other Current Liabilities |
38.219
|
34.373
|
6.527 |
|
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Provisions |
135.739
|
75.657
|
15.928 |
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Total
Current Liabilities |
303.368
|
212.194
|
74.551
|
|
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Net Current Assets |
1800.344
|
1475.212
|
539.669
|
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MISCELLANEOUS EXPENSES |
1.906 |
2.785 |
2.923 |
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|
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TOTAL |
3729.247 |
3382.547 |
2074.331 |
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PROFIT & LOSS
ACCOUNT
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
30.09.2011 |
|
Type |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
|
2202.640 |
2209.840 |
|
Total Expenditure |
|
|
2063.850 |
2121.360 |
|
PBIDT (Excl OI) |
|
|
138.790 |
88.480 |
|
Other Income |
|
|
32.660 |
37.220 |
|
Operating Profit |
|
|
171.450 |
125.700 |
|
Interest |
|
|
24.760 |
26.040 |
|
Exceptional Items |
|
|
0.000 |
0.280 |
|
PBDT |
|
|
146.690 |
99.940 |
|
Depreciation |
|
|
30.220 |
30.250 |
|
Profit Before Tax |
|
|
116.470 |
69.700 |
|
Tax |
|
|
36.000 |
16.000 |
|
Provisions and contingencies |
|
|
0.000 |
0.000 |
|
Profit After Tax |
|
|
80.470 |
53.700 |
|
Extraordinary Items |
|
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
0.000 |
|
Other Adjustments |
|
|
0.000 |
0.000 |
|
Net Profit |
|
|
80.470 |
53.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.16
|
2.93
|
2.41
|
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Net Profit Margin (PBT/Sales) |
(%) |
5.05
|
4.61
|
4.02
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.35
|
4.73
|
6.13
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.21
|
0.10
|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.36
|
3.33
|
2.39
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.93
|
7.95
|
8.24
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The company has
successfully commissioned expansion of 23500 TPA POY Plant and 21000 TPA FDY
Plant in the month of March,2010 and the effect of operation of this plant has
been satisfactory reflected in the financial year.
The company has
produced 77267.696 Tons of Pet Chips / Polyester / Polypropylene Multifilament
Yarn and dispatched 77565.130 Tons of Pet Chips / Polyester / P.P. / Poly
Yarns.
Income from
operation of the company has increased by 120 % from Rs.3767.800 millions to
Rs.8281.100 millions. EBIDTA has increased from Rs.310.000 millions to
Rs.613.100 millions and Net profit after tax has increased by 215% from
Rs.108.500 millions to Rs.341.600 millions in comparison to last year.
EXPORTS
The company has
been exploring all the possibilities for exporting its products. During the
year, the company has exported Pet Chips and Polyester Chips products of
Rs.255.350 millions as compared to Rs.113.977 millions in the last year an
increase of 124% over the previous year.
At present company
is exporting Pet Chips and Polyester yarns to
key area of focus
for the company. The Company expects reasonable growth in the overall export
sales in the current year.
NEW PROJECTS
In the year
2009-10, The company has successfully commissioned 100000 TPA Continuous
Polymerization (C.P.) Plant and 23500 TPA of POY Plant and 21000 TPA of FDY
Plant during the year and the plants are running satisfactorily.
During the year,
the Company has chalked out Rs.5300.00 millions expansion plan for enhancing
its manufacturing capacity of both POY and FDY and Pet Chips in two phases.
In the first phase
of expansion production capacity of POY and FDY will be increased from 53000
TPA to 100000
TPA and setting up
another 8 MW Gas based Genset Captive Power Plant with project cost of
Rs.1500.000 millions. This expansion will utilize balance capacity of
Polycondensation Plant as captive consumption by manufacturing POY/FDY directly
from MEG and PTA instead of Producing PET Chips. This project will enhance the
scale of operation and improve the cost competitiveness of company's product.
After completion of this expansion total turnover of the company will be
increased by Rs.1000.000 millions and EBIDTA by Rs.400.000 millions. This
project is expected to be on-stream by April, 2012.
In the second
phase of expansion new green field project of 200000 TPA Continuous Poly
Condensation ( CP ) Plant will be setup to manufacture Bright FDY Yarns, POY
Yarns, Yarn grade and Bottle grade Pet Chips and setting up another 18 MW Gas
based Genset Power Project with total project cost of Rs.4000.000 millions.
GAS BASED POWER PLANT
The Company has
successfully commissioned 6 MW Gas based Genset Captive Power Plant in the year
2009-
10, thereby
enhancing capacity of captive power generation by 8.5 MW at the company's plant
at Karanj,
Being new
expansion projects in line, the company is also in the process of setting up
another 26 MW Gas based
Genset captive
power plant nearby its expansion project.
The Gas based
Genset Power Plant is eligible to be registered as CDM projects and the existing
6 MW Gas based Plant is under validation process for getting registered with UN
to be eligible to get carbon credits.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL SCENARIO
·
Global Economic
Scenario
The global recovery is expected to sustain in 2011, although growth will
slowdown marginally from its pace in 2010. Global trade is all set to register
a turn around with an estimated growth rate of 14.55 % compared to -12.2 % in
2009. According to the IMF WEO (April 2011), global growth is likely to
moderate from 5.0 percent in 2010 to 4.4 percent in 2011. Growth is projected
to decelerate in advanced economies due to waning of impact of fiscal stimulus,
and high oil and other commodity prices.
·
Global feedstock
scenario (PX, PTA, MEG)
Polyester feedstock witnessed a largely stable trend in the first half
of FY-11, but remained subjected to volatile environment in the later part of
the year. Supply tightened in the second half of FY-2011 in view of increased
demand from down stream polyester segment. Chinese PTA future markets started
to witness volatility in the second half of FY-11 resulted PTA Prices touched
record high. MEG markets closely followed the developments in the PTA and
Polyester market. This triggered an unexpected demand of PTA and MEG. Global
PTA capacity is expected to reach 76 MMT by 2015 from 49 MMT. Analyzing the
current situation of the demand and supply position, PTA and MEG likely to
remain tight due to new PTA capacities addition and higher utilization of
polyester capacities.
·
Global Textile
scenario
The world textile industry in 2010 has experienced the most potent
growth in twenty five years, this recovery process is led by emerging market
economies, especially by Asian Countries. Manufacturing volumes of natural and
manmade fibers rocketed upwards by 8.6%. All major man made fiber with the
exception of acrylics were lifted at double digit rates. Polyester industrial
filament yarn even jumped by spectacular 37%#. The global fiber demand
recovered by 3.4% to an estimated 73 million ton in 2010, compared to 70.6
million ton in 2009.
- Viscose fiber demand is expected to
increase by 3.5% in 2010 over 2009 with volumes at 2.55 million ton and
2.64 million ton in 2009 and 2010 respectively.
- Nylon growth estimated at 5.2% from
3.58 million ton in 2009 to 3.78 million ton in 2010.
- Polypropylene fiber estimated up by
1.5% from 4.26 million ton to 4.33 million ton
- Polyester remains the preferred fibre
estimated to grow at 5.3%. The capacity is estimated to grow at 6.7%. The
capacity in 2010 is at 47 million ton from 44.1 million ton in 2009 and
major expansion has been taking place in
DOMESTIC SCENARIO
·
Domestic Economic
Review
·
Domestic Textile
Scenario
The Indian Textile Industry has an overwhelming presence in the economic
life of the country. Apart from providing one of the basic necessities of life,
the textile industry also plays a pivotal role through its contribution to
industrial out put, employment generation and export earnings of the country.
Currently, it contributes about 14% to industrial production, 4% to the GDP and
17% to the country's export earnings.
The Indian textile and clothing market has the potential to reach $220
billion by 2020 at a CAGR of 10-11% from the current level of around $70
billion. The Indian Textile industry is expected to register an overall growth
of 7% in 2010.The export performance of Indian textiles and apparel has gained
momentum and year 2010- 11 is expected to witness an estimated 11% growth at US
$26 billion. According to Technopak, It is believed that
During FY-11, domestic demand for polyester products increased by 13%
over the last year. The momentum were led by PET with 24% growth followed by
PFY with 13% growth. The penetration of polyester in to home furnishing,
apparel industry, automotive industry, sportswear market and technical textile
market is creating attractive niche
opportunities for polyester industries as a whole. Man-made fibre production
recorded a marginal fall and filament yarn production recorded a slight
increase of about 1.89% during 2010-11 (April - October 2010).
INDUSTRY SCENARIO
Polyester is the
fibre of the future, finding varied applications across home furnishing,
apparel industry, automotive industry, sportswear market, technical textiles
and more.
Polyester Filament
Yarn (PFY) shares is 68% of total
The Indian Textile
industry is expected to register an overall growth of 7% in 2010. Under the
eleventh plan (2007-12), The planning commission has set a growth rate of 16%
for the garments, technical textiles and processing segments, projecting an
investment of US $ 31.37 billion (Rs. 1506 billion) during the plan period.
Foreign direct investment (FDI) of up to 100 percent is allowed in the textile
sector. The government, in an effort to give fillip to investments in down
stream textile industries has extended Textile Up-gradation Fund scheme (TUFS)
till March 31, 2012. In order to achieve better cost economics, many POY/FDY
producers and Texturisres implemented backward integration to produce polyester
yarn during the year and also commissioned new polymerization plants . This is
expected to continue in the coming years as well.
BUSINESS OVERVIEW
Recently the
company has successfully commissioned fully imported C.P. Plant (Continuous
Poly Condensation Plant) of 100000 TPA and POY / FDY Spinning Plant of 48300
Tons per annum and 6 MW Gas based Genset Captive Power Pant as Expansion cum
Backward Integration Project with total cost of Rs.1450.000 millions. Full
result of this project has been reflecting in the current year's operation.
The company has
established its presence in entire Polyester Yarns value chain ( Manufacturing
Pet Chips and POY and FDY directly form MEG and PTA, Twisting and
Texturising,). The business out look is very impressive and positive. Value
addition and operating margin in Polyester FDY Yarn is much higher than
Polyester Chips and also POY. The company has chalked out further plan for
expansion in the production capacity of POY and FDY by 47000 TPA and another 8
MW Captive Genset Power Project with total project cost of approx Rs.1500.000
millions.
By implementation
of this project we expect to increase Turnover by around 1000.000 millions and
Operating Profit by Rs.400.000 millions as such this project will improve
operating margin substantially. The company is gaining a substantial market
share and enjoys significant competitive advantages over other players being to
economies of scale, advanced technologies, superior quality of products and
better client relationship.
FINANCIAL OVERVIEW
Turnover : Subject has achieved a turnover of Rs.8184.712
millions in 2010-11 as against Rs.3638.225 millions during the previous year
recording an increase of over 125%. Increase in turnover was due to expansion
in capacity of spinning of POY and FDY.
Other Operating Income : Other operating
income consists of Export Incentives , Profit from Forex Transactions etc.
Other Income for the year amounted to Rs.61.160 millions as against Rs.122.185
millions.
Other Income : Other income consisting receipt of Dividend
, Discounts and Interest on Fixed Deposit. Other income for the year 2010-11 is
amounting of Rs.35.195 millions against Rs.7.412 millions in the previous year.
Other income was mainly increased due to increase in interest received.
Consumption of Raw material : Consumption of
raw material increased from Rs.2565.178 millions to Rs.4876.917 millions. This
was mainly due to commissioning of expansion in capacity of POY and FDY by
53000 TPA and production of the same has been started since 15.03.2010.
Employee Cost : Employees cost were increased from Rs.26.718
millions to Rs.55.109 millions. This increase is mainly due to higher increase
given to employees and recruitment of employees in POY and FDY spinning
division.
Interest Cost : Interest cost were increased from Rs.77.884
millions to Rs.83.214 millions due to increase in working capital limits for
the new projects.
Depreciation : Depreciation was increased by Rs.52.561
millions due to capitalization of assets of new project of POY and FDY Spinning
Plant.
EBIDTA : The Company's EBIDTA stood at Rs.613.060
millions against Rs.310.011 millions in previous year reflecting an increase of
98%.
PAT : The profit after tax ( PAT) has shown an
impressive growth of 215% from Rs.108.486 millions to 341.574 millions.
CONTINGENT LIABILITIES (AS on 31.03.2011)
·
Estimated amount of contracts remaining to be
executed on capital account and not provided for US $ 1806000 and EURO 11368000
against which advance of US $ 112800 and EURO 1136800 given (Previous year
Rs.16.887 millions Advance Rs.7.540 millions).
·
Export sale bills raised on overseas buyers
purchased by company's banker outstanding Rs.8.871millions. (Previous year
Rs.63.005 millions.).
·
Letter of credit outstanding Rs.3.077 millions as
on 31.03.2011
UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED SEPTEMBER, 2011
(Rs. in Millions)
|
Particulars |
SECOND QUARTER
ENDED |
HALF YEAR ENDED |
|
|
30.09.2011 (Un-audited) |
30.09.2011 (Un-audited) |
|
1.
a) Net Sales/Income from Operations |
2210.922 |
4407.484 |
|
b)
Other Operating Income |
(1.079) |
4.994 |
|
Total Income |
2209.843 |
4412.478 |
|
|
|
|
|
2. Expenditure: |
|
|
|
a)
Increase/decrease in stock in trade and work in progress |
19.007 |
9.735 |
|
b)
Consumption of raw materials |
1204.279 |
2403.429 |
|
c)
Purchase of traded goods |
669.997 |
1351.295 |
|
d)
Employees cost |
17.641 |
29.465 |
|
e)
Depreciation |
30.251 |
60.466 |
|
f)
Other expenditure |
210.425 |
391.275 |
|
Total |
2151.600 |
4245.665 |
|
3.
Profit from Operations before Other Income, Interest and Exceptional Items
(1-2) |
58.243 |
166.813 |
|
4.
Other Income |
37.219 |
69.881 |
|
5.
Profit before Interest and Exceptional Items (3+4) |
95.462 |
236.694 |
|
6.
Interest |
26.038 |
50.801 |
|
7.
Profit after Interest but before Exceptional Items (5-6) |
69.424 |
185.893 |
|
8.
Exceptional items |
0.278 |
0.278 |
|
9. Profit (+)/ Loss (-)
from Ordinary Activities before tax (7+8) |
69.702 |
186.171 |
|
10.
Tax expense |
16.000 |
52.000 |
|
11. Net Profit (+)/ Loss
(-) from Ordinary Activities after tax (9-10) |
53.702 |
134.171 |
|
12.
Extraordinary Items |
0.000 |
0.000 |
|
13. Net Profit(+)/
Loss(-) for the period (11-12) |
53.702 |
134.171 |
|
14.
Paid-up equity share capital ( Face Value of Rs. 10/- per Share) |
582.897 |
582.897 |
|
15.
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting
year |
-- |
0.00 |
|
16. 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) |
0.92 |
2.30 |
|
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) |
0.92 |
2.30 |
|
17. Public
shareholding: |
|
|
|
-
No. of Shares |
32372788 |
32372788 |
|
-
Percentage of Shareholding |
55.54 |
55.54 |
|
18. Promoters and
Promoter Group shareholding: |
|
|
|
a) Pledged/
Encumbered |
|
|
|
-
Number of Shares |
6576000 |
6576000 |
|
-
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
25.37 |
25.37 |
|
-
Percentage of Shares (as a % of the total share capital of the Company) |
11.28 |
11.28 |
|
b) Non – encumbered |
|
|
|
-
Number of Shares |
19340950 |
19340950 |
|
-
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
74.63 |
74.63 |
|
-
Percentage of Shares (as a % of the total share capital of the Company) |
33.18 |
33.18 |
Notes
Disclosure of Assets and liabilities as per clause 41 (1)(ea) of the Listing
Agreement for the half year ended 30th September, 2011.
STATEMENT
OF ASSETS AND LIABILITIES
(Rs. in Millions)
|
Particulars |
HALF YEAR ENDED 30.09.2011 |
|
(Un–Audited) |
|
|
SHAREHOLDER’S
FUNDS: |
|
|
a) Capital |
682.897 |
|
b) Share application Money |
87.000 |
|
c) Reserve and Surplus |
1073.097 |
|
LOAN FUNDS |
2119.260 |
|
Deferred Tax Liabilities |
149.160 |
|
TOTAL |
4111.414 |
|
|
|
|
FIXED ASSETS |
2065.995 |
|
INVESTMENTS |
7.673 |
|
CURRENT ASSETS,
LOAN AND ADVANCES |
|
|
a) Inventories |
1020.177 |
|
b) Sundry Debtors |
786.151 |
|
c) Cash and Bank Balance |
243.456 |
|
d) Other Current Assets |
259.434 |
|
e) Loan and Advances |
122.029 |
|
Less : Current Liabilities and Provisions |
|
|
a) Liabilities |
289.521 |
|
b) Provisions |
105.885 |
|
NET CURRENT
ASSETS |
2035.841 |
|
MISCELLANEOUS EXPENDITURE
(Not Written off or Adjusted) |
1.905 |
|
PROFIT AND LOSS
ACCOUNT |
0.000 |
|
TOTAL |
4111.414 |
·
The above results have been taken on record at the
meeting of the Board of Directors of the Company held on 9th November,
2011.
·
During the First quarter company has raised
Rs.553.411 millions by way of QIP Placement and allotted 18294578 nos of Equity
Shares @ Rs.30.25 (Including Premium of Rs.20.25/-) to qualified Institutional
Buyers.
·
Project under expansion is under progress as per
schedule. Order for main plant and machinery has been placed.
·
As per Accounting Standard 17, the requirement of
Segment reporting is not applicable to the Company both in respect of
Geographical Segment and Product Segment.
·
23 complaints were received and resolved during the
quarter. There was nil balance of complaint at the beginning and end of the
quarter.
·
Figures of previous year have been re-grouped
wherever necessary.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture, Fixture and
Equipments
·
Vehicle
WEB DETAILS
GROUP PROFILE
Mr. Shankarlal Somani established subject in 1989. The company
started as a yarn manufacturing unit and has now grown in a huge conglomerate with
various businesses with an annual turn over of Rs.3638 million. The company
believes that perfection is something that’s defined by the customer and not by
any formula or certificate. Guided by their core values, today they stand
firm in
Promoters :-
The company has been promoted by Shri Shankarlal Somani and Rajkumar
Somani belonging to a reputed and well established business family hailing from
District Sikar of Rajasthan. These entrepreneurs have been settled in the
textile city
Existing group units are as follows
·
Extreme Health Care Private Limited
·
National Poly Yarn Private Limited
·
Somani Overseas (Private) Limited
·
Sitaram Prints (Private) Limited
·
Sumeet Menthol Private Limited
·
Sanya Fashions
BUSINESS
DESCRIPTION
Subject is an India-based company. The Company is engaged in the manufacture
of polyester chips, polyester filament yarn, polyester pre-oriented yarn (POY)/
fully drawn yarn (FDY), polypropylene yarn and menthol products. During the
fiscal year ended March 31, 2010 (fiscal 2010), the Company produced 40,547.29
tos of continuous polymerization (C.P) plant and spinning unit; 1.36 million
meters of polyester fabrics, and 1,62,680 kilograms of menthnol product. During
fiscal 2010, the Company also produced 39010.768 tons of pet chips / polyester
/ polypropylene multifilament yarn. The Company exports its products to
BOARD OF DIRECTORS
Mr. Bhagchand
C. Choradia - Non-Executive Independent Director
Mr. Bhagchand C. Chordia is Non-Executive Independent Director of subject. He holds B.Com., FCA. He is a Practicing Chartered Accountant. He holds Directorship in B.Chordia and Company.
Mr. Vinod
Kumar Ladia - Non-Executive Independent Director
Mr. Vinod Kumar Ladia is Non-Executive Independent Director
of subject. He hold B.Sc., MBA. He holds Directorship of V.K. Texichem Private
Limited - Shree Shyam Industries Private Limited - Swan Industries Limited -
Shyam Texchem Private Limited - Shree Rajasthan Syntex Limited.
PRESS RELEASES
SUMEET INDUSTRIES
LIMITED RECOMMENDS DIVIDEND
May 11, 2011
Sumeet Industries Limited announced that the Board of Directors of the
Company at its meeting held on May 11, 2011, inter alia, has recommended 10%
dividend for the year subject to approval of the shareholders in the Annual
General Meeting of the Company.
SUMEET INDUSTRIES
LIMITED ISSUES FY 2012 GUIDANCE-CNBC-TV18
May 11, 2011
CNBC-TV18 reported that Sumeet Industries Limited expects turnover must
be more than INR 9000.000 millions (INR9 billion) and profit after tax must be
more than INR 400.000 millions (INR400 million).
SUMEET INDUSTRIES
LIMITED APPROVES ISSUE AND ALLOCATION OF EQUITY SHARES
April 26, 2011
Sumeet Industries Limited announced that the QIP committee has approved
the issue and allocation of 1,82,94,578 numbers of Equity Shares of INR10 each,
to the six Qualified Institutional Buyers (QIBs) at an Issue Price of INR30.25
per Equity Share (including INR20.25 towards share premium).
SUMEET INDUSTRIES
LIMITED ANNOUNCES ISSUE OF DEBT AND EQUITY
February 25, 2011
Sumeet Industries Limited announced that the members at the Extra
Ordinary General Meeting (EGM) of the Company held on February 25, 2011, inter alia,
have approved to offer, issue and allot, in the course of domestic /
international offering(s) to all eligible investors, whether shareholders of
the Company or not, through a public issue and/or on a private placement basis
including allotment to qualified institutional buyers by way of Qualified
Institutional Placement in terms of Chapter VIII of the SEBI, equity shares
and/or non-convertible debentures and warrants, debentures whether partly/fully
convertible and/or securities linked to Equity Shares and/or foreign currency
convertible bonds convertible into Equity shares or depository receipts
(GDRs/ADRs) and/or securities convertible into equity shares at the option of
the Company and/or the holder of such securities and/or Equity Shares through depository
receipts (GDRs/ADRs) and/or warrants (Securities), secured or unsecured,
through prospectus and/or offer letter and/or circular basis so however that
the total amount raised through the aforesaid Securities should not exceed INR
600.000 millions (including green shoe or over allotment option, if any).
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.68.82 |
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 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.