1. Summary Information
|
|
|
Country |
|
|
Company Name |
FILATEX INDIA LIMITED |
Principal Name 1 |
Mr. Ram Avtar Bhageria |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Madhusudan Bhageria |
|
|
|
Registration # |
54-000091 |
|
Street Address |
S.NO.274, |
||
|
Established Date |
08.08.1990 |
SIC Code |
-- |
|
Telephone# |
91-260-2668343/ 2668510 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-260-2668344 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Synthetic Filament Yarn |
|
|
# of employees |
500
(Approximately) |
Product Name 2 |
Polypropylene Monofilament Yarns |
|
Paid up capital |
Rs.171,414,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter And Promoter Group-52.58% Public Shareholding-47.42% |
Banking |
Union Bank Of |
|
Public Limited Corp. |
YES |
Business Period |
21 Years |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
Ba (45) |
|
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 |
470,165,000
|
Current Liabilities |
303,774,000
|
|
Inventories |
510,066,000
|
Long-term Liabilities |
725,228,000 |
|
Fixed Assets |
1,055,050,000 |
Other Liabilities |
256,627,000 |
|
Deferred Assets |
000 |
Total Liabilities |
1,285,629,000 |
|
Invest& other Assets |
428,435,000 |
Retained Earnings |
874,673,000 |
|
|
|
Net Worth |
1,178,087,000 |
|
Total Assets |
2,463,716,000 |
Total Liab. & Equity |
2,463,716,000 |
|
Total Assets (Previous Year) |
1,588,366,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
4,864,171,000 |
Net Profit |
190,113,000 |
|
Sales(Previous yr) |
3,997,606,000 |
Net Profit(Prev.yr) |
171,866,000 |
MIRA
INFORM REPORT
|
Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
FILATEX INDIA LIMITED |
|
|
|
|
Registered
Office : |
S.No.274, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
08.08.1990 |
|
|
|
|
Com. Reg. No.: |
54-000091 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.171.414 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17119DN1990PLC000091 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
stock exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Yarn and Threads. |
|
|
|
|
No. of
Employees: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
LOCATIONS
|
Registered Office/ Factory 1 : |
S.No.274, |
|
Tel. No.: |
91-260-2668343/ 2668510 |
|
Fax No.: |
91-260-2668344 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office : |
43, Community Centre, New Friends Colony, |
|
Tel. No.: |
91-11-26312503/ 26848633/ 26848644 |
|
Fax No.: |
91-11-26849915 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Monofilament
Yarns Works A-2, Extension, Phase-II, District Gautam Budh Nagar, Noida – 201301, |
|
Tel. No.: |
91-120-3043012/ 13/ 14 |
|
Fax No.: |
91-120-3043016 |
|
|
|
|
Factory 3 : |
Plot No. D-2/ 6, Jolva Village PCPIR, Dahej-2, Industrial Estate, GIDC,
District Bharuch – 392130, |
|
|
|
|
|
2nd Floor, Shreya Shruti Building, Above State Bank of
Indore, Ring Road, Surat - 395003, Gujarat, India |
|
Tel. No.: |
91-261-610783/ 84/ 85 |
|
Fax No.: |
91-261-610796 |
|
E-Mail : |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Ram Avtar Bhageria |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
77 Years |
|
Qualification : |
Graduate in Commerce |
|
Date of Appointment : |
30.07.2008 |
|
|
|
|
Name : |
Mr. Madhu |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
42, Community Centre, New Friends Colony, New Delhi-110065, |
|
|
|
|
Name : |
Mr. Purushotam Bhageria |
|
Designation : |
Joint Managing Director |
|
Address : |
42, Community Centre, New Friends Colony, New Delhi-110065, |
|
|
|
|
Name : |
Mr. Madhav Bhageria |
|
Designation : |
Joint Managing Director |
|
Address : |
2nd Floor, Shreya Shruti Building, Above State Bank of
Indorel, Ring Road, Surat-395 003, Gujarat, India |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
Graduate in Commerce |
|
Date of Appointment : |
30.07.2008 |
|
|
|
|
Name : |
Mr. B.B. Tandon |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
|
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. S.P. Setia |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Vibhu Bakhru |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Raman Kumar Jha |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7,280,279 |
30.33 |
|
|
5,338,216 |
22.24 |
|
|
12,618,495 |
52.58 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
12,618,495 |
52.58 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
63,400 |
0.26 |
|
|
100 |
- |
|
|
24,020,00 |
10.01 |
|
|
2,465,500 |
10.27 |
|
|
|
|
|
|
4,330,913 |
18.05 |
|
|
|
|
|
|
1,936,592 |
8.07 |
|
|
2,122,264 |
8.84 |
|
|
526,236 |
2.19 |
|
Trusts |
81,055 |
0.34 |
|
|
12,092 |
0.05 |
|
Clearing Member |
13,260 |
0.06 |
|
Hindu Undivided Families |
419,829 |
1.75 |
|
|
8,916,005 |
37.15 |
|
Total Public
shareholding (B) |
11,381,505 |
47.42 |
|
Total (A)+(B) |
24,000,000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
Total
(A)+(B)+(C) |
24,000,000 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Yarn and Threads. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
·
Polyester Partially Oriented Yarns (POY) ·
Textured Yarns ·
Micro Denier Yarns ·
Polypropylene Yarns ·
Monofilament Yarns ·
Fully Drawn Yarns
|
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
a) Term Loans, Foreign Currency Loans and Buyer’s Import Credit availed under Letter of Comfort for capital goods from Banks are secured by way of first charge on pari-passu basis on all immovable and movable assets of the Company, both present and future (save and except inventories and book debts) and vehicles loans by way of exclusive charge on specific assets. b) Working capital loans and Buyer’s Import Credit availed under Letters of Comfort for raw materials from scheduled banks are secured by way of hypothecation of stocks of raw material, work-in-progress, finished goods, stores and spares, other consumables and book debts of the company both present and future and by way of second charge on fixed assets of the company c) The above
loans except vehicle loans are further guaranteed by the three Promoter
Directors in their personal capacity. d) Installments
of term loans and vehicle loans due within next one year are Rs.92.514
millions (previous year Rs.90.997 millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Amod Agrawal and Associates Chartered Accountants |
|
Address : |
D-58, East of Kailash, |
|
|
|
|
Related Parties: |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17141397 |
Equity Shares |
Rs.10/- each |
Rs.171.414
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 |
171.414 |
171.414 |
171.414 |
|
|
2] Share Application Money |
132.000 |
80.000 |
0.000 |
|
|
3] Reserves & Surplus |
874.673 |
704.549 |
552.737 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1178.087 |
955.963 |
724.151 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
715.201 |
338.413 |
409.165 |
|
|
2] Unsecured Loans |
10.027 |
8.311 |
33.728 |
|
|
TOTAL BORROWING |
725.228 |
346.724 |
442.893 |
|
|
DEFERRED TAX LIABILITIES |
129.573 |
135.464 |
110.381 |
|
|
Liabilities under Deferred Payments |
91.884 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2124.772 |
1438.151 |
1277.425 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1055.050 |
945.306 |
900.433 |
|
|
Capital work-in-progress |
428.234 |
67.118 |
24.408 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
27.779 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
510.066
|
272.044
|
137.520
|
|
|
Sundry Debtors |
270.344
|
197.201
|
109.246
|
|
|
Cash & Bank Balances |
77.755
|
29.474
|
139.082
|
|
|
Other Current Assets |
14.586
|
24.829
|
12.189
|
|
|
Loans & Advances |
107.480
|
51.993
|
92.776
|
|
Total
Current Assets |
980.231
|
575.541 |
490.813 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
205.146
|
70.339
|
66.252 |
|
|
Other Current Liabilities |
98.628
|
63.746
|
86.974
|
|
|
Provisions |
35.170
|
16.130
|
13.382
|
|
Total
Current Liabilities |
338.944
|
150.215 |
166.608 |
|
|
Net Current Assets |
641.287
|
425.326
|
324.205
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.200 |
0.400 |
0.600 |
|
|
|
|
|
|
|
|
TOTAL |
2124.772 |
1438.151 |
1277.425 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4864.171 |
3997.606 |
3590.689 |
|
|
|
Other Operating Income |
9.106 |
4.144 |
0.000 |
|
|
|
Other Income |
0.000 |
1.468 |
5.247 |
|
|
|
TOTAL (A) |
4873.277 |
4003.218 |
3595.936 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4097.400 |
3249.232 |
2881.716 |
|
|
|
Manufacturing and Administration expenses |
277.390 |
305.967 |
285.177 |
|
|
|
Payment and Benefits to Employees |
115.203 |
98.740 |
84.452 |
|
|
|
Selling Expenses |
28.265 |
26.801 |
30.517 |
|
|
|
Profit on sale of Wind Mill unit |
0.000 |
0.000 |
(12.185) |
|
|
|
Increase/(Decrease) in Stocks |
(71.423) |
(70.830) |
31.228 |
|
|
|
TOTAL (B) |
4446.835 |
3609.910 |
3300.905 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
426.442 |
393.308 |
295.031 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
54.231 |
46.699 |
63.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
372.211 |
346.609 |
231.072 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
92.008 |
85.074 |
78.993 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
280.203 |
261.535 |
152.079 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
90.090 |
89.669 |
86.303 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
190.113 |
171.866 |
65.776 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
195.226 |
43.414 |
102.638 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
17.141 |
0.000 |
|
|
|
Proposed Equity Dividend |
17.141 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
2.847 |
2.913 |
125.000 |
|
|
BALANCE CARRIED
TO THE B/S |
365.351 |
195.226 |
43.414 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export of Goods (excluding deemed exports) |
79.240 |
30.524 |
12.270 |
|
|
TOTAL EARNINGS |
79.240 |
30.524 |
12.270 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
827.658 |
53.383 |
24.295 |
|
|
|
Capital Goods |
230.130 |
14.596 |
134.052 |
|
|
|
Stores & Spares |
10.719 |
5.921 |
1.324 |
|
|
TOTAL IMPORTS |
1068.507 |
73.900 |
159.671 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.09 |
10.03 |
3.84 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1193.800 |
1171.000 |
|
Total Expenditure |
|
1093.100 |
1071.100 |
|
PBIDT (Excl OI) |
|
100.700 |
99.900 |
|
Other Income |
|
1.000 |
0.600 |
|
Operating Profit |
|
101.700 |
100.500 |
|
Interest |
|
8.000 |
12.300 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
93.700 |
88.200 |
|
Depreciation |
|
23.400 |
23.200 |
|
Profit Before Tax |
|
70.300 |
65.000 |
|
Tax |
|
22.200 |
20.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
48.100 |
44.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
48.100 |
44.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.90
|
4.29
|
1.83
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.76
|
6.54
|
4.24
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.76
|
17.19
|
10.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.27
|
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.90
|
0.52
|
0.84
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.89
|
3.83
|
2.95
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The production of Polyester, Polypropylene and Fully Drawn Filament Yarn during the year has increased from 59913 MT in 2009-10 to 66291 MT in 2010-11 registering an increase of 10.65%. Production of Polyester, Nylon and Poly Propylene Monofilament yarn has increased from 1436 MT in 2009-10 to 1642 MT in 2010-11 registering an increase 14.35% and Narrow Fabrics from 660 MT in 2009-10 to 1637 MT in 2010-11 registering an increase of 148%. During the year the Company achieved turnover of Rs. 5371.000 Millions as compared to Rs. 4292.300 Millions for the previous financial year registering an increase of 25%. The Net Profit after tax is Rs. 190.100 Millions as compared to Rs. 171.900 Millions in the previous year registering an increase of 11%.
MANAGEMENT’S DISCUSSION AND ANALYSIS
Industry Structure And Development
The textile market in
Industry Outlook
2009 witnessed the Indian textile industry recovering from
the slowdown with strong domestic consumption and renewed export demand.
Earlier, the textile industry, which was a major contributor to export
earnings, had encouraged global economic slowdown shocks. Exports registered
month-on-month negative growth for most part of 2009. Strong domestic
consumption and higher export demand have brought new optimism in the industry.
From time to time the Government has also intervened to help the industry by
bringing several stimulus packages. The Foreign Trade Policy 2009-14 also
featured some relief majors including addition of 26 new markets in the Focus
Market Scheme (FMS) in
COMPANY OUTLOOK
At present, the Company procures polyester chips externally to manufacture POY, FDY and Polyester Filament Yarn. In order to improve its profitability, the Company has upgraded some of its POY spinning lines for manufacture of Fully Drawn Yarn (FDY) resulting in higher value additions. With a view to have a level playing field as compared to its competitors and to reduce operational costs on recurring basis, the Company is in the process of setting up of its own Poly Condensation Plant of 216000 MT/per annum alongwith addition of 108000 MT per annum capacity of POY. This will lead to increase in margins. The Company has taken steps toward forward integration by adding a new value added product in its existing products range i.e. Narrow Fabrics by putting up looms. During the year, the Company has increased the installed capacity of Narrow Fabrics to 2555 MT per annum from 1890 MT per annum.
Discussion on Financial Performance With Respect To
Operational Performance
During the year the Company achieved turnover of Rs. 5371.000 Millions as against Rs. 4292.300 Millions in the previous financial year registering an increase of 25%. The net profit for the year rose by 11% to Rs. 190.100 Millions after providing for depreciation of Rs. 96.000 Millions and tax of Rs. 90.100 Millions as against a net profit of Rs.171.900 Millions after providing for depreciation of Rs. 85.100 Millions and tax of Rs. 89.700 Millions during the previous year.
The production of Polyester, Polypropylene and Fully Drawn Filament Yarn during the year has increased from 59913 MT in 2009-10 to 66291 in 2010-11 registering an increase of 10.65%. Production of Polyester, Nylon and Poly Propylene Monofilament yarn has increased from 1436 MT in 2009-10 to 1642 MT in 2010-11 registering an increase of 14.35% and Narrow Fabrics from 660 MT in 2009-10 to 1637 in 2010-11 registering an increase of 148%.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2011
(Rs.
in millions)
|
Particulars |
Quarter Ended 30.09.2010 |
Half Year Ended 30.09.2010 |
|
Unaudited |
Unaudited |
|
|
1 a) Net
Sales/Income from Operations |
1168.400 |
2360.200 |
|
b) Other Operating
Income |
2.600 |
4.700 |
|
Total Income |
1171.000 |
2364.900 |
|
2 Expenditure:- |
|
|
|
a)
(Increase)/Decrease in stock in trade and work in progress |
13.800 |
51.700 |
|
b) Consumption
of raw materials |
933.300 |
1886.000 |
|
c) Employees Cost
|
34.400 |
66.600 |
|
d) Depreciation |
23.200 |
46.600 |
|
e) Other
Expenditure |
89.600 |
159.900 |
|
Total
Expenditure |
1094.300 |
2210.800 |
|
3 Profit from
Operations before Other Income, Interest & Exceptional Items (1-2) |
76.700 |
154.100 |
|
4 Other Income |
0.600 |
1.500 |
|
5 Profit
(+)/Loss (-) before Interest & Exceptional Items (3+4) |
77.300 |
155.600 |
|
6 Interest &
Other Financial Charges |
12.300 |
20.400 |
|
7 Profit
after Interest but before Exceptional Items (5-6) |
65.000 |
135.200 |
|
8 Exceptional
Items |
- |
- |
|
9 Profit(+)/Loss(-)
from Ordinary Activities before Tax (7+8) |
65.000 |
135.200 |
|
10 Tax Expense
Current/MAT |
13.000 |
27.100 |
|
- Deferred |
20.300 |
42.400 |
|
- MAT Credit
Entitlement |
(13.000) |
(27.100) |
|
Total Tax
Expense |
20.300 |
42.400 |
|
11 Net Profit
(+)/Loss (-) from Ordinary Activities after Tax (9-10) |
44.700 |
92.800 |
|
12 Extra
Ordinary Items - - - - - |
- |
- |
|
13 Net Profit
(+)/Loss (-) for the period (11-12) |
44.700 |
92.800 |
|
14 Paid-up
Equity Share Capital (Face value Rs 10/- per share) |
240.000 |
240.000 |
|
15 Reserves
excluding Revaluation Reserves |
|
|
|
16 Earnings Per
Share (EPS) (Not annualized) |
|
|
|
a) Basic before
and after Extra Ordinary Items (Rs) |
1.91 |
4.58 |
|
b) Diluted
before and after Extra Ordinary Items (Rs) |
1.91 |
4.58 |
|
17 Public
Shareholding -No of Shares |
11381505 |
11381505 |
|
-Percentage of
Shareholding |
47.42 |
47.42 |
|
18 Promoters
and promoter group shareholding |
|
|
|
a. Pledged /
Encumbered |
|
|
|
- Number of
Shares |
4000000 |
4000000 |
|
- Percentage of
shares (as a % of the total shareholding of Promoter and promoter group) |
31.70 |
31.70 |
|
- Percentage of shares
(as a % of the total shareholding of the total share capital of the Company) |
16.67 |
2.92 |
|
b. Non-encumbered |
|
|
|
- Number of
Shares |
8618495 |
8618495 |
|
- Percentage of shares
(as a % of the total shareholding of Promoter and promoter group) |
68.30 |
68.30 |
|
- Percentage of
shares (as a % of the total shareholding of the total share capital of the
Company) |
35.91 |
35.91 |
Notes:
1. The above
results were reviewed by the Audit Committee and taken on record by the Board
of Directors of the Company at their meeting held on November 05, 2011 and a
limited review of the same has been carried out by the Statutory Auditors of
the Company.
2. The Company has
only single reportable business segment of manufacture of Synthetic Yarn and
Textiles in terms of the requirement of Accounting Standard 17.
3. The company’s project
of polyester poly – condensation cum POY is being implemented at GIDC Dahej,
4. The company has
received an amount of Rs. 302.930 Millions towards issuance of fresh equity and
conversion of warrants and the same is being utilized towards part financing of
acquisition of land, construction of building, procurement of plant and
machinery for the project of polyester poly- condensation cum POY.
5. In terms of the
notification No. GSR 225 (E) dated 31.03.2009 and notification No. GSR 378 (E)
dated 11.05.2011 issued by the ministry of corporate affairs on accounting
standard (AS-11), the company has exercised option to adjust the foreign
exchange difference on long term foreign currency loans to the cost of
qualifying capital assets for its project at Dahej,
6. There were no
investor complaints pending at the beginning of the quarter and no investor
complaints were received during the quarter ending September 30, 2011 and there
is no investor complaint pending at the end of the said quarter.
7. Statement of
Assets and Liabilities as on September 30, 2011:
(Rs.
in millions)
|
Particulars |
As on 30.09.2011 |
|
Unaudited |
|
|
Shareholders' Fund: |
|
|
(a)(i) Capital |
240.000 |
|
(ii) Advance
against Preferential Convertible Warrants |
- |
|
(b) Reserves & Surplus |
1201.900 |
|
Loan Funds |
1894.500 |
|
Deffered Tax Liabilities (net) |
171.900 |
|
Total |
3508.300 |
|
|
|
|
Application of Funds: |
|
|
Fixed Assets |
2894.900 |
|
Investments |
|
|
Current Assets,
Loans and Advances: |
|
|
(a) Inventories |
626.900 |
|
(b) Sundry
Debtors |
219.600 |
|
(c) Cash and Bank Balances |
55.500 |
|
(d) Other Current Assets |
18.200 |
|
(e) Loans and Advances |
156.100 |
|
Less: Current Liabilities & Provisions |
|
|
(a) Current Liabilities |
443.700 |
|
(b) Provisions |
19.300 |
|
Miscellaneous Expenditure (to the extent not written off or adjusted) |
0.100 |
|
Total |
3508.300 |
8. Previous Period figures have been regrouped wherever necessary to
correspond with the figures for the Current Period.
FIXED ASSETS:
Tangible Assets
- Free
- Factory Buildings
- Non-Factory Buildings
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Computers
- Vehicles
Intangible Assets
- Computer Software
BUSINESS DESCRIPTION:
Subject is an India-based company. The Company is principally
engaged in the manufacture of synthetic yarn and textiles. FIL has also
diversified itself into Special Polyester Filament Yarns, such as micro denier
polyester filament yarn. FIL manufactures monofilament yarns for zippers, tooth
brush bristles, velcro, magic fasteners and forming fabrics in
BOARD OF DIRECTORS:
Shri Ram Avtar Bhageria (Chairman)
Non Executive Director
Commerce graduate from the reputed Shri Ram College of
Commerce,
Shri Madhu Sudhan Bhageria (Vice
Chairman and Managing Director)
Gold medallist Commerce graduate from the reputed Shri Ram College of Commerce,
Rich 25 years experience in Polyester Industry Director in various other
Companies President of Small and Medium Scale Polyester POY Manufacturers, New
Delhi Treasury of Roshnara Club Limited
Shri Purrshottam Bhaggeria (Joint
Managing Director)
Master Degree in Business Administration from
Shri Madhav Bhageria (Joint
Managing Director)
Commerce graduate from
Shri S P Setia (Independent
Director)
Textile Technologist year of graduation 1962. Rich experience in textile industry and providing consultancy to textile industry since 1982. Chairman of Company’s Shareholders Grievances Committee and Member of Audit Committee
Shri S C Parija (Independent
Director)
Masters Degree in Political Science from
Shri B B Tandon (Independent
Director)
Masters Degree in Political Science from
Shri Vibhu Bakhru (Independent Director)
Member of the Bar Council of India and practicing in Delhi High Court and Supreme Court of India for over 20
Years. A qualified Chartered Accountant. Member of Company’s Audit Committee
PRESS RELEASE:
Research and Markets:
Filatex India Limited Company Profile - 2011 - Company Rxpanding Capacity of
POY, FDY and Yexturing and Bright Vhips by March 2014
Presswire
21 November 2011
Incorporated in August'90, Filatex India (FIL) is promoted
by Purshottam Bhageria and his brothers are into manufacture of Monofilament
yarn and PFY. Currently, company having two manufacturing units, one is at
Dadra and Nagar Haveli with an installed capacity of 48650 TPA for POY and
19500 TPA for texturised multifilament yarns. And second is at Noida with a
combined capacity of 1750 TPA including polyester, polypropylene and nylon
monofilament yarn. Company is in the process of setting up a polyester
polycondensation plant with a capacity of 216,000 TPA at Dahej,
Board Meeting on
November 05, 2011
Accord Fintech (
22 October 2011
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.52.10 |
|
|
1 |
Rs.81.30 |
|
Euro |
1 |
Rs.70.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.