MIRA
INFORM REPORT
|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
EUROTEX INDUSTRIES AND EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
809, Raheja Chambers, 8th Floor, 213, Nariman Point, Mumbai
– 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.02.1987 |
|
|
|
|
Com. Reg. No.: |
11-42598 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.87.402
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120MH1987PLC042598 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05241F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE1569M |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturing of Cotton Yarns and Fabrics. |
|
|
|
|
No. of Employees
: |
780 (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 2300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track. The
company has been successful in wiping off the accumulated losses of the previous
year. 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 : |
809, Raheja Chambers, 8th Floor, 213, Nariman Point, Mumbai
– 400 021, |
|
Tel. No.: |
91-22-22041408 / 66301400 |
|
Fax No.: |
91-22-22044139 / 22873774 |
|
E-Mail : |
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|
Website : |
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Area: |
Owned |
|
|
|
|
Factory : |
E-23 and E-1, MIDC, Gokul Shirgaon, Kolhapur - 416234, Maharashtra,
India |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Krishan Kumar Patodia |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B. Sc. Textiles (Hons) |
|
Date of Appointment : |
01.10.1988 |
|
|
|
|
Name : |
Mr. Hariprasad Siotia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gopal Patodia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Narayan Patodia |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Rajiv Patodia |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Gurmukh J. Mirchandani |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. A. R. Garde |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dharam Paul |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. D. K. Patel |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. V. K. Gupta |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Pratap Padamshi Dundh |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. M. L Bagaria |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr.
G S Ramakrishnan |
|
Designation : |
Company
Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
174,937 |
2.00 |
|
|
5,074,172 |
57.99 |
|
|
- |
- |
|
|
5,249,109 |
59.99 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5,249,109 |
59.99 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7,850 |
0.09 |
|
|
1,380 |
0.02 |
|
|
44,650 |
0.51 |
|
|
53,880 |
0.62 |
|
|
|
|
|
|
220,562 |
2.52 |
|
|
|
|
|
|
1,957,214 |
22.37 |
|
|
1,205,640 |
13.78 |
|
|
63,460 |
0.73 |
|
|
63,460 |
0.73 |
|
|
3,446,876 |
39.39 |
|
Total Public shareholding (B) |
3,500,756 |
40.01 |
|
Total (A)+(B) |
8,749,865 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have
been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
8,749,865 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Cotton Yarns and Fabrics. |
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Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Spindles |
Nos. |
61632 |
-- |
|
Knitting Machines |
Nos. |
24 |
-- |
|
Cotton Yarn |
Kgs. |
-- |
7133125 |
|
Fabrics |
Kgs. |
-- |
211279 |
GENERAL INFORMATION
|
No. of Employees : |
780 (Approximately) |
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Bankers : |
·
State Bank of India, Nairman Point Branch,
Jamnalal Bajaj Road ·
Bank of India ·
IDBI Bank Limited ·
Export Import Bank ·
Punjab National Bank ·
State Bank of Patiala ·
State Bank of Indore ·
The Dhanalakshmi Bank Limited ·
State Bank of Hyderabad |
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|
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Facilities : |
NOTE: Loans in (a) and
(b) above are secured by way of first mortgage on all immovable properties of
the Company, both present and future and a first charge by way of
hypothecation of all movable properties of the Company (save and except book
debts), both present and future, ranking pari passu interse, subject to prior
charges created in respect of borrowings from banks as referred for (c) and
(d) below. Loans in (c)
above are secured by way of hypothecation of Vehicles purchased there
against. Facilities in (d) above and non-fund limits of Rs.100.056 millions (Previous
year Rs. Nil) are secured by way of hypothecation of, both present and
future, inventories and book debts and by way of second charge created on
Company’s immovable and other movable assets. |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Lodha
and Company Chartered
Accountants |
|
Address : |
Mumbai,
Maharashtra, India |
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|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
30000000 |
Preferences Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8749865 |
Equity Shares |
Rs.10/- each |
Rs.87.499
Millions |
|
|
Less: Allotment Money Receivable |
|
Rs.0.097
Million |
|
|
Total |
|
Rs.87.402 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 |
87.402 |
87.402 |
87.402 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
493.876 |
446.424 |
449.352 |
|
|
4] (Accumulated Losses) |
0.000 |
[7.009] |
[27.296] |
|
|
NETWORTH |
581.278 |
526.817 |
509.458 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1035.822 |
1006.966 |
1002.592 |
|
|
2] Unsecured Loans |
0.300 |
0.300 |
0.000 |
|
|
TOTAL BORROWING |
1036.122 |
1007.266 |
1002.592 |
|
|
DEFERRED TAX LIABILITIES |
181.780 |
181.780 |
181.780 |
|
|
|
|
|
|
|
|
TOTAL |
1799.180 |
1715.863 |
1693.831 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
985.813 |
1082.923 |
1180.674 |
|
|
Capital work-in-progress |
3.848 |
3.972 |
3.263 |
|
|
Assets held for disposal |
2.625 |
2.900 |
2.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
31.826 |
31.827 |
31.827 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
769.489
|
548.826
|
523.634 |
|
|
Sundry Debtors |
98.480
|
51.735
|
65.094 |
|
|
Cash & Bank Balances |
7.836
|
11.761
|
4.042 |
|
|
Other Current Assets |
81.346
|
98.502
|
83.853 |
|
|
Loans & Advances |
81.074
|
74.196
|
71.457 |
|
Total
Current Assets |
1038.225
|
785.020
|
748.080 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
247.475
|
153.377
|
227.326 |
|
|
Other Current Liabilities |
9.784
|
32.170
|
40.715 |
|
|
Provisions |
5.898
|
5.232
|
4.872 |
|
Total
Current Liabilities |
263.157
|
190.779
|
272.913 |
|
|
Net Current Assets |
775.068
|
594.241
|
475.167 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1799.180 |
1715.863 |
1693.831 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2076.246 |
1750.894 |
1244.049 |
|
|
|
Other Income |
52.976 |
99.709 |
51.105 |
|
|
|
TOTAL (A) |
2129.222 |
1850.603 |
1295.154 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
1497.521 |
1046.380 |
780.477 |
|
|
|
Manufacturing, Administrative,
Selling and Other Expenses |
631.494 |
510.500 |
510.906 |
|
|
|
Increase/ Decrease in Stock |
(267.511) |
98.235 |
(2.960) |
|
|
|
Amount Withdrawn from Revaluation Reserve |
(2.918) |
(2.928) |
(63.047) |
|
|
|
Exceptional Item |
0.000 |
(28.181) |
0.000 |
|
|
|
TOTAL (B) |
1858.586 |
1624.006 |
1225.376 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
270.636 |
226.597 |
69.778 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.787 |
103.814 |
111.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
159.849 |
122.783 |
(41.372) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
102.154 |
102.496 |
99.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
57.695 |
20.287 |
(140.563) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.260 |
0.000 |
0.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
57.435 |
20.287 |
(141.542) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(7.009) |
(27.296) |
92.951 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
(21.295) |
|
|
BALANCE CARRIED
TO THE B/S |
50.426 |
(7.009) |
(27.296) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1640.175 |
1235.710 |
785.491 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
47.661 |
151.735 |
114.184 |
|
|
|
Stores & Spares |
9.612 |
5.931 |
15.470 |
|
|
|
Capital Goods |
0.000 |
1.398 |
39.777 |
|
|
TOTAL IMPORTS |
57.273 |
159.064 |
169.431 |
|
|
|
|
|
|
|
|
|
|
Earnings / Loss Per
Share (Rs.) |
|
|
|
|
|
|
Basic/ Diluted
before Exceptional Item |
6.59 |
[0.90] |
[16.06] |
|
|
|
Basic/ Diluted
after Exceptional Item |
6.59 |
2.32 |
[16.18] |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
741.560 |
626.210 |
518.810 |
|
Total Expenditure |
720.710 |
608.040 |
527.140 |
|
PBIDT (Excl OI) |
20.850 |
18.170 |
(8.330) |
|
Other Income |
10.510 |
217.930 |
1.590 |
|
Operating Profit |
31.360 |
236.1000 |
(6.740) |
|
Interest |
34.850 |
30.120 |
22.120 |
|
PBDT |
(3.490) |
205.980 |
(28.860) |
|
Depreciation |
24.870 |
25.280 |
25.250 |
|
Profit Before Tax |
(28.360) |
180.690 |
(54.110) |
|
Tax |
0.000 |
22.610 |
-8.720 |
|
Profit After Tax |
(28.360) |
158.090 |
(45.380) |
|
Net Profit |
(28.360) |
158.090 |
(45.380) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.70
|
1.10 |
(10.93) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.77
|
1.16 |
(11.30) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.85
|
1.09 |
(7.29) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.04 |
(0.28) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.23
|
2.27 |
2.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.95
|
4.11 |
2.74 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Belonging to the Patodia group and promoted by PBM Polytex,
Subject commenced manufacture in 1989. The company manufactures cotton yarn of
various counts -- from 30s to 100s. It diversified into the processing of yarn
and manufacture of woven and knitted superfine cotton fabric of international
standards, for which it came out with a rights issue at a premium in Oct.'92.
The company, a 100% EOU, has agency and selling arrangements with various
reputed buyers in the
OPERATIONS
During
the year the turnover of the Company was Rs.2076.300 Millions as compared to
Rs.1750.900 Millions in the previous year. The Company has earned a Net Profit after
Tax of Rs.57.400 Millions as against a Net Profit after Tax of Rs.20.300
Millions in the previous year. The debt restructuring programme under
implementation with the approval of lending banks since 1st July, 2009 has made
good progress as per projections.
AWARDS
The
Company has once again secured an award for the year 2009-10 from the
Government of Maharashtra, in appreciation of Company’s Export performance in
Textile-Large Scale Industry Category. The Company has also secured the GOSHIMA
AWARD from Gokul Shirgaon Manufacturers Association, Kolhapur for excellence in
Energy Efficiency.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENT:
The
Company is having cotton spinning and knitted fabrics manufacturing unit.
Textile is the oldest and most important industry with high employment
potential. The textile industry provides jobs for semi-skilled and unskilled
labourers, women in particular, on a large scale in the country. Subject has a
state of art modern spinning mills manufacturing and exporting cotton yarn all
over the world.
SEGMENT
OR PRODUCTWISE PERFORMANCE:
The
Company operates primarily in one business segment viz cotton yarn and knitted
fabric and has its production facilities and assets located in India. Hence
segment-wise or product-wise performance is not given.
OUTLOOK
The
Company has invested substantially in modernization and upgradation of its
production facilities and the Company is poised to take maximum advantage of
demand in quality goods in post quota regime. The exchange rate fluctuations,
power cost increase due to increase in oil prices and state grid power rates
are the risks and matters of concern and may adversely affect its
profitability.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Amount
outstanding in respect of Bills discounted under Export Letter of Credit
(Since realized Rs.154.898 millions, Previous Year Rs.103.725 millions) |
240.998 |
252.610 |
|
Disputed Statutory claims / levies, including,
those pending in court and other claims not acknowledged as debts (excluding
interest where not ascertained / demanded) in respect of: |
||
|
Sales Tax |
46.113 |
46.113 |
|
Income tax |
28.454 |
28.454 |
|
Excise Duty |
141.179 |
141.179 |
|
Custom Duty |
0.925 |
0.925 |
FIXED
ASSETS
v
Land Freehold
v
Land Leasehold
v
Buildings
v
Plant
and Machinery
v
Electrical
Installations
v
Office
Equipment
v
Furniture
and Fittings
v
Vehicles
WEBSITE DETAILS:
BUSINESS
DESCRIPTION:
Subject is an India-based company. The Company is a manufacturer and
exporter of yarn and knitted fabrics. It operates in one business segment: cotton
yarn and knitted fabric. The Company’s cotton yarn exports exceed 24000 tons.
The Company knit’s fabrics in various structures. It also produces single
jersey pique fabric. The Company’s garment manufacturing unit is located in New
Bombay and it manufactures knitted garments for the export market. The
Company’s garment product range includes baby bodies and pyjamas, kids and teen
wear, and polo pique and round neck t-shirts. The Company’s plant is spread
over 18 acres at Kolhapur in Maharashtra, India. For the nine months ended 31
December 2010, Subject revenues increased 26% to RS1.63B. Net income totaled
RS60.5M, vs. a loss of RS15.4M. Revenues reflect an increase in income from
operations and higher other income. Net income reflects a decrease in depreciation
charges. The company is a manufacturer and exporter of yarn and knitted
products to Europe, Asian and American countries.
BOARD OF DIRECTORS:
M. L. BAGARIA
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. M. L. Bagaria is Non-Executive Independent Director of Subject. He
is a B. Sc Textiles holder, started his career with Shri B.K. Birla Group and
later was transferred to A.V. Birla Group. He has worked in different units
within the group from 1965 to 2002 and rose to the level of unit head. From May,
2002 to April, 2004 he worked as Director in Harshit Textiles/Takshila Private
Limited (formerly known as Gwalior Suitings - A Unit of Grasim Industries
Limited) August, 2004 onwards he worked as Director in Shrishti Textiles
Private Limited, doing job work for Aditya Birla Nuvo (Indian Rayon, Veraval).
Presently he is Director in Shrishti TEXCO, Mumbai, which is a textile
consultancy and placement service for senior executives in the Textile Trade.
He has experience in Textile Industry and associated for the last 25 years with
the expansion, modernization and project implementation in the industry. He was
instrumental in conducting PARTA (Budgetary Controls) conferences of group
textile units covering 14 Indian and Overseas units. He contributed to get National
Energy Conservation Award for Vikram Woolens which got second prize in 2000-01.
PRATAP PADAMSHI
DUNDH
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. Pratap Padamshi Dundh is Non-Executive Independent Director of
Subject. He has experience in Textile Industry in areas of Purchase, Imports
and Exports. He is Patodia Syntex Limited Maharashtra Fibre and Syntex Limited.
A. R. GARDE
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. A. R. Garde is Non-Executive Independent Director of Subject. He has
an experience of 43 Years in R and D in Textile. 23 Years of consultancy in
technical and managerial areas of cotton based textiles. He was Director of
ATIRA for 7 yrs. and now is advisor to Textile Industries and author of books
on Management. He holds a B. Text degree from Mumbai University.
VINOD K. GUPTA
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. Vinod K. Gupta is Non-Executive Independent Director of Subject. He
has 44 years association with various Textile and Synthetic Fibre Industries at
Senior level positions. Presently, Technical Advisor to Century Enka Limited
and Century Rayon. He holds B.TEXT and TEP from Darden, University of Virginia.
D. K. PATEL
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. D. K. Patel is Non-Executive Independent Director of Subject. He was
General Manager SICOM Limited and now is Financial Advisor to various
Companies. He is also a director of the following Companies Malladi Drugs and
Pharmaceuticals Limited, Godavari Drugs Limited, Celestial Biologicals Limited,
Polyster Plastics Private Limited, Minex Metallogical Company Limited, Solar
Industries Limited.
GOPAL PATODIA
NON-EXECUTIVE
DIRECTOR
Mr. Gopal Patodia is Non-Executive Director of Subject. He has a
experience in Cotton and yarn trading. He has experience in Marketing and
manufacturing activities of spinning mills. He is director of Shashank
Investments Private Limited PBM Polytex Limited Patodia Syntex Limited Trikon
Investments Private Limited VEE PEE Intrades Private Limited Patodia Company
Private Limited
PRESS RELEASES:
EUROTEX INDUSTRIES
SELLS PROPERTY LOCATED AT CALICUT, KERALA FOR RS 267.300 MILLIONS
20 JULY 2011
India, July 20 -- Eurotex Industries and Exports has sold the land and
building of the company located at Chelembra, Calicut, Kerala admeasuring
approximately 26.73 acres for a consideration of Rs 267.300 millions. Eurotex
Industries and Exports, is a Patodia Group company engaged in export of 100%
cotton yarn in single and 2-ply. Its double yarns, Including knotless, are
twisted on Volkmann TFO Twisters. The company is the manufacturer of knitted
fabrics in various structures such as single jersey, interlock, rib, etc and a
wide range of knitted garments including baby bodies and pyjamas, kids and teen
wear, polo pique and round neck T-shirts.
INDIA: EUROTEX INDUSTRIES
AND EXPORTS LIMITED : SALE OF VACANT INDUSTRIAL LAND
03 FEBRUARY 2011
Eurotex
Industries and Exports Ltd has informed BSE that the Board of Directors of the
Company at its meeting held on February 03, 2011, inter alia, has discussed the
proposal for the sale of vacant industrial land and Building located near
Calicut, Kerala, amounting to approximate value of Rs. 270.000 Millions and
gave approval for sale of the same.
The
Patodia Group of Industries of national and international fame was founded by
Late Mr. B. L. Patodia as early as 1938 and pioneered the business of cotton
and art silk yarns in India. The trade and export activities of the group rose
to enormous proportions after World War II. The group's present turnover is in
excess of US$ 100 Million, and covers almost full range of the activities of
textile industry, from raw cotton to ready to wear fashion garments. The group
has firm business tie-ups with textile companies all over the world including
Japan, Switzerland, UK, Germany, South Korea, Italy and USA. Cotton yarn
exports of the group comprise almost 10% of India's yarn exports.
These
towering accomplishments have been the inspiration to the formation of EUROTEX
which was incorporated in 1989. The Company's plant, spread out over a sprawling
18 acres at Kolhapur in Maharashtra, India, is one of the most sophisticated in
its class in the world today. The latest machinery and technological know-how
was acquired from reputed world leaders in their respective fields and the
plant is professionally managed by the best technical team in India today.
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.51.15 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.