MIRA
INFORM REPORT
|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHIVA TEXYARN LIMITED |
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Registered
Office : |
252, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.05.1980 |
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Com. Reg. No.: |
18-000945 |
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Capital
Investment / Paid-up Capital : |
Rs.216.045
Millions |
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|
|
CIN No.: [Company Identification
No.] |
L65921TZ1980PLC000945 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS03662B |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchanges. |
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Line of Business
: |
The Company is engaged in manufacturing and marketing of
cotton yarn and other textile products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5079000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track records. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular 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 |
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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
|
Registered Office : |
252, |
|
Tel. No.: |
91-422-2435555 |
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Fax No.: |
91-422-2454757 |
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E-Mail : |
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Factory 1 : |
Spring Unit – I |
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Tel. No.: |
91-4551-238560 |
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Fax No.: |
91-4551-238220 |
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Factory 2 : |
Spinning Unit –
II / Knitting Unit and Garment Unit |
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Wind Mills |
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Factory 3 : |
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Factory 4 : |
Gudimangalam,
Athukinathupatti and |
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Factory 5 : |
Sanganeri,
Tirunelveli District, |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Dr. S V Balasubramaniam |
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Designation : |
Chairman |
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Name : |
Mr. S V Alagappan |
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Designation : |
Managing Director |
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Name : |
Mr. S V Arumugam |
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Designation : |
Director |
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Name : |
Mr. S K
Sundararaman |
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Designation : |
Director |
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Name : |
Mr. V Venkata
Reddy |
|
Designation : |
Director |
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Name : |
Mr. K N V Ramani |
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Designation : |
Director |
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|
Name : |
Mr. C S K Prabhu |
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Designation : |
Director |
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Name : |
Mr. S
Palaniswami |
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Designation : |
Director |
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Name : |
Mr. K R
Thillainathan |
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Designation : |
Director |
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Name : |
Mr. S Marusamy |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mrs. M Shyamala |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Category of Shareholder |
No. of Shares |
Percentage of Holding |
|
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|
(1) Indian |
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Individuals / Hindu Undivided Family |
596,000 |
2.76 |
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|
15,592,444 |
72.17 |
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|
16,188,444 |
74.93 |
|
(2) Foreign |
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Total shareholding
of Promoter and Promoter Group (A) |
16,188,444 |
74.93 |
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(B) Public
Shareholding |
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|
|
|
|
|
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Financial Institutions / Banks |
1,400 |
0.01 |
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Sub Total |
1,400 |
0.01 |
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|
|
|
|
|
833,251 |
3.86 |
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Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100
million |
3,277,740 |
15.17 |
|
|
1,075,137 |
4.98 |
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|
228,549 |
1.06 |
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Non Resident Indians |
27,171 |
0.13 |
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Clearing Members |
59,099 |
0.27 |
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|
128,696 |
0.6 |
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|
13,583 |
0.06 |
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Sub Total |
5,414,677 |
25.06 |
|
Total Public
shareholding (B) |
5,416,077 |
25.07 |
|
Total (A)+(B) |
21,604,521 |
100 |
|
|
- |
- |
|
(1) Promoter and Promoter Group |
- |
- |
|
(2) Public |
- |
- |
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|
- |
- |
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Total
(A)+(B)+(C) |
21,604,521 |
- |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in manufacturing and marketing of
cotton yarn and other textile products. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Yarn |
Spindles / MT |
99000 |
89472 |
19066.18 |
|
Fabrics |
MT |
-- |
-- |
2101.31 |
|
Garments |
Nos. |
-- |
-- |
423603 |
|
Wind electricity |
KW/ Units of Lakhs |
22545* |
22545 |
323.35 |
|
Purchase of Yarn |
MT |
-- |
-- |
738.17 |
|
Cotton Waste |
MT |
-- |
-- |
5281.76 |
|
Purchase of Garments |
Nos. |
-- |
-- |
224878 |
* Exclusive of
6250 kw of wind mill capacity dedicated for captive use of Spinning Unit - I.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Canara Bank ·
Indian Overseas Bank ·
ICICI Bank Limited ·
UCO Bank ·
State Bank of ·
Bank of ·
Bank of ·
Allahabad Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V.K.S. Aiyer and
Company Chartered Accountants |
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Address : |
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Internal Auditors : |
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Name : |
Srivatsan and
Gita Chartered
Accountants |
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Address : |
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Joint Ventures : |
Bannari Amman
Apparel Private Limited |
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Associates : |
·
Anamallais Agencies Private Limited ·
Anamallais Automobiles Private Limited ·
Annamallai Infrastructures Limited ·
Annamallai Retreading Company Private Limited ·
Bannari Amman Flour Mill Limited ·
Bannari Amman Spinning Mills Limited ·
Bannari Amman Sugars Limited ·
Sakthi Murugan Transports Limited ·
Shiva Cargo Movers Limited ·
Shiva Distilleries Limited ·
Vedanayagam Hospital Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21604521 |
Equity Shares |
Rs.10/- each |
Rs.216.045
Millions |
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|
|
|
|
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 |
216.045 |
216.045 |
216.045 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1053.823 |
825.440 |
797.609 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1269.868 |
1041.485 |
1013.654 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3591.135 |
3149.387 |
1909.002 |
|
|
2] Unsecured Loans |
3.249 |
25.468 |
52.095 |
|
|
TOTAL BORROWING |
3594.384 |
3174.855 |
1961.097 |
|
|
DEFERRED TAX LIABILITIES |
314.953 |
210.352 |
184.704 |
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|
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|
|
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TOTAL |
5179.205 |
4426.692 |
3159.455 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
3080.256 |
2736.250 |
2118.136 |
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|
Capital work-in-progress |
66.234 |
23.667 |
91.138 |
|
|
|
|
|
|
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INVESTMENT |
7.800 |
141.516 |
95.235 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1304.756
|
612.337 |
256.512 |
|
|
Sundry Debtors |
414.931
|
229.739 |
150.905 |
|
|
Cash & Bank Balances |
240.857
|
272.237 |
299.195 |
|
|
Other Current Assets |
130.309
|
97.646 |
55.709 |
|
|
Loans & Advances |
302.192
|
577.867 |
403.586 |
|
Total
Current Assets |
2393.045
|
1789.826 |
1165.907 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
188.726
|
136.926 |
201.472 |
|
|
Other Current Liabilities |
48.357
|
37.665 |
35.629 |
|
|
Provisions |
131.047
|
89.976 |
73.860 |
|
Total
Current Liabilities |
368.130
|
264.567 |
310.961 |
|
|
Net Current Assets |
2024.915
|
1525.259 |
854.946 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5179.205 |
4426.692 |
3159.455 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and
Incidental Receipts |
3950.483 |
1895.627 |
930.568 |
|
|
|
Income from Wind
Mills |
20.858 |
39.183 |
43.322 |
|
|
|
Income from
Other Operations |
4.164 |
10.469 |
14.839 |
|
|
|
Other Income |
14.144 |
12.850 |
8.299 |
|
|
|
TOTAL (A) |
3989.649 |
1958.129 |
997.028 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials
consumed |
2667.739 |
1230.054 |
538.002 |
|
|
|
Purchase of Yarn |
168.224 |
13.870 |
111.256 |
|
|
|
Power and Fuel |
0.000 |
0.000 |
34.567 |
|
|
|
Purchase of
Fabrics |
5.310 |
0.000 |
0.000 |
|
|
|
Purchase of
Garments |
23.004 |
0.000 |
0.000 |
|
|
|
Manufacturing
Expenditure |
234.651 |
188.127 |
0.000 |
|
|
|
Salaries, Wages
and Other Benefits |
96.438 |
69.913 |
39.338 |
|
|
|
Stores, Spares
and Packing Materials Consumed |
0.000 |
0.000 |
12.620 |
|
|
|
Repairs and
Maintenance Expenditure |
96.572 |
63.801 |
38.280 |
|
|
|
Administrative and
Other Expenditure |
66.092 |
38.817 |
33.470 |
|
|
|
Selling and
Distribution Expenditure |
72.083 |
40.957 |
24.607 |
|
|
|
Extra Ordinary
Items |
32.919 |
0.000 |
0.000 |
|
|
|
Stock Adjustment |
(262.309) |
(34.386) |
(24.873) |
|
|
|
Prior period
income / (expenses) |
0.874 |
2.000 |
(0.224) |
|
|
|
TOTAL (B) |
3201.597 |
1613.153 |
807.043 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
788.052 |
344.976 |
189.985 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
231.328 |
127.112 |
46.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
556.724 |
217.864 |
143.403 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
176.598 |
135.033 |
83.246 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
380.126 |
82.831 |
60.157 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
114.078 |
30.984 |
15.155 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
266.048 |
51.847 |
45.002 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.390 |
2.736 |
0.482 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
25.000 |
20.000 |
|
|
|
Provision for proposed
Equity Dividend |
32.407 |
21.605 |
19.444 |
|
|
|
Provision for
Tax on Dividend |
5.257 |
3.588 |
3.304 |
|
|
BALANCE CARRIED
TO THE B/S |
32.774 |
4.390 |
2.736 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
852.879 |
336.774 |
181.402 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
54.756 |
31.482 |
41.175 |
|
|
|
Stores & Spares |
11.222 |
4.668 |
3.625 |
|
|
|
Capital Goods |
29.426 |
180.621 |
397.553 |
|
|
TOTAL IMPORTS |
95.404 |
216.771 |
442.353 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.31 |
2.40 |
2.08 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
850.670 |
793.230 |
756.730 |
|
Total Expenditure |
730.250 |
911.670 |
692.500 |
|
PBIDT (Excl OI) |
120.420 |
(118.440) |
64.230 |
|
Other Income |
3.320 |
4.860 |
2.080 |
|
Operating Profit |
123.740 |
(113.580) |
66.310 |
|
Interest |
72.250 |
71.140 |
66.380 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
51.490 |
(184.720) |
(0.070) |
|
Depreciation |
46.260 |
45.550 |
46.410 |
|
Profit Before Tax |
5.230 |
(230.280) |
(46.480) |
|
Tax |
(7.830) |
(56.020) |
(11.620) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
13.060 |
(174.260) |
(34.860) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
13.060 |
(174.260) |
(34.860) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.67
|
2.65 |
4.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.62
|
4.37 |
6.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.95
|
1.83 |
1.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.08 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.37
|
3.50 |
2.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.50
|
6.77 |
3.75 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS
The Directors report
that the Company’s performance in terms of production and sales of Cotton Yarn
and Fabric
has improved
considerably during the year. In view of very good demand for Yarn both in
domestic and export market and consequent improved realization for sale of the
products, the net Profit has improved substantially for the year.
Division wise
review of performance of the Company is furnished below:
Textile Division
The textile mills
produced 19066.18 tonnes (12574.49 tonnes) of yarn and sold 18516.40 tonnes
(12665.36 tonnes) of yarn. The sales include 4031.09 tonnes (2063.83 tonnes)
amounting to Rs. 811.176 Millions (Rs. 270.771 Millions) by way of export of
Yarn including Merchant Export. During the year, the Company has exported Waste
Cotton also to an extent of 1088.81 tonnes (822.38 tonnes) amounting to Rs.
48.770 Millions (Rs. 44.458 Millions). The total sales of the Spinning division
aggregated to Rs.3772.960 Millions (Rs.1793.541 Millions) of which export sales
including waste cotton export amounted to Rs. 859.946 Millions (Rs. 315.229
Millions) constituting 22.84% (17.58%) of the total revenue.
The profits of the
Textile units increased significantly on account of improved capacity
utilization, savings in power cost due to installation of new Windmills with an
aggregate capacity of 5.75 MW, improved off take of Yarn both in domestic and
export markets, better sales realization etc. Though there has been an increase
in Interest and other operating costs, the same has been offset by the positive
factors mentioned above. The problem of frequent power cuts imposed by TNEB
still persists. However this has been mitigated by the Company to some extent
by way of purchase of power from third party sources at competitive rates.
The knitting
division with installed capacity of 41 knitting machines produced 2101.31
tonnes of fabric (1668.42 tonnes) and sold 2054.87 tonnes (1667.78 tonnes)
including 269.36 tonnes (71.22 tonnes ) by way of export. The garment division
produced 423603 pieces (279044 pieces) of Garments and contributed revenue of
Rs.157.141 Millions (Rs.45.961 Millions) under the Brand Name of “YESWE
CREATIONS”.
Wind Mills Performance
The Wind Mills,
with an installed capacity of 22.545 MW, produced 323.35 lakh units of Wind
Electricity as against 246.18 lakh units (16.795 MW) in the last year. During
the course of the year windmills with an aggregate capacity of 5.75 MW have
been installed for meeting captive use requirement which will result in
reduction in power cost. Only 2 Windmills with a capacity of 0.45 MW is under
sale to Tamilnadu Electricity Board category in respect of which Power sold to
TNEB during the year is 7.86 lakh units (110.25 lakh units).
PROSPECTS FOR THE CURRENT YEAR 2011 - 2012
Textile Division
The Spinning units
with an aggregate capacity of 89472 spindles have reached optimum production
level. The scope for increasing capacity utilization in Knitting division which
in turn will increase production of knitted fabric is dependent on favourable
market conditions. The Garmenting division has also stabilized the operations
and the volume of business is likely to increase during the current year.
In order to
control the spiraling Cotton and Yarn prices, the Government has brought in
quota restrictions on exports by restricting cotton exports to 55 lakh bales
and Yarn exports to 720 million kgs for the year 2010-11. During the current
year also, the Yarn exports are regulated through licenses issued by Director
General of Foreign Trade. However due to shortage of cotton supply in the world
market, cotton prices sky rocketed since August 2010. In October 2010 when the
new cotton season began, the prices of Shankar-6 variety of cotton ruled at
Rs.37,000/- per candy which increased to Rs.62,000/- per candy in March’2011. Though
the prices have come down to about Rs.46,000/- per candy now, there has been a
lot of uncertainty about the future prospects. The closure of dyeing units in
Tiruppur District in Tamilnadu for non compliance of pollution control norms
may also have a bearing on the prospects for the Industry.
JOINT VENTURE
During the year,
the Company totally exited from the Joint Venture Company viz., Bannari Amman
Apparel Private Limited by liquidating its investments in the Company.
MANAGEMENT DISCUSSION AND ANALYSIS
COMPANY’S BUSINESS
The Company’s
principal line of business is manufacturing and marketing of Cotton Yarn and
other textile products viz., Knitted Fabrics and Knitted Garments. The Company
has two spinning units viz., Unit I near Dindigul with an installed capacity of
39072 spindles and Unit II near Coimbatore with an installed capacity of 50400
spindles aggregating to 89472 spindles, Knitting unit near Coimbatore with
capacity to produce about 12 MT of knitted fabric per day, Garment unit near
Coimbatore to produce knitted garments and 80 Windmills with an installed
capacity of 28795 KW.
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Indian
Textiles and Clothing Industry accounts for 4% of Country’s GDP, contributes
14% to total Industrial Production and nearly 16.63% of the total export
earnings are contributed by Textile sector.
The FY 2010-11 saw
the textile industry revive after passing through severe recession till the
third quarter of FY 2009-10. The revival was supported both by recovery in
domestic demand and pickup in export demand for textile products. However due
to shortage of natural fibre in world market, cotton prices have sky rocketed
from the beginning of the current cotton season October’ 2010 – September’ 2011
which has resulted in the finished products also becoming dearer. Hence the
situation remains fluid for the current FY 2011-12.
OUTLOOK
The outlook for
the Textile industry remains positive.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Vehicles and Equipments
·
Office Equipments
·
Vehicles
·
Furniture and Fittings
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED ON DECEMBER 31, 2011
(Rs. in millions)
|
Sr. No. |
Particular |
Three Months
Ended |
Nine Months
Ended |
|
|
|
|
31.12.2011 (Unaudited) |
30.09.2011 (Unaudited) |
31.12.2011 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
756.727 |
793.233 |
2400.632 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
4.663 |
315.252 |
230.596 |
|
|
b) Purchase of Traded Goods |
-- |
-- |
8.925 |
|
|
c) Employees Cost |
21.381 |
20.889 |
63.595 |
|
|
d) Depreciation |
46.406 |
45.549 |
138.216 |
|
|
e) Other Expenditure |
118.648 |
43.619 |
234.378 |
|
|
f) Consumption of Raw Materials |
547.814 |
531.914 |
1796.933 |
|
|
f) Total |
738.912 |
957.223 |
2472.643 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
17.815 |
(163.990) |
(72.011) |
|
|
|
|
|
|
|
4. |
Other Income |
2.082 |
4.855 |
10.253 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
19.897 |
(159.135) |
(61.758) |
|
|
|
|
|
|
|
6. |
Interest |
66.376 |
71.141 |
209.765 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
(46.479) |
(230.276) |
(271.523) |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
(46.479) |
(230.276) |
(271.523) |
|
|
|
|
|
|
|
10. |
Tax
Expense |
|
|
|
|
|
a) Current tax |
-- |
-- |
-- |
|
|
b) Deferred tax |
11.619 |
56.016 |
75.461 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
(34.860) |
(174.260) |
(196.062) |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
(34.860) |
(174.260) |
(196.062) |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
216.045 |
216.045 |
216.045 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
(1.61) |
(8.07) |
(9.08) |
|
|
b) Basic and diluted EPS after extraordinary items |
(1.61) |
(8.07) |
(9.08) |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
5419377 |
5419377 |
5419377 |
|
|
- Percentage of Shareholding |
25.09% |
25.09% |
25.09% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
16185144 |
16185144 |
16185144 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
74.91% |
74.91% |
74.91% |
Notes:
1. Statutory Auditors
of the company have carried out limited review of the above quarterly results
2. The Company’s business relates to single segment only i.e. Textiles and
hence no segment reporting is given.
3. Three complaints were received from investors during the quarter which
were promptly resolved. No investor complaint’s was pending as at the beginning
and at the end of the quarter.
4. The above statement was reviewed by the Audit Committee of Directors and was
taken on record at the meeting of the Board of Director’s held on 13.12.2012.
5. Previous year’s figures have been regrouped wherever necessary to confirm
to current period’s groupings.
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] 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 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.