MIRA
INFORM REPORT
|
Report Date : |
21.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
NAGREEKA EXPORTS LIMITED |
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Registered Office : |
18, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
06.03.1989 |
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Com. Reg. No.: |
21-046387 |
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Capital
Investment / Paid-up Capital : |
Rs.62.550
Millions |
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CIN No.: [Company
Identification No.] |
L1810WB1989PLC046387 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALN02503E |
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PAN No.: [Permanent
Account No.] |
AAACN9999A |
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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 : |
Manufacturers, Exporters and Marketers of Cotton Yarn and Knitted
Fabrics. |
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No. of Employees : |
250 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well 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 |
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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 : |
18, R.N. Mukherjee Road, 6th Floor, Kolkata – 700 001, West Bengal,
India |
|
Tel. No.: |
91-33-22108828/22484922/4943 |
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Fax No.: |
91-33-22481693 |
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E-Mail : |
knbansal@nagreeka.com |
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Website : |
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Corporate Office : |
7, Kala Bhavan, 3 Mathew Road, Mumbai – 400 004, Maharashtra, India |
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Tel. No.: |
91-22-23670365/61447500 |
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Fax No.: |
91-22-23612579/23630475 |
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E-mail : |
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Administrative Office: |
21/22 Kala Bhawan 3 Mathew Road, Mumbai – 400 004, Maharashtra,
India |
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Factory : |
Laxmi Tekadi Village Yavluj, Taluka Panhala, District Kolhapur -
416205, Maharashtra, India |
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Tel. No.: |
91-231-2420639/2328-237226 |
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Fax No.: |
91-231-2420638 |
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E-mail : |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Sushil Patwari |
|
Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
20.08.1954 |
|
Qualification : |
B. Com (H) |
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Date of Appointment : |
06.03.1989 |
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Name : |
Mr. Sunil Patwari |
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Designation : |
Vice Chairman |
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|
Name : |
Mr. Kailash Chandra Purohit |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
18.06.1932 |
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Qualification : |
B. Tech |
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Date of Appointment : |
30.06.2001 |
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Name : |
Mr. Mohan Kishen Ogra |
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Designation : |
Director |
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Name : |
Mr. Bibhuti Charan Talukdar |
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Designation : |
Director |
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Name : |
Mr. Mahendra Patwari |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
15.03.1963 |
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Qualification : |
B. E. from IIT, Mumbai |
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Date of Appointment : |
01.07.2004 |
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Name : |
Mr. Rajendra Mahavirprasad Ruia |
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Designation : |
Director |
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Name : |
Mr. Mahabir Prasad Periwal |
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Designation : |
Director |
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Name : |
Mr. Bhbhuti Charan Talukdar |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. J Tiwari |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
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|
4,472,300 |
35.78 |
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2,105,186 |
16.84 |
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6,577,486 |
52.62 |
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Total shareholding of Promoter and Promoter Group (A) |
6,577,486 |
52.62 |
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(B) Public Shareholding |
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|
3,300 |
0.03 |
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|
300 |
- |
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|
300 |
- |
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|
3,900 |
0.03 |
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2,535,740 |
20.29 |
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2,747,085 |
21.98 |
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|
404,082 |
3.23 |
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|
231,407 |
1.85 |
|
|
227,344 |
1.82 |
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|
800 |
0.01 |
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|
3,263 |
0.03 |
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|
5,918,314 |
47.35 |
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Total Public shareholding (B) |
5,922,214 |
47.38 |
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Total (A)+(B) |
12,499,700 |
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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Total (A)+(B)+(C) |
12,499,700 |
- |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Marketers of Cotton Yarn and Knitted
Fabrics. |
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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 |
Spindle |
56784 |
55440 |
-- |
|
Cotton Yarn |
Kg. |
-- |
-- |
9435626 |
|
Cloth Weaving |
Mtr. |
-- |
733000 |
877345 |
|
Cloth Processing |
Mtr. |
-- |
792000 |
846887 |
|
Knitted Fabrics |
Kg. |
-- |
-- |
126658 |
GENERAL INFORMATION
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No. of Employees : |
250 [Approximately] |
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Bankers : |
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Facilities : |
NOTE: i. Rupee Term loan
from Canara Bank - Kolkata, Oriental Bank of Commerce – Kolkata and State
Bank of Patiala – Mumbai is secured by (a) an equitable
mortgage ranking pari passu inter-se by deposit of title deeds of all the
immovable properties of the company both present and future, relating to its
spinning unit premises at Village : Yavluj, District : Kolhapur, Maharashtra
and (b) by way of
hypothecation ranking pari passu inter-se of all movable properties of the
company both present and future including movable machineries, spares, tools
and accessories (save and except book debts) subject to prior charges created
or to be created in favour of the Company’s Bankers, on its stock of Raw
Materials, finished goods, consumable stores, book debts and such other
movables as may be specifically permitted by the institutions in writing, to
secure borrowings for working capital requirements and (c) Personal
guarantee of some of the Directors of the Company. ii. Working
Capital Term Loan from Canara Bank, Overseas Branch, Kolkata is secured by
way of : (a)
hypothecation of stock of Raw materials, Work-in-process, finished goods and
book debts relating to spinning unit at Village : Yavluj, District :
Kolhapur, Maharashtra and stock-in-trade and book debts relating to trading unit, (b) Second
charge on immovable properties of the company relating to above mentioned
spinning unit, and (c) Personal
guarantee of some of the Directors of the Company. iii. Working
Capital Loan from Canara Bank, Overseas Branch, Kolkata and Mumbai, Oriental
Bank of Commerce, Overseas Branch, Kolkata and Allahabad Bank, Industrial
Finance Branch, Kolkata are secured by way of : (a)
hypothecation of stock of Raw materials, Work-in-process, finished goods and
book debts relating to spinning unit at Village : Yavluj, District :
Kolhapur, Maharashtra and stock-in-trade and book debts relating to trading
unit, (b) Second
charge on immovable properties of the company relating to above mentioned
spinning unit, and (c) Personal
guarantee of some of the Directors of the Company. iv. Working
Capital Loan from ING Vysya Bank Limited, Overseas Branch, Mumbai is secured
by way of : (a)
hypothecation of stock of raw materials, work in process, Finished goods,
book debts relating to spinning unit at Village : Yavluj, District :
Kolhapur, Maharashtra and (b) Second
charge on immovable Properties of the Company relating to above mentioned
spinning unit, and (c) Personal
guarantee of some of the Directors of the Company. v. For the above
loan a securitization agreement entered in between the Company, AXIS Bank
Limited and the above lenders. vi. Term Loans
repayable within one year Rs. 70.032
Millions (previous year Rs. 60.696 Millions). vii. Working
Capital Term Loan repayable within one year Rs. 9.376 Millions (Previous year NIL) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Das and Prasad Chartered Accountants |
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Address : |
4, Chowringhee Lane Kolkata-700016, West |
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Associates: |
·
Nagreeka Capital and Infrastructure Limited ·
Nagreeka Foils Limited ·
Nagreeka Synthetics Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.5/- each |
Rs.150.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12510000 |
Equity Shares |
Rs.5/- each |
Rs.62.550
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12499700 |
Equity Shares |
Rs.5/- each |
Rs.62.499
Millions |
|
|
Add: 10300 Forfeited Equity Share |
|
Rs.0.051
Million |
|
|
Total |
|
Rs.62.550 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 |
62.550 |
62.550 |
62.550 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
776.393 |
722.117 |
702.722 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
838.943 |
784.667 |
765.272 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1606.638 |
1258.379 |
890.835 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1606.638 |
1258.379 |
890.835 |
|
|
DEFERRED TAX LIABILITIES |
153.012 |
132.096 |
128.957 |
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|
|
|
|
|
|
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TOTAL |
2598.593 |
2175.142 |
1785.064 |
|
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|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
871.192 |
868.662 |
936.888 |
|
|
Capital work-in-progress |
10.761 |
16.192 |
1.134 |
|
|
|
|
|
|
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|
INVESTMENT |
142.344 |
202.344 |
206.862 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
913.380
|
680.770
|
333.382
|
|
|
Sundry Debtors |
419.330
|
233.741
|
61.373
|
|
|
Cash & Bank Balances |
37.978
|
7.992
|
20.878
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
541.418
|
431.170
|
352.772
|
|
Total
Current Assets |
1912.106
|
1353.673
|
768.405
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
170.918
|
93.608
|
89.648 |
|
|
Other Current Liabilities |
136.374
|
167.645
|
35.959
|
|
|
Provisions |
30.518
|
4.475
|
2.618
|
|
Total
Current Liabilities |
337.810
|
265.728
|
128.225
|
|
|
Net Current Assets |
1574.296
|
1087.945
|
640.180
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2598.593 |
2175.142 |
1785.064 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5581.747 |
4145.543 |
2665.269 |
|
|
|
Other Income |
2.707 |
4.833 |
6.250 |
|
|
|
TOTAL (A) |
5584.454 |
4150.376 |
2671.519 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
3401.410 |
2740.751 |
1135.137 |
|
|
|
Manufacturing Expenses |
1639.465 |
1036.600 |
1080.123 |
|
|
|
Selling and Distribution Expenses |
308.320 |
226.792 |
170.398 |
|
|
|
Establishment and Other Expenses |
157.742 |
167.831 |
179.532 |
|
|
|
Increase / Decrease in Stock |
(214.480) |
(219.514) |
9.087 |
|
|
|
TOTAL (B) |
5292.457 |
3952.460 |
2574.277 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
291.997 |
197.916 |
97.242 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
122.232 |
111.342 |
79.804 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
169.765 |
86.574 |
17.438 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
66.535 |
65.637 |
63.571 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
103.230 |
20.937 |
(46.133) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
41.667 |
1.542 |
28.505 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
61.563 |
19.395 |
(17.628) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.651 |
6.256 |
23.884 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
6.250 |
0.000 |
0.000 |
|
|
|
Distribution Tax thereon |
1.038 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
79.926 |
25.651 |
6.256 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4574.745 |
3196.352 |
1878.800 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
1.964 |
5.988 |
6.017 |
|
|
|
Capital Goods |
40.046 |
7.872 |
12.103 |
|
|
TOTAL IMPORTS |
42.010 |
13.860 |
18.120 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.93 |
1.55 |
(1.41) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1276.390 |
968.550 |
|
Total Expenditure |
|
1228.880 |
921.290 |
|
PBIDT (Excl OI) |
|
47.510 |
47.260 |
|
Other Income |
|
0.090 |
0.900 |
|
Operating Profit |
|
47.600 |
48.160 |
|
Interest |
|
42.750 |
29.660 |
|
PBDT |
|
4.850 |
18.500 |
|
Depreciation |
|
17.540 |
17.150 |
|
Profit Before Tax |
|
(12.690) |
1.340 |
|
Profit After Tax |
|
(12.690) |
1.340 |
|
Net Profit |
|
(12.690) |
1.340 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.10
|
0.47 |
(0.66) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.85
|
0.51 |
(1.73) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.71
|
0.94 |
(2.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.03 |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.32
|
1.94 |
1.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.66
|
5.09 |
5.99 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATION
The revival in global
markets post the events of 2008 continued and as such the company’s performance
improved further and the turnover increased from Rs. 4145.543 Millions for the
year ended 31.03.2010 to Rs.5581.747 Millions for the period. The Profit after
Tax for the Year is Rs 61.563 Millions
as against Profit of Rs. 19.395 Millions
in the previous year. The year witnessed very high volatility in cotton prices
which have seen all time high levels due to a projected shortfall in production
of raw cotton globally. The increase in prices of cotton could be passed on and
as such there was a healthy effect on the bottom line. The effect would have been even more but for the
abrupt changes in government policies including stoppage of yarn exports during
Dec/Jan 2010-11 and withdrawal of Duty Drawback and DEPB on exports of yarn.
FUTURE PROSPECT
Although the GDP
for 2011-12 will not exceed 8.5%, the income level and spending power and
propensity of population has been consistently rising. This will consequently increase
consumption level of the masses. Further, the changing life style, in urban and
rural areas, will increase the demand for garments. This will increase the top
line and bottom line of yarn producing companies also. The additional
allocation for Textile Upgradation Fund Scheme (TUFS) indicates strong desire
of the Central Government to promote further investment and capacity growth in
the industry. This is very positive sign for yarn industry.
However, the
increase in wages, fuel prices and interest cost and the increase in power cuts
in recent period definitely pose a challenge. This would affect the performance
of the company in the current year. The company, however, has maintained high
standards of quality cost effective production and stringent waste control
measures. It is hoped that these measures will strengthen the company to face
the challenges in the current scenario. The Company has also taken up
implementation of projects for capacity expansion and manufacturing of value
added products.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
INDUSTRY STRUCTURE AND DEVELOPMENT:
The textile
industry is the major employer in India and is an important segment of the
economy. Cotton is a big crop and India is 2nd largest producer of raw cotton
and nearly 80% of it is processed within the country to produce various item
such as clothing, home textiles, furnishing etc., spinning is the first step in
this process.
The sentiment in
the industry is dependent on the demand for the finished products. The export
demand from US and Europe continues to be steady, though recent events has
caused a reduction in demand and this should revive their the next few months.
The growing economy and the percolation of the benefits of the growth have
caused a jump in the consumption of textile products within the country. This
is great hope for the industry. Impetus through TUFS is helping capacity
creation and growth. Raw material prices have been excessively volatile this
year but in view of the bigger crop all around, we should see a non-orderly
market in the coming year.
OUTLOOK:
A resilient Indian
economy with inclusive growth, encompassing all round rural development, will
ensure higher GDP growth rate. Overall rising incomes and changing life style
will definitely increase demand for textiles and open up avenues for textile
yarns. The world economic scenario may turn positive in the next Financial
Year. In that case, the Indian Textile Sector, including the yarn industry, may
get leg up.
FIXED ASSETS:
·
Land and Site Development
·
Land Leasehold
·
Office Premises
·
Factory Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Air Conditioner
·
Vehicles
·
Computer
·
Office Equipments
·
Refrigerator
·
Old Machine in Hand
WEBSITE DETAILS:
BUSINESS DESCRIPTION:
Subject is an India-based company. The Company operates in the textile
segment. During the fiscal year ended March 31, 2010 (fiscal 2010), the Company
produced 9,525,143 kilograms of cotton yarn and 68,277 kilograms of knitted
fabrics. During fiscal 2010, it sold 27,477,501 kilograms of cotton yarn,
503,495 kilograms of knitted fabrics and 189,789 meters of cloth. During fiscal
2010, the Company had an installed to produce 55,440 spindles. During fiscal
2010, the storage capacity was increased by the Company. Its production is
exported to Korea, Mauritius, Taiwan, Hong Kong, Italy, Bangladesh, Turkey,
Cyprus, Canada, Germany, Switzerland, Singapore, Malaysia, Dominican Republic.
The Company's plant is located in district Kolhapur, Maharashtra. For the nine
months ended 31 December 2010, Nagreeka Exports Limited's revenues increased
40% to RS4.03B. Net income totaled RS79.1M vs. a loss of RS8.3M. Revenues
reflect an increase in income from operations and higher other income. Net
income also reflects the absence of forex loss and the presence of income from
stock in trade vs. a loss. The company engages in the manufacture, sale and
export of Cotton Yarn and Knitted Fabrics.
BOARD OF DIRECTORS:
Mr. Sushil Patwari
Given
his rich experience of nearly four decades in the group, Mr. Sushil Patwari,
Chairman, is the anchor for the group’s strategy, values and culture. He leads
the investment arm of the group and is responsible for Nagreeka’s diverse
investment portfolio including equity, debt, real estate, private equity,
venture capital and renewable energy. Mr.
Sushil Patwari is also an active member of the Executive Committee of the
Federation of Indian Export Organizations (FIEO).
Mr. Sunil Patwari
Mr. Sunil Patwari
is the Vice Chairman and Managing Director of Subject and spearheads its
initiatives in the field of textiles and technical textiles. He is also a
driver of corporate strategy and is leading the group’s business development
unit. Mr. Sunil Patwari is a Chartered Accountant, and is an alumnus of the PGP
program at The India Institute of Management - Ahmedabad. He is also actively
involved in the industry as member of the Committee of Administration, and Yarn
Committee, of the Cotton Textile Export Promotion Council (Texprocil), well as
a director on the Buyer’s Panel of the Cotton Association of India.
Mr. Mahendra Patwari
Mr. Mahendra Patwari, Director, Subject, is
at the forefront of operations management and is responsible for the company’s
operational, production and human resource efficiency. Mr. Mahendra Patwari is
an alumnus of The Indian Institute of Technology – Mumbai. He is also an avid
cricket, tennis and badminton enthusiast.
Mr. Satish Patwari
Mr.
Satish Patwari leads Nagreeka’s efforts in the foils business. He has led the
division’s growth from its modest beginning, to being a diversified supplier of
foil products. Mr. Satish Patwari is a proud alumnus of the Harvard Business
School (OPM), and is an active member and ex-president of the Rotary Club.
Mr. K.C. Purohit
Mr. Purohit, Whole-time Director of Subject, is one of the most respected and
reputed veterans of spinning industry. Textile engineer by qualification, Mr.
Purohit has worked in senior management positions with various machinery
makers, research organizations and manufacturers over the span of his career.
Mr. Purohit has been associated with Nagreeka for over 25 years, and embodies
its values of inclusive growth and its culture of employee well-being,
satisfaction and retention.
Mr. Vivek Khanna
Mr.
Khanna leads Subject sales force. He is responsible for maintaining and
enhancing the company’s reputation as an ethical and professional supplier of
quality products. It is under his guidance that the sales team has been able to
set and achieve higher targets each year, and today, is one of the largest
exporters of cotton yarns in India. Mr. Khanna holds a Bachelor’s in Textile
Engineering from Sasmira and an MBA from NMIMS.
MILESTONES
·
1953
– Mr. I. L. Patwari begins trading of cotton yarn
·
1989
– Subject Incorporated
·
1994
– Subject lists on BSE with 42x over-subscription
·
1994
– Subject state of the art spinning mill commissioned at Kolhapur, Maharashtra,
India
·
1995
– Nagreeka Foils Limited plant commissioned at Dadra, D and N, India
·
2000
– Nagreeka Foils Limited Unit II commissioned at Dadra, D and N, India
·
2003 –
Mala Overseas Private Limited begins manufacturing heat shrink jointing kits
·
2004
– Nagreeka Foils Limited forays into manufacture of hydrophilic coating
·
2006
– Subject doubles and modernizes capacity
·
2007
– Nagreeka Capital and Infrastructure Limited listed on BSE, NSE
·
2010
– Nagreeka Foils Limited ventures into manufacture of foil containers and home
foil rollss
PRESS RELEASES:
Regulation 8A of SEBI
(SAST) Regulations
09 June 2011
India, June 09 -- Nagreeka Exports Limited has informed the Exchange
that the Register of Members and Share Transfer Books of the Company will
remain closed from September 21, 2011 to September 28, 2011 (both days
inclusive) for the purpose of Annual General Meeting of the Members of the
Company to be held on September 28, 2011 and for determining the names of
members who will be entitled to dividend on equity shares if declared at the
ensuing AGM.
REG 7 OF SEBI (SUSBS ACQ
OF SHARES AND TAKEOVERS)
09 June 2011
India, June 9 -- Nagreeka Exports Limited has informed the Exchange that
the Register of Members and Share Transfer Books of the Company will remain
closed from September 21, 2011 to September 28, 2011 (both days inclusive) for
the purpose of Annual General Meeting of the Members of the Company to be held
on September 28, 2011 and for determining the names of members who will be
entitled to dividend on equity shares if declared at the ensuing AGM.
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.50.3 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.31 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.