MIRA
INFORM REPORT
|
Report Date : |
28.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
EUROTEX INDUSTRIES AND EXPORTS LIMITED |
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|
|
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Registered
Office : |
809, Raheja Chambers, 8th Floor, 213, Nariman Point, Mumbai
– 400021, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.02.1987 |
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Com. Reg. No.: |
11-42598 |
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Capital
Investment / Paid-up Capital : |
Rs.87.402
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120MH1987PLC042598 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05241F |
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|
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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. |
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|
|
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 |
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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 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 |
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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 |
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E-Mail : |
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Website : |
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Area: |
Owned |
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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 |
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Designation : |
Director |
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|
Name : |
Mr. Gopal Patodia |
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Designation : |
Director |
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|
Name : |
Mr. Narayan Patodia |
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Designation : |
Managing Director |
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Name : |
Mr. Rajiv Patodia |
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Designation : |
Executive Director |
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Name : |
Mr. Gurmukh J. Mirchandani |
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Designation : |
Director |
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|
Name : |
Mr. A. R. Garde |
|
Designation : |
Director |
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|
Name : |
Mr. Dharam Paul |
|
Designation : |
Director |
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|
Name : |
Mr. D. K. Patel |
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Designation : |
Director |
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Name : |
Mr. V. K. Gupta |
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Designation : |
Director |
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Name : |
Mr. Pratap Padamshi Dundh |
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Designation : |
Director |
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Name : |
Mr. M. L Bagaria |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr.
G S Ramakrishnan |
|
Designation : |
Company
Secretary and Compliance Officer |
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 |
|
|
|
|
|
|
|
|
174,937 |
2.00 |
|
|
5,074,172 |
57.99 |
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|
- |
- |
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|
5,249,109 |
59.99 |
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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 |
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|
53,880 |
0.62 |
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|
225,441 |
2.58 |
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|
1,948,960 |
22.27 |
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|
1,205,771 |
13.78 |
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|
66,704 |
0.76 |
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|
66,704 |
0.76 |
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|
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 |
- |
- |
|
|
- |
- |
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|
- |
- |
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|
- |
- |
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Total (A)+(B)+(C) |
8,749,865 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Cotton Yarns and Fabrics. |
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Products : |
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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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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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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lodha
and Company Chartered
Accountants |
|
Address : |
Mumbai,
Maharashtra, India |
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Associates : |
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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 |
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|
|
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|
|
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TOTAL |
1799.180 |
1715.863 |
1693.831 |
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APPLICATION OF FUNDS |
|
|
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|
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FIXED ASSETS [Net Block] |
985.813 |
1082.923 |
1180.674 |
|
|
Capital work-in-progress |
3.848 |
3.972 |
3.263 |
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Assets held for disposal |
2.625 |
2.900 |
2.900 |
|
|
|
|
|
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INVESTMENT |
31.826 |
31.827 |
31.827 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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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 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
741.560 |
626.210 |
|
Total Expenditure |
|
720.710 |
608.040 |
|
PBIDT (Excl OI) |
|
20.850 |
18.170 |
|
Other Income |
|
10.510 |
217.930 |
|
Operating Profit |
|
31.360 |
236.100 |
|
Interest |
|
34.850 |
30.120 |
|
PBDT |
|
(3.490) |
205.980 |
|
Depreciation |
|
24.870 |
25.280 |
|
Profit Before Tax |
|
(28.360) |
180.690 |
|
Tax |
|
0.000 |
22.610 |
|
Profit After Tax |
|
(28.360) |
158.090 |
|
Net Profit |
|
(28.360) |
158.090 |
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) |
|
|