MIRA
INFORM REPORT
|
Report Date : |
19.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARVIND
LIMITED (w.e.f. 14.07.2008) |
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Formerly Known
As : |
ARVIND MILLS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.06.1931 |
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Com. Reg. No.: |
04-000093 |
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Capital
Investment / Paid-up Capital : |
Rs.2544.000 millions |
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CIN No.: [Company Identification
No.] |
L17119GJ1931PLC000093 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00462A |
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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
: |
Manufacturer, Exporter and Importer of Textile Fabric. |
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No. of Employees
: |
1800
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 71820000 |
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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 the
flagship company of Lalbhai Group. It is a well established and reputed company
having satisfactory track. General financial position is satisfactory.
Directors are reported to be experienced and respectable businessmen. Their
trade relations are fair. 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Vinit Shah |
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Designation : |
Head in Finance |
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Contact No.: |
91-79-22121408 |
LOCATIONS
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Registered/
Corporate Office: |
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Tel. No.: |
91-79-22121408 /
22203030 / 22200206 / 22208000 / 30138000 |
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Fax No.: |
91-79-22124314 / 22120267
/ 22371396 / 22372342 / 22379184 / 22201608 /
22201270 / 30138680 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Santej, Taluka Kalol, District Mehsana - 382 721, |
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Factory 2 : |
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Tel. No.: |
91-79-22121408 /
2377002 |
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Fax No.: |
91-79-22124314 / 22120267
/ 22371396 / 22372342 / 22379184 |
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Factory 3 : |
Khatrej, Taluka Kalol, District Mehsana – 382721, |
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Factory 4 : |
Khokhra, Memdabad, |
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Factory 5 : |
Gat No. 172, |
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Factory 6 : |
55, |
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Factory 7 : |
Survey No.33, |
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Tel. No.: |
91-20-26934601 / 02 / 03 / 04 / 05 |
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Fax No.: |
91-20-26934602 / 03 / 04 |
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Branch Office
1 : |
MUMBAI Neptune House, 2nd
Floor, Opposite Bandra Talkies, |
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Tel. No.: |
91-22-26513367/68/69 |
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Fax No.: |
91-22-26513472 |
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Branch Office
2 : |
8 Community Centre, Saket, |
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TeleFax : |
91-11-51664620/24 |
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Branch Office 3
: |
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Tel. No.: |
91-80-22865117/7697 |
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Fax No.: |
91-80-22860564 |
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Branch Office
4 : |
KOLKATA 100, |
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TeleFax : |
91-33-22835792 |
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Branch Office
5 : |
International
Offices Arvind Worldwide
(USA) Inc., 130, |
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Tel. No.: |
001-212-768-4815 |
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Fax No.: |
001-212-768-7378 |
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Branch Office
6 : |
Sri Lanka Liason
Office, 207/24, 2/2 Dharmapala Mawatha, |
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TeleFax : |
0094-11-2678564 |
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Branch Office
7 : |
C/o Sidko Limited. 7th Floor, Paragon House , Mohakali Commercial Area, Dhaka
– 1212, |
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Tel. No.: |
8802-9881794 |
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Fax No.: |
8802-9883400 |
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Branch Office
8 : |
Sharda Trust Asoka Spintex Premises, |
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Tel. No.: |
91-79-22200817/3266 |
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Fax No.: |
91-79-22200457 |
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Other Division
: |
Tel:
91-2764-281100/22 Fax:
91-2764-281027 Khakhi Division Tel: 91-2764-281100/22 Fax: 91-2764-281177
Knits Division Tel:
91-2764-281100 Fax: 91-2764-281060 Ankur Textiles Arvind
Brands Limited Du Parc Trinity 8th Floor, 17, Tel: 91-80-22973131 Denim Tel: 91-79-22203030 |
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Garment Export
Division : |
10th Floor, Du Parc Trinity, |
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Locations and
Sites: |
Located at: ·
·
Gandhinagar,
·
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Overseas
Office 1 : |
Arvind Worldwide Inc. 130, West, 42nd
Street, Suite 603, 6th Floor, New York, New York -10036, USA |
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Tel No.: |
+(212)768-4815 |
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E mail: |
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Overseas
Office 2 : |
Arvind Denim Lab 584, Broadway |
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Tel No.: |
+12124314256 |
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E mail: |
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Overseas
Office 3 : |
Arvind Limited Apartment No.5A,
House No.15, Road No.24 CWN (C), Gulshan-2, Dhaka-1212, |
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Tel No.: |
+8802-9887123 /
24 |
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Fax No.: |
+8802-9887124 |
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E-Mail : |
||
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Overseas
Office 4 : |
Arvind Limited Unit : 1705, 17th
Floor, Rendy Centre, 682-684, Castle Peak Road, Cheung Sha Wan, Kowloon, Hong
Kong |
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Telefax : |
00852-35283112 |
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E-Mail : |
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DIRECTORS
AS ON 31.03.2011
|
Name: |
Mr. Sanjay S. Lalbhai |
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Designation: |
Chairman and Managing Director |
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Age: |
52 Years |
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Qualification: |
Science Graduate, Master’s Degree in Business Management |
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Date
of Joining: |
March, 1977 |
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Other
Directorship: |
Ø
Arvind Spinning Limited, Ø
Arvind Clothing Limited – Director Ø
Arvind Fashions Limited – Director Ø
Arvind Brands Limited – Director Ø
Arvind Products Limited – Director Ø
Amtrex Hitachi Appliances Limited – Chairman Ø
Anagram Wellington Asset Management Company
Limited – Director Ø
Anagram Housing Finance Limited – Director Ø
H. K. Finechem Limited – Director Ø
Amol Dicalit Limited – Director Ø
Gujarat Infrastructure Limited – Director Ø
Mahindra Gujarat Tractor Limited - Chairman |
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Name: |
Mr. Jayesh K. Shah
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Designation: |
Director and Chief Financial Officer |
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Age: |
45 years |
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Qualification: |
Commerce Graduate Chartered Accountant |
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Date of
Joining: |
01.07.1993 |
|
Other Directorship: |
Ø Asman Investments Limited Ø Lifestyle Fabrics Limited Ø
Arvind Spinning Limited, Ø Arya Omnitalk Wireless Solutions Limited Ø Anagram Stockbroking Limited Ø Anagram Comtrade Limited Ø Anagram Securities Limited Ø Dropadi Finance Limited Ø e-Infochips Limited Ø
Ø Arvind Murjani Brands Private Limited |
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Name : |
Mr. Sudhir Mehta |
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Designation : |
Director |
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Name: |
Mr. Munesh Khanna |
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Designation: |
Non Executive and Independent Director |
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Qualification
: |
Chartered Accountant |
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Experience : |
21 years |
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Other
Directorship: |
Ø
Anagram Securities Limited Ø
Indofil Organic Industries Limited Ø
Caption Investments and Trading Company Private
Limited |
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Name: |
Mr. G. M. Yaswadkar
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Designation: |
Director (Nominated by IDBI Bank Limited”) |
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Name: |
Mr. Prabhakar Dalal
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Designation: |
Nominated by Export – Import Bank of |
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Name: |
Dr. Bakul Dholakia |
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Designation: |
Director |
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Name: |
Ms. Renuka Ramnath |
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Designation: |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R V Bhimani |
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Designation : |
Company Secretary |
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Address : |
Secretarial Department, |
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Tel. No.: |
91-79-22203030/ 22200206 |
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Fax No. : |
91-79-22201608 |
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Email : |
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|
Name : |
Mr. Vinit Shah |
|
Designation : |
Head in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Category
of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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3,316,327 |
1.31 |
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107,133,734 |
42.19 |
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110,450,061 |
43.49 |
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Total shareholding of Promoter and Promoter Group (A) |
110,450,061 |
43.49 |
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(B) Public Shareholding |
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28,722,236 |
11.31 |
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|
918,665 |
0.36 |
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17,169,876 |
6.76 |
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37,449,544 |
14.75 |
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|
1,213 |
- |
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|
1,213 |
- |
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84,261,534 |
33.18 |
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9,735,449 |
3.83 |
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38,765,931 |
15.27 |
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9,527,506 |
3.75 |
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1,197,710 |
0.47 |
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1,197,710 |
0.47 |
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59,226,596 |
23.32 |
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Total Public shareholding (B) |
143,488,130 |
56.51 |
|
Total (A)+(B) |
253,938,191 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
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|
694,350 |
- |
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|
694,350 |
- |
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Total (A)+(B)+(C) |
254,632,541 |
- |
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|
(1)
Indian
Individuals
/ Hindu Undivided Family
Foreign
Bank/IFCWBUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Textile Fabric. |
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Products : |
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Exports : |
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Products : |
Fabric |
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Countries : |
·
European Countries ·
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·
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Imports : |
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Products : |
·
Raw Material ·
Finished Goods |
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Countries : |
·
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity |
|
Spindles |
72872 |
|
Rotors |
5472 |
|
Knitting Machines |
116 |
|
Looms |
1162 |
|
EPBAX / RAX System Lines |
200000 |
|
Garments (Pcs.) |
13120000 |
Note:
- The company is exempt from the licensing provisions of the
Industrial (Development and Regulation) Act, 1951
- Installed Capacity is as certified by the management and relied upon
by the auditors, being a technical matter.
|
Particulars |
Unit |
Actual
Production (Quantity
in millions) |
|
Cloth * |
Meters |
138.200 |
|
Cloth ** |
Kgs. |
3.200 |
|
Yarn *** |
Kgs. |
0.100 |
|
EPBAX |
Lines |
0.200 |
|
Garments **** |
Nos. |
12.900 |
|
Yarn @ |
Kgs. |
0.800 |
|
Grey @ |
Meters |
0.600 |
|
Grey @ |
Kgs. |
(443310.000) |
*Net of internal consumption of 9.500 Millions (3.900 Millions) Meters
**Net of internal consumption of 1.00 Millions (2.500 Millions) Kgs
***Net of internal consumption of 6.900 Millions (6.800 Millions) Kgs
****Includes Garments produced outside the company by job workers, Net
of Internal Consumption of (7478) Pcs.
@ Semi Processed Goods meant for sale
Note:
Quantity of cloth shown in opening stock, production and closing stock is packed cloth only and does not include loose finished cloth lying in folding/ stamping department.
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
1800 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
in millions)
Note: Secured
Loans (Rs.
in millions)
(Rs.
in millions)
Note: Unsecured
Loans (Rs.
in millions)
Out of the above Rs.379.400 millions (1217.600 millions) is payable
within one year. |
|
Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sorab S. Engineer
and Company Chartered
Accountants |
|
Address : |
381, |
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Subsidiaries : |
·
Asman Investments Limited ·
Arvind Products Limited ·
The Anup Engineering Limited ·
Arvind Retail Limited · Arvind Lifestyle Brand Limited ·
Arvind Accel Limited ·
Syntel Telecom Limited ·
Arvinf Infrastructure Limited ·
Arvind Brands and Retail Limited (Formerly known
as Silverstone Properties Limited) ·
Arvind Worldwide Inc. ·
Arvind Worldwide (M) Inc., ·
Arvind Overseas (M) Limited, ·
Arvind Spinning Limited, ·
Arvind Textile Mills Limited, · Ahmedabad East Infrastructure LLP |
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Joint Ventures
: |
· Arya Omnitalk Wireless Solutions Private Limited · Arvind Murjani Brands Private Limited · VF Arvind Brands Private Limited · Arya Omnitalk Radio Turnking Services Private Limited · Arvind Bsafal Homes LLP |
|
|
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Company under
the control of Key Management Personnel |
· Aura Securities Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
360000000 |
Equity Shares |
Rs.10/- each |
Rs.3600.000 Millions |
|
9000000 |
Preference Shares |
Rs.100/- each |
Rs.900.000 Millions |
|
|
Total |
|
Rs.4500.000
Millions |
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
254400041 |
Equity Shares |
Rs.10/- each |
Rs.2544.000
millions |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
254399141 |
Equity Shares |
Rs.10/- each |
Rs.2544.000
millions |
|
|
Add: 900 Shares Forfeited [Paid up amount
Rs.45000.000 Millions on forfeited shares] Note: Of the above shares 3944950 equity shares
have been allotted as fully paid bonus shares (Previous year 3944950 equity
shares) by way of capitalization of Reserve and 1612268 equity shares
(previous year 1612268 equity shares) allotted as fully paid in terms of
scheme of Amalgamation without payment being received in cash |
|
|
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 |
2544.000 |
2395.500 |
2601.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15411.100 |
11804.500 |
9404.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17955.100 |
14200.000 |
12005.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17632.300 |
17287.300 |
19209.000 |
|
|
2] Unsecured Loans |
488.900 |
1418.500 |
1030.400 |
|
|
TOTAL BORROWING |
18121.200 |
18705.800 |
20239.400 |
|
|
DEFERRED TAX LIABILITIES |
128.200 |
128.200 |
128.200 |
|
|
|
|
|
|
|
|
TOTAL |
36204.500 |
33034.000 |
32373.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20019.600 |
19181.100 |
20422.900 |
|
|
Capital work-in-progress |
1422.800 |
468.600 |
815.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
3094.000 |
3002.900 |
1000.600 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Foreign Currency Monetary Item Transaction Difference in Account |
(7.500) |
(10.600) |
67.700 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6991.600
|
4320.000
|
5814.700
|
|
|
Land held for sale |
345.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
5636.300
|
4241.600
|
3508.400
|
|
|
Cash & Bank Balances |
290.900
|
431.400
|
268.300
|
|
|
Other Current Assets |
1005.200
|
959.000
|
549.000
|
|
|
Loans & Advances |
3791.700
|
4848.000
|
5784.700
|
|
Total
Current Assets |
18060.700
|
14800.000
|
15925.100
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
4245.600
|
3478.400
|
3444.600
|
|
|
Other Current Liabilities |
2031.300
|
855.800
|
1188.300
|
|
|
Provisions |
108.200
|
73.800
|
1326.600
|
|
Total
Current Liabilities |
6385.100
|
4408.000
|
5959.500
|
|
|
Net Current Assets |
11675.600
|
10392.000
|
9965.600
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
100.700 |
|
|
|
|
|
|
|
|
TOTAL |
36204.500 |
33034.000 |
32373.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
26055.500 |
22524.900 |
23035.000 |
|
|
|
Operating Income |
856.700 |
644.000 |
498.000 |
|
|
|
Other Income |
345.100 |
118.300 |
519.100 |
|
|
|
TOTAL (A) |
27257.300 |
23287.200 |
24052.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
12901.500 |
9687.300 |
6958.300 |
|
|
|
Purchase of finished Goods |
367.900 |
476.100 |
2579.000 |
|
|
|
Employee’s Emoluments |
2739.000 |
2409.000 |
2448.100 |
|
|
|
Others |
7729.300 |
7314.300 |
9244.700 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
115.300 |
|
|
|
Increase/(Decrease) in Finished Goods |
(935.900) |
187.800 |
(348.600) |
|
|
|
TOTAL (B) |
22801.800 |
20074.500 |
20996.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4455.500 |
3212.700 |
3055.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1945.900 |
1554.700 |
2304.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2509.600 |
1658.000 |
750.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1161.600 |
1138.000 |
1220.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1348.000 |
520.000 |
(469.600) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
18.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1348.000 |
520.000 |
(488.200) |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ITEMS |
0.000 |
0.000 |
9.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3144.200 |
2823.400 |
4349.200 |
|
|
|
|
|
|
|
|
|
Less |
ADJUSTMENT DUE
TO DEMERGER |
0.000 |
4.300 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid on Preference Shares |
0.000 |
7.600 |
16.800 |
|
|
|
Tax on Interim Dividend |
0.000 |
1.300 |
2.900 |
|
|
|
Transitional Provision on Adoption of AS – 30 |
0.000 |
0.000 |
801.000 |
|
|
|
Transitional Provision on Exercise of option of AS – 11 |
0.000 |
0.000 |
95.900 |
|
|
|
Transferred to Capital Redemption Reserve |
0.000 |
198.000 |
132.000 |
|
|
|
Transferred from Debenture Redemption Reserve |
(9.000) |
(12.000) |
(1.500) |
|
|
BALANCE CARRIED
TO THE B/S |
4501.200 |
3144.200 |
2823.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB basis |
11375.800 |
10614.600 |
9211.800 |
|
|
TOTAL EARNINGS |
11375.800 |
10614.600 |
9211.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
485.800 |
65.300 |
80.700 |
|
|
|
Dyes and Chemicals, Stores and Spare Parts |
665.400 |
497.600 |
537.100 |
|
|
|
Raw Materials and Accessories |
552.200 |
809.700 |
669.800 |
|
|
|
Finished Goods |
0.000 |
0.000 |
22.300 |
|
|
TOTAL IMPORTS |
1703.400 |
1372.600 |
1309.900 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.64 |
2.27 |
(2.28) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
8061.500 |
7653.800 |
8313.700 |
|
Total Expenditure |
6763.500 |
6442.900 |
7182.600 |
|
PBIDT (Excl OI) |
1298.000 |
1210.900 |
1131.100 |
|
Other Income |
310.500 |
181.100 |
350.800 |
|
Operating Profit |
1608.500 |
1392.000 |
1481.900 |
|
Interest |
378.100 |
584.600 |
634.100 |
|
Exceptional Items |
18.600 |
(0.400) |
0.000 |
|
PBDT |
949.000 |
807.000 |
847.800 |
|
Depreciation |
385.700 |
283.000 |
328.100 |
|
Profit Before Tax |
663.300 |
524.000 |
519.700 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
663.300 |
524.000 |
519.700 |
|
Extraordinary Items |
0.000 |
0.000 |
1979.400 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustment |
0.000 |
0.000 |
0.000 |
|
Net Profit |
663.300 |
524.000 |
2499.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.95
|
2.23
|
(2.03)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.17
|
2.31
|
(2.04)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.54
|
1.53
|
1.29
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.04
|
(0.02)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.36
|
1.03
|
2.18
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.83
|
3.36
|
2.67
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------- |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
No |
|
13. Reasons for variation <> 20% |
No |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
OPERATIONS:
During the year 2010-11, the Company has achieved best financial performance in the recent past. While revenue has grown by 16%, EBIDTA has grown by 33% and Net Profit has grown by 159% at Rs. 1350.000 millions as against Net Profit of Rs. 520.000 millions in the previous financial year. The strong performance of Denim and Shirting Fabrics which achieved 17% growth in revenue has been key drivers of the growth. Despite sharp increase in raw material cost, the Company has been able to expand EBIDTA margin which demonstrates the pricing power enjoyed by the Company in the domestic as well as export markets. Further significant operational efficiency gains have also contributed to higher profitability margins.
FINANCE:
During the year, the Company has repaid the installments of Term Loans amounting to Rs. 860.000 millions falling due during the current year. The Company has also made fresh borrowings of Rs. 920.000 millions for funding capital expenditure and other requirements. Long Term Debt including lease of the Company stands to Rs. 9880.000 millions as on 31st March, 2011.
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW OF THE ECONOMY
The growth of
Indian economy has been very fast following the slowdown due to global
financial crisis in 2007-09. AS per
quick estimated data released on 31st January 2011, growth of
2009-10 is estimated at 8.0 percent as compare to 8.6 percent in 2010-11 as per
advance estimated data of central statistic office (CSO) released on 7th
February 2011, the turnaround was strong, with a rebound in agriculture and
continued momentum in manufacturing. The deceleration community, social a personal
services, as also industry, remained a cause for concern. The medium to
long-run prospect of the economy, including the industrial sector, however,
continues to remain positive. On the demand side, a rise in savings and
Investment, and pick-up private consumption resulted In Strong growth of GDP at
constant market prices at 9.7 per cent in 2010-11. The estimated level of
growth In the GDP at constant 2004-05 prices at factor cost (real GDP) in
2010-11 was composed of growth of 5.4 per cent In agriculture, growth of 81
percent In industry, and a decelerated growth of 9.6 per cent in services.
Food items largely
drove inflation, which remained at elevated levels for greater part of the
year. Despite tightening of the money markets and moderate growth in deposits,
the financial situation remained orderly with a pick-up in credit growth,
vibrant equity market and stable foreign exchange market.
In last three
years the Indian economy had been severely buffeted by two shocks in rapid
success on the onset of global financial crises in 2007-09 and erratic monsoon
resulting In drought in 2009-10. This period of economic stress severely tested
the policymakers. Yet the Indian economy came through with resilience and
strength, by following counter-cyclical macro-economic policies, structural
measures to promote growth and social spending to provide a stronger foundation
to protect the poor.
In tandem with
world trade volumes,
INDIAN TEXTILE
INDUSTRY
The lad year i.e.
2010-11 was a Commendable year after. The previous challenging year for the
Indian textiles industry, Even as the Indian economy recovered rapidly from the
slowdown caused by the global financial crisis, inflationary trends and
volatility in commodity prices led to strong demand side pressures.
The US$ 70 billion
Indian textile industry contributes about 14 percent to industrial production,
4 percent to the country"; Gross Domestic Product (GDP) and 17 percent to
the country's export earnings, according to the Annual Report 2009-10 of the
Ministry of Textiles. The Textile industry is the second largest provider of
employment after agriculture. Thus, the growth and all round development of
this Industry has a direct bearing on the Improvement of the economy of the
nation.
AS on 30.9.2010,
there were 1896 cotton/Man-made Fiber Textile Mills (non-SSI) in the country
with an installed capacity of 38.53 million spindles 5,18,000 rotors and 57,000
looms,
TECHNOLOGY
UPGRADATION FUND SCHEME (TUFS)
The Government has
restructured the Technology Upgradation Fund Scheme (TUFS) - the flagship
scheme of Ministry of Textiles for upgradation of technology in the textile and
jute sectors. Recently, Ministry of Textiles has issued the Government
Resolution on Restructured - Technology Upgradation Fund Scheme for the period
28.04.2011 to 31 03.2012
(both the days inclusive) with an overall subsidy cap of Rs.19720.000 Millions during the
period. The Government Resolution lays down the financial and operational
parameters and implementation mechanism for the Restructured TUFS.
There will be an
overall subsidy cap of Rs. 19720.000 millions from the date of
this Resolution to 31.03.2012 which is expected to leverage an investment of Rs. 469000.000 millions, with
sectoral investment shares of 26% for spinning, 13% for weaving, 21% for
processing, 8% for garmenting and 32% for others.
INDIAN RETAIL
MARKET
Total retail sales
in
According to the
report by
RESULT REVIEW
The Financial year
2010-11 proved to be a superior year for the company. The demand for denim and
shirting fabrics is robust in spite of increase in cotton prices by almost 100%
during the year. Company has closed the financial year 2010-11 with 15% growth
in sales and 38% growth in Operating Earnings before Interest Depreciation and
Taxes (Operating EBITDA). Company's PAT has shown a substantial rise by 156%
compared to the previous year.
BUSINESS REVIEW
AND DEVELOPMENT
DENIM
After an excellent 2009-10, Denim business has done well again in the
year 2010-11. It posed improvements in unit Sales, Revenue, EBIDTA and ROCE.
The total volume for Denim registered growth of 6% backed by growth in Exports
volume by 5% and that in Domestic market by 6%. There has been a continuous
effort to de-risk business. New high-end customers like Hugo Boss and G-Star
were acquired and market share was increased in new important markets like Hong
Kong/Japan. In the Indian market, market-share with Brands like Lev’s, Lee,
Wrangler, Pepe etc, were increased. There is a Continuing thrust on innovation.
Company launched exclusive products called ‘Excel Denim’ during the year. These
have improve the design quotient as well as margins.
OPERATIONAL
IMROVEMENTS
Denim business was able to sweat its assets better than last year.
Weaving, Spining, Dyeing and Finishing – all areas of operations were run on
better efficiencies. On the back of initiatives like TPM and Continues
improvement the uptime of machines improved. Due to a major focus on Quality
Control and Process Control there was a dramatic improvement in quality and
substantial reduction in generation of waste.
HR AND IR
INITIATIVES
Innovative HR and IR (Industry Relations) strategies resulted in
reduction of attrition rate and absenteeism, maintenance of average age at 37
years, giving challenging leadership roles to youth from within the organization,
bringing-in talent and thereby best practices from other industries like
automobile, infrastructure etc.
SHIRTING FABRICS
Shirting Fabric in terms of volume grew by 27% compared to last year and
by 23% in terms of sales. There is a 44% growth in sales in Brands Fabric
Retail business
GARMENT OPERATIONS
Shirts
Sales in value terms grew by 19% whereas Jeans garments sales reduced by 15% where
in volume terms there is reduction of 16% and 43% respectively. Knits garments
fell by 51% by volume and 46% in terms of value. Company has closed one of its
Knits garmenting plant owing to its conscious decision of the management to
improve the productivity, profitability and return on capital employed.
SUBSIDIARIES
AVIND LIFESTYLE
BRANDS LIMITED
The year 2010-11
was a milestone year for Branded Apparel business which recorded sales of Rs.
4220.000 millions against a sale of Rs. 2530.00 millions in the previous
financial year clocking a growth of 67%. PAT of the company has grown by 400%
during the year and return on capital employed is 14.5%.
Arrow and Flying
machine continued its upward journey by growing at 51% and 39% respectively.
Gant, the bridge to luxury brand shown another good year with a growth of more
than 100%. US Polo and IZOD the two brands launched last year has shown a
tremendously fast and received a good market feedback. During the year, the
Company successfully launched and positioned yet another brand
"Engerie".
ARVIND RETAIL
LIMITED
The retail
business had another good year with sales of Rs. 3970.000 millions posting a
growth of 40% compared to last financial year. Mega-Mart made rapid progress in
the current year to emerge as the leading Value Retail player in the country.
Currently Mega-Mart is operating with a retail space of 6.25 lakh sq. ft.
compared to 4-5 lakh sq.ft. last year with 204 small format stores and 6 large
format stores.
ARVIND PRODUCTS
LIMITED
Arvind Products
Limited (APL) registered revenue growth of 30% and operating profit grew by 3%.
Company made certain changes in the one of its plant so that they can handle
all Non yarn dyed fabrics (top weight and Bottom weight fabrics) in this plant,
rather than only Bottom weight fabrics. This flexibility will help immensely in
maximizing productivity, realization for the plant and to improve the bottom
line. The major customers in exports market are Banana Republic, Polo
Ralph Lauren, Edie Bauer, Land end Marks
and Spencer, C and A, Diesel Cortefiel, Bugati, Ahlers etc. The Voiles Division
of the company is engaged in manufacturing high quality cotton and blended
Voiles. The Company enjoys a unique position in the 2x2 rubia segment and
continues its leadership in terms of quality and quantity, with a major 40% of
market share within its fold.
ANUP ENGINEERING
LIMITED
Anup Engineering
Limited is engaged In engineering and fabrication business listed on Ahmadabad
Stock Exchange. The Company's revenue
fell by 60% and EBlDTA fell by 60% largely because of time over runs and lack
of product diversification.
OUTLOOK
After being
harshly battered by recession in the global markets and currency volatility in
FY 2009, credit profile of the company improved and expected to further improve
with revival in the domestic demand and signs of improvement in the global
markets. However, appreciation of rupee and significant rise in cotton prices
raise concerns on the profitability.
Improvement in
production across product lines has been seen throughout the financial year
2010-11 and with the introduction of Technology Upgradation Fund Scheme (TUFS),
capacity additions/ modernization will help support this surge in the demand.
In addition, this will further help company of keep its overall borrowing cost
under control viewing the current higher interest cost.
Company had sold
some parcel of land during the current financial year and expected to realize
further in the coming years. The recent development of partnering Tata Housing
under 50:50 JV for developing integrated township help company In improving the
capital structure and return on capital employed and add substantla1 value for
the shareholder.
Viewing the surge in
demand with increase in operating margin, introduction of TUFS and unlocking
value through sale of land and sharing profit out of development, company plans
to expand its capacity across the product line keeping in mind the
diversification of the product profile. Company also plans to steadily invest
in the two fully owned subsidiaries Arvind Lifestyle Brands Limited and Arvind
Retail Limited, which shows combined growth of more than 35% from last two
years. Company's recent move in the Technical Textile Advance Material will
help it to diversify Its product portfolio and cater the more stable industrial
textile market.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (AS ON
31.03.2011)
a) Bills Discounted Rs.1142.000 millions (Rs.554.900 millions).
b) Claims against the Company not acknowledged as Debt Rs.82.900 millions
(85.100 millions).
c) Guarantees given by the Company to Bank on behalf of the Company
Rs.238.400 millions (Rs. 154.200 millions).
d) Guarantee given by the Company on behalf of the subsidiary / joint
venture Rs.3307.00 millions (Rs.2085.600 millions).
e) Excise/Custom demands, Sales Tax demands, Income Tax demands and Service
Tax demands in dispute Rs.160.400 millions (Rs.135.200 millions), Rs.180.200
millions (Rs.147.500 millions), Rs.38.200 millions (Rs.61.400 millions), and
Rs.13.300 millions (Rs.10.600 millions) respectively.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER,
2011
(Rs.
in Millions)
|
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
1. (a) Net Sales/Income from operations (Net of Excise Duty) |
8430.200 |
7513.200 |
26291.900 |
|
(b) Other Operating Income |
(116.500) |
140.600 |
238.600 |
|
Total Income |
8313.700 |
7653.800 |
26530.500 |
|
2. EXPENDITURE: |
|
|
|
|
a. (Increase) / Decrease in Stock in- Trade and Work-in-Progress |
(282.900) |
306.000 |
76.600 |
|
b. Consumption of Raw Material |
3768.600 |
3149.600 |
12039.700 |
|
c. Purchase of Traded Goods |
45.500 |
96.800 |
163.000 |
|
d. Employees cost |
922.900 |
752.600 |
2654.200 |
|
e. Power and Fuel |
902.300 |
679.500 |
2532.000 |
|
f. Stores consumption |
605.800 |
457.000 |
1853.900 |
|
g. Depreciation |
328.100 |
283.000 |
978.200 |
|
h. Other expense |
843.600 |
812.600 |
2629.200 |
|
i. Total |
7133.900 |
6537.100 |
22926.800 |
|
3. Profit from
Operations before Other Income, Interest and Exceptional Items |
1179.800 |
1116.700 |
3603.700 |
|
4. Other Income |
350.800 |
181.100 |
687.200 |
|
5. Profit before
Interest and Exceptional Items |
1530.600 |
1297.800 |
4290.900 |
|
6. Interest and Finance Cost |
1010.900 |
773.400 |
2571.400 |
|
7. Profit after
Interest but before Exceptional Items |
519.700 |
524.000 |
1719.500 |
|
8. Exceptional items |
0.000 |
(4.000) |
18.200 |
|
9. Profit from
ordinary activities before Tax |
519.700 |
524.000 |
1737.700 |
|
10. Tax Expense |
|
|
|
|
- Current Tax |
75.300 |
104.900 |
312.900 |
|
- MAT Credit Entitlements |
(75.300) |
(104.900) |
(312.900) |
|
11. Net Profit
from ordinary activities after Tax (9-10) |
519.700 |
524.000 |
1737.700 |
|
12. Extra-ordinary items (net of tax expense) |
1979.400 |
0.000 |
1979.400 |
|
13. Net Profit
for the period (11-12) |
2499.100 |
524.000 |
3717.100 |
|
14. Paid-up Equity Share Capital (Face Value: Rs.10/- each) |
2546.300 |
2545.600 |
2546.300 |
|
15. Reserves excluding revaluation reserves as per Balance sheet of
previous year |
-- |
-- |
-- |
|
16. (a)
EPS before Extraordinary Item (Rs.) (Not Annualised) |
|
|
|
|
Basic |
2.86 |
2.05 |
7.65 |
|
Diluted |
2.86 |
2.05 |
7.65 |
|
|
|
|
|
|
(b) EPS after Extraordinary
Item (Rs.) (Not Annualised |
|
|
|
|
Basic |
11.57 |
2.05 |
16.36 |
|
Diluted |
11.57 |
2.05 |
16.36 |
|
|
|
|
|
|
17.
Public shareholding |
|
|
|
|
Number of shares |
144182480 |
144038578 |
144182480 |
|
Percentage of shareholding |
56.62% |
56.58% |
56.62% |
|
|
|
|
|
|
18.
Promoters and Promoters group Shareholding- |
|
|
|
|
a)
Pledged /Encumbered |
|
|
|
|
Number
of shares |
455000 |
455000 |
455000 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
0.41% |
0.41% |
0.41% |
|
Percentage
of shares (as a % of total share capital of the company) |
0.18% |
0.18% |
0.18% |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
Number
of shares |
109995061 |
110066463 |
109995061 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
99.59% |
99.59% |
99.59% |
|
Percentage
of shares (as a % of total share capital of the company) |
43.20% |
43.24% |
43.20% |
Notes:
1. The limited
review of above unaudited financial results as required under Clause 41 of
listing agreement has been carried out by statutory auditors.
2. The above
results were reviewed by the Audit Committee and taken on record by the Board
of Directors at their meeting held on 13th February, 2012.
3. The Composite
Scheme of Arrangement for amalgamation of Arvind Products Limited (APL) and
merger of Investment Division of Asman Investments Limited, with the Company
from the appointed date of 1st January, 2011, has been sanctioned by
the Hon'ble High Court of Gujarat at Ahmedabad.
Consequent to the
above:
a) Figures for the
quarter and the nine months ended 31st December 2011, have been
reworked and re-stated giving effect to the scheme and hence are not comparable
with those of previous periods/year;
b) 34,10,528
equity shares of Rs.10 each have to be allotted to the equity shareholder of
the amalgamating company, whore names were registered in the register of
members on record date, without payment being received In cash. As at 31st
December 2011, pending allotment, the face value of these shares has been shown
as “Equity Share Suspense";
c) Goodwill arising on amalgamation of Rs.455.000 millions has been
adjusted against the opening balance of Profit and Loss Account.
4. Interest and
Finance Cost for the quarter Includes loss on Foreign Exchange of Rs.376.800
millions. (September 30, 2011 Rs.188.800
millions, December 31, 2010 gain of Rs.84.700 millions; year ended March 31,
2011 gain of Rs.52.100 millions)
5. Other Income
for the quarter includes profit on sale of land held for sale/fixed assets of
Rs.332.200 millions, (September 30, 2011 Rs.168.600 millions, December 31, 2010
of Rs.89.600 millions; year ended March 31, 2011 of Rs.301.200 millions)
6. Extraordinary
item (net of tax) represents
profit on disposal of stake In Joint Venture VF Arvind Brands Private Limited.
7. During the
quarter, the Company allotted 72,500 Equity Shares pursuant to the exercise of the stock
options by certain employees/directors.
8. At the
beginning of the quarter, no complaints from investors were pending. During the
quarter, 20 complaints were received and all were disposed off. No complaint
was lying unresolved at the end of the quarter.
SEGMENTWISE
REVENUE RESULTS AND CAPITAL EMPLOYED (STANDALONE)
(Rs. in millions)
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
1. Segment Revenue
(Net of Excise & Other Taxes) |
|
|
|
|
|
|
|
|
|
(a) Textiles |
8168.500 |
7478.200 |
26063.600 |
|
(b) Other |
145.200 |
175.600 |
466.900 |
|
Total |
8313.700 |
7653.800 |
26530.500 |
|
|
|
|
|
|
Add: Other Un-allocable Income |
0.000 |
0.000 |
0.000 |
|
Less: Inter Segment Sales |
0.000 |
0.000 |
0.000 |
|
Net Sales / Income
from Operation |
8313.700 |
7653.800 |
26530.500 |
|
|
|
|
|
|
2. Segment Results
(Net Profit(+)/Loss(-) before Tax & Interest from each Segment) |
|
|
|
|
(a) Textiles |
1497.500 |
1342.300 |
4193.700 |
|
(b) Other |
20.800 |
1.200 |
19.000 |
|
Total |
1518.300 |
1343.500 |
4212.700 |
|
|
|
|
|
|
Less : |
|
|
|
|
(a) Interest and Finance Charges |
1010.900 |
773.400 |
2571.400 |
|
(b) Other Un-allocable Expenses (net of
un-allocable income) |
(12.300) |
46.100 |
(96.400) |
|
|
|
|
|
|
Profit Before Extra
Ordinary Items and Tax |
519.700 |
524.000 |
1737.700 |
|
|
|
|
|
|
3. Capital Employed
(Segment Assets – Segment Liabilities) |
|
|
|
|
(a) Textiles |
26610.600 |
24077.100 |
26610.600 |
|
(b) Other |
443.400 |
592.100 |
443.400 |
|
(c) Un-allocable |
10937.100 |
13873.900 |
10937.100 |
|
|
|
|
|
|
Total |
37991.100 |
38543.100 |
37991.100 |
FIXED ASSETS:
Intangible Assets:
- Patent and Technical Know how
- Computer Software
Tangible Assets
·
·
·
Buildings
·
Plant and Machinery
·
Machinery Acquired on Finance
Lease
·
Vehicles Office Machinery
and Dead Stocks
WEBSITE DETAILS
BUSINESS DESCRIPTION:
Subject is engaged in the manufacturing of textiles. The
Company operates in three segments: Textiles, which include yarn, fabric and garments;
Branded Garments, which includes branded garments, and Others, which includes
electronic private automatic branch exchange (EPABX) and rural automatic
exchange (RAX) Systems, information technology (IT) services and construction
business. During the fiscal year ended March 31, 2011 (fiscal 2011), it
produced 138.2 million meters of cloth, 0.1 million kilograms of yarn, 0.2
million lines of EPABX and 12.9 million numbers of garments. Its divisions
include denim, woven fabrics, knits fabric, garment exports, advanced
materials, Arvind brands, mega mart retail, the Arvind store, engineering,
telecom and real estate. It has approximately 273 brand stores in addition to
its 975 counter selling through multi brand outlets across
NEWS
ARVIND REGISTERS
19% GROWTH IN CONSOLIDATED REVENUE IN QUARTER ENDED 31ST DECEMBER
2011 EBIDTA UP 40% | NET PROFIT FROM ORDINARY ACTIVITIES UP 8%
Ahmedabad, February 13, 2012: Arvind Limited, one of the largest
integrated textile, apparel and branded apparel player have registered 8%
growth in consolidated Net Profit from ordinary activities of Rs.520.000
millions. Its revenue increased 19% to Rs.11900.000 millions while EBIDTA
improved 40% to Rs.1800.000 millions. The growth in profits came even after
writing off Rs.380.000 millions foreign exchange losses during the quarter.
The Net Profit after Extra Ordinary Income stands at Rs.2430.000
millions as company earned extra ordinary income of Rs.1910.000 millions (net
of tax) from sale of its stake in JV company VF Arvind Brands Private Limited
Commenting on the results as well as outlook of the Company, Mr. Jayesh
Shah, Director and Chief Financial Officer and Director said: “The revenue
growth of 32% in Branded Apparel and Retail business segments and 21% revenue
growth in textile business were the key drivers for improved financial
performance at the consolidated level. We hope to achieve 18% growth in revenue
during current financial year. While cotton prices have softened, the selling
prices have adjusted downwards ahead of full benefit of lower cotton prices
which may marginally impact the operating margin in the fourth quarter. While
its established business continue to do well, the company is focusing on
advance materials and technical textile segments and new growth engine.”
ARVIND
LIMITED TO GET INR2.5 BILLION FROM
May
13, 2011
Reuters reported that Arvind
Limited will get INR2.5 billion from sale of land to its equal joint venture with
Tata Housing for an integrated township project in Ahmedabad. The total project
cost is estimated at INR12.5 billion and the Company expects sales of over
INR20 billion from it.
UTOPIA ANNOUNCES PROMOTION OF PETER AYNSLEY-HARTWELL TO CHIEF
TECHNOLOGY OFFICER UTOPIA, INC.
16 November 2011
Utopia, Inc., a leading data consulting and services provider,
announced the promotion of Mr. Peter Aynsley-Hartwell to the newly created role
of global vice president and chief technology officer.
Mr. Aynsley-Hartwell has been with Utopia since early 2007 in the
role of global vice president, solutions consulting, and has guided the
development and rollout of a number of leading-edge solutions for data
migration, Enterprise Data Lifecycle Management
(EDLM), archiving, and real-time data governance.
"2012 promises to be another year of tremendous opportunity
and growth for Utopia," said Mr. Arvind J. Singh, co-founder and CEO of
Utopia, Inc. "Peter's leadership in his new organizational role as CTO
will be critical to Utopia's success as we continue to drive innovation and new
solution development in areas such as mobility, HANA, and Big Data."
"I am delighted to lead Utopia's new initiatives as
CTO," said Mr. Aynsley-Hartwell. "For starters, we will shortly be
unveiling Utopia Labs, a data innovation center, which will ensure that
Utopia's customers and partners will get the very best data consulting and
services in the industry."
Prior to joining Utopia, Mr. Aynsley-Hartwell held executive
positions in a number of industry sectors, and has direct, hands-on experience
in a variety of roles in SAP implementations. His SAP experience builds on 16
years as a chartered professional mechanical engineer.
MOCK DRILL IN
16 November 2011
MARGAO: With a view to check the preparedness of its force to
handle the inauguration ceremony of the Internationl Film Festival of India
(Iffi) to be held on November 23 at Ravindra Bhavan, Margao, The South Goa
police will hold a rehearsal of their security arrangements on November 21,
South Goa SP Arvind Gawas said.
The
Meanwhile,
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.50.31 |
|
|
1 |
Rs.79.05 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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.