MIRA
INFORM REPORT
|
Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
KAMADGIRI FASHION LIMITED (w.e.f. October 18, 2010)
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Formerly Known
As : |
KAMADGIRI SYNTHETICS LIMITED |
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Registered
Office : |
28, Y.A. Chunawala Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.02.1987 |
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Com. Reg. No.: |
11-042424 |
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Capital
Investment / Paid-up Capital : |
Rs.50.649
Millions |
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CIN No.: [Company Identification
No.] |
L17120MH1987PLC042424 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK10693E |
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PAN No.: [Permanent Account No.] |
AAACK1654P |
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Legal Form : |
Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Polyester Viscose, Poly Wool, Silk Fabrics
and Polyester Viscose Grey Yarn. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 850000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
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 |
LOCATIONS
|
Registered Office : |
28, Y.A. Chunawala Industrial Estate, |
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Tel. No.: |
91-22-67313140/ 67313123 |
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Fax No.: |
91-22-67313199 |
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E-Mail : |
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Website : |
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Corporate Office : |
10, 187, Dadiseth Agiary Lane, Singhania Wadi, Chira Bazar, Mumbai,
Maharashtra - 400 002, |
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Tel. No.: |
91-22-22019118 |
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Factory 1 : |
43/2, |
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Factory 2 : |
C-4/2/2, MIDC,
Tarapur, District: Thane - 401 506, |
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Factory 3 : |
J-72/1, MIDC
Tarapur – 401506, District Thane, Maharashtra, India |
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Factory 4 : |
B-7/3, MIDC Tarapur
– 401506, District Thane, Maharashtra, India |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Pradip Kumar Goenka |
|
Designation : |
Chairman and Managing Director (Promoter) |
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Name : |
Mr. Lalit Kumar Goenka |
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Designation : |
Whole Time Director (Promoter) |
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Qualification : |
Under Graduate |
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Expertise in specific functional areas : |
Vide experience
in Textile Industry. He is not a Member of committee of Board of any other Company.
He is the Compliance Officer of the Company. |
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Name : |
Mr. Murarilal Goenka |
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Designation : |
Director (Independent Non Executive) (upto 14.02.2011) |
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Qualification : |
B. Com |
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Expertise in specific functional areas : |
Vide experience
in Textile Industry. He advises the Company in Production and Factory
matters. He is the Chairman of the Remuneration Committee and also Member of
the Audit Committee and Shareholders / Investor Grievance Committee of the
Board. |
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Name : |
Mr. Subash Kumar Kedia |
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Designation : |
Director (Independent Non Executive) (upto 14.02.2011) |
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Name : |
Mr. Madhusudam Singrodia |
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Designation : |
Director (Independent Non Executive) |
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Name : |
Mr. Ashwani Bhatia |
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Designation : |
Director (Independent Non Executive) |
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Qualification : |
Textile Engineer |
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Expertise in specific functional areas : |
Vide Experience
in Textile Industry. |
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Name : |
Mr. Rahul Mehta |
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Designation : |
Director (Independent Non Executive) (w.e.f.14.02.2011) |
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Name : |
Mr. Sanjeev Maheshwari |
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Designation : |
Director (Independent Non Executive) (w.e.f.14.02.2011) |
KEY EXECUTIVES
|
Name : |
Mr. Arun Bhandari |
|
Designation : |
Company Secretary and Compliance Officer |
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E-mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
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|
1346059 |
26.58 |
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|
468400 |
9.25 |
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1814459 |
35.82 |
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Total shareholding
of Promoter and Promoter Group (A) |
1814459 |
35.82 |
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(B) Public
Shareholding |
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|
900 |
0.02 |
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|
900 |
0.02 |
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|
2466603 |
48.70 |
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|
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|
480179 |
9.48 |
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|
297957 |
5.88 |
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|
4768 |
0.09 |
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|
4668 |
0.09 |
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Clearing Members |
100 |
-- |
|
|
3249507 |
64.16 |
|
Total Public
shareholding (B) |
3250407 |
64.18 |
|
Total (A)+(B) |
5064866 |
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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|
-- |
-- |
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Total
(A)+(B)+(C) |
5064866 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polyester Viscose, Poly Wool, Silk
Fabrics and Polyester Viscose Grey Yarn. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Installed Capacity |
Actual Production # |
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Weaving Division ($) |
Loom Machines nos. |
124 |
In Lac Mtrs. (&) |
65.09 |
|
Garment Division |
Stitching Machine nos. |
790 |
In Lac Pieces (*) |
22.39 |
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NOTES
(@) Including
machines 20 for weaving division and Nil for garment division taken on
hire/lease.
(#) Including
production taken on hired machines.
($) The capacity of
weaving varies according to quality and design of fabrics and as per R. P. M.
of the Looms and garments P. A. 19.80 lacs pieces.
(&) Including
42.09 lacs mtrs. on the job work basis for outsiders.
(*) Includes 7.93 lacs pieces job work for outsiders.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered accountants |
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Address : |
Mumbai, |
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Related Parties
: |
·
PIL Industries Limited ·
Jagruti Synthetics Limited ·
Spindraw Consultancy Services Private Limited ·
Tritoma Hotels Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Milliions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5064886 |
Equity Shares |
Rs.10/- each |
Rs.50.649
Millions |
|
|
|
|
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Note:
17,39,866 (Previous year: 17,39,866) Equity
shares of Rs.10/- each have been allotted on 3rd September 2009 as fully paid-up for consideration
other than cash pursuant to scheme of amalgamation,
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 |
50.649 |
47.392 |
29.993 |
|
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2] Share Capital Suspense |
0.000 |
0.000 |
17.399 |
|
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3] Reserves & Surplus |
161.186 |
130.532 |
121.519 |
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4] Warrant Application Money |
0.000 |
2.600 |
0.000 |
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
211.835 |
180.524 |
168.911 |
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LOAN FUNDS |
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1] Secured Loans |
349.479 |
177.927 |
109.995 |
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2] Unsecured Loans |
11.300 |
6.300 |
8.873 |
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TOTAL BORROWING |
360.779 |
184.227 |
118.868 |
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DEFERRED TAX LIABILITIES |
19.066 |
17.512 |
21.108 |
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TOTAL |
591.680 |
382.263 |
308.887 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
295.461 |
178.300 |
147.053 |
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Capital work-in-progress |
6.895 |
1.078 |
37.542 |
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INVESTMENT |
5.584 |
9.162 |
9.162 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
383.179
|
156.149
|
120.351
|
|
|
Sundry Debtors |
227.834
|
174.379
|
175.873
|
|
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Cash & Bank Balances |
16.779
|
13.606
|
4.085
|
|
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Other Current Assets |
0.427
|
0.000
|
0.000
|
|
|
Loans & Advances |
20.107
|
28.543
|
13.801
|
|
Total
Current Assets |
648.326
|
372.677
|
314.110 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
294.133
|
127.309
|
152.656 |
|
|
Other Current Liabilities |
54.873
|
36.914
|
36.746
|
|
|
Provisions |
15.580
|
14.731
|
9.578
|
|
Total
Current Liabilities |
364.586
|
178.954
|
198.980
|
|
|
Net Current Assets |
283.740
|
193.723
|
115.130
|
|
|
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
591.680 |
382.263 |
308.887 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
|
|
|
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|
Sales and Operating Income |
1455.175 |
1053.527 |
825.220 |
|
|
|
Other Income |
5.836 |
21.476 |
3.895 |
|
|
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TOTAL (A) |
1461.011 |
1075.003 |
829.115 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Decrease/(increase) of Finished Stock |
(15.598) |
(18.404) |
4.068 |
|
|
|
Cost of Inventories Consumed |
643.300 |
368.150 |
193.116 |
|
|
|
Cost of Goods Traded in |
240.714 |
314.132 |
296.989 |
|
|
|
Personnel Cost |
141.517 |
111.938 |
96.630 |
|
|
|
Manufacturing Cost |
201.583 |
152.637 |
128.385 |
|
|
|
Administrative and Other Expenses |
135.686 |
79.326 |
61.657 |
|
|
|
TOTAL (B) |
1347.202 |
1007.779 |
780.845 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
113.809 |
67.224 |
48.270 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
43.117 |
23.538 |
20.624 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
70.692 |
43.686 |
27.646 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.778 |
16.103 |
16.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
47.914 |
27.583 |
11.455 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.508 |
11.798 |
4.045 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
32.406 |
15.785 |
7.410 |
|
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|
|
|
|
|
|
Add/(Less) :Tax adjustments for earlier years |
0.000 |
1.298 |
(0.086) |
|
|
|
Add/(Less): Prior period items |
(0.093) |
(0.325) |
0.000 |
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
40.783 |
31.353 |
29.574 |
|
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|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.616 |
0.419 |
0.000 |
|
|
|
Proposed Dividend |
7.597 |
5.925 |
4.740 |
|
|
|
Tax on Proposed Dividend |
1.232 |
0.984 |
0.805 |
|
|
BALANCE CARRIED
TO THE B/S |
62.651 |
40.783 |
31.353 |
|
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|
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|
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IMPORTS |
|
|
|
|
|
|
|
Plant & Machinery |
29.727 |
3.922 |
0.000 |
|
|
|
Stores & Spare parts |
3.448 |
1.698 |
2.036 |
|
|
TOTAL IMPORTS |
33.175 |
5.620 |
2.036 |
|
|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
6.71 |
3.54 |
2.44 |
|
|
|
- Diluted |
6.71 |
3.49 |
1.55 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
|
485.250 |
647.090 |
410.070 |
|
Total Expenditure |
|
447.950 |
595.530 |
377.000 |
|
PBIDT (Excl OI) |
|
37.300 |
51.560 |
33.070 |
|
Other Income |
|
1.280 |
0.870 |
0.950 |
|
Operating Profit |
|
38.580 |
52.430 |
34.020 |
|
Interest |
|
19.030 |
26.370 |
24.860 |
|
Exceptional Items |
|
0.000 |
0.000 |
0.000 |
|
PBDT |
|
19.550 |
26.060 |
9.160 |
|
Depreciation |
|
6.800 |
7.000 |
7.590 |
|
Profit Before Tax |
|
12.750 |
19.060 |
1.600 |
|
Tax |
|
4.180 |
6.260 |
0.540 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
|
8.570 |
12.800 |
1.060 |
|
Extraordinary Items |
|
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
0.000 |
|
Net Profit |
|
8.570 |
12.800 |
1.060 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.22
|
1.47
|
0.89
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.29
|
2.62
|
1.39
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.08
|
5.01
|
2.48
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.15
|
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.42
|
2.01
|
1.88
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
2.08
|
1.58
|
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) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
No |
|
6) Line of Business• |
No |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
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 |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
OPERATION
During the year, performance of the Company was satisfactory. The
Company has achieved a turnover of Rs.1455.200 Millions during the year as
compared to Rs.1053.500 Millions during the previous year. The Profit after tax
for the financial year 2010-11 was Rs.32.400 Millions as compared to Rs.15.800
Millions during the previous year. The better performance in the year was
result of efficient and better utilisation of available manufacturing
facilities and acquisition of additional manufacturing facilities during the
year combine with emphasis on sale of complete package garments instead of
fabrics.
FUTURE PLANS
The Company has a plan to launch its women's denim wear brand
"GFQ" very soon. With the launch of this brand, the Company is
targeting a new class of customers viz., a brand aspiring young women. As there
is a lot of vacuum in women's denim wear segment, the Company foresees this as
an opportunity to penetrate effectively in a very fast growing segment.
The Company is also upgrading its formal shirts project/plant to manufacture
premium formal shirts and also increasing the total manufacturing capacity of
shirts.
The Company is also exploring the possibility of setting up of Suits
manufacturing facility. This will enable the Company to offer full formal men's
wear range manufactured at its units.
The Company had submitted its draft letter of offer, for proposed Rights
Issue to shareholders, to SEBI and awaiting clearance. The Rights Issue would
be announced at appropriate time once SEBI clears the draft letter of offer.
Future Group continues to be associated for strategic and marketing
initiatives. This helps the Company to counter competitors and assures ready
market for its quality products.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Textile Industry is a leading industry in India. It contributes
approximately 14% of India's Industrial Production, 4% to the GDP and 17% to
the country's export earnings. It is the second largest provider of employment
after agriculture sector. Textile and apparel sectors has shown some amount of
recovery from the financial crisis, but still struggling with the inflationary
and volatile market condition. With the various initiatives taken by the
government, investment in this sector is steadily increasing.
Textile sector has seen extra-ordinary volatile markets in last year
2010-11. The same trend is continuing in cotton as well as synthetics fibre
segment. This volatile situation puts pressure on the performance of the
Company. The Company is taking adequate steps to tackle the pressure and
improving its performance.
As committed the Company is taking all steps to sustain the growth of
the Company. The Company is keeping its option open for organic and inorganic
route of growth.
PRODUCTAND
PERFORMANCE:
With the addition of denim trouser manufacturing, the product mix basket
of men's fashion wear in woven segment is complete and the Company offers
formal and casual shirts and denim bottoms.
In fabric segment, the Company has put up an excellent show on linen
category with its True Linen' line of offerings. This will result in overall
better performance on the product front.
OUTLOOK:
The acquisition of Denim Trouser manufacturing and washing units is a good
move towards the growth ambition of the Company and providing better product
mix. This will help the Company in introducing its own brand in denim trouser
segment.
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
During the year, the total production for the Fabrics unit is as
follows. The production of the grey fabrics and finished fabrics (including
job) were 6.509 lacs Meters and 26.28 lacs Meters respectively as against 49.89
lacs Meters and 22.74 lacs Meters in the previous financial year. Production of
readymade garments was 22.39 lacs pes as against 15.96 lacs pes in the previous
financial year.
The Profit Before Tax recorded during the year was Rs.47.914 Millions as
against Rs.27.583 Millions in the previous financial year.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
(i) Tax matters in appeals-
|
|
For
2009-10 (Rs.
in millions) |
|
Income Tax |
11.151 |
|
Sales Tax |
3.104 |
(ii) Guarantees
given by the bankers of the company amounting to Rs.1.155 millions against the fixed
deposit of Rs.0.828 million kept as margin money.
(iii) Liability,
if any, arising on account of undertakings given by the company under EPCG
scheme, pending fulfillment of export obligation approximately Rs.33.445
millions.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2011
(Rs.
In Millions)
|
Particulars |
Unaudited |
||
|
31.12.2011 |
31.09.2011 |
31.12.2011 |
|
|
For the Quarter Ended |
For the Nine Months Ended |
||
|
|
|
|
|
|
Net Sales / Income from operations |
410.066 |
647.090 |
1542.410 |
|
Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Expenditure |
|
|
|
|
(Increase) / Decrease in stock in trade and work in progress |
(73.992) |
10.018 |
(124.659) |
|
Consumption of raw materials |
207.359 |
273.268 |
754.170 |
|
Purchases
of traded goods |
73.447 |
89.029 |
229.651 |
|
Manufacturing
Expenses |
83.310 |
125.414 |
298.706 |
|
Employees cost |
49.803 |
48.067 |
141.247 |
|
Depreciation |
7.590 |
7.001 |
21.394 |
|
Other expenditure |
37.038 |
49.736 |
121.338 |
|
Total |
384.555 |
602.533 |
1441.86 |
|
Profit
from operations before other income, interest and exceptional Items |
25.511 |
44.557 |
100.564 |
|
Other
income |
0.948 |
0.868 |
3.091 |
|
Profit
before interest and exceptional Items |
26.459 |
45.425 |
103.655 |
|
Interest |
24.860 |
26.365 |
70.250 |
|
Profit after Interest but
before Exceptional Items |
1.599 |
19.060 |
33.405 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
Profit (+)/Loss(-) from
Ordinary Activities before tax |
1.599 |
19.060 |
33.405 |
|
Tax
expense |
0.541 |
6.258 |
10.978 |
|
Net Profit (+)/Loss(-) from
Ordinary Activities after tax |
1.058 |
12.802 |
22.427 |
|
Extra ordinary items (net of
tax expenses) |
0.000 |
0.000 |
0.000 |
|
Net
Profit (+) / Loss (-) for the year period |
1.058 |
12.802 |
22.427 |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
50.649 |
50.649 |
50.649 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
- |
-- |
-- |
|
Earning
per share (EPS) |
|
|
|
|
Basic and diluted EPS before
Extraordinary items |
|
|
|
|
-
Basic Earning Per Share |
0.21 |
2.53 |
4.43 |
|
-
Diluted Earning Per Share |
0.21 |
2.53 |
4.43 |
|
Basic and diluted EPS after
Extraordinary items |
|
|
|
|
-
Basic Earning Per Share |
0.21 |
2.53 |
4.43 |
|
-
Diluted Earning Per Share |
0.21 |
2.53 |
4.43 |
|
Public
shareholding |
|
|
|
|
-
Number of shares |
3250407 |
3250407 |
3250407 |
|
-
Percentage of shareholding |
64.18 |
64.18 |
64.18 |
|
Promoters
and Promoters group Shareholding- |
|
|
|
|
a)
Pledged /Encumbered |
|
|
|
|
-
Number of shares |
-- |
-- |
-- |
|
-
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
-
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
b)
Non Encumbered |
|
|
|
|
-
Number of shares |
1814459 |
1814459 |
1814459 |
|
-
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
-
Percentage of shares (as a % of total share capital of the
company) |
35.82 |
35.82 |
35.82 |
Note:
1.
The above results were reviewed by Audit Committee
and taken on record by the Board of Directors of the company at its meeting
held on 4th February 2012. Limited Review as required under clauses
41 of the Listing Agreement has been carried out by the statutory auditors
2.
There were no investor complaint pending at the
beginning of the quarter, one complaint was received during the quarter and was
duly resolved.
3.
The company operates in a single segment i.e.
Textiles
4.
Corresponding Figures of earlier period/year have
been regrouped to make comparable with current figures
FIXED ASSETS:
·
Land
·
Leasehold Land
·
Building/flat
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
·
Bicycle
·
Computers and Softwares
WEBSITE DETAILS:
PROFILE:
Subject is extensively engaged in the manufacture and export
of polyester viscose, poly wool, silk fabrics and polyester viscose grey yarn.
Operating from
Yarn division: Yarn is a strand composed of fibers, filaments (individual fibers of extreme length), or other materials, either natural or man-made, suitable for use in the construction of interlaced fabrics, such as woven or knitted types. They offer two varieties of yarns that include.
Fabrics division: Fabrics are created from fibers of animal's coats, silkworm cocoons, and plants' seeds, leaves, and stems. Subject manufactures and export viscose fabric, woolen fabric, poly wool fabric, poly viscose fabric, woolen suiting fabric, Following two varieties of fabric that are in great demand among the buyers.
Spinning division: Spinning is the process of drawing out and twisting fibres to join them firmly together in a continuous thread or yarn. Spinning is an indispensable preliminary to weaving cloth from those fibres that do not have extreme length. The determination of the most economic conditions such as package size and spindle speed are influenced by many cost factors including capital, power, doffing, rewinding, and floor space.
Subject has played a prominent role in the revival of
weaving in the organized sector in
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.54.88 |
|
|
1 |
Rs.86.84 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.