MIRA
INFORM REPORT
|
Report Date : |
05.11.2012 |
- Summary Information
|
|
|
Country |
|
|
Company Name |
FILATEX INDIA
LIMITED |
Principal Name 1 |
Mr. Ram Avtar Bhageria |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. B B Tandon |
|
|
|
Registration # |
54-000091 |
|
Street Address |
S.No.274, Demni
Road, Dadra – 396191, U.T. of Dadra and Nagar Haveli, India |
||
|
Established Date |
08.08.1990 |
SIC Code |
-- |
|
Telephone# |
91-260-2668343/ 2668510 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-260-2668344 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Yarn |
|
|
# of employees |
500
(Approximately) |
Product Name 2 |
Threads |
|
Paid up capital |
Rs.240,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and
Promoter Group – 52.61 % Public
Shareholding – 47.39 % |
Banking |
Oriental Bank of Commerce |
|
Public Limited Corp. |
NO |
Business Period |
22 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba
(47) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary Company |
-- |
Filatex Synthetics (Private) Limited |
-- |
|
Note |
- |
||
- Summary Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
483,919,000 |
Current Liabilities |
677,310,000 |
|
Inventories |
475,247,000 |
Long-term Liabilities |
2,293,941,000 |
|
Fixed Assets |
1,770,231,000 |
Other Liabilities |
147,489,000 |
|
Deferred Assets |
0 |
Total Liabilities |
3,118,740,000 |
|
Invest& other Assets |
1,847,478,000 |
Retained Earnings |
1,218,135,000 |
|
|
|
Net Worth |
1,458,135,000 |
|
Total Assets |
4,576,875,000 |
Total Liab. & Equity |
4576,875,000 |
|
Total Assets (Previous Year) |
2,463,716,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
4,734,036,000 |
Net Profit |
137,010,000 |
|
Sales(Previous yr) |
4,864,171,000 |
Net Profit(Prev.yr) |
190,113,000 |
IDENTIFICATION DETAILS
|
Name : |
FILATEX INDIA LIMITED (TR. CO. FROM DELHI) |
|
|
|
|
Registered
Office : |
S.No.274, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.08.1990 |
|
|
|
|
Com. Reg. No.: |
54-000091 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.240.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17119DN1990PLC000091 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Yarn and Threads. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5832000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track
record. Financial of the company appears to be sound. But in the years 2011-2012 there appears slight dip in the
profitability. However, trade relations are reported to be fair. Business is
active. Payments are reported as usually correct and as per commitment. The company can be considered for normal business dealing at usual
trade terms and condition |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB- (Long term bank facilities) |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
01.04.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
S.No.274, |
|
Tel. No.: |
91-260-2668343/ 2668510 |
|
Fax No.: |
91-260-2668344 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office : |
43, Community Centre, New Friends Colony, |
|
Tel. No.: |
91-11-26312503/ 26848633/ 26848644 |
|
Fax No.: |
91-11-26849915 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Monofilament Yarns Works A-2, Extension, Phase-II, District Gautam Budh Nagar, Noida – 201304, |
|
Tel. No.: |
91-120-3043012/ 13/ 14 |
|
Fax No.: |
91-120-3043016 |
|
|
|
|
Factory 3 : |
Plot No. D-2/ 6, Jolva Village PCPIR, Dahej-2, Industrial Estate, GIDC,
District Bharuch – 392130, |
|
|
|
|
|
2nd Floor, Shreya Shruti Building, Above State Bank of Indore, Ring
Road, Surat - 395003, Gujarat, India |
|
Tel. No.: |
91-261-610783/ 84/ 85 |
|
Fax No.: |
91-261-610796 |
|
E-Mail : |
|
|
|
|
|
Marketing Office: |
321, Maker Chamber, Nariman Point Mumbai-400005, |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Ram Avtar Bhageria |
|
Designation : |
Chairman / Chair Person |
|
Qualification : |
Graduate in Commerce |
|
Date of Appointment : |
30.07.2008 |
|
|
|
|
Name : |
Mr. B B Tandon |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. S C Parija |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. S P Setia |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
71 Years |
|
Date of Appointment : |
30.07.2003 |
|
Qualification : |
B. Sc (Hons.) |
|
Other Directorship: |
•
Amit Spinning Limited •
Rainbow Integrated Texpack Limited •
Trident Corporation Limited |
|
|
|
|
Name : |
Mr. Vibhu Bakhru |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Purrshottam Bhaggeria |
|
Designation : |
Joint Managing Director |
|
Address : |
42, Community Centre, New Friends Colony, New Delhi-110065, |
|
Date of Birth/Age : |
51 Years |
|
Date of Appointment : |
30.07.2003 |
|
Qualification : |
MBA, |
|
Other Directorship: |
•
Helios Infrastructure and Projects Limited •
Toni Leathers Limited •
Animate Energy Limited •
Trilliant Hospitality Limited |
|
|
|
|
Name : |
Mr. Madhav Bhageria |
|
Designation : |
Joint Managing Director |
|
Address : |
2nd Floor, Shreya Shruti Building, Above State Bank of Indorel,
Ring Road, Surat-395 003, Gujarat, India |
|
Qualification : |
Graduate in Commerce |
|
Date of Appointment : |
30.07.2008 |
|
|
|
|
Name : |
Mr. Madhu Sudhan Bhageria |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
42, Community Centre, New Friends Colony, New Delhi-110065, |
KEY EXECUTIVES
|
Name : |
Mr. Raman Kumar Jha |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. R P Gupta |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7300279 |
30.42 |
|
|
5325216 |
22.19 |
|
|
12625495 |
52.61 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
12625495 |
52.61 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
63400 |
0.26 |
|
|
100 |
0.00 |
|
|
2302500 |
9.59 |
|
|
2366000 |
9.86 |
|
|
|
|
|
|
4091271 |
17.05 |
|
|
|
|
|
|
2057278 |
8.57 |
|
|
2362051 |
9.84 |
|
|
497905 |
2.07 |
|
|
81055 |
0.34 |
|
|
10599 |
0.04 |
|
|
1370 |
0.01 |
|
|
404881 |
1.69 |
|
|
9008505 |
37.54 |
|
Total Public shareholding
(B) |
11374505 |
47.39 |
|
Total (A)+(B) |
24000000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
24000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Yarn and Threads. |
||||||||||||
|
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|
||||||||||||
|
Products : |
·
Polyester Partially Oriented Yarns (POY) ·
Textured Yarns ·
Micro Denier Yarns ·
Polypropylene Yarns ·
Monofilament Yarns ·
Fully Drawn Yarns |
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
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Bankers : |
·
Oriental Bank of Commerce ·
Punjab National Bank ·
Union Bank of ·
State Bank of |
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Facilities : |
I. Term loans a) From
consortium member banks of Rs.539.769 Millions (Previous Year Rs.237.529
Millions) are secured by first mortgage created by way of deposit of title
deeds on pari passu basis in respect of immovable properties, both present
and future, and first charge by way of hypothecation of company’s all movable
assets (save and except inventories, book debts, vehicles acquired through
specific loans). These loans are further secured by second charge by way of
hypothecation of stocks of raw material, finished goods, semi-finished goods,
stores and spares, book debts and other receivables (both present and
future), pledge of 500000 equity shares of the face value of Rs.10/- each of
the company, mortgage of an immovable property owned by a promoter director
and personal guarantees of the promoter directors. These loans bear floating
interest rate ranging from Base Rate plus 3.00% - 4.25% p.a. and are
repayable in quarterly installments from April, 2012 to March, 2019. b) From State
Bank of India of Rs.219.853 Millions (Previous year Rs. Nil) is
collateraly secured by mortgage created by way of deposit of title deeds in
respect of the immoveable property situated at (i) Ground floor and Third
floor of Plot no. 43, New Friends Colony, New Delhi 110025, belonging to
promoters group, (ii) pledge of 35 lacs equity shares of the Company having
face value of Rs.10/- each held in the name of the promoters (iii) Third
charge on company’s fixed assets and current assets and are further secured
by personal guarantee of Promoter Directors and the property owners. The loan
bears floating interest at base rate plus 4.00% pa and is repayable in 8
quarterly ballooning installments from July, 2012. II. Vehicle
loans are secured by hypothecation of specific vehicles acquired out of
proceeds of the Loans. The said loans carry interest rate which varies 7.79%
to 13.31% repayable in 36 - 60 monthly installments. III. Buyers’
Credit for capital goods a) Buyers’
credit amounting to Rs.1368.977 Millions (Previous Year Rs.160.779 Millions)
are against Letters of Undertaking (LOUs) / Letter of Comfort (LOCs) issued by
consortium of banks. LOUs / LOCs facility is secured by first mortgage
created by way of deposit of title deeds on pari passu basis in respect of
immovable properties, both present and future, and first charge by way of
hypothecation of company’s all movable assets (save and except inventories,
book debts, vehicles acquired through specific loans). These loans are
further secured by second charge by way of hypothecation of stocks of raw
material, finished goods, semi-finished goods, stores and spares, book debts
and other receivables
(both present and future), pledge of 500000 equity shares of the face value
of Rs.10/- each of the company, mortgage of an immovable property owned by a
promoter director and personal guarantees of the promoter directors. The loan
bears floating interest @ US Libor / Euribor plus 1.10% 2.00%. b) LOCs / LOUs
facilities are sanctioned to the company as a sub limit of term loan.
Liability towards Buyers’ Credit under LOCs / LOUs will be liquidated out of
the proceeds of term loans that are repayable over a period upto seven years. IV. From a body corporate carries interest @ 11% and is payable
after two years from the date of receipt. I. Working
capital loans from consortium member banks are secured by first charge by way
of hypothecation of stocks of raw materials, finished goods, semi finished
goods, stores and spares, book debts and other receivables (both present and
future) and are futher secured by way of second charge on block of fixed
assets of the company except vehicles acquired out of specific loans(s).
These are further secured by pledge of 500000 equity shares of the face value
of Rs.10/- each of the company, mortgage of an immovable property owned by a
promoter director and personal guarantees of promoter directors on pari passu
basis. II. The working
capital loans from banks are repayable on demand and carry interest at Base
Rate plus 3.25% pa. III. Buyers’
Credit for raw material are against LOUs / LOCs issued by consortium of
banks. The LOUs / LOCs facility is sanctioned to the Company as a sub limit
of Non Fund (LCs) based facility. The facility is secured by first charge by
way of hypothecation of stocks of raw materials, finished goods, semi
finished goods, stores and spares, book debts and other receivables (both
present and future) further secured by way of second charge in respect of
entire block of fixed assets of the company except vehicles acquired out of
specfic loans(s). These are further secured by pledge of 500000 equity shares
of the face value of Rs.10/- each of the company, mortgage of an immovable
property owned by a promoter director and personal guarantees of promoter
directors on pari passu basis. The loan bears floating interest @ US Libor /
Euribor plus 1.10% - 2.00%. IV. Liability
under deferred payments for the previous year pertained to the land allotted
by Gujarat Industrial Development Corporation (GIDC) on lease hold basis and
the amount deferred was payable in 12 quarterly installments w.e.f. March 31,
2011 and carried interest @ 12.50% per annum. However, the company has made
payment of the defered amount in the current financial year. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Amod Agrawal & Associates, Chartered Accountants |
|
Address : |
D-58, East of Kailash, |
|
|
|
|
Subsidiary
Company: |
Filatex Synthetics (Private) Limited |
|
|
|
|
Related Parties: |
·
Ram Avtar Bhageria (HUF) ·
Madhu Sudhan Bhageria (HUF) ·
Purrshottam Bhaggeria (HUF) ·
Madhav Bhageria (HUF) ·
Nouvelle Securities Private Limited ·
SMC Yarns Private Limited ·
Azimuth Investments Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
|
|
|
|
a. Reconciliation of the shares outstanding at the beginning and at the
end of the reporting period
|
Equity shares |
31.03.2012 |
|
|
|
Nos. |
Amount |
|
At the beginning of the year |
17,141,397 |
171.414 |
|
Add : Shares issued during the year |
6,858,603 |
68.586 |
b. Terms / rights
attached to equity shares
The company has
only one class of equity shares having a par value of Rs.10/- per share. Each
holder of equity shares is entitled to one vote per share. The company declares
and pays dividend in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
During the year
ended 31 March 2012, the amount of dividend recognized as distribution to
equity shareholders is Rs.1/- per share (previous year Rs.1/- per share).
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c. Agreegate
number of equity shares issued for consideration other than cash during the
period of five years immediately preceding the reporting date
8,41,397 equity
shares of Rs. 10/- each issued to IDBI Limited as per terms of negotiated
settlement with them at a premium of Rs. 13.77 per share on 18th September,
2007.
d. Conversion of
convertible warrants and issue of fresh equity shares
(i) During the
year company has further received Rs.28.000 Millions against 40,00,000
convertible warrants (total Rs.160.000 Millions inlcuding Rs.132.000 Millions
received upto previous year) which have been converted into 40,00,000 equity
shares of Rs.10/- each at a premium of Rs.30/- per share.
(ii) The company
has also received an amount of Rs.142.930 Millions (previous year Nil) and has
issued 2858603 equity shares of Rs.10/- each at a premium of Rs.40 per share.
e. Details of shareholders holding more than 5% shares in the company
(Rs. in Millions)
|
Particulars |
31.03.2012 |
|
Madhu Sudhan Bhageria 1252500 (previous year 1252500) equity shares of
Rs.10/- each fully paid |
12.525 |
|
Purrshottam Bhaggeria (previous year 865000) equity shares of Rs.10/-
each fully paid |
0.000 |
|
Azimuth Investments Limited (3125000 (previous year 1860000) equity
shares of Rs.10/- each fully paid) |
31.250 |
|
Nouvelle Securities (Private) Limited 1989016 (previous year 769016)
equity shares of Rs.10/- each fully paid |
19.890 |
|
Somerset Emerging Opportunities Fund 1602000 (previous year 902000)
equity shares of Rs.10/- each fully paid |
16.020 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
240.000 |
171.414 |
171.414 |
|
|
2] Share Application Money |
0.000 |
132.000 |
80.000 |
|
|
3] Reserves & Surplus |
1218.135 |
874.673 |
704.549 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1458.135 |
1178.087 |
955.963 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2263.941 |
715.201 |
338.413 |
|
|
2] Unsecured Loans |
30.000 |
10.027 |
8.311 |
|
|
TOTAL BORROWING |
2293.941 |
725.228 |
346.724 |
|
|
DEFERRED TAX LIABILITIES |
147.489 |
129.573 |
135.464 |
|
|
Liabilities under Deferred Payments |
0.000 |
91.884 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3899.565 |
2124.772 |
1438.151 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1770.231 |
1055.050 |
945.306 |
|
|
Capital work-in-progress |
1847.401 |
428.234 |
67.118 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.077 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
475.247
|
510.066
|
272.044
|
|
|
Sundry Debtors |
266.313
|
270.344
|
197.201
|
|
|
Cash & Bank Balances |
56.469
|
77.755
|
29.474
|
|
|
Other Current Assets |
18.970
|
14.586
|
24.829
|
|
|
Loans & Advances |
142.167
|
107.480
|
51.993
|
|
Total
Current Assets |
959.166
|
980.231
|
575.541 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
108.877
|
205.146
|
70.339
|
|
|
Other Current Liabilities |
517.583
|
98.628
|
63.746
|
|
|
Provisions |
50.850
|
35.170
|
16.130
|
|
Total
Current Liabilities |
677.310
|
338.944
|
150.215 |
|
|
Net Current Assets |
281.856
|
641.287
|
425.326
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.200 |
0.400 |
|
|
|
|
|
|
|
|
TOTAL |
3899.565 |
2124.772 |
1438.151 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4734.036 |
4864.171 |
3997.606 |
|
|
|
Other Operating Income |
0.000 |
9.106 |
4.144 |
|
|
|
Other Income |
12.005 |
0.000 |
1.468 |
|
|
|
TOTAL (A) |
4746.041 |
4873.277 |
4003.218 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of traded goods |
19.323 |
-- |
-- |
|
|
|
Cost of Materials Consumed |
3887.135 |
4097.400 |
3249.232 |
|
|
|
Manufacturing and Administration expenses |
-- |
277.390 |
305.967 |
|
|
|
Payment and Benefits to Employees |
144.091 |
115.203 |
98.740 |
|
|
|
Selling Expenses |
0.000 |
28.265 |
26.801 |
|
|
|
Profit on sale of Wind Mill unit |
0.000 |
0.000 |
0.000 |
|
|
|
Increase/(Decrease) in Stocks |
(24.311) |
(71.423) |
(70.830) |
|
|
|
Other Expenses |
382.364 |
-- |
-- |
|
|
|
TOTAL (B) |
4408.602 |
4446.835 |
3609.910 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
337.439 |
426.442 |
393.308 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.891 |
54.231 |
46.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
289.548 |
372.211 |
346.609 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
95.161 |
92.008 |
85.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
194.387 |
280.203 |
261.535 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
57.377 |
90.090 |
89.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
137.010 |
190.113 |
171.866 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
365.351 |
195.226 |
43.414 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
17.141 |
|
|
|
Proposed Equity Dividend |
24.000 |
17.141 |
0.000 |
|
|
|
Tax on Dividend |
3.893 |
2.847 |
2.913 |
|
|
BALANCE CARRIED
TO THE B/S |
474.468 |
365.351 |
195.226 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export of Goods (excluding deemed exports) |
116.020 |
79.240 |
30.524 |
|
|
TOTAL EARNINGS |
116.020 |
79.240 |
30.524 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
266.311 |
827.658 |
53.383 |
|
|
|
Capital Goods |
1181.362 |
230.130 |
14.596 |
|
|
|
Stores & Spares |
6.593 |
10.719 |
5.921 |
|
|
TOTAL IMPORTS |
1454.266 |
1068.507 |
73.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.19 |
11.09 |
10.03 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
|
Type |
|
1st
Quarter |
|
Net Sales |
|
1072.100 |
|
Total Expenditure |
|
1020.800 |
|
PBIDT (Excl OI) |
|
51.300 |
|
Other Income |
|
4.300 |
|
Operating Profit |
|
55.600 |
|
Interest |
|
52.700 |
|
Exceptional Items |
|
0.000 |
|
PBDT |
|
2.900 |
|
Depreciation |
|
32.600 |
|
Profit Before Tax |
|
(29.700) |
|
Tax |
|
0.000 |
|
Provisions and contingencies |
|
0.000 |
|
Profit After Tax |
|
(29.700) |
|
Extraordinary Items |
|
0.000 |
|
Prior Period Expenses |
|
0.000 |
|
Other Adjustments |
|
0.000 |
|
Net Profit |
|
(29.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.89
|
3.90 |
4.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.11
|
5.76 |
6.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.12
|
13.13 |
17.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.13
|
0.24 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
2.04
|
0.98 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
2.29 |
3.83 |
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.89
|
3.90
|
4.29
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.11
|
5.76
|
6.54
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.12
|
13.76
|
17.19
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.23
|
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.04
|
0.90
|
0.52
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
2.89
|
3.83
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
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 involved in |
------ |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR) AS ON 31.03.2012
(Rs.
in Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
a) Letters of Credit |
38.477 |
959.303 |
|
b) Unexpired Bank Guarantees |
23.487 |
35.386 |
|
c) Excise / Customs (Mainly relating to reversal of cenvat credit of
NCCD & valuation of texturised yarns). |
142.661 |
80.950 |
|
d) Sales Tax demand (Emerging from rejection of consignment sales due to
different interpretation) |
1.848 |
1.848 |
|
e) Income Tax demand on account of : |
|
|
|
- Additions for the period AY 2001-02 to 2005-06 |
3.337 |
3.337 |
|
- Penalty for the period AY 2001-02 to 2005-06 |
3.337 |
3.337 |
|
- Additions for AY 2008-09 |
0.220 |
0.220 |
|
f) Claims against the company not acknowledged as debts |
5.587 |
5.587 |
OPERATIONS
During the year the Company achieved
turnover of Rs. 5193.400 Millions as compared to Rs. 5371.000 Millions for the previous
financial year and the Net Profit after tax is Rs. 137.000 Millions as compared
to Rs. 190.100 Millions in the previous year. Decreases in turnover and Net
Profit are due to sluggish in demand on account of slowdown in economy and
adverse fluctuation in foreign exchange rate.
EXPANSION
The Company has set up of a
Polyester Poly Condensation plant with a capacity of 216000 TPA along with
expansion of polyester POY capacity by 108000 TPA in the state of Gujarat. The
Company's plant for Polyester Poly condensation cum POY at GIDC Dahej has been
partly commissioned and production of POY in the month of March, 2012. The
Company at present manufacturing POY by using polyester chips as raw material,
whereas all other major manufacturers are making POY under Direct Melt Spinning
Technology being used worldwide, using PTA and MEG as raw materials. The Poly
condensation unit will bring The Company at par with other manufacturers of
POY. This will enable the Company to reduce operational costs and increase its
profitability.
Management Discussions AND ANALYSIS
INDUSTRY STRUCTURE and DEVELOPMENT
The textile market in India is
shifting its preference from cotton to Man-Made Fibre(MMF) fabrics. The MMF industry
comprises fibre, filaments and yarns required for manufacturing apparel and
non-apparel products. Although the preference for cotton yarn is high, a
sizable segment of the Indian population prefers apparels made of polyester
yarn and other synthetic materials as they are cheaper. The price
competitiveness of polyester yarn vis--vis cotton yarn will support growth in
demand for polyester yarn. As far as domestic scenario is concerned, signs are
very encouraging. As per CRISIL Research Report, demand for man-made fibre is
expected to grow at CAGR of 7-8% between FY10 and FY13.Within the polyester
group, PFY will continue to dominate with its share expected to increase from
31% in FY10 to 33% in FY13, higher than the growth expected in the overall man made
fibre segment.
India’s per capita consumption of
the polyester is only around 3.5 kg compared to a global average 7.2 kg. Growth
in consumption of polyester has historically co-relation with GDP growth. As
Indian economy continues to grow, demand for polyester product will increase,
driven by rising personal income and increased non-apparel applications.
The Indian textile industry is the
single largest employer after agriculture providing direct employment to more
than 35 million people from almost all strata of society. It contributes 12% to
export earnings, 11% to industrial production and 4% to the GDP.
The demand for polyester yarn in
India is faster than all other major yarn categories. Export of PFY based
textile products have also shown good growth unlike export of other textile
products.
INDUSTRY OUTLOOK
2009 witnessed the Indian textile
industry recovering from the slowdown with strong domestic consumption and
renewed export demand. Earlier, the textile industry, which was a major
contributor to export earnings, had encouraged global economic slowdown shocks.
Exports registered month-on-month negative growth for most part of 2009. Strong
domestic consumption and higher export demand have brought new optimism in the
industry. From time to time the Government has also intervened to help the
industry by bringing several stimulus packages. The Foreign Trade Policy
2009-14 also featured some relief majors including addition of 26 new markets
in the Focus Market Scheme (FMS) in Latin America and Asia-Oceania for
promotion of exports. Textile exports started recovering from the end of2009
onwards. As per CRISIL, the recovery was relatively fast in man-made fibre
based textiles as its exports dependency is around 30% compared to 42% in the
case of the cotton textile industry benefited the maximum in this surge in
exports.
FY 2010-11 witnessed robust growth
in Polyester Filament Yarn segment. The continued increase in the price of
cotton gave favourable boost to the increased demand of PFY. Polyester has been
steadily replacing natural fibre. In the years ahead relatively easier
availability of raw materials, growing local and international demand and
improved cost competitiveness of Indian manufacturers vis—vis their global
competitors should permit strong growth in the PFY industry.
COMPANY OUTLOOK
At present, the Company procures
polyester chips externally to manufacture POY,FDY and Polyester Filament Yarn.
In order to improve its profitability, the Company has upgraded some of its POY
spinning lines for manufacture of Fully Drawn Yarn (FDY) resulting in higher
value additions. With a view to have a level playing field as compared to its
competitors and to reduce operational costs on recurring basis, the Company is
in the process of setting up of its own Poly Condensation Plant of 216000
MT/per annum along with addition of 108000 MT per annum capacity of POY. This
will lead to increase in margins.
The Company has taken steps toward
forward integration by adding a new value added product in its existing
products range i.e. Narrow Fabrics by putting up looms. During the year under
review, the Company has increased the installed capacity of Narrow Fabrics
to2555 MT per annum from 1890 MT per annum.
INTERNAL CONTROL SYSTEMS AND THEIR
ADEQUACY
The Company has comprehensive
systems of internal controls to safeguard the Company’s assets against the loss
from unauthorized uses and ensure proper authorization of financial
transactions. The system is designed to provide a high degree of assurance regarding
the effectiveness and efficiency of operations, reliability of financial
controls and compliance with applicable laws and regulations. The Company has
an elaborate budgetary control system and actual performance, which is
constantly monitored by the management. It has well defined organization
structure, authority levels and internal guidelines and rules. The internal
control system ensures that the financial and other are reliable for preparing
financial statements and other data and for maintaining proper of assets.
The Company, with a view to
encourage independent view, has outsourced the functions of internal auditors
to qualified professionals, to conduct operations and systems audit in
accordance with audit plans adopted by the Audit committee. Internal Auditors
as part of their assignment evaluate and assess the adequacy and effectiveness
of internal control measures and compliance with policies, plans and statutory
requirements. The Internal Audit Reports are reviewed at the Audit Committee
Meetings and appropriate actions on there commendation are initiated by the
Management.
DIRECTORS PROFILE
Ram
Avtar Bhageria
Chairman (Non Executive Director)
•
Commerce graduate from the reputed Shri Ram College of Commerce, Delhi
University, Delhi
•
50 years experience of Industry, specially of Synthetic Filament Yarn
•
Member of Company's Audit committee
•
Involved in various social activities and has been President of New
Friends Club, New Delhi from 2004-08 and Past President of Resident Welfare
Association, New Friends Colony from 2002-05
•
Actively involved in
various Philanthropic activities through the family foundation i.e. Bhageria
Foundation and President of Lala Baijnath Bhageria Charitable Society
Madhu
Sudhan Bhageria
Vice Chairman and Managing Director (Promoter)
•
Gold Medallist Commerce graduate from the reputed Shri Ram College of
Commerce, Delhi University, Delhi
•
25 years of experience in Polyester Industry
•
Director in various other Companies
•
President of Small and Medium Scale Polyester POY Manufacturers, New
Delhi
•
Socially active person
and was Treasurer of Roshnara Club Limited, Delhi for many years
Purrshottam
Bhaggeria
Joint Managing Director (Promoter)
•
Master Degree in Business Administration from Cornell University, USA,
1985
•
Honorary Consul of Republic of Moldova in the Republic of India
•
Director, Honorary Consular Corps. Diplomatique-India
•
Member of Honor society of Phi Kappa Phi, USA
•
Co-author and Publisher of two unique and first of its kind Coffee Table
Books: "Elite Clubs of India" and "Elite Collector of Modern and
Contemporary Indian Art"
•
Member of International Affairs Committee for CIS, PHD Chamber of
Commerce and Industry
•
Past President of Rotary Club of Delhi Heritage, New Delhi, 2010-11
•
Ex-Member of Governing Council, Software Technology Parks of India
•
(an autonomous Society under Govt, of India, Ministry of Information
Tech.)
•
Ex-member of the
Governing Body of Lakshmibai College, Delhi University
Madhav
Bhageria
Joint Managing Director (Promoter)
•
Commerce graduate from Hindu College, Delhi University, Delhi
•
Looks after day to day plant operations at Dadra and Dahej and marketing
functions of the Company based at Surat and Mumbai
•
Promoter Director of Tapti Valley Education Foundation which is an
International School in Surat
•
Director in various other
Companies
Shri S P Setia
(Independent Director)
•
Textile Technologist year of graduation 1962.
•
Rich experience in textile industry and providing
consultancy to textile industry since 1982.
•
Chairman of Company’s Shareholders Grievances
Committee and Member of Audit Committee
Shri S C Parija
(Independent Director)
•
Masters Degree in Political Science from Allahabad
University and a MSc in Fiscal Studies from University of Bath (U.K).
•
Executive Member of International Fiscal
Association, India
•
Served as a Chairman of Income-Tax Settlement
Commission and as Chief of Administration and Finance of All India Institute of
Medical Sciences.
•
38 years of services with the Government of India
and served as the Director of Income-tax Investigation, Chief Commissioner of Income-tax and Director
General of Income-tax Investigation.
•
Chairman of Company’s Audit Committee and Member of
Shareholders Grievances Committee
•
Chairman of Audit Committee, Independent Director
of Board of ARSS Infra Projects Limited.
Shri B B Tandon
(Independent Director)
•
Retd. IAS Officer
and former Chief Election Commissioner of India
•
M. A. (PG IN Economics)
and LLB from the university of Delhi. CAIIB (Associate Certificate of the
Indian Institute of Bankers)
•
Served as
Secretary to the Government of India in various key Ministries/ Departments
•
Member of the
Securities and Exchange Board of India as Special Invitee
•
Independent
Director in various other renowved Companies
•
Member of
Company’s Audit Committee
Shri Vibhu Bakhru
(Independent Director)
•
Member of the Bar
Council of India and practicing in Delhi High Court and Supreme Court of India
for over 20 Years.
•
A qualified
Chartered Accountant.
•
Member of
Company’s Audit Committee
FIXED ASSETS:
Tangible Assets
·
Lease
Hold Land
- Free
- Factory Buildings
- Non-Factory Buildings
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Computers
- Vehicles
Intangible Assets
·
Computer
Software
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.53.66 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.