1. Summary Information
|
|
|
Country |
India |
|
Company Name |
NAKODA LIMITED |
Principal Name 1 |
Mr. B.G. Jain |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. D.B. Jain |
|
|
|
Registration # |
04-045995 |
|
Street Address |
Block No.1 and 12 to 16, Village Karanj, Taluka Mandvi, District |
||
|
Established Date |
13.08.1984 |
SIC Code |
|
|
Telephone# |
91-2621-234709/ 234711 |
Business Style 1 |
Trader |
|
Fax # |
91-2621-235430 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Yarn and Processing of Polyester Yarn like Texturising and
Twisting |
|
|
# of employees |
555 [Approximately] |
Product Name 2 |
-- |
|
Paid up capital |
Rs.992,000,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Shareholding of Promoter and Promoter Group
62.92%, Public Shareholding 37.08% |
Banking |
Indian Overseas
Bank |
|
Public Limited Corp. |
Yes |
Business Period |
28 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
Mauritius |
Nakoda Holdings Mauritius Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,472,054,000
|
Current Liabilities |
6,233,981,000 |
|
Inventories |
2,460,515,000
|
Long-term Liabilities |
5,739,681,000 |
|
Fixed Assets |
4,099,435,000 |
Other Liabilities |
164,154,000 |
|
Deferred Assets |
000 |
Total Liabilities |
12,137,816,000 |
|
Invest& other Assets |
998,317,000 |
Retained Earnings |
2,900,505,000 |
|
|
|
Net Worth |
3,892,505,000 |
|
Total Assets |
16,030,321,000 |
Total Liab. & Equity |
16,030,321,000 |
|
Total Assets (Previous Year) |
11,122,331,000 |
|
|
|
P/L Statement as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
20,062,828,000 |
Net Profit |
494,204,000 |
|
Sales(Previous yr) |
12,752,388,000 |
Net Profit(Prev.yr) |
331,531,000 |
MIRA
INFORM REPORT
|
Your Ref. No.: |
135-230548-06-020(20120904810) |
|
Report No. : |
192694 |
|
Report Date : |
06.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
NAKODA LIMITED (w.e.f. 30.03.2010) |
|
|
|
|
Formerly Known
As : |
NAKODA TEXTILE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Block No.1 and 12 to 16, Village Karanj, Taluka Mandvi, District |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
13.08.1984 |
|
|
|
|
Com. Reg. No.: |
04-045995 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.992.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111GJ1984PLC045995 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTN00191C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN7282L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
|
|
|
|
Line of Business
: |
Traders of Yarn and Processing of Polyester Yarn like Texturising and Twisting. |
|
|
|
|
No. of Employees
: |
555 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB [Cash Credit] |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
14.05.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4 + [Bank Guarantee] |
|
Rating Explanation |
Having minimal degree of safety regarding timely payment of financial
obligation it carry very high credit risk and are susceptible to default. |
|
Date |
14.05.2012 |
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 : |
Block No.1 and 12 to 16, Village Karanj, Taluka Mandvi, District
Surat-394110, Gujarat, India |
|
Tel. No.: |
91-2621-234709/ 234711 |
|
Fax No.: |
91-2621-235430 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
80000 sq. Mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory 2: |
Block No. 17 to 19, Village Karanj, Taluka Mandvi, District |
|
|
|
|
Administrative Office : |
701, International Trade Centre, Majura Gate, Ring Road, Surat-395002,
Gujarat, India |
|
Tel. No.: |
91-261-3060200 |
|
Fax No.: |
91-261-3060222 |
|
|
|
|
Corporate Office : |
15B, 15th Floor, Earnest House, 194, Nariman Point,
Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-22824740/ 43 |
|
Fax No.: |
91-22-22824745 |
|
|
|
|
Branch Office : |
36, New Vora Building, 59 - Nakhuda Street, 4th Floor, Tambakanta, Mumbai-400003, Maharashtra, India |
|
Tel. No.: |
91-22 -23442590 |
DIRECTORS
AS ON 31.12.2011
|
Name : |
Mr. B.G. Jain |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. D.B. Jain |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mrs. P.B. Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.L. Maheshwari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.K. Bhoan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P.J. Shah |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. P.P. Vora |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Ishtiaq Ali |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arvind Sinha |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. J.A. Prem |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mrs. Rashmi Bhatt |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1,708,400 |
1.23 |
|
|
85,641,200 |
61.69 |
|
|
87,349,600 |
62.92 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
87,349,600 |
62.92 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11,400 |
0.01 |
|
|
11,400 |
0.01 |
|
|
|
|
|
|
4,769,089 |
3.44 |
|
|
|
|
|
|
17,751,940 |
12.79 |
|
|
27,361,443 |
19.71 |
|
|
1,591,528 |
1.15 |
|
|
1,591,528 |
1.15 |
|
|
51,474,000 |
37.08 |
|
Total Public shareholding (B) |
51,485,400 |
37.08 |
|
Total (A)+(B) |
138,835,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
59,565,000 |
- |
|
|
59,565,000 |
- |
|
Total (A)+(B)+(C) |
198,400,000 |
- |
BUSINESS DETAILS
|
Line of Business : |
Traders of Yarn and Processing of Polyester Yarn like Texturising and Twisting. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.12.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Chips |
MT |
140000 |
110857 |
|
POY FDY |
|
99500 |
89307 |
|
Texturised Yarn Draw Twisted Yarn |
|
29870 |
19476 |
GENERAL INFORMATION
|
No. of Employees : |
555 [Approximately] |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Canara Bank ·
Corporation Bank ·
State Bank of Patiala ·
Syndicate Bank ·
UCO Bank ·
Indian Overseas Bank ·
Karur Vysya Bank Limited ·
Union Bank of India ·
Lakshmi Vilas Bank Limited ·
Axis Bank Limited |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.M. Singapuri and Company Chartered Accountants |
|
Address : |
O-18, Kanaknidhi Apartment, Opposite Gandhi Smruti, Nanpura, |
|
|
|
|
Subsidiaries : |
·
Nakoda Holdings Mauritius Limited, Mauritius ·
Indo Korean Petrochem Limited, South Korea ·
Gerback Holdings Pte. Limited, Singapore ·
Nakoda Green Power Limited, India |
|
|
|
|
Related Parties : |
·
Nakoda Syntex Private Limited ·
B. G. Jain Investment Private Limited ·
G.P. Shah Investment Private Limited ·
P. B. Jain Investment Private Limited ·
Varju Investment Private Limited ·
Nakoda Shipyard Private Limited ·
Koncept Infotenment Private Limited ·
Nakoda Realities Private Limited ·
Nakoda Energy Private Limited ·
Nakoda Financial Services Private Limited ·
Nakoda Infrastructure and Leasing Private Limited ·
Surat SuperYarn Park Limited |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.5/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
198400000 |
Equity Shares |
Rs.5/- each |
Rs.992.000
Millions |
NOTE:
1.
6,50,000 shares were allotted as fully paid up by
way of Bonus Shares as on 16-09-1991.
2.
6,32,500 Shares fully paid up converted from fully
Convertible Debentures.) As on 17-09-1992.
3.
7,80,000 Shares fully paid up converted from fully
Convertible Debentures.
4.
8,20,000 Shares fully paid up converted from
convertible Share Warrants.
5.
3,32,00,000 Shares were alloted as fully paid up by
way of Bonus Shares.
6.
6,00,00,000 Shares were alloted against Global
Depositery Receipts.
7. 7,20,00,000 Shares
fully paid up converted from convertible Warrants.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
992.000 |
632.000 |
166.000 |
|
|
2] Share Application Money |
0.000 |
270.000 |
0.000 |
|
|
3] Reserves & Surplus |
2900.505 |
1751.775 |
787.180 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3892.505 |
2653.775 |
953.180 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4420.171 |
4199.488 |
1208.470 |
|
|
2] Unsecured Loans |
1319.510 |
1037.490 |
1680.640 |
|
|
TOTAL BORROWING |
5739.681 |
5236.978 |
2889.110 |
|
|
DEFERRED TAX LIABILITIES |
106.508 |
98.679 |
71.470 |
|
|
|
|
|
|
|
|
TOTAL |
9738.694 |
7989.432 |
3913.760 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4099.435 |
3976.981 |
970.030 |
|
|
Capital work-in-progress |
839.876 |
324.531 |
763.690 |
|
|
|
|
|
|
|
|
INVESTMENT |
118.240 |
81.520 |
5.880 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2460.515
|
1086.398
|
771.970
|
|
|
Sundry Debtors |
5808.960
|
3567.473
|
2771.740
|
|
|
Cash & Bank Balances |
2450.994
|
1879.087
|
650.370
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.420
|
|
|
Loans & Advances |
212.100
|
156.091
|
209.140
|
|
Total
Current Assets |
10932.569
|
6689.049
|
4403.640
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.427
|
3.516
|
2.315 |
|
|
Other Current Liabilities |
6225.554
|
3092.657
|
2227.165
|
|
|
Provisions |
57.646
|
36.726
|
0.000
|
|
Total
Current Liabilities |
6291.627
|
3132.899
|
2229.480
|
|
|
Net Current Assets |
4640.942
|
3556.150
|
2174.160
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
40.201 |
50.250 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9738.694 |
7989.432 |
3913.760 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20062.828 |
12752.388 |
9862.708 |
|
|
|
Other Income |
70.005 |
44.142 |
35.379 |
|
|
|
TOTAL (A) |
20132.833 |
12796.530 |
9898.087 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials |
18022.072 |
11646.550 |
9044.301 |
|
|
|
Manufacturing Expenses |
784.573 |
461.266 |
413.128 |
|
|
|
Payments to and Provisions For Employees |
66.583 |
43.035 |
33.123 |
|
|
|
Administrative & Selling
Expenses |
56.761 |
36.028 |
28.487 |
|
|
|
Variation in Stocks |
(29.909) |
(128.190) |
(149.873) |
|
|
|
GDR Issue Expenses (Written Off) |
10.070 |
-- |
-- |
|
|
|
TOTAL (B) |
18910.150 |
12058.689 |
9369.166 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1222.683 |
737.841 |
528.921 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
356.536 |
249.815 |
201.366 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
866.147 |
488.026 |
327.555 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
248.310 |
77.299 |
53.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
617.837 |
410.727 |
273.669 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
123.633 |
79.196 |
46.510 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
494.204 |
331.531 |
227.159 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
692.321 |
524.730 |
419.482 |
|
|
|
|
|
|
|
|
|
Less |
DEFERRED TAX
LIABILITY |
7.828 |
27.214 |
18.316 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
100.000 |
90.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
11.620 |
|
|
|
Tax on Interim Dividend |
0.000 |
0.000 |
1.975 |
|
|
|
Proposed Dividend |
49.600 |
31.600 |
0.000 |
|
|
|
Tax on Proposed Dividend |
8.046 |
5.126 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1021.051 |
692.321 |
524.730 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.800 |
0.000 |
0.000 |
|
|
|
Interest |
14.120 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
15.920 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5273.372 |
728.763 |
12.725 |
|
|
TOTAL IMPORTS |
5273.372 |
728.763 |
12.725 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.49 |
2.62 |
13.68 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2012 |
30.06.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
6272.520 |
6351.640 |
|
Total Expenditure |
|
5926.390 |
6001.310 |
|
PBIDT (Excl OI) |
|
346.130 |
350.330 |
|
Other Income |
|
9.970 |
10.010 |
|
Operating Profit |
|
356.100 |
360.340 |
|
Interest |
|
111.890 |
112.780 |
|
PBDT |
|
244.210 |
247.560 |
|
Depreciation |
|
63.980 |
64.390 |
|
Profit Before Tax |
|
180.230 |
183.170 |
|
Tax |
|
36.060 |
36.65 |
|
Profit After Tax |
|
144.170 |
146.520 |
|
Net Profit |
|
144.170 |
146.520 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
2.45
|
2.59
|
2.29
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.07
|
3.22
|
2.77
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.11
|
3.85
|
5.09
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.15
|
0.29
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.09
|
3.15
|
5.37
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
2.14
|
1.98
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
FINANCIAL HIGHLIGHTS:
The Gross Income
of the Company for the year rose to Rs. 21457.000 Millions from Rs. 13433.100
Millions during the previous year showing a growth of 59.73%. Gross Profit
before Financial Charges and Depreciation grew by 66.87% and stood at Rs.
1099.000 Millions during the year compared to Rs. 658.600 Millions during the
previous year. Profit for the year grew at an impressive rate of 49.08% and was
registered at Rs. 494.200 Millions against Rs. 331.500 Millions during the
previous year. The Company, accordingly, exhibited an all round improved
performance with handsome growth.
OPERATINGRESULTS:
The year 2011 was
another year of rapid growth for the Company. The Company showed a significant
improvement in business as compared to the previous year despite high raw
material and fuel prices. The Company recorded 59.73% growth in net revenue at
Rs. 21457.000 Millions from Rs. 13433.100 Millions in the year-ago period,
which enabled the Company to maintain its track record of sustained year on-
year growth. The growth in revenue was largely driven by higher sales volumes,
aided by new capacities of Polyester Chips of about 50149.77 MTPA which
commenced commercial production during the year, and increase in product
prices.
The volatility in
raw material prices continued throughout the year. Effectively the average
international price increase resulting in higher raw material costs for MEG and
PTA was about 25% and 22% respectively. In rupee terms, the average price of
raw materials during the year increased by 17% compared with the previous year.
Notably, in the second half of the year, the Company's raw material prices
increased by an unprecedented 61%. The speed and magnitude of the rise results
in slowdown in demand but the Company was able to pass on the price increases
to a large extent. Tightness in supply due to planned and unplanned plant
maintenance shut downs of major raw material suppliers resulted in shortage of
PTA and MEG as well as increase in prices. This affected Company's operations
for a part of the year.
EXPANSIONPROGRAMME:
The on-going
spinning expansion plan at an estimated cost of Rs.2340.000 Millions is in the
advance stage of implementation and is expected to be completed during the last
quarter of the current financial year. The Company has decided to venture in to
further capacity expansion at a new location by setting up a 2,80,000 MTPA
plant comprising of Continuous Polymerization, Direct Melt Spinning for the manufacture
of POY and FDY in the denier range of 30 to 500 having 12 to 578 filaments in
Bright, Semi-dull, Full-dull, Cationic and Dope-dyed yarns. After the
completion of the Expansion Project, Nakoda will be in a position to cater to
the entire range of Polyester yarns in the domestic as well as international
market. The project is estimated to cost Rs. 19350.000 Millions and is proposed
to be financed by a mix of equity and internal resources and also the long
terms debts. The required equity for the same is already raised partly through
GDRs and partly through preferential allotments to the promoters and strategic
investors.
HIGHLIGHTS:
State of the art R
and D facilities to develop specialty yarns which cannot be afforded by small
and medium units.
·
About 50% of the production to be captively
utilized at Surat Super Yarn Park Limited (SSYPL) located in vicinity of the
project.
·
To be the only fully integrated Polyester Filament
Yarn plant in the country.
·
To be the first fully automatic plant in India.
·
100% coal based captive power generation assuring
uninterrupted quality power supply at much cheaper rates.
·
Significant savings in packaging cost by
elimination of cartons for the material to be supplied to SSYPL.
·
Similar savings in the cost of certain inventories
like spools, caps, pallets and some other goods.
MANAGEMENT DISCUSSION and ANALYSIS:
INDUSTRY REVIEW:
The textile
industry is of significant importance to the Indian economy. Industrial Sector
accounts for about 25% of GDP and Textile industry's share is about 14% out of
it. As per Ministry of Textiles data, textiles account for 2% of GDP, 12% of
total manufacturing exports and employs about 35 million people. It is the
second-largest employer after agriculture.
Manmade Fibres
contribute to 67% of global fibre basket with cotton at 31%. The shift is even
more prevalent with the intensifying issues of cotton shortage and price
volatility. In value terms, India's Textile industry is estimated to be worth US
$ 22 billion and domestic market of US $ 56 billion. The industry had grown
from US $ 58 billion in 2006 at a CAGR of 7.69%. Segment wise, garments
constituted and estimated 64% of the domestic market, followed by household
fabrics (nearly 17%), technical textiles (nearly 14.3%) and home textile
(nearly 4.7%). In terms of textile units, the Indian Textile industry is one of
the largest in the world. As regards polyester products, the domestic demand
increased by 13% during the year 2010-11. However, the year 2011-12 witnessed a
sluggish phase due to volatility in the raw material prices, weakening of
Rupee, higher interest cost and overall subdued market. The global polyester
market also remained depressed during the period.
FUTURE OUTLOOK:
The share of MMF
is expected to grow further as the world cotton production is almost nearing
its physical maximum and the MMF industry is expected to fulfill the
incremental demand. Polyester has overtaken cotton as the dominant fibre, but
the cost and availability still plays a significant role in the inter-fibre
substitution. Rising crude oil prices and moderating cotton prices will lead
the polyester industry to grow at a slower rate in the near future. Global PFY
capacity is expected to grow at a CAGR of 4.4% from the unit 27MMTto 42MMTby
2020. The company maintains a price-premium for the vast majority of its
products spanning chips to yarn. During the year we started the production and
sales of specialty chips such as semi dull and Bright which provided better margins
in the segment. A resilient Indian economy with inclusive growth encompassing
all round rural development should ensure increased demand for textiles and
polyester textiles in particular. Polyester filament fabric owing to its
low-cost, versatility of characteristics, durability and wrinkle –resistance as
well the very low per-capita consumption holds outstanding potential in India.
Nakoda, with a strong positioning in the industry is particularly well placed
for the years to come. The Company's capacity expansion in chips and yarn will
yield benefits in times to come.
INDIAN ECONOMY:
According to
International Monetary Fund (IMF) Report, the Indian economy is expected to
grow by about 7% for 2012. The Indian economy is being driven by high domestic
demand and excellent export growth owing to its competitiveness. The population
is young, well-employed and fuelled with strong wage increases across states
and income categories. The economy is supported by a very healthy savings rate
of 34.7% of GDP, the largest increase in working-age population in the world
and a healthy financial sector. Yet there are signs of a perceptible slowdown
as witnessed by quarterly growth rates in last two quarters. Rising
manufacturing cost and high inflation may further slow the economy. Global
stock market declines will hurt Indian equities and sentiments. Yet these may
end up being positive for the economy in the long-term as extremely low
interest rates in India of the past, skyrocketing labor costs and land rates as
well as asset bubbles were threatening to derail the economy in far more
dangerous ways. Even if the economy were to slowdown the demand for polyester
is expected to remain strong as polyester is a defensive sector. In the past
consumers have shifted to value products like polyester in uncertain times.
FIXED ASSETS:
·
Land
·
Building and Godown
·
Plant and Machinery
·
Electric Installation
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
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.55.90 |
|
|
1 |
Rs.88.63 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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.