MIRA
INFORM REPORT
|
Report Date : |
10.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAJVIR INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, |
|
|
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.09.2004 |
|
|
|
|
Com. Reg. No.: |
01-044053 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 95.350 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17116AP2004PLC044053 |
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|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
|
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Line of Business
: |
Manufacturer and Exporter of cotton yarn, cotton blended fabric, polyester
cotton fabric, silk yarn and woolen yarn. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2000000 |
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|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The subject financial profile is characterized by stretched capital
structure and inadequate courage indicator. The rating also take into consideration the continues delay in its
debts payment. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great
caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
D (Long Term Fund Based) |
|
Rating Explanation |
This rating is in default or expected in default soon. |
|
Date |
April 2013 |
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 : |
1st Floor, |
|
Tel. No.: |
91- 40-27845628/ 27846841/ 27845650/
27891834/ 27891835/ 66225555 |
|
Fax No.: |
91- 40-27840656 |
|
E-Mail : |
cs@rajvirindustrieslimited.com rajvir@rajvirindustrieslimited.com export@rajvirindustrieslimited.com marketing@rajvirindustrieslimited.com |
|
Website : |
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|
Sales Depot : |
No.37, Susai
Puram Sowdambika Towers, Ground Floor, Tirpur – 641 604, India |
|
|
|
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Unit 1 : |
Mahabubnagar Plant Pillalamarri
Road, Mahaboobnagar – 509002, Andhra Pradesh, India |
|
Tel. No.: |
91-8542-242847 / 242347 |
|
Fax No.: |
91-8542-242147 |
|
E-Mail : |
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|
Unit 2 : |
Tandur Plant 17A, 20 B, Gopanapally
Village, Tandur Mandal, Ranga Reddy District, Andhra Pradesh, India |
|
Tel. No.: |
91-8411-320040 / 281998 |
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E-Mail : |
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Unit 3 : |
Dyeing Plant Edira Village, Mahabubnagar – 509002, Andhra Pradesh, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr.
Upender Kumar Agarwal |
|
Designation : |
Chairman
and Managing Director |
|
|
|
|
Name : |
Mr.
Ritesh Kumar Agarwal |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr.
Vijay Kumar Gupta |
|
Designation : |
Non-Executive
Director |
|
|
|
|
Name : |
Dr.
Kankanala Jangi Reddy |
|
Designation : |
Non-Executive
Director |
KEY EXECUTIVES
|
Name : |
Mr. M J Kalyan
Chakravarthy |
|
Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2073859 |
68.33 |
|
|
2073859 |
68.33 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2073859 |
68.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
700 |
0.02 |
|
|
22907 |
0.75 |
|
|
23607 |
0.78 |
|
|
|
|
|
|
144059 |
4.75 |
|
|
|
|
|
|
547055 |
18.02 |
|
|
232613 |
7.66 |
|
|
13804 |
0.45 |
|
|
310 |
0.01 |
|
|
13494 |
0.44 |
|
|
937531 |
30.89 |
|
Total Public shareholding (B) |
961138 |
31.67 |
|
Total (A)+(B) |
3034997 |
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) |
3034997 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of cotton yarn, cotton blended fabric,
polyester cotton fabric, silk yarn and woolen yarn. |
||||||
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|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
Licensed Capacity:
Not
Applicable since the Industry is delicensed
Installed Capacity
(No. of Spindles) : 111840
|
Particulars |
Unit |
Actual
Production |
|
Yarn |
Kgs. |
12309098 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Industrial Development Bank of India ·
IDBI Trusteeship Services Limited ·
State Bank of India ·
State Bank of Hyderabad ·
State Bank of Mysore ·
State Bank of Bikaner and Jaipur ·
Axis Bank Limited ·
Central Bank of India ·
ICICI Bank Limited |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
S.
Daga and Company Chartered Accountants |
|
Address : |
403,
Paigah Plaza, Basheerbagh, Hyderabad - 500 063, India |
|
|
|
|
Associates : |
·
Balaji Enterprises ·
Sri Laxmi Enterprises ·
U. K. Cotton Exports |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs. 140.000 Millions |
|
650000 |
12% Redeemable Non Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs. 65.000 Millions |
|
|
TOTAL |
|
Rs. 205.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3034997 |
Equity Shares |
Rs.10/- each |
Rs. 30.350
Millions |
|
650000 |
12% Redeemable Non Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs. 65.000 Millions |
|
|
TOTAL |
|
Rs. 95.350 Millions |
AS ON 28.09.2012
Authorised Capital : Rs. 140.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 125.350 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
95.350 |
30.350 |
|
(b) Reserves & Surplus |
|
409.636 |
507.640 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
504.986 |
537.990 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
702.320 |
912.362 |
|
(b) Deferred tax liabilities (Net) |
|
119.842 |
138.559 |
|
(c) Other long term liabilities |
|
273.847 |
47.478 |
|
(d) long-term provisions |
|
3.349 |
2.669 |
|
Total Non-current Liabilities (3) |
|
1099.358 |
1101.068 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
708.590 |
823.088 |
|
(b) Trade payables |
|
361.108 |
364.292 |
|
(c) Other current
liabilities |
|
385.947 |
396.104 |
|
(d) Short-term provisions |
|
0.425 |
36.035 |
|
Total Current Liabilities (4) |
|
1456.070 |
1619.519 |
|
|
|
|
|
|
TOTAL |
|
3060.414 |
3258.577 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1784.766 |
1804.344 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
1.604 |
3.740 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
76.938 |
65.569 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
1863.308 |
1873.653 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
817.106 |
984.425 |
|
(c) Trade receivables |
|
185.954 |
195.116 |
|
(d) Cash and cash
equivalents |
|
69.222 |
54.144 |
|
(e) Short-term loans and
advances |
|
31.651 |
49.577 |
|
(f) Other current assets |
|
93.173 |
101.662 |
|
Total Current Assets |
|
1197.106 |
1384.924 |
|
|
|
|
|
|
TOTAL |
|
3060.414 |
3258.577 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
30.350 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
381.769 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
412.119 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1873.473 |
|
|
2] Unsecured Loans |
|
|
199.324 |
|
|
TOTAL BORROWING |
|
|
2072.797 |
|
|
DEFERRED TAX LIABILITIES |
|
|
115.698 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2600.614 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1848.627 |
|
|
Capital work-in-progress |
|
|
20.620 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
703.921 |
|
|
Sundry Debtors |
|
|
165.480 |
|
|
Cash & Bank Balances |
|
|
29.495 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
196.686 |
|
Total
Current Assets |
|
|
1095.582 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
288.987 |
|
|
Other Current Liabilities |
|
|
44.045 |
|
|
Provisions |
|
|
31.183 |
|
Total
Current Liabilities |
|
|
364.215 |
|
|
Net Current Assets |
|
|
713.367 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2600.614 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3017.598 |
2746.138 |
2032.149 |
|
|
|
Other Income |
24.975 |
12.197 |
49.571 |
|
|
|
TOTAL (A) |
3042.573 |
2758.335 |
2081.720 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1861.503 |
|
1809.429 |
|
|
|
Purchases of Stock-in-trade |
144.728 |
0.000 |
|
|
|
|
Employee Benefits Expenses |
225.337 |
194.897 |
|
|
|
|
Other Expenses |
556.816 |
491.066 |
|
|
|
|
Exceptional items |
86.018 |
0.000 |
|
|
|
|
Changes in Inventories of Finished goods and work-in-process |
(132.731) |
(31.124) |
|
|
|
|
TOTAL
(B) |
2741.671 |
2223.043 |
1809.429 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
300.902 |
535.292 |
272.291 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
293.106 |
216.228 |
154.966 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.796 |
319.064 |
117.325 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
121.880 |
112.172 |
70.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(114.084) |
206.892 |
46.455 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(18.717) |
64.096 |
23.786 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(95.367) |
142.796 |
22.669 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
311.086 |
210.699 |
199.322 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed
Dividend |
0.000 |
12.140 |
6.070 |
|
|
|
Tax on
Dividend |
0.000 |
1.969 |
1.031 |
|
|
|
Debenture Redemption Reserve |
10.500 |
14.000 |
2.391 |
|
|
|
Transfer to General Reserve |
0.000 |
14.300 |
1.800 |
|
|
BALANCE CARRIED
TO THE B/S |
205.219 |
311.086 |
210.699 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
710.905 |
612.781 |
611.668 |
|
|
TOTAL EARNINGS |
710.905 |
612.781 |
611.668 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
168.201 |
187.265 |
55.452 |
|
|
|
Stores & Spares |
1.880 |
5.289 |
6.905 |
|
|
|
Plant and Machinery |
6.339 |
6.491 |
6.989 |
|
|
TOTAL IMPORTS |
176.420 |
199.045 |
69.346 |
|
|
. |
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(31.42) |
47.05 |
7.47 |
|
QUARTERLY RESULTS
|
Particulars (Rs.
Millions) |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Audited /
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
741.300 |
708.800 |
690.600 |
743.300 |
|
Total
Expenditure |
620.600 |
610.200 |
601.400 |
653.800 |
|
PBIDT (Excl OI) |
120.700 |
98.700 |
89.200 |
89.500 |
|
Other Income |
9.600 |
3.100 |
7.500 |
8.600 |
|
Operating Profit |
130.200 |
101.700 |
96.700 |
98.100 |
|
Interest |
69.900 |
66.300 |
59.800 |
59.800 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
60.300 |
35.500 |
36.800 |
38.200 |
|
Depreciation |
29.800 |
29.900 |
30.000 |
29.400 |
|
Profit Before
Tax |
30.500 |
5.600 |
6.900 |
8.800 |
|
Tax |
9.900 |
1.800 |
2.200 |
1.700 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
20.600 |
3.800 |
4.600 |
7.100 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
20.600 |
3.800 |
4.600 |
7.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(3.13)
|
5.18 |
1.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.78)
|
7.53 |
2.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.73)
|
6.36 |
1.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.23)
|
0.38 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.79
|
3.23 |
5.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.86 |
3.01 |
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 |
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) |
Yes |
|
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] |
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 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
From Director’s |
11.177 |
65.837 |
|
Loans from related parties |
23.650 |
29.454 |
|
Others |
75.583 |
26.000 |
|
Deferred payment liabilities - Sales Tax |
86.210 |
90.535 |
|
SHORT TERM
BORROWINGS |
|
|
|
Fixed Deposits from Public |
15.000 |
0.000 |
|
|
|
|
|
TOTAL |
211.620 |
211.826 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10439150 |
29/06/2013 |
60,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN
ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
B80488737 |
|
2 |
10312359 |
30/01/2013 * |
210,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI, P.B.NO.805, SAIDAPET, CHENNAI,
TAMILNADU - 600015, INDIA |
B71091185 |
|
3 |
10273213 |
27/04/2013 * |
65,600,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, BANK STREET,
KOTI, HYDERABAD, ANDHRA PRADESH - 500095, INDIA |
B75752634 |
|
4 |
10185837 |
23/03/2011 * |
160,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH, S P ROAD, SECUNDERABAD,
ANDHRA PRADESH - 500003, INDIA |
B09873993 |
|
5 |
10183659 |
09/10/2009 |
156,000,000.00 |
STATE BANK OF MYSORE |
SECUNDERABAD BRANCH, S P ROAD, SECUNDERABAD,
ANDHRA PRADESH - 500003, INDIA |
A72041197 |
|
6 |
10140496 |
09/10/2009 * |
780,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN
ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
A73177503 |
|
7 |
10119533 |
11/08/2008 |
230,000,000.00 |
THE BANK OF RAJASTHAN LIMITED |
59/1/2/1, KAUSHALYA ESTATE LANE, KARKHANA
ROAD, |
A44477396 |
|
8 |
10017967 |
28/12/2007 * |
500,000,000.00 |
AXIS BANK LIMITED |
6-3-879/B, PULLAREDDY BUILDINGS, GREEN
LANDS ROAD, BEGUMPET, HYDERABAD, ANDHRA PRADESH- 500016, INDIA |
A31411184 |
|
9 |
10016570 |
18/02/2008 * |
110,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI, SAIDPET, CHENNAI, TAMIL NADU
- 6 |
A58619925 |
|
10 |
10016571 |
18/02/2008 * |
100,000,000.00 |
IDBI TRUSTEESHIP SERVICE LIMITED |
ASIAN BUILDING, GROUND FLOOR,, 17,
R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, IN |
A58612680 |
|
11 |
90260372 |
13/03/2009 * |
175,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
5-2-174/2, RASHTRAPATHI ROAD,
SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
A59791251 |
|
12 |
90260361 |
13/03/2009 * |
175,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH, SURYA TOWERS, 105, S.
P. ROAD, |
A60102845 |
|
13 |
90262775 |
18/02/2008 * |
97,300,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RAJBHAVAN ROAD,
SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
A58590639 |
|
14 |
90113833 |
24/03/2009 * |
1,366,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RAJBHAVAN ROAD,
SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
A60572302 |
|
* Date of Charge Modification |
||||||
OPERATIONS
During the year
the Company achieved a Turnover of Rs. 3042.573 Millions and Net Loss of Rs.
95.367 Millions as against Turnover of Rs.2758.335 Millions and Net Profit of
Rs. 142.796 Millions in the previous year.
EXPORTS
During the year,
the Company has achieved exports turnover of Rs. 710.900 Millions as against
Rs. 612.800 Millions last year.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
The Textiles Sector
in India ranks next to Agriculture. Textile is one of the India’s oldest
Industries and has a formidable presence in the national economy in as much as
it contributes to about 14% of manufacturing value addition, accounts for
around one-third of their gross export earnings and provides gainful employment
to millions of people. The textile industry occupies a unique place in their
country.
Textile Industry
is providing one of the most basic needs of people and holds importance,
maintaining sustained growth for improving quality of life. It has a unique
position as a self-reliant industry, from the production of raw materials to
the delivery of finished products, with substantial value-addition at each
stage of processing; it is a major contribution to the country’s economy.
Currently, the
Indian Textile Industry is valued at US$ 55 billion, 64% of which caters to
domestic demand. The Industry is also significant in a global context, ranking
second to China in the production of both cotton yarn and fabric and fifth in
the production of synthetic fibers and yarns. Accordingly to the Ministry of
Textiles, the Industry’s share in the global textile trade is expected to grow
to 7% by 2012-13
INDIAN TEXTILE
INDUSTRY – SWOT ANALYSIS
STRENGTHS
India’s biggest
strength lies in its big pool of low cost and talented workforce. However,
apart from it there are few other important factors which contribute to its
strength like:
Huge Domestic Market consumption (due to its own
population).
Tremendous Export Potential
The new age creative and risk taking entrepreneurs
Use of latest technology which produces high
quality multi-fiber raw material
Supportive government policies
Having demographical and environmental advantages
OUTLOOK
The textile industry
in India is one of the flourishing sectors of Indian economy. It contributes
more than 14% to industrial output, nearly 30% to total exports and 4% to the
nation’s GDP. The Government of India has taken many initiatives with a view to
raise India’s share in the global textiles trade to 10% by 2015. The
initiatives will not only make the industry cost competitive, but will also
enhance manufacturing capacity in the sector.
Union Ministry of
Textiles certified Apparel Export Promotion Council (AEPC) has taken the
responsibility to motivate the foreign investors to invest in Indian Textile
industry by exhibiting its massive and unexplored domestic market. It has also
formulated and endorsed the motto of “come, invest, produce and sell in India”.
Under this, the Ministry has decided to send representatives to Germany,
Switzerland, France, Italy and US. The objective is to trigger the foreign
investment towards instituting textile units in India by offering numerous
allowances to
global investor like low-priced workforce and intellectual right fortification.
The government of
India has also taken few initiatives to promote the textile industry by
permitting 100% Foreign Direct Investment in the market. Owing to the upright
and straight incorporated textiles price chain, the Indian textile industry
symbolizes a strong existence in the complete value chain from raw commodities
to finished products. The Synthetic and Rayon Textile Export Promotion Council
(SRTEPC) has taken all the required steps to meet the target of doubling the
synthetic textile exports in India to US$ 6.2 billion by seizing 4% of market
share by FY 2011-12.
FIXED ASSETS
·
Land
·
Factory Buildings
·
Non-Factory Buildings
·
Town Ship
·
Work Shop Equipment
·
Plant And Machinery
·
Testing Equipment
·
Electrical Instalations
·
Weighing Machines
·
Water Works
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Data Processing Equipment
·
Revalued Plant and Machinery
AUDITED FINANCIAL
RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2013 (Unaudited) |
31.12.2012 (Unaudited) |
31.03.2013 (Audited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
727.874 |
683.266 |
2846.153 |
|
|
Other Operating Income |
15.413 |
7.342 |
37.815 |
|
|
Net Sales/Income
from Operations |
743.287 |
690.608 |
2883.968 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
432.812 |
394.633 |
1664.408 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(38.935) |
(38.229) |
(108.703) |
|
|
Employee Benefits Expenses |
64.864 |
62.911 |
245.128 |
|
|
Depreciation and Amortization Expenses |
29.435 |
29.981 |
119.053 |
|
|
Power and Fuel |
108.020 |
102.625 |
351.591 |
|
|
Other Expenses |
87.043 |
79.478 |
333.560 |
|
|
f) Total |
683.239 |
631.399 |
2605.037 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
60.048 |
59.209 |
278.931 |
|
|
|
|
|
|
|
4. |
Other Income |
8.560 |
7.462 |
28.674 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
68.608 |
66.671 |
307.605 |
|
|
|
|
|
|
|
6. |
Interest |
59.811 |
59.818 |
255.795 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
8.797 |
6.853 |
51.810 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
8.797 |
6.853 |
51.810 |
|
|
|
|
|
|
|
10. |
Tax Expense |
1.690 |
2.226 |
7.040 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
7.107 |
4.627 |
44.770 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
7.107 |
4.627 |
44.770 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
30.350 |
30.350 |
30.350 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
2.34 |
1.52 |
14.75 |
|
|
b) Basic and diluted EPS after extraordinary items |
2.34 |
1.52 |
14.75 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
961138 |
961138 |
961138 |
|
|
- Percentage of Shareholding |
31.67 |
31.67 |
31.67 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
493092 |
493092 |
493092 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
23.78% |
23.78% |
23.78% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
16.25% |
16.25% |
16.25% |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
1580767 |
1580767 |
1580767 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
76.22% |
76.22% |
76.22% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
52.08% |
52.08% |
52.08% |
|
Particulars
|
3
Months ended on March 31, 2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF
ASSETS AND LIABILITIES AS AT 31.03.2013
(Rs. In Millions)
|
PARTICULARS |
31.03.2013
AUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
125.350 |
|
Reserve &
surplus |
454.405 |
|
Sub-total - Shareholders' funds |
579.755 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
506.031 |
|
Deferred tax
liability (net) |
126.882 |
|
Other Long term
liabilities |
363.799 |
|
Long term
provisions |
4.451 |
|
Sub-total - Non-current liabilities |
1001.163 |
|
Current
liabilities |
|
|
Short term
borrowings |
683.836 |
|
Trade payables |
457.646 |
|
Other current
liabilities |
412.941 |
|
Short term
provisions |
5.290 |
|
Sub-total - Current liabilities |
1559.713 |
|
Total - Equity & Liabilities |
3140.631 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
1688.563 |
|
Long term loans
& advances |
82.922 |
|
Sub-total - Non-current Assets |
1771.485 |
|
Current assets |
|
|
Inventories |
900.969 |
|
Trade
receivables |
225.534 |
|
Cash & bank
balances |
56.084 |
|
Short term loans
& advances |
39.176 |
|
Other current
assets |
147.383 |
|
Sub-total - Current Assets |
1369.146 |
|
Total – Assets |
3140.631 |
NOTES
1. The above financial results were reviews by audit committee and taken on
record by the Board of Directors at its meeting held on 30th May,
2013.
2. The Company has only single reportable business segment.
3. The figures of quartered ended 31st March, 2013 are the
balancing figures between audited figures in respect of the full financial year
and the published year to date figures up to the third quarter of the current
financial year.
4. Previous year’s figures have been regrouped wherever necessary.
WEBSITE DETAILS
BOARD OF DIRECTORS
|
Sl. |
Name of
Director |
Designation |
Brief Profile
covering Experience, Achievements |
|
1. |
UPENDER KUMAR AGARWAL (MR.) |
MANAGING DIRECTOR |
Sri U K Agarwal has a vast experience in the cotton Industry as an
associate with Surya Lakshmi Cotton Mills Limited before the demerger of the
company. Mr. U K Agarwal is the Managing Director of Rajvir Industries
Limited. He is an associate with cotton yarn Market for the past 35 years. He
is considered to be an expert in the cotton selection whose services have
been utilised by the entire Surya Group for contracting in bulk with various
suppliers. |
|
2. |
RITESH KUMAR AGARWAL (MR.) |
EXECUTIVE DIRECTOR |
Sri Ritesh Kumar
Agarwal who graduated from the university of Charleston WV in the year 1993
with specialiasation in Business Administratioin started his Business career
as production Executive in the Surya Group of Industries in the year 1994
learning his way to higher responsibilities from the grass root level to get
command on day today operations of the Mill. After stint production he moved
forward into the field of marketing of yarn. He was involved with Surya
Lakshmi cotton Mills Limited promoting its sales of cotton yarn and blended
yarn. He was instrumental in increasing the turnover of the company from mere
Rs.600.000 Millions in the year 1993 to Rs.1800.000 Millions as it stood in
the end of the Audited financial year 2003-2004 before the scheme of
arrangement. He was associated with Surya Laksmi cotton Mills Limited in the
capacity of chief Executive at the time of leaving and he joined the
Management as Executive Director of the company. |
|
3. |
SHREEDAS NARAYANDAS DAGA (MR.) |
NON-EXECUTIVE DIRECTOR |
Sri S N Daga is
the Managing Director of M/s. Vins Products Limited having a rich experience
in the Bioproducts. |
|
4. |
VIJAY KUMAR GUPTA (MR.) |
NON-EXECUTIVE DIRECTOR |
Sri Vijay Kumar gupta
is a Commerce graduate and had been trained at Administrative Staff College
of India in the areas of Management. He has an experience of 38 years in
Textiles Trading and Textile processing. He has been in textiles trading
since 1968 through proprietory concerns belonging to his family. He had been
looking after his family business of distributors of Khatu Volis from the
year 1968 to 1981. From 1981 onwards till incorporation off this Company has
been carrying on the activity of buying yarn from Companies getting it
converted in to grey cloth on job work basis from loom owners and then
converted in to finished textiles on job work basis from reputed textiles
processors and markting them. He has been instrumental in taking the company
to its present status and unprecedented growth. |
|
5. |
JANGI REDDY KANKANALA (MR.) |
NON-EXECUTIVE DIRECTOR |
Dr. K J Reddy
MS, DNB, FRCS (UK), FRCS ORTH is a senior Orthopaedic Consultant surgeon. He
is the Managing Director for SVS Medical, Dental Colleges and other institutions
with 700 bed hospital established since 1998. He has got vast experience
in Medical administration. |
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 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 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. 61.11 |
|
|
1 |
Rs. 94.77 |
|
Euro |
1 |
Rs. 81.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.