1. Summary Information
|
|
|
Country |
India |
|
Company Name |
MALWA INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Rajiv Dewan |
|
Status |
Moderate |
Principal Name 2 |
Mr. Rishi Oswal |
|
|
|
Registration # |
16-013187 |
|
Street Address |
230, Industrial Area A, Ludhiana-141003, Punjab |
||
|
Established Date |
30.03.1993 |
SIC Code |
-- |
|
Telephone# |
91-161-2229146 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-161-2223603 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Fabric |
|
|
# of employees |
Not Available |
Product Name 2 |
Yarn |
|
Paid up capital |
Rs. 457,663,000/- |
Product Name 3 |
Garments |
|
Shareholders |
Foreign holdings – 4.74% Bodies corporate – 95.16% Directors or relatives of directors – 0.10% |
Banking |
IDBI
Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
20 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ca (17) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
India
|
Sunnycroft Holdings Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
960,181,000 |
Current Liabilities |
369,843,000 |
|
Inventories |
898,515,000 |
Long-term Liabilities |
2,854,739,000 |
|
Fixed Assets |
1,236,539,000 |
Other Liabilities |
26,308,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3,250,890,000 |
|
Invest& other Assets |
350,457,000 |
Retained Earnings |
(262.861,000) |
|
|
|
Net Worth |
194,802,000 |
|
Total Assets |
3,445,692,000 |
Total Liab. & Equity |
3,445,692,000 |
|
Total Assets (Previous Year) |
3,535,892,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
(2428,307,000) |
Net Profit |
(154,052,000) |
|
Sales(Previous yr) |
(2865,621,000) |
Net Profit(Prev.yr) |
(313,741,000) |
MIRA
INFORM REPORT
|
Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
MALWA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
230, Industrial Area A, Ludhiana-141003, Punjab |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.03.1993 |
|
|
|
|
Com. Reg. No.: |
16-013187 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 457.663 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17219PB1993PLC013187 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDM02516D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM1287D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufactured are Fabric, Yarn and Garments. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (17) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record.
Management has failed to file the latest financials of 2013, with the government
department. The company has recorded huge accumulated losses during 2012. External
borrowings appear to be huge and increasing over previous year which acts as
a threat to the liquidity position. The rating also take into consideration the continued delays in the
debt servicing and weak financial profile which is on account of continuous
cash losses being incurred by the company since 2008-09 which has eroded most
of the networth of the company. However, business is active. Payment terms are unknown. The subject
can be considered for business dealings an a safe and secured 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 – 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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits: (D) |
|
Rating Explanation |
Default or are expected to be in default
soon. |
|
Date |
October 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based limits: (D) |
|
Rating Explanation |
Default or expected to be default on
maturity. |
|
Date |
October 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 : |
230, Industrial Area A, Ludhiana-141003, Punjab, India |
|
Tel. No.: |
91-161-2229146 |
|
Fax No.: |
91-161-2223603 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Village Harian Kohara Machhiwara Road, Machhiwara |
|
Area : |
70 Acres |
|
Location : |
Owned |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Rajiv Dewan |
|
Designation : |
Non-Executive Director |
|
Address : |
96-F, Rishi Nagar, Ludhiana – 141 001, India |
|
Date of Birth/Age : |
30.11.1961 |
|
Date of Appointment : |
26.07.2002 |
|
DIN No.: |
00007988 |
|
|
|
|
Name : |
Mr. Rishi Oswal |
|
Designation : |
Managing Director |
|
Address : |
B-83, The Mall, Ludhiana – 141 001, India |
|
Date of Birth/Age : |
26.11.1972 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
30.11.1996 |
|
PAN No.: |
AABPO2487Q |
|
DIN No.: |
00202889 |
|
|
|
|
Name : |
Mr. Jangi Lal Oswal |
|
Designation : |
Non-Executive Chairman / Director |
|
Address : |
B-83, The Mall, Ludhiana – 141 001, India |
|
Date of Birth/Age : |
18.07.1951 |
|
Qualification : |
U. Graduate |
|
Date of Appointment : |
30.11.1996 |
|
DIN No.: |
00257644 |
|
|
|
|
Name : |
Mr. Rahul Oswal |
|
Designation : |
Executive Director |
|
Address : |
B-83, The Mall, Ludhiana – 141 001, India |
|
Date of Birth/Age : |
07.01.1974 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
30.11.1996 |
|
PAN No.: |
AAFPO1273N |
|
DIN No.: |
00257658 |
|
|
|
|
Name : |
Dr. Prabal Ranjan Roy |
|
Designation : |
Non-Executive Director |
|
Address : |
36, Amaltas Bungalows, Vastra pur Road, Ahmedabad – 380 054, India |
|
Date of Birth/Age : |
11.07.1941 |
|
Date of Appointment : |
27.04.2006 |
|
DIN No.: |
00514330 |
|
|
|
|
Name : |
Mr. Hemant Kalia |
|
Designation : |
Non-Executive Director |
|
Address : |
154-G, BRS Nagar, Ludhiana – 141 001, India |
|
Date of Birth/Age : |
17.12.1954 |
|
Date of Appointment : |
30.06.1998 |
|
DIN No.: |
00514357 |
|
|
|
|
Name : |
Mr. Raghubir Chand Singal |
|
Designation : |
Non-Executive Director |
|
Address : |
B-23/750, Street No. 5, Janakpuri, Ludhiana – 141 003, India |
|
Date of Birth/Age : |
27.01.1954 |
|
Date of Appointment : |
30.06.1998 |
|
PAN No.: |
|
|
DIN No.: |
00739667 |
|
|
|
|
Name : |
Mr. Deepak Gupta |
|
Designation : |
Non-Executive Director (Nominee IDBI) |
|
Address : |
B/231, Twin Towers, Prabhadevi, Mumbai, 400025, Maharashtra, India |
|
Date of Birth/Age : |
17.01.1966 |
|
Date of Appointment : |
10.07.2012 |
|
DIN No.: |
00549638 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Malwa Cotton SPG Mills Limited, |
|
9630700 |
|
Neelam Growth Fund Private
Limited, |
|
9323000 |
|
Jangi Growth Fund Private
Limited, |
|
10277600 |
|
Rishi Growth Fund Private
Limited, |
|
13690000 |
|
S.A. Growth Fund Private
Limited, India |
|
435400 |
|
Alden Global (Mauritius) Limited, India |
|
750000 |
|
Prime Holding Private Limited, India |
|
150000 |
|
Divoja Investment And Finance Private Limited, |
|
47000 |
|
Vidya Sagar Oswal |
|
45000 |
|
Jasbir Singh |
|
100 |
|
Ram Kumar |
|
100 |
|
Vinod Gupta |
|
200 |
|
Mahesh Malwa Cotton SPG Mills Limited, |
|
100 |
|
Rajesh Kumar Verma |
|
100 |
|
India 2020 Limited, India |
|
1417000 |
|
|
|
|
|
Total |
|
45766300 |
As on: 26.03.2013
|
Names of Allottees |
|
No. of Allottees
|
|
Neelam Growth Fund Private Limited, India |
|
2500000 |
|
Jangi Growth Fund Private Limited, India |
|
3000000 |
|
|
|
|
|
Total |
|
5500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
4.74 |
|
Bodies corporate |
|
95.16 |
|
Directors or relatives of directors |
|
0.10 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactured are Fabric, Yarn and Garments. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
Rotors |
Nos. |
1840 |
|
Spindles |
Nos. |
9612 |
|
Looms |
Nos. |
95 |
|
Garmenting |
Pcs. |
4.5 mn pcs p.a.
(On 2 shifts basis) |
NOTE: The installed
capacity is as certified by the management and not verified by the Auditors
being a technical matter
|
Particulars |
Unit |
Actual
Production |
|
Yarn* |
Lacs Kgs |
72.74 |
|
Denim Fabric# |
Lacs Mtrs |
138.27 |
|
Garments |
Lacs Pcs. |
13.98 |
|
Electricity (*) |
Lacs Units |
365.07 |
Note:
- * Includes 65.77 Lacs Kgs. Yarn transferred to weaving unit for
captive consumption.
- # Include 13.67 Lacs Meters Fabric transferred to Garment Division
for captive consumption.
- (*) Includes 64 Lacs units being self consumption of CPP and 271
Lacs units internal transfer to Fabric/Garments units.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· IDBI Bank Limited, Scb Branch, Feroz Gandhi Market, Ludhiana - 141001, Punjab, India · Canara Bank, Bharat Nagar Chowk Branch, Ludhiana - 141001, Punjab, India · Canara Bank-SBI-Sbop-IDBI Bank Limited and Standard Chartered Bank., Bharat Nagar Chowk Branch, Ludhiana - 141001, Punjab, India · State Bank Of Patiala, Commercial Branch, Arati Complex, Miller Ganj,, Ludhiana - 141003, Punjab, India · Jammu and Kashmir Bank Limited, (Corporate Headquarters), M. A. Road, Srinagar, Kashmir, Srinagar - 190001, Jammu And Kashmir, India · IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · State Bank Of Hyderabad, Sme Branch, Sona Complex, G. T. Road, Miller Ganj, Ludhiana - 141003, Punjab, India · State Bank Of India, IFB, Golden Tower, Miller Ganj, Dholewal Chowk, Ludhiana - 141003, Punjab, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.C. Vasudeva and Company Chartered Accountants |
|
Address : |
B-41, Panchseel Enclave, New Delhi-110017, |
|
Tel. No.: |
91-161-2774527 |
|
Mobile No.: |
91-9815420555 |
|
Fax No.: |
91-161-2771618 |
|
E-Mail : |
|
|
PAN No.: |
AADRS5902N |
|
|
|
|
·
Subsidiaries : |
· Sunnycroft Holdings Limited · Rishi Growth Fund Private Limited U74899DL1991PTC043012 · Malwa Cotton Spinning Mills Limited L17115PB1976PLC003702 · Jangi Growth Fund Private Limited U67120DL1991PTC043009 · Emmetre Tintolavderie Industriali S.R.L |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
74000000 |
Equity Shares |
Rs.10/- each |
Rs. 740.000 Millions |
|
1000000 |
Preferences Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
Total |
|
Rs.750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45766300 |
Equity Shares |
Rs.10/- each |
Rs. 457.663 Millions |
|
|
|
|
|
As on: 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
74000000 |
Equity Shares |
Rs.10/- each |
Rs. 740.000 Millions |
|
1000000 |
Preferences Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
Total |
|
Rs.750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51266300 |
Equity Shares |
Rs.10/- each |
Rs. 512.663
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 |
|
457.663 |
402.413 |
|
(b) Reserves & Surplus |
|
(262.861) |
(107.153) |
|
(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) |
|
194.802 |
295.260 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
2064.205 |
1585.291 |
|
(b) Deferred tax liabilities (Net) |
|
9.046 |
193.784 |
|
(c) Other long
term liabilities |
|
1.084 |
10.073 |
|
(d) long-term
provisions |
|
17.262 |
13.314 |
|
Total Non-current
Liabilities (3) |
|
2091.597 |
1802.462 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
790.534 |
717.651 |
|
(b)
Trade payables |
|
271.389 |
341.051 |
|
(c)
Other current liabilities |
|
97.370 |
379.468 |
|
(d) Short-term
provisions |
|
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
|
1159.293 |
1438.170 |
|
|
|
|
|
|
TOTAL |
|
3445.692 |
3535.892 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1236.539 |
1380.669 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
3.910 |
3.842 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
346.547 |
346.547 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
62.112 |
34.398 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1649.108 |
1765.456 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
898.515 |
848.136 |
|
(c)
Trade receivables |
|
753.891 |
720.112 |
|
(d) Cash
and cash equivalents |
|
13.510 |
4.118 |
|
(e)
Short-term loans and advances |
|
130.668 |
198.070 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total Current
Assets |
|
1796.584 |
1770.436 |
|
|
|
|
|
|
TOTAL |
|
3445.692 |
3535.892 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
402.413 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
26.234 |
|
|
4] (Accumulated Losses) |
|
|
182.461 |
|
|
NETWORTH |
|
|
611.108 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2697.488 |
|
|
2] Unsecured Loans |
|
|
52.500 |
|
|
TOTAL BORROWING |
|
|
2749.988 |
|
|
DEFERRED TAX LIABILITIES |
|
|
194.534 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3555.630 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1492.293 |
|
|
Capital work-in-progress |
|
|
17.607 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
346.547 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
877.624
|
|
|
Sundry Debtors |
|
|
815.786
|
|
|
Cash & Bank Balances |
|
|
11.007
|
|
|
Other Current Assets |
|
|
105.681
|
|
|
Loans & Advances |
|
|
53.502
|
|
Total
Current Assets |
|
|
1863.600
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
134.407
|
|
|
Other Current Liabilities |
|
|
32.660
|
|
|
Provisions |
|
|
(2.650)
|
|
Total
Current Liabilities |
|
|
164.417
|
|
|
Net Current Assets |
|
|
1699.183
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3555.630 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2428.307 |
2865.621 |
2082.984 |
|
|
|
Other Income |
4.419 |
18.381 |
76.971 |
|
|
|
TOTAL (A) |
2432.726 |
2884.002 |
2159.955 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1309.317 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
38.346 |
(82.105) |
|
|
|
|
Employee benefit expense |
212.472 |
214.943 |
|
|
|
|
Other expenses |
761.091 |
870.320 |
|
|
|
|
Prior period items before tax |
(1.656) |
0.031 |
|
|
|
|
TOTAL (B) |
2319.570 |
2728.396 |
1897.004 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
113.156 |
155.606 |
262.951 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
300.360 |
314.959 |
276.299 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(187.204) |
(159.353) |
(13.348) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
151.586 |
155.137 |
153.888 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(338.790) |
(314.490) |
(167.236) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(184.738) |
(0.749) |
(8.466) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(154.052) |
(313.741) |
(158.770) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(132.549) |
182.461 |
357.028 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(132.549) |
182.461 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
7.604 |
1097.000 |
686.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
7.348 |
40.123 |
|
|
|
Dyes and Chemical |
NA |
39.322 |
29.953 |
|
|
|
Stores & Spares |
NA |
78.613 |
57.450 |
|
|
|
Capital Goods |
NA |
1.210 |
12.785 |
|
|
TOTAL IMPORTS |
NA |
126.493 |
140.311 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.86) |
(3.86) |
(3.95) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(6.33) |
(10.88) |
(7.36) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.95) |
(10.98) |
(8.02) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.95) |
(9.87) |
(4.98) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.73) |
(1.07) |
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
14.66 |
7.80 |
4.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55 |
1.23 |
11.33 |
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter 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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2012 |
As on 31.03.2011 |
|
Long term
borrowings |
|
|
|
Deposits from others |
52.500 |
52.500 |
|
|
|
|
|
Total |
52.500 |
52.500 |
OPERATIONS
During the year the company has achieved gross revenue from operations of Rs. 2454.200 Millions registering a decline of 14.35% over the previous year. The net revenue from operations declined in 2011 by 15.26%.The decline in revenue is due to underutilization of production capacity mainly in denim division on account of paucity of working capital. The exports also declined by 31.86% to Rs 756.900 millions mainly of denim fabric.
The production of Denim Fabric achieved was 12.884 millions meters during the period under review over the production levels of 13.827 Millions meters during the previous year.
During the year the Company achieved a turnover of Rs 6201 Millions in garment unit as compared to Rs.528.700 millions during the previous year. The increased in turnover is mainly due to increase in per unit realization. The company produced 1.181 millions pcs of garments during the year as compared to 1.398 millions garments during the previous year.
During the year Captive Power Plant (CPP) of 6MW capacity was shut down for more than 4 months for change in Boiler tubes, Secondary coils and generated 19.810 millions units of power against 36.507 millions unit last year showing decline in generation of 46% approx.
Profitability During the year, the Company has earned a Profit before Financial Expenses and Depreciation, written offs and Taxes (PBDIT) for Rs. 1115 Millions as against Rs 155.600 millions during the previous year. The Company’s Net Loss after exceptional items and taxes stood at Rs. 155.700 Millions (Previous year loss Rs 315.000 millions) during the year.
FUTURE OUTLOOK
During the year though the Indian cotton production was good but with Government of India’s uncertain export policies coupled with China accumulating domestic cotton for strategic reserves impacted the cotton prices otherwise than by way of demand and supply. The world cotton output is expected to decline to 24.900 million tons during 2012-13 from 27.360 million tons due to decline in area of cotton cultivation due to moderation of cotton prices.
The company now has to focus on increasing the capacity utilization in denim fabric and increasing the garment capacity. Besides facing inflationary pressures, the company has to face challenge of rising energy prices, wage inflation, uncertain government policies like cotton exports related, DEPB withdrawal etc.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10456126 |
29/08/2013 |
7,600,000.00 |
STANDARD CHARTERED BANK |
IIIRD FLOOR, 7A SC TOWER, DLF BUILDING, GURGAON, |
B87985149 |
|
2 |
10375037 |
29/08/2013 * |
7,500,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, Arati Complex, Miller Ganj, Ludhiana, Punjab - 141003, INDIA |
B86283363 |
|
3 |
10376019 |
29/08/2013 * |
7,500,000.00 |
IDBI BANK LIMITED |
SCB BRANCH, FEROZ GANDHI MARKET, Ludhiana, Punjab - 141001, INDIA |
B85194397 |
|
4 |
10376021 |
29/08/2013 * |
28,700,000.00 |
IDBI BANK LIMITED |
SCB BRANCH, FEROZ GANDHI MARKET, Ludhiana, Punjab - 141001, INDIA |
B85181428 |
|
5 |
10365941 |
29/08/2013 * |
37,115,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, Arati Complex, Miller Ganj, Ludhiana, Punjab - 141003, INDIA |
B86283173 |
|
6 |
10365868 |
21/07/2012 * |
202,100,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, Arati Complex, Miller Ganj, |
B57491938 |
|
7 |
10344264 |
29/08/2013 * |
3,835,000.00 |
The Jammu and Kashmir Bank Limited |
(CORPORATE HEADQUARTERS), M.A.ROAD, SRINAGAR, KASHMIR, SRINAGAR, Jammu and Kashmir - 190001, INDIA |
B85840437 |
|
8 |
10344239 |
29/08/2013 * |
7,300,000.00 |
State Bank of Hyderabad |
SME Branch, Sona Complex, G. T. Road, Miller Ganj, |
B85839892 |
|
9 |
10343184 |
29/08/2013 * |
10,000,000.00 |
STATE BANK OF INDIA |
IFB, GOLDEN TOWER, MILLER GANJ, DHOLEWAL CHOWK, LUDHIANA, Punjab - 141003, INDIA |
B87688073 |
|
10 |
10343182 |
29/08/2013 * |
76,300,000.00 |
STATE BANK OF INDIA |
IFB, GOLDEN TOWER, MILLER GANJ, DHOLEWAL CHOWK, LUDHIANA, Punjab - 141003, INDIA |
B87688313 |
|
11 |
10343183 |
21/07/2012 * |
310,000,000.00 |
STATE BANK OF INDIA |
SCB MILLER GANJ,PAHWA HOSPITAL COMPLEX, (MID CORPORATE SALES HUB), LUDHIANA, Punjab - 141003, INDIA |
B45687340 |
|
12 |
10337671 |
21/07/2012 * |
10,000,000.00 |
CANARA BANK |
BHARAT NAGAR CHOWK BRANCH, LUDHIANA, Punjab - 141001, INDIA |
B45694148 |
|
13 |
10337758 |
29/08/2013 * |
90,700,000.00 |
CANARA BANK |
BHARAT NAGAR CHOWK BRANCH, Ludhiana, Punjab - 141001, INDIA |
B85177038 |
|
14 |
10311211 |
21/07/2012 * |
6,600,000.00 |
IDBI BANK LIMITED |
SCB BRANCH, FEROZ GANDHI MARKET, LUDHIANA, Punjab |
B57923278 |
|
15 |
10301983 |
24/06/2011 |
33,000,000.00 |
CANARA BANK |
BHARAT NAGAR CHOWK, LUDHIANA, Punjab - 141001, INDIA |
B18729681 |
|
16 |
10225151 |
01/05/2010 |
100,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A88139738 |
|
17 |
10190064 |
24/11/2009 |
40,000,000.00 |
CANARA BANK |
BHARAT NAGAR CHOWK, LUDHIANA, Punjab - 141001, INDIA |
A75293712 |
|
18 |
10172416 |
21/07/2012 * |
69,000,000.00 |
STATE BANK OF INDIA |
SCB MILLER GANJ,PAHWA HOSPITAL COMPLEX,, (MID CORPORATE SALES HUB), LUDHIANA, Punjab - 141003, INDIA |
B45686797 |
|
19 |
10167770 |
21/07/2012 * |
23,600,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, Arati Complex, Miller Ganj, Ludhiana, Punjab - 141003, INDIA |
B57477887 |
|
20 |
10167661 |
21/07/2012 * |
88,600,000.00 |
CANARA BANK |
BHARAT NAGAR CHOWK BRANCH, LUDHIANA, Punjab - 141001, INDIA |
B45693587 |
* Date of charge modification
FIXED ASSETS:
- Building
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Computer
- Vehicles
- Patents
- ERP
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. 61.67 |
|
|
1 |
Rs. 100.65 |
|
Euro |
1 |
Rs. 84.26 |
INFORMATION DETAILS
|
Report Prepared by
: |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
17 |
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.