MIRA
INFORM REPORT
|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAXWELL INDUSTRIES LIMITED |
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Registered
Office : |
C-6, Road No.22, M.I.D.C., Marol, Andheri (East), Mumbai – 400 093, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.01.1991 |
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Com. Reg. No.: |
11-059804 |
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Capital Investment
/ Paid-up Capital : |
Rs.244.649
millions |
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CIN No.: [Company Identification
No.] |
L18101MH1991PLC059804 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Marketer and Distributor of Men's, Women's Inner Wears and Socks. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. Profitability of the company seems to be fair. General financial position
of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CRISIL |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
02.12.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = A3+ |
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Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
02.12.2013 |
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.
INFORMATION DECLINED
Management Non Co-operative (91-22-28257624)
LOCATIONS
|
Registered Office/ Head Office/ Branch
Office 1 : |
C-6, Road No.22, M.I.D.C., Marol, Andheri (East), Mumbai – 400 093, Maharashtra, India |
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Tel. No.: |
91-22-28257624/ 28257627/ 28257633/ 28226151/ 40209000/ 66920478 |
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Fax No.: |
91-22-28371023/ 24 |
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Email : |
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Website : |
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Plant Location : |
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Factory 1 : |
Knitting Unit: 360/13, Ganesh Industrial Estate.Village Kachigam, Nani Daman – 396 210, Daman, India |
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Factory 2 : |
Processing House: 13-15, SIPCOT, Perundurai, Erode – 638 052, Tamilnadu, India |
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Factory 3 : |
Processing House: C119, TTC Industrial Area, MIDC, Pawane Village, Navi Mumbai – 400 703, Maharashtra, India |
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Factory 4 : |
Stitching Units: 92/94, New GIDC, Umbergaon – 396 171, Gujarat, India |
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Factory 5 : |
Stitching Units: SF-125/126/127, Appachimarmadam, Thingalur, Erode – 638 055, Tamilnadu, India |
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Factory 6 : |
Socks Unit: 360/7, Ganesh Industrial Estate, Village Kachigam, Nani Daman – 396 210, Daman, India |
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Branch Office 2 : |
Heilgers Compound, 55, Canal East Road, Beliyaghata, Kolkata - 700 085, West Bengal, India |
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Tel. No.: |
91-33-23512274 |
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Fax No.: |
91-33-23518724 |
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Branch Office 3 : |
B - 163, II Floor, Okhla Industrial Area, Phase - I, New Delhi - 110 020, India |
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Tel. No.: |
91-11-26818529/ 26810321 |
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Fax No.: |
91-11-26810841 |
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Branch Office 4 : |
No.1037/16, Ground Floor, Ist Main, Dr Rajkumar Road, 4th Block, Rajajinagar, Bangalore – 560 010, Karnataka, India |
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Tel. No.: |
91-80-23302244/ 45/ 46 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Jaykumar K. Pathare |
|
Designation : |
Chairman |
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Name : |
Mr. Sunil J. Pathare |
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Designation : |
Vice Chairman and Managing Director |
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Date of Birth/Age : |
17.07.1971 |
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Qualification : |
B.com |
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Date of Appointment : |
29.09.1992 |
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Name : |
Mr. Kapil J. Pathare |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
05.09.1979 |
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Qualification : |
B.Com |
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Date of Appointment : |
15.09.2003 |
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|
|
|
Name : |
Dr. Arvind V. Kulkarni |
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Designation : |
Director |
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Date of Birth/Age : |
22.07.1932 |
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Qualification : |
M.S. |
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Date of Appointment : |
11.03.1996 |
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Name : |
Mr. Gopal Sehjpal |
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Designation : |
Director |
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Date of Birth/Age : |
19.05.1944 |
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Qualification : |
B.A. (Eco.), M.A. (Philosophy), PGDPM, Certified Quality Engineer |
|
Date of Appointment : |
23.09.2002 |
|
List of
Directorship in other Companies : |
Oracle Management Private Limited Lovable Lingerie Limited |
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Name : |
Mr. Chetan Sheth |
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Designation : |
Director |
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Date of Birth/Age : |
12.07.1963 |
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Qualification : |
Engineer |
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Date of Appointment : |
30.01.2004 |
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Name : |
Mr. Robin Banerjee |
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Designation : |
Director |
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Date of Birth/Age : |
20.08.1955 |
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Qualification : |
M.Com, FCA, ACS, ACWA |
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Date of Appointment : |
25.09.2006 |
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List of
Directorship in other Companies : |
Bilcare Limited |
KEY EXECUTIVES
|
Name : |
Mr. R. Venkataraman (Upto 31st May, 2013) |
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Designation : |
Chief Financial Officer, Chief Operation Officer and Company Secretary |
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Name : |
Mr. Ashish Mandaliya *(w.e.f. 1st June, 2013) |
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Designation : |
Deputy General Manager in Finance and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
40097868 |
63.57 |
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|
40097868 |
63.57 |
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Total shareholding of Promoter and Promoter Group (A) |
40097868 |
63.57 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
875 |
0.00 |
|
|
212973 |
0.34 |
|
|
213848 |
0.34 |
|
|
|
|
|
|
11987379 |
19.00 |
|
|
|
|
|
|
8806520 |
13.96 |
|
|
1513916 |
2.40 |
|
|
457684 |
0.73 |
|
|
77347 |
0.12 |
|
|
379837 |
0.60 |
|
|
500 |
0.00 |
|
|
22765499 |
36.09 |
|
Total Public shareholding (B) |
22979347 |
36.43 |
|
Total (A)+(B) |
63077215 |
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) |
63077215 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
|
1 |
Sunil Jaykumar Pathare |
1,61,07,425 |
25.54 |
25.54 |
|
2 |
Kapil J Patharre |
1,16,84,465 |
18.52 |
18.52 |
|
3 |
Jaykumar Khanderao Pathare |
54,24,125 |
8.60 |
8.60 |
|
4 |
Lalita Jaykumar Pathare |
50,02,812 |
7.93 |
7.93 |
|
5 |
Jaykumar K Pathare - HUF |
12,62,166 |
2.00 |
2.00 |
|
6 |
Heena S Pathare |
6,12,500 |
0.97 |
0.97 |
|
7 |
Ashwini Kapil Pathare |
4,375 |
0.01 |
0.01 |
|
|
Total |
4,00,97,868 |
63.57 |
63.57 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total
No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
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|
1 |
Reliance Capital Limited |
9177215 |
14.55 |
14.55 |
|
|
Total |
9177215 |
14.55 |
14.55 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total
No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Reliance Capital Limited |
9177215 |
14.55 |
14.55 |
|
|
Total |
9177215 |
14.55 |
14.55 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Marketer and Distributor of Men's, Women's Inner Wears and Socks. |
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Products : |
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Brand Names : |
VIP, FRENCHIE AND FEELINGS |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India · IDBI Bank Limited · HDFC Bank Limited · Kotak Mahindra Bank Limited ·
SIDBI |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Attar and Company Chartered Accountants |
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Internal Auditors : |
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Name : |
Sharp and Tannan Associates Chartered Accountants |
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Associates : |
· Maxwell Ventures Private Limited · Maxwell Capital Management Private Limited · Maxwell Entertainment Private Limited · Maxwell Retails Private Limited · HYBO Hindustan · PAKO Hindustan · Pats Treasures · Unnati Ventures · Kanishk Capital Partners · K. 3 Realtors · Global Construction · Pathare Agro Farms ·
Shogun Chemicals Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.2/- each |
Rs.300.000 millions |
|
4500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.450.000 millions |
|
|
Total
|
|
Rs.750.000 millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63077215 |
Equity Shares |
Rs.2/- each |
Rs.126.154
millions |
|
1184950 |
Redeemable Preference Shares |
Rs.100/-
each |
Rs.118.495
millions |
|
|
Total |
|
Rs.244.649 millions |
Notes:
(i) 35750000 Ordinary Shares of Rs.2/- each allotted as fully paid up Bonus Shares by way of Capitalization of Share Premium.
(ii) The Company has originally allotted the 2435000 5% Redeemable Preference Shares of Rs.100/- each on 1st February, 2006, redeemable after 31.01.2016 with an option to the Company to redeem it at the end of the 8th, 9th and 10th Year, in three equal installment of Rs.81.160 millions each i.e. redeemable on 31.01.2014, 31.01.2015 and 31.01.2016. After the buyback, installment will be reduced to Rs.39.498 millions each i.e. redeemable on 31.01.2014, 31.01.2015 and 31.01.2016.
Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:
|
Particulars |
As at 31st March, 2013 |
|
|
Number of shares |
Amount (Rs. in millions) |
|
|
Equity Shares of Rs.2/- each |
|
|
|
Opening |
63077215 |
126.154 |
|
Add/(Less): Issued /(bought back) of shares |
-- |
-- |
|
Closing |
63077215 |
126.154 |
|
Redeemable preference shares of Rs.100/- each |
|
|
|
Opening |
1814400 |
181.440 |
|
(Less): Bought back during the year (*) |
(629450) |
(62.945) |
|
Closing |
1184950 |
118.495 |
Details of shares held
by each shareholder holding more than 5% shares:
|
Class of shares /
Name of shareholder |
As at 31st March, 2013 |
|
|
Number of shares |
% Held |
|
|
Equity Shares |
|
|
|
Reliance Capital Partners |
9177215 |
14.55% |
|
Sunil J Pathare |
16107425 |
25.54% |
|
Kapil J. Pathare |
11684465 |
18.52% |
|
Jaykumar K Pathare |
5424125 |
8.60% |
|
Lalita J. Pathare |
5002812 |
7.93% |
|
5% Redeemable Preference Shares |
|
|
|
Jaykumar K. Pathare |
67600 |
5.70% |
|
Sunil J. Pathare |
343700 |
29.01% |
|
Kapil J. Pathare |
339800 |
28.68% |
|
Lalita J. Pathare |
433850 |
36.61% |
|
L. Vinay Reddy |
- |
- |
|
L. Prashant Reddy |
- |
- |
The Board of Director of the Company approved the Buyback of 629450 fully paid up, 5% Redeemable Preference Shares of Rs.100/- at par including dividend due up to the date of Buyback, During the year, the Company has bought back and existinguised 629450 Preference Shares of Rs.100/- each by utilising Securities Premium Account to the extent of Rs.62.945 millions. Capital Redemption Reserve has been created out of Securities Premium Account being the nominal value of share bought back in terms of Section 77AA of the Companies Act, 1956.
Rights, Preference and Restriction attached to Shares
The Company has two class of shares, one is Equity shares having face value of Rs.2/- each per share and another is 5% Redeemable Preference shares of Rs.100/- each. Each holder of equity share is entitled to one vote per share. The Preference shares does not carry voting rights but entitled to get the dividend. The dividend, if any, proposed by the Board of Directors is subject to the approval of the equity shareholder in their ensuing general meeting. In the event of liquidation of the Company, the holder of equity shareholders will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts (including redeemable Preference Shares). The distribution will be in proportion to the number of equity shares held by the shareholders.
The Company does not have any holding company or subsidiary company. Hence disclosure of shares held by holding Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
244.649 |
244.649 |
307.594 |
|
(b) Reserves & Surplus |
751.449 |
748.210 |
732.819 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
996.098 |
992.859 |
1040.413 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
12.745 |
|
(b) Deferred tax liabilities (Net) |
120.913 |
115.783 |
113.723 |
|
(c) Other long term liabilities |
40.206 |
39.928 |
47.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
161.119 |
155.711 |
173.468 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
987.591 |
825.277 |
858.790 |
|
(b) Trade payables |
317.813 |
181.892 |
300.416 |
|
(c) Other current
liabilities |
38.921 |
24.908 |
121.740 |
|
(d) Short-term provisions |
29.477 |
31.300 |
20.684 |
|
Total Current Liabilities (4) |
1373.802 |
1063.377 |
1301.630 |
|
|
|
|
|
|
TOTAL |
2531.019 |
2211.947 |
2515.511 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
568.542 |
577.435 |
677.244 |
|
(ii) Intangible Assets |
125.821 |
125.821 |
125.821 |
|
(iii) Capital
work-in-progress |
0.300 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.115 |
0.115 |
0.115 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
151.018 |
94.708 |
69.708 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
845.796 |
798.079 |
872.888 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1076.317 |
917.679 |
1094.121 |
|
(c) Trade receivables |
566.823 |
470.149 |
526.913 |
|
(d) Cash and cash equivalents |
37.343 |
24.236 |
13.738 |
|
(e) Short-term loans and
advances |
4.740 |
1.804 |
7.851 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1685.223 |
1413.868 |
1642.623 |
|
|
|
|
|
|
TOTAL |
2531.019 |
2211.947 |
2515.511 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2494.682 |
2199.012 |
2237.277 |
|
|
|
Other Income |
54.368 |
6.614 |
7.369 |
|
|
|
TOTAL (A) |
2549.050 |
2205.626 |
2244.646 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1625.523 |
1373.541 |
1328.771 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(150.694) |
(126.973) |
(40.521) |
|
|
|
Employee benefits expense |
144.612 |
128.914 |
125.378 |
|
|
|
Advertisement & Publicity Expenses |
133.246 |
37.728 |
98.499 |
|
|
|
Other expenses |
579.318 |
579.241 |
591.301 |
|
|
|
Exceptional Items |
0.000 |
(58.721) |
0.000 |
|
|
|
TOTAL (B) |
2332.005 |
1933.730 |
2103.428 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
217.045 |
271.896 |
141.218 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
139.152 |
149.133 |
135.759 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
77.893 |
122.763 |
5.459 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
34.042 |
35.217 |
33.957 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
43.851 |
87.546 |
(28.498) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.400 |
41.140 |
(44.828) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
28.451 |
46.406 |
16.330 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
67.256 |
54.865 |
60.055 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.000 |
3.000 |
2.000 |
|
|
|
Dividend paid on buyback of Preference Shares |
0.000 |
2.135 |
1.411 |
|
|
|
Proposed Dividend – Preference Share Capital |
5.925 |
5.925 |
9.072 |
|
|
|
Proposed Dividend - Equity Share Capital |
15.769 |
18.923 |
6.308 |
|
|
|
Corporate Dividend Tax |
3.519 |
4.032 |
2.729 |
|
|
BALANCE CARRIED
TO THE B/S |
67.494 |
67.256 |
54.865 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
174.876 |
142.205 |
131.919 |
|
|
TOTAL EARNINGS |
174.876 |
142.205 |
131.919 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
0.000 |
|
|
|
Components, Stores & Spares |
NA |
NA |
0.270 |
|
|
|
Capital Goods |
NA |
NA |
0.000 |
|
|
|
Royalty Paid |
NA |
NA |
0.552 |
|
|
TOTAL IMPORTS |
NA |
NA |
0.822 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.34 |
0.63 |
0.07 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 (1st
Quarter) |
30.09.2013 (2nd
Quarter) |
|
Net Sales |
|
692.100 |
678.800 |
|
Total Expenditure |
|
620.300 |
616.300 |
|
PBIDT (Excl OI) |
|
71.800 |
62.500 |
|
Other Income |
|
0.000 |
3.400 |
|
Operating Profit |
|
71.800 |
66.000 |
|
Interest |
|
32.400 |
30.300 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
39.400 |
35.600 |
|
Depreciation |
|
8.600 |
8.700 |
|
Profit Before Tax |
|
30.800 |
26.900 |
|
Tax |
|
10.200 |
8.900 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
20.600 |
18.000 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
20.600 |
18.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.13
|
2.10 |
0.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.00
|
3.98 |
(1.27) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.73
|
3.96 |
(1.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.09 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.99
|
0.83 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.33 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
2.256 |
2.286 |
67.572 |
|
|
|
|
|
|
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) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/2177/2007 |
Failing Date:- |
19/09/2007 |
Reg. No.:- |
ITXA/392/2007 |
Reg. Date:- |
15/11/2007 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
MAXWELL INDUSTRIES LIMITED |
||||
|
Petn.Adv:- |
N R PRAJAPATI (0) |
Resp. Adv.: |
ATUL K JASANI (0) |
||||
|
District:- |
BOMBAY |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
INCOME TAX APPEAL FOR ADMISSION. |
||||
|
Last Date:- |
31/03/2009 |
|
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE F.I. REBELLO HON’BLE SHRI JUSTICE R.S. MOHITE |
||||||
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM BORROWINGS |
|
|
|
Short Term Loan |
40.000 |
50.000 |
|
Total |
40.000 |
50.000 |
|
Unsecured Short Term Loan is guaranteed by Promotor – Directors. |
||
CORPORATE
INFORMATION:
The Company was incorporated on 14th January, 1991. The Company's Identification No. is L18101MH1991PLC059804. The Company is a Manufacturer, Marketing and distribution of Men's, Women's inner wears and Socks under brand name VIP, Frenchie and feelings. The Company's Equity Shares are listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange Limited (NSE).
OPERATIONS
During the year, the Company recorded a turnover of Rs. 2494.682 Millions as against Rs. 2199.012 Millions in the previous year, registering an increase of 13.45% driven by higher volumes in the brands and improved price realization. The sales volume could have been higher but for after the effect of zero % (percentage) excise duty on branded garment, the trade expecting a roll back on the price of the finished goods, reduces their off take, resulting in a serious drop of sales during the last quarter of the financial year. The Net Profit Before Tax stood at Rs. 43.851 Millions as against Rs. 2.900 Millions (Rs. 28.825 Millions from continuing operations Less Rs. 25.925 Millions from discontinuing operations) and exceptional capital profit NIL during the current year against Rs. 58.721 Millions in the previous year and Profit After Tax is stood at Rs. 28.451 Millions in the current year as against Rs. 46.406 Millions in the previous year.
During the financial year, the Company had spent a substantial amount on Advertisement and Sales Promotion activities to keep momentum in the market.
All the manufacturing units are presently running at its normal capacity. During the year, there was fire, which broke out at their Thingalur Stitching unit. There was damage to a portion of the building and machinery on the floor, some Raw Material, WIP and Finish Goods kept on the floor were damaged by fire. The entire Building, Plant and Machinery and Inventory have been insured on replacement basis and the Company expects to get its claim settled shortly. There was no loss of life or injury in the accident which happened around mid night. After the accident, the Company had been in a position to regularize its operation and restore normalcy within a week's time. As on date, the damaged building has been reconstructed and the assets lost replaced.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
MARKET OVERVIEW
The Year 2012-13 has been the stable for the Indian economy, low GDP growth and Industrial Output. The constant fall in the value of Indian rupees, high level of inflation and high interest rate affected the sentiments of business community and across the consumers at large.
The conflicting challenges of managing large fiscal deficits while trying to boost the economic growth have been seen by government and the RBI looking to push for several reforms, though there is some way to go before those reforms can effectively be implemented.
The financial year 2013-14 will be the year of gradual revival, element of economic pressure would continue to persist to improve over the past year. A major change though, either positive or negative, is seen as unlikely within a year, especially given that the general election are scheduled for the next year. The year expected to be reviving gradually in the industrial output, with stability in agricultural and service sector. The inflation is likely to ease gradually and improve wise the growth rate.
The Indian Textile apparel market has been growing at around 9% to 10% over the decade and Innerwear industry is expected grow at the same level. The Innerwear industry in india is divided into various category of segments and the scope for women's innerwear is expected to grow more than the normal growth of 10%. The Company will focus and introduce range more categories of products in the women's innerwear segment, in order to cater the market and increase its shares.
OUTLOOK AND
OPPORTUNITY
On the commodity front the cotton price moved in a narrow range during the year leading to almost range bound movement in the Yarn price. The yarn export policy however can cause some vagueness to the yarn price.
The outlook for the industry looks to be quite challenging. The industry should see the current year provide better option to the consumers in terms of range and quality. Their Company is also geared for the challenge and with higher dependence on outsourced fabric, the Company will be able to focus in a better way in the area of garmenting and thus be able to perform much better in the market space. The year also saw the Company launch many new styles in the existing range to the market. The Company had initialised to cater loungewear and Thermal wear category during the financial year.
The Companies inner wear outlet 'INNERS” began operation in a couple of location and we should many more being added in near future.
OUTLOOK ON THREAT,
RISK AND CONCERN
The labour situation continues to be a great source of challenge, as all their activities are highly labour intensive. Continuous training and retention of skilled labour is the order of day. The Company is seriously addressing these issues with automation where ever possible. The prices of some of consumption inputs have also been experiencing high volatility. The market however, continues to be satisfactory despite the increase in competition and entry from foreign labels. The processing unit at Perundurai in south like all other units in and around Tirupur is still under severe scrutiny from the Pollution control Board, with the license to operate being renewed quarterly the volatility of the Rupee V/s US Dollar could have a bearing on many inputs including freight cost. Power situation in Tamilnadu continues to be troublesome.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10430429 |
13/05/2013 |
50,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B76855576 |
|
2 |
10257726 |
23/05/2012 * |
919,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH SAKINAKA, 1ST FLOOR,, SAKI VIHAR
ROAD, SAKINAKA, ANDHERI (EAST), MUMBAI, |
B41154931 |
|
3 |
10192187 |
08/12/2009 |
640,200,000.00 |
STATE BANK OF INDIA |
MID CORPORATE LOAN ADMINISTRATION UNIT,, R.T.O. LANE, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400053, INDIA |
A75084392 |
|
4 |
10153499 |
16/12/2010 * |
150,000,000.00 |
IDBI BANK LIMITED |
47 OPUS CENTER, CENTRAL RAOD, MIDC, ANDHERI EAST, MUMBAI, MAHARASHTRA - 400093, INDIA |
B03028719 |
|
5 |
90243250 |
17/10/2008 * |
643,200,000.00 |
STATE BANK OF INDIA |
MID CORPORATE LOAN ADMINISTRATION UNIT, R.T.O LANE, ANDHERI WEST, MUMBAI, MAHARASHTRA - 400053, INDIA |
A49515273 |
|
6 |
90243099 |
02/11/1991 |
34,900,000.00 |
STATE BANK OF INDIA |
SAKINAKA BRNACH, MUMBAI, MAHARASHTRA - 400072, INDIA |
- |
* Date of charge modification
UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2013
(Rs.
in millions)
PART I
|
Sr. No. |
Particulars |
Un-Audited |
Un-Audited |
|
|
Quarter ended |
Half year ended |
|||
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
1 |
Income
from operations |
|
|
|
|
|
Sales / Income form
operation |
675.053 |
687.042 |
1362.095 |
|
|
Less: Excise Duty |
-- |
-- |
-- |
|
|
a) Net sales / income
from operations (net of excise) |
675.053 |
687.042 |
1362.095 |
|
|
b) Other operating income |
3.758 |
2.549 |
6.307 |
|
|
Total
income from operations (Net) |
678.811 |
689.591 |
1368.402 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of materials
consumed |
409.433 |
331.241 |
740.674 |
|
|
b) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
19.066 |
108.893 |
127.959 |
|
|
c) Employee benefits
expense |
42.400 |
38.229 |
80.629 |
|
|
d) Advertisement |
6.055 |
18.229 |
24.284 |
|
|
e) Depreciation and amortisation
expense |
8.720 |
8.602 |
17.322 |
|
|
f) Other expenses |
139.350 |
123.700 |
263.050 |
|
|
Total
expenses |
625.025 |
628.894 |
1253.919 |
|
3 |
Profit /
(Loss) from operations before other income, finance costs and exceptional
items (1 - 2) |
53.786 |
60.697 |
114.483 |
|
4 |
Other
income |
3.442 |
2.524 |
5.966 |
|
5 |
Profit /
(Loss) from ordinary activities before finance costs and exceptional items (3
+ 4) |
57.228 |
63.221 |
120.449 |
|
6 |
Finance
costs |
30.310 |
32.411 |
62.721 |
|
7 |
Profit /
(Loss) from ordinary activities after finance costs but before exceptional
items (5 - 6) |
26.918 |
30.810 |
57.728 |
|
8 |
Exceptional
items |
-- |
-- |
-- |
|
9 |
Profit /
(Loss) from ordinary activities before tax (7 + 8) |
26.918 |
30.810 |
57.728 |
|
10 |
Tax
expense (+/-) |
|
|
|
|
|
- Current |
(7.929) |
(10.200) |
(18.129) |
|
|
- Deferred |
(0.976) |
-- |
(0.976) |
|
|
Taxes of earlier years |
--- |
-- |
-- |
|
11 |
Net
Profit / (Loss) from ordinary activities after tax (9 + 10) |
18.013 |
20.610 |
38.623 |
|
12 |
Net
Profit / (Loss) for the period (11 + 12) |
18.013 |
20.610 |
38.623 |
|
13 |
Paid-up
equity share capital (Face value of Rs.2/- per share) |
126.154 |
126.154 |
126.154 |
|
14 |
Reserve
excluding Revaluation Reserves |
790.073 |
772.054 |
790.073 |
|
15 |
Earnings
per share Basic & Diluted (of Rs.2/- each) |
0.29 |
0.33 |
0.61 |
PART II
SELECTED
INFORMATION FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2013
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of shares |
22979347 |
22979347 |
22979347 |
|
|
- Percentage of shareholding |
36.43% |
36.43% |
36.43% |
|
2 |
Promoters and Promoter Group Shareholding a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of
shares (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of shares |
40097868 |
40097868 |
40097868 |
|
|
- Percentage of
shares (as a % of the total shareholding of the Promoter and Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of
shares (as a % of the total share capital of the company) |
63.57% |
63.57% |
63.57% |
B INVESTOR COMPLAINTS
FOR THE QUARTER ENDED 30.09.2013
|
Pending
at the beginning of the quarter |
Received
during the quarter |
Disposed
of during the quarter |
Remaining
unresolved at the end of the quarter |
|
Nil |
27 |
27 |
Nil |
Note:
1 The above Un-audited Results were reviewed by the Audit committtee, Statutory Auditors and were approved by the Board of Directors at their meeting held on 14th November 2013.
2 Previous year figures have been regrouped / rearranged, wherever necessary.
STATEMENT OF
ASSETS AND LIABILITES
(Rs.
in millions)
|
Sr. No. |
Particulars |
As at 30.09.2013 |
|
A |
EQUITY
AND LIABILITIES |
|
|
1 |
Shareholders' funds |
|
|
|
a) Share capital |
244.649 |
|
|
b) Reserves and surplus |
790.073 |
|
|
Sub-total - Shareholders' funds |
1034.722 |
|
|
|
|
|
2 |
Non-current liabilities |
|
|
|
a) Deferred tax liabilities (net) |
121.889 |
|
|
b) Other long-term liabilities |
44.274 |
|
|
Sub-total -
Non-current liabilities |
166.162 |
|
|
|
|
|
3 |
Current liabilities |
|
|
|
a) Short-term borrowings |
868.423 |
|
|
b) Trade payables |
226.401 |
|
|
c) Other current liabilities |
63.875 |
|
|
d) Short-term provisions |
7.599 |
|
|
Sub-total - Current liabilities |
1166.298 |
|
|
TOTAL - EQUITY AND LIABILITIES |
2367.183 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
a) Tangible Assets |
559.706 |
|
|
b) Intangible Assets |
125.821 |
|
|
c) Long-term loans and advances |
115.404 |
|
|
d) Capital work in progress |
0.300 |
|
|
Sub-total - Non-current assets |
801.231 |
|
|
|
|
|
2 |
Current assets |
|
|
|
a) Current investments |
0.115 |
|
|
b) Inventories |
941.013 |
|
|
c) Trade receivables |
564.651 |
|
|
d) Cash and cash equivalents |
53.323 |
|
|
e) Short-term loans and advances |
6.850 |
|
|
Sub-total - Current assets |
1565.952 |
|
|
TOTAL - ASSETS |
2367.183 |
Fixed Assets:
Tangible Assets
v Land – Freehold
v Land – Leasehold
v Buildings
v Plant and Equipment
v Furniture and Fixtures
v Vehicles
v Office Equipment
v Electrical Installations
v Boilers
v Effluent Treatment Plant
v Computer Systems
Intangible Assets
v Goodwill and Other Right
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.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.