MIRA
INFORM REPORT
|
Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAJVIR INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Surya Towers, 105, S P Road,
Secunderabad-500003, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.09.2004 |
|
|
|
|
Com. Reg. No.: |
01-044053 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.125.350 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17116AP2004PLC044053 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter of Yarns Threads. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (20) |
|
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 |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company is improving its profitability position gradually marked
by reporting a decent profit during 2013. The ratings also take into consideration the ongoing delays in debt
servicing owing to the tight liquidity position which is been gradually
improving by infusion of funds by the management. Business is active. Payment terms are reported as slow. In view of promoters significant experience, the subject 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
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 |
D (Long Term Fund Based Limit) |
|
Rating Explanation |
Default or expected to be in default soon. |
|
Date |
April 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
D (Short Term Non Fund Based Limits) |
|
Rating Explanation |
Default or expected to be in default on maturity |
|
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, Surya Towers, 105, S P Road,
Secunderabad-500003, Andhra Pradesh, India
|
|
Tel. No.: |
91-40-66225555 / 27845628 / 27845650 |
|
Fax No.: |
91-40-27840656 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Mahabubnagar Plant Pillalamarri Road, Mahabubnagar-509002 Andhra Pradesh, India |
|
|
|
|
Factory 2 : |
Dyeing Plant Edira Village, Mahabubnagar-509002, Andhra Pradesh, India |
|
|
|
|
Factory 3 : |
Tandur Plant Gopannapally (Village),
Tandur Mandal, Ranga Reddy District– 501141, Andhra Pradesh, India |
|
|
|
|
Sales Depot : |
No.37, Susai Puram Sowdambika Towers, Ground Floor, Tirpur – 641 604,
Tamilnadu, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Upender Kumar Agarwal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ritesh Kumar Agarwal |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. K. C. Reddy |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Non Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. I. Shiv Kumar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Atluri Ramesh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
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 |
|
|
|
|
|
|
141641 |
4.67 |
|
|
|
|
|
|
549333 |
18.10 |
|
|
232613 |
7.66 |
|
|
13944 |
0.46 |
|
|
13944 |
0.46 |
|
|
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 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter of Yarns Threads. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S Daga and Company Chartered Accountant |
|
Address : |
403, Paigah Plaza, Basheerbagh, Hyderabad- 500 063, Andhra Pradesh,
India |
|
|
|
|
Associates : |
·
Balaji Enterprises ·
Sri Laxmi Enterprises ·
U. K. Cotton Exports |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs. 45.000 Millions |
|
950000 |
12% Redeemable Non Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs. 95.000 Millions |
|
|
TOTAL |
|
Rs. 140.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3034997 |
Equity Shares |
Rs.10/- each |
Rs. 30.350
Millions |
|
950000 |
12% Redeemable Non Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs. 95.000 Millions |
|
|
TOTAL |
|
Rs. 125.350 Millions |
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 |
125.350 |
95.350 |
30.350 |
|
(b) Reserves & Surplus |
454.405 |
409.636 |
507.640 |
|
(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) |
579.755 |
504.986 |
537.990 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
506.031 |
702.320 |
912.362 |
|
(b) Deferred tax liabilities (Net) |
126.882 |
119.842 |
138.559 |
|
(c) Other long term liabilities |
363.799 |
273.847 |
47.478 |
|
(d) long-term provisions |
4.451 |
3.349 |
2.669 |
|
Total Non-current Liabilities (3) |
1001.163 |
1099.358 |
1101.068 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
683.836 |
708.590 |
823.088 |
|
(b) Trade payables |
457.646 |
361.108 |
364.292 |
|
(c) Other current
liabilities |
412.941 |
385.947 |
396.104 |
|
(d) Short-term provisions |
5.290 |
0.425 |
36.035 |
|
Total Current Liabilities (4) |
1559.713 |
1456.070 |
1619.519 |
|
|
|
|
|
|
TOTAL |
3140.631 |
3060.414 |
3258.577 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1686.543 |
1784.766 |
1804.344 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
2.020 |
1.604 |
3.740 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
82.922 |
76.938 |
65.569 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1771.485 |
1863.308 |
1873.653 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
900.969 |
817.106 |
984.425 |
|
(c) Trade receivables |
225.534 |
185.954 |
195.116 |
|
(d) Cash and cash
equivalents |
56.084 |
69.222 |
54.144 |
|
(e) Short-term loans and advances |
39.176 |
31.651 |
49.577 |
|
(f) Other current assets |
147.383 |
93.173 |
101.662 |
|
Total Current Assets |
1369.146 |
1197.106 |
1384.924 |
|
|
|
|
|
|
TOTAL |
3140.631 |
3060.414 |
3258.577 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2883.969 |
3017.598 |
2746.138 |
|
|
|
Other Income |
28.674 |
24.975 |
12.197 |
|
|
|
TOTAL (A) |
2912.643 |
3042.573 |
2758.335 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1664.408 |
1861.503 |
1568.204 |
|
|
|
Purchase of Stock In Trade |
0.000 |
144.728 |
0.000 |
|
|
|
Employee benefits expenses |
245.128 |
225.337 |
194.897 |
|
|
|
Other Expenses |
685.152 |
556.816 |
491.066 |
|
|
|
Exceptional Items |
0.000 |
86.018 |
0.000 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(108.703) |
(132.731) |
(31.124) |
|
|
|
TOTAL (B) |
2485.985 |
2741.671 |
2223.043 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
426.658 |
300.902 |
535.292 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
255.795 |
293.106 |
216.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
170.863 |
7.796 |
319.064 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
119.053 |
121.880 |
112.172 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
51.810 |
(114.084) |
206.892 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.040 |
(18.717) |
64.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
44.770 |
(95.367) |
142.796 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
769.206 |
710.905 |
612.781 |
|
|
TOTAL EARNINGS |
769.206 |
710.905 |
612.781 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
120.824 |
168.201 |
187.265 |
|
|
|
Stores & Spares |
0.647 |
1.880 |
5.289 |
|
|
|
Plat and Machinery |
4.213 |
6.339 |
6.491 |
|
|
TOTAL IMPORTS |
125.684 |
176.420 |
199.045 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
14.75 |
(31.42) |
47.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.54
|
(3.13) |
5.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.80
|
(3.78) |
7.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.65
|
(3.73) |
6.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
(0.23) |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.05
|
2.79 |
3.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88
|
0.82 |
0.86 |
LOCAL AGENCY FURTHER INFORMATION
|
CASE DETAILS
HON'BLE JUDGE(S): |
|
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 |
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 |
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 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
From Directors |
0.695 |
11.177 |
|
Loans from related parties |
9.184 |
23.650 |
|
Others |
67.024 |
75.583 |
|
Deferred payment liabilities - Sales Tax |
77.034 |
86.210 |
|
SHORT-TERM BORROWINGS |
|
|
|
Fixed Deposits from Public |
15.000 |
15.000 |
|
|
|
|
|
TOTAL |
168.937 |
211.620 |
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, SOMA JIGUDA, 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, SOMA |
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,
TAMILNADU - 600015, INDIA |
A58619925 |
|
10 |
10016571 |
18/02/2008 * |
100,000,000.00 |
IDBI TRUSTEESHIP SERVICE LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.
KAMANI MARG, |
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,
SOMAJ |
A58590639 |
|
14 |
90113833 |
15/10/2013 * |
1,285,100,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN
ROAD, SOMA JIGUDA, HYDERABAD,
ANDHRA PRADESH - 500082, INDIA |
B88693098 |
|
* Date of charge modification |
||||||
OPERATIONS
During the year
the Company achieved a Turnover of Rs. 2912.643 Millions and Net Profit of Rs.
44.770 Millions as against Turnover of Rs. 3042.573 Millions and Net Loss of
Rs. 95.367 Millions in the previous year.
CAPITAL
EXPENDITURE
During the year,
the Company has incurred a Capital Expenditure of Rs. 21.841 Millions.
EXPORTS
During the year, the
Company has achieved exports turnover of Rs. 769.200 Millions as against Rs.
710.900 Millions last year.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
One of the leading
industries in the world is the Indian Textile Industry. Though the sector is
unorganized, the economic liberalization of the Indian economy in 1991,
provided a way that led to the success of the domestic Industry. Textile
manufacturing and exports are the growth drivers of the Textile industry in
India. Through Textile exports, the foreign exchange contributes around 27%,
for which the GDP gains about 3%. The industry not only generates jobs in its
own, but it also helps to develop other ancillary sectors. Cotton Textiles,
Silk Textiles, Woolen Textiles, Readymade Garments, Handcrafted Textiles, Jute
and Coir are some major segments of Indian Textile Industry.
PRODUCTWISE
PERFORMANCE
While launching
any new product, the company also keeps in mind that it is to position them in
the market for the long run and provides all required services to the customers
to make the product a success. Frequent market visits, close interaction,
providing all feedbacks about the product etc., makes it possible for Company
to sustain the products launched in the markets.
The company has
been constantly making the presentation of its product range not only to the
Garment Buying houses and Garment exporters across the world, but also to the
Direct Buyers of leading brands in the organised meetings arranged by the
Buying houses. The feedback and the remark of such Direct Buyers are quite
overwhelming and give lot of encouragement to the Company to further accelerate
the development of its new products and add more number of products to its
Product catalogue.
There is a vast
demand for the fiber-dyed mélange’s new varieties in the market and the Company
develops many new qualities in this range. But at the same time, it also
develops such products in Raw white version for its customer, which is cost
effective, easy to use with quick and fast deliveries.
OUTLOOK
The growth and
development of the Textile Industry has a major impact on improvement of the
economy of the nation evidenced by 14 percent of total industrial production
and 17 percent of the country’s export earnings. A potential increase around
3.5 percent is also noticed in world trade and is expected to increase to US$
billion by 2020 as 100% Foreign Direct Investment is allowed through Automatic
Route. In fact, the Textile sector attracted Foreign direct investment worth of
US$ 1.04 billion during the period the April to November 2012.
The company also
received an award from Marks and Spencer for EXPORTING GOOD VOLUMES of BCI
YARNS (better cotton initiative) to Bangladesh and the Turkey market. It is mainly
concentrating on exporting yarns to focused countries announced by the
Government of India and the R and D department of the company is continuously
working towards developing new fashion yarns with the feedback of leading
retailers/buying house like GAP, NEXT,
Kohl’s, Tommy Jeans, American Eagle, Sainsbury, Tesco, George, Zara, Bershka,
American Eagle, J.C. Penney, Polo Ralph Lauren, Abercrombie and Fitch, J. Jill,
C.K. Jeans, Primark, Matalan, H and M. To understand the consumer needs
more, the company is also participating in almost all the trade fairs related
to textiles in the world to have a global presence and understanding.
DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO
OPERATIONAL PERFORMANCE
The company is
concentrating on export earnings and accordingly Rs. 710.900 Millions received
as export earnings during the year 2011-2012. There was a slight increase
around 5% i.e. 769.200 Millions in the financial Year 2012-2013. Simultaneously
Rs. 850.000 Millions are targeted for the Financial 2013-2014 and even by July
2013, the company achieved Rs. 280.000 Millions. The Company is also proud to
announce that so far the company has made exports to more than 42 countries in
the world and is planning to enter other focused countries in the near future.
FIXED ASSETS
·
Freehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
UNAUDITED
(PROVISIONAL) FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER
2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
670.782 |
672.549 |
1343.331 |
|
|
Other Operating Income |
6.842 |
9.383 |
16.225 |
|
|
Net Sales/Income
from Operations |
677.624 |
681.932 |
1359.556 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
354.249 |
424.092 |
778.341 |
|
|
Purchase of Stock in trade |
32.392 |
0.000 |
32.392 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
12.178 |
(74.097) |
(61.919) |
|
|
Employee Benefits Expenses |
56.201 |
64.648 |
120.849 |
|
|
Depreciation and Amortization Expenses |
29.902 |
29.883 |
59.785 |
|
|
Power and fuel |
74.137 |
100.277 |
174.414 |
|
|
Other Expenses |
64.472 |
81.575 |
146.047 |
|
|
f) Total |
623.531 |
626.378 |
1249.909 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
54.093 |
55.554 |
109.647 |
|
|
|
|
|
|
|
4. |
Other Income |
7.136 |
7.963 |
15.099 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
61.229 |
63.517 |
124.746 |
|
|
|
|
|
|
|
6. |
Interest |
54.934 |
57.994 |
112.928 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
6.295 |
5.523 |
11.818 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
6.295 |
5.523 |
11.818 |
|
|
|
|
|
|
|
10. |
Tax Expense |
0.880 |
0.772 |
1.652 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
5.415 |
4.751 |
10.166 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
5.415 |
4.751 |
10.166 |
|
|
|
|
|
|
|
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 |
1.78 |
1.57 |
3.35 |
|
|
b) Basic and diluted EPS after extraordinary items |
1.78 |
1.57 |
3.35 |
|
|
|
|
|
|
|
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 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
30.09.2013
UNAUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
125.350 |
|
Reserve &
surplus |
464.571 |
|
Sub-total - Shareholders' funds |
589.921 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
477.483 |
|
Deferred tax
liability (net) |
128.534 |
|
Other long term
liabilities |
405.735 |
|
Long term
provisions |
6.086 |
|
Sub-total - Non-current liabilities |
1017.838 |
|
Current
liabilities |
|
|
Short term
borrowings |
646.523 |
|
Trade payables |
384.865 |
|
Other current
liabilities |
469.228 |
|
Short term
provisions |
7.638 |
|
Sub-total - Current liabilities |
1508.254 |
|
Total - Equity & Liabilities |
|
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
1634.185 |
|
Long term loans
& advances |
82.794 |
|
Sub-total - Non-current Assets |
1716.979 |
|
Current assets |
|
|
Inventories |
909.998 |
|
Trade
receivables |
224.740 |
|
Cash & bank
balances |
70.634 |
|
Short term loans
& advances |
39.310 |
|
Other current
assets |
154.352 |
|
Sub-total - Current Assets |
1399.034 |
|
Total – Assets |
3116.013 |
NOTES
1. The above financial results were reviewed by audit committee and taken on
record by the board of directors at its meeting held on 14th
November 2013.
2. The results were subjected to limited review by the Statutory Auditors of
the company.
3. The company has only single reportable business segment.
4. Previous year’s figures have been regrouped wherever necessary.
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. 62.38 |
|
UK Pound |
1 |
Rs. 102.15 |
|
Euro |
1 |
Rs. 85.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
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 |
|
20 |
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.