MIRA
INFORM REPORT
|
Report Date : |
10.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHEKHAWATI POLY-YARN LIMITED |
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|
|
|
Registered
Office : |
Express Zone, A Wing, Unit No. 1102, 1103, 11th Floor, Patel
Vatika Off, Western Express Highway, Malad (West), Mumbai – 400097,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
05.11.1990 |
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Com. Reg. No.: |
058818 |
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Capital
Investment / Paid-up Capital : |
Rs. 220.111 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120MH1990PLC058818 |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Polyester Texturised Yarn and Twisted Yarn |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record.
Performance capacity of the company seems to be high. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitment. The company can be considered for normal 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB+: Long Term Bank |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of financial obligation. |
|
Date |
December, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Express Zone A Wing, Unit No. 1102 1103, 11th Floor, Patel
Vatika Off, Western Express Highway, Malad (West), Mumbai – 400097,
Maharashtra |
|
Tel. No.: |
91-22-61162500/91-22-61162500/2567126 |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 20, Sheetal Industrial Estate, Demeni Road, Dadra, Dadra
and Nagar Haveli – 396191, (Union Territory), India |
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E-Mail : |
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Factory 2 : |
Plot No. 44, Government Industrial Estate, Samarwani, Masat,
Silvassa, Dadra and Nagar Haveli - 396230 |
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E-Mail : |
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Factory 3 : |
Plot no.185/1, Naroli Village, Near Kanadi Phatak, Dadra and Nagar
Haveli – 396235 (Union Territory), India |
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Tel. No.: |
91-260-2650666 |
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E-Mail : |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Ramniranjan Ruia |
|
Designation : |
Chairman
(Non Executive) |
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|
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|
Name : |
Mr. Rohit Chandgothia |
|
Designation : |
(appointed w.e.f. August 13, 2011) Independent Director |
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|
Name : |
Mr. Mukesh Ruia |
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Designation : |
Managing
Director |
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|
Name : |
Mr. Sushil Kumar Poddar |
|
Designation : |
(appointed w.e.f. August 13, 2011) Independent Director |
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|
Name : |
Mr. Sanjay Jogi |
|
Designation : |
(resigned w.e.f. March 27, 2012) Director (Non Executive) |
KEY EXECUTIVES
|
Name : |
Mr.
Shivratan Agarwal |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr.
Subodh Kumar Soni |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
|
Number of Shares |
Percentage of Holding |
|
A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5343891 |
24.28 |
|
|
5408290 |
24.57 |
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|
10752181 |
48.85 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
10752181 |
48.85 |
|
(B) Public
Shareholding |
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|
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|
|
|
|
|
|
|
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|
4400008 |
19.99 |
|
|
|
|
|
|
1339069 |
6.08 |
|
|
5480290 |
24.90 |
|
|
39519 |
0.18 |
|
|
35490 |
0.16 |
|
|
4029 |
0.02 |
|
|
11258886 |
51.15 |
|
Total Public shareholding
(B) |
11258886 |
51.15 |
|
Total (A)+(B) |
22011067 |
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) |
22011067 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyester Texturised Yarn and Twisted Yarn |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India ·
Axis Bank Limited |
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
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Statutory Auditors : |
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Name : |
Singrodia
Goyal and Company Chartered Accountant |
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Relative of
Director and Name of the enterprises having same Key Management Personnel and
/ or their relatives as the reporting
enterprise with whom the company has entered into transactions during the
period |
SKI
Buildcon Private limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28000000 |
Equity Shares |
Rs.10/- each |
Rs. 280.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22011067 |
Equity Shares |
Rs.10/- each |
Rs. 220.111
Millions |
|
|
|
|
|
Increase in
Authorised Share Capital
During the year, the Authorized Share Capital has been increased to Rs. 28,00,00,000 divided into 2,80,00,000
equity share of Rs.10/- each from Rs. 25,00,00,000 divided into 2,50,00,000 equity shares of Rs.10/- each vide
resolution passed in Annual General Meeting held on 30th September 2011
Reconciliation of the
number of equity shares outstanding at the beginning and at the end of the
reporting period
(Rs in millions)
|
Particulars |
Number of Shares |
Amount |
|
Shares
outstanding at the beginning of the year |
22011067 |
220.111 |
|
Shares
Issued during the year - preferential basis |
- |
- |
|
Shares
Issued during the year - Bonus issue |
- |
- |
|
Shares
Issued during the year - IPO issue |
- |
- |
|
Shares outstanding at the
end of the year |
22011067 |
220.111 |
Terms/rights attached
to equity shares
The Company has one class of equity shares having a par value of Rs.10 per share Each holder of equity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Aggregate number of
bonus shares issued, share issued for consideration other than cash and shares
bought back during the period of five years immediately preceeding the
reporting date
|
Particular |
31.03.2012 |
|
Equity shares alloted as fully paid bonus shares by capitalisation of securities premium |
5772165 |
|
Equity shares alloted as fully paid up pursuant to contracts for consideration other than cash |
- |
|
Equity Shares bought back by the Company |
- |
Details of
shareholders holding more than 5% shares in the company
|
Name of Shareholder |
31.03.2012 |
|
|
|
Number of Equity shares held |
Percentage |
|
Mukesh Ramniranjan Ruia |
3130560 |
14.22 |
|
SKI Buildcon Private Limited |
3094961 |
14.06 |
|
Altius Buildcon Private Limited |
1779997 |
8.09 |
|
Ramniranjan Ruia |
1462500 |
6.64 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
220.111 |
220.111 |
16.492 |
|
|
2] Share Application Money |
0.000 |
0.000 |
77.425 |
|
|
3] Reserves & Surplus |
400.472 |
356.258 |
112.838 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
620.583 |
576.369 |
206.755 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
973.240 |
566.842 |
399.047 |
|
|
2] Unsecured Loans |
12.500 |
25.922 |
41.500 |
|
|
TOTAL BORROWING |
985.740 |
592.764 |
440.547 |
|
|
DEFERRED TAX LIABILITIES |
50.927 |
29.407 |
18.367 |
|
|
|
|
|
|
|
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TOTAL |
1657.250 |
1198.540 |
665.669 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
967.167 |
544.759 |
380.593 |
|
|
Capital work-in-progress |
90.214 |
165.903 |
27.461 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.500 |
0.503 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
108.399
|
102.084 |
29.811 |
|
|
Sundry Debtors |
342.476
|
275.063 |
176.071 |
|
|
Cash & Bank Balances |
8.208
|
31.736 |
4.090 |
|
|
Other Current Assets |
58.499
|
39.031 |
16.252 |
|
|
Loans & Advances |
219.106
|
151.439 |
68.951 |
|
Total
Current Assets |
736.688
|
599.353 |
295.175 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.551
|
0.445 |
25.489 |
|
|
Other Current Liabilities |
113.239
|
107.293 |
5.586 |
|
|
Provisions |
5.029
|
4.237 |
6.988 |
|
Total
Current Liabilities |
136.819
|
111.975 |
38.063 |
|
|
Net Current Assets |
599.869
|
487.378 |
257.112 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1657.250 |
1198.540 |
665.669 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2100.468 |
1482.346 |
893.711 |
|
|
|
Other Income |
7.998 |
2.232 |
0.364 |
|
|
|
TOTAL (A) |
2108.466 |
1484.578 |
894.075 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1716.795 |
1225.099 |
724.922 |
|
|
|
Changes in inventories of finished goods, work-in-progress |
(41.772) |
(30.653) |
(1.028) |
|
|
|
Employee benefits expenses |
34.542 |
14.135 |
0.000 |
|
|
|
Other expenses |
186.359 |
131.812 |
87.413 |
|
|
|
TOTAL (B) |
1895.924 |
1340.393 |
811.307 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
212.542 |
144.185 |
82.768 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
88.310 |
55.690 |
26.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
124.232 |
88.495 |
56.508 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.710 |
35.228 |
21.809 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
AND PRIOR PERIOD ITEMS |
64.522 |
53.267 |
34.699 |
|
|
|
|
|
|
|
|
|
Less/ Add |
PRIOR PERIOD
ADJUSTMENT |
1.211 |
0.451 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
65.733 |
53.718 |
34.699 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.519 |
17.865 |
12.622 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
44.214 |
35.853 |
22.077 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
83.963 |
48.110 |
27.186 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
0.000 |
0.989 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.164 |
|
|
BALANCE CARRIED
TO THE B/S |
128.177 |
83.963 |
48.110 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on F. O. B Basis |
203.473 |
153.075 |
14.681 |
|
|
TOTAL EARNINGS |
203.473 |
153.075 |
14.681 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
74.279 |
8.226 |
0.000 |
|
|
TOTAL IMPORTS |
74.279 |
8.226 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.01 |
2.83 |
2.97 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particular |
|
30.06.2012 |
30.09.2012 |
|
|
|
1st Quarter |
2nd Quarter |
|
|
|
Unaudited |
Unaudited |
|
Net Sales |
|
510.480 |
607.030 |
|
Total Expenditure |
|
458.840 |
543.590 |
|
PBIDT (Excl OI) |
|
51.640 |
63.440 |
|
Other Income |
|
0.640 |
1.440 |
|
Operating Profit |
|
52.280 |
64.880 |
|
Interest |
|
27.390 |
28.750 |
|
Exceptional Items |
|
000 |
000 |
|
PBDT |
|
24.890 |
36.130 |
|
Depreciation |
|
21.260 |
22.430 |
|
Profit Before Tax |
|
3.630 |
13.700 |
|
Tax |
|
1.330 |
4.230 |
|
Provisions and contingencies |
|
000 |
000 |
|
Profit After Tax |
|
2.300 |
9.470 |
|
Extraordinary Items |
|
0000 |
000 |
|
Prior Period Expenses |
|
000 |
000 |
|
Other Adjustments |
|
000 |
000 |
|
Net Profit |
|
2.300 |
9.470 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.09
|
2.42 |
2.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.13
|
3.62 |
3.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.86
|
4.69 |
5.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.09 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
1.22 |
2.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.38
|
5.35 |
7.75 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Loan
from Companies |
12.500 |
25.922 |
|
|
|
|
|
Total |
12.500 |
25.922 |
NOTE:
Loan from Companies includes
I) Rs. 2.500 Millions (P.Y Rs. 2.500 Millions) taken during the financial year 2010-11 and carries interest @15% p.a..The loan is unsecured and is repayable on demand after a period of one year.
ii) Rs.10.000 Millions taken during the current year and carries interest @ 18% p.a..The loan is unsecured and is repayable on demand after a period of one year.
PERFORMANCE REVIEW
The Company's textiles operations have shown encouraging growth, both in the domestic and in the exports markets. The Company believes that its scale of operations and integration across the textile chain will, in future, offer significant advantages in both cost and revenue.
During the year the Company has achieved the turnover of Rs 2108.466 Millions as compared to Rs. 1484.578 Millions in the previous year. Profit after Tax was Rs. 44.214 Millions in the current year as compared to Rs. 35.853 Millions in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERALL REVIEW:
The Company's Aggressive marketing efforts, relentless focus on efficiency improvement, accentuating on quality and cost control measures contributed towards improved performance during the year.
The Indian Textile industries have an overwhelming presence in economic life of India. Textile industry is also the largest in the country in terms of employment generation. The Indian Textile Industry has a great presence in the economy of the country by way of contribution to industrial output, employment generation and the export earning of the country. The Close Linkage of the industry to agriculture and the ancient culture, and traditions of the country make the Indian textile sector unique in comparison with the textile industry of other countries.
The growth figures of the last few years have made the entire textile industry brim with unprecedented confidence and optimism. These growth targets envisaged a fundamental shift in the textile scenario and have taken a route of a very rapid growth. The Indian textile industry plays a vital role in the Indian economy by contributing to GDP, generating employment and earning foreign exchange. Its contributes about 14% to Industrial production, 4% to the GDP and 17% to the country Export earning.
The worldwide trade of textiles and clothing has boosted up the GDP of India to a great extent as this sector has brought in a huge amount of revenue in the country.
During the year 2011-2012 the profitability of the Company was higher as compared to that of the previous years.
A. INDUSTRIAL
STRUCTURE AND DEVELOPMENT:
The textile industry has witnessed steady growth in the recent past with the friendly policies announced by the Government. The industry has undergone drastic changes over the decades, particularly after the introduction of
Technology Up-gradation Funds (TUFs) scheme by the Government of India and majority of the textile companies have modernized /renovated their plants in order to provide quality products and meet the global standards.
Indian Textile Industry has gone through the metamorphosis from being a 'cottage industry' to the state of supremacy: On the Way of deeper integration with world economy and expansion in domestic economy, the industry picked up the momentum. Most of the existing and new units commenced process of expansion and modernization to cater to the increasing market demands. However, due to the global slowdown, the industry suffered heavily with reduced exports and domestic demand.
The Government of India, recognizing the potential of the Indian Textile Industry has taken several measures over the years to improve the industry's cost competitiveness. Continuing the same trend the government in the last
Union Budget has introduced certain fiscal and monetary relief measures in the wake of the global economic slowdown to provide relief to the domestic industry including textiles industry.
The Company works hard to meet the competition as well as to enable to maintain long standing business relationship.
OUTLOOK:
We expect the textile segments to turn favorably and based on the various factors like macro economy condition, the Company is hopeful of significantly improved financial performance in the coming year and hope to provide booming results in the forth coming years. The Company has made sustained efforts to increase its presence in the International Market. Total export of the Company for the year 2011-12 was Rs. 224.837 Millions.
CONTINGENT
LIABILITIES
· Outstanding Bank Guarantee Rs. 24.865 Millions (P. Y. Rs. 7.915 Millions)
·
Estimated amount of Contracts remaining to be executed
on Capital Account Rs.125.255 Millions (Net of Advances) (P. Y. Rs.22.405
Millions).
·
The Company has purchased Machinery under the EPCG
Scheme whereby it has obligation of exporting goods on FOB basis amounting to 8
times the Import duty saved within a period of 8 years. The amount of duty
saved till 31st March, 2012 is Rs.124.582 Millions (P.Y. Rs. 70.591 Millions).
Accordingly, the Company has exported goods amounting to Rs. 394.700 Millions
(P.Y. Rs.189.955 Millions) on FOB Basis and export obligations as on 31st
March 2012 is Rs. 601.955 Millions (P.Y. Rs.374.769 Millions).
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Building
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Computers
· Electricals Installments
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2012
(Rs In millions)
|
|
3 months ended |
Preceding 3 months ended |
Year to date figure for current period ended |
|
|
Particulars |
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
1 |
lncome from
operations |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of excise duty) |
601.910 |
507.808 |
1109.718 |
|
|
b Other Operating lncome |
5.121 |
2.675 |
7.796 |
|
|
Total |
607.031 |
510.483 |
1117.514 |
|
2 |
Expenses |
|
|
|
|
|
a Cost of material consumed |
502.573 |
404.596 |
907.169 |
|
|
c. Changes in inventories of finished goods, work in progress and stock in trade |
(29.660) |
(4.926) |
(34.586) |
|
|
d Employees cost |
14.804 |
14.552 |
29.356 |
|
|
e. Depreciation |
22.434 |
21.255 |
43.389 |
|
|
h. Other Expenses |
55.863 |
44.619 |
100.482 |
|
|
Total |
566.014 |
480.096 |
1046.110 |
|
3 |
Profit/(Loss) from
operations before other lncome, finance costs and exceptional items (1-2) |
41.017 |
30.387 |
71.404 |
|
4 |
Other lncome |
1.435 |
0.639 |
2.074 |
|
5 |
Profit/(Loss)
before finance costs and I exceptional items (3+4 |
42.452 |
31.026 |
73.478 |
|
6 |
Finance Costs |
28.749 |
27.391 |
56.140 |
|
7 |
Profit/(Loss) after
finance costs but before exceptional items (5-6) |
13.702 |
3.635 |
17.338 |
|
8 |
Exceptional items |
- |
- |
- |
|
9 |
Profit/(Loss)
before tax (7+8) |
13.702 |
3.635 |
17.338 |
|
10 |
Tax expense |
4.232 |
1.335 |
5.567 |
|
11 |
Net Profit/(Loss) after
tax (9-10) |
9.471 |
2.300 |
11.771 |
|
12 |
Extraordinary Items (net of tax expense Rs. Nil) |
- |
- |
- |
|
13 |
Net Profit/(Loss)
for the period (11+12) |
9.471 |
2.300 |
11.771 |
|
14 |
Paid-up equity share capital |
220.111 |
220.111 |
220.111 |
|
15 |
Revaluation Reserves as per Balance Sheet of previous year |
- |
- |
- |
|
16 |
Earnings Per Share
of Rs. 10/- each (not annualised) Basic (Rs.) Diluted (Rs.) |
0.43 0.43 |
0.10 0.10 |
0.53 0.53 |
INVESTOR COMPLAINTS FOR THE QUARTER ENDED 30.09.2012
|
Particulars A PARTICULARS OF
SHAREHOLDINGS |
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
1. Public
Shareholding |
|
|
|
|
|
No. of shares |
11258886 |
11258886 |
11258886 |
|
|
Percentage of shareholding |
51.15 |
51.15 |
51.15 |
|
|
2. Promoter and
Promoter group Shareholding |
|
|
|
|
|
a. Pledged/Encumbered |
|
|
|
|
|
-Number of Shares |
|
|
|
|
|
Percentage of Shares(as a % of total |
- |
- |
- |
|
|
shareholding of promoter group) |
- |
- |
- |
|
|
-Percentage of Shares(as a % of the total |
- |
- |
- |
|
|
Share Capital of Company) |
|
|
|
|
|
b Non-Encumbered |
|
|
|
|
|
-Number of Shares |
10752181 |
10752181 |
10752181 |
|
|
-Percentage of Shares(as a % of total |
100.00 |
100.00 |
100.00 |
|
|
shareholding of promoter group) |
|
|
|
|
|
-Percentage of Shares(as a % of the total |
48.85 |
48.85 |
48.85 |
|
|
Share Capital of Company |
|
|
|
UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS ON SEPTEMBER 30, 2012
(Rs in Millions)
|
Particulars |
As at |
|
|
30.09.2012 |
|
A EQUITY AND
LIABILITIES |
|
|
1.
Shareholders'funds |
l |
|
(a) Share Capital |
220.111 |
|
(b) Reserves & surplus |
412.244 |
|
Sub-total |
632.355 |
|
2. Non-current
liabilities |
|
|
(a) Long-term borrowings |
705.451 |
|
(b) Deferred tax liabilities (net) |
56.493 |
|
(c) Other long-term liabilities |
15.000 |
|
(d) Long-term provisions |
0.678 |
|
Sub-total |
777.622 |
|
3. Current
liabilities |
|
|
(a) Short-term borrowings |
517.753 |
|
(b) Trade payables |
8.070 |
|
(c) Other current liabilities |
89.605 |
|
(d) Short-term provisions |
2.150 |
|
Sub-total |
617.578 |
|
Total |
2027.555 |
|
B ASSETS |
|
|
1. Non-current
assets |
|
|
(a) Fixed assets |
1165.271 |
|
(b) Non-current investments |
0.000 |
|
(c) Long-term loans and advances |
83.123 |
|
(d) Other non-current assets |
0.000 |
|
Sub-total |
1248.394 |
|
2. Current assets |
|
|
(a) Inventories |
132.798 |
|
(b) Trade receivables |
318.256 |
|
(c) Cash and cash equivalents |
17.218 |
|
(d) Short-term loans and advances |
244.437 |
|
(e) Other current assets |
66.452 |
|
Sub-total |
779.161 |
|
Total |
2027.555 |
Notes:
1. The above results have been reviewed and recommended by the Audit Committee and approved & taken on record by the Board of Directors in their respective meetings held on 9th November 2012.
2. The Statutory Auditors of the Company have carried out Limited Review of the results for the Half Year and Quarter ended 30th September, 2012.
3. Extraordinary items represents prior period items
4. The Company has only one reportable business segment of manufacture of 'Polyester Texturised and Twisted Yarn and Knitted Fabrics' as per Accounting Standard 17 issued by ICAI/Companies (Accounting Sandard Rules), 2006
5. EPS has been calculated in accordance with AS - 20 notified pursuant to Companies (Accounting Standards) Rules 2006.
6. The financial statement for the quarter ended 30th September 2012 have been prepared as per the circular issued by the Securities
Exchange Board of India (SEBI) to comply with Revised Schedule VI of the Companies Act, 1956
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. 54.96 |
|
|
1 |
Rs. 88.23 |
|
Euro |
1 |
Rs. 71.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.