MIRA INFORM REPORT
|
Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
K G DENIM LIMITED
|
|
|
|
|
Registered
Office : |
Then Thirumalai, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.06.1992 |
|
|
|
|
Com. Reg. No.: |
18-003798 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 256.651 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17115TZ1992PLC003798 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBK03032B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange |
|
|
|
|
Line of Business
: |
The company
is engaged in manufacturing and marketing of denim fabrics of different size,
shades, weaves, blends and weights. |
|
|
|
|
No. of Employees
: |
350
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1990000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Rating
take into consideration the past instances of delays in servicing of debt obligations,
its strained liquidity position as reflected in high working capital
utilization. There appear high volatility in the profit margins. Due to fluctuation
in raw materials prices and foreign exchange rates. However, trade relations are fair. Business is active. Payment terms
are reported as slow. In view of established presence in denim business for about two
decades 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : C |
|
Rating Explanation |
Very high credit risk of default. |
|
Date |
04.03.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A4 |
|
Rating Explanation |
Minimal degree of safety and very high credt. |
|
Date |
04.03.2013 |
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 PARTED BY (GENERAL INFORMATION)
|
Name : |
Mr. Iyer |
|
Designation : |
Office Executive |
|
Contact No.: |
91-4254-235300 |
|
Date : |
26.07.2013 |
LOCATIONS
|
Registered
Office : |
Then Thirumalai, |
|
Tel. No.: |
91-4254-304401 /
235300 / 304300 |
|
Fax No.: |
91-4254-304400 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Jadayam
Palayam, Via Sirumugai, Taluka Mettupalayam, |
|
Tel. No.: |
91-42545-2331
/ 34 |
|
Fax No.: |
91-42545-2335 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
86 |
|
Tel. No.: |
91-422-212931
/ 212932 |
DIRECTORS
As on : 31.03.2012
|
Name : |
Mr. B Sriramulu |
|
Designation : |
Managing
Directors |
|
Qualification
: |
BE ( |
|
Experience : |
16 Years |
|
Date of
Appointment : |
03.11.2003 |
|
|
|
|
Name : |
Mr B Srihari |
|
Designation : |
Managing
Directors |
|
Qualification
: |
BE (Chem. Tech),
MS (Chem. Tech) |
|
Experience : |
14 Years |
|
Date of
Appointment : |
03.11.2003 |
|
|
|
|
Name : |
Mr. G V S Desikan |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr.
G. P. Muniappan |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. K N V Ramani |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. V Jagadisan |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mrs. T Anandhi |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. M. J.
Vijayaraaghavan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Surinder
Chhibber |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A Velusamy |
|
Designation : |
Directors |
KEY EXECUTIVES
|
Name : |
Mr. S. Muthuswamy |
|
Designation : |
Company Secretary
|
|
|
|
|
Name : |
Mr. K G Baalakrishnan |
|
Designation : |
Executive
Chairman |
|
Qualification
: |
B. Com B. L. |
|
Experience : |
41 Years |
|
Date of
Appointment : |
03.11.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9868158 |
38.47 |
|
|
4787145 |
18.66 |
|
|
14655303 |
57.13 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
14655303 |
57.13 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5200 |
0.02 |
|
|
500 |
0.00 |
|
|
2300 |
0.01 |
|
|
8000 |
0.03 |
|
|
|
|
|
|
583807 |
2.28 |
|
|
|
|
|
|
6108879 |
23.81 |
|
|
3456139 |
13.47 |
|
|
841777 |
3.28 |
|
|
4818 |
0.02 |
|
|
294341 |
1.15 |
|
|
541618 |
2.11 |
|
|
1000 |
0.00 |
|
|
10990602 |
42.84 |
|
Total Public shareholding (B) |
10998602 |
42.87 |
|
Total (A)+(B) |
25653905 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
25653905 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in manufacturing and marketing of denim fabrics of
different size, shades, weaves, blends and weights. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
v Indian Bank v Bank of v Allahabad Bank v State Bank of v State Bank of v Indian Overseas
Bank |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
Rs in Millions
NOTE 1. Bank borrowings of
Term Loan and Working Capital Limits Term loans from Indian Bank (IB), Bank of India (BOI) and Indian
Overseas Bank (IOB) are secured by first pari passu charge on (a) all
immovable properties situated in (i) 102.1897 acres of land at
Jadayampalayam, Alangombu and Karamadai villages in Mettupalayam Taluk,
Coimbatore District, Tamil Nadu and (ii) 2155.62 sq. meters of land at Amdha
Village, Dharampur Taluk, Valsad District, Gujarat through equitable mortgage
created with Indian Bank and (b) all plant and machineries including
machineries and other movable fixed assets (excluding vehicles charged to
financiers) acquired for the Expansion cum Diversification Scheme (ECDS) and
New Capex Plan through Deed of Hypothecation. Term loan from State Bank of Hyderabad and Term loan I from State Bank
of India are secured by a first pari passu charge on (a) immovable properties
in 48.5872 acres of land at Jadayampalayam, Alangombu and Karamadai Village
in Mettupalayam Taluka, Coimbatore District,Tamilnadu and (b) all plant and
machineries and other movable assets (excluding vehicles charged to
financiers) acquired for the Expansion cum Diversification Scheme (ECDS)
through Deed of Hypothecation. Term loan II from State Bank of Indian Bank is holding the original title deeds on its own behalf and
on behalf of other Banks. Term loans are also guaranteed by Shri KG
Baalakrishnan, Executive Chairman. Indian Bank has two Term loans outstanding - Term loan I for Rs.75.122
Millions and Term loan II for Rs.22.427 Millions (Previous year Rs.103.289
Millions and Rs.29.971 Millions). Term loan I is repayable in 32 quarterly
installments commencing from 05.04.2007. Last Installment is due on
05.01.2015. Rate of Interest 14.00 % p.a. as at year end. (Previous year
12.25 % p.a.). Term Loan II is repayable in 90 monthly installments
commencing from 15.10.2007. Last Installment is due on 15.03.2015. Rate of
Interest 14.75 % p.a. as at year end. (Previous year 13.25 % p.a.). Bank of India has two Term loans outstanding: Term loan I for
Rs.68.545 Millions and Term loan II for Rs.19.572 Millions (Previous year
Rs.95.710 Millions and Rs.28.181 Millions). Term loan I is repayable in 32
quarterly installments commencing from 07.04.2007. Last Installment is due on
07.01.2015. Rate of Interest 14.75% p.a. as at year end. (Previous year
13.25% p.a.). Term loan II is repayable in 87 monthly installments commencing
from 15.10.2007. Last Installment is due on 15.12.2014. Rate of Interest
14.75% p.a. as at year end. (Previous year 13.75% p.a.). State Bank of State Bank of Indian Overseas Bank has two Term loans: Term loan I for Rs.40.000
Millions (Previous year is Nil) is repayable in 20 quarterly installments
commencing from 19.06.2012. Last Installment is due on 19.03.2017. Rate of
Interest 14.75% p.a. as at year end.(Previous year Nil.) and Term loan II for
Rs.55.960 Millions (Previous year is Nil) is repayable in 60 monthly
installments commencing from 28.04.2012. Last Installment is due on
28.03.2017. Rate of Interest 14.75% p.a. as at year end.(Previous year Nil).
As At As At 31.03.2012 31.03.2011 (Rs. in Millions) 1.800. NOTE : 2 Working capital facilities from Indian Bank Consortium (Indian Bank,
Bank of India, Allahabad Bank and State Bank of India) are secured by a first
pari passu charge on the whole of the current assets through Deed of
Hypothecation and second pari passu charge on (a) all the immovable
properties situated in (i) 102.1897 acres of land at Jadayampalayam,
Alankombu and Karamadai Villages in Mettupalayam Taluk, Coimbatore District,
Tamil Nadu and (ii) 2155.62 sq. meters of land at Amdha Village, Dharampur
Taluk, Valsad District, Gujarat through equitable mortgage created with
Indian Bank and (b) all plant and machineries (excluding vehicles charged to
financiers) through Deed of Hypothecation. The entire working capital
facilities are also guaranteed by Shri KG Baalakrishnan, Executive Chairman. |
|
|
|
|
Auditors : |
|
|
Name : |
Gopalaiyer and Subramanian Chartered Accountants |
|
Address : |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on : 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31000000 |
Equity Shares |
Rs.10/- each |
Rs. 310.000 Millions |
|
1000000 |
10% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 410.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25691305 |
Equity Shares |
Rs.10/- each |
Rs. 256.913 Millions |
|
|
|
|
|
Subscribed & Paid-up
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25653905 |
Equity Shares |
Rs.10/- each |
Rs. 256.539 Millions |
|
|
Add : forfeited
Shares |
|
Rs. 0.112 Million |
|
|
Total |
|
Rs. 256.651
Millions |
Reconciliation of the number of shares outstanding at the beginning and
at the end of the reporting period
Rs in Millions
|
Particular |
31.03.2012 |
|
Shares outstanding at the beginning of the year 25653905 Number |
256.539 |
|
Shares outstanding at the end of the year 25653905 Number |
256.539 |
Shares in the company held by each shareholder holding more than 5
percent shares
|
Name of Shareholder |
No. of Shares held |
% of Holding |
|
Sri Kannapiran Mills Limited |
3065183 |
11.95 |
|
Shri KG Baalakrishnan |
2578560 |
10.05 |
|
Shri B Srihari |
2231859 |
8.70 |
|
Shri B Sriramulu |
2208659 |
8.61 |
|
Smt B Sathyabama |
1886500 |
7.35 |
Terms and Conditions of Equity Shares :
The Company has only one class of Equity
Shares having a par value of Rs.10 per share. Each shareholder is eligible for
one vote per share. In the event of liquidation the Equity Shareholders are
eligible to receive the remaining assets of the company after distribution of
all preferential amounts in proportion of their shareholding. There are no
shares allotted as fully paid without payments being received in cash, bonus
shares or shares bought back.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
256.651 |
256.651 |
|
(b) Reserves & Surplus |
|
243.286 |
215.185 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
499.937 |
471.836 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
443.673 |
418.051 |
|
(b) Deferred tax liabilities (Net) |
|
129.865 |
106.316 |
|
(c) Other long term
liabilities |
|
61.190 |
40.000 |
|
(d) long-term
provisions |
|
18.861 |
16.095 |
|
Total Non-current
Liabilities (3) |
|
653.589 |
580.462 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
457.689 |
515.100 |
|
(b)
Trade payables |
|
825.475 |
777.633 |
|
(c)
Other current liabilities |
|
175.969 |
162.231 |
|
(d)
Short-term provisions |
|
49.529 |
6.306 |
|
Total Current
Liabilities (4) |
|
1508.662 |
1461.270 |
|
|
|
|
|
|
TOTAL |
|
2662.188 |
2513.568 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
934.537 |
1002.551 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
66.381 |
10.343 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
57.331 |
53.163 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
39.625 |
25.420 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1097.874 |
1091.477 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1018.244 |
818.762 |
|
(c)
Trade receivables |
|
237.494 |
269.631 |
|
(d)
Cash and cash equivalents |
|
66.526 |
62.414 |
|
(e)
Short-term loans and advances |
|
151.258 |
186.083 |
|
(f)
Other current assets |
|
90.792 |
85.201 |
|
Total
Current Assets |
|
1564.314 |
1422.091 |
|
|
|
|
|
|
TOTAL |
|
2662.188 |
2513.568 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
256.651 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
170.204 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
426.855 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1119.227 |
|
|
2] Unsecured Loans |
|
|
54.333 |
|
|
TOTAL BORROWING |
|
|
1173.560 |
|
|
DEFERRED TAX LIABILITIES |
|
|
84.080 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1684.495 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1121.090 |
|
|
Capital work-in-progress |
|
|
1.247 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
53.168 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
634.938
|
|
|
Sundry Debtors |
|
|
312.911
|
|
|
Cash & Bank Balances |
|
|
63.875
|
|
|
Other Current Assets |
|
|
29.752
|
|
|
Loans & Advances |
|
|
172.063
|
|
Total
Current Assets |
|
|
1213.539
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
573.806
|
|
|
Other Current Liabilities |
|
|
116.117
|
|
|
Provisions |
|
|
14.626
|
|
Total
Current Liabilities |
|
|
704.549 |
|
|
Net Current Assets |
|
|
508.990 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1684.495 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4000.744 |
3435.939 |
2634.525 |
|
|
|
Other Income |
31.689 |
40.422 |
51.915 |
|
|
|
TOTAL (A) |
4032.433 |
3476.361 |
2686.440 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2423.794 |
2109.945 |
|
|
|
|
Purchase of Stock in Trade |
0.537 |
0.000 |
|
|
|
|
Changes in Inventories of Finished Goods |
(101.119) |
(30.565) |
|
|
|
|
Employees Benefits Expenses |
189.117 |
170.870 |
|
|
|
|
Other expenses |
1046.554 |
837.453 |
|
|
|
|
TOTAL (B) |
3558.883 |
3087.703 |
1394.806 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
473.550 |
388.658 |
1291.634 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
232.271 |
191.742 |
196.489 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
241.279 |
196.916 |
1095.145 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
130.835 |
129.314 |
129.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
110.444 |
67.602 |
966.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
36.737 |
22.621 |
796.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
73.707 |
44.981 |
169.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.200 |
45.000 |
(31.505) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Arrears of Preferential Dividend and Tax
thereon |
23.200 |
0.000 |
0.000 |
|
|
|
Proposed Dividend and Tax |
22.400 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
43.300 |
15.200 |
(29.811) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on Direct Export |
1476.942 |
1065.319 |
857.121 |
|
|
TOTAL EARNINGS |
1476.942 |
1065.319 |
857.121 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
112.421 |
48.827 |
87.476 |
|
|
|
Chemicals |
66.082 |
50.982 |
66.024 |
|
|
|
Stores & Spares |
29.789 |
27.844 |
7.051 |
|
|
|
Capital Goods |
43.404 |
7.176 |
0.221 |
|
|
TOTAL IMPORTS |
251.696 |
134.829 |
160.772 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.87 |
1.75 |
0.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.83
|
1.29 |
6.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.76
|
1.97 |
36.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.89
|
4.67 |
79.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.14 |
2.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.80
|
1.98 |
2.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
0.99 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
------ |
|
26] |
Buyer visit details |
------ |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE OF THE
COMPANY :
During the year ended 31.03.2012, the Company achieved an overall
production of Rs. 22.900 Millions meters of fabrics against the previous year’s
production of Rs. 24.100 Millions meters. The revenue for the year was Rs.
4000.700 Millions as against sales of Rs. 3435.900 Millions during the previous
year, representing an increase of 16 %. The company has three main product
groups, Denim and Apparel Fabrics, Home Textiles and sales of Apparel. All the
product groups are showing double digit growth levels and have contributed to
the profitability of the company.
The Company has been able to improve its profitability on account of
higher sales realization. The operating margins were maintained inspite of lower
production and increasing power costs.
Their investments in the home textiles category have started paying off
as we see large sales to well established retail houses abroad.
The recent depreciation of the rupee has helped our garment sales in
export markets.
The Board of Directors recommends a dividend of 7.50 % (i.e. Rs.0.75)
per equity share of the company for the year 2011-12. The Board further
recommends payment of arrears of cumulative preference dividend to erstwhile
preference shareholders at the rate of 10 % for the years 2005 to 2007
amounting to Rs. 20.000 Millions. The Dividend tax payable amounts to Rs. 6.300
Millions.
INDUSTRY STRUCTURE
AND DEVELOPMENT :
The Indian denim industry continues to enjoy a high growth potential.
The domestic as well as international demand is expected to grow. The demand
for the denim fabrics is increasing in the domestic market; our sales to both
premier international brands operating in
FINANCE :
The Directors acknowledge with gratitude, the valuable assistance and
support extended by our Bankers for term loans and working capital ie., Indian
Bank, Bank of India,
SUBSIDIARIES :
During the year, the gross turnover in Trigger Apparels Limited
increased to Rs.311.900 Millions from Rs.304.800 Millions for the previous
year. The subsidiary has been able to register a profit of Rs.10.59 Millions
compared to loss of Rs. 6.842 Millions in the previous year. No activity has
taken place at KG Denim (USA) Inc. during the year
CONTINGENT
LIABILITY :
Rs
in Millions
|
Particulars |
31.03.2012 |
|
Bills discounted with banks |
331.597 |
|
Arrears of dividend on 10% Cumulative Redeemable Preference Shares (
for the period 1st April 2005 to 31st March 2007 |
-- |
|
Estimated amount of contracts remaining to be executed in capital
account and not provided for |
73.552 |
|
Disputed Excise Duties |
64.182 |
|
Disputed Income Tax |
15.400 |
|
Disputed Sales Tax |
-- |
|
Guarantees given to Bank for loan to subsidiary |
65.100 |
|
Guarantees given on behalf of Associates for fulfillment of their
Export obligation under EPCG Scheme |
30.000 |
Statement of Audited financial
results for the Quarter and
Nine
Months Ended on 31st March 2013
Rs in Millions
|
Sr. No |
Particulars |
Standalone |
||
|
Audited |
Un-Audited |
Audited |
||
|
Quarter Ended |
Year
to date |
|||
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
1 |
Income from operations : |
|
|
|
|
|
(a)Net
Sales/Income from Operations (Net of excise duty) |
1331.600 |
1303.100 |
5092.200 |
|
|
(b)
Other Operating Income |
9.700 |
5.600 |
56.100 |
|
|
Total
income from operations (net) (a) + (b) |
1341.300 |
1308.700 |
5148.300 |
|
2 |
Expenses (a)
Cost of materials consumed |
880.400 |
795.600 |
3062.8000 |
|
|
(b)Purchases
of Stock in Trade |
0.000 |
0.000 |
0.000 |
|
|
(c)
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(174.800) |
(17.100) |
(65.400) |
|
|
(d)Power
and fuel |
113.800 |
95.900 |
398.900 |
|
|
(e) Stores
and chemicals |
228.700 |
168.100 |
698.000 |
|
|
(f)Employee
benefits expense |
68.600 |
57.500 |
233.100 |
|
|
(g)
Depreciation and amortisation expense |
21.100 |
33.200 |
119.200 |
|
|
(h)Other
expenditure |
97.100 |
48.700 |
245.700 |
|
|
Total expenses |
1234.900 |
1181.900 |
4692.300 |
|
3 |
Profit/( Loss) from operations
before Other Income, finance cost & exceptional Items (1-2) |
106.400 |
126.800 |
456.000 |
|
4 |
Other Income |
10.700 |
2.900 |
14.200 |
|
5 |
Profit/(Loss) from
ordinary activities before finance costs and exceptional Items (3+4) |
117.100 |
129.700 |
470.200 |
|
6 |
Finance costs |
51.500 |
62.100 |
235.500 |
|
7 |
Profit/(Loss) from
ordinary activities after finance costs but before exceptional Items (5-6) |
65.600 |
67.600 |
234.700 |
|
8 |
Exceptional
Item |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/)
Loss) before tax (7+8) |
65.600 |
67.600 |
234.700 |
|
10 |
Tax Expenses |
|
|
|
|
|
-- Current Tax |
18.400 |
27.100 |
78.000 |
|
|
-- MAT credit
Entitlement |
1.100 |
0.000 |
1.100 |
|
|
-- Deferred
Tax |
6.900 |
0.700 |
0.300 |
|
|
-- Prior year
Taxes |
0.000 |
0.000 |
0.000 |
|
|
|
26.400 |
27.800 |
79.400 |
|
11 |
Net Profit/( Loss) From Ordinary Activities After Tax (9-10) |
39.200 |
39.800 |
155.300 |
|
12 |
Extraordinary
items |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / Loss for the period (9-10) |
39.200 |
39.800 |
155.300 |
|
14 |
Paid-up equity share capital (Face Value of the Share (?10 each)) |
256.700 |
256.700 |
256.700 |
|
15. |
Reserves excluding Revaluation Reserves as
per Balance Sheet of previous accounting year |
-- |
-- |
376.200 |
|
16. |
Earnings Per Share Basic and diluted |
|
|
|
|
|
(Before
extraordinary items) |
1.53 |
1.55 |
6.05 |
|
|
Earnings Per Share Basic and diluted |
|
|
|
|
|
(After
extraordinary items) |
1.53 |
1.55 |
6.05 |
|
Sr. No |
Particulars |
Quarter Ended |
Year
to date ended |
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. |
Public shareholding |
|
|
|
|
|
-
Number of shares |
10998602 |
10998602 |
10998602 |
|
|
- Percentage of
shareholding |
42.87% |
42.87% |
42.87% |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
2000000 |
2000000 |
2000000 |
|
|
- Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
13.65% |
13.65% |
13.65% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
7.80% |
7.80% |
7.80% |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
12655303 |
12655303 |
12655303 |
|
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
86.35% |
86.35% |
86.35% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
49.33% |
49.33% |
49.33% |
|
Particulars |
Quarter ended 31.03.2013 |
|
B INVESTOR COMPLAINTS (Nos) |
|
|
Pending
at the beginning of the quarter |
NIL |
|
Received
during the quarter |
4 |
|
Disposed
of during the quarter |
4 |
|
Remaining
unresolved at the end of the quarter |
NIl |
NOTE :
·
The above Audited results were
reviewed by the Audit Committee and approved by the Board of Directors at their
meeting held on 29th May, 2013
·
The figures of the last quarter are
the balancing figures between audited figures in respect of the full financial
year and the published year to date figures upto the third quarter of the
current financial year
·
The Company has only one business
segment (i e ) Textiles Business Hence, segment wise reporting is not applicable
·
Figures of the previous year /
quarter ended have been regrouped / re arranged wherever necessary
·
The Board has recommended Equity
Dividend of 7 50 % (i e Rs 0.75 per share) on its Equity shares for the
Financial year 2012-13
·
There are no share of profits / loss
of associates and minority interest in respect of consolidated results
STATEMENT OF ASSETS AND
LIABILITIES AS ON 31.03.2013
|
Particulars |
Rs
in Millions |
|
Quarter ended |
|
|
As on 31.03.2013 |
|
|
(Audited) |
|
|
I. EQUITY AND
LIABILITIES |
|
|
EQUITY AND LIABILITIES |
|
|
1. Shareholders' Fund |
|
|
(a) Share Capital |
256.700 |
|
(b) Reserves and Surplus |
376.200 |
|
(.c) Money received against share warrants |
0.000 |
|
|
632.900 |
|
2. Non-Current Liabilities |
|
|
(a) Long-term borrowings |
421.600 |
|
(b) Deferred tax liabilities (Net) |
130.200 |
|
(c) Other Long-term liabilities |
25.500 |
|
(d) Long-term provisions |
22.600 |
|
|
599.900 |
|
3. Current Liabilities |
|
|
(a) Short-term borrowings |
563.800 |
|
(b) Trade payables |
1066.500 |
|
(c) Other current liabilities |
241.100 |
|
(d) Short-term provisions |
23.900 |
|
|
1895.300 |
|
|
|
|
Total |
3128.100 |
|
II. ASSETS |
|
|
1. Non-current Assets |
|
|
(a) Fixed Assets (Net) |
1119.900 |
|
(b) Capital work in progress |
47.900 |
|
(c) Non-current investments |
55.300 |
|
(d) Long-term Loans and advances |
36.100 |
|
|
1259.200 |
|
2. Current Assets |
|
|
(a) Inventories |
1103.800 |
|
(b) Trade receivables |
378.600 |
|
(c) Cash and cash equivalents |
83.700 |
|
(d) Short-term Loans and Advances |
186.300 |
|
(e) Other
Current Assets |
116.500 |
|
|
1868.900 |
|
Total |
3128.100 |
INDEX OF CHARGE :
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10366139 |
09/05/2013 * |
100,000,000.00 |
BANK OF |
Mid Corporate Branch, First Floor, Chamber Towers, 8/732 Avinashi
Road, Coimbatore - 641018, Tamil Nadu,
India |
B78812088 |
|
2 |
10349045 |
19/04/2013 * |
120,000,000.00 |
INDIAN OVERSEAS BANK |
Park Square Branch, |
B76975879 |
|
3 |
10320308 |
19/04/2013 * |
100,000,000.00 |
STATE BANK OF |
Commercial Branch,, 1443, |
B76817923 |
|
4 |
10065578 |
09/05/2013 * |
56,400,000.00 |
BANK OF |
|
B78812278 |
|
5 |
10049364 |
19/04/2013 * |
56,400,000.00 |
INDIAN BANK |
|
B76975614 |
|
6 |
80023257 |
22/06/2010 * |
150,000,000.00 |
STATE BANK OF |
Rajajinagar Branch, 200/Y, 12th Main, 50th Cross, 3rd Block,
Rajajinagar, |
A91880773 |
|
7 |
80023259 |
19/04/2013 * |
150,000,000.00 |
STATE BANK OF |
Commercial Branch,, 1443, |
B76817469 |
|
8 |
80023253 |
19/04/2013 * |
197,800,000.00 |
INDIAN BANK |
|
B76975432 |
|
9 |
90007210 |
05/10/2012 * |
178,000,000.00 |
ALLAHABAD BANK |
98, |
B59535591 |
|
10 |
90006921 |
08/10/2012 * |
334,100,000.00 |
STATE BANK OF |
Commercial Branch, 1443, |
B63131684 |
* Date of charge Modification
FIXED
ASSETS
- Land
- Buildings
- Machinery
- Electric Machinery
- Office Equipments
- Furniture and Fittings
- Motor Vehicles
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. 59.30 |
|
|
1 |
Rs. 91.18 |
|
Euro |
1 |
Rs. 78.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.