MIRA
INFORM REPORT
|
Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
NAGREEKA EXPORTS LIMITED |
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Registered
Office : |
18, R.N. Mukherjee Road, 6th Floor, Kolkata – 700001, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.03.1989 |
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Com. Reg. No.: |
21-0486387 |
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Capital
Investment / Paid-up Capital : |
Rs.62.550 Millions |
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CIN No.: [Company Identification
No.] |
L1810WB1989PLC046387 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALN02503E |
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PAN No.: [Permanent Account No.] |
AAACN9999A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturers, Exporters and Marketers of Cotton Yarn and Knitted
Fabrics. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3440000 |
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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 a well established company having satisfactory track
record. There appears sharp dip in the profitability. However, net worth of
the company seems to be satisfactory. 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 conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term
facilities: BBB- |
|
Rating Explanation |
Moderate degree of safety
and moderate credit risk. |
|
Date |
27.12.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank
facilities: A3 |
|
Rating Explanation |
Moderate degree of
safety and higher credit risk. |
|
Date |
27.12.2012 |
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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-33-22108828)
LOCATIONS
|
Registered Office : |
18, |
|
Tel. No.: |
91-33-22108828 / 22484922 / 4943 |
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Fax No.: |
91-33-22481693 |
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E-Mail : |
knbansal@nagreeka.com |
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Website : |
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Corporate Office 1 : |
7, Kala Bhavan 2, |
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Tel. No.: |
91-22-23670365 / 61447500 |
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Fax No.: |
91-22-23612579 / 23630475 |
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E-Mail : |
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Corporate Office 2 : |
21-22, Kala Bhavan, 3, |
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Tel. No.: |
91-22-23625977 / 61447500 / 23618873 |
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Factory : |
Village Yavluji, Taluka Panhala, District – |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Shushil Patwari |
|
Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
20.08.1954 |
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Qualification : |
B. Com (H) |
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Date of Appointment : |
06.03.1989 |
|
Other Directorship : |
ô Rupa and Company Limited ô
Reliance Processors Limited ô
Nagreeka Capital and Infrastructure Limited ô
Jaidka Motor Company Limited |
|
|
|
|
Name : |
Mr. Sunil Patwani |
|
Designation : |
Vice Chairman and Managing Director |
|
Name : |
Mr. Kailash Chandra Purohit |
|
Designation : |
Whole – time Director |
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Date of Birth/Age : |
18.06.1932 |
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Qualification : |
B. Tech |
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Date of Appointment : |
30.06.2001 |
|
Name : |
Mr. Mohan Kishen Ogra |
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Designation : |
Director |
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Date of Birth/Age : |
15.09.1930 |
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Qualification : |
Graduate (Maths and Stastic) |
|
Date of Appointment : |
30.06.2001 |
|
Other Directorship : |
Ż Nicco Financial Services Limited Ż
Nicco Engg. Services Limited Ż
Nicco Biotech Limited Ż
Nagreeka Capital and Infrastructure Limited |
|
Name : |
Mr. Bibhuti Charan Talukdar |
|
Designation : |
Director |
|
Name : |
Mr. Mahendra Patwari |
|
Designation : |
Whole-time Director |
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Date of Birth/Age : |
15.03.1963 |
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Qualification : |
B. E. from IIT |
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Date of Appointment : |
01.07.2004 |
|
Other Directorship : |
Nagreeka Foils Limited |
|
Name : |
Mr. Rajendra Mahavirprasad Ruia |
|
Designation : |
Director |
|
Name : |
Mr. Mahabir Prasad Periwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.08.1944 |
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Qualification : |
Graduate |
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Date of Appointment : |
07.08.2008 |
|
Other Directorship : |
ô Pinoreer Protec Limited ô
Pioneer Plastic Industrial Limited ô
Sarda Housing Developments Private Limited |
KEY EXECUTIVES
|
Name : |
Mr. J. Tiwari |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2013
|
Category
of Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4472300 |
35.78 |
|
|
2105186 |
16.84 |
|
|
6577486 |
52.62 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
6577486 |
52.62 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3300 |
0.03 |
|
|
300 |
0.00 |
|
|
300 |
0.00 |
|
|
500 |
0.00 |
|
|
4400 |
0.04 |
|
|
|
|
|
|
2293113 |
18.35 |
|
|
|
|
|
|
2584090 |
20.67 |
|
|
822400 |
6.58 |
|
|
218211 |
1.75 |
|
|
216429 |
1.73 |
|
|
800 |
0.01 |
|
|
982 |
0.01 |
|
|
5917814 |
47.34 |
|
Total Public
shareholding (B) |
5922214 |
47.38 |
|
Total (A)+(B) |
12499700 |
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) |
12499700 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mala Patwari |
8,91,700 |
7.13 |
|
Sunil Patwari |
7,12,000 |
5.70 |
|
Sushil Patwari |
4,38,500 |
3.51 |
|
Minakshi Patwari |
3,89,600 |
3.12 |
|
Mahendra Patwari |
3,12,000 |
2.50 |
|
Satish Patwari |
3,10,000 |
2.48 |
|
lshwar Lal Patwari |
1,95,000 |
1.56 |
|
lshwar Lal Patwari |
1,55,000 |
1.24 |
|
Sushil Patwari |
1,50,000 |
1.20 |
|
Mahendra Patwari |
1,35,000 |
1.08 |
|
Sushil Patwari |
1,30,000 |
1.04 |
|
lshwar Lal Patwari |
1,27,500 |
1.02 |
|
Rashi Saraf |
1,00,000 |
0.80 |
|
Anita Patwari |
90,000 |
0.72 |
|
Usha Patwari |
86,000 |
0.69 |
|
Sunil Patwari |
70,000 |
0.56 |
|
Sarita Patwari |
70,000 |
0.56 |
|
lshwar Lal Patwari |
70,000 |
0.56 |
|
Pratyush Patwari |
20,000 |
0.16 |
|
Rahul Patwari |
20,000 |
0.16 |
|
Nagreeka Synthetics Private Limited |
8,76,688 |
7.01 |
|
Nagreeka Foils Limited |
5,84,916 |
4.68 |
|
India Overseas Exports Private Limited |
5,80,000 |
4.64 |
|
Nagreeka Synthetics Private Limited |
63,582 |
0.51 |
|
Total |
65,77,486 |
52.62 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Agarwal Galvanising Private Limited |
500600 |
4.00 |
|
Sri Krishna Viniyog Private Limited |
454636 |
3.64 |
|
Alps Viniyog Private Limited |
421706 |
3.37 |
|
Shree Viniyog Private Limited |
348400 |
2.79 |
|
PTC Cables Private Limited |
314823 |
2.52 |
|
Parmar Dilipsingh Himmatsinh |
134386 |
1.08 |
|
Total |
2174551 |
17.40 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporters and Marketers of Cotton Yarn and Knitted
Fabrics. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Yarn |
Spindle |
56784 |
55440 |
-- |
|
Cotton Yarn |
Kg. |
-- |
-- |
9435626 |
|
Cloth Weaving |
Mtr. |
-- |
733000 |
877345 |
|
Cloth Processing |
Mtr. |
-- |
792000 |
846887 |
|
Knitted Fabrics |
Kg. |
-- |
-- |
126658 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
· Canara Bank, Overseas Branch, Kolkata, Mumbai ING VYSYA Bank
Limited, Overseas Branch, Mumbai Oriental Bank of Commerce, Overseas Branch, Kolkata State Bank of Patiala, Commercial Branch, Mumbai Allahabad Bank, Industrial Finance Branch, Kolkata ICICI Bank, R.N. Mukherjee Road Branch, Kolkata |
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Facilities : |
NOTES : Term loan from
bank ii) Rupee Term loan
from Canara Bank - Kolkata, Oriental Bank of Commerce – Kolkata and State
Bank of Patiala – Mumbai is secured by (a) an equitable mortgage ranking pari
passu inter-se by deposit of title deeds of all the immovable properties of
the company both present and future, relating to its spinning unit premises
at Village : Yavluj, District : Kolhapur, Maharashtra and (b) by way of
hypothecation ranking pari passu inter-se of all movable properties of the
company both present and future including movable machineries, spares, tools
& accessories (save & except book debts) subject to prior charges
created or to be created
in favour of the Company’s Bankers, on its stock of Raw Materials, finished
goods, consumable stores, book debts and such other movables as may be
specifically permitted by the institutions in writing, to secure borrowings
for working capital requirements and (c) Personal
guarantee of some of the Directors of the Company. iii) Working Capital
Term Loan from Canara Bank, Overseas Branch, Kolkata is secured by way of : (a)
hypothecation of stock of Raw materials, Work-in-process, finished goods and
book debts relating to spinning unit at Village : Yavluj, District : (b) Second
charge on immovable properties of the company relating to above mentioned
spinning unit, and (c) Personal
guarantee of some of the Directors of the Company. iv) For the above loan a securitisation agreement entered in between
the Company, AXIS Bank Limited and the above lenders. Working capital
loans from bank i) Working
Capital Loan from Canara Bank, Overseas Branch, Kolkata and Mumbai , Oriental
Bank of Commerce, Overseas Branch, Kolkata, Allahabad Bank, Industrial
Finance Branch, Kolkata, State Bank of Patiala - Commercial Branch, Mumbai
and ICICI Bank Limited, Kolkata are secured by way of : (a) First charge
by way of hypothecation of stock of Raw materials, Work-in-process, finished
goods and book debts relating to spinning unit at Village : Yavluj, District
: Kolhapur, Maharashtra and stock-in-trade at trading unit Kolkata, both
present and future in a form and manner satisfactory to the bank, ranking
pari pasu with each other participating working capital banks. (b) Second
charge on all the fixed assets of the company, both present and future
ranking pari pasu with each other participating working capital banks. (c) Personal
guarantee of some of the Directors of the Company. ii) Previous Year
working Capital Loan includes working capital loan from ING Vysya Bank
Limited, Overseas Branch, Mumbai was secured by way of : (a)
hypothecation of stock of raw materials, work in process, Finished goods,
book debts relating to spinning unit at Village : Yavluj, District :
Kolhapur, Maharashtra and (b) second
charge on immovable Properties of the Company relating to above mentioned
spinning unit and (c) Personal guarantee of some of the Directors of the Company. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Das and Prasad Chartered Accountant |
|
Address : |
4, |
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|
|
|
Associates/Subsidiaries : |
·
Nagreeka Capital and Infrastructure Limited ·
Nagreeka Foils Limited ·
Nagreeka Synthetics Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.5/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12510000 |
Equity Shares |
Rs.5/- each |
Rs.62.550
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12499700 |
Equity Shares |
Rs.5/- each |
Rs.62.498
Millions |
|
|
Add : 10300 Equity Forfeited Shares |
|
Rs.0.052
Million |
|
|
TOTAL |
|
Rs.62.550 Million |
Reconciliation of number
of Equity Shares and amount outstanding
|
Particulars |
31.03.2012 |
|
|
|
Numbers |
Rs. In Millions |
|
Shares Outstanding at April 1, 2011 |
12499700 |
62.498 |
|
Shares Outstanding at March 31, 2012 |
12499700 |
62.498 |
The details
of Shareholders holding more than 5% shares
|
Name of the
Share Holder |
31.03.2012 |
|
|
|
Numbers |
Percentage |
|
Agarwal Galvanishing Private Limited |
675600 |
5.40% |
|
Mala Patwari |
891700 |
7.13% |
|
Sunil Patwari |
712000 |
5.70% |
|
Nagreeka Synthetics Private Limited |
940270 |
7.52% |
The Company has one class of equity share having a par value of Rs. 5
per share. Each shareholder is eligible for one vote per share held.
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 |
|
62.550 |
62.550 |
|
(b) Reserves & Surplus |
|
798.123 |
776.393 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) Long-term borrowings |
|
453.041 |
522.106 |
|
(b) Deferred tax liabilities (Net) |
|
149.776 |
153.013 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
1048.788 |
1084.532 |
|
(b) Trade payables |
|
126.599 |
148.530 |
|
(c) Other current
liabilities |
|
115.586 |
152.611 |
|
(d) Short-term provisions |
|
9.938 |
26.024 |
|
TOTAL |
|
2764.401 |
2925.759 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
833.632 |
871.192 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
129.445 |
10.761 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
142.344 |
142.344 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
26.296 |
23.326 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
913.332 |
913.380 |
|
(c) Trade receivables |
|
150.117 |
419.330 |
|
(d) Cash and cash
equivalents |
|
54.124 |
37.978 |
|
(e) Short-term loans and
advances |
|
515.111 |
507.448 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
TOTAL |
|
2764.401 |
2925.759 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
62.550 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
722.117 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
784.667 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1258.379 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
1258.379 |
|
|
DEFERRED TAX LIABILITIES |
|
|
132.096 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2175.142 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
868.662 |
|
|
Capital work-in-progress |
|
|
16.192 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
202.344 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
680.770
|
|
|
Sundry Debtors |
|
|
233.741
|
|
|
Cash & Bank Balances |
|
|
7.992
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
431.170
|
|
Total
Current Assets |
|
|
1353.673
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
93.608
|
|
|
Other Current Liabilities |
|
|
167.645
|
|
|
Provisions |
|
|
4.475
|
|
Total
Current Liabilities |
|
|
265.728 |
|
|
Net Current Assets |
|
|
187.945 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2175.142 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4956.705 |
5583.502 |
4145.543 |
|
|
|
Other Income |
18.620 |
9.661 |
4.833 |
|
|
|
TOTAL (A) |
4975.325 |
5593.163 |
4150.376 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1489.645 |
|
|
|
|
|
Purchase of Traded Goods |
2856.136 |
3401.410 |
|
|
|
|
Change in inventories of Finished Goods, |
(279.053) |
(214.480) |
|
|
|
|
Stock in Process and Stock in Trade |
109.901 |
94.223 |
|
|
|
|
Employees Benefit Expenses |
543.159 |
606.810 |
|
|
|
|
Other Expenses |
|
|
|
|
|
|
TOTAL (B) |
4719.788 |
5294.213 |
3952.460 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
255.537 |
298.949 |
197.916 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
174.303 |
122.232 |
111.342 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
81.234 |
176.718 |
86.574 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
69.236 |
66.535 |
65.637 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
11.998 |
110.183 |
20.937 |
|
|
|
|
|
|
|
|
|
Add |
TAX (H) |
9.732 |
48.620 |
1.542 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
21.730 |
61.563 |
19.395 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
79.926 |
25.651 |
6.256 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
6.250 |
0.000 |
|
|
|
Distribution Tax thereon |
0.000 |
1.038 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
101.656 |
79.926 |
25.651 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3872.893 |
4574.745 |
3196.352 |
|
|
TOTAL EARNINGS |
3872.893 |
4574.745 |
3196.352 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores and Spares |
N.A |
1.964 |
5.988 |
|
|
|
Capital Goods |
N.A |
40.046 |
7.872 |
|
|
TOTAL IMPORTS |
N.A |
42.010 |
13.860 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.74 |
4.93 |
1.55 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1672.960 |
1158.86 |
1438.800 |
2148.600 |
|
Total Expenditure |
1575.840 |
1081.400 |
1359.000 |
2085.200 |
|
PBIDT (Excl OI) |
97.120 |
77.460 |
79.800 |
63.400 |
|
Other Income |
0.490 |
1.170 |
0.800 |
26.900 |
|
Operating Profit |
97.610 |
78.630 |
80.600 |
90.200 |
|
Interest |
64.04 |
44.670 |
45.500 |
58.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
33.570 |
33.960 |
35.200 |
32.300 |
|
Depreciation |
17.330 |
17.430 |
17.900 |
17.900 |
|
Profit Before Tax |
16.240 |
16.530 |
17.300 |
14.400 |
|
Tax |
0.000 |
0.000 |
0.000 |
20.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
16.240 |
16.530 |
17.300 |
(5.900) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
16.240 |
16.530 |
17.300 |
(5.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.44
|
1.10 |
0.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.24
|
1.97 |
0.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.48
|
3.97 |
0.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.13 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.74
|
1.92 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.33 |
5.09 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Small Scale Industries |
0.119 |
0.045 |
|
|
Others |
126.480 |
148.485 |
|
|
Total |
126.599
|
148.530 |
93.608 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
COMPANY OVERVIEW:
The company was incorporated on 6th March,1989 under
the laws of republic of India and has its registered office at Kolkata, West
Bengal. The company is engaged in manufacturing and export of cotton yarn and
other various merchandise. The shares of the company are listed in National
stock exchange and
REVIEW OF
OPERATIONS:
During the
financial year the company has achieved turnover of Rs 4956.705 million against
Rs.5583.502 millions for the previous year. The profit after tax is also lower
at Rs.21.730millions against profit after tax of Rs. 61.563 millions in the
previous year. The changes in
government, policy with regard to export of cotton and cotton yarn which
occurred between January-March 2011 had tremendous effect on the entire cotton
yarn spinning industry. The ban on
export of cotton yam between January -March, 2011, resulted in increase of
cotton yarn inventory with spinners.
Simultaneously the effect of fluctuating policy for export of raw cotton
resulted in prices of raw cotton shooting up between January - March 2011 and
thereafter crashing within a very short time in the month of April and May,
2011 by nearly 50% of peak levels. This crash of raw material prices resulted
in huge value loss on the inventory on raw material with spinners. This drop in
prices together with the rush to liquidate stock of cotton yarn during April -
May,2011 also brought down prices of cotton yarn by approx. 30-40%resulting in
huge loss in finished goods inventors. This double whammy on raw material and
finished goods significantly eroded the capital of the spinning industry. The company also suffered on account of
these events.
Additionally the
economic crisis in the euro zone resulted in a recession in demand in Europe for
textile products. The Global event also increased volatility in commodity
markets and currency markets which was reflected in wide fluctuations in USD /
INR exchange rates.
The cost of power
has been continuously increasing during the year. The cost has increased by
nearly 15%. Interest rates in the Indian economy have also been going up and
during this year there was an increase ofapprox.1.25% per annum in the base
rate. The cost of working capital borrowing also increased significantly.
Rising inflation also resulted in increase of other inputs and costs.
The company has
taken on all challenges and after putting in best efforts they have been able
to mitigate the effects of these negative developments to achieve results
mentioned above.
FUTURE PROSPECT
The future
prospects of the company are closely linked with the fortunes of the cotton
textile industry. The consumption of cotton textile within
The fortunes of
the cotton textile industry depends lot on the availability of quality cotton
at competitive prices. The current state of the rnonsoon in
The restructured
TUF Scheme has been announced with greater focus on technical textile while
maintaining incentives for traditional sector Additionally, the Maharashtra
Government has announced new textile policy offering interest subsidy and
capital subsidy in some location in addition to TUF.
The company is in
advanced stage of implementing the cotton yarn dyeing and bleaching project at
Kagal,
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENT:
The textile
industry contributes 4% to GDP, 14% to industrial production and 11% to exports
of Indian in addition to employing350.000 Millions people directly.
The Govt. of India
has promoted capacity creation and modernization in the industry vide the TUF. Different
incentives are offered to different segments from cotton ginning, spinning
,weaving, processing, garmenting etc. Now, special focus is on Technical
Textiles. The economic growth is also boosting the per capita consumption
of textiles in
The performance
and fortunes of the cotton textile industry are very dependent on the
availability of adequate cotton of good quality at competitive prices.
OUTLOOK :
There are dark
clouds in form of crisis in Euro Zone and US, slow down in
CONTINGENT LIABILITIES (AS ON 31.03.2012):
Contingent Liabilities not provided for in
respect of
I Bills discounted with Banks Rs. 419.976 millions (Previous Year Rs.
591.849 millions)
II Bank Guarantees of Rs. 37.137 millions (Previous Year Rs. 34.170
millions) issued in favour of Custom, Central Excise and Other Government
Authorities.
III Disputed Statutory Dues :-
a) The Income Tax Assessment of the Company have been completed up to
Assessment Year 2009-2010. Disputed Income Tax Liabilities for which appeal is
pending before different appellate authorities for Assessment Year 2000-2001,
2005-2006, 2006-2007 and 2008-2009 are Rs. 32.878 millions.
b)Disputed Central Excise liability for which appeal is pending before
different excise authorities relating to financial year from 2005-2006 is Rs.
2.713 millions.
c ) Disputed Central Service Tax liability for which appeal is pending
before different Service Tax authorities relating to financial year from
2004-2005, 2005-2006 and 2009-2010 is Rs. 2.515 millions.
Based on the decision of the Appellate authorities and the interpretations
of the other relevant provisions, the Company has been legally advised that the
demand is likely to be either deleted or substantially reduced and accordingly
no provision has been made
FIXED ASSETS
·
Land and Site Development
·
Land (Leasehold)
·
Office Premises
·
·
Godown
·
Plant and Machinery
·
Furniture and Fixtures
·
Air Conditioner
·
Vehicles
·
Computer
·
Office Equipments
·
Non Factory Building
·
Refrigerator
·
Old Machine in Hand
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.57.73 |
|
|
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.