|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
S KUMARS NATIONWIDE LIMITED (w.e.f. 12.04.2000) REID AND TAYLOR (A DIVISION OF S KUMARS NATIONWIDE LIMITED) |
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Formerly Known
As : |
S. KUMAR SYNFABS LIMITED |
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Registered
Office : |
B-2, 5th Floor, Marathon Nextgen, Off G.K. Marg, Worli,
Lower Parel (West), Mumbai – 400 013, |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
28.09.1990 |
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Com. Reg. No.: |
11-058361 |
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Capital
Investment / Paid-up Capital : |
Rs.3497.379
Millions |
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CIN No.: [Company Identification
No.] |
L17120MH1990PLC058361 |
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IEC No.: |
0392025728 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS17736F |
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PAN No.: [Permanent Account No.] |
AAACS0767K |
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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
: |
Manufacture and |
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No. of Employees
: |
3056 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 62200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established having a moderate track record. Despite of
robust growth in the company’s revenues and healthy profitability, the liquidity
position of the company remains stretched on account of its high working
capital intensity, and large capital expenditure and significant inorganic
investment incurred over previous year. There also appears continuous dip in the share price of the company.
However, business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
B [Long term fund-based limit] |
|
Rating Explanation |
The risk prone credit quality. It carry very high credit risk. |
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Date |
March 2011 |
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Rating Agency Name |
ICRA |
|
Rating |
A4 [Short term non fund based limit] |
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Rating Explanation |
The risk prone credit it carry high credit risk. |
|
Date |
March 2011 |
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.
Subject’s name has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2012.
LOCATIONS
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Registered Office : |
B-2, 5th Floor, Marathon Nextgen, Off G.K. Marg, Worli, Lower
Parel (West), Mumbai – 400 013, |
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Tel No.: |
91-22-24824500 |
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Fax No.: |
91-22-24931685 |
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E-Mail : |
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Website : |
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Area : |
17,000 sq. ft. |
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Location : |
Leased |
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Corporate Office 1: |
Avash Shree Ram Mills Premises, G K Marg, Worli, Mumbai – 400 018, |
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Tel. No.: |
91-22-24930180/ 24933184/ 22818432/ 22818694/ 24965700/ 01/ 03/
24933184 |
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Fax No.: |
91-22-24950402/ 24931685/ 22818619 |
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Email : |
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Corporate Office 2: |
Sr. No.90/ H No.5, Inga Complex, |
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Tel No.: |
91-22-28250797 |
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Fax No.: |
91-22-28207578/ 28207577 |
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Location : |
Rented |
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Factory 1 : |
Menswear and
Home Textiles Complex 3B, Industrial Area No. 2, |
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Tel. No.: |
91-7272-258025/ 258026/ 258027 |
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Fax No.: |
91-7272-252424 |
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Location : |
Leased |
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Factory 2: |
Spinning and Weaving
Complex Chamunda Standard Mills, Balgarh, Dewas, |
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Tel. No.: |
91-7272-252891 |
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Fax No.: |
91-7272-253261 |
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Location : |
Leased |
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Factory 3: |
Total Wardrobe
Solutions No. 121/52, Hosahalli Gollarahii, |
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Tel. No.: |
91-8040-610610 |
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Fax No.: |
91-8041-410057 |
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Location : |
Leased |
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Factory 4: |
High Value Fine
Cotton (HVFC) and Home Textiles Jhagadia Industrial Estate, GIDC, Ankleshwar, |
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Tel. No.: |
91-264-5226774 |
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Location : |
Leased |
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Factory 5: |
Worsted Fabrics
Complex Thandya Industrial Area, Thandavapura, Nanjangud Taluka,
Mysore--571301 District, Karnataka, India |
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Factory 6: |
Hartmarx
Corporation 1680, |
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Factory 7: |
Hickey Freeman |
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Factory 8: |
Coppley Corporation 56, |
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Factory 9: |
Marling and
Evans Limited |
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Factory 10: |
Leggiuno SPA Via Dante Alighieri, 1, 21038 Leggiuno (VA) - |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Dr. A. C. Shah |
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Designation : |
Chairman [up to 16.01.2012] |
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Address : |
C – 12, |
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Date of Birth/Age : |
16.10.1932 |
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Qualification : |
Doctorate Degree in Economics |
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Date of Appointment : |
14.11.1994 |
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Name : |
Mr. Nitin S. Kasliwal |
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Designation : |
Vice Chairman and Managing Director [up to 12.02.2012] |
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Address : |
Kanta Flat No.1, Little Gibbs Road, Malabar hill, Mumbai – 400 006, |
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Date of Birth : |
22.11.1960 |
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Qualification : |
Mater in Business administration from the European |
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Experience : |
32 years |
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Name : |
Mr. Anil Channa |
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Designation : |
Deputy Managing Director |
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Address : |
71, Sagar Tarang Co-Operative Housing Society, 15, |
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Date of Birth/Age : |
01.09.1948 |
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Qualification : |
Bachelors in Techonlogy (Textile Technology) from Indian Institute of
Technology, |
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Name : |
Mrs. Jyoti N. Kasliwal |
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Designation : |
Director (Promoter – Non Executive) |
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Address : |
Kanta Flat No.1, Little Gibbs Road, Malabar hill, Mumbai – 400 006, |
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Date of Birth : |
26.12.1960 |
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Qualification : |
Bachelors degree in arts (Economics) |
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Name : |
Mrs. Amita Narain |
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Designation : |
IDBI - Nominee Director (Non Executive – Independent) |
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Address : |
Flat No. 44, Jolly Maker Apartment, No. Il, 4th Floor,
Cuffe Parade, Mumbai - 400 005, |
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Date of Birth : |
06.07.1959 |
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Nominee Company : |
IDBI Bank |
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Name : |
Dr. Vinayshi Gautam |
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Designation : |
EXIM - Nominee Director (Non Executive – Independent) |
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Address : |
9, West Avenue, Opposite
Directors House, lIT Campus, Hauz Khas, New Delhi – 110 016, India |
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Date of Birth : |
03.06.1946 |
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Nominee Company : |
Exim Bank |
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Name : |
Mr. Anish Modi |
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Designation : |
IDM - Nominee Director (Non Executive – Independent) |
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Address : |
314, Shalaka, |
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Date of Birth/Age : |
21.03.1966 |
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Qualification : |
Masters degree in Finance and Economics from London School of
Economics ( |
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Date of Appointment : |
27.06.2007 |
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Nominee Company : |
IDM Private Limited |
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Name : |
Mr. Denys Firth |
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Designation : |
IDM - Nominee Director (Non Executive – Independent) |
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Address : |
Flat 301, La Hacidenda, 31 - 33, |
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Date of Birth/Age : |
26.05.1951 |
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Qualification : |
Bachelors Degree in Arts and in Physics (Oxon) from |
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Date of Appointment : |
09.10.2007 |
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Nominee Company : |
India Debt Management Private Limited |
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Name : |
Mr. Jitender Balakrishnan |
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Designation : |
Director - Non Executive - Independent |
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Address : |
A - 1, Flat No. 12, 1st Floor, Tahna Residency, Opposite Siddhivinayak
Temple, Veer Savarkar Marg, Prabhadevi, Mumbai - 400 025, Maharashtra, India |
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Date of Birth/Age : |
08.05.1949 |
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Qualification : |
Post Graduate Diploma in Industrial Management from |
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Name : |
Mr. Suresh N. Talwar |
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Designation : |
Additional Director |
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Name : |
Mr. M. Damodaran |
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Designation : |
Additional Director |
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Name : |
Mr. Martin Henry |
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Designation : |
Director (Non Executive – Independent) |
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Address : |
The Old Rectory, Congerstone, Neneaton, Warwickshire, CVI 36LZ, |
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Date of Birth/Age : |
20.06.1933 |
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Qualification : |
Masters Degree in Arts from the |
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Date of Appointment : |
24.02.2005 |
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|
Name : |
Mr. Vijay Kalantri |
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Designation : |
Director (Non Executive – Independent) |
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Address : |
2, Wahedna Appartment, 75, |
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Date of Birth/Age : |
05.01.1949 |
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Qualification : |
Government Commercial Diploma holder from Maharashtra State Technical
Board and has Diploma in Textile from Sasmira Institute of Textile |
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|
Name : |
Mr. Dara D. Avari |
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Designation : |
Director (Non Executive) |
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Address : |
A - 4, |
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Date of Birth/Age : |
21.10.1934 |
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Qualification : |
Bachelor’s Degree in Science and Law from the |
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Date of Appointment : |
27.03.1997 |
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|
Name : |
Mr. Alexander Shaik |
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Designation : |
Alternate Director (Alternate to Mr. Denys Firth) – Nominee – Non
Executive – Independent |
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Address : |
Asia Debt Management Hong Kong Limited, 1008, |
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Qualification : |
Bachelors degree in Arts (Politics and Asian History) and Honors in
Law from The University of Melbourne, Australia |
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|
Name : |
Mr. Sujeet Bhale |
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Designation : |
Director [Nominee of Exim Bank Limited w.e.f. 18.04.2012] |
KEY EXECUTIVES
|
Name : |
Nimesh S. Shah |
|
Designation : |
Senior Vice President and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
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|
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|
4779292 |
1.61 |
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|
73368680 |
24.67 |
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|
78147972 |
26.28 |
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|
|
|
Total shareholding of Promoter and Promoter Group (A) |
78147972 |
26.28 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4400 |
0.00 |
|
|
32771576 |
11.02 |
|
|
45331585 |
15.24 |
|
|
78107561 |
26.26 |
|
|
|
|
|
|
47974272 |
16.13 |
|
|
|
|
|
|
44918626 |
15.10 |
|
|
34031998 |
11.44 |
|
|
14222948 |
4.78 |
|
|
12088424 |
4.06 |
|
|
2128853 |
0.72 |
|
|
421 |
0.00 |
|
|
5250 |
0.00 |
|
|
141147844 |
47.46 |
|
Total Public shareholding (B) |
219255405 |
73.72 |
|
Total (A)+(B) |
297403377 |
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) |
297403377 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and |
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Products : |
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Brand Name : |
v
REID AND TAYLOR v
BELMONTE v
S. KUMARS v
UNIFORMITY BY BELMONTE v
v
STEPHENS BROTHERS |
PRODUCTION STATUS [AS ON 31.03.2011]
(a) Licensed capacity: Not applicable
(b) Installed
capacity#
i) Spinning: 12960
Spindles (Previous Year 12960 Spindles)
ii) Weaving: 103 lac mtrs p.a. (Previous Year 90 lac mtrs p.a.)
# (As certified by the Management, being a technical matter)
|
Particulars |
Unit |
Actual
Production |
|
Fabrics |
Mtrs |
330.62 |
|
Ready Made Garments |
Pcs |
43.11 |
GENERAL INFORMATION
|
No. of Employees : |
3056 (Approximately) |
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Bankers : |
v
Bank of v
Industrial Development Bank of v
Exim Bank, World Trade Centre, Cuffe Parade,
Mumbai - 400 005, v
Union Bank of India, Union Bank Bhavan, 239,
Vidhan.Bhavan Marg, Mumbai – 400 021, v The Jammu and Kashmir Bank Limited, Mehta House, Bombay Samacliar Marg, Fort, Mumbai – 400 001, Maharashtra, India v
State Bank of v
Punjab National Bank, ONB House, Sir PM Road,
Fort, Mumbai - 400 001, v
Indian Overseas Bank, v
Indian Bank, 386, Veer Savarkar Marg,
Prabhadevi, Mumbai - 400 025, v
Federal Bank, v
Bank of v Industrial Development Bank of India, Rajabahadur Mansion, 32, Mumbai Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India v
Exim Bank, v
Union Bank of v
Central Bank, M v
ICICI Bank, v
State Bank of v
Export Import Bank of v ICICI Bank Limited v Corporation Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
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Tel. No.: |
91-22-66729999 |
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Fax No.: |
91-22-66729777 |
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|
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Solicitors : |
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|
Name : |
Little and Company |
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|
Subsidiaries : |
·
Reid and Taylor (India) Limited ·
Anjaneya Foundation |
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|
|
Other Related Parties : |
·
Brandhouse Retails Limited ·
Brandhouse Oviesse Limited ·
S. Kumars Enterprises (Synfabs) Limited ·
S. Kumars Textiles Limited ·
N’ Essence Holdings Limited ·
Rosewood Holdings Pvt. Limited ·
Anjaneya Holdings Private Limited (Formerly Anjani Finvest Private Limited) ·
Verve Properties and Investment Private Limited ·
Ingenious Finance and Investment Private Limited ·
Natty Finance and Investment Private Limited ·
S. K. Worsteds Private Limited ·
Tulja Enterprises Private Limited ·
Sansar Exim Private Limited ·
Chamundeshwari Mercantile Private Limited ·
Maverick Mercantile Private Limited ·
SKNL Foundation |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
370000000 |
Equity Shares |
Rs.10/- each |
Rs.3700.000 Millions |
|
9000000 |
6% Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.900.000 Millions |
|
|
Total
|
|
Rs.4600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
297403377 |
Equity Shares |
Rs.10/- each |
Rs.2974.034
Millions |
|
527500 |
6% Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.52.750
Millions |
|
4705947 |
0.01% Redeemable Preferences Shares |
Rs.100/-
each |
Rs.470.595
Millions |
|
|
Total |
|
Rs.3497.379 Millions |
NOTES:
Reconciliation of the number of shares outstanding at the beginning and
at the end of the reporting period:
|
Particular |
As on 31.03.2012 6% Cumulative
Redeemable Preferences Shares |
|
|
|
No. of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
527500 |
52.750 |
|
Shares redeemed during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
527500 |
52.750 |
|
Particular |
As on 31.03.2012 0.01% Redeemable Preferences Shares |
|
|
|
No. of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
4705947 |
470.595 |
|
Shares redeemed during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
4705947 |
470.595 |
|
Particular |
As on 31.03.2012 Equity Shares |
|
|
|
No. of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
284978377 |
2849.784 |
|
Shares issued during the year |
12425000 |
124.250 |
|
Shares outstanding at the end of the year |
297403377 |
2974.034 |
Details of Preference
shareholders holding more than 5% in 6% Cumulative Redeemable Preference shares
of the Company
|
Particular |
As on 31.03.2012 |
|
|
|
No. of Shares
Held |
% of Holding |
|
Anjaneya Holdings Private Limited |
372500 |
70.62 |
|
SICOM Limited |
155000 |
29.38 |
Details of Preference shareholders holding more than 5% in 0.01%
Redeemable Preference shares of the Company
|
Particular |
As on 31.03.2012 |
|
|
|
No. of Shares
Held |
% of Holding |
|
IDBI Limited |
4306627 |
91.51 |
|
Indian Bank |
319800 |
6.80 |
Details of Equity shareholders holding more than 5% in equity shares of
the Company
|
Particular |
As on 31.03.2012 |
|
|
|
No. of Shares
Held |
% of Holding |
|
Anjaneya Holdings Private Limited |
102515168 |
34.49 |
|
Morgan Stanley Mauritius Company
Limited |
-- |
-- |
|
Copthall Mauritius Investment Limited |
17359445 |
34.49 |
Details of shares issued for consideration other than cash
|
Particular |
Year (Aggregate
No. of Shares) |
||||
|
|
2011-12 |
2010-11 |
2009-10 |
2008-09 |
2007-08 |
|
0.01% Redeemable
Preference Shares : |
|
|
|
|
|
|
Fully paid up pursuant to contract(s) without payment being received
in cash |
-- |
-- |
-- |
-- |
77267 |
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 |
3497.379 |
3373.129 |
3128.967 |
|
|
2] Share Application Money |
0.000 |
325.446 |
134.035 |
|
|
3] Reserves & Surplus |
12076.972 |
11425.886 |
7448.550 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15574.351 |
15124.461 |
10711.552 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
23693.080 |
21728.055 |
22631.346 |
|
|
2] Unsecured Loans |
563.701 |
526.986 |
1026.716 |
|
|
TOTAL BORROWING |
24256.781 |
22255.041 |
23658.062 |
|
|
DEFERRED TAX LIABILITIES |
396.020 |
269.235 |
170.652 |
|
|
EMPLOYEE STOCK OPTION OUTSTANDING |
0.000 |
0.000 |
63.184 |
|
|
|
|
|
|
|
|
TOTAL |
40227.152 |
37648.737 |
34603.450 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10912.541 |
7641.895 |
6513.916 |
|
|
Capital work-in-progress |
236.363 |
545.121 |
5640.651 |
|
|
|
|
|
|
|
|
INVESTMENT |
5168.658 |
5041.758 |
4256.881 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11621.045
|
9406.981 |
7259.387
|
|
|
Sundry Debtors |
14937.603
|
11887.253 |
10296.335
|
|
|
Cash & Bank Balances |
108.000
|
207.684 |
462.582
|
|
|
Other Current Assets |
759.212
|
2497.143 |
0.000
|
|
|
Loans & Advances |
7914.692
|
8482.033 |
4267.538
|
|
Total
Current Assets |
35340.552
|
32481.094 |
22285.842 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2573.909
|
816.666 |
789.547
|
|
|
Other Current Liabilities |
8010.264
|
6806.760 |
1652.253
|
|
|
Provisions |
846.789
|
437.705 |
1652.040
|
|
Total
Current Liabilities |
11430.962
|
8061.131 |
4093.840
|
|
|
Net Current Assets |
23909.590
|
24419.963 |
18192.002
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40227.152 |
37648.737 |
34603.450 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
35108.294 |
27576.204 |
21548.212 |
|
|
|
Other Income |
20.068 |
35.524 |
47.468 |
|
|
|
TOTAL (A) |
35128.362 |
27611.728 |
21595.680 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
25884.175 |
|
|
|
|
|
Employee benefits expenses |
884.464 |
575.116 |
|
|
|
|
Other Expenses |
1938.827 |
1805.026 |
17455.602 |
|
|
|
Changes in inventories of finished goods and work in progress |
(1329.110) |
(1180.923) |
|
|
|
|
TOTAL (B) |
27378.356 |
21676.685 |
17455.602 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7750.006 |
5935.043 |
4140.078 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4035.550 |
3189.126 |
2307.738 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3714.456 |
2745.917 |
1832.340 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
922.193 |
740.026 |
417.121 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX & PRIOR PERIOD ADJUSTMENT |
NA |
NA |
1415.219 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
(EXPENSES)/INCOME |
NA |
NA |
3.402 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2792.263 |
2005.891 |
1418.621 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
996.576 |
278.856 |
357.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1795.687 |
1727.035 |
1061.025 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1742.100 |
504.800 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve |
20.300 |
95.000 |
22.515 |
|
|
|
Balance in Restructured Financial Cost
written Off |
1431.000 |
0.000 |
533.713 |
|
|
|
Provision for Preference Dividend |
3.200 |
53.500 |
0.000 |
|
|
|
Tax on Preference Dividend |
0.500 |
8.900 |
0.000 |
|
|
|
Proposed Equity Dividend |
297.400 |
285.000 |
0.000 |
|
|
|
Tax on proposed Equity Dividend |
49.400 |
47.300 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1735.987 |
1742.135 |
504.797 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
669.253 |
685.046 |
109.039 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.286 |
0.864 |
0.000 |
|
|
|
Stores & Spares |
2.383 |
5.267 |
0.000 |
|
|
|
Finished Goods |
522.938 |
2.138 |
7.850 |
|
|
|
Capital Goods |
1.330 |
323.233 |
71.483 |
|
|
TOTAL IMPORTS |
528.937 |
331.502 |
79.333 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
6.21 |
6.57 |
4.49 |
|
|
|
Diluted |
6.20 |
6.25 |
4.32 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
8843.200 |
8288.300 |
8337.700 |
|
Total Expenditure |
6963.400 |
6716.600 |
6951.200 |
|
PBIDT (Excl OI) |
1879.800 |
1571.700 |
1386.500 |
|
Other Income |
0.000 |
6.800 |
7.800 |
|
Operating Profit |
1879.800 |
1578.500 |
1394.300 |
|
Interest |
1074.400 |
1269.800 |
1291.700 |
|
PBDT |
805.400 |
308.700 |
102.600 |
|
Depreciation |
315.200 |
306.600 |
311.700 |
|
Profit Before Tax |
490.200 |
2.100 |
(209.100) |
|
Tax |
181.500 |
8.200 |
(59.000) |
|
Profit After Tax |
308.700 |
(6.100) |
(150.100) |
|
Net Profit |
308.700 |
(6.100) |
(150.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.11
|
6.25 |
4.91
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.95
|
7.27 |
6.58
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.04
|
5.00 |
4.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.13 |
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.55
|
1.47 |
2.20
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.09
|
4.03 |
5.44
|
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 |
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 |
YEAR IN RETROSPECT:
The
financial highlights reflect a continued and steady growth for the Company at
all levels. The Company's performance is to be viewed against the background of
a slowdown in the world economy and a hesitantly progressing economy on the
Indian front. The Company has achieved and demonstrated its ability to deliver
substantial performance through variable and challenging environments which
reflects upon the strength and diversity of its business model. The Company has
been able to develop its reputation and image across a number of products and
brands in the domestic and international markets. Operating in various product
categories and in multiple markets ensures the Company's consistent growth.
The
Company manufactures worsted and viscose blended suitings, yarn dyed shirtings,
workwear fabric, home textiles and ready-to-wear garments. The Company has
achieved consistent revenue growth with satisfactory profit margins -
consolidated Sales rose by 22.7% over the previous year and Consolidated Net
Profit after Minority interest recorded a 19.3% growth. This is despite not so
favourable market conditions and a sluggish economic climate. This is
essentially because the Company is present in all product categories - Fabrics,
Apparels, Home Textiles, and has brands catering to different socio-economic
segments. The Company is a customer-led, design-centric player with focused
brands for each market segment and having manufacturing units in India, Italy,
UK, USA and Canada. The Company's strength is derived from diversity in
products and markets. Furthermore, the Company historically has a multi-format
distribution network.
Because of
the extension of fabrics brands into garments and launch of new garment brands,
the share of Ready-to-Wear in total revenues is gradually increasing. In the
Home Textiles market, however, the growth is stunted. The Baruche Shirt
division continued to perform better. Luxury Textiles also grew smartly. On the
international front, the progress of Leggiuno in Italy and HMX in USA has
improved inspite of the sluggish economies in Europe and USA.
In the
overall scheme of things, the Sales contribution of SKNL (Standalone) was 55%,
RTIL 24% and International Business 21% while proportion of EBIDTA was 57%, 38%
and 5% respectively.
The
performance of Belmonte Uniformity Division was at par compared to the previous
year. The sharp rise in input costs was offset by an increase in selling price.
The Company was able to maintain its market share.
Belmonte
Ready-to-Wear is now well-positioned in the fashion business. It delivers high
quality products at a reasonable price and in line with changing trends. With
more and more top-of-the-line international brands entering the Indian market,
the competition in the branded apparel industry continues to be getting sharper
by the day. However, their in-house teams of designers track national and
international trends to create innovative fashionable products that customers
would relate and they are able to capitalize on the rebound in customer
confidence.
The TWS
factory in Bangalore is making shirts and trousers largely for domestic market.
The Suit factory which is relatively new has focused and developed customers in
the domestic market with the brands and also institutional orders.
In the
Luxury Textiles division, in order to neutralize the steep increase in wool
prices, selling prices were suitably increased. New and innovative products
were developed and introduced such as Showcase suiting fabric, pure wool
suiting with Jacquard designs, designing with Laser engraving, etc.
The
International Business segment includes HMX of USA, Leggiuno of Italy and DKNY
related operations in the U.K. International acquisitions facilitate transfer
of technical know-how for high value shirting and garmenting.
EXPORTS
The
ongoing volatility on the Europe front and lack of economic spark in the
American market has caused greater pressure on the country's exports. This has
affected India's foreign trade in the past year.
The
slowdown has also been more obvious in the emerging and developing economies.
The overall consumption of textile fabric and apparel in the world markets
reportedly went down. Though, the Company is predominantly a domestic player,
it was able to almost maintain its exports at Rs.669.200 Millions as against
Rs.685.000 Millions in the previous year. Additionally, exports from the
Company's subsidiary Reid and Taylor (India) Ltd. reached Rs.374.700 Millions
(previous year Rs.424.700 Millions). New markets in Africa, South America and
Japan are being explored so that they can establish their presence with their
premium brand image and quality products.
CURRENT
BUSINESS OUTLOOK AND PLANS
'Belmonte'
in the Consumer Textiles segment and 'Reid and Taylor' in the Luxury Textiles
segment remain key contributors to the overall performance of the Company.
Going
forward, the management is confident about the Company's continued progress. Strong
synergies between domestic and international business through 'back-end
front-end' model, enhanced distribution network, a comprehensive portfolio of
45 brands addressing all demographic segments, vertically and laterally
integrated business, seamless supply chain and presence across the value chain
have provided for a strong foundation to step up growth over the coming years.
They
anticipate healthy demand for the textiles and apparel industry in India driven
by growth in organized retailing, increasing consumerism, expanding middle
class and heightened brand consciousness among the youth. They plan to expand
the retail network through exclusive brand outlets largely in the tier 1 and 2
cities. The Company will also increase presence of its products in Large Format
Stores in the current financial year.
The
Company is engaged in capacity expansion to keep up with the increasing demand
for its products. Expansion of weaving and finishing capacity is under
implementation and suit factory has been set up and part production has
commenced. This will help cater to the increasing demand in the Ready-to-Wear
segment.
Luxury
Cotton division is growing at a rapid pace registering noticeable growth in
revenues and profitability with improved assets utilization and productivity
levels. Additionally, the 'World Player' brand which addresses the economy
segment, witnessed strong traction. They anticipate significant volumes from
the brand as the market penetration and operational efficiencies improve. Plans
for the nationwide unveiling of Kruger, a premium casual brand, have been
progressing well with the launch expected soon.
Raw
material prices are expected to be stable although at higher levels. The
outlook for the current year looks bright as more corporate as well as
Government institutions are looking for reliable and good brands for their
consumption. They are poised very favorably in the garment and apparel space
given the depth and diversity of their operations.
REID AND
TAYLOR (INDIA) LIMITED (RTIL) INITIAL PUBLIC OFFERING (IPO):
Members
are aware that the Company's subsidiary Reid and Taylor (India) Ltd. had
completed all the required formalities to make an Initial Public Offering of
issue size Rs.10000.000 Millions, of which Rs.5000.000 Millions was primary
issue for funding growth and Rs.5000.000 Millions was secondary issue being
offer for sale of equity shares by existing shareholders. However, because of
the sluggish market conditions throughout the past months and an uncertain IPO
climate, RTIL management has decided to defer its IPO for the time being.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENTS
The year
2011-12 was again a very challenging year both globally and domestically. The
world output growth dropped to 3.9% in 2010-11 from 5.3% during 2009-10, mainly
due to the depressed performance of European countries on account of continued
and protracted Sovereign Debt crisis. India witnessed moderate growth, high
inflation, a slowdown in reforms and heightened concerns around governance.
The
country's annual GDP growth has been dragged down to 6.5%, the lowest since
2002-03 (previous year 8.4%). The slowdown in manufacturing to 2.5% for the
year, compared to 7.6% for the previous year is particularly depressing. The
fiscal deficit for 201112 was 5.9% higher than the estimated 4.6%. Economists
have attributed the fall this time to a poor performance in manufacturing,
mining and construction, a high interest rate regime, environmental issues,
land acquisition problems and an uncertain global economy. Industry captains
believe that the reform process should be given top priority, subsidies should
be cut and FDI in various sectors be allowed.
The
indifferent business sentiment has been keeping the private investment in the
country low. During this period, it is extremely important to restore the
confidence levels of investors. And for this the government needs to ensure
that the reform process is continuous and very comprehensive. The Monetary
Policy stance by the RBI during the year 2011-12 continued to remain tight,
aiming at controlling inflation and containing inflationary expectations.
While the
global growth rate is likely to remain subdued, the world economy is expected
to continue on the path of recovery. Industry Captains are still positive about
the India story and have ranked the country as the fourth most favourable
nation for overall growth prospects in the next 12 months, just behind China,
the US and Brazil. The domestic market opportunities remain large.
Indian economy has been immensely benefited by the Textile sector's contribution to the growth of manufacturing sector through continued innovation and modernization. The sector has vast growth potential in view of its inherent strengths of strong raw material base and traditional craftsmanship and designing skills. Indian Textiles and Clothing Industry, is one of the mainstays of the national economy. The profile of the Indian consumer is changing because of rapid urbanization, changing preferences due to rise in income and a young workforce.
FIXED ASSETS
Tangible Assets
v
v
v Building
v Leasehold Improvements
v Plant and Machinery
v Office Equipments
v Computers
v Furniture and Fixtures
v Vehicles
Intangible Assets
v System Development
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER,
2012
Rs. in Millions
|
Sr. No. |
Particular |
CURRENT
3 MONTHS ENDED |
PRECEDING
3 MONTHS ENDED |
YEAR
TO DATE FOR THE CURRENT PERIOD ENDED |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
|
|
|
|
1. |
Net Sales/Income from Operations |
8337.500 |
8286.200 |
25463.000 |
|
|
Other Operating Income |
0.200 |
2.100 |
3.400 |
|
|
Income From Operations |
8337.700 |
8288.300 |
25466.400 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
3.800 |
21.300 |
(1156.400) |
|
|
Cost
of materials consumed |
6485.100 |
6170.000 |
20220.300 |
|
|
Employee
benefits expenses |
124.200 |
189.000 |
500.900 |
|
|
Depreciation
and amortization expenses |
311.700 |
306.600 |
933.500 |
|
|
Other
expenses |
338.100 |
336.300 |
1066.400 |
|
|
Total Expenses |
7262.900 |
7023.200 |
21564.700 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
1074.800 |
1265.100 |
3901.700 |
|
|
|
|
|
|
|
4. |
Other
Income |
7.800 |
6.800 |
17.400 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
1082.600 |
1271.900 |
3919.100 |
|
|
|
|
|
|
|
6. |
Interest |
1291.700 |
1269.800 |
3661.500 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(209.100) |
2.100 |
257.600 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(209.100) |
2.100 |
257.600 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
(59.000) |
8.200 |
105.100 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(150.100) |
(6.100) |
152.500 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(150.100) |
(6.100) |
152.500 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
2974.000 |
2974.000 |
2974.000 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
(0.53) |
(0.03) |
0.49 |
|
|
b)
Basic and diluted EPS after extraordinary items |
(0.53) |
(0.03) |
0.49 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
219255405 |
164345016 |
219255405 |
|
|
-
Percentage of Shareholding |
73.72 |
55.26 |
73.72 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
69280888 |
132812759 |
69280888 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
88.65 |
99.82 |
88.65 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
23.30 |
44.66 |
23.30 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
8867084 |
245602 |
8867084 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
11.35 |
0.18 |
11.35 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
2.98 |
0.08 |
2.98 |
NOTES
·
For a proper appreciation of the financial results please
read "Consolidated" results.
·
The products of the Company include Uniforms, Work-wear
fabrics and Blended suiting (P/V) marketed under "S. Kumars" and "Belmonte" brands. High Value Fine Cotton shirting fabrics under "Baruche" brand, Home Textiles under "Carmichael House" brand and Ready-to-Wear Garments sold under "Belmonte" and "World Player" brands.
·
During the quarter the Company has received following
complaints from its investors:-
|
Previous
complaints |
Received
during the quarter |
Replied |
Complaints
Pending |
|
Nil |
28 |
28 |
Nil |
·
The Company operates in one segment only - Textiles.
·
Figures have been regrouped / reclassified wherever
necessary.
·
*For the loans availed by the Company, promoter shares have
been pledged as additional collateral to the lenders of the Company. This is
over and above primary charges created on fixed assets and current assets of
the Company, which itself are sufficient to cover the borrowings of the
Company.
·
The financial results of the Company for the quarter ended
31st December, 2012 have been reviewed by the Audit Committee and taken on
record by the Board of Directors at its meeting held on 14th February, 2013.
·
The Limited Review of the results has been carried out by the
Statutory Auditors of the Company.
NEWS:
S KUMARS US ARM FILES
VOLUNTARY PETITION FOR BANKRUPTCY
S Kumars Nationwide US arm has filed voluntary petition
for bankruptcy, reports CNBC-TV18. At 09:16 hrs S Kumars Nationwide was quoting
at Rs 16.50, down Rs 0.70, or 4.07%. It has touched a 52-week low of Rs 16.40.
S Kumars Nationwide's US arm has filed voluntary petition for bankruptcy, reports CNBC-TV18.
At 09:16 hrs S Kumars Nationwide was quoting at Rs 16.50, down Rs 0.70, or 4.07%. It has touched a 52-week low of Rs 16.40.
It was trading with volumes of 33,427 shares. In the previous trading session,
the share closed down 1.15% or Rs 0.20 at Rs 17.20.
The company's trailing 12-month (TTM) EPS was at Rs 6.06 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 2.71. The latest book value of the company is Rs 50.61 per share. At current value, the price-to-book value of the company was 0.32. The dividend yield of the company was 6.1%.
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.53.77 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.