MIRA
INFORM REPORT
|
Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
WINSOME TEXTILE INDUSTRIES LIMITED |
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|
|
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Registered
Office : |
1 Industrial Area, Baddi, Solan
- 173205, Himachal Pradesh |
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|
Country : |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.09.1980 |
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Com. Reg. No.: |
06-005647 |
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Capital Investment
/ Paid-up Capital : |
Rs. 198.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17115HP1980PLC005647 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLW10079G / PTLW10032B |
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PAN No.: [Permanent Account No.] |
AAACW1910G |
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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
: |
Manufacturing of Yarn, Fabric and Allied Activities. |
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|
No. of Employees
: |
1219 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 4260000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a satisfactory track record. External borrowing of the company has increased in 2012-13. However,
overall financial position of the company appears to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for 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.
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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan : BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
September 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 DECLINED
MANAGEMENT NON-COOPERATIVE [91-172-2603966]
LOCATIONS
|
Registered
Office/ Factory 1 : |
1 Industrial Area, Baddi, Solan
- 173205, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-244045/ 244046 |
|
Fax No.: |
91-1795-244287 |
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E-Mail : |
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Website : |
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Marketing Office : |
12/ 22, East Patel Nagar, Groud Floor , Main Market, New Delhi, India |
|
Tel. No.: |
91-11-25725462 |
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Fax No.: |
91-11-25254627 |
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E-Mail : |
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Corporate Office : International/
National Marketing |
SCO 191 - 192, Sector 34-A, Chandigarh – 160022, India |
|
Tel. No.: |
91-172-4612000/ 4613000/ 4646749/ 5012986/ 5012886/ 5012186/ 5012286/
5007986 91-172-2612447 (Direct - Export Department) |
|
Fax No.: |
91-172-4614000 |
|
E-Mail : |
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Factory 2 - Winsome Yarns Limited Derabassi : |
Village Kurawala, Barwala Road Derabassi, District Patiala, Punjab,
India |
|
Tel. No.: |
91-1762-280236/ 280638 |
|
Fax No.: |
91-1762-270237 |
|
E-Mail : |
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Factory 3 - Winsome Knitwear : |
B-58, Phase VII, Industrial Area, Mohali - 160059, Punjab, India |
|
Tel. No.: |
91-172-5053138/ 5053139/ 5095870/ 5095870/ 5092400/ 5092397 |
|
Fax No.: |
91-172-5090572 |
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E-Mail : |
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Factory 4 : |
Village Kaundi, Baddi, District Solan, Himachal Pradesh, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Satish C Bagrodia |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
73 years |
|
Qualification : |
Post Graduate in
Education and Management |
|
Experience : |
48 years |
|
|
|
|
Name : |
Mr. Ashish Bagrodia |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Amrit Lal Batra |
|
Designation : |
Director |
|
Date of Birth/Age : |
71 years |
|
Qualification : |
Chartered Accountant |
|
Experience : |
44 years of rich
experience in the areas of Banking, Finance, Audit, Operations and Strategic
Management. |
|
|
|
|
Name : |
Mr. Chandra Mohan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Satish Girotra |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Manish Bagrodia |
|
Designation : |
Director |
|
Date of Birth/Age : |
45 years |
|
Qualification : |
M. Com. and has also
done Diploma in Computer Applications. |
|
Experience : |
26 years of core experience in the Textile Industry. |
KEY EXECUTIVES
|
Name : |
Mr. Sourabh Gupta |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee : |
· Satish Girotra, Chairman Chandra Mohan Amrit Lal Batra |
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|
|
|
Shareholders /Investors Grievance Committee : |
· Satish Girotra, Chairman Chandra Mohan Amrit Lal Batra Ashish Bagrodia |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
147660 |
1.10 |
|
|
6519999 |
48.77 |
|
|
6667659 |
49.87 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6667659 |
49.87 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
419649 |
3.14 |
|
|
102654 |
0.77 |
|
|
522303 |
3.91 |
|
|
|
|
|
|
5682805 |
42.50 |
|
|
|
|
|
|
266582 |
1.99 |
|
|
226901 |
1.70 |
|
|
3750 |
0.03 |
|
|
3729 |
0.03 |
|
|
21 |
0.00 |
|
|
6180038 |
46.22 |
|
Total Public shareholding (B) |
6702341 |
50.13 |
|
Total (A)+(B) |
13370000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
6450000 |
0.00 |
|
|
6450000 |
0.00 |
|
Total (A)+(B)+(C) |
19820000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Yarn, Fabric and Allied Activities. |
GENERAL INFORMATION
|
No. of Employees : |
1219 (Approximately) |
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Bankers : |
· UCO Bank Canara Bank Bank of India Andhra Bank Punjab National Bank Dena Bank Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lodha and Company Chartered
Accountants |
|
Address : |
12, Bhagat Singh Marg, New Delhi – 110001, India |
|
|
|
|
Associate Company : |
Winsome Yarns
Limited |
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|
|
|
Wholly owned Subsidiary
Company : |
Winsome Textile
Industries FZE |
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|
|
|
Organisations where Key
Management Personnel & their relative have Significant influence : |
· Star point Financial Services Private Limited Roselab Commodities Private Limited Kailashpati Vinimay Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24950000 |
Equity Shares |
Rs. 10/- each |
Rs. 249.500 Millions |
|
5000 |
Preference Share |
Rs. 100/- each |
Rs. 0.500 Million |
|
|
Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19820000 |
Equity Shares |
Rs. 10/- each |
Rs. 198.200
Millions |
|
|
|
|
|
Rights and
Restrictions of Shareholders:
The Company has only one class of Equity Shares having face value of Rs.
10/- each (Previous Year Re. 10/- each) in its issued, subscribed and paid up
Equity share capital. Each shareholder is entitled to one vote per share
(except GDR shareholding). Each shareholder have the right in profit/surplus in
proportion to amount
paid up with respect to share holder.
The GDR shareholding (12,90,000 nos. of GDRs. representing Equity shares
of Rs. 10 each are 64,50,000) which is standing in the name of Bank of New York
Mellon, as Depositary, has right to dividend, do not have any right to vote.
In the event of winding up, the equity shareholders (including GDR
holders) will be entitled to receive the remaining balance of assets, if any,
in proportionate to their individual shareholding in the paid up equity capital
of the company.
Details of each
shareholder holding more than 5% shares:
|
Name of
Shareholder |
31.03.2013 |
31.03.2012 |
|
|
No.
of Shares held |
No.
of Shares held |
|
Bank of New York Mellon, DR (Shares held by Custodians and against
which Depository Receipts have been issued) |
6450000 |
6450000 |
|
Roselab Commodities Private Limited |
3410498 |
3393168 |
|
Kailashpati Vinimay Private Limited |
3005031 |
2991031 |
|
Landscape Traders Private Limited |
1332092 |
1332092 |
|
Arpit Agencies Private Limited |
1290799 |
1290799 |
Reconciliation of
Equity Share Capital
|
|
31.03.2013 |
31.03.2012 |
|
|
No.
of Shares |
No.
of Shares |
|
Shares Outstanding at the beginning of the year |
19820000 |
19820000 |
|
Issued during the year |
-- |
-- |
|
Buy Back during the year |
-- |
-- |
|
Shares Outstanding at the end of the year |
19820000 |
19820000 |
No bonus/ Buy back/ Issue of shares otherwise then receipt of cash
during the preceeding five years.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
198.200 |
198.200 |
198.200 |
|
(b) Reserves & Surplus |
866.032 |
715.727 |
808.772 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1064.232 |
913.927 |
1006.972 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2309.546 |
1037.157 |
1116.202 |
|
(b) Deferred tax liabilities (Net) |
180.695 |
159.944 |
175.885 |
|
(c) Other long
term liabilities |
38.733 |
3.136 |
1.945 |
|
(d) long-term
provisions |
3.605 |
2.177 |
2.191 |
|
Total Non-current
Liabilities (3) |
2532.579 |
1202.414 |
1296.223 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1091.693 |
1155.786 |
1004.597 |
|
(b)
Trade payables |
1086.323 |
843.535 |
542.498 |
|
(c)
Other current liabilities |
429.076 |
324.818 |
311.765 |
|
(d) Short-term
provisions |
55.911 |
16.882 |
54.856 |
|
Total Current
Liabilities (4) |
2663.003 |
2341.021 |
1913.716 |
|
|
|
|
|
|
TOTAL |
6259.814 |
4457.362 |
4216.911 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1646.409 |
1575.919 |
1531.598 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1545.425 |
177.442 |
83.556 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.739 |
0.739 |
0.310 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
309.792 |
104.521 |
23.343 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3502.365 |
1858.621 |
1638.807 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
414.707 |
0.000 |
0.000 |
|
(b)
Inventories |
1159.582 |
1061.496 |
1248.160 |
|
(c)
Trade receivables |
401.345 |
366.204 |
438.028 |
|
(d) Cash
and cash equivalents |
97.901 |
594.955 |
497.055 |
|
(e) Short-term
loans and advances |
683.914 |
576.086 |
394.861 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2757.449 |
2598.741 |
2578.104 |
|
|
|
|
|
|
TOTAL |
6259.814 |
4457.362 |
4216.911 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue from operations |
3517.998 |
3162.447 |
3505.021 |
|
|
|
Other Income |
40.056 |
50.493 |
11.197 |
|
|
|
TOTAL (A) |
3558.054 |
3212.940 |
3516.218 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1635.976 |
1923.868 |
1953.362 |
|
|
|
Purchase of Stock in Trade |
167.011 |
128.615 |
376.356 |
|
|
|
Change in inventories
of finished goods, work-in-progress and Stock-in-trade |
43.523 |
(34.184) |
(190.965) |
|
|
|
Employee benefit expense |
222.931 |
182.340 |
159.489 |
|
|
|
Other expenses |
823.433 |
710.400 |
709.510 |
|
|
|
TOTAL (B) |
2892.874 |
2911.039 |
3007.752 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
665.180 |
301.901 |
508.466 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
373.576 |
294.959 |
191.192 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
291.604 |
6.942 |
317.274 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
117.335 |
115.064 |
113.414 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
174.269 |
(108.122) |
203.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.125 |
(15.916) |
68.328 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
151.144 |
(92.206) |
135.532 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
161.755 |
253.961 |
141.518 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
0.000 |
19.820 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
3.269 |
|
|
BALANCE CARRIED
TO THE B/S |
312.899 |
161.755 |
253.961 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods on FOB basis (excluding export through export houses & EOU) |
1017.598 |
1267.955 |
1664.735 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8.015 |
19.328 |
27.845 |
|
|
|
Capital Goods |
53.186 |
1.275 |
5.124 |
|
|
|
Spare Parts & Components |
12.551 |
7.805 |
14.696 |
|
|
TOTAL IMPORTS |
73.752 |
28.408 |
47.665 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
7.63 |
(4.65) |
10.62 |
|
|
|
Diluted
|
7.63 |
(4.65) |
10.12 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
997.400 |
|
Total Expenditure |
|
|
827.000 |
|
PBIDT (Excl OI) |
|
|
170.400 |
|
Other Income |
|
|
10.500 |
|
Operating Profit |
|
|
180.900 |
|
Interest |
|
|
106.400 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
74.500 |
|
Depreciation |
|
|
30.400 |
|
Profit Before Tax |
|
|
44.100 |
|
Tax |
|
|
0.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
44.100 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
44.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.25
|
(2.87) |
3.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.95
|
(3.42) |
5.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.70
|
(2.53) |
4.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
(0.12) |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.20
|
2.40 |
2.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.11 |
1.35 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
LITIGATION DETAILS
|
Filing Type |
Civil Writ Petition |
Register Type |
Civil Writ Petition |
||||
|
Stamp No. |
CWPST/17414/2012 |
Filling Date |
24/12/2012 |
Reg. No |
CWP/193/2012 |
Reg. Date |
|
|
Petitioner |
HPSEB LIMITED |
Respondent |
M/S. WINSOME TEXTILE INDUSTRIES LIMITED |
||||
|
Petn. Adv. |
AG |
Resp. Adv. |
RAHUL MAHAJAN |
||||
|
District |
SHIMLA |
||||||
|
Bench |
SINGLE |
||||||
|
Status |
Admitted (Unready) |
||||||
|
Last Date |
08/08/2013 |
Stage |
ORDER MATTERS |
||||
|
Last Coram |
ADDITIONAL REGISTRAR(J)-I |
||||||
|
Act |
CONSTITUTION OF INDIA |
||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10415718 |
31/05/2013 * |
200,000,000.00 |
ANDHRA BANK |
SCO 202-203-204,
SECTOR 17C, CHANDIGARH - 160017, INDIA |
B76554765 |
|
2 |
10345957 |
27/06/2012 * |
1,728,100,000.00 |
UCO BANK-CENTRAL
BANK OF INDIA -ANDHRA BANK AND VI |
BAROTIWALA - 174103,
HIMACHAL PRADESH, |
B42284976 |
|
3 |
10335675 |
27/06/2012 * |
99,700,000.00 |
DENA BANK |
SCO 7, SECTOR
7C, CHANDIGARH - 160007 |
B43308881 |
|
4 |
10197713 |
27/06/2012 * |
30,200,000.00 |
AXIS BANK
LIMITED |
SCO 343-344, SECTOR
35B, CHANDIGARH - 160035, INDIA |
B43309442 |
|
5 |
10167065 |
27/06/2012 * |
26,500,000.00 |
ANDHRA BANK |
SCO 202-204,
SECTOR 17C, CHANDIGARH - 160017, INDIA |
B42804039 |
|
6 |
10163902 |
27/06/2012 * |
30,100,000.00 |
DENA BANK |
SCO 7, SECTOR 7C,
CHANDIGARH - 160007, INDIA |
B43309046 |
|
7 |
10163187 |
27/06/2012 * |
27,300,000.00 |
BANK OF INDIA |
SCO 81-82 BANK
SQUARE, SECTOR 17B, CHANDIGARH, CH |
B43309293 |
|
8 |
10163189 |
27/06/2012 * |
39,500,000.00 |
BANK OF INDIA |
SCO 81-82 BANK
SQUARE, SECTOR 17B, CHANDIGARH - 160017, INDIA |
B43309384 |
|
9 |
10158900 |
24/01/2013 * |
34,000,000.00 |
CANARA BANK |
SCO 311-312,
SECTOR 35B, CHANDIGARH, CHANDIGARH - |
B67243626 |
|
10 |
10081225 |
27/06/2012 * |
136,000,000.00 |
BANK OF INDIA |
SCO 81-82 BANK
SQUARE, SECTOR 17B, CHANDIGARH - 160017, INDIA |
B43409804 |
|
11 |
10040902 |
27/06/2012 * |
150,000,000.00 |
AXIS BANK
LIMITED |
SCO 343-344,
SECTOR 35B, CHANDIGARH - 160035, INDIA |
B43308931 |
|
12 |
10037326 |
27/06/2012 * |
150,000,000.00 |
DENA BANK |
SCO 7, SECTOR
7C, CHANDIGARH - 160007, INDIA |
B43308998 |
|
13 |
10027785 |
04/01/2013 * |
400,200,000.00 |
UCO BANK |
BAROTIWALA,
BAROTIWALA DISTRICT SOLAN - 174103, HIMACHAL PRADESH, INDIA |
B65954026 |
|
14 |
10010534 |
07/01/2013 * |
300,214,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, BHAGWATI TOWER R.K.ROAD, |
B67902643 |
|
15 |
80050212 |
27/06/2012 * |
42,000,000.00 |
CANARA BANK |
SCO 311-12, SECTOR
35-B, CHANDIGARH - 160022, INDIA |
B43308576 |
|
16 |
80057490 |
27/06/2012 * |
42,000,000.00 |
UCO BANK |
BAROTIWALA,
BAROTIWALA DISTRICT SOLAN - 174103, HIMACHAL PRADESH, INDIA |
B42790204 |
|
17 |
90169661 |
28/06/2013 * |
3,591,000,000.00 |
UCO BANK
CONSORTIUM-UCO BANK-ANDHRA BANK-BANK OF I |
BAROTIWALA,
BAROTIWALA DISTRICT SOLAN - 174103, HIMACHAL PRADESH, INDIA |
B79104725 |
|
18 |
90169454 |
23/12/2009 * |
156,500,000.00 |
IDBI BANK LIMITED
(IDBI) |
SCO 72-73, BANK
SQUARE, SECTOR 17B, CHANDIGARH - 160017, INDIA |
A76973056 |
* Date of charge modification
OPERATIONAL AND
PERFORMANCE REVIEW
During the year, the Company has achieved a sales turnover of Rs.
3517.998 Millions as against sales turnover of Rs. 3162.447 Millions during the
previous year and a net profit (after tax) of Rs. 151.144 Millions for the year
as against net loss of Rs. 92.206 Millions during the previous year.
The profitability of the Company is impacted during the year because in
the first half of the year i.e. April to September 2012, with piling up of
inventory, the demand for yarn both domestically and internationally was
comparatively lower coupled with high priced raw materials. It leads to decline
in prices of cotton yarn. Subsequently, with slowdown in demand and large
finished goods inventory, the capacity utilization of the Company get affected,
thereby further declining the operating profit margin.
There was no export demand in the initial months of the Cotton Season
2012-13 for Indian cotton, due to global over stocking by countries like China.
Even then the Company has well performed in the export of value added yarn
during the year. They are delighted to inform you that once again the Company
has been presented with the GOLD TROPHY by 'The Cotton Export Promotion Council
of India' for the highest exports of processed yarns for the year 2011-12.
EXPANSION PROJECTS
OF COMPANY
As a further progressive move towards expansion, the New Spinning Unit
of the Company with the capacity of 41088 spindles has been implemented and has
started its trial production w.e.f. 12th April 2013. The construction work of
new Circular Knitting unit of the Company at existing unit Baddi, (H.P.) is
going on rapidly and is expected to be completed in financial year 2013-2014.
Although the expansion/modernization of Company's existing dyeing house is
almost completed.
Further the construction of Company's upcoming Hydro Power Project at
Dharamshala, District Kangra, Manuni Khad (H.P.) is near to completion and the
implementation of this Hydro Power Project is at an advanced stage. It is
expected to be commissioned in the financial year 2013-2014.
By considering these several expansions and diversification's, the
Company shall have the benefit of economies of scale with efficient quality
control and to have more value added products in its supply chain. That
positive initiative will efficaciously contribute to operational efficiency,
reduction in cost and thereby augment overall growth of the Company in terms of
customers satisfaction and wealth maximization.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
OVERVIEW OF INDIAN
TEXTILE INDUSTRY
The Textile Industry is one of the oldest industry and has strong
presence in the national economy. Cotton is one of the principal crops of the
country and major raw material for domestic textile industry. It provides
sustenance to millions of farmers as also the workers involved in cotton industry,
right from processing to trading of cotton. The Indian textile industry
consumes a diverse range of fibres and yarn, but is predominantly cotton based.
The fundamental strength of textile industry flows from its strong production
base of wide range of fibres / yarns from natural fibres like cotton, jute,
silk and wool to synthetic /man-made fibres like polyester, viscose, nylon and
acrylic.
Indian Textile Industry has an overwhelming presence in the economic
life of the country. Apart from providing one of the basic necessities of life,
the textile industry also plays a pivotal role through its contribution to
industrial output, employment generation and the export earnings of the
country. It contributes about 14% to the industrial production, 4% to the GDP
and 11% to the country's export earnings. The textile sector is the second
largest provider of employment after agriculture. Hence, growth and all around
development of cotton and cotton industry has a vital bearing on the overall
development of the Indian economy.
COTTON SCENARIO
DURING THE YEAR
Cotton is produced in India in three zones viz., Northern zone
comprising the States of Punjab, Haryana and Rajasthan, Central zone comprising
the States of Maharashtra, Madhya Pradesh, Gujarat and Southern zone comprising
the States of Andhra Pradesh, Karnataka and Tamil Nadu. The cotton yield during
the year 2012-13 is estimated at 489 kgs per hectare as against 493 kgs per
hectare in previous year. The Cotton Advisory Board has placed the cotton crop for
the season 2012-13 at 351 lakh bales as against 373.25 lakh bales in 2011-12.
The Cotton Advisory Board has projected the cotton supply at 405 lakh bales for
the year 2012-13, against which the domestic consumption is estimated at 287
lakh bales, thereby leaving an available surplus of 118 lakh bales. Even though
acreage under cotton in India has reduced marginally. The cotton acreage in
2012-13 has been projected at 117.73 lakh hectares as against 121.78 lakh
hectares in previous year.
PROGRESSIVE MOVE
MADE BY GOVERNMENT IN UNION BUDGET 2013-2014
The Union Budget 2013-2014 have cheered the textile and garment industry
immensely. Central Government has made a positive move through various schemes and
assistance in the Union Budget 2013-14 to regain the global competitiveness of
textile industry which faced the worst ever crisis in the history during
2010-11 owing to an unprecedented volatility in the cotton prices and external
factors.
There have been signs of recovery in the past few months and further
improvement is expected with the support of the positive features of the
Budget. Main highlights of the budget of 2013-14 for the Textile Industry are :
· Restoring the optional excise regime for branded garments and made ups which has been a long standing demand of the industry.
Continuation
of Technology Upgradation Fund Scheme (TUFS) during the 12th Five Year Plan
with an investment target of Rs. 1510000.000 Millions.
Reduction
of custom duty from 7.5% to 5% for textile machinery which would also help to
augment investments in the sector.
A
further allocation of Rs. 500.000 Millions
for Apparel Parks and launching an Integrated Processing Development Scheme
(IPDS) for 21 parks would also be an important growth factor where 42 parks are
already developed. The IPDS scheme will be implemented in the 12th Plan to
address the environmental concerns of the textile industry.
Also,
reduction in the interest burden for working capital and term loans to a concessional
rate of 6 per cent for the handloom sector will work as a major boon for the
handloom sector.
Scheme
of Fund for Regeneration of Traditional Industries (SFURTI) extended to 800
clusters during the 12th Plan.
Companies
investing Rs. 1000.000 Millions or more in plant and
machinery during the period 01.04.2013 to 31.03.2015 will be entitled to deduct
an investment allowance of 15% of the investment.
The above progressive move made by the Government will provide a
positive impact for accelerating overall growth of textile sector in terms of
expansion and modernization. Besides generation of more employment, it is also
focused on environmental issues and will certainly help the companies to reduce
their carbon footprints.
FUTURE OUTLOOK
Company is well positioned in the emerging business scenario with a
clear objective to enhance its market share in the domestic and international
markets. Even otherwise, the Company would be benefited through its expansion
projects at Baddi, District Solan, Himachal Pradesh. Company look forward with
all these favourable initiatives and hope for bright and positive future for
its business and stakeholders.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(A) Contingent Liabilities, not provided
for in respect of (as certified by the management): |
|
|
|
(i) Bills
discounted with banks |
250.358 |
137.486 |
|
(ii) Excise /
Service Tax Matters |
8.167 |
8.167 |
|
(iii) Surety Bond
Executed on behalf of others (Including Entry Tax) |
17.017 |
22.517 |
(iv) Custom duty
saved of Rs. 546.096 Millions (Previous year Rs. 228.791 Millions) for import
of capital good made against EPCG license against which export obligations amounting
to Rs. 2571.083 Millions (Previous year Rs. 1820.967 Millions) is pending.
(B) In respect of
certain disallowances and additions made by Income Tax Authorities, appeals are
pending before the Appellate authorities and adjustment if any, will be made
after the same are finally determined.
Considering the
past experience, management is of the view that there will not be any material
impact on accounts on settlement/finalization of tax assessment.
FIXED ASSETS:
·
Land -Freehold
Land
-Leasehold
Buildings
Plant
and Equipments
Furniture
and Fixtures
Vehicles
Office
Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.57 |
|
|
1 |
Rs. 100.63 |
|
Euro |
1 |
Rs. 84.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--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.