MIRA INFORM REPORT
|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIYARAM SILK MILLS LIMITED |
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Registered
Office : |
H-3/2, MIDC, A-Road, Tarapur, Boisar, District Thane - 401 506, |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.06.1978 |
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Com. Reg. No.: |
11-020451 |
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Capital
Investment / Paid-up Capital : |
Rs. 93.738 Millions |
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CIN No.: [Company Identification
No.] |
L17116MH1978PLC020451 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37269B |
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PAN No.: [Permanent Account No.] |
AAACS6995Q |
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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
: |
The Company is engaged only in Textile business. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 12000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track
record. Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: A |
|
Rating Explanation |
Adequate credit quality and average credit
risk. |
|
Date |
07.11.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
07.11.2013 |
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.
LOCATIONS
|
Registered Office/ Factory 1 : |
H-3/2, MIDC, A-Road, Tarapur, Boisar, District Thane - 401 506, Maharashtra,
India |
|
Tel. No.: |
91-22-23071180/ 23082917/ 3119/ 23097963 91-2525-329910/ 11 |
|
Fax No.: |
91-22-23073922/ 23073602 91-2525-272475 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
B-5, Trade World, |
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Tel. No.: |
91-22-30400500 |
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Fax No.: |
91-22-30400599 |
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E-Mail : |
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Export Office: |
Shivshakti Industrial Estate 1st Floor Jr. Boricha Marg Opposite
Kasturba Hospital Lower Parel, Mumbai, Maharashtra, India |
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WEAVING DIVISION |
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Factory 2 : |
D-23/1, MIDC, Tarapur, Boisar, District Thane - 401 506, |
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Factory 3 : |
E/125, MIDC, Tarapur, Boisar, District Thane – 401 506, |
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Factory 4 : |
Survey No.367, P.O. Sailly, Silvassa – 396 230, U.T. of Dadra and |
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Factory 5 : |
J-177, 178, 193, G-81 and 82, MIDC, Tarapur, Boisar, District Thane – 401506, Maharashtra, India |
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YARN DIVISION |
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Factory 6 : |
G-1/1, MIDC, Tarapur, Boisar, District Thane - 401 506, |
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READYMADE GARMENTS
DIVISION |
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Factory 7 : |
481/1-2, Dabhel, Daman, Daman and
Diu (U.T.) - 396 210, |
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Factory 8 : |
Plot No.722, Dabhel, Daman, Daman and Diu (U.T) – 396 210, |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Dharaprasad R. Poddar |
|
Designation : |
Chairman |
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|
Name : |
Mr. Ramesh D. Poddar |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/Age : |
60 Years |
|
Qualification : |
B.Sc. |
|
Experience : |
39 Years |
|
|
|
|
Name : |
Mr. Brijmohan L. Sarda |
|
Designation : |
Director |
|
Date of Birth/Age : |
09.04.1949 |
|
Qualification : |
B.Com, FCA |
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|
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|
Name : |
Prof. (Dr.) Mangesh D. Teli |
|
Designation : |
Director |
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Date of Birth/Age : |
10.07.1952 |
|
Qualification : |
B.Sc.(H), B.Sc.(Tech) Ph. D. (Tech), FT |
|
|
|
|
Name : |
Mr. Shailesh S. Vaidya |
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Designation : |
Director |
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Date of Birth/Age : |
03.11.1957 |
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Qualification : |
B.Com, LLB |
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|
|
|
Name : |
Mr. Ashok N. Garodia |
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Designation : |
Director |
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|
Name : |
Mr. Dileep H. Shinde |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Pramod S. Jalan |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.02.1954 |
|
Qualification : |
B.Com, FCA |
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|
|
|
Name : |
Mr. Harish N. Motiwalla |
|
Designation : |
Director (w.e.f. 21.05.2011) |
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|
Name : |
Mr. Arvind M. Poddar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Pawan D. Poddar |
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Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
B.Com |
|
Experience : |
37 Years |
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|
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|
Name : |
Vijaylaxmi A. Poddar |
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Designation : |
Executive Director (upto 30th May, 2012) |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
B.Com |
|
Experience : |
25 Years |
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|
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|
Name : |
Mr. Shrikishan D. Poddar |
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Designation : |
Executive Director |
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Date of Birth/Age : |
49 Years |
|
Qualification : |
B.Com |
|
Experience : |
30 Years |
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|
|
|
Name : |
Mr. Ashok M. Jalan |
|
Designation : |
Senior President cum Director |
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Date of Birth/Age : |
02.10.1959 |
|
Qualification : |
B.Com |
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|
Name : |
Mr. Gaurav P. Poddar |
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Designation : |
Executive Director (w.e.f. 1st August, 2012) |
KEY EXECUTIVES
|
Name : |
Mr. William V. Fernandes |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Surendra S Shetty |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
3140637 |
33.51 |
|
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|
3144298 |
33.55 |
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|
|
6284935 |
67.06 |
|
|
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
6284935 |
67.06 |
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|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
687713 |
7.34 |
|
|
|
1140 |
0.01 |
|
|
|
5000 |
0.05 |
|
|
|
693853 |
7.40 |
|
|
|
|
|
|
|
|
348984 |
3.72 |
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|
|
|
|
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|
1716679 |
18.32 |
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|
327597 |
3.50 |
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|
2393260 |
25.54 |
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Total Public
shareholding (B) |
3087113 |
32.94 |
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|
Total (A)+(B) |
9372048 |
100.00 |
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|
(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 |
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|
Total (A)+(B)+(C) |
9372048 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged only in Textile business. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
|
Looms (Nos.) |
N.A. |
494 |
|
Stitching Machine (Nos.) |
N.A. |
746 |
|
Yarn Dyeing Capacity (Tons) Per Annum |
N.A. |
6000 |
|
|
|
|
(Figures
in Lacs)
|
Particulars |
Unit |
Actual
Production |
|
i) Cloth @ |
Mtrs |
663.18 |
|
ii) Yarn * |
Kgs |
33.93 |
|
iii) Readymade Garments |
Nos. |
19.53 |
|
|
|
|
@ Including captive consumption 0.20 Lacs mtrs. and Job work Production
of 10.91 Lacs mtrs.
* Including captive consumption 8.23 Lacs Kgs. and Job work Production
of 6.63 Lacs Kgs.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Statutory Auditors : |
|
|
Name : |
Jayantilal Thakkar and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
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Cost Auditors : |
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|
Name : |
Bhuta and Associates Cost Accountants |
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Internal Auditors : |
|
|
Name : |
K.M. Garg and Company Chartered Accountants |
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|
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Related Parties : |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9750000 |
Equity Shares |
Rs.10/- each |
Rs. 97.500 Millions |
|
25000 |
11% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs. 2.500 Millions |
|
|
TOTAL |
|
Rs.100.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9374016 |
Equity Shares |
Rs.10/- each |
Rs.93.740
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9372048 |
Equity Shares |
Rs.10/- each |
Rs.93.720
Millions |
|
Add |
Forfeited Equity Shares |
|
Rs. 0.018 Million |
|
|
TOTAL |
|
Rs.93.738
Millions |
SHAREHOLDERS
HOLDING MORE THAN 5% SHARES IN THE COMPANY:
|
|
As at 31st
March, 2013 |
|
|
Particulars |
No. of Shares |
% of Holding |
|
ICICI Prudential |
596959 |
6.38% |
|
Vijaylaxmi A. Poddar |
-- |
-- |
|
Rajeev A Poddar |
-- |
-- |
|
GPP Enterprises LLP |
1113193 |
11.88% |
|
RAP Enterprises LLP |
1131193 |
12.07% |
|
Tribenidevi Poddar |
1274977 |
13.60% |
a) Reconciliation of
the number of shares outstanding at the beginning and at the end of the
reporting period:
|
|
As at 31st March,
2013 |
|
|
Particulars |
No. of Shares |
Rs. In Millions |
|
At the beginning of the period |
93,72,048 |
93.720 |
|
Issued during the period |
-- |
-- |
|
Outstanding at
the end of the period |
93,72,048 |
93.720 |
b) Terms/rights attached
to equity/preference shares:
The company has issued only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
93.738 |
93.738 |
93.738 |
|
(b) Reserves & Surplus |
3046.837 |
2577.488 |
2105.091 |
|
(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) |
3140.575 |
2671.226 |
2198.829 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1001.959 |
801.584 |
721.762 |
|
(b) Deferred tax liabilities (Net) |
191.662 |
159.894 |
170.047 |
|
(c) Other long term liabilities |
228.736 |
233.203 |
189.588 |
|
(d) long-term provisions |
47.829 |
33.664 |
27.592 |
|
Total Non-current
Liabilities (3) |
1470.186 |
1228.345 |
1108.989 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
1410.013 |
1346.885 |
1723.043 |
|
(b) Trade payables |
1177.613 |
884.378 |
922.517 |
|
(c) Other current liabilities |
582.593 |
381.552 |
342.242 |
|
(d) Short-term provisions |
592.336 |
616.895 |
389.102 |
|
Total Current
Liabilities (4) |
3762.555 |
3229.710 |
3376.904 |
|
|
|
|
|
|
TOTAL |
8373.316 |
7129.281 |
6684.722 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2998.636 |
2295.343 |
2302.346 |
|
(ii) Intangible Assets |
50.768 |
7.276 |
4.756 |
|
(iii) Capital work-in-progress |
162.799 |
149.083 |
11.379 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.127 |
2.127 |
1.169 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
78.444 |
196.143 |
210.768 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3292.774 |
2649.972 |
2530.418 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
27.571 |
180.024 |
|
(b) Inventories |
2219.834 |
1877.648 |
1491.879 |
|
(c) Trade receivables |
2004.170 |
1771.416 |
1953.553 |
|
(d) Cash and cash equivalents |
32.966 |
19.887 |
28.705 |
|
(e) Short-term loans and advances |
821.561 |
782.787 |
500.143 |
|
(f) Other current assets |
2.011 |
0.000 |
0.000 |
|
Total Current
Assets |
5080.542 |
4479.309 |
4154.304 |
|
|
|
|
|
|
TOTAL |
8373.316 |
7129.281 |
6684.722 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
10413.139 |
9155.406 |
8595.452 |
|
|
|
Other Income |
185.069 |
110.097 |
88.981 |
|
|
|
TOTAL (A) |
10598.208 |
9265.503 |
8684.433 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4161.253 |
3700.057 |
3776.557 |
|
|
|
Purchases of Stock-in-Trade |
1341.107 |
1164.701 |
1005.006 |
|
|
|
Changes in inventories of finished goods, work in progress and stock
in trade |
(179.890) |
(264.595) |
467.183 |
|
|
|
Employee benefits expense |
890.851 |
628.185 |
2677.385 |
|
|
|
Other expenses |
3097.324 |
2761.797 |
(429.980) |
|
|
|
TOTAL (B) |
9310.645 |
7990.145 |
7496.151 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1287.563 |
1275.358 |
1188.282 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
251.501 |
240.186 |
150.573 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1036.062 |
1035.172 |
1037.709 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
218.204 |
223.059 |
209.319 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
817.858 |
812.113 |
828.390 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
267.768 |
244.847 |
253.133 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
550.090 |
567.266 |
575.257 |
|
|
|
|
|
|
|
|
|
Add |
Adjustments relating to earlier years |
1.500 |
(13.200) |
1.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
890.966 |
518.600 |
118.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
70.300 |
70.300 |
65.600 |
|
|
|
Tax on Dividend |
11.900 |
11.400 |
10.700 |
|
|
|
Transferred to General Reserve |
100.000 |
100.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1260.356 |
890.966 |
518.557 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
509.377 |
361.333 |
407.416 |
|
|
|
Recovery towards freight and Insurance |
2.567 |
2.555 |
3.301 |
|
|
TOTAL EARNINGS |
511.944 |
363.888 |
410.717 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
58.481 |
38.087 |
15.027 |
|
|
|
Stores & Spares |
36.235 |
57.334 |
40.478 |
|
|
|
Capital Goods |
521.190 |
45.932 |
42.348 |
|
|
|
Packing Materials/Finished Goods |
2.163 |
0.000 |
1.347 |
|
|
|
Finished Goods |
0.062 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
618.131 |
141.353 |
99.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
58.55 |
59.12 |
61.51 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 1st
Quarter |
|
Audited / UnAudited |
Unaudited |
|
Net Sales |
2510.800 |
|
Total Expenditure |
2252.400 |
|
PBIDT (Excl OI) |
258.400 |
|
Other Income |
36.500 |
|
Operating Profit |
294.900 |
|
Interest |
65.600 |
|
Exceptional Items |
0.000 |
|
PBDT |
229.300 |
|
Depreciation |
67.600 |
|
Profit Before Tax |
161.700 |
|
Tax |
54.400 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
107.300 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
107.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.20 |
6.12 |
6.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.86 |
8.88 |
9.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.96 |
11.63 |
12.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.31 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.77 |
0.81 |
1.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.39 |
1.23 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term borrowings |
|
|
|
From Government of Maharashtra (Interest free Sales Tax Loan) |
15.103 |
16.424 |
|
|
|
|
|
Short term borrowings |
|
|
|
Short term loans from banks ** |
690.000 |
600.000 |
|
|
|
|
|
Total |
705.103 |
616.424 |
OPERATIONS:
During the year, the total Income of the Company rose to Rs.10598.200 millions from Rs.9265.500 millions in the previous year, registering a growth of 14.38%. The net profit after tax stood at Rs.550.100 millions against Rs.567.300 millions in the previous year.
The Company has yet again demonstrated its resilience to perform even under adverse business conditions by recording its highest ever turnover and also posting good profits. All this reflects the Company’s strong fundamentals and sustained business model.
MANAGEMENT DISCUSSION
AND ANALYSIS
CURRENT YEAR REVIEW
During the year, the Economic growth declined. This is attributed mainly to weak industrial growth in the context of tight monetary policy, inflation and continued uncertainty in the global economy. The crisis in the Euro-zone countries and slow growth in many advanced economies have also affected growth in India through dynamic linkages. This reflected on the performance of the Textile Industry in the form of sluggish demand, increase in input cost and reduced margins. However, the Company was able to record good growth in its top line along with better than expected profitability.
FUTURE OUTLOOK
The World Economy is expected to perform better, however the recovery is expected to be slow and uncertain. In the Indian context the current data indicate that deceleration in industrial growth may have bottomed out. With improved business sentiments and investor perception and a partial rebound in industrial activity in other developed countries, industrial growth is expected to improve in the year 2013-14. This coupled with the reform measures initiated to improve the investor sentiments in the economy and those to improve the fiscal situation there is a possibility of better than moderate growth in 2013-14. Of course, these projections assuming that monsoon is normal, the rate of inflation declines further and that the anticipated mild recovery of global growth takes place. As for the Indian Textile Industry, the Union Budget 2013-14, continued with the existing incentives and schemes providing the required support for technology up-gradation, tackling pollution and boosting competitiveness. It is therefore expected that the Textile Industry will perform better during the year 2013-14.
The Company is fully geared up to take advantage of this situation. With the expected increase in production capacities from the completion of the ongoing expansion project, its well-known brands, wide distribution network, introduction of new products, innovative marketing and improved operational efficiency, the Company expects to continue on the path of good growth and profitability, in the year 2013-14.
CONTINGENT
LIABILITIES
|
Particular |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Guarantees given by the Company's bankers on behalf of the Company |
59.005 |
72.847 |
|
Disputed claims for excise and sales tax |
8.450 |
12.886 |
|
Custom Duty which may arise if obligation for export is not fulfilled |
55.603 |
6.300 |
|
Income tax Demand, interest & penalty under dispute |
39.904 |
6.993 |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH, JUNE 2013
(Rs. In Millions)
|
SR. NO. |
PARTICULARS |
QUARTER ENDED (UNAUDITED) |
|
|
|
30.06.2013 |
|
1 |
Income From
Operations |
|
|
|
a) Net Sales/Income from operations (Net of Excise Duty) |
2507.300 |
|
|
b) Other operating income |
3.500 |
|
|
Total Income From
Operation (Net) |
2510.800 |
|
2 |
Expenditure |
|
|
|
a) Cost of materials consumed |
973.100 |
|
|
b) Purchases of stock-in-trade |
403.500 |
|
|
c) Changes in inventories of Finished Goods, Work-in-Progress |
|
|
|
and Stock-in-Trade |
(139.700) |
|
|
d) Employee benefits expense |
257.400 |
|
|
e) Processing and labour Charges |
250.300 |
|
|
f) Depreciation and amortisation expense |
67.600 |
|
|
g) Other expenses |
507.800 |
|
|
Total |
2320.000 |
|
3 |
Profit From
Operations Before Other Income & Finance Costs (1-2) |
190.800 |
|
4 |
Other income |
36.500 |
|
5 |
Profit From
Ordinary Activities Before Finance Costs (3+4) |
227.300 |
|
6 |
Finance costs |
65.600 |
|
7 |
Profit From
Ordinary Activities After Finance Costs (5-6) |
161.700 |
|
8 |
Tax Expenses - Current Tax |
52.000 |
|
|
- Deferred Tax (Assets)/Liability |
2.400 |
|
9 |
Net Profit From
Ordinary Activities After Tax (7-8) |
107.300 |
|
10 |
Paid up Equity Share Capital (Face Value of Rs. 10 Each) |
93.700 |
|
11 |
Reserve (Excluding Revaluation Reserve) |
|
|
12 |
Earning Per Share of Rs.10/- each : Basic & Diluted (Rs.) |
11.45 |
|
PART II |
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
i) Number of Shares |
3087113 |
|
|
ii) Percentage of Shareholding |
32.94 |
|
2 |
Promoters &
Promoter Group Shareholding |
|
|
|
a) Pledged/ Encumbered |
Nil |
|
|
b) Non Encumbered |
|
|
|
- Number of Shares |
6284935 |
|
|
- Percentage of Shares (As a % of the total Shareholding of Promoter and Promoter Group) |
100.00 |
|
|
- Percentage of Shares (As a % of the total Share Capital of the Company) |
67.06 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
1 |
|
|
Disposed off during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
Notes:
- The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 20.07.2013 The Statutory Auditors have carried out a limited review of the above financial results.
- The Company is engaged only in Textile business and there are no separate reportable segments as per Accounting Standard 17.
- There was no exceptional / extraordinary item.
- The previous year’s/periods figures have been regrouped/rearranged wherever necessary.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10408106 |
08/02/2013 |
205,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, 104, BHARAT HOUSE, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B69646776 |
|
2 |
10329243 |
08/02/2013 * |
1,600,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, 104, BHARAT HOUSE, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B69724102 |
|
3 |
10282360 |
30/03/2011 |
200,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, 104, BHARAT HOUSE, B. S. MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
B10751626 |
|
4 |
10300882 |
28/07/2010 |
205,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, 104, BHARAT HOUSE, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B13398367 |
|
5 |
10128746 |
26/09/2008 |
135,000,000.00 |
CORPORATION BANK |
INDUSTIRAL FINANCE BRANCH,104, BHARAT HOUSE, B.S.MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
A50424522 |
|
6 |
80024187 |
27/12/2006 * |
1,063,250,000.00 |
CORPORATION BANK |
104, BHARAT HOUSE, B. S. MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
7 |
90164418 |
23/07/2010 * |
2,594,000,000.00 |
CORPORATION BANK |
IFB BRANCH, BHARAT HOUSE, B. S. MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A91938902 |
|
8 |
90165497 |
23/09/2003 |
30,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, 104; BHARAT HOUSE; BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
9 |
90166755 |
25/09/2002 |
30,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, BHARAT HOUSE, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
10 |
90166731 |
24/11/2001 |
20,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDRAMUKHI, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
11 |
90166688 |
06/12/2000 |
30,000,000.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT, CHANDER MUKHI GROUND FLOOR, MUMBAI |
- |
|
12 |
90163645 |
17/04/1998 * |
45,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, BHARAT HOUSE, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
13 |
90165244 |
27/06/2009 * |
4,161,500,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, 1ST FLOOR, |
A65809840 |
|
14 |
90163627 |
16/01/1999 * |
887,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, 24; CAWASJI PATEL STREET; FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
15 |
90166543 |
12/11/1997 |
15,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRNACH, BARODA HOUSE; 42; CAWASJEE PATEL STREET, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
16 |
90163439 |
01/10/1996 |
15,000,000.00 |
BANK OF BARODA |
BARODA HOUSE, P. B. NO.1842; 24; CAWASJEE PATEL STREET; FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
17 |
90166485 |
01/10/1996 |
103,500,000.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT, CHANDER MUKHI, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
18 |
90163422 |
30/08/1996 |
19,500,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, BARODA HOUSE, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
19 |
90166450 |
26/04/1996 |
202,500,000.00 |
DENA BANK |
INDUSTRIAL FINANCE BRANCH, MAKER TOWER, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
20 |
90162949 |
01/06/1994 |
5,000,000.00 |
DENA BANK |
INDUSTRIAL FINANCE BRANCH, MAKER TOWERS; CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
21 |
90165039 |
21/01/1994 |
10,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
22 |
90162684 |
29/12/1992 |
170,267,000.00 |
BANK OF BRAODA |
INDUSTRIAL FINANCE BRANCH, BARODA HOUSE; 24; C. P. STREET; FORT, BOMBAY, MAHARASHTRA, INDIA |
- |
|
23 |
90166190 |
15/12/1992 * |
19,300,000.00 |
DENA BANK |
INDUSTRIAL FINANCE BRANCH, E-9 MAKER TOWERS, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
24 |
90166178 |
29/09/1992 |
5,000,000.00 |
DENA BANK |
INDUSTRIAL FIANCE BRANCH, MAKER TOWER; CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
25 |
90162624 |
01/07/1992 |
2,500,000.00 |
DENA BANK |
MAKER TOWER, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
26 |
90164950 |
25/03/1992 |
2,500,000.00 |
BANK OF BARODA |
INDUSTRIAL FIANCE BRANCH, C. P. STREET; FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
27 |
90162532 |
18/10/1991 |
10,500,000.00 |
BANK OF BRAODA |
INDUSTRIAL FINANCE BRANCH, BARODA HOUSE; 24;C. P. STREET; FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
28 |
90162277 |
22/06/1989 |
1,500,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, FORT, BOMBAY, MAHARASHTRA, INDIA |
- |
|
29 |
90162201 |
29/08/1994 * |
32,071,000.00 |
BANK OF BARODA |
C. P. STREET, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
30 |
90162194 |
27/09/1988 |
1,177,200.00 |
CENTRAL BANK OF INDIA |
CHANDERM MUKHI, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
31 |
90165931 |
18/01/1987 |
8,018,000.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
32 |
90162008 |
14/10/1988 * |
11,225,000.00 |
BANK OF BARODA |
BARODA HOUSE; C. S. STREET, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
33 |
90162003 |
08/12/1986 |
12,500,000.00 |
DENA BANK |
17; HORNIMAN CIRCLE FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
34 |
90161857 |
30/03/1985 |
2,336,700.00 |
CENTRAL BANK OF INDIA |
CHANDERMUKHI; NARIMANPOINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
35 |
90161814 |
25/09/1984 |
920,300.00 |
CENTRAL BANK OF INDIA |
CHANDRAMUKHI, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
36 |
90161794 |
26/07/1984 |
306,700.00 |
CENTRAL BANK OF INDIA |
CHANDERMUKHI; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
37 |
90161769 |
09/03/1984 |
323,600.00 |
CENTRAL BANK OF INDIA |
CHANDRAMUKHI, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
38 |
90161757 |
31/12/1983 |
466,700.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
39 |
90161749 |
22/09/1983 |
16,000,000.00 |
BANK OF BARODA |
C. P. STREET FORT, BOMBAY, MAHARASHTRA, INDIA |
- |
|
40 |
90161681 |
04/10/1982 |
500,000.00 |
DENA BANK |
BOMBAY, 17; HORNIMAN CIRCLE; FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
41 |
90161640 |
07/12/1981 |
4,500,000.00 |
BANK OF BARODA |
FORT, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
42 |
90161626 |
14/09/1981 |
10,000,000.00 |
BANK OF BARODA |
C. P. STREET; FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
43 |
90161610 |
22/05/1981 |
2,400,000.00 |
BANK OF BARODA |
FORT, BOMBAY, MAHARASHTRA - 400002, INDIA |
- |
|
44 |
90161495 |
25/07/1979 * |
500,000.00 |
BANK OF BARODA |
FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Building
- Factory Road
- Plant and Machinery
- Electrical Installation
- Furniture and Equipments
- Vehicles
- Computer Software
- Trade Mark
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. 62.36 |
|
|
1 |
Rs. 101.20 |
|
Euro |
1 |
Rs. 84.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.