MIRA
INFORM REPORT
|
Report Date : |
18.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAJASTHAN TEXTILE MILLS PROPRIETOR OF |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.06.2005 |
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Com. Reg. No.: |
17-020927 |
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Capital
Investment / Paid-up Capital : |
Rs. 109.219
Millions |
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CIN No.: [Company Identification
No.] |
L17124RJ2005PLC020927 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JDHS07078B |
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PAN No.: [Permanent Account No.] |
AAJCS1850N |
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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
: |
Manufacturer of Synthetic
Staple Fibres Yarn, Manmade Fibres Blended Yarn and Cotton Yarn and Fabrics. |
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No. of Employees
: |
11242 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a fine track record.
Financial position of the company appears to be sound. Trade relations are
reported as decent. Business is active. Payments are reported to be regular
and as per commitment. The company can be considered good for business dealings at usual
trade firms 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 |
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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 |
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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
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
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
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
16th September 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
16th 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 BY
|
Name : |
Mr. Mukesh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2439-222354 |
|
Date : |
16.10.2013 |
LOCATIONS
|
Registered Office : |
|
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Tel. No.: |
91-7433-222052/ 222054/ 222056/ 222082/ 222090 |
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Fax No.: |
91-7433-222354 |
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E-Mail : |
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Website: |
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Corporate Office : |
Solaris-1, D Wing, 4th Floor, Opposite L&T Gate No-6, Saki
Vihar Road, Powai, Andheri – (East), Mumbai – 400072, Maharashtra. India |
|
Tel. No.: |
91-22-42198800/ 42198824 |
|
Fax No.: |
91-22-42198830/ 31 |
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E-Mail : |
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Factory 1 : |
Chenab Textile
Mills Kathua – 184102, Jammu and Kashmir, India |
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Factory 2 : |
Damanganga Units
Fabrics and
Processing Home Textiles Village – Daheli
Near Bhilad, Umbergaon, District Valsad – 396105, Gujarat, India |
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Factory 3 : |
Rajasthan
Textile Mills Bhawanimandi – 326502, Rajasthan, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. C.S. Nopany |
|
Designation : |
Chairman |
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Name : |
Mr. S. M. Agarwal |
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Designation : |
Director |
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Name : |
Mr. U. K. Khaitan |
|
Designation : |
Director |
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Name : |
Mr. Amit Dalal |
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Designation : |
Director |
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Name : |
Mr. Rajan A. Dalal |
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Designation : |
Director |
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Name : |
Mr. Ashok Mittal |
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Designation : |
Director |
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Name : |
Mr. Rajiv K. Podar |
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Designation : |
Director |
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Name : |
Dr. Mahmoodur H. Rahman |
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Designation : |
Director |
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Name : |
Mr. Chaturbhuj Singhania |
|
Designation : |
Whole time Director and CFO |
KEY EXECUTIVES
|
EXECUTIVES |
|
|
Corporate Office: |
Mr. S.K. Khandelia [President] Date of Birth/Age : 62 years Qualification : B.Com., FCA Date of Appointment : 37 years Mr. Chaturbhuj Singhania [Whole-time Director and Chief Financial
Officer] Mr. D.R. Prabhu [Company Secretary] |
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UNIT HEADS |
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Bhawanimandi Unit: |
Mr. S.S. Maheshwari – Joint Executive President |
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Kathua Unit: |
Mr. K.C. Sharma – Joint Executive President |
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Daheli Unit: |
Mr. R.R. Kankani – Senior Vice President |
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|
Name : |
Mr. Mukesh |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6971235 |
63.83 |
|
|
6971235 |
63.83 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6971235 |
63.83 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2687 |
0.02 |
|
|
2687 |
0.02 |
|
|
|
|
|
|
2027159 |
18.56 |
|
|
|
|
|
|
1227742 |
11.24 |
|
|
667533 |
6.11 |
|
|
25552 |
0.23 |
|
|
25552 |
0.23 |
|
|
3947986 |
36.15 |
|
Total Public shareholding (B) |
3950673 |
36.17 |
|
Total (A)+(B) |
10921908 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10921908 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Synthetic
Staple Fibres Yarn, Manmade Fibres Blended Yarn and Cotton Yarn and Fabrics. |
GENERAL INFORMATION
|
No. of Employees : |
11242 (Approximately) |
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Bankers : |
v Punjab National Bank v The Jammu and Kashmir Bank Limited v State Bank of Bikaner and Jaipur v State Bank of India v State Bank of Hyderabad v Bank of Maharashtra v IDBI Bank Limited v ICICI Bank Limited v United Bank of India v Axis Bank Limited v The
Jhalawar Nagrik Sahkari Bank Limited v The Bank of
Rajasthan Limited, Bhamashah Mandi, Kota - 324005, Rajasthan, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Singhi and Company Chartered Accountants |
|
Address : |
401 and 408, Pragati House, 47-48, Nehru Place, New Delhi – 110019, India |
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Branch Auditors: |
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|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Golf View Corporate, Tower 3, Sector 42, Sector Road, Gurgaon - 122002, Haryana, India |
CAPITAL STRUCTURE
AFTER 10.08.2013
Authorised Capital: Rs.
500.000 Millions
Issued, Subscribed & Paid-up Capital: Rs.163.829 Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
5000000 |
Preference Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10921908 |
Equity Shares |
Rs. 10/- each |
Rs. 109.219
Millions |
|
|
|
|
|
Terms/ Rights attached to Equity Shares:
Each holder of equity
shares is entitled to one vote per share. In the event of liquidation of the
company, the holders of equity shares will be entitled to receive remaining
assets of the company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the
shareholders. There is no restriction on distribution of dividend. However,
same is subject to the approval of the shareholders in the Annual General
Meeting.
Reconciliation of
the number of Equity Shares outstanding:
|
Equity shares outstanding at the beginning of the year |
10921908 |
10921908 |
|
Equity shares allotted during the year |
-- |
-- |
|
Equity shares outstanding at the end of the year |
10921908 |
10921908 |
Shareholders holding
more than 5 percent Equity Shares of the Company:
|
Name of
shareholder |
31.03.2013 |
|
|
|
No. of Shares held |
% of holdings |
|
Uttar Pradesh Trading Company Limited |
2027798 |
18.57 |
|
Hargaon Investment and Trading Company Limited |
1140931 |
10.45 |
|
New India Retailing and Investment Limited |
1137536 |
10.42 |
|
Yashovardhan Investment and Trading Company Limited |
991224 |
9.08 |
|
Birla Institute of Technology and Science |
752439 |
6.89 |
|
Ronson Traders Limited |
648249 |
5.94 |
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 |
109.219 |
109.219 |
109.219 |
|
(b) Reserves & Surplus |
3355.222 |
2649.437 |
2395.569 |
|
(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) |
3464.441 |
2758.656 |
2504.788 |
|
|
|
|
|
|
(3) Deferred Government Subsidies |
20.929 |
10.309 |
13.575 |
|
|
|
|
|
|
(4)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3376.658 |
4115.246 |
4644.049 |
|
(b) Deferred tax liabilities (Net) |
447.096 |
471.503 |
498.996 |
|
(c) Other long
term liabilities |
33.965 |
25.269 |
27.380 |
|
(d) long-term
provisions |
34.542 |
31.695 |
31.586 |
|
Total Non-current
Liabilities (3) |
3892.261 |
4643.713 |
5202.011 |
|
|
|
|
|
|
(5)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2087.563 |
1927.264 |
2598.996 |
|
(b)
Trade payables |
402.432 |
366.328 |
303.851 |
|
(c)
Other current liabilities |
1453.374 |
1590.281 |
1205.493 |
|
(d) Short-term
provisions |
170.646 |
151.650 |
162.285 |
|
Total Current
Liabilities (4) |
4114.015 |
4035.523 |
4270.625 |
|
|
|
|
|
|
TOTAL |
11491.646 |
11448.201 |
11990.999 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5396.411 |
5801.954 |
6033.301 |
|
(ii)
Intangible Assets |
7.179 |
16.212 |
21.343 |
|
(iii)
Capital work-in-progress |
48.115 |
126.032 |
34.757 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
500.007 |
500.007 |
0.007 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
369.902 |
333.346 |
362.075 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
6321.614 |
6777.551 |
6451.483 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
25.400 |
18.200 |
16.500 |
|
(b)
Inventories |
3132.196 |
2970.859 |
3419.592 |
|
(c)
Trade receivables |
1425.913 |
1123.359 |
1326.491 |
|
(d) Cash
and cash equivalents |
47.569 |
38.989 |
46.440 |
|
(e)
Short-term loans and advances |
187.033 |
164.788 |
158.451 |
|
(f)
Other current assets |
351.921 |
354.455 |
572.042 |
|
Total
Current Assets |
5170.032 |
4670.650 |
5539.516 |
|
|
|
|
|
|
TOTAL |
11491.646 |
11448.201 |
11990.999 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
16802.412 |
15370.105 |
15816.474 |
|
|
|
Other Income |
377.415 |
315.699 |
344.411 |
|
|
|
TOTAL (A) |
17179.827 |
15685.804 |
16160.885 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9477.285 |
9285.654 |
8136.280 |
|
|
|
Purchase of Traded Goods |
1121.601 |
1068.750 |
1958.184 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress
and Traded Goods |
57.443 |
(299.060) |
(238.965) |
|
|
|
Employee Benefits Expense |
1347.043 |
1145.012 |
1075.130 |
|
|
|
Other Expenses |
2833.342 |
2702.803 |
2481.867 |
|
|
|
Exceptional Item |
60.584 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
14897.298 |
13903.159 |
13412.496 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2282.529 |
1782.645 |
2748.389 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
653.161 |
696.567 |
592.318 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1629.368 |
1086.078 |
2156.071 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
701.467 |
690.036 |
678.620 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
927.901 |
396.042 |
1477.451 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
158.226 |
78.705 |
334.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
769.675 |
317.337 |
1143.421 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1584.231 |
1370.363 |
442.145 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
54.610 |
54.610 |
81.914 |
|
|
|
Corporate dividend tax |
9.280 |
8.859 |
13.289 |
|
|
|
Transfer to the general reserve |
80.000 |
40.000 |
120.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2210.016 |
1584.231 |
1370.363 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on F.O.B. Basis |
3158.470 |
3771.341 |
5130.132 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
30.488 |
127.295 |
173.399 |
|
|
|
Yarn purchase |
0.000 |
0.000 |
9.031 |
|
|
|
Stores & Spares Parts |
44.993 |
43.482 |
44.574 |
|
|
|
Capital Goods |
111.107 |
222.529 |
93.430 |
|
|
TOTAL IMPORTS |
186.588 |
393.306 |
320.434 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
70.47 |
29.06 |
104.69 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
4429.600 |
|
Total Expenditure |
|
|
3851.500 |
|
PBIDT (Excl OI) |
|
|
578.100 |
|
Other Income |
|
|
80.500 |
|
Operating Profit |
|
|
658.600 |
|
Interest |
|
|
154.500 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
504.100 |
|
Depreciation |
|
|
169.800 |
|
Profit Before Tax |
|
|
334.300 |
|
Tax |
|
|
52.400 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
281.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
281.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.48
|
2.02 |
7.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.52
|
2.58 |
9.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.48
|
3.66 |
12.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.14 |
0.59 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.58
|
2.19 |
2.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.16 |
1.30 |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10325613 |
05/12/2011 |
670,000,000.00 |
PUNJAB NATIONAL
BANK |
MID CORPORATE BRANCH,
AERODROME CIRCLE, KOTA - 324007, RAJASTHAN, INDIA |
B28798536 |
|
2 |
10308877 |
03/09/2011 |
1,700,000,000.00 |
THE JAMMU AND
KASHMIR BANK LIMITED |
MAULANA AZAD
ROAD, SRINAGAR - 190001, JAMMU AND KASHMIR, INDIA |
B21974787 |
|
3 |
10254298 |
05/03/2012 * |
400,000,000.00 |
STATE BANK OF
HYDERABAD |
COMMERCIAL
BRANCH, 74, JANPATH, NEW DELHI - 110001, INDIA |
B35427038 |
|
4 |
10253461 |
23/11/2010 |
232,500,000.00 |
PUNJAB NATIONAL
BANK |
MID CORPORATE BRANCH,
AERODROME CIRCLE, KOTA - 324007, RAJASTHAN, INDIA |
B00750430 |
|
5 |
10220044 |
14/05/2010 |
150,000,000.00 |
THE BANK OF
RAJASTHAN LIMITED |
BHAMASHAH MANDI,
KOTA - 324005, RAJASTHAN, INDIA |
A86453495 |
|
6 |
10214974 |
14/12/2010 * |
300,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, N.G.N. VAIDYA MARG, BANK STREET, NARIMAN CIRCLE, FORT, MUMBAI -
400001, MAHARASHTRA, INDIA |
B01360916 |
|
7 |
10191442 |
23/11/2010 * |
120,000,000.00 |
ICICI BANK
FORMERLY BANK OF RAJASTHAN LIMITED |
BHAMASHAH MANDI,
KOTA - 324005, RAJASTHAN, INDIA |
B00749952 |
|
8 |
10187077 |
24/10/2009 |
200,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A73983611 |
|
9 |
10149899 |
14/12/2010 * |
600,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER WTC
COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B01149806 |
|
10 |
10145451 |
23/11/2010 * |
100,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
INDUSTRIAL ESTATE,
KOTA - 324007, RAJASTHAN, INDIA |
B00482760 |
|
11 |
10144685 |
26/03/2013 * |
350,000,000.00 |
PUNJAB NATIONAL
BANK |
MID. CORPORATE
BRANCH, AERODROME CIRCLE, KOTA - 324007, RAJASTHAN, INDIA |
B72923246 |
|
12 |
10119741 |
13/08/2008 |
75,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A44675734 |
|
13 |
10083188 |
05/12/2011 * |
50,000,000.00 |
PUNJAB NATIONAL
BANK |
MID CORPORATE
BRANCH, AERODROME CIRCLE, KOTA - 324007, RAJASTHAN, INDIA |
B28733665 |
|
14 |
10083126 |
18/02/2009 * |
190,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A57950792 |
|
15 |
10083146 |
18/02/2009 * |
250,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL ESTATE,
KOTA - 324007, RAJASTHAN, INDIA |
A57706947 |
|
16 |
10083145 |
05/12/2011 * |
300,000,000.00 |
PUNJAB NATIONAL
BANK |
MID CORPORATE
BRANCH, AERODROME CIRCLE, KOTA - 324007, RAJASTHAN, INDIA |
B28706349 |
|
17 |
10083130 |
26/03/2013 * |
400,000,000.00 |
PUNJAB NATIONAL
BANK |
MID CORPORATE
BRANCH, AERODROME CIRCLE, KOTA - 324007, RAJASTHAN, INDIA |
B72922388 |
|
18 |
10083144 |
18/02/2009 * |
500,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A57951311 |
|
19 |
10083128 |
05/12/2011 * |
1,500,000,000.00 |
PUNJAB NATIONAL
BANK |
MID CORPORATE
BRANCH, AERODROME CIRCLE, KOTA - 324007, RAJASTHAN, INDIA |
B28796241 |
|
20 |
10083132 |
26/03/2013 * |
1,750,000,000.00 |
PUNJAB NATIONAL
BANK |
MID. CORPORATE
BRANCH, AERODROME CIRCLE, KOTA - 324007, RAJASTHAN, INDIA |
B72924723 |
|
21 |
10083135 |
26/03/2013 * |
1,750,000,000.00 |
PUNJAB NATIONAL
BANK |
MID. CORPORATE
BRANCH, AERODROME CIRCLE, KOTA - 324007, RAJASTHAN, INDIA |
B72924335 |
|
22 |
10083137 |
26/03/2013 * |
1,750,000,000.00 |
PUNJAB NATIONAL
BANK |
MID. CORPORATE
BRANCH, AERODROME CIRCLE, KOTA, RA |
B72923782 |
|
23 |
10083143 |
28/12/2007 |
20,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL ESTATE,
KOTA, RAJASTHAN - 324007, INDIA |
A30389894 |
|
24 |
10064500 |
17/09/2010 * |
520,000,000.00 |
UNITED BANK OF
INDIA |
NEHRU PLACE
BRANCH, 106-109, ANSAL TOWER, NEW DELHI - 110019, INDIA |
A96034467 |
|
25 |
10055725 |
19/02/2008 * |
300,000,000.00 |
STATE BANK OF
HYDERABAD |
74, JANPATH, NEW
DELHI - 110001, INDIA |
A32885576 |
|
26 |
10051898 |
18/10/2010 * |
320,000,000.00 |
BANK OF
MAHARASHTRA |
4-A, PARK
STREET, M.I. ROAD, JAIPUR - 302001, RAJASTHAN, INDIA |
A98320633 |
|
27 |
10039265 |
08/09/2010 * |
680,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A95420667 |
|
28 |
10041785 |
19/05/2007 * |
30,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16013021 |
|
29 |
10041784 |
19/05/2007 * |
32,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16018434 |
|
30 |
10042773 |
19/05/2007 * |
400,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL ESTATE,
KOTA - 324007, RAJASTHAN, INDIA |
A16013112 |
|
31 |
10029116 |
19/05/2007 * |
300,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16012585 |
|
32 |
10031612 |
19/05/2007 * |
490,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, N.G.N. VAIDYA MARG, MUMBAI - 400023, MAHARASHTRA, INDIA |
A17095001 |
|
33 |
10029115 |
22/11/2010 * |
134,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A99281164 |
|
34 |
10029631 |
19/05/2007 * |
410,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16012692 |
|
35 |
10027599 |
06/11/2006 |
250,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE SENAPATI
BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA |
A06142863 |
|
36 |
10024852 |
19/05/2007 * |
90,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16012114 |
|
37 |
10024850 |
19/05/2007 * |
135,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16012189 |
|
38 |
10024854 |
19/05/2007 * |
490,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16012296 |
|
39 |
10018532 |
19/05/2007 * |
11,500,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16011702 |
|
40 |
10018526 |
19/05/2007 * |
18,800,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL ESTATE,
KOTA - 324007, RAJASTHAN, INDIA |
A16011363 |
|
41 |
10018370 |
19/05/2007 * |
23,500,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16009797 |
|
42 |
10018387 |
19/05/2007 * |
25,000,000.00 |
PUNJAB NATIONAL BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16010381 |
|
43 |
10018378 |
19/05/2007 * |
33,400,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16018533 |
|
44 |
10018377 |
19/05/2007 * |
87,500,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16010092 |
|
45 |
10018527 |
19/05/2007 * |
121,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16011561 |
|
46 |
10018386 |
19/05/2007 * |
220,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16010316 |
|
47 |
10018363 |
13/09/2006 |
450,000,000.00 |
PUNJAB NATIONAL
BANK |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A04529442 |
|
48 |
10018365 |
19/05/2007 * |
132,500,000.00 |
THE JAMMU AND
KASHMIR BANK LIMITED |
MAULANA AZAD
ROAD, SRINAGAR - 184102, JAMMU AND KASHMIR, INDIA |
A16480998 |
|
49 |
10018369 |
19/05/2007 * |
245,000,000.00 |
THE JAMMU AND
KASHMIR BANK LIMITED |
MAULANA AZAD ROAD,
SRINAGAR - 184102, JAMMU AND KASHMIR, INDIA |
A16481822 |
|
50 |
10018528 |
19/05/2007 * |
300,000,000.00 |
THE JAMMU AND
KASHMIR BANK LIMITED |
MAULANA AZAD
ROAD, SRINAGAR - 184102, JAMMU AND KASHMIR, INDIA |
A16490716 |
|
51 |
10018367 |
03/09/2011 * |
1,725,000,000.00 |
THE JAMMU AND
KASHMIR BANK LIMITED |
MAULANA AZAD
ROAD, SRINAGAR - 184102, JAMMU AND KASHMIR, INDIA |
B21977061 |
|
52 |
10019454 |
12/09/2006 |
144,000,000.00 |
THE JAMMU AND
KASHMIR BANK LIMITED |
MAULANA AZAD ROAD,
SRINAGAR - 184102, JAMMU AND KASHMIR, INDIA |
A04464129 |
|
53 |
10017638 |
15/12/2012 * |
55,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
B65770786 |
|
54 |
10017640 |
19/05/2007 * |
220,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16008112 |
|
55 |
10017639 |
19/05/2007 * |
245,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
INDUSTRIAL
ESTATE, KOTA - 324007, RAJASTHAN, INDIA |
A16006975 |
* Date of charge modification
UNSECURED LOANS
|
Unsecured Loans |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM
BORROWINGS |
|
|
|
Fixed Deposits |
14.040 |
11.040 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Short Term Loan from a Bank |
0.000 |
350.000 |
|
Buyer's Credit from Banks (Guaranteed by the Company’s bankers) |
0.000 |
75.799 |
|
Inter corporate deposit (repayable on demand) |
0.000 |
20.000 |
|
Total |
14.040 |
456.839 |
NATURE OF OPERATIONS
The Company is a
manufacturer of Synthetic Staple Fibres Yarn, Manmade Fibres blended yarn and
Cotton Yarn and Fabrics. It has two spinning units viz. Rajasthan Textile Mills,
Bhawanimandi (Raj) and Chenab Textile Mills, Kathua (J and K), one weaving and
processing unit viz. Damanganga Fabrics, one Garments unit viz. Damanganga
Garments and one Home Textiles unit viz. Damanganga Home Textiles at Village
Daheli, near Bhilad (Gujarat). The Management has decided to close the
operations of Damanganga Garments w.e.f. 31st January, 2013, in view of its
un-economic working.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
The global gross domestic product (GDP) grew 2.3 percent in 2012 and
could grow 2.4% in 2013 to 3.1 percent in 2014 and 3.3 percent in 2015. The
World Bank moderated its US projection for 2013 by 0.5 percentage points
resulting in GDP growth of 1.9 percent (down from 2.2 percent in 2012) and
projecting an improvement to 3.0 percent by 2015. Growth in the East Asia and
Pacific region slowed to an estimated 7.5 percent in 2012 from 8.3 percent in
2011.
GLOBAL OUTLOOK,
2013-2025
India’s GDP growth was pegged at 5% in 2012-13 compared to 6.2% in
2011-12. The services sector including finance, insurance, real estate and
business services sectors are likely to grow by 8.6 per cent this fiscal,
against 11.7 per cent last fiscal.
The net national income (NNI) at factor cost, at 2004-05 prices is
likely to be Rs.47648190.000 Millions during 2012-13, as against the previous
year’s First Revised Estimate (FRI) of Rs. 45720750.000 Millions. In terms of
growth rates, the national income registered a growth rate of 4.2 per cent in
2012-13 as against the previous year’s growth rate of 6.1 per cent.
GLOBAL TEXTILE AND
APPAREL INDUSTRY
The global textile and apparel trade is expected to climb from US$480
billion in 2005 to US$ 805 billion by 2015 catalysed largely by increased
outsourcing by the US and developing economies. While apparel trade is expected
to grow faster than textiles, international authority Technopak estimates that
home textiles trade could grow the fastest largely on account of the
progressive outsourcing of home textiles from low cost countries (China, India,
Bangladesh and Pakistan) by 2015.
· Given that the global fibre mix is 41% natural and 59% man-made (MMF), demand for MMF yarns will grow faster than the demand for natural fibre yarns.
The
global fabric trade was estimated to be USD 74 billion in 2011 while the global
apparel trade was estimated to be USD 389 billion; knit fabric and apparel are
performing better than their woven counterparts in global trade.
Even
as the EU, US, China, Japan and India are the biggest apparel markets, apparel
production is concentrated in China, India, Bangladesh, Vietnam and Turkey
China,
India, Pakistan, Bangladesh, Thailand and Indonesia are among the leading
countries in terms of installed capacity; China alone enjoys a share of around
45% of the world’s installed spinning and weaving capacity.
AMERICAN TEXTILE
AND APPAREL MARKET
China is expected to be a major beneficiary of the trends in the US
market. By 2015 it is expected that China and Hong Kong could potentially carve
away a 40% market share of US textile and apparel imports (followed by ASEAN
countries).
EU TEXTILE AND
APPAREL MARKET
Although intra-EU countries would continue being the largest trade
partners, China would be able to catch up with the aforementioned intra-EU countries
by 2015. Despite the turmoil in the European countries, countries like
Bangladesh and Sri Lanka that are able to extract EU concessions would be able
to capture a larger market share.
INDIAN INDUSTRY
OVERVIEW
The Indian textile industry is probably one of the largest producers of
textiles and garments in the world marked by growing modernisation. This sector
contributes about 14% to industrial production, 4% to the gross domestic
product (GDP) and 10% to the country’s export earnings and is the largest
industrial employer (about 45 million people directly). The textiles sector is
the second largest provider of employment after agriculture.
The Indian textiles industry is integrated: from the procurement of raw
materials to production of the actual textile product.
The industry can be divided into several segments (cotton textiles, silk
textiles, woolen textiles, readymade garments, handcrafted textiles as well as
jute and coir).
BUDGET HIGHLIGHTS,
2013-14
The highlights of Union Budget (2013-14) proposals made in relation to
the textile industry:
· Continuation of TUFS (Technology Upgradation Fund Scheme) in 12th five year plan
The
government announced a financial package of Rs 38840.000 Millions for the
waiver of loans of handloom weavers and their cooperative societies.
Two
mega handloom clusters (Prakasam-Guntur and Godda) to be set up.
Three
proposed weaver service centres (Mizoram, Nagaland and Jharkhand) to provide
technical support to poor handloom weavers.
A
Rs 5000.000 Millions pilot scheme to promote geo-textiles in North-eastern
India.
A
Rs 700.000 Millions power loom mega cluster to be set up in Ichalkaranji
(Maharashtra).
OUTLOOK
The industry is expected to grow from USD 89 billion in 2011 to USD 134
billion in 2015 and USD 220 billion by 2020. Export demand is expected to be
fairly robust as new economies - China, India, Russia, the UAE, and South
Africa, among others - emerging as hubs of consumption. The Indian textiles and
clothing export has the potential to reach USD 45 billion by 2015 and USD 80
billion by 2020. Yarn: The demand for blended yarn is expected to grow faster
than cotton and 100 percent non-cotton yarn in five years. The demand for
blended yarn is expected to grow at a CAGR of 12.4 percent over FY12-FY17
whereas the cotton yarn and 100 percent non-cotton yarn demand is expected to
grow at a CAGR below 10 percent. The demand for yarn is expected to come from
the domestic and international markets. The domestic demand comprises yarn used
to make apparels and home textiles consumed domestically and exported. Demand
is also likely to be driven by rising yarn exports.
Man- made fibres: Domestic man-made fibre consumption is expected to
grow to 3,717 thousand tonnes in 2016-17. The share of MMF in the overall fibre
consumption by the textile industry is expected to increase from 41 per cent in
FY11 to 45 per cent in FY17 and move towards the global average of about 62
percent, catalysed by supply-side cotton constraints and the huge price
differential between cotton and MMF prices. The superior quality of polyester
and viscose over cotton is likely to have a positive demand impact, especially
in the technical textile and blended yarn segments.
UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30TH
JUNE, 2013
(Rs.
in Millions)
|
Sr. No. |
Particulars |
3 months ended |
|
|
|
30.06.2013 |
|
|
|
Unaudited |
|
1 |
Income from Operations |
|
|
(a) |
Net Sales/ Income from Operations
(Net of excise duty) |
4382.000 |
|
(b) |
Other Operating Income |
47.600 |
|
|
Total income from
Operations (net) |
4429.600 |
|
2 |
Expenses |
|
|
|
a) Cost of materials
consumed |
2281.400 |
|
|
b) Purchases of
stock-in-trade |
286.800 |
|
|
c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
156.000 |
|
|
d) Employee benefits
expense |
367.900 |
|
|
e) Depreciation and
amortisation expense |
169.800 |
|
|
f) Other expenses |
759.400 |
|
|
Total expenses |
4021.300 |
|
3 |
Profit / (Loss) from
operations before other income, finance costs and exceptional items (1-2) |
408.300 |
|
4 |
Other Income |
80.500 |
|
5 |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items(3+4) |
488.800 |
|
6 |
Finance costs |
154.500 |
|
7 |
Profit / (Loss) from
ordinary activities after finance costs but before exceptional items(5-6) |
334.300 |
|
8 |
Exceptional items |
- |
|
9 |
Profit/(Loss) from
Ordinary Activities before tax (7-8) |
334.300 |
|
10 |
Tax Expenses -Current -MAT credit (Entitlement)/
Reversal -Earlier Years -Deferred (net) |
66.200 (0.700) (13.100) |
|
11 |
Net Profit/(Loss) from
Ordinary Activities after tax (9-10) |
281.900 |
|
12 |
Extraordinary items (net
of tax expense) |
- |
|
13 |
Net Profit/(Loss) for the
period (11-12) |
281.900 |
|
14 |
Paid-up equity share
capital (Face value of Rs. 10 per share) |
163.800 |
|
15 |
Reserves excluding
Revaluation Reserves as per Balance Sheet of
previous accounting year |
|
|
16 |
Earnings Per Share (Not
annualised) (Rs.) # - Cash - Basic and diluted |
26.77 17.21 |
|
PART II |
|
|
|
Sr. No. |
Particulars |
3 months ended |
|
|
|
30.06.2013 |
|
|
|
Unaudited |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public shareholding : |
|
|
|
- No. of Shares |
5926011 |
|
|
- Percentage of
Shareholding |
36.17 |
|
2 |
Promoters and promoter
group shareholding: (a) Pledged/Encumbered |
|
|
|
- Number of shares |
2925000 |
|
|
- Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
27.97 |
|
|
- Percentage of shares (as
a % of the total share capital of the Company) |
17.85 |
|
|
(b) Non-encumbered |
|
|
|
- Number of Shares |
7531851 |
|
|
- Percentage of Shares (as
a % of the total shareholding of promoter and promoter group) |
72.03 |
|
|
- Percentage of shares (as
a % of the total share capital of the Company) |
45.98 |
|
|
Particulars |
3 months ended 30.06.2013 |
|
B |
INVESTOR
COMPLAINTS [Nos.] |
|
|
|
Pending at
the beginning of the quarter |
NIL |
|
|
Received
during the quarter |
NIL |
|
|
Disposed of
during the quarter |
NIL |
|
|
Remaining
unresolved at the end of the quarter |
NIL |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
(Rs. In Millions)
|
Sr. No. |
Particulars |
3 months ended |
|
|
|
30.06.2013 |
|
|
|
Unaudited |
|
1 |
Segment Revenue: |
|
|
|
(a) Yarn (b) Fabrics and Apparels |
4232.200 264.400 |
|
|
Total Less: Inter Segment
Revenue |
4496.600 67.000 |
|
|
Total Income from
Operations (net) |
4429.600 |
|
2 |
Segment Result : Profit /(Loss) before Tax,
Finance costs and Exceptional items from each segment |
|
|
|
Yarn |
452.400 |
|
|
Fabrics and Apparels |
(19.900) |
|
|
Total |
432.500 |
|
|
Less : Finance costs |
154.500 |
|
|
Exceptional items |
- |
|
|
Add : Other un-allocable
income net of un-allocable expenditure |
56.300 |
|
|
Profit/(Loss) before tax |
334.300 |
|
3 |
Capital Employed : (Segment assets - Segment
liabilities) |
|
|
|
(a) Yarn (b) Fabrics and Apparels Add: Un-allocated
Corporate Assets/ ( Liabilities ) (net) |
8160.300 1226.500 1158.400 |
|
|
Total |
10545.200 |
Notes:
1) Pursuant to the resolution passed by the Shareholders through Postal Ballot concluded on 17th June, 2013, the Company has since allotted 5460954 Equity Shares of Rs.10/- each as fully paid-up Bonus Shares in the Ratio of 1(one) Bonus Share for every 2 (two) existing Equity Share held by the Shareholders as on the Record Date i.e. 28th June, 2013 and date of allotment is 1st July, 2013.
Consequently, the paid -up equity share capital of the Company has been since increased from Rs. 109.200 Millions to Rs.163.800 Millions and the Earning per Share (EPS) has been arrived for all periods after considering issue of Bonus Shares as per AS-20 (Earning per Share).
2) The figures of the previous period/year has been re-grouped/re-arranged and /or recast, wherever found necessary.
3)
The above results have been reviewed by the
Statutory Auditors and the Audit Committee and have been taken on record by the
Board of Directors at its meeting held on 31st July, 2013.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. in Millions) |
|
|
Contingent Liabilities (Not provided for)
in respect of : |
|
|
|
1 Claim against the Company not
acknowledged as debts : |
|
|
|
(a) Labour
Matters, except for which the liability is unascertainable |
6.460 |
8.431 |
|
(b) Demand raised
by Excise Department for various matters |
17.440 |
6.628 |
|
(c) Demand for
Service Tax, being contested by the Company |
2.391 |
2.391 |
|
(d) Demand for
Entry Tax (penalty and interest) |
42.004 |
36.525 |
|
Note: The Company has a
strong chance of success in above cases, therefore no provision is considered
necessary. |
||
|
2 Bills
Discounted with Bankers (Since Realised
upto 30.04.13 Rs.109.330 Millions, Previous year Rs.110.611 Millions) |
277.296 |
196.103 |
|
3 The Company has
procured certain capital goods under EPCG Scheme at concessional rate of
duty. As on 31st March, 2013, the Company is contingently liable
to pay differential custom duty Rs.234.545 Millions (Previous year Rs.325.792
Millions) on such import. In view of past export performance and future
projections, the management is hopeful of completing the export obligation
within stipulated time and expect no cash outflow on this account. |
||
FIXED ASSETS:
Tangible Assets
v Land
v Building
v Plant and
Equipment
v Vehicles
v Furniture and
Fixtures
v Office Equipments
Intangible Assets
v Software and
Designing rights
v Software IT (ERP)
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. 61.58 |
|
|
1 |
Rs. 98.51 |
|
Euro |
1 |
Rs. 83.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.