MIRA
INFORM REPORT
|
Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAYUR UNIQUOTERS LIMITED |
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Registered
Office : |
Jaipur - |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.09.1992 |
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Com. Reg. No.: |
17-006952 |
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Capital
Investment / Paid-up Capital : |
Rs.108.264 Millions |
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CIN No.: [Company Identification
No.] |
L18101RJ1992PLC006952 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRM02564C |
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PAN No.: [Permanent Account No.] |
AABFM9592L |
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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 Coated Textile Fabric. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 4730000 |
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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 an established 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A+ (Long Term) |
|
Rating Explanation |
Adequate degree of safety and carry low
credit risk. |
|
Date |
October, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term) |
|
Rating Explanation |
Strong degree of safety and carry lowest
credit risk. |
|
Date |
October, 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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Nikhil |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-1423-224001 |
|
Date : |
22.10.2013 |
LOCATIONS
|
Registered Office : |
Jaipur - Sikar Road,
Village Jaitpura, Tehsil:
Chomu, District Jaipur –
303704, Rajasthan, India |
|
Tel. No.: |
91-1423-224001 |
|
Fax No.: |
91-1423-224420 |
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E-Mail : |
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Website : |
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Correspondence Office : |
28, Fourth Floor, Lakshmi Complex, M. I.
Road Jaipur – 302001, |
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Tel. No.: |
91-141-2361132 |
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Fax No.: |
91-141-2365423 |
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|
|
Works : |
UNIT – I Four Coating Line Situated At Village, Jaitura,
Jaipur – Sikar Tehsil: Chomu, Jaipur – 303704, UNIT – II Textile Division and Fifth Coating Line Situated at Village Dhodsar, |
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DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Suresh Kumar Poddar |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
66 Years |
|
Qualification : |
B. Sc |
|
Experience : |
43 Years |
|
Date of Appointment : |
27.07.2000 |
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|
|
|
Name : |
Mr. Manav Poddar |
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Designation : |
Executive Director |
|
Date of Birth/Age : |
38 Years |
|
Qualification : |
B.Com |
|
Experience : |
18 Years |
|
Date of Appointment : |
01.11.2001 |
|
|
|
|
Name : |
Mr. Arun Kumar Bagarla |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
B.Com |
|
Experience : |
16 Years |
|
Date of Appointment : |
30.06.2007 |
|
|
|
|
Name : |
Mr. Rameshwar Pareek |
|
Designation : |
Independent and Non Executive Director |
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|
Name : |
Mr. Kanwarjit Singh |
|
Designation : |
Independent and Non Executive Director |
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|
Name : |
Mr. Bajrang Lal Bajaj (w.e.f
26th April, 2012) |
|
Designation : |
Independent and Non Executive Director |
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|
|
Name : |
Mr. Ratan Kumar Roongta (upto 26th April, 2012) |
|
Designation : |
Independent and Non Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Nikhil Saxena |
|
Designation : |
Company Secretary and
Compliance Officer |
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|
|
|
Name : |
Mr. Prahalad Sahay Jangid |
|
Designation : |
Chief Financial Officer |
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|
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Audit Committee : |
Mr. Rarncshwar Pareek (Chairman) Mr. Kanwarjit Singh Mr. Suresh Kumar Poddar Mr. Bajrang Lai Bajaj (w.e.f 26th April, 2012) Mr. Ratan Kumar Roongta (upto 26th
April, 2012) |
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|
|
|
Remuneration Committee : |
Mr. Rameshwar Pareek (Chairman) Mr. Kanwarjit Singh Mr. Bajrang Lai Bajaj (w.e.f 26" April. 2012) Mr. Manav Poddar Mr. Ratan Kumar Roongta (upto 26" April,
2012) |
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|
|
|
Shareholders Investor’s Grievance Committee : |
Mr. Rameshwar Pareek (Chairman) Mr. Sureih Kumar Poddar Mr. Manav Poddar |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2013
|
Category of Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
8115476 |
74.96 |
|
|
8115476 |
74.96 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
8115476 |
74.96 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
15700 |
0.15 |
|
|
5739 |
0.05 |
|
|
167595 |
1.55 |
|
|
189034 |
1.75 |
|
|
|
|
|
|
188831 |
1.74 |
|
|
|
|
|
|
1456520 |
13.45 |
|
|
607606 |
5.61 |
|
|
268933 |
2.48 |
|
|
1912 |
0.02 |
|
|
151851 |
1.40 |
|
|
115170 |
1.06 |
|
|
2521890 |
23.29 |
|
Total Public
shareholding (B) |
2710924 |
25.04 |
|
Total (A)+(B) |
10826400 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10826400 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Coated Textile Fabric. |
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Exports : |
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Countries : |
USA |
GENERAL INFORMATION
|
Customers : |
· Chrysler · Ford · Lear Corporation · Honda · Maruti Suzuki · Tata Motors · Mahindra · Sonalika International · Nissan · Hyundai · VKC · Liberty Footwear |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
·
IDBI Bank Limited ·
Canara Bank ·
Andhra Bank ·
ICICI Bank Limited ·
YES Bank ·
Citi Bank |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
-- |
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Statutory Auditors : |
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|
Name : |
Madhukar Garg and Company Chartered Accountants |
|
Address : |
2A, Raj Apartment, Keshav Path, Ahinsa
Circle, C - Scheme, Jaipur – 302001, Rajasthan, India |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10826400 |
Equity Shares |
Rs.10/- each |
Rs.108.264 Millions |
|
|
|
|
|
(a) Reconciliation
of number of equity shares outstanding at the beginning and at the end of the
year
|
Equity Shares |
March 31, 2013 |
|
|
|
No. of Shares |
Rs. In Millions |
|
At the beginning of the year Period |
5413200 |
54.132 |
|
Add: Bonus Shares issued during the year(1:1) |
5413200 |
54.132 |
|
|
|
|
|
Outstanding at the end of the Period |
10826400 |
108.264 |
(b) Rights, Preferences and Restriction Attached to Shares:
Equity Shares: The Company has one class of equity shares having a par value of Rs.10/- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their share holding.
(c) Details of
share holding more than 5% shares in the company
|
Name of the
shareholder |
No. of Shares |
% of holding in the class |
|
Suresh Kumar Poddar |
4173578 |
(38.55%) |
|
Suresh Kumar Poddar – HUF |
945400 |
(8.73%) |
|
Manav Poddar |
1966478 |
(18.16%) |
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 |
108.264 |
54.132 |
54.132 |
|
(b) Reserves & Surplus |
1076.408 |
804.676 |
555.977 |
|
(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) |
1184.672 |
858.808 |
610.109 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
45.924 |
29.216 |
38.286 |
|
(b) Deferred tax liabilities (Net) |
35.536 |
30.232 |
19.785 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.613 |
1.257 |
1.270 |
|
Total Non-current
Liabilities (3) |
82.073 |
60.705 |
59.341 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
164.015 |
0.000 |
13.853 |
|
(b) Trade payables |
473.843 |
467.420 |
283.289 |
|
(c) Other current liabilities |
170.570 |
158.302 |
92.616 |
|
(d) Short-term provisions |
59.747 |
39.781 |
30.059 |
|
Total Current
Liabilities (4) |
868.175 |
665.503 |
419.817 |
|
|
|
|
|
|
TOTAL |
2134.920 |
1585.016 |
1089.267 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
546.674 |
450.917 |
313.025 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
189.071 |
39.776 |
33.513 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.657 |
0.657 |
0.657 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
36.509 |
15.893 |
13.904 |
|
(e) Other Non-current assets |
10.964 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
783.875 |
507.243 |
361.099 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
135.890 |
116.514 |
0.000 |
|
(b) Inventories |
442.337 |
307.066 |
145.538 |
|
(c) Trade receivables |
564.507 |
405.985 |
315.930 |
|
(d) Cash and cash equivalents |
106.512 |
196.379 |
228.253 |
|
(e) Short-term loans and advances |
67.888 |
33.622 |
33.107 |
|
(f) Other current assets |
33.911 |
18.207 |
5.340 |
|
Total Current
Assets |
1351.045 |
1077.773 |
728.168 |
|
|
|
|
|
|
TOTAL |
2134.920 |
1585.016 |
1089.267 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3805.390 |
3173.905 |
2485.563 |
|
|
|
Other Income |
27.357 |
17.032 |
10.448 |
|
|
|
TOTAL |
3832.747 |
3190.937 |
2496.011 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
2808.838 |
2372.087 |
1842.502 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-trade |
(60.094) |
(30.143) |
(13.578) |
|
|
|
Employee Benefit Expenses |
123.291 |
105.333 |
75.334 |
|
|
|
Other Expenses |
242.871 |
193.464 |
171.411 |
|
|
|
TOTAL |
3114.906 |
2640.741 |
2075.669 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
717.841 |
550.196 |
420.342 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
24.351 |
19.641 |
18.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
693.490 |
530.555 |
401.704 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
51.700 |
38.729 |
26.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
641.790 |
491.826 |
374.963 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
205.535 |
158.120 |
122.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
436.255 |
333.706 |
252.739 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
690.750 |
475.422 |
310.937 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCESS
PROVISION FOR EARLIER YEARS WRITTEN BACK |
0.000 |
0.000 |
(0.021) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
43.700 |
33.371 |
25.100 |
|
|
|
Dividend |
94.731 |
73.078 |
54.132 |
|
|
|
Tax on Dividend |
15.660 |
11.929 |
9.022 |
|
|
BALANCE CARRIED
TO THE B/S |
972.914 |
690.750 |
475.422 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Revenue from Export on FOB Basis
|
792.363 |
508.348 |
476.123 |
|
|
TOTAL EARNINGS |
792.363 |
508.348 |
476.123 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods & Spares |
96.496 |
78.645 |
74.929 |
|
|
|
Raw Materials |
1068.260 |
841.864 |
687.910 |
|
|
TOTAL IMPORTS |
1164.756 |
920.509 |
762.839 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
40.30 |
30.82 |
46.69 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 1st
Quarter |
|
Audited / UnAudited |
|
|
UnAudited |
|
Net Sales |
|
|
1062.600 |
|
Total Expenditure |
|
|
854.800 |
|
PBIDT (Excl OI) |
|
|
207.800 |
|
Other Income |
|
|
4.300 |
|
Operating Profit |
|
|
212.100 |
|
Interest |
|
|
22.300 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
189.900 |
|
Depreciation |
|
|
14.500 |
|
Profit Before Tax |
|
|
175.300 |
|
Tax |
|
|
60.500 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
114.800 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
114.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.38
|
10.45
|
10.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.87
|
15.49
|
15.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.99
|
31.84
|
35.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.57
|
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.18
|
0.03
|
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.62
|
1.73 |
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 |
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT -TERM
BORROWINGS |
|
|
|
From Banks |
|
|
|
Foreign Currency Loans-Buyer’s Credit against LOU issued by Citi Bank |
19.157 |
0.000 |
|
|
|
|
|
Total |
19.157 |
0.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10387422 |
28/09/2012 |
250,000,000.00 |
ANDHRA BANK |
GROUND FLOOR BRIJ ANUKAMPA, ASHOK MARG, JAIPUR, RAJASTHAN - 302001, INDIA |
B62324181 |
|
2 |
10364549 |
20/06/2012 |
305,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B43217553 |
|
3 |
10353250 |
27/11/2012 * |
312,500,000.00 |
ICICI Bank Limited |
SHREEJI TOWER C-99, C-SCHEME, AHINSA CIRCLE, JAIPUR, RAJASTHAN - 302001, INDIA |
B64588908 |
|
4 |
10323360 |
17/12/2011 * |
162,500,000.00 |
ICICI Bank Limited |
SHREEJI TOWER C-99, C-SCHEME, AHINSA CIRCLE, JAIPUR, RAJASTHAN - 302001, INDIA |
B28050359 |
|
5 |
10284547 |
15/04/2011 |
60,000,000.00 |
CANARA BANK |
ANUKAMPA MANSION,, M.I. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA |
B12131769 |
|
6 |
10262379 |
02/12/2010 |
61,085,700.00 |
CANARA BANK |
ANUKAMPA MANSION II, M.I. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA |
B04326484 |
|
7 |
10219227 |
01/12/2010 * |
30,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B02121341 |
|
8 |
10182925 |
12/10/2009 |
30,000,000.00 |
CANARA BANK |
ANUKAMPA MANSION-II, M.I.ROAD JAIPUR, JAIPUR, RAJASTHAN - 302001, INDIA |
A72396120 |
|
9 |
10164865 |
01/12/2010 * |
2,725,000.00 |
CANARA BANK |
ANUKAMPA MANSION II, M.I. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA |
B04325262 |
|
10 |
10102859 |
03/03/2008 |
200,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A38336301 |
|
11 |
10069191 |
10/09/2007 |
31,500,000.00 |
ANDHRA BANK |
BRIJ ANUKAMPA BUILDING, K-13 ASHOK MARG, JAIPUR, |
A23927403 |
|
12 |
80023857 |
01/12/2010 * |
2,500,000.00 |
CANARA BANK |
ANUKAMPA MANSION II, M.I. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA |
B04324398 |
|
13 |
90259002 |
01/12/2010 * |
67,500,000.00 |
CANARA BANK |
ANUKAMPA MANSION II, M.I. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA |
B04327714 |
|
14 |
90260120 |
20/01/2006 * |
67,500,000.00 |
CANARA BANK |
ANUKAMPA MANSION, M.I. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA |
- |
|
15 |
90258576 |
20/01/2000 |
2,500,000.00 |
CANARA BANK |
ANUKAMPA MANSION, M.I. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA |
- |
* Date of charge modification
GENERAL INFORMATION
The Subject is engaged in the business of manufacturing of Coated Textile Fabric. The Company is the leading manufacturer of Coated Textile Fabric in India. The Company has its manufacturing units situated at Village Jaitpura and Dhodsar, Jaipur (India).Knitted Fabric manufactured in Dhodsar plant is consumed as captive consumption. The products of the Company i.e. Coated Textile Fabric are widely used in different segments such as Footwear, Furnishings, Automotive OEM, Automotive Replacement Market, and Automotive Exports. The Company is selling its products directly to OEMs and other manufacturers, wholesalers in India and is also exporting to various countries including US and UK. The equity shares of the Company are presently listed with Bombay Stock Exchange Limited (BSE) and National Stock Exchange Limited (NSE)
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
The outlook for the world economy is improving at pale rate and does not seem much flourished. The economic environment during the FY 13 has been tough and the growth in India moderated for one more year. There were various Internal and external factors that played a vital role; the effect of the uncertainty and recessionary trends in the global economies were compounded by the complexity in the domestic environment. The GDP growth rate remained positive and relatively healthy despite all odds but currency volatility, concerns regarding the economic growth model, transitional imbalances and emerging focus on issues relating to corruption softened the sentiments.
Although RBI expectation of inflation to moderate below its baseline projections were suppressed, inflation continues to pose a threat and consequently, RBI maintains a cautious approach to interest rate reduction. But recent actions by RBI to reduce CRR and repo rates have raised expectations on lower interest rates by the middle of the year.
During the FY 13, India’s growth fell to its slowest pace compared to the last few years as sectors like manufacturing, mining and agriculture did not perform as anticipated. India’s growth numbers were worse than predicted because of contractions in new investments by the private sector and the financial effects of the crisis in Europe and US. Growth has slowed in India because of a sharp drop in exports, stalled investments and a fall in business sentiment due to the slow pace of reforms and high interest rates. The growth momentum has slowed in a number of major emerging market economies, notably Brazil, China and India.
The global economy witnessed weaker growth during the FY 13 as a result of, amongst others, high sovereign debt worldwide, volatile financial markets, currency fluctuations and political unrest in some parts of the world. The Indian economy has not been any exception and has witnessed sluggishness throughout FY 13. The economy is facing historically high current account deficit, high fiscal deficit, inflationary trends and deepening growth concerns with GDP growth rate for 2012 – 2013.
The global economy led by a fall in unemployment data and housing recovery in the US is expected to show some improvement in 2013. Indian economy is also expected to benefit from easing liquidity, lower interest rates, speed on policy reforms and hopefully normal monsoons. The presence of a large and young population, particularly the large middle class is expected to drive demand to ensure continued economic growth in India, which augur well for the long term prospects of the synthetic leather industry.
Automobile industry is down in India, GDP growth has been lowest in the decade and with ever increasing production capacities/facilities, things are becoming difficult but the company was able to foresee the future and directed its focus more on the export market. This enable the company to increase the export sales by 60% from 52 crores to 82 crores, keeping the growth momentum alive.
To overcome the current market situation the company intend to mark its presence in the new areas, explore the new customers and new markets.
The Company has already made significant investments for setting up large capacities toward backward integration for the manufacture of Knitted fabric for catering the export market. The 5th Coating line is under installation and is expected to be commenced by November 2013. This will add a additional capacity of 6,00,000 linear meter increasing the capacity from 1.85 million linear meter to 2.45 linear meter. Although you may be surprised to hear about capacity increase in this economic scenario but the fact is that they are pretty confident of the Indian growth story with the growth rate of 7% to 8% and the company is optimistic to increase its turnover by 30 to 35% in the years to come. Although, the outlook for the synthetic leather industry seems optimistic with the expected revival in economic growth and the ever increasing consumption demand due to the rise in the population and increase in per capita income. The Company is leveraging its specific expertise in synthetic leather business to explore new avenues across the globe. The overall outlook for FY 14 is therefore cautiously optimistic.
OPERATIONAL REVIEW
Mayur has once again posted exemplary performance in this uncertain global environment during the FY 13 and is ready to lead the Industry.
Mayur is one of the largest manufacturers of synthetic leather in India with an installed capacity of 1.85 million linear meters per month. The production during FY 13 was 18.00 million linear meters as against 15.70 million linear meters in the previous year. The Company has achieved a turnover (net of excise duty) of Rs. 3805.390 Millions in 2012-13 against a turnover (net of excise duty) of Rs. 3173.905 Millions in the year 2011-12.
Apart from an increase in domestic sales, their exports have also increased by 55.94% from Rs. 512.891 Millions in FY 12 to Rs.799.781 Millions in FY 13. The base orders continued to be stable despite the challenging market environment.
In the current fiscal also, they expect their exports to scale up steadily, largely driven by sales to overseas Automotives OEMs and successful supplier evaluation and product approval by leading OEMs of the world.
The Company is supplying to various US auto majors like Ford and Chrysler and is soon expected to supply to GM and Toyota. Approval process is on. The Company has also been approved for its product by GM but has yet to receive the orders. Mayur has developed special products such as denim resistant, etc. for the Automotive OEM’s of the world. Mayur claims to be amongst one of the first companies from India to develop such products for these auto majors.
Besides auto OEMs, general exports to the Middle East, Cyprus, UK, Russia, Sri Lanka, Nepal, United Arab Emirates and Mexico has grown. The Company has also engulfed Italy and USA after market in its diversified portfolio.
The automobile sector in FY 13 started against a backdrop of mixed macroeconomic signals in India. There was an unprecedented slowdown in the previous year, with quarterly swings. In the Indian automotive OEM space, Mayur supplies to companies like Maruti, Honda Motorcycles and Scooters India (P) Limited, MandM, Tata Motors, etc. The automotive replacement market across the globe is also one of the most promising sector. It has helped to avert any significant impact of auto sector cyclicality. The automotive replacement market is becoming organized with more and more brands coming up day by day. These big brands catering the automotive replacement market prefer to source the material from large organized players and Mayur being one of the leading manufacturers of the premium synthetic leather has taken the leverage of such opportunities and made its foothold in the new upcoming segment. The Company is of the view that replacement market in India could surpass the OEM market within 2 to 3 years.
Profit after Tax (PAT) went up to Rs. 436.255 Millions in 2012-13 from Rs. 333.706 Millions in 2011-12. Earning per share (EPS) went up to Rs. 40.30 in 2012-13 from Rs. 30.82 in 2011-12 (reinstated).
The strength of the Company’s business strategies and competence has been demonstrated by its spectacular performance during FY13.
The production has increased by 14.65% from 15.70 million linear meters to 18.00 million linear meters. The reason for the high percentage growth in turnover in comparison to production was higher input cost, better price realisation, value additions, etc.
BUSINESS OUTLOOK
For the Indian synthetic leather industry, the FY13 was a year full of opportunities as well as challenges. The artificial leather industry in India has grown over 15% in the recent past. Mayur Uniquoters (Mayur), holding the lion’s share of the industry, is bound to ride this tide.
Moreover, footwear, automotives and automotive replacement segment - Mayur’s key Customers segment are recession resilient, and the company has marquee players like Ford (USA), Chrysler (USA), Maruti, Honda Motorcycles and Scooters Private Limited, Tata Motors, Eicher Motors among automotives and Bata, Action, Liberty, Paragon, VKC Group, among Footwear as its clients enable Mayur to enjoy a dominant position in the market.
Today, the synthetic leather has become a necessity. It is used by almost everyone in one way or the other in the daily life, such as footwear, automotive seats, interior decoration, sofa interior, clothing, sports goods, shoes and bags, etc. Synthetic leather industry is an important component of the national economy and has a very wide market.
Today, synthetic or artificial leather is fast replacing the natural leather everywhere. In the past few years the quality has improved tremendously - in design, texture, colour matching, tensile strength, abrasion tolerance, etc. The ~‘40bn domestic synthetic leather industry is currently dominated by unorganised players who account for more than 50% of the same. The balance comprises of organised players such as Jasch Industries, Fenoplast, Manish Vinyl, VK Polycoats, HR Polycoats and Polynova Industries, among others, including Mayur Uniquoters Ltd. one of the largest manufacturer of synthetic leather with a capacity of 1.85 million linear meters per month.
During the current few years, there has been a dramatic shift in the footwear industry from the unorganized sector to organized sector. The footwear industry being the fashion industry is growing up with the rise in the disposable income and rapid urbanization. The footwear industry is the largest consumer of Mayur’s synthetic leather. With ever increasing number of premium brands in footwear, the demand for premium synthetic leather is rising faster. The organized players in the footwear segment prefer to go with the organized supplier and Mayur being the leader in the industry has been able to capitalize the same and today they are driving more than 50% revenue from the footwear segment. Mayur supplies to the footwear makers like Bata, Action, Liberty, Paragon, VKC Group, Relaxo, Lancer and others.
Mayur over the years has significantly registered higher than industry growth rate. They expect the company to maintain its growth momentum driven by new client wins, increased share of business from existing customers, more value added products leading to value margin and strong outlook of the footwear industry in India.
The Automotive segment is the second largest contributor to revenues after the footwear industry. Mayur derives almost 35% of its revenues from this segment. The Company is focusing on high margin Auto OEM’s export and auto replacement market both in US and India. Automotive OEM exports will be seeing the increasing focus. In the last three years the company has added Ford (USA), Chrysler (USA) to the client base which has led to exponential growth in export revenues from the US. The company is likely to enter European countries in a huge way. The company is now on the verge of adding more global Auto majors. Mayur is currently working on 3-4 new programs with Ford and Chrylser and expects the incremental share from these OEM’s to further drive export revenues. In the next three years it expects export revenue to rise to 30-35% from current level of 20%.
The auto replacement market in India is an exponential market. With the auto replacement market heading towards the organized sector and with the ever increasing number of passenger vehicles coming on road every day and numerous new brands emerging, it presents an immense opportunity to the existing players in the synthetic leather market. Mayur being the leader in the synthetic leather industry is eyeing on the same and has already made deep cracks in this segment. The domestic automobile industry, especially the passenger vehicles segment, continues to grow strongly and has not shown much cyclicality. The strong auto sales performance will also act as a catalyst for Mayur’s growth.
The fashion industry is growing at a tremendous note with the increase in disposable income and rapid urbanization. Synthetic leather is also used in furnishings, sports goods, ladies’ bags, and a number of fashion accessories. Being the fashion industry, it is recession proof and also the realizations are higher. The whole gamut of fashion products including garments, bags and furnishing are not only driving growth, but also facilitating margin expansion, as these products require more customisation and better quality.
Mayur’s astonishing growth story in the challenging economic scenario and difficult market conditions has made everyone sit up and take notice. There has been a major shift in the quality of earnings over a period of last three years. It is not just economies of scale at work but also the new innovations leading to the development of the high value added items, better customer/segment and product mix that has helped Mayur to achieve new heights. Mayur has clearly shifted gears and is operating at a different pace to reach the better heights. It has opted for backward integration for the production of knitted fabric, one of the main indrigents of synthetic leather. It will result in increased margins as a result of reduction in rejections.
As such, the business outlook seems to be promising. The same can also be seen from the performance of the Company in the highly uncertain global market.
CONTINGENT LIABILITIES:
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Demand under
disputes – Textile Committee Cess |
0.769 |
0.769 |
|
Services Tax
Demand (the company has
filed appeal against this demand) |
110.300 |
229.600 |
|
Letter of
Credit/Bank Guarantee |
334.336 |
425.538 |
FIXED ASSETS:
Tangible Assets
· Free Hold Land and Site Development
· Building and Premises
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Computers and Peripherals
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.61.53 |
|
|
1 |
Rs.99.74 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.