MIRA INFORM REPORT
|
Report Date : |
28.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
NITIN SPINNERS LIMITED |
|
|
|
|
Registered
Office : |
16-17 K.M. Stone, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.10.1992 |
|
|
|
|
Com. Reg. No.: |
17-006987 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 458.339
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111RJ1992PLC006987 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHN01149B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN7529A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject
is in the business of manufacturing of Cotton Yarn and Knitted Fabric. |
|
|
|
|
No. of Employees
: |
1430 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Sales and profit margins of the company appear to be fair. Overall
fundamentals of the company appear to be decent. Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
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 |
Long Term Bank Facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
03.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and high credit
risk |
|
Date |
03.07.2013 |
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 : |
16-17 K.M. Stone, Chittor Road, Hamirgarh, Bhilwara - 311001,
Rajasthan, India |
|
Tel. No.: |
91- 1482-286110-113 |
|
Fax No.: |
91-1482-286114/286117 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. R. L. Nolkha |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Dinesh Nolkha |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Bhagwan Ram |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Y. R. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nitin Nolkha |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. S. K. Chaturvedi (w.e.f. 29.06.2013) |
|
Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir Garg |
|
Designation : |
Company Secretary and General Manager (Legal) |
|
|
|
|
Name : |
Mr. P. Maheshwari |
|
Designation : |
Vice President (Finance) |
|
|
|
|
Name : |
Mr. Sandeep Kumar |
|
Designation : |
Vice President (Technical) |
|
|
|
|
Name : |
Mr. K. L. Pareek |
|
Designation : |
General Manager (P and A) |
|
|
|
|
Name : |
Mr. Ratnesh Kumar |
|
Designation : |
General Manager (Rotor Spinning) |
|
|
|
|
Name : |
Mr. Tarun Sahu |
|
Designation : |
General Manager (Engineering) |
|
|
|
|
Name : |
Mr. Umesh Toshniwal |
|
Designation : |
General Manager (Marketing) |
|
|
|
|
Name : |
Mr. S. S. Ranka |
|
Designation : |
General Manager (TPP) |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12412071 |
27.08 |
|
|
16682934 |
36.40 |
|
|
29095005 |
63.48 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
29095005 |
63.48 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
393029 |
0.86 |
|
|
393029 |
0.86 |
|
|
|
|
|
|
1853934 |
4.04 |
|
|
|
|
|
|
8689885 |
18.96 |
|
|
5622515 |
12.27 |
|
|
179577 |
0.39 |
|
|
16231 |
0.04 |
|
|
161846 |
0.35 |
|
|
1500 |
0.00 |
|
|
16345911 |
35.66 |
|
Total
Public shareholding (B) |
16738940 |
36.52 |
|
Total
(A)+(B) |
45833945 |
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) |
45833945 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of manufacturing of Cotton Yarn
and Knitted Fabric. |
PRODUCTION STATUS (As on 31.03.2013)
|
Particulars |
Unit |
Installed
Capacity |
|
Rotors
|
(Nos.) |
2936 |
|
Spindles
|
(Nos.) |
77616 |
|
Knitted Fabric |
(No.
of M/c’s) |
31 |
|
Particulars |
Unit |
Production
/ Purchase |
|
A. Yarn |
|
|
|
Own Manufacturing* |
In Tons |
21515.951 |
|
Trading |
In Tons |
770.077 |
|
B.
Fabric |
In Tons |
1933.789 |
|
C.
job Works and Others |
|
|
|
Fabrics |
In Tons |
507.140 |
* Production includes 1750.124 Tons transferred for captive consumption
GENERAL INFORMATION
|
No. of Employees : |
1417 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Note: Long
Term Borrowings
a.
Term loans of Rs. 8620.900 Millions
are Repayable in 4 variable quarterly Installments upto 31st March 2014
(Applicable rate of interest 12.25% p.a.) b.
Term loans of Rs. 11366.500 Millions
are Repayable in 13 variable quarterly Installments upto 30th June 2016
(Applicable rate of interest 12.25% p.a.) c.
Term loans of Rs. 132490.000 Millions
are Repayable in 23 variable quarterly Installments upto 31st December 2018
(Applicable rate of interest 12.25% p.a.) d.
Term loans of Rs. 5785.500 Millions
are Repayable in 27 equal quarterly Installments upto 31st December 2019
(Applicable rate of interest 13.00% p.a.) e.
Term loans of Rs. 31312.500 Millions
are Repayable in 23 variable quarterly Installments upto 31st December 2018
(Applicable rate of interest 8.75% p.a.) f.
Vehicle loans of Rs. 207.300 00
Millions is Repayable in 38 variable monthly Installments upto 7th May 2016
(Applicable rate of interest 10.40% p.a.) Short Term Borrowings The working capital loans are secured by way of
hypothecation (both present and future ) of stocks of raw material /
component spares, stock in process, finished goods and book debts and a
second charge on all immovable properties (both present and future) of the
company. The working capital loans are also secured by personal guarantee of
three Directors. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. S. Dani and Company Chartered Accountants |
|
Address : |
Bhilwara, Rajasthan, India |
|
|
|
|
Associates : |
Redial Trading and Investment Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46000000 |
Equity Shares |
Rs. 10/- each |
Rs. 460.000 Millions |
|
400000 |
Preference Shares |
Rs. 100/- each |
Rs. 40.000 Millions |
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45833945 |
Equity Shares |
Rs. 10/- each |
Rs. 458.339 Millions |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Redial
Trading and Investment Private Limited, India |
6633947 |
14.47% |
|
Prasham
Corporate Services (India) Private Limited, India |
6197527 |
13.52% |
|
Ratan
Lal Nolkha |
5367405 |
11.71% |
|
Dolphin
Carrier Private Limited, India |
2332973 |
5.09% |
The company has not issued, any shares pursuant to contract without
payment being received in cash, Bonus Share and has not bought back any shares
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 |
458.339 |
458.339 |
458.339 |
|
(b) Reserves & Surplus |
549.630 |
408.257 |
405.227 |
|
(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) |
1007.969 |
866.596 |
863.566 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1623.212 |
1836.830 |
2085.346 |
|
(b) Deferred tax liabilities (Net) |
65.963 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
14.534 |
10.927 |
7.718 |
|
Total Non-current
Liabilities (3) |
1703.709 |
1847.757 |
2093.064 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
168.596 |
401.238 |
539.084 |
|
(b) Trade
payables |
32.760 |
40.608 |
33.817 |
|
(c) Other
current liabilities |
534.107 |
309.048 |
274.726 |
|
(d) Short-term
provisions |
10.145 |
7.736 |
6.393 |
|
Total Current
Liabilities (4) |
745.608 |
758.630 |
854.020 |
|
|
|
|
|
|
TOTAL |
3457.286 |
3472.983 |
3810.650 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2129.852 |
2280.889 |
2492.805 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
33.803 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.003 |
|
(c) Deferred tax assets (net) |
0.000 |
2.422 |
2.397 |
|
(d) Long-term Loan and Advances |
65.034 |
47.628 |
21.226 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2194.886 |
2364.742 |
2516.431 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
818.970 |
771.240 |
818.381 |
|
(c) Trade
receivables |
280.397 |
185.015 |
353.383 |
|
(d) Cash
and cash equivalents |
2.759 |
0.847 |
1.418 |
|
(e)
Short-term loans and advances |
50.999 |
17.500 |
17.145 |
|
(f) Other
current assets |
109.275 |
133.639 |
103.892 |
|
Total
Current Assets |
1262.400 |
1108.241 |
1294.219 |
|
|
|
|
|
|
TOTAL |
3457.286 |
3472.983 |
3810.650 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4460.536 |
4283.003 |
4109.084 |
|
|
|
Other Income |
3.029 |
1.267 |
2.353 |
|
|
|
TOTAL (A) |
4463.565 |
4284.270 |
4111.437 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2495.843 |
2800.369 |
2609.360 |
|
|
|
Purchase of Traded Goods |
146.063 |
62.674 |
0.000 |
|
|
|
Changes in Inventories
of Finished Goods, Work-in-progress and Stock-in-Trade |
(1.895) |
104.282 |
(87.882) |
|
|
|
Employee
Benefits Expenses |
199.360 |
164.949 |
147.504 |
|
|
|
Other Expenses |
749.008 |
700.280 |
681.998 |
|
|
|
TOTAL (B) |
3588.379 |
3832.554 |
3350.980 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
875.186 |
451.716 |
760.457 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
273.058 |
208.956 |
210.368 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
602.128 |
242.760 |
550.089 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
244.987 |
239.755 |
240.240 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
0.000 |
0.000 |
213.146 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
357.141 |
3.005 |
96.703 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
215.768 |
(0.026) |
29.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
141.373 |
3.031 |
67.378 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.202 |
74.171 |
6.793 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
218.575 |
77.202 |
74.171 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods at FOB value |
3278.700 |
2798.433 |
2801.852 |
|
|
TOTAL EARNINGS |
3278.700 |
2798.433 |
2801.852 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts including Packing Materials |
51.293 |
48.711 |
37.892 |
|
|
|
Raw Material |
225.809 |
4.268 |
86.472 |
|
|
|
Capital Goods |
48.632 |
18.781 |
0.000 |
|
|
TOTAL IMPORTS |
325.734 |
71.760 |
124.364 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.08 |
0.07 |
1.47 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
1170.900 |
|
Total Expenditure |
939.200 |
|
Profit before interest, depreciation and
tax (Excluding Other Income) |
231.700 |
|
Other income |
0.000 |
|
Operating Profit |
231.700 |
|
Interest |
50.800 |
|
Exceptional Items |
0.000 |
|
Profit before depreciation and tax |
180.900 |
|
Depreciation |
60.200 |
|
Profit before tax |
120.700 |
|
Tax |
40.100 |
|
Profit after tax |
80.600 |
|
Extraordinary items |
0.000 |
|
Prior period expenses |
0.000 |
|
Other adjustments |
0.000 |
|
Net Profit |
80.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.17
|
0.07 |
1.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.00
|
0.07 |
2.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.90
|
0.26 |
7.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.00 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.78
|
2.58 |
3.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.46 |
1.52 |
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 |
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 |
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Security Deposits |
0.485 |
0.306 |
|
Total |
0.485 |
0.306 |
OPERATIONAL REVIEW
This is a landmark year for the Company as it has achieved highest ever
turnover as well as profitability. During the year turnover has increased to Rs.
4460.500 Millions from Rs. 4283.000 Millions representing an increase of 4.14%
over previous year. Despite slow down in global markets and negative growth in
exports from India during the year, The Company registered double digit growth
in Export turnover as it has grown by 12.88% from Rs. 3019.900 Millions in the
previous year to Rs. 3409.000 Millions during the current year and it
constitutes 76.42% of the total turnover.
Stable cotton price, consistent demand of Cotton Yarn from Domestic as
well as International markets and favourable foreign exchange rates resulted in
remarkable increase in operating profit (EBIDTA) from Rs 451.700 Millions in
previous year to Rs. 875.200 Millions in current year registering significant
growth of 94% over previous year. The Finance Cost has increased due to
aligning of interest rate from CDR rate to Market rates and provisioning of
recompense amount for the current financial year for exit from CDR Scheme.
Exceptional items represent provision for recompense amount upto 31.03.2012 for
exit from CDR Scheme pending approval of CDR Core Group. Finally, Net Profit
(PAT) of The Company has increased substantially to Rs 141.400 Millions during
the current year against Rs 3.000 Millions in the previous year.
INDUSTRY OUTLOOK
The tough economic conditions of previous year continued during the year
2012-13 also. As a result of weakening of global economies, high interest rates
coupled with lackluster reform process, the industrial production has slowed
down. This together with subdued performance in both services and agriculture
sectors has significantly slowed down GDP growth to about 5% in current fiscal.
Further, high crude oil and gold imports and lower exports resulted in widening
of current account deficit. Recent correction in commodity prices will help to
bring down trade deficit and inflation. This can pave the way for reduction in
interest rate and lowering cost of production which is expected to boost
productivity in manufacturing sector. Global economies are also recovering from
their worst. All these factors indicate to optimistic picture in the current
year.
India’s textiles and clothing industry is one of the mainstays of the
national Economy. It is also one of the largest contributing sectors of India’s
exports worldwide. The textiles industry accounts for 14% of industrial
production, which is 4% of GDP; employs 45 million people and accounts for
nearly 17% share of the country’s total exports Thus growth and all round
development of this industry has direct bearing on the improvement of the
economy of the nation. The textile industry is broadly divided into three
segments Cotton, Synthetics and other like wool, jute, silk etc. Cotton Textile
continues to dominate with around 70 % share.
Cotton is the main raw-material for cotton spinning mills and there is
phenomenal increase in cotton production in India in recent years. India ranks
second in production after China, although area wise it occupies first place.
In the current season 2012-13 cotton crop is estimated at 34.000 Millions bales
more or less in line with the production of previous year. Inspite of weak
global and domestic scenario, the Cotton Textile Industry performed well during
the current year and production of Cotton Yarn in their country has increased
by about 14% and Exports nearly 25%. The cotton prices remained stable during
the year under review. Stable cotton price, consistent demand of Cotton Yarn
from Domestic as well as International markets and favorable foreign exchange
rates turned out to be landmark year for the cotton spinning industry and The
Company has also witnessed phenomenal growth in operating and cash margins.
CONTINGENT
LIABILITIES NOT PROVIDED FOR :
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Bills discounted with banks |
421.032 |
366.994 |
|
Disputed
taxation matters for which no provision has been made:- |
|
|
|
Cenvat, Service Tax and Custom Duty |
81.499 |
81.499 |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10443047
|
09/07/2013
|
3,000,000.00
|
Daimler
Financial Services India Private Limited |
Unit 202, 2nd Floor, Campus 3B,RMZ
Millennia, Business Park, No.143, Dr. M. G. R. Road, Perungudi, Chennai,
Tamil Nadu - 600096, INDIA |
B82023581
|
|
2 |
10343563
|
19/07/2012
* |
45,000,000.00
|
INDIAN
OVERSEAS BANK |
1-5, AAKAR TOWER,, OLD RTO ROAD,
GANDHI NAGAR, BHILWARA, Rajasthan - 311001, INDIA |
B45409323
|
|
3 |
10342519
|
19/07/2012
* |
45,000,000.00
|
PUNJAB
NATIONAL BANK |
BHOPAL GANJ, BHILWARA,
Rajasthan - 311001, INDIA |
B45370616
|
|
4 |
10184525
|
12/10/2009
|
215,000,000.00
|
ICICI
BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, Gujarat - 390015, INDIA |
A73099848
|
|
5 |
10180474
|
19/07/2012
* |
100,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
B45669678
|
|
6 |
10167302
|
15/07/2009
|
65,000,000.00
|
PUNJAB
NATIONAL BANK |
BHOPAL GANJ, BHILWARA,
Rajasthan - 311001, INDIA |
A66114034
|
|
7 |
10165556
|
12/10/2009
* |
160,000,000.00
|
ICICI
BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, Gujarat - 390015, INDIA |
A72522949
|
|
8 |
10106054
|
19/06/2008
|
220,000,000.00
|
3i
Infotech Trusteeship Services Limited |
3rd to 6th floor,
International Infotech Park, Tower No.5, Vashi Railway Station Complex,
Vashi, Navi Mumbai, Maharashtra - 400703, INDIA |
A39851340
|
|
9 |
10085214
|
19/07/2012
* |
100,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
B45670072
|
|
10 |
10074418
|
22/07/2008
* |
350,000,000.00
|
STATE
BANK OF INDIA |
COMMERCIAL BRANCH, PUR ROAD,
BHILWARA, Rajasthan - 311001, INDIA |
A42506360 |
|
11 |
10036397
|
19/07/2012
* |
260,000,000.00
|
UCO
BANK |
NAGORI GARDEN, BHILWARA,
Rajasthan - 311001, INDIA |
B45528536
|
|
12 |
10009866
|
19/07/2012
* |
50,000,000.00
|
BANK
OF BARODA |
NAGORI GARDEN, BHILWARA,
Rajasthan - 311001, INDIA |
B45659497
|
|
13 |
10006965
|
19/07/2012
* |
500,000,000.00
|
STATE
BANK OF INDIA |
PALM COURT BUILDING, 6TH
FLOOR, MEHRAULI ROAD, GURGAON, Haryana - 122001, INDIA |
B45595493
|
|
14 |
10004846
|
19/07/2012
* |
150,000,000.00
|
INDIAN
OVERSEAS BANK |
1-5, AAKAR TOWER, OLD RTO ROAD,
GANDHI NAGAR, BHILWARA, Rajasthan - 311001, INDIA |
B45410578
|
|
15 |
10004301
|
27/08/2013
* |
250,000,000.00
|
ORIENTAL
BANK OF COMMERCE |
SHANTI BHAWAN, BHILWARA,
Rajasthan - 311001, INDIA |
B85250728
|
|
16 |
10003658
|
19/07/2012
* |
400,000,000.00
|
PUNJAB
NATIONAL BANK |
BHOPAL GANJ, BHILWARA,
Rajasthan - 311001, INDIA |
B45373222
|
|
17 |
80010865
|
19/07/2012
* |
40,000,000.00
|
ORIENTAL
BANK OF COMMERCE |
SHANTI BHAWAN, BHILWARA,
Rajasthan - 311001, INDIA |
B45242534
|
|
18 |
80019915
|
19/07/2012
* |
60,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B45667250
|
|
19 |
80010845
|
19/07/2012
* |
70,000,000.00
|
INDIAN
OVERSEAS BANK |
1-5, AAKAR TOWER, OLD RTO
ROAD, GANDHI NAGAR, BHILWARA, Rajasthan - 311001, INDIA |
B45410081
|
|
20 |
90113571
|
19/07/2012
* |
75,000,000.00
|
PUNJAB
NATIONAL BANK |
BHOPAL GANJ, BHILWARA,
Rajasthan - 311001, INDIA |
B45372497
|
|
21 |
80010850
|
19/07/2012
* |
7,500,000.00
|
INDIAN
OVERSEAS BANK |
1-5, AAKAR TOWER, OLD RTO
ROAD, GANDHI NAGAR, BHILWARA, Rajasthan - 311001, INDIA |
B45594801
|
|
22 |
80019916
|
24/09/2013
* |
1,140,000,000.00
|
ORIENTAL
BANK OF COMMERCE |
SHANTI BHAWAN, BHILWARA,
Rajasthan - 311001, INDIA |
B86069655
|
|
23 |
90113552
|
19/07/2012
* |
190,000,000.00
|
PUNJAB
NATIONAL BANK |
BHOPAL GANJ, BHILWARA,
Rajasthan - 311001, INDIA |
B45373800
|
|
24 |
90113286
|
19/07/2012
* |
190,000,000.00
|
INDIAN
OVERSEAS BANK |
1-5, AAKAR TOWER, OLD RTO
ROAD, GANDHI NAGAR, BHILWARA, Rajasthan - 311001, INDIA |
B45411329
|
|
25 |
80010853
|
19/07/2012
* |
10,000,000.00
|
INDIAN
OVERSEAS BANK |
1-5, AAKAR TOWER, OLD RTO ROAD,
GANDHI NAGAR, BHILWARA, Rajasthan - 311001, INDIA |
B45595170
|
|
26 |
80010859
|
19/07/2012
* |
50,000,000.00
|
PUNJAB
NATIONAL BANK |
BHOPAL GANJ, BHILWARA,
Rajasthan - 311001, INDIA |
B45371127
|
|
27 |
80010851
|
19/07/2012
* |
60,000,000.00
|
INDIAN
OVERSEAS BANK |
1-5, AAKAR TOWER, OLD RTO
ROAD, GANDHI NAGAR, BHILWARA, Rajasthan - 311001, INDIA |
B45409687
|
|
28 |
80019941
|
19/07/2012
* |
150,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
B45675949
|
|
29 |
90113277
|
19/07/2012
* |
570,000,000.00
|
ORIENTAL
BANK OF COMMERCE |
SHANTI BHAWAN, BHILWARA,
Rajasthan - 311001, INDIA |
B45243284
|
* Date of modification charge
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE, 2013
(Rs. In Millions)
|
|
Particulars |
Quarter ended 30.06.2013 |
|
|
|
( Unaudited) |
|
1. |
(a) Net Sales/Income from Operations |
117029.100 |
|
|
(b) Other Operating Income |
60.500 |
|
|
Total Income from operations (Net) |
117089.600 |
|
2 |
Expenses |
|
|
|
a. Cost of materials consumed |
69170.300 |
|
|
b. Purchase of Traded Goods |
2116.600 |
|
|
c. Changes in inventories of Finished Goods, W1P
& Stock in Trade |
(586.400) |
|
|
d. Employees benefit expenses |
5963.200 |
|
|
e. Power & Fuel |
8213.200 |
|
|
f. Depreciation |
6021.500 |
|
|
g. Other Expenses |
9041.000 |
|
|
Total Expenses |
99939.400 |
|
3 |
Profit from operations before Other Income, Finance Cost
and Exceptional items (1-2) |
17150.200 |
|
4 |
Other income/(Loss) |
- |
|
5 |
Profit before Finance Cost and Exceptional items
(3+4) |
17150.200 |
|
6 |
Finance Cost |
5079.600 |
|
7 |
Profit before Depreciation, Tax and Exceptional
Items |
18092.100 |
|
8 |
Profit after Finance Cost but before Exceptional
items (5-6) |
12070.600 |
|
9 |
Exceptional items |
- |
|
10 |
Profit from Ordinary Activities before Tax (8-9) |
12070.600 |
|
11 |
Tax Expenses - Current Tax |
226.500 |
|
|
- Deferred Tax Charge/(Credit) |
3784.300 |
|
12 |
Profit from Ordinary Activities after Tax (10-11) |
8059.800 |
|
13 |
Extraordinary Items |
- |
|
14 |
Net Profit for the period (12-13) |
8059.800 |
|
15 |
Paid-up Equity Share Capital (Face Value of Rs. 10/-each) |
45833.900 |
|
16 |
Reserves excluding Revaluation Reserve |
|
|
17 |
(a) Basic and diluted EPS not annualised (before
extraordinary items) |
1.76 |
|
|
(b) Basic and diluted EPS not annualised (after
extraordinary items) |
1.76 |
|
|
|
|
|
18 |
Public Shareholding |
|
|
|
- Number of Shares |
17011772 |
|
|
- Percentage of Shareholding |
37.12 |
|
|
|
|
|
19 |
Promoters & Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered - Number of Shares |
7931430 |
|
|
% of Shares to total Shareholding of Promoters & Promoters
Group |
27.52 |
|
|
% of Shares to total Share Capital of the Company |
17.30 |
|
|
|
|
|
|
b) Non Encumbered - Number of Shares |
20890743 |
|
|
% of Shares to total Shareholding of Promoters &
Promoters Group |
72.48 |
|
|
% of Shares to total Share Capital of the Company |
45.58 |
Note:
1.
The Provision of Current Tax is net of MAT credit
entitlement of Rs. 2303.500 Millions
2.
No investors' complaint was pending at the beginning
and end of the Quarter and no complaint was received during the Quarter.
3.
The company's business activities fall within a single
business segment (Textiles), in terms of Accounting Standard -17 of ICAI.
4.
The figures of previous year/quarter have been
regrouped / rearranged, wherever required, to make them comparable with the
corresponding quarter/year.
5.
The above financial results have been approved by the
Audit Committee & Board of Directors at their meeting held on 27th July,
2013.
FIXED ASSETS:
- Freehold Land
- Buildings
- Plant and
Machinery
- Electric
Installation
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
PRESS RELEASE
The Board of
Directors of the Company in its meeting held on 27.07.2013 has approved
followings:-
1. Un-audited
Financial Results for the Quarter ended 30th June, 2013. The
highlights of the results are under :-
(i)
The Company has
reported Turnover of Rs. 1170.200 Millions for the current quarter registering
an increase of 8.71% from the turnover of Rs. 1076.500 Millions during the
corresponding quarter in previous year.
(ii)
The Operating Profit
of the Company has grown by 26.56% and the same has increased to Rs. 231.700
Millions in the current quarter from Rs. 183.100 Millions during the
corresponding quarter in previous year.
(iii)
The Profit after Tax
(PAT) of the Company has increased by 122% to Rs. 80500 Millions against Rs.
36.300 Millions in the Corresponding Quarter in the previous year. The Company
has posted EPS of Rs. 1.76 for the Quarter ended 30th June, 2013. '
2. Expansion
project for installation of 70000 Spindles at an estimated cost of Rs. 2800.000
Millions at the existing location of the Company. The Project is proposed to be
financed through Term Loans and Internal Accruals.
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. 61.63 |
|
|
1 |
Rs. 99.94 |
|
Euro |
1 |
Rs. 84.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.