MIRA
INFORM REPORT
|
Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAHOTI OVERSEAS
LIMITED |
|
|
|
|
Registered
Office : |
307, Arun Chambers,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.04.1995 |
|
|
|
|
Com. Reg. No.: |
11-087643 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 58.459
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1995PLC087643 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04856F /
MUML02121A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL2578H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Exporter of
Yarns, Fabrics and also engaged in Power Generation. |
|
|
|
|
No. of Employees
: |
Not Available |
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 2500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal 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) |
|
India |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : (BBB-) |
|
Rating Explanation |
Moderate degree of safety it carry moderate
credit risk. |
|
Date |
September 12, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : (A3) |
|
Rating Explanation |
Moderate degree of safety it carry higher
credit risk. |
|
Date |
September 12, 2012 |
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 : |
307, Arun Chambers,
Tardeo Road, Mumbai - 400034, Maharashtra, India |
|
Tel. No.: |
91-22-23516389/
90/ 56602167/ 68/ 40500100 |
|
Fax No.: |
91-22-40500150 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Dhaka Office : |
House 540/6, Road 12 (West) Baridhara D.O.H.S, Dhaka,
Bangladesh |
|
|
|
|
Coimbatore Office : |
2nd Floor, Tirumalai Tower, 723 B, Avinashi Road,
Coimbatore – 641018, Tamilnadu, India |
|
Tel. No.: |
91-422-2222282 |
|
Fax No.: |
91-422-2223116 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Ujwal R. Lahoti |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Umesh R. Lahoti |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Aadhitiya U. Lahoti |
|
Designation : |
Joint Executive Director |
|
|
|
|
Name : |
Mr. Pradeep R. Rathi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prakash R. Bang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay Ajgaonkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prem S. Malik |
|
Designation : |
Additional Director |
|
Date of Birth/Age : |
70 Years |
|
Experience : |
45 Years |
|
Date of Appointment : |
28.03.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Aweline Mendes |
|
Designation : |
Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
15133925 |
51.88 |
|
|
2317500 |
7.94 |
|
|
17451425 |
59.82 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17451425 |
59.82 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1676006 |
5.75 |
|
|
|
|
|
|
4545130 |
15.58 |
|
|
561351 |
1.92 |
|
|
4937588 |
16.93 |
|
|
687588 |
2.36 |
|
|
4250000 |
14.57 |
|
|
11720075 |
40.18 |
|
Total Public shareholding (B) |
11720075 |
40.18 |
|
Total (A)+(B) |
29171500 |
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) |
29171500 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Exporter of Yarns,
Fabrics and also engaged in Power Generation. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Bankers : |
v State Bank of
India v ICICI Bank
Limited v DBS Bank Limited v HSBC Limited v Punjab National
Bank v Citi Bank N.A. |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
P. C. Ghadiali and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Lahoti Navneet and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Associates : |
v Lahoti Terra
Knitfab Limited |
|
|
|
|
Subsidiaries : |
v Lahoti Spintex
Limited v G. Varadan
Limited |
|
|
|
|
Other Related
Parties: |
v PS Ware
Information Private Limited v Sri Laxmi
Exports (Partnership Firm) v Kirti Stock
Brokers Private Limited v Bauble
Investment Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29,382,500 |
Equity Shares |
Rs. 2/- each |
Rs. 58.765
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29,171,500 |
Equity Shares |
Rs. 2/- each |
Rs. 58.343
Millions |
|
211000 |
Add: Forfeited Shares |
|
Rs. 0.116
Million |
|
|
Total |
|
Rs. 58.459 Millions |
(i) Reconciliation of the number of shares and amount outstanding at the
beginning and at the end of the reporting year:
|
Particulars |
31.03.2012 |
|
|
Equity shares with voting rights |
Number of shares |
Rs. in millions |
|
Opening Balance |
29,382,500 |
58.459 |
|
Less : Shares Forfeited |
211,000 |
-- |
|
Closing Balance |
29,171,500 |
58.459 |
(ii) Details of shares held by each shareholder holding more than 5%
shares:
|
Name of shareholder |
31.03.2012 |
|
|
Equity shares
with voting rights |
Number of shares |
% holding |
|
Ujwal R Lahoti |
3,823,000 |
13.11 |
|
Umesh R Lahoti |
4,484,000 |
15.37 |
|
Jayashri U Lahoti |
2,375,500 |
8.14 |
|
Manjushri Umesh Lahoti |
1,934,500 |
6.63 |
|
Rukmini R Lahoti |
1,522,000 |
5.22 |
|
Kirti Stock Brokers Private Limited |
1,610,000 |
5.52 |
|
Billion Way Garment Limited |
4,250,000 |
14.57 |
(iii) Details of forfeited shares:
|
Class of shares |
31.03.2012 |
|
|
|
Number of shares |
Amount originally paid up Rs. in millions |
|
Equity shares with voting rights |
211,000 |
0.116 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
58.459 |
58.459 |
|
(b) Reserves & Surplus |
|
567.339 |
507.319 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
625.798 |
565.778 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.422 |
30.422 |
|
(b) Deferred tax liabilities (Net) |
|
20.879 |
22.042 |
|
(c) Other long
term liabilities |
|
5.518 |
6.840 |
|
(d) long-term
provisions |
|
1.123 |
0.920 |
|
Total Non-current
Liabilities (3) |
|
27.942 |
60.224 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
146.356 |
177.911 |
|
(b)
Trade payables |
|
15.453 |
26.193 |
|
(c) Other
current liabilities |
|
53.649 |
33.022 |
|
(d) Short-term
provisions |
|
14.378 |
14.433 |
|
Total Current
Liabilities (4) |
|
229.836 |
251.559 |
|
|
|
|
|
|
TOTAL |
|
883.576 |
877.561 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
111.842 |
127.297 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
108.837 |
103.315 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
51.639 |
27.283 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
272.318 |
257.895 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
73.399 |
137.001 |
|
(b)
Inventories |
|
92.884 |
68.494 |
|
(c)
Trade receivables |
|
279.877 |
290.372 |
|
(d) Cash
and cash equivalents |
|
39.667 |
9.324 |
|
(e)
Short-term loans and advances |
|
77.700 |
101.784 |
|
(f)
Other current assets |
|
47.731 |
12.691 |
|
Total
Current Assets |
|
611.258 |
619.666 |
|
|
|
|
|
|
TOTAL |
|
883.576 |
877.561 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
58.459 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
457.856 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
516.315 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
257.027 |
|
|
2] Unsecured Loans |
|
|
10.422 |
|
|
TOTAL BORROWING |
|
|
267.449 |
|
|
DEFERRED TAX LIABILITIES |
|
|
15.623 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
799.387 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
138.153 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
112.770 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
89.164
|
|
|
Sundry Debtors |
|
|
387.567
|
|
|
Cash & Bank Balances |
|
|
14.139
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
158.337
|
|
Total
Current Assets |
|
|
649.207
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
32.997
|
|
|
Other Current Liabilities |
|
|
50.649
|
|
|
Provisions |
|
|
17.097
|
|
Total
Current Liabilities |
|
|
100.743
|
|
|
Net Current Assets |
|
|
548.464
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
799.387 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2335.544 |
3084.597 |
2657.355 |
|
|
|
Other Income |
16.982 |
(14.997) |
3.623 |
|
|
|
TOTAL (A) |
2352.526 |
3069.600 |
2660.978 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
2081.147 |
|
|
|
|
|
Changes in
inventories of finished goods, work-in progress and stock-in-trade |
(24.389) |
20.670 |
|
|
|
|
Employee benefits expense |
9.008 |
7.562 |
|
|
|
|
Other expenses |
155.856 |
152.048 |
|
|
|
|
TOTAL (B) |
2221.622 |
2928.253 |
2559.491 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
130.904 |
141.347 |
101.487 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.501 |
21.938 |
11.427 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
114.403 |
119.409 |
90.060 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.739 |
20.405 |
9.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
94.664 |
99.004 |
80.965 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.986 |
35.921 |
18.689 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
69.678 |
63.083 |
62.276 |
|
|
|
|
|
|
|
|
|
|
Excess
provision for Dividend written back |
3.880 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
366.656 |
321.949 |
278.063 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.226 |
4.732 |
4.671 |
|
|
|
Dividend |
11.669 |
11.753 |
11.753 |
|
|
|
Tax on Dividend |
1.893 |
1.952 |
1.997 |
|
|
|
Excess provision for Dividend written back |
0.000 |
(0.061) |
(0.031) |
|
|
BALANCE CARRIED
TO THE B/S |
421.426 |
366.656 |
321.949 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export |
2167.386 |
2944.238 |
2427.093 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.38 |
2.16 |
0.33 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
1046.500 |
1166.200 |
1503.200 |
|
Total Expenditure |
995.800 |
1110.800 |
1445.900 |
|
PBIDT (Excl
OI) |
50.700 |
55.500 |
57.300 |
|
Other Income |
1.000 |
1.500 |
1.900 |
|
Operating
Profit |
51.700 |
56.900 |
59.200 |
|
Interest |
5.600 |
10.600 |
10.400 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
46.100 |
46.300 |
48.800 |
|
Depreciation |
4.200 |
4.200 |
4.200 |
|
Profit
Before Tax |
41.900 |
42.100 |
44.600 |
|
Tax |
13.400 |
11.300 |
13.600 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
28.500 |
30.800 |
31.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
28.500 |
30.800 |
31.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.96
|
2.06 |
2.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.05
|
3.21 |
3.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.22
|
12.79 |
10.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.17 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.23
|
0.37 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
2.46 |
6.44 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
0.422 |
0.422 |
|
Total |
0.422 |
0.422 |
RESULTS OF
OPERATIONS
During the year,
the Company has recorded a total income of Rs. 2352.526 Millions, against Rs.
3069.601 Millions in the previous year, with the decrease of 23.36% due to
change in the government policies in Cotton export and recession in European
countries. Accordingly Net Profit before Taxation for the financial year ended
March, 31, 2012 had also been decreased to Rs. 94.664 Millions from Rs. 99.003
Millions which is decreased of 22.28% in the previous year. However, the Profit
after Tax increased from Rs. 63.093 Millions to Rs. 69.678 Millions an increase
of 10.45%.
MANAGEMENT DISCUS SION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The textile industry
plays a crucial role in the Indian economy. It has a significant weight in the
industrial production. Being a priority sector, the Government has extended
Technological Up gradation Fund Scheme for providing necessary impetus to
achieve quantum growth in the short term.
Lahoti Overseas
Limited is an ISO 9001:2008 certified Company and is mainly engaged in the
export trading of cotton yarn in all coarser and fine counts, where the Company
has strong presence and leadership. The Company is mainly targeting the export
of cotton yarn to Far East Asian countries like South Korea, China, Japan, Hong
Kong, Malaysia, Vietnam and also cater to Gulf, Meditarian, European, North and
South American markets. The Company enjoys the excellent relationship with its
overseas customers, which has been built over the years by strictly adhering to
delivery schedules maintaining consistent quality and providing prompt after
sales service.
In Recognition of
the Company’s excellent export performance, the Company has received Gold,
Silver and Bronze trophies consistently since 1997 from TEXPROCIL (Cotton
Textile Export Promotion Council) for excellence in export of cotton yarn. The
Company has received the Prestigious “Bronze Trophy” in Merchant Exporters
category from TEXPROCIL for the year 2010-2011. Besides above, the Company has
received Business World International Business Award for Category – “Best
Export House” for excellent performance in exports.
OUTLOOK
The long term
objective of the Company is to remain strong player in the cotton export market
with strong emphasis on product and market development, value added yarns,
customer services and Technology Upgradation. The Company is also continuously
improving its operational efficiency, and cost control which alone can improve
the bottom line in future in highly competitive environment. Further, the
Company is hopeful to get advantage of the overall good times likely to come
for the Indian Textile Industry and will do all out efforts to secure the
bigger share of the increasing market in future.
The Company has
taken proactive steps by opening Liaison office in Bangladesh which is emerging
to be one of the big markets for Cotton Textiles. This will help the Company
establish closer ties with the buyers and improve its services in this upcoming
and potential market. Further the Company has given emphasis on better services
and closer interaction with the buyers which has resulted in good growth in the
overall profitability of the Company. The Company expects much better sales and
profits for the F.Y. – 2012-13.
FINANCIAL AND
OPERATIONAL PERFORMANCE
During the year,
the Company has recorded a total income of Rs. 2352.526 Millions, against Rs.
3069.601 Millions in the previous year, with the decrease of 23.36%. Net Profit
before Taxation for the financial year ended March, 31, 2012 decreased to Rs.
94.664 Millions from Rs. 99.003 Millions which is decreased of 22.28% in the
previous year.
However, the
Profit after Tax increased from Rs. 63.093 Millions to Rs. 69.678 Millions an
increase of 10.45%. The ongoing cost reduction measures and efficient
operational system implemented by the Company has resulted in better
utilization of resources and funds of the Company.
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH
JUNE, 2013
(Rs. in Millions)
|
s. |
|
3 months ended |
Preceding
3 months ended |
Corresponding
3 Months ended in the previous year |
Previous
Year ended |
|
No. |
Particulars |
30/06/2013 |
31/03/2013 |
30/06/2012 |
31/03/2013 |
|
|
|
Unaudited |
Audited |
Unaudited |
Audited |
|
1 |
income From Operations |
|
|
|
|
|
|
(A) Net Sales / Income from Operation |
1472.844 |
1586.180 |
1017.850 |
5155.101 |
|
|
(B) Other Operational Income |
62.215 |
29.479 |
28.661 |
176.650 |
|
|
Total Income From Operations (Net) |
1535.059 |
1615.659 |
1046.511 |
5331.751 |
|
2 |
Expenses |
|
|
|
|
|
|
(A) Purchase of Stock in Trade |
1376.791 |
1502.731 |
908.724 |
4943.505 |
|
|
(B) (Increase) / Decrease in Stock in Trade |
(6.384) |
21.076 |
26.430 |
(25.798) |
|
|
(C) Employees Benefit Expenses |
3.457 |
3.875 |
2.593 |
12.621 |
|
|
(D) Depreciation and Amortisation Expenses |
10.154 |
3.956 |
4.175 |
16.941 |
|
|
(E) Other Expenses |
84.211 |
67.294 |
58.090 |
217.147 |
|
|
Total Expenses |
1468.228 |
1598.932 |
1000.012 |
5164.416 |
|
3 |
Profit from operations before other income, finance
cost and exceptional item (1 - 2 ) |
66.831 |
16.727 |
46.499 |
167.335 |
|
4 |
Other Income net of other expenses |
2.456 |
36.949 |
1.040 |
41.517 |
|
5 |
Profit from operations before finance cost and
exceptional item(3+4) |
69.287 |
53.676 |
47.539 |
208.852 |
|
6 |
Finance Cost |
15.982 |
18.199 |
5.627 |
44.834 |
|
7 |
Profit from operations before exceptional item (5-6) |
53.305 |
35.477 |
41.912 |
164.018 |
|
8 |
Exceptional Item |
- |
~ |
- |
- |
|
9 |
Profit from ordinary activities before tax (7-8) |
53.305 |
35.477 |
41.912 |
164.018 |
|
10 |
Tax Expenses |
|
|
|
|
|
|
Current Tax |
11.765 |
(7.185) |
14.142 |
32.800 |
|
|
Deferred Tax |
(0.093) |
(1.461) |
(0.714) |
(3.095) |
|
11 |
Profit from ordinary activities after tax (9-10) |
41.634 |
44.124 |
28.484 |
134.312 |
|
12 |
Extra Ordinary item (net of Tax) |
-- |
-- |
-- |
- |
|
13 |
Net Profit/(Loss) For the period (11-12) |
41.634 |
44.124 |
28.484 |
134.312 |
|
14 |
Paid-up Equity Capital (Face Value 7 21- Each) |
58.343 |
58.343 |
58.343 |
58.343 |
|
15 |
Reserves Excluding Revaluation Reserves as per the
balance sheet of the previous accounting year) |
|
|
|
688.089 |
|
16 |
1. Earnings per share {before extraordinary item) of
Rs. 2 each
(not Annualised) |
|
|
|
|
|
|
(a) Basic (In Rs.) |
1.43 |
1.51 |
0.98 |
4.60 |
|
|
(b) Diluted (In Rs.) |
1.43 |
1.51 |
0.98 |
4.60 |
|
17 |
II. Earnings per share (after extraordinary item) of Rs. 2 each (not Annualised) |
|
|
|
|
|
|
(a) Basic (In Rs.) |
1.43 |
1.51 |
0.98 |
4.60 |
|
|
(b) Diluted (In Rs.) |
1.43 |
1.51 |
0.98 |
4.60 |
|
S. |
|
3 months ended |
Preceding
3 months ended |
Corresponding
3 Months ended in the previous year |
Previous
Year ended |
|
NO. |
|
30/06/2013 |
31/03/2013 |
30/06/2012 |
31/03/2013 |
|
|
PARTICULARS |
Unaudited |
Audited |
Unaudited |
Audited |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
- Number of shares |
11720075 |
11720075 |
11926075 |
11720075 |
|
|
- Percentage of
shareholding |
40.18% |
40.18% |
40.58% |
40,18% |
|
2 |
Promoters and Promoter Group
Shareholding ** |
17451425 |
17451425 |
17456425 |
17451425 |
|
|
a) Pledged / Encumbered |
|
|
|
|
|
|
- Number of shares |
764400 |
764400 |
4339400 |
764400 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
4.38% |
4.38% |
24.86% |
4.38% |
|
|
- Percentage of shares (as
a % of the total share capital of the company) |
2.62% |
2.62% |
14.77% |
2.62% |
|
|
b) Non - encumbered |
|
|
|
|
|
|
- Number of shares |
16687025 |
16687025 |
13117025 |
16687025 |
|
|
- Percentage of shares |as
a % of the total shareholding of promoter and promoter group) |
95.62% |
95.62% |
75.14% |
95.62% |
|
|
- Percentage of shares (as
a % of the total share capital of the company) |
57.20% |
57.20% |
44,64% |
57.20% |
|
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
|
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 |
|
|
|
UNAUDITED SEGMENT-WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH JUNE, 2013
(Rs. in Millions)
|
Particulars |
3 months ended |
Preceding
3 months ended |
Corresponding
3 Months ended in the previous year |
Previous
Year ended |
|
|
30/06/2013 |
31/03/2013 |
30/06/2012 |
31/03/2013 |
|
|
Unaudited |
Audited |
Unaudited |
Audited |
|
1. Segment Revenue |
|
|
|
|
|
(a) Export Division |
1517.547 |
1611.371 |
1037.350 |
5295.421 |
|
(b) Power Division |
17.512 |
4.288 |
9.160 |
36.330 |
|
Net sales/Income From
Operations |
1535.059 |
1615.659 |
1046.510 |
5331.751 |
|
2. Segment Results |
|
|
|
|
|
Profit/{Loss) before
Interest and Tax |
|
|
|
|
|
(a) Export Division |
60.437 |
16.260 |
42.300 |
149.999 |
|
(b) Power Division |
6.390 |
0.467 |
4.199 |
17.336 |
|
Total |
66.827 |
16.727 |
46.499 |
167.335 |
|
Less: |
|
|
|
|
|
(i) Finance Cost |
15.978 |
18.199 |
5.627 |
44.834 |
|
(ii) Other Un-allocable
Expenditure net of Un-allocable Income |
(2.456) |
(36.949) |
(1.040) |
(41.517) |
|
|
13.522 |
(18.750) |
4.587 |
3.317 |
|
Total Profit Before Tax |
53.305 |
35.477 |
41.912 |
164.018 |
|
3 Capital Employed |
|
|
|
|
|
(Segment assets - Segment
Liabilities) |
|
|
|
|
|
(a) Export Division |
634.427 |
616.942 |
553.885 |
616.942 |
|
(b) Power Division |
153.755 |
143.167 |
100.396 |
143.167 |
|
Total |
788.182 |
760.109 |
654.281 |
760.109 |
NOTES:
1.
The
above results were reviewed by the Audit Committee and approved by the Board of
Directors of the Company in their meetings held on 12th August, 2013 and subject
to the Limited Review by the Statutory Auditors of the
2.
The
Figures for the corresponding previous period have been
re-grouped/rearranged/recast to make them comparable with the figures of the
current period.
1.
The
Company has not received any Investors complaints during the quarter ended 30th
June, 2013. There were no complaints at the beginning and at the end of the
Quarter.
2.
In
view of prevailing volatility in foreign exchange market, in respect of foreign
currency borrowing and corresponding forward contracts loss arising on foreign
exchange rate fluctuation on outstanding balances as at the end of quarter has
affected the above result. Such loss for the quarter is Rs. 27.005 Millions
(Loss of Rs.12.556 Millions in the quarter of previous year)
3. The above financial results are available on the website of the Company.
CONTINGENT
LIABILITIES:
a) Contingent
Liabilities not provided for in respect of Bills Discounted Rs. NIL (Previous
Year Rs. NIL).
b) Claims not acknowledged
by the Company relating to cases contested by the Company:
(Rs. in millions)
|
|
31.03.2012 |
31.03.2011 |
|
Sales Tax Matter |
Nil |
0.300 |
|
Income Tax
Matter (Pending before Appellate Authorities in respect of which the Company
is in appeal) |
23.166 |
37.598 |
FIXED ASSETS
v
Export Division
v
Land
v
Building
v
Plant and Machinery
v
Furniture and Fixtures
v
Motor Car
v
Computers
CMT REPORT (Corruption, Money Laundering and 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 records 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 pyments 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. 64.22 |
|
|
1 |
Rs. 100.83 |
|
Euro |
1 |
Rs. 85.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE and 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 |
|
DEFAULTERS |
|
|
|
--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 and 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.