MIRA INFORM REPORT
|
Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
K G DENIM LIMITED
|
|
|
|
|
Registered
Office : |
Then Thirumalai, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.06.1992 |
|
|
|
|
Com. Reg. No.: |
18-003798 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 256.651 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17115TZ1992PLC003798 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBK03032B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange |
|
|
|
|
Line of Business
: |
The
company is engaged in manufacturing and marketing of denim fabrics of
different size, shades, weaves, blends and weights. |
|
|
|
|
No. of Employees
: |
350
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
ratings take into consideration the delay in servicing of debt and volatility
in profit margin due to fluctuation in raw material prices. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 |
CARE |
|
Rating |
C (Long Term Rating) |
|
Rating Explanation |
This rating considered to have very high risk of default regarding
timely servicing of financial obligation.
|
|
Date |
March 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 : |
Then Thirumalai, |
|
Tel. No.: |
91-4254-304401 /
235300 / 304300 |
|
Fax No.: |
91-4254-304400 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Jadayam
Palayam, Via Sirumugai, Taluka Mettupalayam, |
|
Tel. No.: |
91-42545-2331
/ 34 |
|
Fax No.: |
91-42545-2335 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. B Sriramulu |
|
Designation : |
Managing
Directors |
|
Qualification
: |
BE ( |
|
Experience : |
16 Years |
|
Date of Appointment
: |
03.11.2003 |
|
|
|
|
Name : |
Mr. B Srihari |
|
Designation : |
Managing
Directors |
|
Qualification
: |
BE (Chem. Tech),
MS (Chem. Tech) |
|
Experience : |
14 Years |
|
Date of
Appointment : |
03.11.2003 |
|
|
|
|
Name : |
Mr. KG Baalakrishnan |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. G V S Desikan |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr.
G. P. Muniappan |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. K N V Ramani |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. V Jagadisan |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mrs. T Anandhi |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. M. J.
Vijayaraaghavan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Surinder
Chhibber |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A Velusamy |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. S Muthuswamy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. Muthuswamy |
|
Designation : |
Company Secretary
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9868158 |
38.47 |
|
|
4787145 |
18.66 |
|
|
14655303 |
57.13 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
14655303 |
57.13 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5200 |
0.02 |
|
|
500 |
0.00 |
|
|
2300 |
0.01 |
|
|
8000 |
0.03 |
|
|
|
|
|
|
583807 |
2.28 |
|
|
|
|
|
|
6108879 |
23.81 |
|
|
3456139 |
13.47 |
|
|
841777 |
3.28 |
|
|
4818 |
0.02 |
|
|
294341 |
1.15 |
|
|
541618 |
2.11 |
|
|
1000 |
0.00 |
|
|
10990602 |
42.84 |
|
Total Public shareholding (B) |
10998602 |
42.87 |
|
Total (A)+(B) |
25653905 |
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) |
25653905 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in manufacturing and marketing of denim fabrics of
different size, shades, weaves, blends and weights. |
GENERAL INFORMATION
|
No. of Employees : |
350 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gopalaiyer and Subramanian Chartered Accountants |
|
Address : |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31000000 |
Equity Shares |
Rs.10/- each |
Rs. 310.000 Millions |
|
1000000 |
10% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 100.000 Millions |
|
|
TOTAL |
|
Rs. 410.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25691305 |
Equity Shares |
Rs.10/- each |
Rs. 256.913
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25653905 |
Equity Shares |
Rs.10/- each |
Rs. 256.539
Millions |
|
Add |
Forfeited Shares |
|
Rs. 0.112 Million |
|
|
TOTAL |
|
Rs. 256.651
Millions |
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 |
256.651 |
256.651 |
256.651 |
|
(b) Reserves & Surplus |
376.204 |
243.286 |
215.185 |
|
(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) |
632.855 |
499.937 |
471.836 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
421.645 |
443.673 |
418.051 |
|
(b) Deferred tax liabilities (Net) |
130.200 |
129.865 |
106.316 |
|
(c) Other long term
liabilities |
25.496 |
61.190 |
40.000 |
|
(d) long-term
provisions |
22.622 |
18.861 |
16.095 |
|
Total Non-current
Liabilities (3) |
599.963 |
653.589 |
580.462 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
563.823 |
457.689 |
515.100 |
|
(b)
Trade payables |
1066.455 |
825.475 |
777.633 |
|
(c)
Other current liabilities |
241.164 |
175.969 |
162.231 |
|
(d)
Short-term provisions |
23.880 |
49.529 |
6.306 |
|
Total Current
Liabilities (4) |
1895.322 |
1508.662 |
1461.270 |
|
|
|
|
|
|
TOTAL |
3128.140 |
2662.188 |
2513.568 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1119.864 |
934.537 |
1002.551 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
47.941 |
66.381 |
10.343 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
55.327 |
57.331 |
53.163 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
36.117 |
39.625 |
25.420 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1259.249 |
1097.874 |
1091.477 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1103.753 |
1018.244 |
818.762 |
|
(c)
Trade receivables |
378.581 |
237.494 |
269.631 |
|
(d)
Cash and cash equivalents |
83.707 |
66.526 |
62.414 |
|
(e)
Short-term loans and advances |
186.322 |
151.258 |
186.083 |
|
(f)
Other current assets |
116.528 |
90.792 |
85.201 |
|
Total
Current Assets |
1868.891 |
1564.314 |
1422.091 |
|
|
|
|
|
|
TOTAL |
3128.140 |
2662.188 |
2513.568 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5148.277 |
4000.744 |
3435.939 |
|
|
|
Other Income |
36.315 |
31.689 |
40.422 |
|
|
|
TOTAL (A) |
5184.592 |
4032.433 |
3476.361 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
2970.877 |
2423.794 |
2109.945 |
|
|
|
Purchase of Stock In Trade |
0.006 |
0.537 |
0.000 |
|
|
|
Other Manufacturing Expenses |
1188.768 |
830.130 |
640.566 |
|
|
|
Employee benefits expenses |
233.107 |
189.117 |
170.870 |
|
|
|
Other Expenses |
245.733 |
216.424 |
196.887 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(65.371) |
(101.119) |
(30.565) |
|
|
|
TOTAL (B) |
4573.120 |
3558.883 |
3087.703 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
611.472 |
473.550 |
388.658 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
257.630 |
232.271 |
191.742 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
353.842 |
241.279 |
196.916 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
119.170 |
130.835 |
129.314 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
234.672 |
110.444 |
67.602 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
79.393 |
36.737 |
22.621 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
155.279 |
73.707 |
44.981 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1833.142 |
1476.942 |
1065.319 |
|
|
TOTAL EARNINGS |
1833.142 |
1476.942 |
1065.319 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
143.326 |
112.421 |
48.827 |
|
|
|
Chemicals |
105.490 |
66.082 |
50.982 |
|
|
|
Stores & Spares |
70.051 |
29.789 |
27.844 |
|
|
|
Capital Goods |
105.161 |
43.404 |
7.176 |
|
|
TOTAL IMPORTS |
424.028 |
251.696 |
134.829 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.05 |
2.87 |
1.75 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
|
|
1st
Quarter |
|
Net Sales |
1393.400 |
|
Total Expenditure |
1238.900 |
|
PBIDT (Excl OI) |
154.500 |
|
Other Income |
0.200 |
|
Operating Profit |
154.700 |
|
Interest |
68.400 |
|
Exceptional Items |
0.000 |
|
PBDT |
86.300 |
|
Depreciation |
33.000 |
|
Profit Before Tax |
53.300 |
|
Tax |
17.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
36.300 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
36.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.00
|
1.83 |
1.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.56
|
2.76 |
1.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.76
|
4.35 |
2.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.22 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.56
|
1.80 |
1.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
1.04 |
0.97 |
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) |
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 |
No |
|
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 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10366139 |
09/05/2013 * |
100,000,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, FIRST FLOOR, CHAMBER
TOWERS, 8 / 732, AVINASHI ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B78812088 |
|
2 |
10349045 |
19/04/2013 * |
120,000,000.00 |
INDIAN OVERSEAS BANK |
PARK SQUARE BRANCH, 1027- AVINASHI ROAD,
NEAR VOC PARK, UPPILIPALAYAM, COIMBATORE, TAMILNADU - 641018, INDIA |
B76975879 |
|
3 |
10320308 |
19/04/2013 * |
100,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE,
TAMILNADU - 641018, INDIA |
B76817923 |
|
4 |
10065578 |
09/05/2013 * |
56,400,000.00 |
BANK OF INDIA |
COIMBATORE MID CORPORATE BRANCH, FIRST
FLOOR, CHAMBER TOWERS, 8/732, AVINASHI ROAD, COIMBATORE, TAMILNADU - 641018,
INDIA |
B78812278 |
|
5 |
10049364 |
19/04/2013 * |
56,400,000.00 |
INDIAN BANK |
COIMBATORE MAIN BRANCH, 31, VARIETY HALL
ROAD, COIMBATORE, TAMILNADU - 641001, INDIA |
B76975614 |
|
6 |
80023257 |
22/06/2010 * |
150,000,000.00 |
STATE BANK OF HYDERABAD |
RAJAJINAGAR BRANCH, 200/Y, 12TH MAIN, 50TH
CROSS, 3RD BLOCK, RAJAJINAGAR, BANGALORE, KARNATAKA - 560010, INDIA |
A91880773 |
|
7 |
80023259 |
19/04/2013 * |
150,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE,
TAMILNADU - 641018, INDIA |
B76817469 |
|
8 |
80023253 |
19/04/2013 * |
197,800,000.00 |
INDIAN BANK |
COIMBATORE MAIN BRANCH, 31, VARIETY HALL
ROAD, COIMBATORE, TAMILNADU - 641001, INDIA |
B76975432 |
|
9 |
90007210 |
05/10/2012 * |
178,000,000.00 |
ALLAHABAD BANK |
98, MECRICAR ROAD, R S PURAM, COIMBATORE,
TAMILNADU - 641002, INDIA |
B59535591 |
|
10 |
90006921 |
08/10/2012 * |
334,100,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1443, TRICHY ROAD,
COIMBATORE, |
B63131684 |
|
11 |
90006688 |
09/05/2013 * |
621,000,000.00 |
BANK OF INDIA |
COIMBATORE MID CORPORATE BRANCH, FIRST
FLOOR, CHAMBER TOWERS, 8/732, AVINASHI ROAD, COIMBATORE, TAMILNADU - 641018,
INDIA |
B78812559 |
|
12 |
90006683 |
19/04/2013 * |
578,600,000.00 |
INDIAN BANK |
COIMBATORE MAIN BRANCH, 31, VARIETY HALL
ROAD, COIMBATORE, TAMILNADU-641001, INDIA |
B76975739 |
|
* Date of charge modification |
||||||
PERFORMANCE OF THE COMPANY
During the year
ended 31.03.2013, the Company achieved an overall production of 296 lakh meters
of fabrics against the previous year’s production of 229 lakh meters. The
revenue for the year was Rs.5148.300 Millions as against sales of Rs.4000.700
Millions during the previous year, representing an increase of 28.7 %. The
company has three main product groups, Denim and Apparel Fabrics, Home Textiles
and sale of Apparel. All the product groups have performed well during the
year.
The increase in volume directly contributed to the increase in
profitability.
In the Home
Textiles category, company has registered significant growth rate in sales
compared to the previous year. In the Ready Made Garments group also the
company has registered significant growth in sales and profit.
The Board of
Directors recommends a dividend of 7.50 % (i.e. Rs.0.75) per equity share of
the company for the year 2012-13. The Dividend tax payable amounts to Rs.3.100
Millions.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Indian denim
industry is showing steady growth in domestic and international markets. Their
focus remains on sales to leading domestic and international brands in India
and also to large exporters of readymade garments. They are concentrating on
the Far East Countries of Vietnam, LaosPDR and China besides direct sales to
North America. Products are being developed to cater to both retailers and
fashion brands thereby gaining advantage in both segments and increasing
volumes. Sale of home textiles and apparels improved during the year.
FINANCE
The Directors
acknowledge with gratitude, the valuable assistance and support extended by
their Bankers for term loans and working capital ie., Indian Bank, Bank of
India, Allahabad Bank, State Bank of India, State Bank of Hyderabad and Indian
Overseas Bank.
SUBSIDIARIES
During the year,
the gross turnover in Trigger Apparels Limited increased to Rs.380.000 Millions
from Rs.310.000 Millions for the previous year. The subsidiary has been able to
register a profit of Rs.3.195 Millions compared to profit of Rs.1.059 Millions
in the previous year. No activity has taken place at KG Denim (USA) Inc. during
the year.
CONTINGENT
LIABILITY
(Rs.
In Millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
Bills discounted with banks |
404.788 |
331.597 |
|
Estimated amount of contracts remaining to be executed in capital
account and not provided for |
95.848 |
73.552 |
|
Disputed Excise Duties |
63.105 |
64.182 |
|
Disputed Income Tax |
15.400 |
15.400 |
|
Guarantees given to Bank for loan to subsidiary |
65.100 |
65.100 |
|
Guarantees given on behalf of Associates for fulfillment of their
Export obligation under EPCG Scheme |
30.000 |
30.000 |
FIXED ASSETS
- Land
- Buildings
- Machinery
- Electric Machinery
- Office Equipments
- Furniture and Fittings
- Motor Vehicles
UN AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
(STANDALONE)
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
|
|
|
30.06.2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
Net Sales |
1382.100 |
|
|
Other Operating Income |
11.300 |
|
|
Net Sales/Income
from Operations |
1393.400 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost of Material Consumed
|
873.400 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(51.500) |
|
|
Power and Fuel |
105.100 |
|
|
Stores and Chemicals |
183.400 |
|
|
Employee Benefits Expenses |
62.500 |
|
|
Depreciation and Amortization Expenses |
33.000 |
|
|
Other Expenses |
66.000 |
|
|
f) Total |
1271.900 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
121.500 |
|
|
|
|
|
4. |
Other Income |
0.200 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
121.700 |
|
|
|
|
|
6. |
Interest |
68.400 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
53.300 |
|
|
|
|
|
8. |
Exceptional Items |
0.000 |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
53.300 |
|
|
|
|
|
10. |
Tax Expense |
17.000 |
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
36.300 |
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
36.300 |
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
256.700 |
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic and diluted EPS before extraordinary items |
1.42 |
|
|
b) Basic and diluted EPS after extraordinary items |
1.42 |
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
-Number of Shares |
10998602 |
|
|
- Percentage of Shareholding |
42.87% |
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
2000000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
13.65% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
7.80% |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
12655303 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
86.35% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
49.33% |
|
Particulars
|
Quarter
Ended 30.06.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
6 |
|
Disposed of during the quarter |
6 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES
- The above Un-Audited results were
reviewed by the Audit Committee and approved by the Board of Directors at
their meeting held on 5th August,2013
- The Auditors of the Company have carried out a
Limited Review of the aforesaid financial results for the quarter ended 30th
June,2013 in term of Clause 41 of the Listing Agreement with Stock
Exchange
- The Company has only one business
segment (i.e.) Textiles Business. Hence, segment wise reporting is not
applicable
- Figures of the previous year / quarter
ended have been regrouped / re arranged wherever necessary
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 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. 63.14 |
|
UK Pound |
1 |
Rs. 100.48 |
|
Euro |
1 |
Rs. 84.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.