MIRA INFORM REPORT
|
Report Date : |
23.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAMODAR INDUSTRIES LIMITED (W.E.F. 22.01.2013) |
|
|
|
|
Formerly Known
As : |
DAMODAR THREADS LIMITED |
|
|
|
|
Registered Office
: |
A1/202, Centre Point, 243-A, N.M. Joshi Marg, Lower Parel (East),
Mumbai – 400 013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.12.1987 |
|
|
|
|
Com. Reg. No.: |
11-045575 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.89.007 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17110MH1987PLC045575 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD10204F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD3850G |
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|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s shares are listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Seller and Exporter of Textile Products. |
|
|
|
|
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 2419000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for normal business detail at usual
trade terms and condition. |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = BB+ |
|
Rating Explanation |
Moderate risk of Default |
|
Date |
January 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Fund Based Limits = A4 |
|
Rating Explanation |
Minimum Degree of safety and high credit
risk |
|
Date |
January 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 : |
A1/202, Centre Point, 243-A, N.M. Joshi Marg, Lower Parel (East), Mumbai
– 400 013, Maharashtra |
|
Tel. No.: |
91-22-66610301/ 2 |
|
Fax No.: |
91-22-66610308 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Survey No.265/ 10/ 1, 2 and 3, Demni Road, Dadra Village, Dadra and
Nagar Haveli (U.T.) – 396 230, India |
|
Tel. No.: |
91-260-3264788 |
|
Fax No.: |
91-260-2668929 |
|
|
|
|
Factory 2 : |
Survey No.288/ 1/1, Old Dena Bank Road, Dadra Village, Dadra and Nagar
Haveli (U.T.) – 396 230, India |
|
Tel. No.: |
91-260-3294102 |
|
|
|
|
Factory 3 : |
Plot No. 165/ 67/ 68, Dabhel Industries, Co-operative Society, Dabhel,
Nani Daman – 396 210, India |
|
|
|
|
Marketing Centre/Agency Network : |
Located at: ·
Mumbai ·
Surat ·
Bangalore ·
Salem ·
Belgaum ·
Bhanjan |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Arun Kumar Biyani |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Ajay D. Biyani |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Anil D. Biyani |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Girdharlal S. Daga |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Rajendra Prasad Khator |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ashok Kumar Damani |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Subodh Kumar Soni |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Parentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5485670 |
61.63 |
|
|
534200 |
6.00 |
|
|
6019870 |
67.63 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6019870 |
67.63 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
700 |
0.01 |
|
|
700 |
0.01 |
|
|
|
|
|
|
772133 |
8.68 |
|
|
|
|
|
|
967848 |
10.87 |
|
|
1103543 |
12.40 |
|
|
36556 |
0.41 |
|
|
21584 |
0.24 |
|
|
14972 |
0.17 |
|
|
2880080 |
32.36 |
|
Total Public shareholding (B) |
2880780 |
32.37 |
|
Total (A)+(B) |
8900650 |
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) |
8900650 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Seller and Exporter of Textile Products. |
||||
|
|
|
||||
|
Products/ Services : |
·
Air Texturising ·
Cotton Yarns ·
Fancy Texturising ·
Linen Blends ·
Special Blends ·
Synthetic Yarns ·
Yarn Dyeing |
GENERAL INFORMATION
|
Customers : |
·
Grasim Industries Limited ·
Arvind Mills limited ·
Siyaram Silk Mills Limited ·
Reliance Industries Limited ·
Garden Silk Mills Limited ·
Dicitex Décor Limited |
||||||||||||||||||
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|
||||||||||||||||||
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No. of Employees : |
Not Available |
||||||||||||||||||
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|
||||||||||||||||||
|
Bankers : |
·
State Bank of India ·
Bank of Baroda ·
Union Bank of India ·
ING Vysya Bank |
||||||||||||||||||
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|
||||||||||||||||||
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Facilities : |
Note : The term loans of Rs.377.900 Millions are secured by first Pari Pasu charge
on land and Building situated at Dadra and Nani Tambadi, all the tangible
movable machinery and plant together with spares tools and accessories and
other movables, both present and future at Dadra and personal guarantees of
three Directors. Term loan of Rs.3.470 Millions are secured by Hypothecation
of Vehicles. Working capital loans are secured by Hypothecation of present and
future stock of raw materials, Stock in process, Finished goods, stores, and
spares, packing materials, book debts and personal guarantees of three
directors. |
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
A.J. Baliya and associates Chartered Accountants |
|
|
|
|
Associates : |
·
CSS Mercantiles Private Limited ·
Panna Yarns Private Limited ·
Shri Damodar Yarn Manufacturing Private Limited ·
Ajay Biyani HUF ·
Arun Kumar Biyani HUF ·
Suam Overseas Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8900650 |
Equity Shares |
Rs. 10/- each |
Rs.89.007 Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period
|
Particulars |
Number of shares |
|
At the beginning of the period |
8900650 |
|
Issued during the period – Preferential
Basis |
-- |
|
Outstanding at the end of the period |
8900650 |
TERMS/ RIGHTS ATTACHED TO EQUITY SHARES:
The company has only one class of equity share
having a par value of Rs.10 per share. Each holder of equity shares is entitled
to one vote per share. The company declares and pays dividends in Indian
Rupees. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing
Annual General Meeting.
During the year ended 31st March 2013, the
amount d per share dividend recognized as distributions to equity shareholders
was Rs.2/-
In the event of liquidation of the company,
the holders of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amounts. The distribution will
be proportion to the number of equity shares held by the shareholders.
DETAIL OF SHAREHOLDERS HOLDING MORE THAN 5% SHARE IN THE COMPANY
|
Particulars |
31.03.2013 |
|
|
Equity Shares: |
Number of shares |
Percentage of holding |
|
Equity shares of Rs.10/- each fully paid |
|
|
|
Name of shareholder |
||
|
ArunKumar Biyani – Director |
1005000 |
11.29% |
|
Ajay D. Biyani – Director |
1210000 |
12.85% |
|
Anil D. Biyani – Director |
1143300 |
13.59% |
|
Manju Biyani |
493350 |
5.54% |
As per of the company, including its register
of shareholders/members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and
beneficial ownerships of 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 |
89.007 |
89.007 |
89.007 |
|
(b) Reserves & Surplus |
515.887 |
414.855 |
372.050 |
|
(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) |
|
503.862 |
461.057 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
509.530 |
523.453 |
515.252 |
|
(b) Deferred tax liabilities (Net) |
72.145 |
68.974 |
71.615 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
581.675 |
592.427 |
586.867 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
610.011 |
443.298 |
494.751 |
|
(b) Trade
payables |
68.356 |
61.474 |
66.749 |
|
(c) Other
current liabilities |
196.843 |
145.085 |
129.217 |
|
(d) Short-term
provisions |
20.883 |
20.979 |
19.683 |
|
Total Current
Liabilities (4) |
896.093 |
670.836 |
710.400 |
|
|
|
|
|
|
TOTAL |
2082.662 |
1767.125 |
1758.324 |
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
870.639 |
769.166 |
833.689 |
|
(ii)
Intangible Assets |
0.537 |
0.517 |
0.336 |
|
(iii)
Capital work-in-progress |
0.000 |
2.549 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.004 |
0.009 |
0.009 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.893 |
13.260 |
22.965 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
874.073 |
785.501 |
856.999 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
497.201 |
497.220 |
408.532 |
|
(c) Trade
receivables |
564.717 |
379.760 |
368.820 |
|
(d) Cash
and cash equivalents |
20.172 |
23.663 |
54.003 |
|
(e)
Short-term loans and advances |
126.472 |
80.482 |
69.000 |
|
(f) Other
current assets |
0.027 |
0.499 |
0.970 |
|
Total
Current Assets |
1208.589 |
981.624 |
901.325 |
|
|
|
|
|
|
TOTAL |
2082.662 |
1767.125 |
1758.324 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5823.797 |
3924.003 |
3847.422 |
|
|
|
Other Income |
13.425 |
6.195 |
4.691 |
|
|
|
TOTAL (A) |
5837.222 |
3930.198 |
3852.113 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material and Components consumed |
2111.166 |
1993.243 |
1789.761 |
|
|
|
Purchase of traded goods |
2616.156 |
1153.715 |
1281.503 |
|
|
|
(Increase)/ Decrease in Inventories |
(26.145) |
(51.699) |
5.652 |
|
|
|
Finished goods work-in-progress and traded goods |
124.053 |
103.819 |
90.745 |
|
|
|
Employee benefit expenses |
514.138 |
379.378 |
363.587 |
|
|
|
TOTAL (B) |
5339.368 |
3578.456 |
3531.248 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
497.854 |
351.742 |
320.865 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
214.151 |
176.180 |
145.621 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
283.703 |
175.562 |
175.244 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
98.282 |
89.875 |
86.734 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
185.421 |
85.687 |
88.510 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
63.701 |
26.330 |
6.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
121.720 |
59.357 |
82.049 |
|
|
|
|
|
|
|
|
|
ADD |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
175.762 |
142.956 |
91.424 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General reserve |
20.000 |
10.000 |
15.000 |
|
|
|
Proposed Dividend |
7.120 |
14.241 |
13.351 |
|
|
|
Corporate Dividend Tax |
2.887 |
2.310 |
2.166 |
|
|
BALANCE CARRIED
TO THE B/S |
267.475 |
175.762 |
142.956 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value Yarn |
2634.204 |
1761.391 |
2282.227 |
|
|
TOTAL EARNINGS |
2634.204 |
1761.391 |
2282.227 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and stock-in-trade |
59.958 |
93.234 |
66.631 |
|
|
|
Plant and Machinery |
44.149 |
1.937 |
2.558 |
|
|
|
Stores and Spares |
2.045 |
1.423 |
1.542 |
|
|
|
Packaging Materials |
0.242 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
106.394 |
96.594 |
70.731 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.68 |
6.67 |
9.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.09
|
1.51 |
2.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.18
|
2.18 |
2.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.92
|
4.89 |
5.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.17 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.85
|
1.92 |
2.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.46 |
1.27 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
OPERATION RESULTS
AND BUSINESS
Subject continued to see strong and profitable growth during the
financial year 2012-13 across all markets driven by good performance across all
business division.
The Company’s textiles operations have shown encouraging growth, both in
the domestic and in the exports markets.
During the year the subject has achieved the turnover of Rs.5837.222 Millions
as compared to Rs.3930.198 Millions in the previous year. Profit after tax was
s.121.720 millions in the current year as compared to Rs.59.357 Millions in the
previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
WORLD COTTON
TRADE:
·
Total International Trade in Raw Cotton = 12
Billion USD
·
% Of India’s Share in Raw Cotton Trade = 20 %
·
Top 5 cotton producers, China, India, USA, Pakistan
and Brazil are also major consumer of cotton for their own spinning sector.
·
However, USA, which is the third largest producer
is a relatively small consumer of cotton.
·
China which is the largest producer exports very
little of its cotton.
WORLD COTTON YARN
TRADE
Major producers of cotton yarn in the world:
·
·
lndia
·
·
Even though
EXPORTER OF COTTON
YARNS
Top Ten Exporters of Cotton Yam in Mn Kgs
·
Even though
·
lndia and Pakistan together account for almost 49 %
of world export of Cotton Yarn during the period January - November 201 2.
·
INDUSTRY STRUCTURE
AND DEVELOPMENTS
·
Largest Producer of organic cotton
·
Second Largest Producer of mw cotton
·
Second Largest producer of cotton yarn
·
Largest exporter of Cotton Yam (in-value)
·
Second
Largest Exporter of cotton
COTTON SCENARIO IN
INDIA
MAJOR PRODUCER OF
COTTON
·
Wide verities of cotton, from short staple to extra
long staple fibre produced in India, thereby self sufficiency in raw material
requirement for spinning coarse and fine yarns.
·
Over the past twenty years, Cotton production,
consumption and also export from India increased substantially. However, India
need to improve yield to catch uo with the rest of the top producers.
INDIA’S POSITION
IN WORLD COTTON YARN PRODUCTION
·
Cotton Yarn accounts for nearly 73 %of total spun
yarn production.
·
India is a major cotton yarn producer in the world,
with 20 % of world spindle and 9 % of world rotor capacity.
DAMODAR INDUSTRIES
POSITION IN INDIA
·
Leading Export of Cotton Yarn
·
Leading Exporter and Manufacturer of Fancy Yarn
·
Government Recognized Star Export House
Discussion of
Financial performance with respect to operational performance Financial
Highlights:
·
Revenue from operations increased from Rs.3924.000
Millions in 2011-12 to Rs.5823.800 Millions in year 2012-13.
·
Profit before tax increased from Rs. 85.600
Millions to Rs.185.400 Millions.
·
Profit after Tax increased from Rs.59.400 Millions
to Rs.121.700 Millions.
·
Basic Earning Per share (EPS) increased from Rs.
6.67 to Rs 13.68 per shares.
OUTLOOK
BRANDING
INITIATIVE:
Subject is positioning itself as a world class supplier for fancy yarns.
This tag line of Damodar Creativity brought today' signifies the continuous
development the subject is taking to provide its customers unique products
which will help them to create a new trend in the field of textiles. Subject is
taking part in various international trade fairs to create brand awareness.
Subject is also taking a number of steps for strong internal and domestic
branding. Subject has diversified into Shirting, Suiting Fabric business and is
promoting the same under the name brand name of Scafati and Impel Fabrics.
FMCG INITIATIVE
Calves N Leaves- A
Vedic lifestyle
Calves N Leaves is a FMCG division of subject It is inspired by the cause
of saving, serving, and sustaining Indian Cows. This division is engaged in
manufacturing and marketing of various daily use products that are made from
herbs + Panchgavya as-pbr recipes suggested in Vedas.
Calves N Leaves is a cause. The products made drives inner strength,
rejuvenates physical activities, sharpens the mind and brings positivity.
Under our brand name Calves N Leaves, we have created the products that
are immensely effective, lab tested, 100% certified and no presence of
chemicals in them. The products are made based on the concept of H.O.CE.
(Herbal. Organic. Panchgavya. Era (Vedic Era/recipes).
Their products are developed by renowned Ayurvedacharya who experts in
Vedic Science. All products are made under total control on raw material
sources and manufacturing process that is purely Vedic with absolute no
compromise on Vedic Science fundamental principles.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Unsecured Loans * |
285.016 |
246.090 |
|
Fixed Deposits
from public |
22.358 |
19.472 |
|
Total |
307.374 |
265.562 |
* As stated by
Directors taken on long term basis.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10357973 |
29/05/2012 |
182,500,000.00 |
ING
VYSYA BANK LIMITED |
SHOP
NO.1, AUMSAHEEL TOWER, KASHINATHDHURU, COMPOUND,
OPP. KAMALA MILLS, S.B. MARG,LOWER PAREL, MUMBAI
– 400 080, MAHARASHTRA,
INDIA |
B40545717 |
|
2 |
10350097 |
28/03/2012 |
50,000,000.00 |
STATE
BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, THE ARCADE, 2ND FLOOR, |
B37708419 |
|
3 |
10213676 |
27/03/2010 |
45,000,000.00 |
BANK
OF BARODA |
MUMBAI
MAIN BRANCH,, 10/12, MUMBAI SAMACHAR MARG, FORT, MUMBAI – 400 001,
MAHARASHTRA, INDIA |
A83608554 |
|
4 |
10179940 |
19/09/2009 |
29,000,000.00 |
UNION
BANK OF INDIA |
PLAZA
HOTEL COMPLEX, OPP. PATEL PETROL PUMP, VAPI - SILVASSA MAIN ROAD, SILVASSA,
DADAR NAGAR HAVELI – 396 230, INDIA |
A70453675 |
|
5 |
10162260 |
27/03/2010 * |
90,000,000.00 |
BANK
OF BARODA |
MUMBAI
MAIN BRANCH, 10/12, MUMBAI SAMACHAR MARG, FORT, MUMBAI – 400 001,
MAHARASHTRA, INDIA |
A83608646 |
|
6 |
10034689 |
08/06/2012 * |
1,278,300,000.00 |
STATE
BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, "THE ARCAD |
B41879446 |
|
7 |
10037231 |
08/06/2012 * |
752,800,000.00 |
STATE
BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, "THE ARCAD |
B41878968 |
|
8 |
10033172 |
16/12/2006 |
300,000,000.00 |
BANK
OF BARODA |
MUMBAI
MAIN BRANCH, 10/12, M. S. MARG, MUMBAI – 400 001, MAHARASHTRA, INDIA |
A08819443 |
|
9 |
10032834 |
12/12/2006 |
300,000,000.00 |
STATE
BANK OF INDIA |
STATE
BANK BHAVAN, MADAMECAMA ROAD, NARIMAN POINT, MUMBAI – 400 021, MAHARASHTRA,
INDIA |
A08927006 |
|
10 |
90243197 |
12/07/1994 |
18,000,000.00 |
BANK
OF BARODA |
IFB BRANCH,
BAROODA HOUSE, CP STREET; FORT, MUMBAI – 400 001, MAHARASHTRA, INDIA |
- |
* Date
of charge modification
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Counter Guarantees given to Banks |
9.589 |
14.407 |
|
Letter of Credit/ Bill Discounting with Banks |
645.197 |
298.311 |
|
DEPB Entitlement Refund Claim y DGFT |
8.118 |
8.118 |
FIXED ASSETS:
Tangible Assets:
·
Free hold Land
·
Residential Flats
·
Buildings
·
Electrical Installation
·
Furniture and Fixtures
·
Vehicles
·
Air Conditioners
·
Generators
·
Weighing Scale
·
Other Equipments
·
Computers
Intangible Assets:
·
Computer Software
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 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 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.62.24 |
|
|
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
NKT |
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.