MIRA INFORM REPORT
|
Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDO COUNT INDUSTRIES LIMITED |
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Registered
Office : |
Village Alte, Taluka Hatkanangale, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.11.1988 |
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Com. Reg. No.: |
11-068972 |
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Capital
Investment / Paid-up Capital : |
Rs. 379.816 Millions |
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CIN No.: [Company Identification
No.] |
L72200PN1988PLC068972 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPI00337B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is Engaged in the Manufacture and Export of
Cotton Yarn, Grey Knitted Fabrics and Made Ups. |
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No. of Employees
: |
Information Denied by Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7163000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Company has achieved better growth in sales turnover and profit in
2013. It has wiped out its accumulated losses. Financial position of the company seems to be improving. Trade relations are fair. Business is active. Payment terms are slow. 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
CARE |
|
Rating |
D = Long term bank facilities |
|
Rating Explanation |
Default or expected to be in default soon |
|
Date |
20.02.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
D = Short term bank facilities |
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Rating Explanation |
Default or expected to be in default soon on
maturity |
|
Date |
20.02.2013 |
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 : |
Village Alte, Taluka Hatkanangale, |
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Tel No. : |
91-230-2483145 / 2483105 |
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Fax No.: |
91-230-2483275 |
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E-Mail : |
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Website : |
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Spinning and Electronic Units : |
D-1, MIDC Industrial Area, Gokul Shirgaon, |
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Tel No. : |
91-231-2672291 / 92 |
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Fax No.: |
91-231-2672161 |
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Home Textile and Consumer Durable Goods Units : |
T - 3, Kagal - Hatkanangle, Five Star MIDC Area, At Post : Talandge,
Taluka : Hatkanangale Kolhapur - 416 216, |
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Head Office : |
301 and 1101, |
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Tel. No.: |
91-22-43419500/41511800/56306024/22856534 |
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Fax No.: |
91-22-22823098/22041028 |
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Marketing Office : |
# 23-25, Vardhaman Industrial Complex, Gokul Nagar, Thane (West) -
400601, |
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Tel. No.: |
91-22-41511800/21720121 |
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Fax No.: |
91-22-41511883/41511866 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Anil Kumar Jain |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. R. N. Gupta |
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Designation : |
Joint Managing Director |
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Name : |
Mr. K. R. Lalpuria |
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Designation : |
Executive Director |
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Name : |
Mr. Kamal Mitra |
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Designation : |
Director (Works) |
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Name : |
Mr. R. Anand |
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Designation : |
Director |
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Name : |
Mr. Dilip Thakkar |
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Designation : |
Director |
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Name : |
Mr. P. N. Shah |
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Designation : |
Director |
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Name : |
Mr. Sushil Kumar Jiwrajka |
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Designation : |
Director |
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Name : |
Mr. Prem Malik - Directo |
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Designation : |
Director |
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Name : |
Mr. Nadeem Panjetan |
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Designation : |
Nominee Director of Export Import Bank of |
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Name : |
Mr. R. Subramanian |
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Designation : |
Nominee Director of Union Bank of |
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Audit Committee : |
·
Mr. P. N. Shah - Chairman ·
Mr. R. Anand ·
Mr. Nadeem Panjetan ·
Mr. R. N. Gupta |
KEY EXECUTIVES
|
Name : |
Mr. R. Sundaram |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
884983 |
2.49 |
|
|
5901601 |
16.63 |
|
|
6786584 |
19.13 |
|
|
|
|
|
|
12400491 |
34.95 |
|
|
12400491 |
34.95 |
|
Total shareholding of Promoter and Promoter Group (A) |
19187075 |
54.08 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
507406 |
1.43 |
|
|
7470 |
0.02 |
|
|
2717161 |
7.66 |
|
|
3232037 |
9.11 |
|
|
|
|
|
|
4330145 |
12.20 |
|
|
|
|
|
|
4639442 |
13.08 |
|
|
3837064 |
10.81 |
|
|
255871 |
0.72 |
|
|
217223 |
0.61 |
|
|
38648 |
0.11 |
|
|
13062522 |
36.81 |
|
Total Public shareholding (B) |
16294559 |
45.92 |
|
Total (A)+(B) |
35481634 |
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) |
35481634 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is Engaged in the Manufacture and Export of
Cotton Yarn, Grey Knitted Fabrics and Made Ups. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Cotton Yarn *** |
Spindles |
64512 |
59520 |
@6550999 |
|
Cotton Knitted Fabrics # |
Machine Nos. |
20 |
8 |
46706 |
|
Readymade garments |
PCS. |
2430000 |
-- |
-- |
|
Cotton woven and processed fabric |
Looms million
Mtrs |
324 |
128 |
18.13 |
|
Cotton woven and processed fabric **** |
Million Meters |
##94.60 |
36.50 |
16.30 |
|
Television receivers (CTV) and assemblies sub-assemblies thereof |
Nos. |
500000 |
500000 |
271940 |
|
Speaker units and assemblies and sub-assemblies thereof |
Nos. |
150000 |
150000 |
-- |
|
Domestic Air conditioners |
Nos. |
250000 |
250000 |
-- |
|
Mobile Handsets |
Nos. |
1200000 |
1200000 |
-- |
|
Home Appliances |
Nos. |
250000 |
250000 |
34241 |
* Based upon memorandum of information filed with the Secretariat of Industrial Approvals/Secretariat for Industrial Assistance, Government of India.
** As certified by the management
*** Includes Kgs 54101 (previous year 2650 kgs) of cotton yarn used for captive consumption.
**** Represents conversion by outside parties 291161 Mtrs. (Previous year 533100 Mtrs.) aginst fabric supplied by the Company.
# Relates to Gokul Shirgaon Spinning Unit.
# # relates to Kagal Unit and based upon registration with Director of Industries, Government of Maharashtra
@ - Includes stock transfer to HT 845195 Kgs (Previous Year 1211751 Kgs)
Note: In production column Yarn and fabric are measured in "kgs.", Woven / Processed Fabric in "Million Meters" and others in "Nos."
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Working Capital
Bankers ·
Union Bank of India ·
Bank of ·
Bank of ·
Canara Bank Term Lending
Bankers ·
Exim Bank of ·
Axis Bank of ·
State Bank of ·
State Bank of ·
State Bank of ·
ICICI Bank Limited ·
IDBI Bank Limited |
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Facilities : |
Note : Long
Term Borrowings: a) Based on reference of Union Bank of India, the Lead Bank, a financial restructuring package was approved by Empowered Group of Corporate Debt Restructuring (CDR-EG) While the company had given effect of the restructuring package in its books of account, banks have continued to raise demand notices for interest payment at the rate of interest charged prior to the sanction of restructuring package. The company has taken up the matter with the banks and accordingly the resultant difference in interest (which is still under reconciliation / determination) between the demand notice received from banks and as per company's books of account, has not been provided, as the liability is not payable b)
Secured inter se on pari-passu basis by way of
mortgage of all immovable properties and hypothecation of all movable
properties (save and except stocks and book debts and moveables of electronic
division) both present and future. Loans (including current maturities of
long term debts) of Rs. 1576.411 Millions (previous year Rs. 1833.953
Millions) are additionally secured by personal guarantee of the Managing
Director. c)
Secured against third charge on the fixed assets of
the company. Loans (including current maturities of long term debts) of Rs.
243.472 Millions (previous year Rs. 293.369 Millions) are additionally
secured by personal guarantee of the Managing Director. d)
Secured against hypothecation of Vehicles acquired
under Auto Loan
Schemes. e) The term loans are further secured by way of first / second charge on the existing fixed assets of a subsidiary company. Further, the company has pledged 7216512 equity shares held by it in a subsidiary company, as per CDR stipulation. However, the company has complied all the stipulations of CDR terms and the pledged shares are yet to be released.
The company has defaulted
in repayment of Loans and interest in respect of the following:
In terms of master
restructuring agreement dated 30-03-2009, if the company commits a default in
payment or repayment of three consecutive installment of principal amounts of
the facilities or interest thereon or any combination thereof, then, the
lenders shall have the right to convert, at their option, the whole of the
outstanding amount of the facilities and /or 20% of rupee equivalent of the
defaulted amount into fully paid-up equity shares of the company, at par, in
the manner specified in a notice in writing to be given by the lenders to the
company prior to the date on which the conversion is to take effect, which
date shall be specified in the said notice. Short Term Borrowings:
Secured by hypothecation of Raw materials,
Semi finished goods, Finished goods, Stores and Spares, Goods in transit and
Book Debts of Spinning and Home textile divisions, and further secured by
second charge on Fixed Assets both present and future and personally
guaranteed by the Managing Directors. |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
B. K. Shroff and Company Chartered Accountants |
|
Address : |
3/7-B, |
|
Tel. No.: |
91-11-23271407 / 23284825 / 23284826 |
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Fax No.: |
91-11-23270362 |
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E-Mail : |
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Subsidiaries
Company : |
·
Pranavaditya Spinning Mills Limited ·
Indo Count Global Inc. ( |
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Associates
Company : |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
Rs.10/- each |
Rs. 550.000 Millions |
|
5000000 |
Preference shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35481634 |
Equity Shares |
Rs.10/- each |
Rs.354.816
Millions |
|
2500000 |
At the beginning of the period |
Rs. 10/-
each |
Rs. 25.000
Millions |
|
|
Total |
|
Rs. 379.816 Millions |
4%
Cumulative Preference shares (amended in extra ordinary general meeting held on
17-11-2012, previously non-cumulative), redeemable on or before 12-09-2021 at
par).
Terms / rights attached to equity shares
i.
The Company has only one class of equity shares
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.
ii.
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 in proportion to the number of equity shares held by the shareholders.
Details of equity shares in the company held by each
shareholder holding more than 5% of shares are as under:
|
Equity Shares |
No.
of Shares |
%
of Shares |
|
Indocount Securities Limited |
5270777 |
14.85 |
|
Sandridge Investments Limited |
12400491 |
34.95 |
|
Elm Park Fund Limited |
2717161 |
7.66 |
Details
of preference shares in the company held by each
shareholder holding more than 5% of shares are as under:
|
Preference shares |
No.
of Shares |
%
of Shares |
|
|
|
|
|
Tozai Enterrprises Private Limited |
2500000 |
100 |
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 |
379.816 |
379.816 |
354.816 |
|
(b) Reserves & Surplus |
1399.945 |
1240.186 |
1349.089 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
11.000 |
0.000 |
25.000 |
|
Total Shareholders’
Funds (1) + (2) |
1790.761 |
1620.002 |
1728.905 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1358.628 |
1754.424 |
2098.837 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
13.952 |
28.092 |
23.816 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1372.580 |
1782.516 |
2122.653 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2285.302 |
1410.424 |
1278.911 |
|
(b)
Trade payables |
1826.074 |
1074.590 |
894.571 |
|
(c)
Other current liabilities |
811.404 |
682.602 |
578.310 |
|
(d)
Short-term provisions |
43.177 |
0.034 |
24.650 |
|
Total Current
Liabilities (4) |
4965.957 |
3167.650 |
2776.442 |
|
|
|
|
|
|
TOTAL |
8129.298 |
6570.168 |
6628.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
0.000 |
0.000 |
0.000 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
3340.945 |
3419.084 |
3630.462 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
194.694 |
195.394 |
181.079 |
|
(c) Deferred tax assets
(net) |
169.129 |
202.434 |
205.219 |
|
(d) Long-term Loan
and Advances |
33.199 |
30.739 |
26.859 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3737.967 |
3847.651 |
4043.619 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1960.038 |
1289.864. |
1245.504 |
|
(c)
Trade receivables |
1276.082 |
680.847 |
526.143 |
|
(d)
Cash and cash equivalents |
75.735 |
59.142 |
142.661 |
|
(e)
Short-term loans and advances |
500.809 |
498.198 |
447.995 |
|
(f)
Other current assets |
578.667 |
194.466 |
222.078 |
|
Total
Current Assets |
4391.331 |
2722.517 |
2584.381 |
|
|
|
|
|
|
TOTAL |
8129.298 |
6570.168 |
6628.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11394.899 |
7492.510 |
6549.206 |
|
|
|
Other Income |
240.155 |
275.276 |
348.165 |
|
|
|
TOTAL |
11635.054 |
7767.786 |
6897.371 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7701.526 |
5157.162 |
4656.334 |
|
|
|
Purchase of Stock in Trade |
23.385 |
67.252 |
3.023 |
|
|
|
Changes in Inventories of Finished Goods |
(410.072) |
(21.711) |
(149.399) |
|
|
|
Employees Benefits Expenses |
480.797 |
366.756 |
46.011 |
|
|
|
Other expenses |
2760.951 |
1541.298 |
1712.409 |
|
|
|
TOTAL |
10556.587 |
7110.757 |
6268.378 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1078.467 |
657.029 |
628.993 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
433.929 |
350.116 |
305.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
644.538 |
306.913 |
323.565 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
177.596 |
176.859 |
176.439 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
156.885 |
123.490 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
310.057 |
6.564 |
147.126 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
38.987 |
5.299 |
56.765 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
271.070 |
1.265 |
90.361 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
8571.394 |
4968.966 |
4291.180 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
138.389 |
1.714 |
3.003 |
|
|
|
Raw Materials |
167.722 |
2.606 |
6.059 |
|
|
|
Stores & Spares |
20.585 |
41.598 |
15.698 |
|
|
TOTAL IMPORTS |
326.696 |
45.918 |
24.760 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.61 |
0.04 |
2.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.33
|
0.02 |
1.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.72
|
0.09 |
2.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.01
|
0.24 |
5.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.00 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.03
|
1.95 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89
|
0.87 |
0.94 |
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 |
CHARGES:
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
INDO COUNT INDUSTRIES LIMITED
|
|
SEBI |
DID NOT COMPLY WITH MINIMUM PUBLIC SHAREHOLDIG REQUIREMENT |
DEBARRED/RESTRAINED FROM
BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS
DIRECTLY/INDIRECTLY FROM 04-JUN-2013 TILL COMPLIANCE MINIMUM PUBLIC
SHAREHOLDING REQUIREMENT
|
|
|
INDO COUNT INDUSTRIES LIMITED |
|
BSE |
DID NOT SUBMIT CORPORATE GOVERNANCE REPORT FOR THE QUARTER ENDED 30-SEPTEMBER-2011 |
PUT UP ON BSE WEBSITE FOR PUBLIC NOTICE
|
NOT APPEARIG IN THE LIST FOR THE QUARTER ENDED 31-DECEMBER-2011 |
INDEX OF CHARGE:
|
Sr .No |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10399149
|
28/12/2012
|
31,000,000.00
|
BANK
OF BARODA |
MANGALDAS MARKET BRANCH, 375/382
KITCHEN GARDEN LANE, 1ST FLOOR, MUMBAI, Maharashtra - 400002, INDIA |
B66520552
|
|
2 |
10398103
|
28/12/2012
|
36,200,000.00
|
UNION
BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,1ST FLOOR,
UNION BANK BHAVAN, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B66250648
|
|
3 |
10398104
|
28/12/2012
|
603,300,000.00
|
UNION
BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,1ST FLOOR,
UNION BANK BHAVAN, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B66251208
|
|
4 |
10385914
|
16/10/2012
|
149,600,000.00
|
BANK
OF BARODA |
MANGALDAS MARKET BRANCH,
375/382, KITCHEN GARDEN |
B61886982
|
|
5 |
10365120
|
11/06/2012
|
350,000,000.00
|
UNION
BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,1ST
FLOOR, UNION BANK BHAVAN, NARIMAN POINT, MUMBAI, Maharashtra - 40002, INDIA |
B43471077
|
|
6 |
10356879
|
30/03/2012
|
50,000,000.00
|
CANARA
BANK |
OVERSEAS BRANCH, 211, DALAMAL
TOWERS, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B40047300
|
|
7 |
10236077
|
29/07/2010
|
396,600,000.00
|
CANARA
BANK |
OVERSEAS BRANCH, 211, DALAMAL
TOWERS, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A92998947
|
|
8 |
10226291
|
23/11/2011
* |
18,100,000.00
|
STATE
BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS, NARIMAN
POINT, MUMBAI, Maharashtra - 400021, INDIA |
B27225598
|
|
9 |
10212439
|
30/03/2010
|
111,500,000.00
|
UNION
BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
UNION BANK BHAVAN, MUMBAI, Maharashtra - 400021, INDIA |
A82949637
|
|
10 |
10191652
|
23/11/2011
* |
8,700,000.00
|
STATE
BANK OF HYDERABAD |
INDUSTRIAL FINANCE BRANCH,
TOPAZ, AMRUTA HILLS, PANJAGUTTA, HYDERABAD, Andhra Pradesh - 500082, INDIA |
B28253060
|
* Date of charge modification
BUSINESS
OPERATIONS OVERVIEW AND OUTLOOK:
In the year 2012 growth in
the USA showed positive signs of improvement and provided a semblance of
stability to the world economy. However, it is still not as improved as one
would have desired it to be. Europe continued to remain sluggish.
The year also marked
significant volatilities in foreign exchange rates. The rupee continued to be
under pressure and has touched an all time low during the year. Even under
these difficult economic conditions, The company delivered a good performance
with the group revenue increasing by 50% to Rs.12108.700 Millions and EBIDTA
growing by 80% to Rs.1138.300 Millions. The increase in EBIDTA was driven
mainly by growth in sales, increased efficiency and continued optimization of
the cost across the group.
Exceptional items in the
standalone results include a loss of Rs. 156.900 Millions due to depreciation
of rupee on the old forward contracts which has ceased to exist from October
2012.
The company's wholly owned
subsidiary, Indo Count Global Inc, had completed first full year of operation.
The revenue generated was US $ 18 million. The company is confident that this
channel of marketing will generate substantial revenue in the coming years by
expanding the customer base.
AWARDS/RECOGNITION:
The Directors are privileged
to inform you that during the year under review the TEXPROCIL, an apex body in
Textiles has conferred upon the Company:-
1.
GOLD TROPHY for special achievement in
cotton Made ups for their export performance during 2011-12
2.
BRONZE TROPHY for Third Highest top
exporter award in cotton Made ups (Bed Linen/Bed Sheets/Quilts) for their
export performance during 2011-12.
The company also received
Third Award in Large Scale Industry Textile Category for the export performance
from The Government of Maharashtra.
SEGMENT:
The Company is engaged in the manufacture and export of
cotton yarn, grey knitted fabrics and made ups, which are governed by the same
set of risks and returns and as such are in the same segment.
The performance of the Consumer Durable Goods Division is reported as a separate segment.
MANAGEMENT
DISCUSSION AND ANALYSIS:
Industry structure and developments
Background
Indian Textile Industry is one of the leading textile
industries in the world. Since Independence, it was predominantly in the
unorganized industry. The scenario changed after the liberalization of The
Indian economy in 1991. The opening up of economy gave the much-needed thrust
to the Indian textile industry, which is now one of the largest in the world.
Indian Textile Industry largely focuses on manufacturing and
export. It also plays a major role in the economy of the country. India earns
about 27% of its total foreign exchange through textile exports and contributes
nearly 14% of the total industrial production and 3% to the GDP of the country.
India textile industry is one of the major employment
generation and provides employment to over 35 million people.
Export Scenario
The Indian textiles industry is one of the largest
contributors to the country's exports. The textile products continue to hold an
important role in the Indian exports.
Government Schemes
The Government of India has promoted a number of export
promotion policies for the Textile sector This also includes the various
incentives under Focus Market Scheme and Focus Product Scheme; broad basing the
coverage of Market Linked Focus Product Scheme for textile products and
extension of Market Linked Focus Product Scheme etc. to increase the Indian
share in the global trade of textiles.
Recent Developments
The Government of Maharashtra's Industrial Policy for the
period 2013-18 provides substantial monetary benefits/incentives to the
companies which wish to invest in Mega Project. Large Scale
Industries will also be offered incentives in a graded manner
so as to assist dispersal of investment to under developed areas.
The Company is evaluating the benefits offered by the
Government of Maharashtra and will take appropriate steps to reap benefits
thereof in due course.
OUTLOOK:
A stable outlook on cotton textiles would require favourable
policy environment, improvements in demand-supply position, continued stability
in input costs and consequent improvement in margins/liquidity. It is unlikely
that the sector's outlook will turn positive until fundamental issues such as
power shortage, Millionsk of technology and modern machinery and demand slowdown
are resolved.
CONTINGENT
LIABILITIES:
(Rs in Millions)
|
Particulars |
31.03.2013 |
|
Amount outstanding in respect of export bills discounted
under Export Letters of Credit ( Since realised Rs. 6100.46 Millions, previous year Rs. 3,152.00 Millions) |
746.984 |
|
Bank Guarantees
* |
36.825 |
|
Claims against
the company not acknowledged as debts |
1.238 |
|
Income Tax /
Custom duty demands disputed in appeals |
|
|
Corporate Guarantee Given To A Bank
For Securing Financial Assistance To Subsidiary Company |
20.000 |
The
Company has given bank guarantee for Rs. 0.411 Millions to DGFT on behalf of
Pranavaditya Spinning Mills Limited, subsidiary company for duty free import of
machines
(b)
In terms of
EPCG Licences issued, the company has undertaken an export obligation for Rs.
3301.379 Millions, which is to be fulfilled over a period of 8 years. The
company has completed the obligation to the extent of Rs. 2845.793 Millions and
necessary application for redemption of license against which obligation is
completed has been made to DGFT.
(c)
In terms of
advance license obtained for import of raw cotton the company has undertaken an
export obligation for Rs. 172.663
Millions which is to be fulfilled over a period of 2 years. The company has
completed the obligation to the extent of
Rs. 172.663 Millions
(d) Under the package scheme of incentives of Government of Maharashtra for Mega Projects , the company is eligible for VAT and Electricity duty refund benefits for its home textiles and consumer durable goods divisions However, if it contravenes any of the conditions of the scheme or eligibility certificate or certificate of entitlement or agreement, it shall repay forthwith the entire benefits drawn / availed along with interest thereon together with costs, charges and expenses thereon
Commitment:
Rs
in Millions
|
a) Estimated amount of contracts (net of
advances) remaining to be executed on capital account and not provided for |
34.513 |
|
b) Letter of credits opened for which the
material has not yet been shipped |
61.846 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER MONTH ENDED 30th
JUNE 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2013 |
|
1. Income
from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
2803.200 |
|
b) Other operating income |
142.000 |
|
Total
income from Operations(net) |
2495.200 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
2050.000 |
|
b) Purchases of stock in trade |
29.800 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(240.300) |
|
d) Employees benefit expenses |
125.700 |
|
e) Depreciation and amortization expenses |
46.400 |
|
f) Other expenditure |
487.400 |
|
g) Power and Fuel |
145.400 |
|
Total expenses |
2644.400 |
|
Earnings before interest, depreciation ,tax
and amortization (EBIDTA) |
34.72 |
|
3. Profit from operations before other income and
financial costs |
300.800 |
|
4. Other income |
0.000 |
|
5. Profit from ordinary activities before finance costs |
300.800 |
|
6. Finance costs |
117.900 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
182.900 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
182.900 |
|
10.Tax expenses |
|
|
Current Income tax-MAT |
36.800 |
|
Tax of earlier years |
0.000 |
|
Deferred Tax |
44.700 |
|
MAT Credit Entitlement |
(36.800) |
|
MAT Credit Entitlement of
earlier years |
0.000 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
138.300 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
138.300 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
354.800 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
(a) Basic and diluted |
3.90 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
3.90 |
|
A.
Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
16294559 |
|
- Percentage of shareholding |
45.92% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
6295495 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
32.81% |
|
Percentage of shares (as a % of total share capital of the
company) |
17.74% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
12891580 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
67.19% |
|
Percentage of shares (as a % of total share capital of the
company) |
36.33% |
|
Particulars |
Quarter
Ended (
Unaudited) |
|
Segment reporting |
30.06.2013 |
|
1.
Segment Revenue |
|
|
a) Textiles |
2496.600 |
|
b) Consumer Durable Goods/Electronics |
306.700 |
|
Total |
2803.200 |
|
|
|
|
2.
Segment Result (Profit before Interest and Tax) |
|
|
a) Textiles |
288.100 |
|
b) Consumer Durable Goods/Electronics |
12.700 |
|
Total |
300.800 |
|
|
|
|
3.
Capital Employed |
|
|
a) Textiles |
1717.300 |
|
b) Consumer Durable Goods/Electronics |
332.000 |
|
Total |
2049.300 |
notes:
1. The
above financial results for the quarter ended 30th June, 2013 have been
reviewed by the Statutory Auditors of the Company as per Listing Agreement with
the Stock Exchanges and approved by the
Board of Directors on 12th August. 2013.
2. The
Company has outstanding Foreign Currency Contracts in [he form of hedging its
business related exposure which are not speculative in nature. The Contracts
have long dated tenor with multiple contingent / uncertain events. As such
ascertainment of fair value of these Contracts is not feasible Banks estimate
MTM loss on these Contracts at Rs 200.600 Millions at 30th June 2013. As AS 30
is not mandatory, the Company has not provided for the Loss in its Books of
Accounts.
3. The
figures for the quarter ended 31st March 2013, are the balancing figures
between the audited figures in respect of the lull financial year upto 31 March
2013 and the unaudited published year-to-date figures upto 31st
December 2012, being the date of the end of the fourth quarter of the financial
year ended on 31st March. 2013
4. The
Company has only two reportable segments i e Textiles and Consumer Durable
Goods / Electronics.
5. In
terms of clause 41 (I) (e) of the Listing Agreement, the Company has exercised
an option to publish standalone quarterly financial results.
6. Previous
period's figures have been regrouped wherever necessary.
7. Details of Investor Complaints for the Quarter ended 30-06-2013: Beginning-Nil, Received - 2 , Resolved - 2 , Pending Nil.
FIXED ASSETS:
·
Land - Leasehold
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Factory and Office
·
Equipments
·
Vehicles
PRESS RELEASE:
INDO COUNT IND TO ISSUE 11 LAKH SHARES TO PROMOTERS/PROMOTER'S
ASSOCIATES ON PREF BASIS
Indo Count Industries Limited has informed BSE that
the Board of Directors of the Company at its meeting held on October 12, 2012,
subject to necessary approvals, permissions, have decided to issue 1100000
equity shares of Rs. 10/- to promoters/promoter's associates on preferential
basis
DID
NOT COMPLY WITH MINIMUM PUBLIC SHAREHOLDING REQUIREMENT
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. 62.52 |
|
|
1 |
Rs. 100.26 |
|
Euro |
1 |
Rs. 84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.