MIRA INFORM REPORT
|
Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDO RAMA SYNTHETICS (INDIA) LIMITED |
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Registered
Office : |
31-A, MIDC Industrial Area, Butibori, Nagpur – 441 122,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.04.1986 |
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Com. Reg. No.: |
11-166615 |
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Capital
Investment / Paid-up Capital : |
Rs.1518.222 Millions |
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CIN No.: [Company Identification
No.] |
L17124MH1986PLC166615 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLI00021A |
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PAN No.: [Permanent Account No.] |
AAALI1530L |
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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
: |
Manufacturer of Polyester Filament Yarn (PFY), Polyester
Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips. The Company is also
engaged in power generation, which is used primarily for captive consumption |
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|
|
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No. of Employees
: |
6000
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (20) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exists |
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Comments : |
Subject is an established company having a moderate track record. The rating takes into considerate moderate financial risk profile with
high volatility in the profits and moderate debt protection metrics. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000
denominations, pushing the deadline to January 1, 2015. A day before dates for
the Lok Sabha polls were announced, the government decided to hike interest
rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The
new rates will be effective April, 1. The Supreme Court will resume hearing on
March, 11 Nokia’s appeal against a ruling over transferring ownership of its
local mobile phones plant which is the subject of a tax dispute to Microsoft
Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = D |
|
Rating Explanation |
Expected to be in default |
|
Date |
November, 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.
INFORMATION DECLINED
Management Non-cooperative (91-124-4947000)
LOCATIONS
|
Registered Office/ Factory : |
31-A, MIDC Industrial Area, Butibori, Nagpur – 441 122, Maharashtra, India |
|
Tel. No.: |
91-7104-663000-01 |
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Fax No.: |
91-7104-663200 |
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E-Mail : |
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Website : |
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Corporate
Office 1 : |
20th Floor, DLF Square, DLF Phase II, NH 8, Gurgaon - 122 003, Haryana, India |
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Tel. No.: |
91-124-4997000 |
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Fax No.: |
91-124-4997070 |
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E-Mail : |
ranvirk.vij@indorama-ind.com |
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Corporate Office 2 : |
Dr. Gopaldas Bhawan, 28, Barakhamba Road, New Delhi – 110001, India |
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Marketing
Offices 1 : |
G/504, ICB FLORA, SG HIGHWAY, GOTA, Ahmedabad - 382481, Gujarat, India |
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Marketing
Offices 2 : |
Shop No. G1, G2, Nakoda Textile Tower, Trilok Marg -
Gandhinagar, |
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Tel. No.: |
91-1482-248576 |
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Fax No.: |
91-1482-248733 |
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Marketing
Offices 3 : |
Sarang, 1st Floor, 8/5, Race Course Road, Coimbatore-641 018, Tamilnadu, India |
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Tel. No.: |
91-422-2220456 |
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Fax No.: |
91-422-2220658 |
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Marketing
Offices 4 : |
37/3, ‘G Tower’, Perundurai Road, Erode-638011, Tamilnadu, India |
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Tel. No.: |
91-424-2240847 |
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Marketing
Offices 5 : |
20th Floor, DLF Square, DLF Phase-II, NH-8, Gurgaon-122 002, Haryana, India |
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Tel. No.: |
91-124-4997000 |
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Fax No.: |
91-124-4997070 |
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Marketing
Offices 6 : |
H.NO. 12-1-1314/A/5, Laxmi Nagar, North Lalaguda, Secunderabad - 500 017, Andhra Pradesh, India |
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Marketing
Offices 7 : |
7-C, Kiran Shankar Roy Road, Hastings Chambers, Ground Floor, Room No-GX, Kolkata-700001, West Bengal, India |
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Marketing
Offices 8 : |
B-XIX-122/2, 4th Floor, Golden Plaza, The Mall Road, Ludhiana-141 001, Punjab, India |
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Tel. No.: |
91-161-2442752 / 5045068 |
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Marketing
Offices 9 : |
No. 102 / G-1, Kameshwara Apartment, Sathya Sai Nagar Main Road, Madurai-625003, Tamilnadu, India |
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Tel. No.: |
91-452-2694804 |
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Marketing
Offices 10 : |
The Metropolitan, 6th Floor, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India |
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Tel. No.: |
91-22-26571234 |
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Fax No.: |
91-22-26571222 |
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Marketing
Offices 11 : |
L-572, Behind Ram Sharnam, Model Town, Panipat - 132 103, Haryana, India |
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Marketing
Offices 12 : |
A/9, 1st Floor, Gurukrupa Business Centre, Opposite Kotak Mahindra Bank, Vapi Main Road, Amli, Silvassa - 396230, UT of Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-2643416/17, 2644519 |
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Marketing
Offices 13 : |
202, Trividh Chambers, Opposite Fire Brigade Station, Ring Road, Surat-395 002, Gujarat, India |
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Tel. No.: |
91-261-2339368 / 2350701 / 2350687 |
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Marketing
Offices 14 : |
4/5, Alagappa Complex, 1st Floor, Opposite Tamilnadu Theatres, Palladam Road, Tirupur-641 604, Tamilnadu, India |
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Tel. No.: |
91-421-2217994 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Mohan Lal Lohia |
|
Designation : |
Chairman Emeritus |
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|
Name : |
Mr. Om Prakash Lohia |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Vishal Lohia |
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Designation : |
Whole-time Director |
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|
Name : |
Mr. Ashok Jagjivan Gupta |
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Designation : |
Whole-time Director and CEO |
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Name : |
Mr. Ashok Kumar Ladha |
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Designation : |
Non-executive Independent Director |
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Name : |
Mr. Om Prakash Vaish |
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Designation : |
Non-executive Independent Director |
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Name : |
Mr. Arvind Pandalai |
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Designation : |
Non-executive Independent Director |
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Name : |
Mr. Suman Jyoti Khaitan |
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Designation : |
Non-executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Jayant Sood |
|
Designation : |
Company Secretary |
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CORPORATE
EXECUTIVES |
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|
Name : |
Mr. Anant Kishore |
|
Designation : |
Chief Operating Officer |
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Name : |
Mr. Anupam Singhania |
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Designation : |
Head – Finance |
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|
Name : |
Mr. M G Birajdar |
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Designation : |
Plant Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Category |
No. of Shares |
Percentage of
Holding |
|
|
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|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
53001626 |
37.45 |
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|
113532 |
0.08 |
|
|
53115158 |
37.53 |
|
|
|
|
|
|
961724 |
0.68 |
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|
43288057 |
30.59 |
|
|
44249781 |
31.27 |
|
Total shareholding of Promoter and Promoter Group (A) |
97364939 |
68.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1336611 |
0.94 |
|
|
2252106 |
1.59 |
|
|
4006850 |
2.83 |
|
|
14170610 |
10.01 |
|
|
21766177 |
15.38 |
|
|
|
|
|
|
8429018 |
5.96 |
|
|
|
|
|
|
7637116 |
5.40 |
|
|
6333632 |
4.48 |
|
|
22399766 |
15.83 |
|
Total Public shareholding (B) |
44165943 |
31.21 |
|
Total (A)+(B) |
141530882 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
10291360 |
0.00 |
|
|
10291360 |
0.00 |
|
Total (A)+(B)+(C) |
151822242 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyester Filament Yarn (PFY), Polyester
Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips. The Company is also
engaged in power generation, which is used primarily for captive consumption |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
6000
(Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
B
S.R. and Associates Chartered Accountants |
|
Address : |
Gurgaon,
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Wholly owned
subsidiaries |
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Enterprises over
which key management personnel or their relatives have significant influence
: |
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Enterprises having
significant influence |
Brookgrange Investments Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185000000 |
Equity Shares |
Rs.10/- each |
Rs.1850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151822242 |
Equity Shares |
Rs.10/- each |
Rs.1518.222 Millions |
|
|
|
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|
Notes:
1. During the current year and in the previous year, there have been no movements in the number of equity shares outstanding.
2. The Company has only one class of equity shares, having a par value of Rs. 10 per share each shareholder is eligible to one vote per share held, except for shares held against Global Depository Receipts (GDR). The dividend proposed, if any, by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
3. Shares in the Company held by each shareholder holding more than 5% shares [also refer to footnote 4 (b)] are as under:-
|
Particulars |
As at 31.03.2013 |
|
|
|
No. of Shares |
% of shares held |
|
Brookgrange Investments Limited |
43,288,057 |
28.51 |
|
Mr. O. P. Lohia (Chairman and Managing Director) |
35,164,492 |
23.16 |
|
Mavi Investments Limited |
12,652,175 |
8.33 |
|
Mrs. Urmila Lohia |
15,855,314 |
10.44 |
4. Above equity shares of Rs.10 each include:
a) 20,000,000 (previous year 20,000,000) equity shares issued during the year 2007-08 as fully paid-up shares to shareholders of erstwhile Indo Rama Petrochemicals Limited, pursuant to a scheme of amalgamation, for consideration other than cash.
b) 10,291,360 equity shares (representing 6.78% of total number of shares) are outstanding against 1,286,420 Global Depository Receipts (GDR), each GDR comprising 8 underlying fully paid up equity shares of Rs.10 each [previous year 10,531,360 equity shares (representing 6.94% of total number of shares) against 1,316,420 GDRs].
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 |
1518.200 |
1518.200 |
1518.200 |
|
(b) Reserves & Surplus |
4566.300 |
4475.100 |
4476.700 |
|
(c) Money
received against share warrants |
203.000 |
203.000 |
203.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
6287.500 |
6196.300 |
6197.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1475.700 |
1957.600 |
2874.900 |
|
(b) Deferred tax liabilities (Net) |
2070.900 |
2133.700 |
2072.200 |
|
(c) Other long term
liabilities |
8.400 |
7.800 |
5.700 |
|
(d) long-term
provisions |
149.300 |
147.500 |
143.500 |
|
Total Non-current
Liabilities (3) |
3704.300 |
4246.600 |
5096.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3427.200 |
2572.000 |
905.700 |
|
(b) Trade
payables |
5360.300 |
5561.000 |
7810.000 |
|
(c) Other
current liabilities |
1341.200 |
2232.300 |
3421.400 |
|
(d) Short-term
provisions |
278.500 |
236.800 |
535.700 |
|
Total Current
Liabilities (4) |
10407.200 |
10602.100 |
12672.800 |
|
|
|
|
|
|
TOTAL |
20399.000 |
21045.000 |
23967.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11720.800 |
12732.500 |
13223.400 |
|
(ii)
Intangible Assets |
9.400 |
12.300 |
0.000 |
|
(iii)
Capital work-in-progress |
26.500 |
265.700 |
84.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
369.900 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
805.100 |
532.200 |
286.200 |
|
(e) Other
Non-current assets |
196.100 |
100.400 |
81.200 |
|
Total Non-Current
Assets |
13127.800 |
13643.100 |
13675.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
103.000 |
148.300 |
176.400 |
|
(b)
Inventories |
3036.000 |
3636.000 |
6820.100 |
|
(c) Trade
receivables |
875.300 |
960.500 |
1016.800 |
|
(d) Cash
and cash equivalents |
369.400 |
309.700 |
207.300 |
|
(e) Short-term
loans and advances |
1399.600 |
1021.400 |
1135.200 |
|
(f) Other
current assets |
1487.900 |
1326.000 |
936.000 |
|
Total
Current Assets |
7271.200 |
7401.900 |
10291.800 |
|
|
|
|
|
|
TOTAL |
20399.000 |
21045.000 |
23967.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
29101.300 |
29688.000 |
27960.600 |
|
|
|
Other Income |
2407.800 |
2072.600 |
527.100 |
|
|
|
TOTAL (A) |
31509.100 |
31760.600 |
28487.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
24266.200 |
22789.800 |
|
|
|
|
Purchases of stock-in-trade |
4.600 |
0.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
84.600 |
1594.000 |
24208.700 |
|
|
|
Employee benefits expense |
812.400 |
736.000 |
|
|
|
|
Other expenses |
3516.800 |
3450.200 |
|
|
|
|
Exceptional items |
392.600 |
652.500 |
|
|
|
|
TOTAL (B) |
29077.200 |
29222.500 |
24208.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2431.900 |
2538.100 |
4279.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
445.100 |
612.200 |
696.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1986.800 |
1925.900 |
3582.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1579.900 |
1543.600 |
1499.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
406.900 |
382.300 |
2083.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(5.700) |
62.700 |
689.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
412.600 |
319.600 |
1394.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1846.900 |
1703.700 |
863.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividend
|
151.800 |
151.800 |
151.800 |
|
|
|
Proposed
dividend |
25.800 |
24.600 |
151.800 |
|
|
|
Tax on dividend |
0.000 |
0.000 |
50.400 |
|
|
|
Transferred to general reserve |
0.000 |
0.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2081.900 |
1846.900 |
1703.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
7498.600 |
8449.500 |
7256.600 |
|
|
|
Other Earnings |
2185.100 |
1967.200 |
154.700 |
|
|
TOTAL EARNINGS |
9683.700 |
10416.700 |
7411.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14991.600 |
14948.700 |
17441.300 |
|
|
|
Packing Material |
1.500 |
10.000 |
8.800 |
|
|
|
Stores & Spares |
61.500 |
16.600 |
41.600 |
|
|
|
Capital Goods |
36.600 |
444.400 |
43.000 |
|
|
TOTAL IMPORTS |
15091.200 |
15419.700 |
17534.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.72 |
2.11 |
9.18 |
|
%20LIMITED%20-%20260924%2002-Apr-2014_files/image007.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.31
|
1.01 |
4.89
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.40
|
1.29 |
7.45
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.03
|
1.84 |
8.72
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.78
|
0.73 |
0.61
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.70
|
0.70 |
0.81
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1518.200 |
1518.200 |
1518.200 |
|
Reserves & Surplus |
4476.700 |
4475.100 |
4566.300 |
|
Net
worth |
5994.900 |
5993.300 |
6084.500 |
|
|
|
|
|
|
long-term borrowings |
2874.900 |
1957.600 |
1475.700 |
|
Short term borrowings |
905.700 |
2572.000 |
3427.200 |
|
Total
borrowings |
3780.600 |
4529.600 |
4902.900 |
|
Debt/Equity
ratio |
0.631 |
0.756 |
0.806 |
%20LIMITED%20-%20260924%2002-Apr-2014_files/image006.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
27960.600 |
29688.000 |
29101.300 |
|
|
|
6.178 |
(1.976) |
%20LIMITED%20-%20260924%2002-Apr-2014_files/image008.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
27960.600 |
29688.000 |
29101.300 |
|
Profit |
1394.100 |
319.600 |
412.600 |
|
|
4.99% |
1.08% |
1.42% |
%20LIMITED%20-%20260924%2002-Apr-2014_files/image009.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
CCL/306/2011 |
Failing Date:- |
08/02/2011 |
Reg. No.:- |
CC/14/2011 |
Reg. Date:- |
20/04/2011 |
|
Petitioner:- |
RELIANCE INFRASTRUCTURE LIMITED |
Respondent:- |
INDO RAMA SYNTHETICS (INDIA) LIMITED |
||||
|
Petn.Adv:- |
MULLA AND MULLA AND C.B. AND C (0) |
|
|
||||
|
District:- |
NAGPUR |
||||||
|
Bench:- |
Single |
Category:- |
COUNTER CLAIM |
||||
|
Status:- |
Pre-Admission |
|
|
||||
|
|
|
||||||
|
Act. : |
Code of Civil Procedure 1908 |
|
|||||
GENERAL INFORMATION
Subject is a manufacturer of Polyester Filament Yarn (PFY), Polyester Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips. The Company is also engaged in power generation, which is used primarily for captive consumption. The Company’s manufacturing facilities are located at Butibori, Nagpur.
OPERATIONAL AND
FINANCIAL REVIEW
During the year, The Company recorded gross revenue of Rs.31664.000 Millions as against Rs.31810.000 Millions in previous year, representing a decrease of 0.46%. EBIDTA is Rs.2825.000 Millions as against Rs.3191.000 Millions last year. Profit before Tax stood at Rs.406.900 Millions against Rs. 382.300 Millions for the previous year.
In the last financial year, the overall economic growth was flat and the margin were low due to the macro-economic challenges of economy, but the company continued to focus on internal efficiencies and cost optimisation projects to counter the margin pressures during the year.
At the backdrop of lower economic growth, input price volatility and affected margins. The outlook for polyester continues to be optimistic owing to proposed capacity additions between 2013 and 2015. Moderating demand for home textiles, furnishing fabrics, technical textile, garments will enhance demand from polyester.
In 2012-13, they completed 11 MW STG Power Project, which will convert available steam capacity into power. The addition of 11 MW power will give us the insulation against high rising cost of power and also an opportunity to export the power. The continued expansion in high capacity Draw Texturised Yarn (DTY) machines will convert additional POY into value added
DTY products and introduction of new variety of POY, FDY, DTY and PSF products will enhance Their offerings.
MANAGEMENT DISCUSSION
AND ANALYSIS
Global Economy
The financial year 2012-13 saw underperforming economies, sluggish growth and emergency rescue efforts by most governments across the world. The financial crisis of Eurozone nations is weakening the strength of the economic bloc and adversely impacting global economic growth. Cyprus plunged deep into economic hardships and social chaos, as it sought major bailout from other Euro nations. However, the US economy demonstrated early signs of recovery, spearheaded by manufacturing growth and prudent policy initiatives. The International Monetary Fund estimates the global economic growth for 2012 at 3.2%, as against 3.8% in 2011
The emerging economies were also impacted by global headwinds, with China registering economic slowdown, along with other BRICS nations. In 2012-13, China grew by only 7.8%, while India finished the race a close second at 5%.
Indian Economy
India’s economy has also been facing socio-economic challenges for the past two years, impacted by a combination of international and domestic factors. The Reserve Bank of India infused Rs.180000.000 Millions to its economy by reducing the cash reserve ratio (CRR) to 4% in its third monetary policy during 2012-13. Moreover, increasing FDI limits across major sectors has significantly improved India’s capital inflows. The government is also taking various initiatives to keep the fiscal deficit within 5.2%. While the GDP growth for 2012-13 is at 5%, the same is targeted to be 6.1% in 2013-14.
Global Trade Scenario
Global trade growth slowed down significantly from 5.2% in 2011 to 2.0% in 2012. World merchandise exports in value terms remained unchanged in 2012 at USD 18.3 Trillion, due to reducing prices of traded goods. Commodity prices witnessed maximum decline and cotton prices recorded a reduction of 42%.
Similar to the 2012 trends, persistent global economic predicament, especially European economic crisis and China’s deceleration in growth, are slowing down world export trade growth in 2013. With expected improvements in the US economic conditions, the WTO has projected a growth rate of 3.3% for global export trade in 2013.
TEXTILE INDUSTRY
SCENARIO
Global Textile
The global textile and clothing trade marginally declined from USD 706 Billion in 2011 to USD 700 Billion in 2012. China’s export in 2012 grew by 3% to an estimated USD 260 Billion and represented 37.7% of the global textile and clothing trade. India’s export is estimated to decline to USD 31-32 Billion in 2012.
The textiles and clothing sector witnessed a sharp decline in USD terms in Q2 and Q3 of 2012, but recovered in Q4. The overall global demand across textiles and apparel value chain is expected to grow at 3% to 3.5% year-on-year over the next decade.
The table provided below represents global yarn and fabric output for 2012 on quarter-to-quarter basis. The yarn and fabric production exhibited significant improvements in Q2-Q4 2012. The Q1 2013 outlook appears positive with Asia’s production levels expected to stabilise.
Globally, over 60% of textile and apparel consumption centres are located in the US, Canada, China, Japan and the European nations. On the other hand, India, Pakistan, China, Vietnam, Indonesia, Thailand and Bangladesh account for more than 60% of the global textiles and apparel production.
Indian Textile
Industry
India’s total textile and apparel market, for domestic business and exports taken together, is projected to grow at Compound Annual Growth Rate (CAGR) of 9.5% from USD 89 Billion in 2011 to reach USD 223 Billion by 2021.
The self-sufficiency in all fibres is a key to sustained growth of India’s domestic and export markets for textiles and fibre. The segments, namely apparel, home textiles and technical textiles, are expected to grow at 9%, 8% and 10%, respectively, propelling fibre production and consumption growth.
On the export front, India has emerged as a preferred sourcing destination for global buyers and is globally ranked as the fifth-largest exporter of textile and clothing. However, volatility in the EU market has impacted India’s 2012 exports.
FIBRE INDUSTRY
SCENARIO
Global Fibre Industry
The global fibre production for 2012 is estimated at 82.0 million tonnes, registering an increase of 1.2% over 2011. Cotton fibres production is estimated to be 26 million tonnes and manmade fibre (MMF) is likely to account for 55 million tonnes. The polyester fibre in the MMF segment accounted for an estimated 41.3 million tonnes (75%). Polyester and cotton together accounted for 82% of the fibre volumes produced in 2012. The global fibre demand is expected to increase by 3% on medium term due to rising population and increasing prosperity in the emerging markets.
China emerged as the biggest manufacturer of all MMF fibres with 35.5 million tonnes production volume, accounting for 64.5% of global MMF production. On the price front, cotton fibre’s clear downward trend from mid-2012 is putting pressure on all other fibres.
Cotton
Global cotton fibre production declined by 3.7% from 27 million tonnes in 2011 and reached 26.01 million tonnes in 2012. The consumption, however, registered an increase of 4.0% from 22.42 million tonnes in 2011 to 23.32 million tonnes in 2012. The cotton production in 2013-14 is likely to further decline to 23.47 million tones.
Polyester
Polyester production increased by 5% over 2011 to reach 41.31 million tonnes in 2012 and covered 50% of the fibres produced worldwide. The staple fibre production grew by 3.4% to reach 14.9 million tonnes and polyester filament yarn (PFY) increased by 5.7% to touch 26.4 million tonnes. In 2012, 75% capacity utilisation summed up to the global polyester production of 41.31 million tonnes. The polyester fibre production is estimated to grow at 6-7% from 2013 to 2015.
Indian Fibre Industry
India’s fibre production declined by 2% to reach an estimated 9.6 million tonnes in 2012-13 compared to 9.8 million tonnes in 2011-12. Cotton fibre production declined by an estimated 4.1% from 6.03 million tones in 2011 to 5.78 million tonnes in 2012. Cotton accounted for 60% of the total fibres produced in India in 2012. Polyester fibre production has reached an estimated 3.30 million tonnes, as against 3.26 million tonnes in 2011, a marginal increase of 1.2%. Polyester fibre accounted for 34% of India’s total fibre production in 2012.
India’s fibre consumption increased by 9.7% over the previous year to reach an estimated 8.23 million tones in 2012-13, as compared to 7.50 million tonnes in 2011- 12. Cotton fibre led the consumption increase, growing at a rate of 13%, followed by polyester fibre at 6.1%.
India’s current per capita consumption for all fibres is 6.86 kg. However, for polyester fibre, India’s per capita consumption for 2012 was 2.45 kg, as against a global value of 5.85 kg. The Polyester fibre accounts for 36% of per capita fibre consumption in India.
India’s Fabric
Scenario
India’s yarn and fabric production increased largely on account of growth in 100% cotton as well as the blended category. The fabric production is estimated to increase by 4.0%; however, the yarn production is likely to show an impressive growth of 11%.
Production increases for cotton fabric and cotton yarn for 2012 are estimated to reach 12% and 14%, respectively. The blended fabric and yarn also witnessed positive growth in 2011-12. The fabric production in 100% non-cotton segment declined due to lower off-take in domestic and export markets. The 100% non-cotton yarn production, however, remained at the same level of that in 2011-12.
INDIAN POLYESTER
INDUSTRY: SNAPS HOT
Polyester fibre demand grew at 6%, driven by PSF and FDY in 2012-13. The year was characterised by high capacity additions in PFY segment and FDY. The operational capacity declined to 68% as a whole, as new PFY capacity struggled to place the volumes in the market amid price erosion in the domestic and export markets. The growth was limited due to power shortage in southern states. The production output is stable at 3.30 million tonnes.
Polyester fibre outlook remains positive and demand is estimated to increase by 6% to 7% from 2013 to 2016. The estimated decline in production of cotton fibre in 2013-14 due to declining acreage, gradual recovery in economic growth and favourable measures taken by the Indian Government for textile sectors augurs well for polyester fibre demand.
Polyester Filament
Yarn (PFY)
- PFY again proved to be the preferred capacity addition segment; the capacity grew around 15% to 3.67 million tonnes in 2012-13 from 3.18 million tonnes in 2011-12
- PFY estimated production grew by 1.2% to 2.41 million tonnes in 2012-13 from 2.38 million tonnes in 2011-12
- In 2012-13, estimated domestic demand stood at 2.22 million tonnes against 2.08 million tonnes in 2011-12, growing by 6.7%; the captive POY demand saw huge increase of 7.6% due to conversion of POY to DTY as value addition process within the Company
- Exports declined by 22% to estimated 0.18 million tonnes in 2012-13 from 0.23 million tonnes in 2010-11; the decline in POY segment was attributed to collapsing of Syrian market and political disturbances in the Middle East markets
- Capacity utilisation on total demand stood at an estimated 66% in 2012-13
- PFY is estimated to grow by 7-8% between 2013 and 2016, due to higher growth in home textiles, women’s wear and automotive segment
Polyester Staple
Fibre (PSF)
- PSF’s estimated demand increased by 4.2% to reach 0.72 million tonnes in 2012-13 against 0.69 million tonnes in 2011-12; the upside potential was limited, owing to power cut in southern states and decline in production of 100% non-cotton fabrics and yarns
- Production declined by 1.2% to estimated 0.88 million tonnes in 2012-13 from 0.89 million tonnes in 2011-12
- Exports declined in 2012-13 from previous year, due to suppressed demand from Europe and weakness in global market
- Capacity utilisation on total demand stood at estimated 73% in 2012-13
- PSF is estimated to grow at 5-7% between 2013 and 2016, following lower forecast cotton production next year, anticipated higher retail growth, home textiles, non-woven segment and industrial textiles
POWER BUSINESS
OVERVIEW
Conventional Energy
In 2012, an 11 MW steam turbine generator (STG) unit was commissioned to produce additional power from the surplus steam available from the CPP boilers. After the 11 MW STG additions, CPP’s installed capacity has increased to 85.62 MW, comprising 41 MW coal-based thermal plant and furnace oil-based 44.62 MW DG sets.
This has enabled to meet the additional power demand arising out of the new projects of coal-fired heat transfer medium (CFHTM) plant and DTYs expansion. This has helped substitute costly power from the grid and DG sets and has led to reduction of power costs.
The DG set operation has been restricted to a bare minimum, only as emergency back-up and the maximum power demand has been met through the coal-based captive power plant.
Road Ahead
- Indo Rama continues to endeavour in reducing the power generation cost by:
- Enhancing generation capacities by maximizing plant load factor
- Availing cheaper power from open market to offset the requirement of generating high-cost power from the grid and the DG sets
- Reducing the overall power cost for polyester production, thus contributing to the core business profitability
Further, the surplus power shall be sold in the power exchange and to consumers on available opportunity to generate additional revenues.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars
|
31.03.2013 |
31.03.2012 |
|
Excise / customs / service tax matters in
dispute/ under appeal |
3036.100 |
1072.700 |
|
Income tax matters in dispute/ under
appeal |
175.300 |
21.500 |
|
Sales tax matters in dispute/ under appeal |
60.700 |
56.80 |
|
Claims by ex-employees, vendors, customers
and civil cases |
6.100 |
5.300 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10341105 |
20/01/2012 |
240,000,000.00 |
ORIENTAL BANK OF COMMERCE |
E-BLOCK, HARSHA BHAWAN,, CONNAUGHT PLACE,, NEW DELHI, DELHI - 110001, INDIA |
B34538363 |
|
2 |
10062641 |
30/07/2012 * |
850,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH,, TRAVANCORE HOUSE, K.G. MARG,, NEW DELHI, DELHI - 110001, INDIA |
B56359409 |
|
3 |
90204366 |
16/09/2005 * |
20,000,000.00 |
DEG-DEUTSCHE INVESTITIONS AND ENTWICKLUNGSGESELLSH |
KOLN, KOLN, , GERMANY |
- |
|
4 |
90210703 |
19/12/2006 * |
952,496,718.75 |
IKB DEUTSCHE INDUSTRIEBANK AG |
WILHELM-BOTZKES-STR.1, 40474 DUSSELDORF., FEDERAL |
- |
|
5 |
80016714 |
19/12/2006 * |
1,742,755,000.00 |
IKB DEUTSCHE INDUSTRIEBANK AG |
WILHELM-BOTZKES-STR.1, 40474 DUSSELDORF., FEDERAL
REPUBLIC OF GERMANY, DUSSELDORF, - 40474, GERMAN |
- |
|
6 |
80016712 |
19/12/2006 * |
222,343,000.00 |
IKB DEUTSCHE INDUSTRIEBANK AG |
WILHELM-BOTZKES-STR.1, 40474 DUSSELDORF., FEDERAL |
- |
|
7 |
90206255 |
16/09/2005 * |
500,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
8 |
90209638 |
30/07/2012 * |
750,000,000.00 |
PUNJAB NATIONAL BANK |
15-17, LARGE CORPORATE BRANCH, TOLSTOY HOUSE, |
B56385412 |
|
9 |
80016709 |
30/07/2012 * |
1,900,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING, PANCHKUIAN ROAD, NEW |
B56643711 |
|
10 |
90209563 |
30/07/2012 * |
2,100,000,000.00 |
BANK OF INDIA |
NEW DELHI LARGE CORPORATE BRANCH, 4, PTI BUILDING , PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B56250699 |
|
11 |
90204064 |
30/07/2012 * |
670,000,000.00 |
AXIS BANK LIMITED. |
2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B55797575 |
|
12 |
80016711 |
24/08/2012 * |
750,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B58472432 |
|
13 |
90202627 |
08/11/1990 |
12,700,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
14 |
90202604 |
10/05/1990 |
12,600,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
15 |
90202540 |
12/09/1989 * |
2,500,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
* Date of charge modification
STANDALONE FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2013
Rs. In Millions
|
Particulars |
Quarter Ended |
Nine Months Ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net
of excise duty) |
5820.700 |
6199.800 |
19083.100 |
|
|
(b) Other Operating Income |
81.400 |
92.200 |
270.700 |
|
|
Total
income from operations (net) |
5902.100 |
6292.000 |
19356.600 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
5112.000 |
5650.900 |
15840.100 |
|
|
(b) Purchases of stock-in trade |
-- |
-- |
-- |
|
|
(c) Changes in inventories of finished
goods. work-in-progress and stock in trade |
31.900 |
(732.100) |
375.300 |
|
|
(d) Employee benefits expense |
210.700 |
209.500 |
633.200 |
|
|
(e) Other Expenses |
818.900 |
1008.200 |
2479.900 |
|
|
Total expenses
before depreciation and amortisation, finance costs, exceptional item and tax |
6173.500 |
6136.500 |
19328.500 |
|
3 |
(Loss)/Profit from operations
before depreciation and amortisation, other income, finance costs,
exceptional item and tax (1-2) |
(271.400) |
155.500 |
28.100 |
|
4 |
Depreciation and amortisation expense |
337.400 |
349.200 |
1028.400 |
|
5 |
Total expenses after
depreciation and amortisation, before finance costs, exceptional item and tax
(2+4) |
6510.900 |
6485.700 |
20356.900 |
|
6 |
(Loss) from
operations before other income, finance costs, exceptional item and tax (1-5) |
(608.800) |
(193.700) |
(1000.300) |
|
7 |
Other Income |
1503.000 |
352.900 |
2413.100 |
|
8 |
Profit from
ordinary activities before finance costs, exceptional item and tax (6+7) |
894.200 |
159.200 |
1412.800 |
|
9 |
Finance Costs |
104.000 |
87.100 |
225.300 |
|
10 |
Profit from ordinary
activities before exceptional item and tax (8-9) |
790.200 |
72.100 |
1187.500 |
|
11 |
Exceptional item-foreign exchange fluctuation gain /
(loss) (refer to note 4 and 5) |
367.000 |
(866.800) |
(1554.200) |
|
12 |
Profit / (Loss) from
ordinary activities before tax (10+11) |
1157.200 |
(794.700) |
(366.700) |
|
13 |
Income tax expense / (credit) |
183.400 |
(181.100) |
(426.600) |
|
14 |
Net Profit / (Loss)
for the period (12-13) |
973.800 |
(613.600) |
59.900 |
|
15 |
Paid up equity share capital (Face Value of
Rs10/- each) |
1518.200 |
1518.200 |
1518.200 |
|
16 |
Reserve excluding Revaluation Reserve as
per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
17 |
Basic and diluted EPS for the period (not annualised) (Rs.
per share of Rs. 10 each) |
6.41 |
(4.04) |
0.39 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
54,457,303 |
54,278,225 |
54,457,303 |
|
|
- Percentage of shareholding |
35.87% |
35.75% |
35.87% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total
Share Capital of the Company) |
-- |
-- |
-- |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
97,364,939 |
97,544,017 |
97,364,939 |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total
Share Capital of the Company) |
64.13% |
64.25% |
64.13% |
|
|
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
|
|
Received during the quarter |
13 |
|
|
|
|
Disposed off during the quarter |
13 |
|
|
|
|
Remaining unresolved at the end of the
quarter |
-- |
|
|
Notes:-
1 The Audit Committee reviewed the above results. The Board of Directors, at their meeting held on 12 February 2014, have approved the above results.
2. The Statutory Auditors of the Company have carried out a Limited Review of the financial results for the quarter and nine months ended 31 December 2013 and an unqualified opinion has been issued. The review report of statutory auditors is being filed with the Bombay Stock Exchange and the National Stock Exchange.
3. On 9 November 2010, the Company had allotted 20,000,000 Fully Convertible Preferential warrants (FCPs) at
Rs. 40.60 per warrant (aggregating Rs. 812.000 Millions) as per Securities and Exchange Board of India (SEBI) and other guidelines, as applicable. As per the terms of the warrants, Rs. 10.15 per warrant (aggregating Rs. 203.000 Millions) have been received and balance amount of Rs. 30.45 per warrant (aggregating Rs. 609.000 Millions) was payable within 18 months of allotment of the warrants. The warrants were convertible into equity shares within a period of 18 months from the date of allotment of warrants at the option of the warrant holders. Upon conversion, one warrant would have been converted into one fully paid equity share of Rs.10 each and amount of Rs. 30.60 would have been adjusted towards share premium account. Subsequently, the Company had received request from warrant holders for extending period upto May 2014 for payment of balance amount of Rs. 609.000 Millions. While the approval from MCA was received, SEBI has rejected the application vide its letter dated 4 December 2013. Accordingly, the money received against share warrants has been forfeited and transferred to capital reserve in the current quarter.
4. The Company had made an early application of Accounting Standard 30 "Financial Instruments- Recognition and Measurement", issued by The Institute of Chartered Accountants of India since the year 2010-11 for accounting for forward exchange contracts taken for highly probable / forecast transactions, which are not covered by AS-11. An income of Rs. 371.600 Millions and an expense of Rs. 701.800 Millions has been recognized in these financial results for the quarter and nine months ended 31 December 2013 respectively and included in exceptional items as an adjustment on the said application of Accounting Standard 30. Expense aggregating Rs. 195.500 Millions and Rs. 214.100 Millions were recognised for the quarter and nine months ended 31 December 2012 respectively.
5. Due to significant volatility in the foreign currency vis-ŕ-vis local currency, the Company has considered other foreign exchange fluctuations also as exceptional items.
6. The Company's business activity falls within a single primary business segment viz. 'Polyester'.
7. Previous period figures have been regrouped / recast, wherever necessary, to make them comparable.
FIXED
ASSETS:
·
Land (Freehold and Leasehold)
·
Roads and Buildings
·
Plant and Machinery
·
Furniture and Office Equipments
·
Vehicles
·
Software
AS PER WEBSITE
PRESS RELEASE
INDO RAMA SYNTHETICS
(INDIA) LIMITED REPORTS FINANCIAL RESULTS FOR THE QUARTER ENDED ON DECEMBER 31,
2013
Q3FY14 Results (all
comparisons with Q3FY13)
- Net Revenues at Rs 5902.100 Millions vis-ŕ-vis Rs 7035.200 Millions
- EBIDTA at Rs 1598.600 Millions vis-ŕ-vis Rs 520.300 Millions
- PAT at Rs 973.800 Millions vis-ŕ-vis Rs 18.300 Millions
9MFY14 Results (all
comparisons with 9MFY13)
- Net Revenues at Rs 19356.600 Millions vis-ŕ-vis Rs 22033.100 Millions
- EBIDTA at Rs 887.000 Millions vis-ŕ-vis Rs 2210.000 Millions
- PAT at Rs 59.900 Millions vis-ŕ-vis Rs 793.200 Millions
Gurgaon, February 12, 2014: Indo Rama Synthetics (India) Limited, India’s largest dedicated polyester manufacturer, today announced its un-audited results for the Quarter and Nine Months ended December 31, 2013.
For the quarter ended December 31, 2013, Net Revenues stood at Rs 5902.100 Millions as against Rs 7035.200 Millions in Q3 of previous year. EBIDTA increased to Rs 1598.600 Millions as compared to Rs 520.300 Millions in the same period last year. The company recorded profit after tax of Rs 973.800 Millions in the quarter as compared to Rs 18.300 Millions in Q3 of the previous year.
For the Nine Months ended December 31, 2013, the company delivered net revenue of Rs 19356.600 Millions, as compared to Rs 22033.100 Millions in same period of previous year. EBIDTA stood at Rs 887.000 Millions as compared to Rs 2210.000 Millions last year. The profit after tax was Rs 59.900 Millions as compared to profit of Rs 793.200 Millions during the same period of previous year.
Commenting on the Company’s performance, Mr. O. P. Lohia, Chairman and Managing Director, Indo Rama Synthetics (India) Limited said, “Presently the Indian economy is facing a slowdown, which is impacting the demand in all sectors. It is also affecting the demand of Man Made Textile in the domestic market. We are hopeful that the economy will recover from here. Going forward, the textile sector is showing good results in last few quarters, which is because of exports are showing good response specifically in the cotton industry, where cotton yarn is showing good export demand. I hope that going forward from here; Man Made Textile sector will also start showing better demand as seen in the cotton segment, as rupee depreciation is helping the textile industry to be more competitive. With demand going up both in the domestic and international market, we are hopeful that we will be able to utilise higher production capacity in the coming quarters”
About Indo Rama
Synthetics (India) Limited
Indo Rama Synthetics (India) Limited is India’s largest dedicated polyester manufacturer with an Integrated Manufacturing Complex in Butibori near Nagpur in Maharashtra, with production capacity of 6,10,050 tonnes per annum of Polyester Staple Fibre, Filament Yarn, Draw Texturized Yarn, Fully Drawn Yarn and Textile grade Chips.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
20 |
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.