MIRA INFORM REPORT
|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MORARJEE TEXTILES LIMITED |
|
|
|
|
Registered
Office : |
Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai – 400013, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.07.1995 |
|
|
|
|
Com. Reg. No.: |
11-090643 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 613.324 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52322MH1995PLC090643 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM09765A |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Subject
is engaged in Manufacture of Textile Products. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4289100 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has achieved fair profitability from its operation during
the financial year 2013. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
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.
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 co-operative [91-22-66154651]
LOCATIONS
|
Registered Office : |
Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai – 400013, |
|
Tel. No.: |
91-22-66154651/52/53 |
|
Fax No.: |
91-22-66154593 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
G – 2, MIDC Industrial Estate, Post Salaidhaba, Butibori, |
|
Tel. No.: |
91-7104-265704/708/514/519 |
|
Fax No.: |
91-7104-265703/508 |
|
|
|
|
Overseas Sales Office : |
Corso Italia, 62-20025 Legnano (Mi) – |
|
Tel. No.: |
39-331-455028 |
|
Fax No.: |
39-331-545026 |
|
E-Mail : |
|
|
|
|
|
Processing Unit: |
Plot No. 101/102, |
|
Email: |
|
|
|
|
|
Mumbai Liasioning Office : |
104, Bayside Mall, 35, C.M.M. Malviya Marg, |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Ms. Urvi A Piramal |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. Harshvardhan A Piramal |
|
Designation : |
Executive Vice Chairman |
|
|
|
|
Name : |
Mr. Mahesh S Gupta |
|
Designation : |
Director |
|
Date of Birth/Age: |
30.06.1956 |
|
Date of Appointment : |
19.01.2006 |
|
Qualification : |
B.Com, Chartered Accountant, Company Secretary and Law Graduate |
|
|
|
|
Name : |
Mr. Pradipta Mohapatra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Aditya Mangaldas |
|
Designation : |
Director |
|
Date of Birth/Age: |
16.09.1963 |
|
Date of Appointment : |
18.02.2005 |
|
Qualification : |
Mechanical Engineer from L.D. College of Engineering, MBA from Babson
College USA |
|
|
|
|
Name : |
Mr. Ranjan Sanghi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shobhan Thakore |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R.K. Rewari |
|
Designation : |
CEO and Executive Director |
|
|
|
|
Name : |
Mr. S.C. Kashimpuria |
|
Designation : |
Head Finance and Accounts |
|
|
|
|
Name : |
Ms. Karina Vaz |
|
Designation : |
Deputy Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
105529 |
0.29 |
|
|
23102106 |
63.59 |
|
|
1511994 |
4.16 |
|
|
21590112 |
59.42 |
|
|
23207635 |
63.88 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
23207635 |
63.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2711 |
0.01 |
|
|
3061 |
0.01 |
|
|
1913438 |
5.27 |
|
|
1135 |
0.00 |
|
|
1920345 |
5.29 |
|
|
|
|
|
|
1845983 |
5.08 |
|
|
|
|
|
|
5090807 |
14.01 |
|
|
3996981 |
11.00 |
|
|
270598 |
0.74 |
|
|
262904 |
0.72 |
|
|
7694 |
0.02 |
|
|
11204369 |
30.84 |
|
Total Public shareholding (B) |
13124714 |
36.12 |
|
Total (A)+(B) |
36332349 |
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) |
36332349 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in Manufacture of Textile Products. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Looms |
Nos. |
248 |
-- |
|
Spindles |
Nos. |
31568 |
-- |
|
Commercial Production |
Pcs. |
2400000 |
-- |
|
Finished Fabrics |
Mtrs. (Lac) |
-- |
198.68 |
|
Yarn |
Tons |
-- |
1051.92 |
|
Finished Fabrics Shirt |
Nos. (Lac) |
-- |
17.08 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Company Chartered Accountants |
|
|
|
|
Subsidiary : |
Morarjee
International S.R.L. |
|
|
|
|
Joint Venture : |
|
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity Shares |
Rs.7/- each |
Rs.315.000 Millions |
|
2500000 |
Redeemable Cumulative Non-Convertible Preferences Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
TOTAL
|
|
Rs.565.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36332349 |
Equity Shares |
Rs.7/- each |
Rs.254.327
Millions |
|
2500000 |
Redeemable Cumulative Non-Convertible Preferences Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
TOTAL |
|
Rs.504.327 Millions |
NOTES:
TERMS / RIGHTS TO EQUITY
SHARES:
Each Equity shares of
Company has a par value of Rs. 7/- as at 31st March, 2013 (Previous year Rs.
7/- per share). Each holder of equity shares is entitled to one vote per share.
In the event of liquidation, the equity shareholders are eligible to receive
the remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
TERMS
/ RIGHTS TO PREFERENCE SHARES:
5% Redeemable Cumulative Non-
Convertible Preference Shares of Rs. 100/- each, Redeemable anytime between
15th Nov. 2014 and 15th November, 2019 at the option of the Company. The
holders of the said Preference Shares shall not have any right to vote in any
manner before the Company at any meeting except on resolutions placed before
the Company at any meeting which directly affects their rights.
9% Redeemable Cumulative
Non- Convertible Preference Shares of Rs. 100/- each, Redeemable anytime
between 4th June, 2012 and 3rd December, 2015 at the option of the Company. The
holders of the said Preference Shares shall not have any right to vote in any
manner before the Company at any meeting except on resolutions placed before
the Company at any meeting which directly affects their rights.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
504.327 |
504.327 |
|
(b) Reserves & Surplus |
|
567.964 |
474.737 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1072.291 |
979.064 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
418.721 |
1171.607 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
11.039 |
11.702 |
|
(d)
Long-term provisions |
|
23.254 |
18.094 |
|
Total
Non-current Liabilities (3) |
|
453.014 |
1201.403 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
773.600 |
657.525 |
|
(b)
Trade payables |
|
449.044 |
282.495 |
|
(c)
Other current liabilities |
|
877.051 |
327.217 |
|
(d)
Short-term provisions |
|
354.353 |
126.925 |
|
Total
Current Liabilities (4) |
|
2454.048 |
1394.162 |
|
|
|
|
|
|
TOTAL |
|
3979.353 |
3574.629 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
2309.174 |
1896.757 |
|
(ii)
Intangible Assets |
|
32.019 |
33.389 |
|
(iii)
Capital work-in-progress |
|
24.006 |
34.013 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
86.617 |
86.617 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
24.325 |
22.624 |
|
(e)
Other Non-current assets |
|
71.934 |
22.071 |
|
Total
Non-Current Assets |
|
2548.075 |
2095.471 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
680.856 |
536.726 |
|
(c)
Trade receivables |
|
576.364 |
395.500 |
|
(d)
Cash and cash equivalents |
|
6.930 |
10.174 |
|
(e)
Short-term loans and advances |
|
157.177 |
525.343 |
|
(f)
Other current assets |
|
9.951 |
11.415 |
|
Total
Current Assets |
|
1431.278 |
1479.158 |
|
|
|
|
|
|
TOTAL |
|
3979.353 |
3574.629 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
613.324 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
164.413 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
777.737 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2015.377 |
|
|
2] Unsecured Loans |
|
|
458.744 |
|
|
TOTAL BORROWING |
|
|
2474.121 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3251.858 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2237.370 |
|
|
Capital work-in-progress |
|
|
3.393 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
86.617 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
671.893
|
|
|
Sundry Debtors |
|
|
489.047
|
|
|
Cash & Bank Balances |
|
|
16.542
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
306.798
|
|
Total
Current Assets |
|
|
1484.280
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
399.249
|
|
|
Other Current Liabilities |
|
|
135.399
|
|
|
Provisions |
|
|
25.154
|
|
Total
Current Liabilities |
|
|
559.802
|
|
|
Net Current Assets |
|
|
924.478
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3251.858 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3640.707 |
2906.157 |
3300.328 |
|
|
|
Other Income |
0.452 |
1.493 |
0.986 |
|
|
|
TOTAL (A) |
3641.159 |
2907.650 |
3301.314 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials
Consumed |
1508.007 |
1109.407 |
1444.525 |
|
|
|
Manufacturing
& other expenses |
975.019 |
867.424 |
850.580 |
|
|
|
Employment
Cost |
264.932 |
222.470 |
369.412 |
|
|
|
Administrative,
Selling & Other Expenses |
265.217 |
260.744 |
344.746 |
|
|
|
Forex
Loss |
36.961 |
15.124 |
(57.904) |
|
|
|
Changes in inventories of
Work-in-Progress & Finished Goods |
(62.556) |
(7.176) |
(106.509) |
|
|
|
TOTAL (B) |
2987.580 |
2467.993 |
2844.850 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
653.579 |
439.657 |
456.464 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
272.566 |
275.830 |
257.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
381.013 |
163.827 |
198.496 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
141.605 |
132.690 |
152.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
239.408 |
31.137 |
46.311 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
239.408 |
31.137 |
46.311 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(15.054) |
(46.191) |
(508.375) |
|
|
|
|
|
|
|
|
|
Add/ Less |
SET-OFF AGAINST SHARE
PREMIUM ACCOUNT AS PER ORDER FROM THE HON’ABLE BOMBAY HIGH COURT |
0.000 |
0.000 |
415.873 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed
Dividend on Preference Shares |
61.364 |
0.000 |
0.000 |
|
|
|
Dividend
Distribution Tax |
10.429 |
0.000 |
0.000 |
|
|
|
Proposed
Dividend on Equity Shares |
63.582 |
0.000 |
0.000 |
|
|
|
Dividend
Distribution Tax |
10.806 |
0.000 |
0.000 |
|
|
|
Transfer
to General Reserve |
24.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
54.173 |
(15.054) |
(46.191) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
1793.499 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
44.024 |
|
|
|
Consumables |
NA |
NA |
22.631 |
|
|
|
Capital Goods |
NA |
NA |
6.041 |
|
|
TOTAL IMPORTS |
NA |
NA |
72.696 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.99 |
0.27 |
0.98 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
993.300 |
1015.000 |
977.500 |
|
Total Expenditure |
800.900 |
820.200 |
785.400 |
|
PBIDT (Excl OI) |
192.400 |
194.800 |
192.100 |
|
Other Income |
0.000 |
0.000 |
00.100 |
|
Operating Profit |
192.400 |
194.800 |
192.200 |
|
Interest |
66.700 |
65.500 |
65.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
125.700 |
129.300 |
126.900 |
|
Depreciation |
37.400 |
38.000 |
38.000 |
|
Profit Before Tax |
88.300 |
91.300 |
88.900 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
88.300 |
91.300 |
88.900 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
88.300 |
91.300 |
88.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.57
|
1.07 |
1.40
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.57
|
1.07 |
1.40
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.19
|
0.90 |
1.24
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.03 |
0.06
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.11
|
1.87 |
3.18
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.58
|
1.06 |
2.65
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
|
504.327 |
504.327 |
|
Reserves & Surplus |
|
474.737 |
567.964 |
|
Net worth |
|
979.064 |
1,072.291 |
|
|
|
|
|
|
long-term borrowings |
|
1171.607 |
418.721 |
|
Short term borrowings |
|
657.525 |
773.600 |
|
Total borrowings |
|
1,829.132 |
1,192.321 |
|
Debt/Equity ratio |
|
1.868 |
1.112 |
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 |
3300.328 |
2906.157 |
3640.707 |
|
|
|
(11.943) |
25.276 |
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 |
3300.328 |
2906.157 |
3640.707 |
|
Profit |
46.311 |
31.137 |
239.408 |
|
|
1.40% |
1.07% |
6.58% |
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10338139 |
18/01/2012 |
65,000,000.00 |
THE SARASWAT CO-OPERATIVE
BANK LTD |
BANASHANKARI BRANCH,
GROUND FLOOR, CHANDAN BLDG, |
B33199167 |
|
2 |
10338304 |
04/01/2012 |
46,000,000.00 |
SARASWAT CO-OPERATIVE
BANK LIMITED |
GROUND FLOOR, GANESH BHUVAN,
PLOT NO.135, SWAMI VALLABHDAS ROAD, JAIN SOCIETY, SION(W), MUMBAI - 400022,
MAHARASHTRA, INDIA |
B33292541 |
|
3 |
10338307 |
04/01/2012 |
139,000,000.00 |
SARASWAT CO-OPERATIVE
BANK LIMITED |
GROUND FLOOR, GANESH BHUVAN,
PLOT NO.135, SWAMI VALLABHDAS ROAD, JAIN SOCIETY, SION(W), MUMBAI - 400022,
MAHARASHTRA, INDIA |
B33293762 |
|
4 |
10337077 |
30/12/2011 |
50,000,000.00 |
SARASWAT CO-OPERATIVE
BANK LIMITED |
GROUND FLOOR, GANESH BHUVAN,
PLOT NO.135, SWAMI VALLABHDAS ROAD, JAIN SOCIETY, SION(W), MUMBAI - 400022,
MAHARASHTRA, INDIA |
B32754012 |
|
5 |
10285309 |
18/03/2011 |
450,000,000.00 |
SARASWAT CO-OPERATIVE
BANK LIMITED |
GROUND FLOOR, GANESH BHUVAN,
PLOT NO.135, SWAMI VALLABHDAS ROAD, JAIN SOCIETY, SION(W), MUMBAI - 400022,
MAHARASHTRA, INDIA |
B12126777 |
|
6 |
10285023 |
18/03/2011 |
200,000,000.00 |
IDBI BANK LIMITED |
224-A, MITTAL COURT, A WING,
NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B11984580 |
|
7 |
10285024 |
18/03/2011 |
120,000,000.00 |
IDBI BANK LIMITED |
224-A, MITTAL COURT, A
WING, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B11985173 |
|
8 |
10246731 |
06/10/2010 |
200,000,000.00 |
IDBI BANK LIMITED |
224-A, MITTAL COURT, A
WING, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A96778527 |
|
9 |
10246742 |
06/10/2010 |
120,000,000.00 |
IDBI BANK LIMITED |
224-A, MITTAL COURT, A WING,
NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A96778261 |
|
10 |
10244737 |
23/09/2010 |
450,000,000.00 |
SARASWAT CO-OPERATIVE
BANK LIMITED |
GROUND FLOOR, GANESH
BHUVAN, PLOT NO.135, SWAMI VALLABHDAS ROAD, JAIN SOCIETY, SION(W), MUMBAI - 400022,
MAHARASHTRA, INDIA |
A96346002 |
* Date of charge modification
|
CASE DETAILS BENCH: BOMBAY PRESENTATION DATE: 21/10/2013 LODGING NO.:
ITXAL/1781/2013
FILING DATE: 21/10/2013
|
OPERATIONS HIGHLIGHTS –
STANDALONE:
During the year, the total
income of the Company was Rs. 3641.159 Millions as against Rs. 2907.650
Millions in the previous year, an increase of 25.23 %. The year ended at a
profit of Rs. 239.408 Millions as against profit of Rs. 31.137 Millions in the
previous year. The Company could achieve a rise in overall profitability
through a judicious mix of strategies and cost control measures.
MANAGEMENT
DISCUSSION AND ANALYSIS:
GLOBAL TEXTILE SCENARIO:
The global trade in textile
and apparel is expected to reach US$805 billion by 2015 from US$480 billion in
2005, which is a CAGR of 5.3%. While the world textile and apparel trade map
will not change dramatically, countries like Vietnam, Cambodia and Burma are
expected to emerge as apparel suppliers. China, Bangladesh and India are
expected to maintain their prominent roles in the textile and clothing industry
over the next few years Sluggish economic conditions and changing demographics
of the US and the EU are adversely impacting the exports of countries supplying
to them, such as China and India. On the other hand, domestic markets in China
and India are providing new avenues of growth for textile and apparel companies
from these countries.
INDIAN TEXTILES:
The Indian Textile industry
remains one of the largest and most significant industries in the Indian
economy – it constitutes 4% of India’s GDP, 14% of industrial production and
approximately 17% of India’s foreign exchange earnings. The sector is also a
leading employment generator and it is estimated that it provides jobs to over
100 million people, either directly or indirectly.
India’s cotton textile
exports grew by 10% in value between April 2012 and March 2013 (though this was
mainly due to the depreciating rupee). India’s textile industry has the
potential to grow exports to US$80 billion and domestic trade to US$140 billion
by the end of this decade. Every major global retailer, including the likes of
H and M, Zara, Wal Mart, JC Penney, Gap and Marks and Spencer, sources from
India.
Despite the diversification
of exports to newer geographies, the growth of Indian exports was subdued in
this fiscal year. This was due to the bleak outlook for Europe in particular
and the rest of the world in general. Slow pick-up in demand and lack of
competitiveness has taken a heavy toll on exports. However, exports to non
–traditional markets have shown an upward trend, though these will take several
years to reach the volumes currently exported to the US and the EU.
IMPACT OF FY14 BUDGET:
The Indian textile industry
had expectations from the FY14 union budget to regain its global
competitiveness, which is facing a tough challenge due to volatility in cotton
prices, an erratic power supply and sluggish market conditions. The budget did
come up with benefits for the textile and apparel industry, though the
interventions are not as strong as they could have been. Nevertheless, the tone
of the proposals is positive, conveying the message that the government is
seriously working towards providing support to the industry in its quest for
growth.
OUTLOOK:
The organised textile
sector made a slight recovery in FY13 compared to the previous year, riding on the
strength of stabilising cotton prices. There are several expansion plans on the
anvil in the next two years as industry players attempt to reach out to new
markets and boost sales.
Global cotton textile
exports are projected to grow by 9% this fiscal year despite the global
slowdown. Yarn exports are expected to grow at 8%, fabrics at 9% and home
textiles at 10%. India has the potential to increase its textile and apparel
share in the world trade from current level of 4.5% to 8% and reach $80 billion
by 2020.
The outlook for Indian
cotton textile exports, though in recovery mode, is still expected to remain
sluggish. India’s two major export destinations, the EU and the US, continue to
experience sluggish consumer spending. Meanwhile, exports to non–traditional
markets have risen by 4%.
Domestically, economic
growth and increasing disposable income is expected to drive a healthy demand
for textiles going forward.
Volatile commodity prices,
fluctuating and increasingly expensive power supply and the uncertain currency
exchange rate are key challenges for the industry.
FIXED ASSETS:
- Land - Leasehold
- Building
- Plant & Machinery
- Computer
- Furniture, Fixture
- Office Equipments
- Motor Vehicles
- Designs and Archives
- Computer Software
UNAUDITED FINANCIAL RESULT
FOR THE QUARTER / NINE MONTHS ENDED 31.12.2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
977.500 |
1015.000 |
2985.800 |
|
|
Other Operating
Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income From Operations (Net) |
977.500 |
1015.000 |
2985.800 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
415.500 |
398.200 |
1222.400 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(49.700) |
(24.800) |
(75.600) |
|
|
Dyes
and chemical |
85.400 |
77.000 |
237.800 |
|
|
Staff
cost |
77.100 |
80.000 |
235.800 |
|
|
Power
and fuel |
93.400 |
89.800 |
260.200 |
|
|
Depreciation
and amortization expenses |
38.000 |
38.000 |
113.400 |
|
|
Forex
loss / gain |
15.900 |
33.100 |
57.300 |
|
|
Other
expenses |
147.800 |
166.900 |
468.600 |
|
|
Total Expenses |
823.400 |
858.200 |
2519.900 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
154.100 |
156.800 |
465.900 |
|
|
|
|
|
|
|
4. |
Other
Income |
0.100 |
0.000 |
0.100 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
154.200 |
156.800 |
466.000 |
|
|
|
|
|
|
|
6. |
Interest |
65.300 |
65.500 |
197.500 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
88.900 |
91.300 |
268.500 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
88.900 |
91.300 |
268.500 |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
|
|
|
a)
Current tax |
19.600 |
20.000 |
59.000 |
|
|
b)
Deferred tax |
(19.600) |
(20.000) |
(59.000) |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
88.900 |
91.300 |
268.500 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
88.900 |
91.300 |
268.500 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.7/- Each) |
254.300 |
254.300 |
254.300 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
2.30 |
2.36 |
6.94 |
|
|
b)
Basic and diluted EPS after extraordinary items |
2.30 |
2.36 |
6.94 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
13124714 |
13124714 |
13124714 |
|
|
-
Percentage of Shareholding |
36.12 |
36.12 |
36.12 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and promoter
group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
23207635 |
23207635 |
23207635 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
63.88 |
63.88 |
63.88 |
|
Particulars |
Quarter Ended 31st December 2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. The above unaudited financial result for the quarter
/ nine months ended December 31, 2013 have been reviewed by the audit committee
and approved by the Board of Directors respectively at their meeting held on
February 10, 2014.
The statutory Auditors of the Company have
carried out a Limited Review.
2. The Company has only one reportable segment -
Textile Product.
3. Corresponding figures of the previous period
/ year have been regrouped wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No 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.59.65 |
|
|
1 |
Rs.99.21 |
|
Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.