MIRA INFORM REPORT
|
Report Date : |
07.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
GIMATEX INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
202, 2nd Floor, A Wing, Ramji House, 30, Jambulwadi Kalbadevi Road, Mumbai - 400002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
26.07.1994 |
|
|
|
|
Com. Reg. No.: |
11-079863 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.106.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH1994PTC079863 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB19506E/ NGPV02645G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV5657K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Yarn and Cloth. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3276000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has filed the latest financial for the year 2013 but same
could not be made available from government department. As per available financial record of 2012, general financial position
of the company seems to be sound and healthy. 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 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 |
|
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 |
CARE |
|
Rating |
BBB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
February 14, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
A2+ (Short Term Bank Facilities) |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
February 14, 2014 |
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 DENIED
Management Non Co-Operative (91-22-22079331)
LOCATIONS
|
Registered Office/ Mumbai Office : |
202, 2nd Floor, A Wing, Ramji House, 30, Jambulwadi Kalbadevi
Road, Mumbai - 400002, Maharashtra, India |
|
Tel No.: |
91-22-22079331/ 4 |
|
Fax No.: |
91-22-22079332 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
505, Sai Heritage CHS, 5th Floor, Tilak Road, Bhaveshwar Lane,
Ghatkopar (East), Mumbai - 400077, Maharashtra, India |
|
|
|
|
Factory 1: |
Hinganghat |
|
Tel No.: |
91-7153-320969 |
|
Fax No.: |
91-7153-245158 |
|
E-Mail Id : |
|
|
|
|
|
Factory 2: |
Wani |
|
Tel No.: |
91-7153-320799 |
|
Fax No.: |
91-7153-256341 |
|
E-Mail Id : |
|
|
|
|
|
Dholka Office : |
Dholka Near Microwave
Tower, Transad Road, Dholka, District Ahmedabad – 387810, Gujarat, India |
|
Tel No.: |
91-2714-220075 /
220076 |
|
Fax No.: |
91-2714-223001 |
|
E-Mail Id : |
|
|
|
|
|
Nagpur Office |
Nagpur 12, Popular Cloth Market, Gandhibagh,
Nagpur, Maharashtra, India |
|
Tel No.: |
91-712-2768410 |
DIRECTORS
As on: 26.09.2013
|
Name : |
Mr. Vineetkumar Basantkumar Mohota |
|
Designation : |
Director |
|
Address : |
Ram Mandir, Wardha- 442301, |
|
Date of Birth/Age : |
30.05.1981 |
|
Date of Appointment : |
14.08.2000 |
|
PAN No.: |
AFZPM7609B |
|
DIN No.: |
00257059 |
|
|
|
|
Name : |
Mr. Prashantkumar Basantkumar Mohota |
|
Designation : |
Managing Director |
|
Address : |
Ram Mandir, Wardha- 442301, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1980 |
|
Date of Appointment : |
06.02.2006 |
|
PAN No.: |
ACDPM2561P |
|
DIN No.: |
00268922 |
|
|
|
|
Name : |
Mr. Basantkumar Girdhardas Mohota |
|
Designation : |
Chairman |
|
Address : |
Ram Mandir, Wardha- 442301, Maharashtra, India |
|
Date of Birth/Age : |
07.04.1957 |
|
Date of Appointment : |
22.07.2005 |
|
PAN No.: |
ACDPM2558G |
|
DIN No.: |
00269026 |
|
|
|
|
Name : |
Mr. Rameshchand Hansrajji Gandhi |
|
Designation : |
Director |
|
Address : |
Gandhi Ward, Hinganghat, Wardha- 442301, Maharashtra, India |
|
Date of Birth/Age : |
09.06.1951 |
|
Date of Appointment : |
06.02.2006 |
|
PAN No.: |
ABHPG5216A |
|
DIN No.: |
00427698 |
|
|
|
|
Name : |
Mr. Brajratan Harikisan Bhattad |
|
Designation : |
Director |
|
Address : |
Ram Mandir, Wardha- 442301, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1956 |
|
Date of Appointment : |
06.02.2006 |
|
PAN No.: |
ABEPB6388D |
|
DIN No.: |
00440064 |
|
|
|
|
Name : |
Mr. Anuragkumar Basantkumar Mohota |
|
Designation : |
Director |
|
Address : |
Ram Mandir, Wardha- 442301, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1987 |
|
Date of Appointment : |
29.09.2012 |
|
Pan No.: |
ALXPM9364K |
|
DIN No.: |
00470393 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 26.09.2013
SHAREHOLDER DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 26.09.2013
|
Category |
|
Percentage |
|
Bodies corporate |
|
75.41 |
|
Directors or relatives of directors |
|
17.19 |
|
Others |
|
7.40 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Yarn and Cloth. |
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|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|||||||||||||||||||||||||||
|
Bankers : |
· Bank of Baroda, Hinganghat Branch, Ram Mandir Ward, Hinganghat – 442301, Maharashtra, India · Bank of Baroda, Dharampeth Branch, West High Court Road, Nagpur – 440001, Maharashtra, India · State Bank of India
|
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|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Tapdiya Chandna and Company Chartered Accountant |
|
Address : |
Bharat Housing Colony, Wardha- 442301, |
|
Pan No.: |
AAAFT7405J |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives: |
|
CAPITAL STRUCTURE
As on: 26.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Share |
Rs.100/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1125000 |
Equity Shares |
Rs.100/- each |
Rs.112.500 Millions |
|
|
|
|
|
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Share |
Rs.100/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1068000 |
Equity Share |
Rs.100/- each |
Rs.106.800
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
106.800 |
106.800 |
|
(b) Reserves & Surplus |
|
712.427 |
708.528 |
|
(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) |
|
819.227 |
815.328 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1080.070 |
1124.366 |
|
(b) Deferred tax liabilities
(Net) |
|
117.223 |
103.048 |
|
(c) Other long term
liabilities |
|
3.125 |
2.775 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
1200.418 |
1230.189 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
734.443 |
819.227 |
|
(b) Trade payables |
|
766.483 |
627.514 |
|
(c) Other current liabilities |
|
202.970 |
185.282 |
|
(d) Short-term provisions |
|
36.191 |
59.135 |
|
Total
Current Liabilities (4) |
|
1740.087 |
1691.158 |
|
|
|
|
|
|
TOTAL |
|
3759.732 |
3736.675 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1656.994 |
1680.695 |
|
(ii) Intangible Assets |
|
0.751 |
5.655 |
|
(iii) Capital work-in-progress |
|
3.142 |
19.279 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
11.883 |
11.883 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
8.764 |
23.172 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
1681.534 |
1740.684 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
884.149 |
916.090 |
|
(c) Trade receivables |
|
767.716 |
593.355 |
|
(d) Cash and cash equivalents |
|
75.657 |
108.066 |
|
(e) Short-term loans and
advances |
|
119.612 |
203.793 |
|
(f) Other current assets |
|
231.064 |
174.687 |
|
Total
Current Assets |
|
2078.198 |
1995.991 |
|
|
|
|
|
|
TOTAL |
|
3759.732 |
3736.675 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
98.450 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
522.282 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
620.732 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1285.353 |
|
|
2] Unsecured Loans |
|
|
150.515 |
|
|
TOTAL BORROWING |
|
|
1435.868 |
|
|
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
|
|
0.00 |
|
|
OTHER LIABILITY |
|
|
134.403 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2191.003 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1214.775 |
|
|
Capital work-in-progress |
|
|
108.904 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
12.883 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
570.876
|
|
|
Sundry Debtors |
|
|
423.422
|
|
|
Cash & Bank Balances |
|
|
41.384
|
|
|
Other Current Assets |
|
|
5.549
|
|
|
Loans & Advances |
|
|
253.556
|
|
Total
Current Assets |
|
|
1294.787
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
368.584
|
|
|
Other Current Liabilities |
|
|
73.457
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
442.041
|
|
|
Net Current Assets |
|
|
852.746
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.695 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2191.003 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Revenue |
4934.700 |
4095.200 |
2834.800 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
376.600 |
545.400 |
310.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
206.200 |
126.600 |
94.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
170.400 |
418.00 |
215.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
148.900 |
204.100 |
138.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
21.500 |
214.700 |
77.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18.900 |
73.200 |
5.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.600 |
141.500 |
71.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
447.300 |
305.800 |
234.600 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
449.900 |
447.300 |
305.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1621.200 |
1321.100 |
509.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.42 |
140.44 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.57
|
5.79
|
3.07
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.26
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.21
|
2.38
|
2.31
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.18
|
2.93
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
106.800 |
106.800 |
|
Reserves & Surplus |
708.528 |
712.427 |
|
Net
worth |
815.328 |
819.227 |
|
|
|
|
|
long-term borrowings |
1124.366 |
1080.070 |
|
Short term borrowings |
819.227 |
734.443 |
|
Total
borrowings |
1943.593 |
1814.513 |
|
Debt/Equity
ratio |
2.384 |
2.215 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Gross Revenue |
2834.800 |
4095.200 |
4934.700 |
|
|
|
44.462 |
20.500 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Gross Revenue |
2834.800 |
4095.200 |
4934.700 |
|
Profit |
71.200 |
141.500 |
2.600 |
|
|
2.51% |
3.46% |
0.05% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
DETAILS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
LONG TERM
BORROWING |
|
|
|
LOANS AND ADVANCES |
|
|
|
From Directors |
84.900 |
0.000 |
|
From Others |
81.196 |
51.068 |
|
SHORT TERM
BORROWING |
|
|
|
LOANS AND ADVANCES |
|
|
|
From Directors |
37.099 |
93.662 |
|
From Others |
96.849 |
74.517 |
|
|
|
|
|
Total |
300.044 |
219.247 |
NOTE:
The Registered Office of the company has been shifted from 3rd
Floor, 63 Princes Street, Mumbai, Maharashtra, India, to the present address
w.e.f. 01.10.2009.
PERFORMANCE
HIGHLIGHTS AND REVIEW:
During the year, turnover of the Company increased by 18.94 % from Rs.4073.600 Millions in the financial year 2010-11 to Rs.4845.100 Millions during the current financial year 2011-12.
Export turnover of the company increased by 22.87 % from Rs.1321.000 Millions in the previous year to Rs. 1623.200 Millions during the year and it constitutes 33.47 % of the total turnover during current year.
The Company has earned Gross Profit of Rs.376.600 Millions for the year 2011-12 which is short by Rs.168.800 Millions as against Gross Profit of Rs.545.400 Millions in the year 2010-11.
Capital expenditure of Rs.110.500 Millions towards Modernization / Upgradation of its plant .It has been financed through internal accruals and term loan taken.
OVERVIEW OF ECONOMY:
The cotton spinning industry faced unprecedented challenges and global recession due to steep decline in cotton price during the year. Also due to flip flop in policy decision of government in relation to export of cotton has caused much volatility in cotton yarn prices with consequential effect on profit margin. On the basis of cotton yarn shortage from value added sector government restricted its export and due to its excess supply and less demand in domestic market cotton yarn prices experienced even steeper decline.
Cotton being a seasonal product need to be stocked for 3 to 4 months requirements. The cotton prices experienced a steep decline in first and second quarter of the financial year, the average cotton price came down to half of the previous year's price in March, 2011 and thus lead to depletion of stock and since our company generally stocks cotton for atleast six months suffered significant losses. The whole of cotton sector suffered as nobody expected such a steep decline.
High volatility in value of rupee as against other currencies resulted in further deterioration in sales realization. Due to exposure of Foreign Currency Loans our company was adversely affected by sharp fluctuation in exchange rates of Rupee against US $ . The short fall in global demand attributed by tough economic conditions in developed economies has not been compensated by surge in domestic demand leading to excess supply situations.
Rise in electricity prices and increase in finance cost due to revision in base rates by RBI and increase in working capital cycle period further reduced margin.
FUTURE OUTLOOK AND
PLANS:
Yarn Prices for financial year 2012-13 has started stabilizing and creating a space for profit margin. India has now become second largest producer of cotton. A huge cotton crop expected this year will result in better availability of cotton for textile products.
Indian currency strengthening against USD and other foreign currencies will result in stabilization in textile market and better realization in following year.
The non availability of power in Andhra Pradesh and Tamilnadu has reduced supply of textile products and this will help all manufacturers who have reliable power supply.
The company has investing into high value addition products and diversifying the product portfolio range that will strengthen our performance and customer base.
In responding to robust demand and margin for its weaved products the company is planning to almost double its weaving capacity and taking effective steps to bring down the production cost and overheads. The company is hopeful that these measures would yield good result in future.
CONTINGENT
LIABILITY
(Rs.
In Millions)
|
Particulars
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Bank guarantees given for Loans of related
parties |
174.195 |
174.195 |
|
Outstanding balance |
6.551 |
102.848 |
|
Disputed
statutory dues |
|
|
|
Service Tax |
1.207 |
1.207 |
|
Sales Tax |
0.028 |
0.028 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10153813 |
06/04/2013 * |
296,800,000.00 |
BANK OF INDIA |
NAGPUR MID CORPORATE BRANCH, S V PATEL MARG, KINGSWAY, NAGPUR, MAHARASHTRA - 440001, INDIA |
B74241746 |
|
2 |
10121139 |
22/08/2008 |
80,000,000.00 |
BANK OF BARODA |
RAM MANDIR WARD, HINGANGHAT, MAHARASHTRA - 442301, INDIA |
A45122124 |
|
3 |
10114060 |
16/07/2008 |
100,000,000.00 |
Axis Bank Limited |
M.G. HOUSE, RABINDRANATH TAGORE MARG, CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA |
A42006205 |
|
4 |
10058253 |
18/06/2007 |
45,000,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, RAM MANDIR WARD, HINGANGHAT, MAHARASHTRA - 442301, INDIA |
A18096073 |
|
5 |
10059580 |
28/05/2007 |
150,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A18910893 |
|
6 |
10058231 |
16/05/2007 |
100,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A18202143 |
|
7 |
10053622 |
09/05/2007 |
100,000,000.00 |
UTI BANK LIMITED |
SANSKRUTIC SANKUL, RANI JHANSI SQUARE, SITABULDI, NAGPUR, MAHARASHTRA - 440012, INDIA |
A16043903 |
|
8 |
10044119 |
13/03/2007 |
50,000,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, RAM MANDIR WARD, HINGANGHAT, MAHARASHTRA - 442301, INDIA |
A13130257 |
|
9 |
10027474 |
21/11/2006 |
50,000,000.00 |
BANK OF INDIA |
CORPORATE BANKING BRANCH, KINGSWAY, NAGPUR, NAGPUR, MAHARASHTRA - 440001, INDIA |
A07345226 |
|
10 |
10008668 |
19/06/2013 * |
2,696,429,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, RAM MANDIR WARD, NAGPUR, MAHARASHTRA - 442301, INDIA |
B79491106 |
|
11 |
10008669 |
19/06/2013 * |
2,696,429,000.00 |
BANK OF BARODA |
DHARAMPETH BRANCH, WEST HIGH COURT ROAD, NAGPUR, |
B79491247 |
|
12 |
80036145 |
06/06/2008 * |
100,000,000.00 |
BANK OF INDIA |
NAGPUR CORPORATE BANKING BRANCH, KINGSWAY, S.V. PATEL MARG, NAGPUR, MAHARASHTRA - 440001, INDIA |
A41456724 |
|
13 |
90158315 |
16/02/2004 |
50,000,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, WARDHA, MAHARASHTRA, INDIA |
- |
|
14 |
90160577 |
09/05/2003 |
192,300,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, WARDHA, MAHARASHTRA, INDIA |
- |
|
15 |
90158091 |
09/05/2003 * |
50,000,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, WARDHA, MAHARASHTRA, INDIA |
- |
|
16 |
90158059 |
09/05/2003 * |
30,000,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, WARDHA, MAHARASHTRA, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Land
- Factory Building
- Non Factory Building
- Plant and Machinery
- Electrical Installation
- General Equipments
- Computer
- Furniture and Fixture
- Motor Car
- Cycle
- Motor Lorries and Fixture
- Scooter
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUV |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
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.