MIRA
INFORM REPORT
|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUPREME TEX MART LIMITED (w.e.f. 05.09.2003) |
|
|
|
|
Formerly Known
As : |
SUPREME WOOLLEN MILLS LIMITED |
|
|
|
|
Registered
Office : |
424, Industrial Area – A, Cheema Chowk, Ludhiana – 14103,
Punjab |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.10.1988 |
|
|
|
|
Com. Reg. No.: |
16-016933 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 322.280
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17117PB1988PLC016933 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDM02038B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCS9897D |
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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 Garments. |
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|
|
|
No. of Employees
: |
5000 (Approximately) |
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 7900000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be sound. 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
11.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and high credit risk |
|
Date |
11.11.2013 |
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 PARTED BY
|
Name : |
Mr. Robin Vijan |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-9915700175 |
|
Date : |
21.04.2014 |
|
Name : |
Gaurav Mehra |
|
Designation : |
Finance Manger |
|
Contact No.: |
91-9915710123 |
|
Date : |
21.04.2014 |
LOCATIONS
|
Registered Office : |
424, Industrial Area – A, Cheema Chowk, Ludhiana – 14103,
Punjab, India |
|
Tel. No.: |
91-161-2600593 / 2222719 / 6614400 / 2510622 / 2510320 / 2510097 |
|
Mobile No.: |
91-9915700175 (Mr. Robin Vijan) 91-9915710123 (Gaurav Mehra) |
|
Fax No.: |
91-161-2609949 / 2510584 |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Spinning Unit – 1
and 2 Village Kanganwal. P.O. Jugiana, Ludhiana, Punjab, India |
|
|
|
|
Factory 2 : |
Dyeing Unit and
Hand Knitting Yarn Unit Phase – VIII, Focal Point, Ludhiana, Punjab, India |
|
|
|
|
Factory 3 : |
Apparel and Knits
Unit Village Paharuwal, P. O. Budhewal, Chandigarh Road,
Ludhiana, Punjab, India |
|
|
|
|
Factory 4 : |
Garment Unit Village Paharuwal, Ludhiana, Punjab, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ajay Mabajan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sanjay Ahuja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. P. Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. C. Singal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B B Goel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Marsel Menda |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ajay Gupta |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Gautam Gupta |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Rajive Bambri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kuldeep Sing |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Robin Vijan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Gaurav Mehra |
|
Designation : |
Finance Manger |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
30739080 |
45.05 |
|
|
7350000 |
10.77 |
|
|
1645222 |
2.41 |
|
|
39734302 |
58.24 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
39734302 |
58.24 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
5707376 |
8.36 |
|
|
|
|
|
|
1534197 |
2.25 |
|
|
7732519 |
11.33 |
|
|
13521841 |
19.82 |
|
|
90210 |
0.13 |
|
|
154496 |
0.23 |
|
|
13274083 |
19.45 |
|
|
3052 |
0.00 |
|
|
28495933 |
41.76 |
|
Total Public shareholding (B) |
28495933 |
41.76 |
|
Total (A)+(B) |
68230235 |
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) |
68230235 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
64574963 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer Garments. |
|
|
|
|
Products : |
·
Grey Cotton Yarn ·
Grey Acrylic Yarn ·
Grey Polyester Cotton Yarn ·
Blended Yarn ·
Dyed Cotton Yarn ·
Fibre Dyed Cotton Yarn ·
Cotton Melange Yarn ·
Fibre Dyed Polyester Cotton Blended Yarn ·
Fibre Dyed Polyester Cotton Melange Yarn ·
Daffodil ·
Hank Dyed Acrylic Yarn ·
Hand Knitting Yarn ·
Open End Yarn ·
Specialty Yarn ·
Carpet/Bath Matt Yarn |
|
|
|
|
Exports : |
|
|
Products : |
Garments |
|
Countries : |
·
Bangladesh ·
Pakistan ·
China |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Spain ·
UK |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit / LC |
|
|
|
|
Purchasing : |
Cash / Credit / LC |
GENERAL INFORMATION
|
Suppliers : |
·
Universal Wallen, Ludhiana ·
Reliance Industries Limited |
|||||||||||||||||||||||||||||||||||||||
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|
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|
Customers : |
·
Scan Tax Limited, Europe ·
Benctton India Private Limited |
|||||||||||||||||||||||||||||||||||||||
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|
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No. of Employees : |
5000 (Approximately) |
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|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Ludhian, Punjab, India · Punjab National Bank · UCO Bank · Allahabad Bank · Oriental Bank of commerce · IDBI Bank Limited ·
Punjab and Sind Bank ·
Central Bank or India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashish Agarwal and Company Chartered Accountants |
|
|
|
|
Enterprises controlled
by Key Management Personnel : |
·
Venus Tex Spin Limited ·
Gautam Terry Tech Limited ·
Gttl ·
Goldleaf International Private Limited ·
Cimero Industrial Enterprises Limited ·
Ganeshgee Textile Trading Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
73000000 |
Equity Shares |
Rs.5/- each |
Rs.365.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64574963 |
Equity Shares |
Rs.5/- each |
Rs.322.875
Millions |
|
|
Less : Calls in arrears – by others |
|
Rs. 0.595
Million |
|
|
|
|
Rs.322.280 Millions |
NOTES:
a. Reconciliation of the number of shares outstanding
|
Particulars |
31.03.2013 |
|
|
No. of Shares |
Rs. In Millions |
|
|
At the beginning of the period |
64574963 |
322.280 |
|
Issued during the period |
-- |
-- |
|
Outstanding at the
end of the period |
64574963 |
322.064 |
b. Terms/rights attached to equity shares
The company has one class of equity shares
having a per value of Rs.5/- per share. Each holder of equity shares is
entitled to one vote per share. The company declared and pays dividends in Indian
rupees. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the annual general meeting.
In the event of liquidation of the company,
the holders of equity shares will be entitled to receive remaining assets of
the company after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by shareholders.
c. Details of shareholders holding more than 5% shares in the company
|
Particulars |
31.03.2013 |
|
|
No. of Shares |
% holding in
class |
|
|
Equity Shares of
Rs.5/- each fully paid |
|
|
|
Sindia Investment Group Pte. Limited |
7000000 |
10.84 |
|
Sinochamp Corporation Limited |
4807143 |
7.44 |
|
Chic-Tex Inc |
-- |
-- |
|
Punjab State Industrial Corporation Limited |
1645222 |
6.19 |
|
Gold Leaf International Private Limited |
4000000 |
6.19 |
|
Ram Lal Gupta |
-- |
-- |
|
Sanjay Gupta |
11933823 |
18.49 |
|
Ajay Gupta |
9575445 |
14.83 |
|
Bhavna Gupta |
3534665 |
5.47 |
|
White Stone Yarns Private Limited |
3350000 |
5.19 |
|
Venus Tex Spin Limited |
3350000 |
5.19 |
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 |
322.280 |
322.063 |
259.397 |
|
(b) Reserves & Surplus |
1469.778 |
1309.246 |
804.536 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
206.731 |
0.000 |
208.636 |
|
Total
Shareholders’ Funds (1) + (2) |
1998.789 |
1631.309 |
1272.569 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2180.120 |
1915.565 |
2104.438 |
|
(b) Deferred tax liabilities (Net) |
316.031 |
233.034 |
154.262 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.207 |
8.804 |
7.092 |
|
Total Non-current Liabilities (3) |
2503.358 |
2157.403 |
2265.792 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1650.296 |
1376.733 |
1509.462 |
|
(b) Trade payables |
983.279 |
926.681 |
826.483 |
|
(c) Other current
liabilities |
480.258 |
305.394 |
532.807 |
|
(d) Short-term provisions |
52.693 |
62.417 |
37.011 |
|
Total Current Liabilities (4) |
3166.526 |
2671.225 |
2905.763 |
|
|
|
|
|
|
TOTAL |
7668.673 |
6459.937 |
6444.124 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3286.989 |
2773.407 |
2807.446 |
|
(ii) Intangible Assets |
4.819 |
6.146 |
2.968 |
|
(iii) Capital
work-in-progress |
18.674 |
42.979 |
45.300 |
|
(iv)
Expenditure on Power Lines |
0.049 |
0.460 |
0.870 |
|
(v)
Intangible Assets Under Development |
0.000 |
0.000 |
4.871 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
54.102 |
35.332 |
87.400 |
|
(e) Other Non-current assets |
63.355 |
44.275 |
62.242 |
|
Total Non-Current Assets |
3427.988 |
2902.599 |
3011.097 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2624.964 |
1903.476 |
1696.689 |
|
(c) Trade receivables |
837.203 |
755.020 |
878.641 |
|
(d) Cash and cash
equivalents |
121.209 |
63.393 |
93.615 |
|
(e) Short-term loans and
advances |
423.494 |
607.118 |
553.875 |
|
(f) Other current assets |
233.815 |
228.331 |
210.207 |
|
Total Current Assets |
4240.685 |
3557.338 |
3433.027 |
|
|
|
|
|
|
TOTAL |
7668.673 |
6459.937 |
6444.124 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8935.831 |
8447.911 |
5670.712 |
|
|
|
Other Income |
6.107 |
17.722 |
10.792 |
|
|
|
TOTAL (A) |
8941.938 |
8465.633 |
5681.504 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Material consumed |
6027.019 |
5457.103 |
3251.294 |
|
|
|
Purchase of traded goods |
586.701 |
872.230 |
752.938 |
|
|
|
(Increase) / Decrease in stock |
87.233 |
(113.467) |
(282.104) |
|
|
|
Employee Benefits Expenses |
169.355 |
157.509 |
151.125 |
|
|
|
Other Expenses |
1158.078 |
1170.169 |
1081.502 |
|
|
|
TOTAL (B) |
8028.386 |
7543.544 |
4954.755 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
913.552 |
922.089 |
726.749 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
492.134 |
511.174 |
379.111 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
421.418 |
410.915 |
347.638 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
170.364 |
173.265 |
171.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
251.054 |
237.650 |
176.281 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
90.522 |
79.173 |
80.584 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
160.532 |
158.477 |
95.697 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1847.254 |
1338.006 |
1292.127 |
|
|
TOTAL EARNINGS |
1847.254 |
1338.006 |
1292.127 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
47.276 |
47.381 |
262.717 |
|
|
|
Stores & Spares |
10.088 |
15.010 |
13.888 |
|
|
|
Capital Goods |
477.895 |
6.765 |
275.678 |
|
|
TOTAL IMPORTS |
535.259 |
69.156 |
552.283 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.49 |
3.04 |
2.34 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
8000.000 |
|
|
|
|
|
The above information has been parted by Mr. Robin Vijan (Company
Secretary) and Gaurav Mehra (Finance Manger)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.80
|
1.87 |
1.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.81 |
2.81 |
3.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.28
|
3.70 |
2.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.15 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.92
|
2.02 |
2.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.33 |
1.18 |
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 |
259.397 |
322.063 |
322.280 |
|
Reserves & Surplus |
804.536 |
1309.246 |
1469.778 |
|
Share Application money pending
allotment |
208.636 |
0.000 |
206.731 |
|
Net
worth |
1272.569 |
1631.309 |
1998.789 |
|
|
|
|
|
|
long-term borrowings |
2104.438 |
1915.565 |
2180.120 |
|
Short term borrowings |
1509.462 |
1376.733 |
1650.296 |
|
Total
borrowings |
3613.900 |
3292.298 |
3830.416 |
|
Debt/Equity
ratio |
2.840 |
2.018 |
1.916 |
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 |
5670.712 |
8447.911 |
8935.831 |
|
|
|
48.974 |
5.776 |
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 |
5670.712 |
8447.911 |
8935.831 |
|
Profit |
95.697 |
158.477 |
160.532 |
|
|
1.69% |
1.88% |
1.80% |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
TERM LOAN |
|
|
|
- From Directors |
129.841 |
0.684 |
|
SHORT TERM
BORROWINGS |
|
|
|
WORKING CAPITAL
LOAN |
|
|
|
From Banks |
|
|
|
- Indian Rupee Loans |
2.594 |
3.119 |
|
From NBFC’s |
|
|
|
- Indian Rupee Loans |
7.789 |
10.125 |
|
Total |
140.224 |
13.928 |
COMPANY OVERVIEW
Subject is an integrated textile organization based at Ludhiana, Subject
manufactures various types of yarns and garments for customers in domestic and
international markets.
OPERATIONS DETAIL
Production in both the spinning units was 334.05 lacs kgs. as compared to the figure of 222.51 lacs kgs. In the garment unit, 9.46 lacs pieces of garments & 749.95 MT Fabric were produced as compared to the figure of previous year of 17.24 lacs pieces of garments and 2393 MT of fabric. Net Turnover during the year has shown an increase of 5.84%. There is net profit of Rs.160.532 Millions as compared to net profit of Rs.158.477 Millions in the previous year. Cash profit during the current year ending on 31.03.2013 increased to Rs. 413.900 Millions from the figure of Rs.410.500 Millions in the previous year ending on 31.03.2012.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10399731
|
28/12/2012
|
50,000,000.00
|
STATE BANK OF INDIA |
IFB, GOLDEN TOWER, DHOLEWAL
CHOWK, LUDHIANA, PUNJAB - 141003, INDIA |
B66785213
|
|
2 |
10361808
|
24/05/2012
|
450,000,000.00
|
CENTRAL BANK OF INDIA |
MCB,MILLER GANJ, LUDHIANA,
PUNJAB - 141003, INDIA |
B42122499
|
|
3 |
10263447
|
16/02/2012
* |
250,000,000.00
|
PUNJAB NATIONAL BANK |
LCB, R.K. ROAD, BHAGWATI
TOWER, R.K. ROAD, LUDHIANA, PUNJAB - 141003, INDIA |
B36661775
|
|
4 |
10198826
|
16/02/2012
* |
135,000,000.00
|
PUNJAB NATIONAL BANK |
LCB, R.K. ROAD, BHAGWATI
TOWER, R.K. ROAD, LUDHIANA, PUNJAB - 141003, INDIA |
B36660751
|
|
5 |
10196068
|
09/06/2010
* |
125,000,000.00
|
ALLAHABAD BANK |
IIFB, INDUSTRIAL AREA
"A", LUHDIANA, PUNJAB - 141003, INDIA |
A88997903
|
|
6 |
10166965
|
19/11/2009
* |
129,500,000.00
|
ALLAHABAD BANK |
IIFB, INDUSTRIAL AREA
"A", LUDHIANA, LUDHIANA, PUNJAB - 141003, INDIA |
A73744906
|
|
7 |
10166966
|
12/03/2013
* |
2,284,200,000.00
|
SBI CONSORTIUM SBI (LEADER)
AND PNB AND IDBI AND UBI AND C |
IFB, GOLDEN TOWER, DHOLEWAL
CHOWK, LUDHIANA, LUDHIANA, LUDHIANA, PUNJAB - 141001, INDIA |
B72554629
|
|
8 |
10125589
|
15/10/2008
|
87,500,000.00
|
SBI FACTORS AND COMMERCIAL
SERVICES PRIVATE LIMITED |
BXXI-14627, GANDHI NAGAR, NEAR
DHOLEWAL CHOWK, G |
A48128136
|
|
9 |
10051235
|
29/06/2009
* |
90,000,000.00
|
UCO BANK |
MID CORPORATE BRANCH, R.K.
ROAD, NEAR CHEEMA CHOWK, LUDHIANA, PUNJAB - 141003, INDIA |
A65941593
|
|
10 |
10034666
|
16/02/2012
* |
750,000,000.00
|
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, R.K.
ROAD, LUDHIANA, PUNJAB - 141003, INDIA |
B36662153
|
|
11 |
90172164 |
30/06/2009 * |
939,300,000.00 |
STATE BANK OF INDIA |
SCB, FOCAL POINT, PHASE-V,
LUDHIANA, LUDHIANA, PUNJAB - 141013, INDIA |
A65394447 |
* Date of charge modification
FIXED ASSETS
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Equipments
·
Vehicles
·
Office Equipments
·
Computer Equipments
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.60.33 |
|
|
1 |
Rs.101.40 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
HEN |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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.