MIRA INFORM REPORT
|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE INDIAN CARD CLOTHING COMPANY LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.06.1955 |
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Com. Reg. No.: |
11-009579 |
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Capital Investment
/ Paid-up Capital : |
Rs.45.511 Millions |
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CIN No.: [Company
Identification No.] |
L29261PN1955PLC009579 |
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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 Card Clothing. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3620000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having good track record. There is a dip in profit of the company in the year 2014. However,
fundamentals of the company is decent liquidity position of the company is
strong and healthy. Rating also takes into consideration long standing experience of
promoters in the card clothing business. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
June 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Facility = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
June 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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-20-39858200)
LOCATIONS
|
Registered Office : |
Bombay – Pune Road Penicilin Factory, Pimpri, Pune – 411018,
Maharashtra, India. |
|
Tel. No.: |
91-20-39858200 / 27425390 |
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Fax No.: |
91-20-39858300 |
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E-Mail : |
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Website : |
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Factory : |
Village Manjholi, Nalagarh Roper Road, Tehsil Nalagarh,
District Solan – 174101, Himanchal Pradesh, India |
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Tel. No.: |
91-1795 393401 / 429 |
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Fax No.: |
91-1795 393440 |
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Branch Office / ICC Workshop : |
Located At: ·
Ahmedabad ·
Coimbatore ·
Gutnur ·
Kolkata ·
Ludhiana ·
Madurai ·
Mumbai ·
New Delhi ·
Panipat |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. K.K. Trivedi |
|
Designation : |
Chairman Emeritius |
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Name : |
Mr. Prashant Trivedi |
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Designation : |
Chairman |
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Name : |
Mr. Mehul K. Trivedi |
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Designation : |
Managing Director |
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Name : |
Mr. H C Asher |
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Designation : |
Director |
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Name : |
Mr. J M Kothary |
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Designation : |
Director |
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Name : |
Mr. Chaitan M. Maniar |
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Designation : |
Director |
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Name : |
Mr. Sudhir Merchant |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. K. Trivedi |
|
Designation : |
Managing Director |
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Name : |
Mr. A.D. Dhotre, |
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Designation : |
Vice President (Finance) and Company Secretary |
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Name : |
Mr. U.V. Bhave |
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Designation : |
Vice President, (Human Resource) |
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Name : |
Mr. Prasad Mahale |
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Designation : |
Vice President (Sales and Marketing) |
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Name : |
Mr. A. B. Pawar |
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Designation : |
General Manager (Production, Pimpri
Works) |
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Name : |
Mr. Sanjeev Kumar Arora |
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Designation : |
Plant Head (HP Works) |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
100 |
0.00 |
|
|
|
|
|
|
2610066 |
57.35 |
|
|
2610066 |
57.35 |
|
Total shareholding of Promoter and Promoter Group (A) |
2610166 |
57.35 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1800 |
0.04 |
|
|
457 |
0.01 |
|
|
15050 |
0.33 |
|
|
17307 |
0.38 |
|
|
|
|
|
|
316433 |
6.95 |
|
|
|
|
|
|
1409740 |
30.98 |
|
|
176311 |
3.87 |
|
|
21163 |
0.47 |
|
|
21163 |
0.47 |
|
|
1923647 |
42.27 |
|
Total Public shareholding (B) |
1940954 |
42.65 |
|
Total (A)+(B) |
4551120 |
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) |
4551120 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Card Clothing |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
·
Corporation Bank ·
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
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-- |
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Auditors : |
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|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharda Chambers, New Marine Lines, Mumbai – 400020,
Maharashtra, India |
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|
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Solicitors : |
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|
Name : |
Crawford Bayley and Company |
|
Address : |
State Bank Building, N. G. Vaidya Marg,
Mumbai 400 023, Maharashtra, India |
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Controlling Company
: |
·
Multi Act Industrial Enterprises Limited,
Mauritius |
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Wholly Owned
Subsidiaries controlled by the Company |
·
ICC International Agencies Limited |
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Other Subsidiary controlled
by the Company : |
· Garnett Wire Limited, UK ·
Shivraj Sugar and Allied Products Private
Limited |
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Enterprise over
which any key management personnel and relative of such personnel is able to
exercise significant influence : |
· Multi Act Equity Research Services Private Limited · Multi Act Constructions Private Limited · Multi Act Realty Enterprises Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4551120 |
Equity Shares |
Rs.10/- each |
Rs.45.511 Millions |
All equity shares have equal rights and restrictions on distribution of dividends and the repayment of capital.
2610066 Equity shares are held by the holding company -
Multi Act Industrial Enterprises Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
45.511 |
45.511 |
45.511 |
|
(b) Reserves & Surplus |
859.911 |
851.854 |
824.157 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
905.422 |
897.365 |
869.668 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
24.778 |
20.000 |
40.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
138.389 |
151.171 |
136.446 |
|
(d) long-term provisions |
6.332 |
5.702 |
7.338 |
|
Total Non-current Liabilities (3) |
169.499 |
176.873 |
183.784 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
82.662 |
109.351 |
25.370 |
|
(b) Trade payables |
47.341 |
59.063 |
24.361 |
|
(c) Other current
liabilities |
85.766 |
73.431 |
93.187 |
|
(d) Short-term provisions |
20.055 |
27.590 |
26.896 |
|
Total Current Liabilities (4) |
235.824 |
269.435 |
169.814 |
|
|
|
|
|
|
TOTAL |
1,310.745 |
1,343.673 |
1,223.266 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
640.056 |
559.258 |
553.292 |
|
(ii) Intangible Assets |
0.243 |
0.243 |
1.550 |
|
(iii) Capital
work-in-progress |
34.481 |
171.107 |
32.151 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
139.019 |
274.282 |
295.536 |
|
(c) Deferred tax assets (net) |
0.177 |
7.468 |
2.161 |
|
(d) Long-term Loan and Advances |
47.742 |
39.681 |
70.421 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
861.718 |
1,052.039 |
955.111 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
149.289 |
6.218 |
13.016 |
|
(b) Inventories |
133.163 |
165.961 |
131.491 |
|
(c) Trade receivables |
126.548 |
96.063 |
96.382 |
|
(d) Cash and cash
equivalents |
24.136 |
8.358 |
5.963 |
|
(e) Short-term loans and
advances |
15.180 |
14.458 |
20.985 |
|
(f) Other current assets |
0.711 |
0.576 |
0.318 |
|
Total Current Assets |
449.027 |
291.634 |
268.155 |
|
|
|
|
|
|
TOTAL |
1,310.745 |
1,343.673 |
1,223.266 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
692.408 |
623.797 |
676.935 |
|
|
|
Other Income |
54.325 |
30.888 |
48.052 |
|
|
|
TOTAL (A) |
746.733 |
654.685 |
724.987 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
217.378 |
187.547 |
207.491 |
|
|
|
Purchases of Stock-in-Trade |
5.399 |
7.704 |
6.903 |
|
|
|
Provision for Excise duty on finished goods |
0.000 |
0.000 |
(1.827) |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
16.299 |
(14.583) |
(22.916) |
|
|
|
Employees benefits expense |
174.037 |
168.542 |
173.894 |
|
|
|
Other expenses |
210.947 |
163.853 |
158.318 |
|
|
|
Exceptional items |
2.566 |
4.892 |
(15.189) |
|
|
|
TOTAL (B) |
626.626 |
517.955 |
506.674 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
120.107 |
136.730 |
218.313 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.961 |
11.133 |
12.315 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
105.146 |
125.597 |
205.998 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
74.232 |
53.813 |
52.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
30.914 |
71.784 |
153.112 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.289 |
25.451 |
40.736 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
23.625 |
46.333 |
112.376 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
598.884 |
575.887 |
546.088 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.500 |
4.700 |
12.000 |
|
|
|
Appropriation towards Interim dividend payment with tax
thereon |
0.000 |
0.000 |
52.064 |
|
|
|
Appropriation towards Proposed dividend including Dividend
tax |
15.568 |
18.636 |
18.513 |
|
|
BALANCE CARRIED
TO THE B/S |
604.441 |
598.884 |
575.887 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports realisation on F.O.B. basis |
141.225 |
115.270 |
148.431 |
|
|
|
Others (freight charges on exports) |
0.105 |
0.287 |
2.539 |
|
|
TOTAL EARNINGS |
141.330 |
115.557 |
150.970 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
17.766 |
20.661 |
18.730 |
|
|
|
Stores & Spares |
0.210 |
0.601 |
0.802 |
|
|
|
Capital Goods |
0.000 |
158.491 |
13.253 |
|
|
|
Trading goods |
3.717 |
2.766 |
6.348 |
|
|
TOTAL IMPORTS |
21.693 |
182.519 |
39.133 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.19 |
10.18 |
24.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.16 |
7.08 |
15.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.46 |
11.51 |
22.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.72 |
8.06 |
17.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.08 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.12 |
0.14 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90 |
1.08 |
1.58 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
45.511 |
45.511 |
45.511 |
|
Reserves & Surplus |
824.157 |
851.854 |
859.911 |
|
Net
worth |
869.668 |
897.365 |
905.422 |
|
|
|
|
|
|
long-term borrowings |
40.000 |
20.000 |
24.778 |
|
Short term borrowings |
25.370 |
109.351 |
82.662 |
|
Total
borrowings |
65.370 |
129.351 |
107.440 |
|
Debt/Equity
ratio |
0.075 |
0.144 |
0.119 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
676.935 |
623.797 |
692.408 |
|
|
|
(7.850) |
10.999 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
676.935 |
623.797 |
692.408 |
|
Profit |
112.376 |
46.333 |
23.625 |
|
|
16.60% |
7.43% |
3.41% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
Buyer's Credit (Repayable within half - yearly interest rate 1.346%
(0.398+0.948)) |
51.566 |
60.102 |
|
Total |
51.566 |
60.102 |
OPERATIONS-HIGHLIGHTS
Positive effect of rupee depreciation on higher exports and focused
efforts in market penetration contributed to higher sales in domestic market
and exports by Rs.100.000 Millins, Profit was lower in the current year, due to
number of factors; including some one-off items, machine classified as capital
work in progress at the Nalagarh factory last year were installed and
commissioned this fiscal year resulting in a higher interest cost and
depreciation charge and the previous year included profit from sale of premises
in the IT Park in Pimpri, Pune
NEW MANUFACTURING
FACILITY AT NALAGARH, HIMACHAL PRADESH
Most of the metallic card clothing is now being manufactured at the
Nalagarh factory. Finishing operations of tops are also under development at
Nalagarh. Dispatch of metallic card clothing from Nalagarh factory increased
during the year from Rs.101.700 Millions in the previous year to Rs.235.000
Millions in the current year
OPERATIONS
Sale
of the Company's
card clothing in the domestic market for short staple increased by 29 per cent
as the Company increased its share in the high production and super production
market through a concerted effort of targeting spinning mills which would be
amenable to use the Company's
products.
Sale
in export markets improved by 11.5 percent as the Company assiduously pursued
enquiries in the key target overseas markets. Export sales also improved as a
result of a favorable exchange rate against the US Dollar and Euro.
Sales
of card clothing for long staple fibre improved by 7.5 per cent. Benefitting
from improved trading conditions for carpet manufacturers, where the Company
makes direct sales to customers. The Company continued to adopt a cautious
policy on sales of its products in the regenerated fibre segment, as it perceive
recovery of outstanding dues would be a problem in a difficult trading
environment .
The
Company’s'
new plant
at Nalagarh continued to despatch, Accura carriers, metallic card clothing for
long staple fibre and most varieties of metallic wires for short staple fibre .
Total dispatches from Nalagarh increased by 111 percent compared to the last
financial year as the process of knowledge transfer continues from the plant in
Pimpri to Nalagarh.
The
Company has already rented out one entire floor and part of another floor of
the ICC Devi Gaurav Technology Park (ěICC DGTP î) in which the Company owns 94,000 sqft. The Companys property
on Saki Vihar Road, Mumbai was fully let on leave and license throughout the
last financial year.
OUTLOOK
Indian
spinning industry is currently benefitting from stable cotton prices due to a
reasonable cotton harvest from November 2013 onwards. With many Chinese
spinning mills exiting certain medium counts due to their lack of
competitiveness, and a favourable exchange rate, Indian cotton spinning mills
will continue to enjoy a favourable trading environment.
The
prospect of a below average monsoon may dampen the current buoyancy in the
spinning industry if the price of cotton increases without a corresponding
increase in yarn prices. This may affect the demand for card clothing as
spinning mills conserve resources to purchase cotton.
The
Company intends to continue to focus its attention in the financial year 2014-2015 on transferring all
metallic manufacturing to its plant at Nalagarh combined with improvements in
plant efficiency. In Pimpri, there will be a thrust on cost and inventory
reduction and improvements in productivity. The Company will continue to target
mills with the latest generation of carding machines. The training of the
engineers at its plant in Nalagarh to complete the knowledge transfer from
Pimpri to Nalagarh will also be re-doubled.
The
balance area of 27, 621 sq. ft. in IT Park, Pimpri will be given on leave and
licence in the financial year 2014-2015.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10144120 |
13/06/2013 * |
228,100,000.00 |
Corporation Bank |
Corporate Banking Branch,, 14 Mumbai Pune Road, Wakdewadi,, Pune, Maharashtra - 411003, India |
B79266300 |
|
2 |
90084065 |
07/04/1997 * |
40,000,000.00 |
Corporation Bank |
Corporate Banking Branch,, 14 Mumbai Pune Road, Wakdewadi,, Pune, Maharashtra - 411003, India |
- |
|
3 |
90082345 |
02/07/1990 |
10,000,000.00 |
Standard Chartered Bank |
23-25; M.G. Road, Bombay, Maharashtra - 400023, India |
- |
|
4 |
90083106 |
01/10/1992 * |
1,000,000.00 |
Standard Chartered Bank |
23-25; M.G. Road, Bombay, Maharashtra - 400023, India |
- |
FIXED ASSETS:
·
Land (Freehold)
·
Buildings
·
Plant and Machinery
·
Electrical Installations
·
Air-Conditioner
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipment’s
·
Computers
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.34 |
|
UK Pound |
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.81.96 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
54 |
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.