MIRA
INFORM REPORT
|
Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
LOYAL TEXTILE MILLS LIMITED |
|
|
|
|
Registered
Office : |
21/4, |
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Country : |
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|
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|
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Financials (as
on) : |
31.03.2014 |
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|
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|
Date of
Incorporation : |
09.04.1946 |
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|
|
|
Com. Reg. No.: |
18-001361 |
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Capital
Investment / Paid-up Capital : |
Rs.48.200 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L17111TN1946PLC001361 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIL00006G |
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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 Cotton Textile Mills, Readymade Garments, Finished
Fabrics, Grey Fabrics, and Yarn. |
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|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5062000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track. The rating reflects company’s consistent improvement in the operational
performance marked by longstanding experience of the promoter in the textile
business, widespread clientele and sound general financial position of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but 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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
07.07.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
07.07.2014 |
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 PARTED BY
|
Name : |
Mr. Laxmana Shankar |
|
Designation : |
D G. M Sales |
|
Contact No.: |
91-9487880101 |
LOCATIONS
|
Registered Office/ Factory : |
21/4, Mill Street, Kovilpatti – 628501, Tamilnadu, India |
|
Tel. No.: |
91-4632-220001-5/ 28535111/ 4375/ 28588284 |
|
Fax No.: |
91-44-28533852 91-4632-221353 |
|
E-Mail : |
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|
Website : |
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Head/ Corporate Office: |
No 83/41, 1st Main Road, R A Puram, Chennai – 600028,
Tamilnadu, India |
|
Tel. No.: |
91-44-42277374/ 45120101 |
|
Fax No.: |
91-44-43060622 |
|
Email : |
|
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Plant locations : |
Spinning,
Knitting, Weaving and Garments ·
N. Venkateswarapuram, N.Subbiahpuram, Sattur Taluk
- 626 205, India ·
Menakur Village, Naidupet Mandal, Nellore
District - 524 221, Andhra Pradesh, India ·
Arasanur, Thirumancholai Post, Sivagangai Taluk
-630 561, Tamilnadu, India Processing : ·
C7-1, SIPCOT Industrial Complex, Kudikadu, Cuddalore
- 607 005, Tamilnadu, India |
DIRECTORS
AS ON 31.03.213
|
Name : |
Mr. Manikam Ramaswami |
|
Designation : |
Chairman and Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
20.11.1953 |
|
Qualification : |
B. Tech. |
|
Date of Appointment : |
01.06.2008 |
|
DIN No.: |
00049630 |
|
|
|
|
Name : |
Mr. Karangalpadi Jathindra Mohan Shetty (I.A.S. – Retd.) |
|
Designation : |
Director |
|
Address : |
F-88, Anna Nagar East, Chennai-600102, Tamilnadu, India |
|
Date of Birth/Age : |
03.03.1934 |
|
Date of Appointment : |
21.06.2002 |
|
DIN No.: |
00033296 |
|
|
|
|
Name : |
Mr. S. Venkataramani |
|
Designation : |
Director |
|
Address : |
No.16, Venkateshwarnagar, III Street, Adyar, Chennai-600020,
Tamilnadu, India |
|
Date of Birth/Age : |
05.10.1942 |
|
Date of Appointment : |
29.10.2004 |
|
DIN No.: |
00053043 |
|
|
|
|
Name : |
Mr. R. Poornalinggam (I.A.S. – Retd.) |
|
Designation : |
Additional Director |
|
Address : |
No.10, 1st Cross Street, Indira Nagar, Chnnai-600020, |
|
Date of Birth/Age : |
15.11.1945 |
|
Date of Appointment : |
27.10.2006 |
|
DIN No.: |
00955742 |
|
|
|
|
Name : |
Mr. Shridhar Subramanyam |
|
Designation : |
Director |
|
Address : |
Flat No.106, Olympus III, Prestige Acropolis, 20, Hosur Road,
Banglore-560029, Karnataka, India |
|
Date of Birth/Age : |
21.02.1939 |
|
Date of Appointment : |
23.05.2007 |
|
DIN No.: |
01780475 |
|
|
|
|
Name : |
Mr. P. Manivannan |
|
Designation : |
Whole-time Director |
|
Address : |
3 G, Kala Apartments, No.02, Karunanithi Street, West Mambalam,
Chennai-600033, Tamilnadu, India |
|
Date of Birth/Age : |
23.06.1961 |
|
Date of Appointment : |
01.11.2011 |
|
DIN No.: |
00366954 |
|
|
|
|
Name : |
Mr. Madhavan Nambiar I.A.S. (Retd.) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Laxmana Shankar |
|
Designation : |
D G. M Sales |
|
|
|
|
Name : |
Mr. Shiva Prasad Padhy |
|
Designation : |
Company Secretary |
|
Address : |
No. 83, (Old No. 41) First Main Road, R A Puram, Chennai – 600 028,
Tamilnadu, India |
|
Tel No.: |
91-44-42277374 |
|
Fax No.: |
91-44-43060622 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
196017 |
4.07 |
|
|
3343828 |
69.43 |
|
|
3539845 |
73.49 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3539845 |
73.49 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5200 |
0.11 |
|
|
5200 |
0.11 |
|
|
|
|
|
|
|
|
|
|
172934 |
3.59 |
|
|
|
|
|
|
|
|
|
|
772296 |
16.03 |
|
|
298563 |
6.20 |
|
|
|
|
|
|
27608 |
0.57 |
|
|
27608 |
0.57 |
|
|
1271401 |
26.40 |
|
|
|
|
|
Total Public shareholding (B) |
1276601 |
26.51 |
|
|
|
|
|
Total (A)+(B) |
4816446 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
4816446 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Textile Mills, Readymade Garments, Finished
Fabrics, Grey Fabrics, and Yarn. |
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Products : |
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Exports : |
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Products : |
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Countries : |
·
Europe ·
USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Egypt |
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Terms : |
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Selling : |
L/C / Cheque |
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Purchasing : |
L/C / Cheque |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
600 (Approximately) |
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|
Bankers : |
·
Export Import Bank of
India ·
Central Bank of India ·
State Bank of India ·
Karur Vysya Bank
Limited ·
Indian Bank ·
State Bank of Mysore ·
Indian Overseas Bank |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Suri and Company Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Substantial interest in Voting Power |
· Shri Teyem Processors Limited · Uniloyal Exportex Limited, Chennai |
|
|
|
|
Joint Venture Company : |
· Gruppo P and P Loyal Spa, Italy · Loyal Dimco Group A.E.B.E., Greece · Loyal Tiret Cotton Farming and Gining P.L.C, Ethiopia |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs.48.200
Millions
(AS ON 31.03.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 millions |
|
600000 |
Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 60.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.150.000
millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4816446 |
Equity Shares |
Rs. 10/- each |
Rs.48.200
millions |
|
|
|
|
|
RECONCILIATION OF
NUMBER OF EQUITY SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR
|
Particular |
31.03.2013 |
|
Number of Shares outstanding as the beginning of the year |
48,16,446 |
|
ADD: Number of Shares allotted during the year fully paid - up pursuant to a scheme of Amalgamation with "Sri Chintamani Textiles Mills Limited |
Nil |
|
Number of Shares outstanding as the end of the year |
48,16,446 |
SHARES IN THE COMPANY
HELD BY EACH SHARE HOLDING MORE THAN 5% SHARES
|
Sr. No |
Name of the Share holder |
Number of shares
held in the Company |
|
1 |
Madurai Tara
Traders Private Limited |
776887 |
|
2 |
Felspar credit
and investment Private Limited |
661126 |
|
3 |
Dhanalakshmi
Investment Private Limited
|
346887 |
|
4 |
Kurunji
Investments Private Limited |
346887 |
|
5 |
Chintamani
Investments Private Limited
|
279220 |
DETAILS OF ALLOTMENT
OF SHARES FOR CONSIDERATION OTHER THAN CASH, ALLOTMENTS OF BONUS SHARES AND
SHARES BOUGHT BACK (DURING THE PERIOD OF FIVE YEARS FROM 2007)
|
Particulars |
Amount |
|
Allotment of
shares as fully paid-up pursuant to
Contracts without payments being received in cash |
11 |
112500 Equity
Shares of Rs. 10 each fully paid up allotted on 27-05-2011 pursuant to a Scheme
of Amalgamation of "Shri Chintamani Textile Mills 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 |
48.200 |
48.200 |
48.200 |
|
(b) Reserves & Surplus |
1217.400 |
1062.700 |
1040.600 |
|
(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) |
1265.600 |
1110.900 |
1088.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2719.700 |
3833.400 |
4242.900 |
|
(b) Deferred tax liabilities (Net) |
529.400 |
443.700 |
293.700 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
9.200 |
2.000 |
|
Total Non-current Liabilities (3) |
3249.100 |
4286.300 |
4538.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2422.500 |
2157.000 |
2399.300 |
|
(b) Trade payables |
714.500 |
655.000 |
401.900 |
|
(c) Other current
liabilities |
1346.800 |
429.400 |
494.500 |
|
(d) Short-term provisions |
420.000 |
349.600 |
293.400 |
|
Total Current Liabilities (4) |
4903.800 |
3591.000 |
3589.100 |
|
|
|
|
|
|
TOTAL |
9418.500 |
8988.200 |
9216.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5099.900 |
5259.200 |
4822.200 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
142.600 |
39.000 |
410.300 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
45.500 |
60.000 |
62.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
47.600 |
35.500 |
123.100 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
5335.600 |
5393.700 |
5418.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1635.400 |
1425.300 |
1351.000 |
|
(c) Trade receivables |
825.500 |
746.200 |
821.900 |
|
(d) Cash and cash
equivalents |
31.200 |
8.900 |
328.000 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
1590.800 |
1414.100 |
1297.500 |
|
Total Current Assets |
4082.900 |
3594.500 |
3798.400 |
|
|
|
|
|
|
TOTAL |
9418.500 |
8988.200 |
9216.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16036.200 |
12473.900 |
9105.900 |
|
|
|
Other Income |
55.200 |
65.400 |
108.100 |
|
|
|
TOTAL (A) |
16091.400 |
12539.300 |
9214.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5569.200 |
4942.600 |
4021.300 |
|
|
|
Purchases of Stock-in-Trade |
5564.700 |
3449.700 |
1653.400 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(239.700) |
(51.100) |
281.100 |
|
|
|
Employees benefits expense |
761.200 |
608.100 |
469.700 |
|
|
|
Other expenses |
2639.600 |
2169.600 |
1743.600 |
|
|
|
TOTAL (B) |
14295.000 |
11118.900 |
8169.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1796.400 |
1420.400 |
1044.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
758.100 |
617.200 |
449.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1038.300 |
803.200 |
595.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
708.600 |
691.100 |
662.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
329.700 |
112.100 |
(67.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
132.700 |
61.700 |
(47.600) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
197.000 |
50.400 |
(19.400) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
192.900 |
242.200 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
10.000 |
24.300 |
|
|
|
Proposed divided on equity
shares |
NA |
24.100 |
4.800 |
|
|
|
Provision for tax on
distributed profits |
NA |
0.000 |
0.800 |
|
|
|
Dividend Distribution tax |
NA |
4.200 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
205.000 |
192.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On export of goods, including export |
NA |
8867.000 |
6767.500 |
|
|
|
Dividend received |
NA |
0.000 |
4.200 |
|
|
TOTAL EARNINGS |
NA |
8867.000 |
6771.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
607.700 |
87.000 |
|
|
|
Stores & Spares |
NA |
111.100 |
95.500 |
|
|
|
Capital Goods |
NA |
182.800 |
506.300 |
|
|
TOTAL IMPORTS |
NA |
901.600 |
688.800 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
40.91 |
10.46 |
(4.03) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.22 |
0.40 |
(0.21) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.06 |
0.90 |
(0.74) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.57 |
1.26 |
(0.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.10 |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.06 |
5.39 |
6.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
1.00 |
1.06 |
FINANCIAL ANALYSIS
[All figures are in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
48.200 |
48.200 |
48.200 |
|
Reserves & Surplus |
1040.600 |
1062.700 |
1217.400 |
|
Net worth |
1088.800 |
1110.900 |
1265.600 |
|
|
|
|
|
|
long-term borrowings |
4242.900 |
3833.400 |
2719.700 |
|
Short term borrowings |
2399.300 |
2157.000 |
2422.500 |
|
Total borrowings |
6642.200 |
5990.400 |
5142.200 |
|
Debt/Equity ratio |
6.100 |
5.392 |
4.063 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
9,105.900 |
12,473.900 |
16,036.200 |
|
|
|
36.987 |
28.558 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
9,105.900 |
12,473.900 |
16,036.200 |
|
Profit |
(19.400) |
50.400 |
197.000 |
|
|
(0.21%) |
0.40% |
1.23% |
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 |
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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
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 |
------------------------------------------------------------------------------------------------------------------------------
LITIGATIONS DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
W.A. MISCELLANEOUS PETITION |
|
Case No.: |
128 |
|
Year : |
2007 |
|
Petitioner : |
THE GOVERNMENT OF TAMIL NADU |
|
Respondent : |
M/S LOYAL TEXTILE MILLS LIMITED |
|
Pet's Advocate : |
G.P |
|
Res's Advocate : |
M.ELUMALAI |
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Apr 3 2007 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
AS ON 31.03.2014 |
AS ON 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Fixed Deposits |
NA |
1.200 |
|
|
|
|
|
Total |
NA |
2.200 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10432641 |
24/05/2013 |
260,000,000.00 |
CENTRAL BANK OF
INDIA |
10, R. C CHURCH
MAIN ROAD, KOVILPATTI, TAMILNADU - 628501, INDIA |
B77750321 |
|
2 |
10402763 |
05/01/2013 |
31,400,000.00 |
THE KARUR VYSYA
BANK LIMITED |
POST BOX NO.21,
ERODE ROAD, KARUR, TAMILNADU - 639002, INDIA |
B67999144 |
|
3 |
10348013 |
29/02/2012 |
460,000,000.00 |
CENTRAL BANK OF
INDIA |
10, R. C CHURCH
MAIN ROAD, KOVILPATTI, TAMILNADU - 628501, INDIA |
B37091881 |
|
4 |
10326714 |
23/11/2011 |
470,000,000.00 |
KARUR VYSYA BANK
LIMITED |
WHITES ROAD BRANCH
NO.37, WHITES ROAD BRANCH, CHENNAI, TAMILNADU - 600014, INDIA |
B29041480 |
|
5 |
10278966 |
18/11/2011 * |
584,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLES, CUFFE PARADE, MUMBAI, MAHARASHTRA
- 400005, INDIA |
B28744662 |
|
6 |
10280308 |
09/11/2011 * |
260,000,000.00 |
KARUR VYSYA BANK
LIMITED |
SOUTH WING FIRST
FLOOR, NO.37, WHITES ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
B28385748 |
|
7 |
10264534 |
09/11/2011 * |
260,000,000.00 |
KARUR VYSYA BANK
LIMITED |
SOUTH WING FIRST
FLOOR, NO.37, WHITES ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
B28385037 |
|
8 |
10057641 |
11/06/2007 |
981,800,000.00 |
CANARA BANK |
OVERSEAS BRANCH,
GROUND FLOOR, SPENCER'S TOWERS II, 770A, ANNA SALAI, CHENNAI, TAMILNADU -
600002, INDIA |
A17765918 |
|
9 |
10049927 |
30/06/2008 * |
490,900,000.00 |
INDIAN BANK |
PARK TOWN BRANCH
-53, RAJA MUTHIAH ROAD,PERIAMET, CHENNAI, TAMILNADU - 600003, INDIA |
A41494436 |
|
10 |
10041460 |
23/11/2011 * |
666,250,000.00 |
KARUR VYSYA BANK
LIMITED |
WHITES ROAD
BRANCH NO.37, WHITES ROAD BRANCH, CHENNAI, TAMILNADU - 600014, INDIA |
B30124903 |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30.06.2013
(Rs. In Millions)
|
Sr. No. |
Particular |
3 Months Ended |
|
|
|
30.06.2013 |
|
|
|
(Unaudited) |
|
1. |
Income from operations |
|
|
|
Net Sales/Income
from Operations |
3680.400 |
|
|
Other operating income
|
0.000 |
|
|
Total Income |
3680.400 |
|
2. |
Expenditure |
|
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(94.100) |
|
|
Cost
of materials consumed |
841.200 |
|
|
Purchase
of stock in trade |
1728.200 |
|
|
Employee
benefits expenses |
169.000 |
|
|
Depreciation
and amortization expenses |
172.500 |
|
|
Other
expenses |
457.500 |
|
|
Power
and Fuel |
279.600 |
|
|
Wing
Power |
(84.600) |
|
|
Total Expenses |
3469.300 |
|
3. |
Profit/ (Loss) from Operations
before Other Income, Interest and Exceptional Items (1-2) |
211.100 |
|
4. |
Other
Income |
12.800 |
|
5. |
Profit/ (Loss) from ordinary
activities before finance costs and
Exceptional Items (3+4) |
223.900 |
|
6. |
Finance
Cost (net) |
150.600 |
|
7. |
Profit/ (Loss) from ordinary
activities after finance costs and but before Exceptional Items (5-6) |
73.300 |
|
8. |
Exceptional
Items |
- |
|
9. |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
73.300 |
|
10. |
Tax
Expense |
|
|
|
Current
Tax |
16.500 |
|
|
MAT
Credit |
(16.500) |
|
|
Deferred
Tax Liability/ (Assets) |
24.900 |
|
11. |
Profit/ (Loss) from ordinary
activities after tax (9-10) |
48.400 |
|
12. |
Extraordinary Items (net of
tax expenses) |
|
|
13 |
Net Profit/ (Loss) for the
period (11-12) |
48.400 |
|
14. |
Paid-up Equity Share Capital (Face Value per share Re.10) |
48.200 |
|
16i. |
Earnings Per Share
– (Before Extraordinary Items) |
|
|
|
Basic and Diluted |
10.04 |
|
16ii. |
Earnings Per Share
– (After Extraordinary Items) |
|
|
|
Basic and Diluted |
10.04 |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1. |
Public Shareholding |
|
|
|
-Number
of Shares |
1276601 |
|
|
- Percentage
of Shareholding |
26.51 |
|
|
|
|
|
2. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
3539845 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter
Group) |
100 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
73.49 |
|
Particulars |
3 Months Ended |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
1. The above unaudited financial results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on 12th August 2013.
2. Previous period figure have been regrouped wherever necessary.
3. The figures of the quarter ended 31st March, 2013 are the balancing figures between audited figures for the ended 31st March, 2013 and published year-to-date figure of upto the third quarter of that financial year.
SEGMENT-WISE DETAILS
OF REVENUE, RESULT AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING
AGREEMENT
(Rs. In Millions)
|
Sr. No. |
Particular |
3 Months Ended |
|
|
|
30.06.2013 |
|
|
|
(Unaudited) |
|
1. |
Segment Revenue |
|
|
|
a) i) Yarn – Trading |
1173.800 |
|
|
ii) Yarn – Manufacturing |
531.000 |
|
|
b) Cloth |
1848.200 |
|
|
c) Garments |
224.100 |
|
|
d) Unallocated |
|
|
|
Total |
3777.100 |
|
|
Less: Inter Segment Revenue |
100.9000 |
|
|
Net sales/income
from Operations |
3676.300 |
|
2. |
Segment Result |
|
|
|
a) i) Yarn – Trading |
6.600 |
|
|
ii) Yarn – Manufacturing |
79.400 |
|
|
b) Cloth |
98.200 |
|
|
c) Garments |
31.500 |
|
|
d) Unallocated |
|
|
|
Total |
215.700 |
|
|
Less Interest |
150.600 |
|
|
Add: Other un-allocable income |
11.500 |
|
|
Less: Other un-allocable expenditure |
3.300 |
|
|
Total Profit Before
Tax |
73.300 |
|
3. |
Capital Employed |
|
|
|
a) Yarn |
2851.900 |
|
|
b) Cloth |
4392.300 |
|
|
c) Garments |
179.000 |
|
|
|
7423.200 |
|
|
Unallocable Assets less liabilities |
121.700 |
|
|
Total capital employed
|
7544.900 |
FIXED ASSETS
· Land
· Buildings
· Furniture
· Plant and Machinery
· Vehicles
· Office and Equipment
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 records 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.60.77 |
|
|
1 |
Rs.100.72 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.