MIRA INFORM REPORT
|
Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
KAMADGIRI FASHION LIMITED (w.e.f. October 18, 2010)
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Formerly known
as : |
KAMADGIRI SYNTHETICS LIMITED |
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Registered
Office : |
28, Y.A. Chunawala Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
04.02.1987 |
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Com. Reg. No.: |
11-042424 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.649
Millions |
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CIN No.: [Company Identification
No.] |
L17120MH1987PLC042424 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK10693E |
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PAN No.: [Permanent Account No.] |
AAACK1654P |
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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 and Sellers of Polyester Viscose, Poly Wool, Silk Fabrics
and Polyester Viscose Grey Yarn. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by improvement in
performance of the company as compared to previous year and long track record
of operation. Trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct. The company can be considered 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Cash Credit Limits = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
August 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Letter of Credit Risk = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
August 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 DECLINED
Management non-cooperative (91-22-67313140)
LOCATIONS
|
Registered Office : |
28, Y.A. Chunawala Industrial Estate, |
|
Tel. No.: |
91-22-67313140/ 67313123 |
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Fax No.: |
91-22-67313199 |
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E-Mail : |
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Website : |
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Corporate Office : |
10, 187, Dadiseth Agiary Lane, Singhania Wadi, Chira Bazar, Mumbai, Maharashtra
- 400 002, Maharashtra, India |
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Tel. No.: |
91-22-22019118 |
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Factory 1 : |
31/3, |
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Factory 2 : |
C-4/2/2, MIDC,
Tarapur, District: Thane - 401 506, |
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Factory 3 : |
J-72/1, MIDC
Tarapur – 401506, District Thane, |
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Factory 4 : |
B-7/3, MIDC
Tarapur – 401506, District Thane, |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Pradip Kumar Goenka |
|
Designation : |
Chairman and Managing Director (Promoter) |
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Name : |
Mr. Lalit Kumar Goenka |
|
Designation : |
Whole Time Director (Promoter) |
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Qualification : |
Under Graduate |
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Expertise in specific functional areas : |
Vide experience
in Textile Industry. He is not a Member of committee of Board of any other
Company. He is the Compliance Officer of the Company. |
|
|
|
|
Name : |
Mr. Ashwani
Bhatia |
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Designation : |
Director |
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Date of Birth/ Age : |
56 Years |
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Qualification : |
Textile Engineer |
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Expertise in specific functional areas : |
Vide Experience
in Textile Industry. |
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|
Name : |
Mr. Rahul Mehta |
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Designation : |
Director |
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Name : |
Mr. Sanjeev Maheshwari |
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Designation : |
Director |
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Name : |
Mr. Anil Biyani |
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Designation : |
Director |
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Date of Birth/ Age : |
50 Years |
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Qualification : |
B.com |
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Expertise in specific functional areas : |
Experience in
Textile industry. |
KEY EXECUTIVES
|
Name : |
Mr. Abhay Kumar |
|
Designation : |
Chief Executive Officer |
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Name : |
Mr. Jagdifh Dave |
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Designation : |
Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
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|
1346080 |
26.58 |
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|
468400 |
9.25 |
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|
1814480 |
35.82 |
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Total
shareholding of Promoter and Promoter Group (A) |
1814480 |
35.82 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
900 |
0.02 |
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|
900 |
0.02 |
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|
2454394 |
48.46 |
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|
465644 |
9.19 |
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|
325112 |
6.42 |
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|
4336 |
0.09 |
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|
4331 |
0.09 |
|
Clearing Members |
5 |
0.00 |
|
|
3249486 |
64.16 |
|
Total Public
shareholding (B) |
3250386 |
64.18 |
|
Total (A)+(B) |
5064866 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
5064866 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polyester Viscose, Poly Wool, Silk
Fabrics and Polyester Viscose Grey Yarn. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Long Term
Borrowing
Term Loan of Rs. 10.500 millions are
secured by equitable mortgage of Term Loan of Rs. 2.746 millions are
secured by equitable mortgage of The rate of interest on the above
mentioned Term Loans ranges between 12.50 % p.a to 14.50 % p.a.
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Auditors : |
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Name : |
Haribhakti and Company LLP Chartered accountants |
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Address : |
701, Leela Business Park, Andheri-Kurla Road, Andheri (East), Mumbai -
400059, Maharashtra, India |
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Tel No.: |
91-22-66729999 |
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Fax No.: |
91-22-66729777 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises having voting power of the company : |
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Enterprises - KMP having significant influence / Owned by Major Shareholders : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5064866 |
Equity Shares |
Rs.10/- each |
Rs. 50.649
Millions |
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|
|
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|
a) Reconciliation of the number
of shares outstanding at the beginning and at the end of the reporting period:
|
Particulars |
Number |
31.03.2014 |
|
At the beginning of the period |
5.065 |
50.649 |
|
Issued during the period |
- |
- |
|
Outstanding at the end of the period |
5.065 |
50.649 |
b) Shareholders holding more than 5 percent shares in the Company:
|
Particulars |
31.03.2014 |
|
|
No. of Shares
hold |
% of holding |
|
|
Ananddeep Consultancy Services Private
Limited |
436800 |
8.63 |
|
PIL Industries Limited |
1409884 |
27.84 |
|
Tritoma Hotels Private Limited |
325000 |
6.42 |
|
Pradip Kumar Goenka |
721200 |
14.24 |
|
Pradip Kumar Goenka |
424102 |
8.37 |
c) Terms/rights attached to equity shares:
The Company has only one class of equity
shares having a par value of Rs. 10 per share. Each holder of equity share is entitled
to one vote per share. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing 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 the shareholders
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 |
50.649 |
50.649 |
50.649 |
|
(b) Reserves & Surplus |
201.612 |
181.244 |
175.053 |
|
(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) |
252.261 |
231.893 |
225.702 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
99.969 |
86.902 |
72.024 |
|
(b) Deferred tax liabilities (Net) |
32.963 |
30.302 |
24.272 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
10.045 |
9.470 |
8.471 |
|
Total Non-current
Liabilities (3) |
142.977 |
126.674 |
104.767 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
447.793 |
392.283 |
271.335 |
|
(b) Trade
payables |
530.710 |
324.065 |
216.587 |
|
(c) Other
current liabilities |
195.793 |
243.539 |
145.712 |
|
(d) Short-term
provisions |
10.387 |
4.472 |
4.324 |
|
Total Current
Liabilities (4) |
1184.683 |
964.359 |
637.958 |
|
|
|
|
|
|
TOTAL |
1579.921 |
1322.926 |
968.427 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
285.474 |
369.104 |
309.487 |
|
(ii)
Intangible Assets |
2.184 |
3.033 |
2.401 |
|
(iii)
Capital work-in-progress |
0.000 |
2.421 |
0.731 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
5.039 |
5.039 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.436 |
23.851 |
19.122 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
310.094 |
403.448 |
336.780 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.005 |
0.005 |
|
(b)
Inventories |
556.913 |
406.498 |
263.826 |
|
(c) Trade
receivables |
650.916 |
442.179 |
340.198 |
|
(d) Cash
and cash equivalents |
37.403 |
37.568 |
7.449 |
|
(e)
Short-term loans and advances |
24.595 |
33.228 |
20.169 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1269.827 |
919.478 |
631.647 |
|
|
|
|
|
|
TOTAL |
1579.921 |
1322.926 |
968.427 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2531.042 |
2021.768 |
2052.301 |
|
|
|
Other Income |
0.937 |
2.001 |
1.500 |
|
|
|
TOTAL |
2531.979 |
2023.769 |
2053.801 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1015.209 |
861.213 |
817.012 |
|
|
|
Purchases of Stock-in-Trade |
535.738 |
371.290 |
286.678 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(157.643) |
(83.492) |
64.926 |
|
|
|
Employees benefits expense |
226.898 |
221.873 |
188.865 |
|
|
|
Other expenses |
746.844 |
541.168 |
577.657 |
|
|
|
TOTAL |
2367.046 |
1912.052 |
1935.138 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
164.933 |
111.717 |
118.663 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
86.747 |
69.446 |
62.965 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
78.186 |
42.271 |
55.698 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
34.367 |
27.088 |
28.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
43.819 |
15.183 |
27.508 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
14.561 |
6.030 |
10.698 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
29.258 |
9.153 |
16.810 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
82.709 |
76.518 |
62.651 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.463 |
0.000 |
0.000 |
|
|
|
Dividend |
7.597 |
2.532 |
2.532 |
|
|
|
Tax on Dividend |
1.291 |
0.430 |
0.411 |
|
|
BALANCE CARRIED TO
THE B/S |
101.616 |
82.709 |
76.518 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
3.689 |
7.015 |
4.311 |
|
|
|
Capital Goods |
0.000 |
53.329 |
16.798 |
|
|
TOTAL IMPORTS |
3.689 |
60.344 |
21.109 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.78 |
1.81 |
3.32 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2014 |
30.06.2014 |
|
Type |
|
|
|
|
Net Sales |
|
727.300 |
604.500 |
|
Total Expenditure |
|
684.500 |
553.200 |
|
PBIDT (Excl OI) |
|
42.800 |
51.300 |
|
Other Income |
|
0.000 |
0.100 |
|
Operating Profit |
|
42.800 |
51.400 |
|
Interest |
|
23.000 |
25.900 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
19.900 |
52.500 |
|
Depreciation |
|
7.500 |
10.700 |
|
Profit Before Tax |
|
12.400 |
14.800 |
|
Tax |
|
3.500 |
8.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
8.900 |
6.500 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
8.900 |
6.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.16 |
0.45 |
0.82 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
6.52 |
5.53 |
5.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.77 |
1.15 |
2.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.07 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.17 |
2.07 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
0.95 |
0.99 |
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 |
50.649 |
50.649 |
50.649 |
|
Reserves & Surplus |
175.053 |
181.244 |
201.612 |
|
Net
worth |
225.702 |
231.893 |
252.261 |
|
|
|
|
|
|
long-term borrowings |
72.024 |
86.902 |
99.969 |
|
Short term borrowings |
271.335 |
392.283 |
447.793 |
|
Total
borrowings |
343.359 |
479.185 |
547.762 |
|
Debt/Equity
ratio |
1.521 |
2.066 |
2.171 |
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 |
2052.301 |
2021.768 |
2531.042 |
|
|
|
(1.488) |
25.190 |
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 |
2052.301 |
2021.768 |
2531.042 |
|
Profit |
16.810 |
9.153 |
29.258 |
|
|
0.82% |
0.45% |
1.16% |
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 |
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 |
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 |
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 Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
From Body Corporates |
45.789 |
14.500 |
|
Deposits |
6.300 |
6.300 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Loans Repayable on Demand |
|
|
|
From Body Corporates |
0.000 |
5.000 |
|
Bill Discounting |
42.467 |
28.764 |
|
Total |
42.467 |
33.764 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10407809 |
17/01/2013 |
60,000,000.00 |
Bank of Baroda |
ALTAMOUNT ROAD
BRANCH, KEMPS CORNER, MUMBAI, MAHARASHTRA - 400026, INDIA |
B69539849 |
|
2 |
10294332 |
05/09/2013 * |
599,721,000.00 |
Bank of Baroda |
ALTAMOUNT ROAD
BRANCH, KEMPS CORNER, MUMBAI, MAHARASHTRA - 400021, INDIA |
B88320445 |
|
3 |
10194674 |
28/05/2012 * |
490,000,000.00 |
State Bank of
Hyderabad |
C-11, MITTAL
TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B41987207 |
|
4 |
10102638 |
28/11/2006 |
3,000,000.00 |
BANK OF BARODA |
ALTAMOUNT ROAD
BRANCH, KEMPS CORNER, MUMBAI, MUMBAI, MAHARASHTRA - 400026, INDIA |
A24079311 |
|
5 |
90214120 |
02/08/2004 |
65,000,000.00 |
STATE BANK OF
HYDERABAD |
NARIMAN POINT, 210;
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
6 |
90232289 |
27/01/2006 * |
65,000,000.00 |
STATE BANK OF
HYDERABAD |
NARIMAN POINT
BRANCH, MUMBAI, MAHARASHTRA - 400021 |
- |
|
7 |
80020305 |
29/04/2009 * |
75,000,000.00 |
BANK OF BARODA |
ALTAMOUNT ROAD
BRANCH, KEMPS CORNER, MUMBAI, MAHARASHTRA - 400026, INDIA |
A61884169 |
|
8 |
90237608 |
29/04/2009 * |
86,322,000.00 |
BANK OF BARODA |
ALTAMOUNT ROAD
BRANCH, KEMPS CORNER, MUMBAI, MAHARASHTRA - 400026, INDIA |
A61884540 |
|
9 |
90213107 |
21/11/1997 |
53,500,000.00 |
IDBI BANK
LIMITED. |
IDBI TOWER,
COLOBA, MUMBAI, MAHARASHTRA - 400005, |
- |
|
10 |
90212693 |
22/05/1996 * |
2,736,000.00 |
ICICI LIMITED |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 40 |
- |
* Date of charge modification
OPERATIONS
During the year, the turnover
of and profit from the business grew in–spite of challenging business
environment. The Company achieved turnover of Rs. 2531.042 millions during the
financial year as compared to Rs. 2021.768 millions during the previous
financial year. The Profit after tax for the financial year 2013–14 was Rs.
29.258 millions as compared to Rs. 9.153
millions during the previous financial year. The Company could achieve better
profitability due to optimising its operations and changing manufacturing
product mix. The Company has been putting in all efforts to control costs,
ensure optimum utilisation of available manufacturing facilities and investing
on product innovations to provide value added products and thereby increasing
contribution to profitability.
FUTURE PLANS
The Company plans to further
consolidate its existing business and continue to its efforts to reduce
operational costs, improve utilisation ratio of manufacturing facilities and
continue to work on product innovations. The Company expects the continued
focus on aforesaid measures which would help the Company to improve its
profitability by creating niche market for its products. Further, the Company
proposes to optimise the available manufacturing facilities by adding few more
equipments which would increase the production capacity.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENTS:
Textile Industry continue to contribute
approximately 14% of India's IndustrialProduction, 4% to the GDP and 17% to the
country's export earnings despite increase in theGDP and export earnings.
Textile Industry continue to be the second largest provider ofemployment after
agriculture sector.
Year 2013-14, was another challenging year
for the textile sector. The high cost ofinputs, sluggish demand, Duty free
import from Bangladesh and cheap import from Chinacontinue to be biggest
impediments for the industry. The Government continues its varioustextile
promotion schemes like Technology Upgradation Fund Scheme (TUFS), Scheme
forIntegrated Textile Parks (SITP), etc., to encourage investment in the
sector.
The sluggish demand and inflationary trends
though are not encouraging, the change inthe political scenario, gives a fresh
outlook to the economy and consumption and thereforeto textile sector as well.
Your Company is taking necessary steps to tackle the varioushurdles as well as
to improve its performance and keeping a close watch on the economicdevelopments
which may be beneficial to the Company's business.
OUTLOOK:
The Company expects do reasonably well in
weaving and fabric business. The Company also expects the performance of the
readymade garmenting business would improve
FINANCIAL PERFORMANCE WITH RESPECT TO
OPERATIONAL PERFORMANCE:
During the year, the total production for the
Fabrics unit is given hereunder. The production of the grey fabrics, finish
fabrics (including job) were 74.55 meters and 24.68 meters respectively as
against Rs. 6.608 millions meters and Rs. 2.649 Millions meters in the previous
financial year
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. in millions)
|
Sr. No |
|
|
||
|
Quarter Ended |
Half Year Ended |
|||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
719.051 |
581.140 |
1300.191 |
|
|
b. Other Operating Income |
8.249 |
23.365 |
31.614 |
|
|
Total Income from
Operations (Net) |
727.300 |
604.505 |
1331.805 |
|
2 |
Expenditure |
|
|
|
|
|
a. Cost of material Consumed |
267.275 |
221.770 |
489.045 |
|
|
b. Purchase of Stock-in trade |
109.071 |
124.855 |
233.926 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
62.504 |
(14.517) |
47.987 |
|
|
d. Employees Benefit Expenses |
63.557 |
55.519 |
119.076 |
|
|
e. Depreciation and Amortisation Expenses |
7.454 |
10.653 |
18.107 |
|
|
f. Job Charges |
65.102 |
66.263 |
131.365 |
|
|
f. Other expenses |
117.008 |
99.293 |
216.301 |
|
|
Total Expenses |
691.971 |
563.836 |
1255.807 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
35.329 |
40.669 |
75.998 |
|
4 |
Other Income |
0.033 |
0.059 |
0.092 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
35.362 |
40.728 |
76.090 |
|
6 |
Finance Costs |
22.953 |
25.917 |
48.870 |
|
7 |
Profit from ordinary
activities after finance costs & exceptional items |
12.409 |
14.811 |
27.220 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit from
ordinary activities before tax |
12.409 |
14.811 |
27.220 |
|
10 |
Tax Expense |
3.490 |
4.786 |
8.276 |
|
|
- Income Tax |
|
3.507 |
3.507 |
|
11 |
Net Profit from
ordinary activity after tax |
8.919 |
6.518 |
15.437 |
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
13 |
Net Profit After
Tax |
8.919 |
6.518 |
15.437 |
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
50.649 |
50.649 |
50.649 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
Basic EPS |
1.76 |
1.29 |
3.05 |
|
|
Diluted EPS |
1.76 |
1.29 |
3.05 |
|
|
|
|
|
|
|
|
||||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
- No. of shares |
3250407 |
3250407 |
3250407 |
|
|
- Percentage of shareholding |
64.18 |
64.18 |
64.18 |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- No. of shares |
- |
- |
- |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
- |
- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
1814459 |
1814459 |
1814459 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
35.82 |
35.82 |
35.82 |
|
|
Particulars |
Quarter ended 30.09.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
-- |
|
|
Disposed off during the quarter |
-- |
|
|
Remaining unresolved at the end of the
quarter |
-- |
STATEMENT OF ASSETS AND LIABILITIES
NOTES:
- The above result was
reviewed by Audit Committee & taken on record by the Board of
Directors of the company at its meeting held on November 12, 2014 at the
Registered Office of the Company, the Statutory Auditor has conducted
Limited Review as required under Clause 41 of the Listing Agreement
|
SOURCES OF FUNDS |
|
|
As on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
50.649 |
|
(b) Reserves & Surplus |
|
|
213.046 |
|
Sub-total
Shareholders' Funds |
|
|
263.695 |
|
|
|
|
|
|
(2)
Minority Interest |
|
|
-- |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
84.226 |
|
(b) Deferred tax liabilities (Net) |
|
|
37.938 |
|
(c) Other long term
liabilities |
|
|
37.023 |
|
(d) long-term
provisions |
|
|
9.085 |
|
Sub Total
Non-Current Liabilities |
|
|
168.272 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
441.710 |
|
(b) Trade
payables |
|
|
421.966 |
|
(c) Other
current liabilities |
|
|
162.898 |
|
(d) Short-term
provisions |
|
|
2.789 |
|
Sub Total- Current Liabilities |
|
|
1029.363 |
|
|
|
|
|
|
TOTAL- EQUITY AND LIABILITIES |
|
|
1461.330 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
258.741 |
|
(b)Goodwill
on Consolidation |
|
|
-- |
|
(c) Non-current Investments |
|
|
-- |
|
(d) Deferred tax assets (net) |
|
|
-- |
|
(e) Long-term Loan and Advances |
|
|
25.936 |
|
(f) Other
Non-current assets |
|
|
-- |
|
Sub
Total- Non-current
assets |
|
|
284.677 |
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
-- |
|
(b)
Inventories |
|
|
480.138 |
|
(c) Trade
receivables |
|
|
627.174 |
|
(d) Cash
and cash equivalents |
|
|
28.728 |
|
(e)
Short-term loans and advances |
|
|
40.613 |
|
(f) Other
current assets |
|
|
-- |
|
Sub Total- Current
assets |
|
|
1176.653 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
1461.330 |
- The Company operates in a single segment i.e. Textile.
- The management of the Company has identified tangible fixed assets and their major components and has reviewed their remaining useful lives. Accordingly, the depreciation on tangible fixed assets is provided for in accordance with the provisions of Schedule II to The Companies Act, 2013. In respect of assets where the remaining useful life is ‘Nil’, their carrying amount (net of tax effect) after retaining the residual value as on 1st April ,2014 as determined by the management has been adjusted against the opening balance of retained earnings amounting to Rs. 4.005 Millions (net of deferred tax amounting Rs. 19.24 Millions) as on that date.
- Previous year's/ period's figures have been regrouped/rearranged wherever considered necessary to make them comparable with current year's figure.
FIXED ASSETS:
·
Land
·
Leasehold Land
·
Building/flat
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
·
Bicycle
·
Computers and Softwares
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.63.06 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.