MIRA INFORM REPORT
|
Report Date : |
23.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
GINNI FILAMENTS LIMITED |
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|
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|
Registered Office
: |
110 K.M. Stone, |
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Country : |
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|
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Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
28.07.1982 |
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|
|
|
Com. Reg. No.: |
20-012550 |
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Capital
Investment / Paid-up Capital : |
Rs.781.501
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L71200UP1982PLC012550 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG08946A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG0942K |
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|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
Line of Business
: |
Subject is a textile company manufacturing cotton
yarn, knitted fabric, non-woven fabric, garments and wipes |
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|
|
|
No. of Employees
: |
2357 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3906500 |
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|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and low reserves of the company. However, trade relations are fair. Business is active. Payment are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities BB- |
|
Rating Explanation |
Inadequate degree of safety and high credit
risk. |
|
Date |
April 07, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
April 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 DECLINED
Management non-cooperative
(Tel. No.: 91-120-4058400)
LOCATIONS
|
Registered Office/ Factory 1 : |
110 K.M. Stone, Delhi-Mathura Road, Chhata, District Mathura – 281
401, Uttar Pradesh, India |
|
Tel. No.: |
91-5662-242490/ 242491/ 242341/ 246648/ 232438 |
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Fax No.: |
91-5662-242223/ 242248 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory 2 : |
H-6, Sector - 63, NH-24, Noida – 201 307, |
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Tel. No.: |
91-120-4058400 (30 Lines) |
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Fax No.: |
91-120-4250975-76 |
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Factory 3 : |
Plot No.205-207, GIDC Industrial Area, Panoli, District Bharuch,
Ankleshwar – 394 116, |
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Factory 4 : |
D-38, Industrial Area, Bahadrabad, Haridwar – 249 403, Uttarakhand, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. Rajaram Jaipuria |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Degree in Economic |
|
Date of Birth/Age: |
16.01.1934 |
|
Date of Appointment
: |
28.10.1988 |
|
DIN No.: |
00274866 |
|
PAN No.: |
ACFPJ4858E |
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|
|
|
Name : |
Mr. Shishir Jaipuria |
|
Designation : |
Vice-Chairman and Managing Director |
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Date of Birth/Age: |
07.04.1957 |
|
Qualification : |
M.Com and LLB |
|
Date of Appointment
: |
04.02.1990 |
|
DIN No.: |
00274959 |
|
PAN No.: |
AANPJ5627K |
|
|
|
|
Name : |
Mr. Saket Jaipuria |
|
Designation : |
Executive Director |
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Date of Birth/Age: |
11.10.1982 |
|
Qualification : |
Graduate B.B.A. |
|
DIN No.: |
02458923 |
|
PAN No.: |
ADGPJ8314D |
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|
|
|
Name : |
Mr. Suresh Singhvi |
|
Designation : |
Director – Finance |
|
Date of Birth/Age: |
21.11.1953 |
|
Qualification : |
B.Com, F.C.A. and LLB |
|
Date of Appointment
: |
30.07.2009 |
|
DIN No.: |
00293272 |
|
|
|
|
Name : |
Mr. Ram Ratan Maheshwari |
|
Designation : |
Director (Marketing and Business Development) |
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Date of Birth/Age: |
18.09.1954 |
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Qualification : |
B.E (H), ACWA and MBA. |
|
Date of Appointment
: |
30.07.2009 |
|
DIN No.: |
02732734 |
|
|
|
|
Name : |
Mr. J.P. Kundra |
|
Designation : |
Director |
|
Date of Birth/Age: |
14.04.1930 |
|
Date of Appointment
: |
31.01.2000 |
|
DIN No.: |
00004228 |
|
|
|
|
Name : |
Mr. Jugal Kishore Bhagat |
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Designation : |
Director |
|
Date of Birth/Age: |
02.11.1943 |
|
Qualification : |
B. Com |
|
Date of Appointment
: |
28.07.1982 |
|
DIN No.: |
00055972 |
|
|
|
|
Name : |
Dr. Har Prasad Bhattacharya |
|
Designation : |
Director |
|
Date of Birth/Age: |
13.12.1939 |
|
Qualification : |
PHD in Textile Technology |
|
Date of Appointment
: |
30.10.2000 |
|
DIN No.: |
00304475 |
|
|
|
|
Name : |
Mr.
Subhasis Dhal |
|
Designation : |
Nominee - Exim Bank (w.e.f. 2nd May, 2014) |
|
|
|
|
Name : |
Mr. O.P. Vaish |
|
Designation : |
Director ((upto
18th September, 2013) |
|
Qualification : |
Sr. Advocate |
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|
|
|
Name : |
Mr. Nripendra Misra |
|
Designation : |
Director (upto 26th May, 2014) |
|
Qualification : |
Master of Economics |
|
|
|
|
Name : |
Mr. Jagdish Garwal |
|
Designation : |
Nominee-IFCI (upto 13th June, 2014) |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh K. Tripathi |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
43468726 |
61.53 |
|
|
8715 |
0.01 |
|
|
43477441 |
61.54 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
43477441 |
61.54 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
11000 |
0.02 |
|
|
2516099 |
3.56 |
|
|
8510 |
0.01 |
|
|
10 |
0.00 |
|
|
10 |
0.00 |
|
|
2535619 |
3.59 |
|
|
|
|
|
|
1934765 |
2.74 |
|
|
|
|
|
|
10536053 |
14.91 |
|
|
11121887 |
15.74 |
|
|
1044300 |
1.48 |
|
|
1500 |
0.00 |
|
|
55065 |
0.08 |
|
|
180870 |
0.26 |
|
|
99825 |
0.14 |
|
|
707040 |
1.00 |
|
|
24637005 |
34.87 |
|
Total
Public shareholding (B) |
27172624 |
38.46 |
|
Total
(A)+(B) |
70650065 |
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) |
70650065 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a textile company manufacturing cotton
yarn, knitted fabric, non-woven fabric, garments and wipes |
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Products : |
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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 |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2357 (Approximately) |
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Bankers : |
¨ Bank of Baroda ¨ The Federal Bank Limited ¨ State Bank of Bikaner and Jaipur, Devika Tower, Ground Floor (Upper Level), 6 Nehru Place, New Delhi – 110 019, India ¨ UCO Bank |
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Facilities : |
NOTES: LONG TERM
BORROWINGS Debentures All Debentures are (i) secured by mortgage by deposit of the Title Deeds of immovable properties and by hypothecation of Company's movable properties, ranking pari passu, subject to prior charge on current assets in favour of Company's bankers for working capital. (ii) Guaranteed by 2 Directors. (iii) Secured by pledge of 11.545 millions shares of the company held by promoters' and relatives, ranking pari passu with all term loans and working capital loans. (iv) Redeemable in 17 quarterly instalments from 30th June, 2014 to 30th June, 2018 Term Loans (A)Term Loans of Rs.1491.985 millions * are (i) secured by mortgage by deposit of the Title Deeds of immovable properties (pending mortgage for term loan of Rs.63.983 millions {Previous year Rs.3.992 millions}) and by hypothecation of Company's movable properties, ranking pari-passu, subject to prior charge on current assets in favour of Company's bankers for working capital.(ii) guaranteed by 2 Directors (iii) secured by pledge of 61.55 lacs equity shares of the company held by promoter and relative for Term Loan of Rs.4.854 millions (previous year Rs.5.953 millions) and further secured by pledge of 115.45 lacs shares of the company held by promoters' and relatives for Term Loans of Rs.1428.002 millions (Previous Year Rs.1740.614 millions), ranking pari passu with the Debentures and working capital loans. (iv) Term loans of Rs.1428.002 millions are repayable in 17 quarterly instalments from 30th June, 2014 to 30th June, 2018 and term loan of Rs.63.983 millions is repayable in 23 quarterly instalments from 30th June, 2014 to 31st December, 2019 (B) Working Capital Term Loans of Rs.169.955 millions * (previous year Rs.207.700 millions) are secured by third charge on current and fixed assets of the company and guaranteed by 2 Directors and repayable in 17 quarterly instalments from 30th June, 2014 to 30th June, 2018 (C) Loan of Rs.2750 millions* (previous year – Rs.3.292 millions) from others are secured against hypothecation of vehicles. Loan of Rs.2.275 millions is repayable in 47 instalments from 01.04.2014 to 01.02.2018 and Loan of Rs.0.475 million is repayable in 48 instalments from 01.04.2014 to 01.03.2018. * including current maturities shown
SHORT TERM BORROWINGS Working Capital Loans From Banks (A) Interest is charged @ 9.70% to 13.50% p.a. during the year and libor+ 2% to 3.5% on foreign currency loan during the year, (B) (i) Secured to the extent of Rs.1482.887 millions (Previous Year Rs.1565.034 millions) by Hypothecation of Inventories and receivables, second charge on the fixed assets of the company. (ii) Further guaranteed by 2 Directors and by pledge of 115.45 Lacs shares (Previous Year 115.45 lacs shares) of the company held by promoters and relatives ranking pari passu with the debentures and term loans as per note no-5 aforesaid. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. L. Gupta and Company Chartered Accountants |
|
Address : |
D-85, Sector-6, Noida – 201 301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4321897 |
|
Mobile No.: |
91-9811526936/ 9911526936 |
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E-Mail : |
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Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
Enterprises over which
Key Management personnel are able to exercise significant influence: |
¨ Shree Bhawani Anand Private Limited ¨ Jaipuria Edu Services Private Limited ¨ Kanpur Builders Private Limited ¨ Raghukul Trading Private Limited ¨ Lochan Agro Private Limited ¨ Ginni Nonwoven Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
84285000 |
Equity Shares |
Rs.10/- each |
Rs.842.850 millions |
|
1000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.100.000 millions |
|
|
Total
|
|
Rs.942.850
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70650065 |
Equity Shares |
Rs.10/- each |
Rs.706.501
millions |
|
750000 |
8% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.75.000
millions |
|
|
Total |
|
Rs.781.501 millions |
|
|
|
|
|
Reconciliation of No. of shares Outstanding:
|
Particulars |
31st March, 2014 |
|
|
No. of Shares |
(Rs. in millions) |
|
|
Equity shares |
|
|
|
Opening Outstanding Shares |
70650065 |
706.501 |
|
Closing Outstanding Shares |
70650065 |
706.501 |
|
Preference Shares |
|
|
|
Opening Outstanding Shares |
750000 |
75.000 |
|
Closing Outstanding Shares |
750000 |
75.000 |
Shareholders holding more than 5% of total shares
|
Name of Shareholder |
31st March, 2014 |
|
|
No. of Share held |
% of holding |
|
|
Equity Shares |
|
|
|
1. Suniti Devi Jaipuria |
21419294 |
30.32 |
|
2. Sunita Jaipuria |
5675716 |
8.03 |
|
3. Saket Jaipuria |
6136008 |
8.69 |
|
4. Yash Jaipuria |
5720847 |
8.10 |
|
5. Vinod H. Punwani |
4112600 |
5.82 |
|
|
|
|
|
Preference Shares |
|
|
|
1. Raghukul Trading Private Limited |
750000 |
100.00 |
Aggregate no. of share issued for consideration other than cash during
the period of 5 years immediately preceding the reporting date
|
Particulars |
31.03.2014 |
|
Allotted during
FY 2009-10 as fully paid shares pursuant to amalgamation without payment
being received in cash |
11387440 |
Equity Share
·
The Company has only
one class of equity shares having at par value of Rs.10/- per share. Each
holder of equity share is entitled to one vote per share.
·
In the liquidation of
the company, the holder of equity share will be entitled to receive remaining
assets of the company, after distribution of all preferential amount. The
distribution will be in proportion to the number of equity shares held by the
shareholders
·
8% cumulative
redeemable preference shares are redeemable at par on or before 31st
December 2018. Accumulated dividend on preference shares upto 31st
March, 2014 is Rs.26.500 millions
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 |
781.501 |
781.501 |
781.501 |
|
(b) Reserves & Surplus |
585.757 |
223.045 |
47.695 |
|
(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) |
1367.258 |
1004.546 |
829.196 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1623.318 |
1927.817 |
2271.446 |
|
(b) Deferred tax liabilities (Net) |
128.431 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
51.158 |
51.262 |
40.418 |
|
Total Non-current
Liabilities (3) |
1802.907 |
1979.079 |
2311.864 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1502.487 |
1598.534 |
1390.345 |
|
(b) Trade
payables |
475.033 |
648.188 |
328.400 |
|
(c) Other
current liabilities |
763.599 |
529.535 |
487.675 |
|
(d) Short-term
provisions |
145.342 |
30.688 |
17.338 |
|
Total Current
Liabilities (4) |
2886.461 |
2806.945 |
2223.758 |
|
|
|
|
|
|
TOTAL |
6056.626 |
5790.570 |
5364.818 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2748.162 |
2819.145 |
2971.860 |
|
(ii)
Intangible Assets |
2.595 |
3.106 |
2.776 |
|
(iii)
Capital work-in-progress |
15.003 |
60.679 |
0.380 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
75.681 |
75.681 |
75.681 |
|
(c) Deferred tax assets (net) |
0.000 |
30.144 |
120.624 |
|
(d) Long-term Loan and Advances |
259.292 |
44.725 |
28.381 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3100.733 |
3033.480 |
3199.702 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1684.364 |
1581.461 |
1259.287 |
|
(c) Trade
receivables |
803.165 |
774.016 |
528.060 |
|
(d) Cash
and cash equivalents |
42.120 |
63.954 |
39.343 |
|
(e)
Short-term loans and advances |
424.895 |
336.526 |
338.381 |
|
(f) Other
current assets |
1.349 |
1.133 |
0.045 |
|
Total
Current Assets |
2955.893 |
2757.090 |
2165.116 |
|
|
|
|
|
|
TOTAL |
6056.626 |
5790.570 |
5364.818 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
8680.195 |
7447.216 |
7121.493 |
|
|
|
Other Income |
76.682 |
18.116 |
83.293 |
|
|
|
TOTAL |
8756.877 |
7465.332 |
7204.786 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5138.561 |
4372.234 |
4756.614 |
|
|
|
Purchases of Stock-in-Trade |
4.491 |
0.000 |
108.143 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock in trade |
(105.033) |
(14.298) |
350.087 |
|
|
|
Employees benefits expense |
439.168 |
369.318 |
298.596 |
|
|
|
Other expenses |
2019.547 |
1754.902 |
1651.075 |
|
|
|
Exceptional Items |
134.846 |
0.000 |
0.000 |
|
|
|
TOTAL |
7631.580 |
6510.752 |
7164.515 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
1125.297 |
954.580 |
40.271 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
377.330 |
442.375 |
438.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
747.967 |
512.205 |
(398.399) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
244.644 |
241.566 |
247.759 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
503.323 |
270.639 |
(646.158) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
140.611 |
95.289 |
(209.489) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
362.712 |
175.350 |
(436.669) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(461.698) |
(637.048) |
(200.379) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(98.986) |
(461.698) |
(637.048) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Goods Exported |
5130.201 |
4204.001 |
4342.754 |
|
|
TOTAL EARNINGS |
5130.201 |
4204.001 |
4342.754 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
761.713 |
581.598 |
542.876 |
|
|
|
Capital Goods |
68.078 |
53.409 |
10.091 |
|
|
|
Stores & Spare Parts |
81.826 |
73.282 |
61.314 |
|
|
TOTAL IMPORTS |
911.617 |
708.289 |
614.281 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.05 |
2.40 |
(6.27) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.18 |
2.35 |
(6.13) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
12.96 |
12.82 |
0.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.44 |
4.81 |
(12.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.27 |
(0.78) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.29 |
3.51 |
4.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
0.98 |
0.97 |
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 |
781.501 |
781.501 |
781.501 |
|
Reserves & Surplus |
47.695 |
223.045 |
585.757 |
|
Net
worth |
829.196 |
1004.546 |
1367.258 |
|
|
|
|
|
|
long-term borrowings |
2271.446 |
1927.817 |
1623.318 |
|
Short term borrowings |
1390.345 |
1598.534 |
1502.487 |
|
Total
borrowings |
3661.791 |
3526.351 |
3125.805 |
|
Debt/Equity
ratio |
4.416 |
3.510 |
2.286 |
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 |
7121.493 |
7447.216 |
8680.195 |
|
|
|
4.574 |
16.556 |
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 |
7121.493 |
7447.216 |
8680.195 |
|
Profit |
(436.669) |
175.350 |
362.712 |
|
|
(6.13%) |
2.35% |
4.18% |
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 |
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances from Related Parties |
240.000 |
225.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Interest bearing loans from Related Parties repayable on demand |
19.600 |
33.500 |
|
Total |
259.600 |
258.500 |
NOTES:
LONG TERM BORROWINGS
Loans and Advances from Related Parties (unsecured)
Interest Free Loan Rs.70.000 millions (previous year Rs.70.000 millions) Repayable after 30th June, 2018 and Rs.25.000 millions repayable after 31st December, 2019 and Interest Bearing Loan Rs.145.000 millions (Previous Year Rs.130.000 millions) repayable on or after 1st April, 2015
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10418699 |
25/06/2014 * |
65,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI,
DELHI - 110001, INDIA |
C12312781 |
|
2 |
10418702 |
20/03/2013 |
1,025,700,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI,
DELHI - 110001, INDIA |
B72884174 |
|
3 |
10413171 |
28/02/2013 |
3,349,000.00 |
KOTAK MAHINDRA PRIME
LIMITED |
36-38A NARIMAN
BHAVAN, 227, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B71252092 |
|
4 |
10153833 |
09/11/2009 * |
290,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI, DELHI -
110001, INDIA |
A74148370 |
|
5 |
10136761 |
09/11/2009 * |
40,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI, DELHI -
110001, INDIA |
A74148040 |
|
6 |
10106421 |
09/11/2009 * |
28,000,000.00 |
THE FEDERAL BANK
LIMITED |
HARSHA BHAWAN, E-13-29,
GROUND FLOOR, MIDDLE CIRCLE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001,
INDIA |
A74535121 |
|
7 |
10057363 |
09/11/2009 * |
225,500,000.00 |
EXPORT IMPORT
BANK OF INDA |
CENTRE ONE BUILDING,
21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
A76040187 |
|
8 |
10045844 |
09/11/2009 * |
120,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A75804070 |
|
9 |
10038370 |
09/11/2009 * |
356,200,000.00 |
AXIS BANK
LIMITED |
STATESMAN HOUSE,
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A73972507 |
|
10 |
80007877 |
09/11/2009 * |
212,400,000.00 |
EXPORT IMPORT
BANK OF INDA |
CENTRE ONE BUILDING,
21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
A76040104 |
|
11 |
90276272 |
09/11/2009 * |
340,000,000.00 |
BANK OF BARODA |
BANK OF BARODA BUILDING,
GROUND FLOOR, 16 SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
A73966814 |
|
12 |
90276265 |
09/11/2009 * |
550,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI,
DELHI - |
A74147802 |
|
13 |
90276257 |
09/11/2009 * |
340,000,000.00 |
STATE BANK OF
BIKANER & JAIPUR |
71-72, LAXMI
BHAWAN, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A75086892 |
|
14 |
90276036 |
09/11/2009 * |
50,000,000.00 |
EXPORT IMPORT BANK
OF INDA |
CENTRE ONE
BUILDING, 21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
A76040245 |
|
15 |
90275918 |
09/11/2009 * |
227,000,000.00 |
JAMMU &
KASHMIR BANK LIMITED |
26/34, PAL MOHAN
MANSION, EAST PATEL NAGAR, RAJENDRA PLACE, NEW DELHI, DELHI - 110008, INDIA |
A74664764 |
|
16 |
90275836 |
09/11/2009 * |
105,000,000.00 |
UCO BANK |
MID CORPORATE
BRANCH, 6 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
A73964314 |
|
17 |
90281321 |
09/11/2009 * |
4,916,962.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BA |
A73944738 |
|
18 |
90275620 |
20/11/2003 * |
32,088,062.00 |
IFCI LIMITED |
IFCI TOWER, 61;
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
- |
|
19 |
80036071 |
09/11/2009 * |
60,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA -
400001, INDIA |
A73943953 |
|
20 |
90275386 |
09/11/2009 * |
60,000,000.00 |
IFCI LIMITED |
IFCI TOWER61
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A73947863 |
|
21 |
80030492 |
09/11/2009 * |
67,500,000.00 |
EXPORT IMPORT
BANK OF INDA |
CENTRE ONE BUILDING,
21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
A76040484 |
|
22 |
90281252 |
09/11/2009 * |
50,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A73943417 |
|
23 |
90274801 |
09/11/2009 * |
90,000,000.00 |
EXPORT IMPORT
BANK OF INDA |
CENTRE ONE BUILDING,
21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
A76040500 |
|
24 |
90274733 |
09/11/2009 * |
242,500,000.00 |
IFCI LIMITED |
IFCI TOWER61
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A73949455 |
|
25 |
90278622 |
25/06/2014 * |
2,479,500,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI,
DELHI - |
C12308094 |
* Date of charge modification
OPERATIONS
During the year the Company's Total Revenue has increased from Rs.7465.300 millions to Rs.8756.900 millions and Earnings before Interest, depreciation and Tax (EBIDTA) increased from Rs.954.600 millions to Rs.1260.100 millions.
Company has earned profit after tax of Rs.362.700 millions after making a provision of Rs.167.100 lacs towards recompense amount payable under CDR guidelines in year against profit after tax of Rs.175.400 millions in previous financial year.
The overall turnaround performance of the Company during the year has been possible due to increase in better margins in all segments of the company and higher exchange rate of foreign currency.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT
The Indian Textile Industry is the one of the world's largest producers of textiles and garments and is set for strong growth, buoyed by strong domestic consumption as well as export demand. Abundant availability of raw materials such as cotton, wool, silk and jute as well as skilled workforce have made the country a main sourcing hub. The Indian textiles industry accounts for about 24 per cent of the world's spindle capacity and 8 per cent of global rotor capacity and according to Report of Technopack Advisors, the potentialsize of the Indian textiles and apparel industry is expected to reach US$ 223 billion by 2021. The fundamental strength of this industry flows from its strong production base of wide range of fibres / yarns from natural fibres like cotton, jute, silk and wool to synthetic / man-made fibres like polyester, viscose, nylon and acrylic.
The textiles industry has made a major contribution to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings. The sector contributes about 14 per cent to industrial production, 4 per cent to the gross domestic product (GDP), and 27 per cent to the country's foreign exchange inflows. It provides employment to over 45 million people. The textiles sector is the second largest provider of employment after agriculture. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the India's economy.
The most significant change in the Indian textiles industry has been the advent of man-made fibres (MMF). India has successfully placed its innovative range of MMF textiles in almost all the countries across the globe.
During the period under discussion the sector grew as under:
· Cotton yarn and blended yarn production increased by about 10 per cent and 6 percent respectively;
· Man-made fibres (MMF) production increased by about 4 percent, and
· Fabric production increased by about 6 percent.
SEGMENT WISE
PERFORMANCE
Company operates in yarn, knit fabric, garment, technical textile (Nonwoven
fabric) and consumer products (Wipes) made out of nonwoven fabrics segment. The
overall performance of all the divisions in Financial Year 2013-14 were
extremely good and company earned highest margin in all segments.
OUTLOOK
The outlook of Technical Textiles (Nonwoven fabric) and Consumer Products Division (Wipes and hygene products) businesses are likely to be encouraging but the traditional textile like cotton yarn, knitted fabric and garment division are likely to suffer till the new cotton arrive in the market and situation may improve if prices of cotton goes down and demand of yarn, fabric and garment come again on track. FDI in retail sector and opening of retail stores may be advantageous to the company. The business of wipes is expected to increase substantially considering the expected growth in the market. The company has long term agreement with global players to manufacture the products and also exploring the possibilities to tie up with more such players.
FINANCIAL OPERATION
AND PERFORMANCE
During the year Company's Total Revenue increased from Rs.7465.300 millions to
Rs.8756.900 millions
and earned cash profit of Rs.882.900 millions against cash profit of Rs.512.200 millions during immediately preceding
year.
During the year the company achieved highest ever profitability which
could be possible due to increase in demand of cotton yarn, better exchange
rate of foreign currency and timely procurement of raw materials inspite of
considerable increase in power and manpower cost. The performance of Garment
and Consumer Product (Wipes etc.) division were extremely good.
CONTINGENT
LIABILITIES:
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
1. Contingent
liabilities not provided for |
|
|
|
523.950 |
578.943 |
|
15.241 |
18.226 |
|
11.354 |
10.034 |
|
2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) : |
195.947 |
130.348 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER/ HALF YEAR ENDED ON 30TH
SEPTEMBER, 2014
(Rs. in millions)
|
Particulars |
Quarter ended |
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) |
2109.392 |
2134.258 |
4243.650 |
|
|
|
b) Other Operating Income |
16.245 |
17.714 |
33.959 |
|
|
|
Total Income from
Operations (Net) |
2125.637 |
2151.972 |
4277.609 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
1343.502 |
1269.180 |
2612.682 |
|
|
b) |
Purchase of stock in-trade |
-- |
-- |
-- |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(108.312) |
19.606 |
(88.706) |
|
|
d) |
Employee benefit expenses |
116.639 |
106.736 |
223.375 |
|
|
e) |
Depreciation and amortization expense |
95.961 |
71.826 |
167.807 |
|
|
f) |
Power & Fuel |
177.450 |
179.072 |
356.522 |
|
|
g) |
Other
expenses |
367.734 |
340.893 |
708.627 |
|
|
Total Expenses |
1992.994 |
1987.313 |
3980.307 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
132.643 |
164.659 |
297.302 |
|
4 |
Other
Income |
0.275 |
1.605 |
1.880 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items (3+4) |
132.918 |
166.264 |
299.182 |
|
6 |
Finance
Costs |
118.708 |
120.229 |
238.937 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items (5-6) |
14.210 |
46.035 |
60.245 |
|
8 |
Exceptional
Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
14.210 |
46.035 |
60.245 |
|
|
10 |
Tax
Expense |
|
|
|
|
|
|
-
Current Tax |
2.990 |
9.693 |
12.683 |
|
|
|
-
Deferred Tax |
12.806 |
8.024 |
20.830 |
|
|
|
-
MAT Credit Entitlement / Tax Adjustment |
(2.979) |
(9.649) |
(12.628) |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax (9-10) |
1.393 |
37.967 |
39.360 |
|
|
12 |
Extraordinary
items (net of tax expense) |
-- |
-- |
-- |
|
|
13 |
Net Profit /(Loss) for the
period (11-12) |
1.393 |
37.967 |
39.360 |
|
|
14 |
Paid
up equity share capital (Eq. shares of
Rs.10/- each) |
706.501 |
706.501 |
706.501 |
|
|
15 |
Reserve
excluding revaluation reserves |
-- |
-- |
-- |
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
a |
Basic |
(0.01) |
0.52 |
0.51 |
|
|
b |
Diluted |
(0.01) |
0.52 |
0.51 |
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
-
No. of Shares |
27172624 |
27172624 |
27172624 |
|
|
|
-
Percentage of Shareholding |
38.46% |
38.46% |
38.46% |
|
2 |
|
Promoters and promoter
group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
-
Number of shares |
17700000 |
17700000 |
17700000 |
|
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and
promoter group) |
40.71% |
40.71% |
40.71% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
25.05% |
25.05% |
25.05% |
|
|
|
b)
Non- encumbered |
|
|
|
|
|
|
-
Number of shares |
25777441 |
25777441 |
25777441 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
59.29% |
59.29% |
59.29% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
36.49% |
36.49% |
36.49% |
|
|
Particulars |
Three
Months ended 30.09.2014 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
|
Received
during the quarter |
Nil |
|
|
|
Disposed
during the quarter |
Nil |
|
|
|
Remaining
unresolved at the end of the quarter |
Nil |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
in millions)
|
Particulars |
Quarter ended |
Quarter ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
|
Segment Revenue (Sales and Other Operating
Income) |
|
|
|
|
a) |
Textiles |
2005.351 |
2046.323 |
4051.674 |
|
b) |
Consumer Products |
155.909 |
159.204 |
315.113 |
|
c) |
Unallocated |
-- |
-- |
-- |
|
|
TOTAL |
2161.260 |
2205.527 |
4366.787 |
|
|
Less: Inter-segment transfers |
51.868 |
71.269 |
123.137 |
|
|
Net Sales / Income from operation |
2109.392 |
2134.258 |
4243.650 |
|
|
Segment Results: [Profit/ (Loss) before
tax and interest from each segment] |
|
|
|
|
a) |
Textiles |
105.535 |
137.864 |
243.399 |
|
b) |
Consumer Products |
27.383 |
28.400 |
55.783 |
|
c) |
Unallocated |
-- |
-- |
-- |
|
|
TOTAL |
132.918 |
166.264 |
299.182 |
|
|
Less: Financial Cost |
118.708 |
120.229 |
238.937 |
|
|
Other
unallocable expenditure, net of |
-- |
-- |
-- |
|
|
Unallocable
income |
-- |
-- |
-- |
|
|
Exceptional
Items |
-- |
-- |
-- |
|
|
Total Profit/
Loss –before tax |
14.210 |
46.035 |
60.245 |
|
|
Capital Employed: |
|
|
|
|
a) |
Textiles |
4718.271 |
5030.602 |
4718.271 |
|
b) |
Consumer Products |
258.704 |
281.047 |
258.704 |
|
c) |
Unallocated |
-- |
-- |
-- |
|
|
TOTAL |
4976.975 |
5311.649 |
4976.975 |
STATEMENT OF ASSETS AND LIABILITIES
(Rs.
in millions)
|
SOURCES OF FUNDS |
|
|
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
781.501 |
|
(b) Reserves & Surplus |
|
|
625.116 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
1406.617 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
1416.572 |
|
(b) Deferred tax liabilities (Net) |
|
|
149.261 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) Long-term
provisions |
|
|
75.966 |
|
Total Non-current
Liabilities (3) |
|
|
1641.799 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
1401.994 |
|
(b) Trade
payables |
|
|
273.628 |
|
(c) Other
current liabilities |
|
|
743.183 |
|
(d) Short-term
provisions |
|
|
143.103 |
|
Total Current
Liabilities (4) |
|
|
2561.908 |
|
|
|
|
|
|
TOTAL |
|
|
5610.324 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
2643.113 |
|
(b) Non-current Investments |
|
|
75.681 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
191.955 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
2910.749 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
1156.423 |
|
(c) Trade
receivables |
|
|
985.802 |
|
(d) Cash
and cash equivalents |
|
|
44.802 |
|
(e)
Short-term loans and advances |
|
|
511.192 |
|
(f) Other
current assets |
|
|
1.356 |
|
Total
Current Assets |
|
|
2699.575 |
|
|
|
|
|
|
TOTAL |
|
|
5610.324 |
Notes:
1. The aforesaid results have been reviewed by the Audit Committee and taken on record and approved by the Board of Directors at its meeting held on 12th November, 2014.
2. Effective from April 01, 2014, the Company
has charged depreciation based on the revised remaining useful life of the
assets except continuous process plant as per requirement of Schedule II of the
Companies Act, 2013. The management has got technically evaluated the useful
life of the continuous process plants as on 01st April, 2014 and has
accordingly charged depreciation on it. Due to this depreciation charge for the
quarter and six months ended 30th September, 2014 is higher by
Rs.10.927 millions and Rs.20.975 millions respectively.
3. Depreciation and amortisation expense
includes a sum of Rs.22.607 millions for additional depreciation for earlier
period charged in Profit and Loss Account in view of amendment in Schedule II
of the Companies Act, 2013 vide MCA Notification CSR 627E dated 29th
August, 2014.
4. The figures of the previous period have been
regrouped, whenever necessary.
5. Pledge of shares by the Promoters is towards
term loans and working capital facilities availed by the Company.
FIXED ASSETS:
Tangible
Assets
œ Land (Lease Hold)
œ Land (Free Hold)
œ Lease Hold Improvements
œ Buildings
œ Plant and Machinery
œ Electrical Installation
œ Office Equipments
œ Computers
œ Furniture and Fittings
œ Vehicles
Intangible
Assets
œ Software’s
œ Licenses
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.63.18 |
|
|
1 |
Rs.98.85 |
|
Euro |
1 |
Rs.77.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
|
-- PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
34 |
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.