1. Summary Information

 

 

Country

India

Company Name

MADURA COATS PRIVATE LIMITED

Principal Name 1

Mr. Joseph Stephen Remedios

Status

Good

Principal Name 2

Mr. Anil Lasantha Naomal Dias

 

 

Registration #

08-047421

Street Address

144, Mahatma Gandhi Road, P.O. Box 5145, Bangalore – 560087, Karnataka

Established Date

31.07.1974

SIC Code

--

Telephone#

91-80-25584121

Business Style 1

Manufacturer

Fax #

91-80-25584229

Business Style 2

Exporter

Homepage

Not Available

Product Name 1

Zippers

# of employees

Not Available

Product Name 2

Sliders Buttons

Paid up capital

Rs. 74,651,000/-

Product Name 3

Sewing Accessories

Shareholders

Foreign holdings 100%

Banking

Standard Chartered Bank

Public Limited Corp.

No

Business Period

40 Years

IPO

No

International Ins.

-

Public Enterprise

No

Rating

A (62)

Related Company

Relation

Country

Company Name

CEO

Holding Company

Singapore

Coats International Pte Limited

--

Note

-

 

2. Summary Financial Statement

Balance Sheet as of

31.12.2012

(Unit: Indian Rs.)

Assets

Liabilities

Current Assets

2,863,075,000

Current Liabilities

3,656,398,000

Inventories

1,804,358,000

Long-term Liabilities

210,975,000

Fixed Assets

1,556,870,000

Other Liabilities

947,569,000

Deferred Assets

0,000

Total Liabilities

4,814,942,000

Invest& other Assets

1,400,569,000

Retained Earnings

2,733,610,000

 

 

Net Worth

2,809,930,000

Total Assets

7,624,872,000

Total Liab. & Equity

7,624,872,000

Total Assets

(Previous Year)

7,657,927,000

 

 

P/L Statement as of

31.12.2012

(Unit: Indian Rs.)

Sales (Total Income)

11,812,700,000

Net Profit

516,500,000

Sales (Previous Year)

11,612,100,000

Net Profit (Previous Year)

445,600,000

 

 

MIRA INFORM REPORT

 

 

Report Date :

13.02.2014

 

IDENTIFICATION DETAILS

 

Name :

MADURA COATS PRIVATE LIMITED (w.e.f.17.06.1998)

 

 

Formerly Known As :

COATS VIYELLA INDIA LIMITED

 

 

Registered Office :

144, Mahatma Gandhi Road, P.O. Box 5145, Bangalore – 560087, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

31.07.1974

 

 

Com. Reg. No.:

08-047421

 

 

Capital Investment / Paid-up Capital :

Rs. 74.651 Millions

 

 

CIN No.:

[Company Identification No.]

U18102KA1974PTC047421  

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRM05939D

 

 

PAN No.:

[Permanent Account No.]

AABCM8279K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Zippers, Sliders Buttons and Sewing Accessories.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (62)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limit :

USD 10000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “COATS INTERNATIONAL PTE LIMITED, SINGAPORE”. It is a well-established having fine track record.

 

The rating takes in to consideration Coats’s healthy market position in the sewing threads industry in India, the strong support it receives from its parent and sound general financial risk profit.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The Company can be considered good for normal 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 – December 1, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

 

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating : AA-

Rating Explanation

High degree of safety and low credit risk.

Date

October 09, 2013

 

 

Rating Agency Name

CRISIL

Rating

Short term rating : A1+

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

October 09, 2013

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

LOCATIONS

 

Registered Office :

144, Mahatma Gandhi Road, P.O. Box 5145, Bangalore – 560087, Karnataka, India

Tel. No.:                              

91-80-25584121/ 41900400

Fax No.:

91-80-25584229/ 28518154

E-Mail :

madhura@coats.com

ads@coats.com

 

 

Head Office :

7th Floor, Jupiter, 2A-Block, Prestige Technlogy Park, Sarjapur-Marathahalli Ring Road, Bangalore - 560103, Karnataka, India

Tel. No.:

91-80-41900400

Fax No.:

91-80-28518156

 

 

Corporate Office :

H-85, Post Box No. 1600, Old Madras Road, Bangalore – 560016, Karnataka, India

Tel. No.:

91-80-28510911/ 28510912/ 28532674

Fax No.:

91-80-28518046/ 28518156

 

 

Factory  :

madurai

 

Ø       New Jail Road, P. B. No. 35, Madurai – 625001, Tamilnadu, India

Tel. No. :  91-452-602751

Fax No. :  91-452-603130 / 602739

 

Ø       Coats India, New Mill, Madurai Mill Compound, Madurai - 625001, Tamilnadu, India

 

Ø       Centenary Mill, no. 8, New Ramnad Road, Madurai - 625009, Tamilnadu, India

Ø        

ambasamudram

 

Ø       Water Mill, Papavinasam Mills, Ambasamudram - 627422, Tamilnadu, India

 

Ø       Madura Textiles, Papavinasam Mills, Ambasamudram - 627422, Tamilnadu, India

 

Ø       Export Oriented Unit :

10-A, Papanasam Main Road, Ambasamudram - 627401, Tamilnadu, India

 

Ø       Interlining Manufacturing facility :

Mela-Ambasamudram, Tirunelveli - 627401, Tamilnadu, India

 

tuticorin

 

Ø       83 and 88, Beach Road, Tuticorin - 628001, Tamilnadu, India

 

panoli

 

Ø       21/222, GIDC Industrial Estate, Ankleshwar, Panoli - 394116, District Bharuch, Gujarat, India

 

serampore

 

Serampore (Hooghly), West Bengal - 712201, India

 

 

Sales Offices :

Bangalore Consumer Depot

 

Ø       216, Nagavar Palya Road, C. V. Raman Nagar, Bangalore - 560093, Karnataka, India

 

Ø       Chitrakoot Building, H. K. House Lane, Off. Ashram Road, Navrangpura, P. B. No. 4043, Ahmedabad – 380009, Gujarat, India

 

Bangalore Industrial Depot

 

Ø       46-D, Lalbagh Road, P. B. No. 2750, Bangalore – 560027, Karnataka, India

 

Ø       Sanghavi Sadan, Off. Western Express Highway, Near Jay Coach, P. B. No, 9100, Goregaon (East), Mumbai – 400063, Maharashtra, India

 

Ø       203, Samudra Gaurav (II Floor), 6-A, Worli Sea Face, Abdul Gaffarkhan Road, Worli, Mumbai – 400025, Maharashtra, India

 

Ø       Green View, 3rd Floor, P. B. No.2725, 3rd Floor, 19, Circus Avenue, Kolkata – 700017, West Bengal, India

 

Ø       19-A, Prana Nath Pandit Street, Flat NO. 2-B, Kolkata – 700020, West Bengal, India

 

Ø       No. 2, Gurucharan Roychowdhury, Ghat Road, Shibpur, Howrah – 711102, West Bengal, India

 

Ø       B-II/35, Mohan Co-operative Industrial Estate, Main Mathura Road, Badarpur, New Delhi – 110044, India

 

Ø       E-1, Green Park Extn (II Floor), New Delhi - 110016, India

 

Ø       A8-Sectro 6, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

 

Ø       Cears Towers, P. B. No. 1671, Alappat Cross Road, Cochin – 682015, Kerala, India

 

Ø       Mahatma Gandhi Road, P. B. No. 40, Fancy Bazar, Guwahati – 781001, Assam, India

 

Ø       GF 32/33, Meghdoot, Park Road, Vijayanagar, Indore – 452010, Madhya Pradesh, India

 

Ø       10, Karthapura, 22, Godown Industrial Area, Jaipur – 301206, Rajasthan, India

 

Ø       13/6-7, Civil Lines, P. B. No, 112, Pormat, Kanpur – 208001, Uttar Pradesh, India

 

Ø       Guru Govind Singh Nagar, Sisbro Complex, Sherpur Chowk (Hero Chowk), Behind Saini Motors, G T Road,  Ludhiana – 141003, Punjab, India

 

Ø       37A, Velachery Main Road, Opposite Vijayanagar Bus Terminus, Chennai – 600042, Tamilnadu, India

 

Ø       Plot No. 19, S. No. 206/3, P. B. No. 8, Viman Nagar, Nagar Road, Pune, Maharashtra, India

 

Ø       No. 66/67, Harvey Road Tirupur – 641602, Tamilnadu, India

 

Ø       MBN Reddy Estate, Survey No. 133, Plassy Lane Bowenpally, Secunderabad - 500011, Andhra Pradesh, India

 

 

DIRECTORS

 

AS ON 08.03.2013

 

Name :

Mr. Joseph Stephen Remedios

Designation :

Director

Address :

Villa No.B-10, Prestige Ozone, White Field Main Road, White Field, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

26.12.1951

Qualification :

B.Com. (Hons)., PGDBM

Date of Appointment :

01.01.2012

DIN No.:

00245094

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U18102KA1974PTC047421

MADURA COATS PRIVATE LIMITED

Director

01/01/2012

01/10/2002

-

Active

NO

2

U17111KA1994PLC015767

MADURA SPINNING AND MANUFACTURING LIMITED

Director appointed in casual vacancy

28/09/2006

28/09/2006

17/01/2008

Active

NO

3

U85110KA1982PTC004577

KOR INVESTMENTS PRIVATE LIMITED

Nominee director

28/09/2006

28/09/2006

01/01/2012

Active

NO

4

U85110KA1982PTC004578

VAIGAI INVESTMENTS PRIVATE LIMITED

Nominee director

28/09/2006

28/09/2006

01/01/2012

Amalgamated

NO

 

 

Name :

Mr. Anil Lasantha Naomal Dias

Designation :

Whole-time director

Address :

27/1, MEG Officers Colony, Banaswadi Main Road, Cooke Town, Bangalore – 560 005, Karnataka, India

Date of Birth/Age :

29.12.1958

Qualification :

FCMA, MBA

Date of Appointment :

01.04.2002

DIN No.:

00245165

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U18102KA1974PTC047421

MADURA COATS PRIVATE LIMITED

Whole-time director

01/04/2002

01/04/2002

-

Active

NO

2

U01409TN1949PLC002085

MADURA AGRO INDUSTRIES LIMITED

Director appointed in casual vacancy

26/06/2006

26/06/2006

-

Dissolved

NO

3

U85110KA1982PTC004577

KOR INVESTMENTS PRIVATE LIMITED

Nominee director

28/09/2006

28/09/2006

-

Active

NO

4

U85110KA1982PTC004578

VAIGAI INVESTMENTS PRIVATE LIMITED

Nominee director

28/09/2006

28/09/2006

-

Amalgamated

NO

5

U17111KA1994PLC015767

MADURA SPINNING AND MANUFACTURING LIMITED

Director appointed in casual vacancy

29/09/2006

29/09/2006

17/01/2008

Active

NO

 

 

Name :

Mr. Ashok Mathur

Designation :

Managing Director

Address :

E/1-131, Shobha Lavendari, Sarjapur Marathahialliring, Road, Bangalore – 560103, Karnataka, India

Date of Birth/Age :

27.03.1955

Qualification :

B Tech, PFDM

Date of Appointment :

01.01.2012

PAN No.:

AEJPK7086D

DIN No.:

05154435

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U85110KA1982PTC004577

KOR INVESTMENTS PRIVATE LIMITED

Director

01/01/2012

01/01/2012

Active

NO

2

U85110KA1982PTC004578

VAIGAI INVESTMENTS PRIVATE LIMITED

Director

01/01/2012

01/01/2012

Amalgamated

NO

3

U18102KA1974PTC047421

MADURA COATS PRIVATE LIMITED

Managing director

01/01/2012

01/01/2012

Active

NO

 

 

Name :

Mr. Ambuj Kalra

Designation :

Whole-time Director

Address :

403, Benaka Towers, 16 D, Main Hall III Stage, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

17.02.1957

Qualification :

B Tech, PGDM

Date of Appointment :

08.03.2013

PAN No.:

AATPM1037A

DIN No.:

00491283

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U17231DL1992PTC047458

S & P THREADS PRIVATE LIMITED

Director

19/03/1999

19/03/1999

15/12/2009

Active

NO

2

U18102KA1974PTC047421

MADURA COATS PRIVATE LIMITED

Whole-time director

08/03/2013

11/05/2012

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Arup Chandra Borua

Designation :

Vice President – Finance and Company Secretary

Address :

B304, Raja Prakruthi, 4th Cross, Jayanagar, 1st Block, Bangalore – 560 011, Karnataka, India

Date of Birth/Age :

04.03.1967

Date of Appointment :

12.04.2003

PAN No.:

ACYPB5331M

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 08.03.2013

 

Names of Shareholders

 

No. of Shares

Coats International Pte. Limited, Singapore

7465000

Coats Industrial Threads Limited, United Kingdom

100

 

 

Total

 

7465100

 

 

AS ON 08.03.2013

 

Equity Share Break up (Percentage of Total Equity)

 

Category

 

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Zippers, Sliders Buttons and Sewing Accessories.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

·         Hong Kong and Shanghai Banking Corporation, 7 MG Road, Bangalore - 560001, Karnataka, India

·         Standard Chartered Bank, Raheja Towers, M.G. Road, Bangalore - 560001, Karnataka, India   

·         State Bank of India, Industrial Finance Branch, Residency Road, Bangalore – 560025, Karnataka, India

·         Axis Bank Limited

 

 

Facilities :

 

SECURED LOAN 

31.12.2012

(Rs. In Millions)

31.12.2011

(Rs. In Millions)

LONG TERM BORROWINGS

 

 

Term loans from Banks

196.875

253.125

 

 

 

Total

 

196.875

253.125

 

 

 

Auditors :

 

Name :

Deloitte, Haskins and Sells

Chartered Accountants

Address :

Deloitte Centre, Anchorage II, 100/2 Richmond Road, Bangalore – 560025, Karnataka, India

Tel. No.:

91-80-66276000

Fax No.:

91-80-66276011

PAN.:

AACFD3771D

 

 

Subsidiary :

·         KOR Investments Private Limited, India

CIN : U85110KA1982PTC004577

 

·         Vaigai Investments Private Limited, India

CIN : U85110KA1982PTC004578

 

 

Joint Venture :

S and P Threads Private Limited, India

CIN : U17231DL1992PTC047458

 

 

Ultimate Holding Company :

Guiness Peat Group Plc, UK

 

 

Holding Company :

Coats International PTE Limited, Singapore

 

 

Associates :

·         Coats and clark USA

·         Coats (Turkiye) Iplik Sanayi

·         Coats American

·         Coats Australian Pty Limited

·         Coats Bangladesh Limited

·         Coats Bulgaria Eood

·         Coats Cadena S A

·         Coats China Holdings Limited

·         Coats Corrente Ltda

·         Coats Egypt For Manufacturing and Dyeing Sewing Thread, SPE

·         Coats Gmbh

·         Guangzhou Coats Limited

·         Coats North America Consolidated Inc

·         Coats Hongkong Limited

·         Coats Crafts Hungary Limited

·         Pt Coats Rejo Indonesia

·         Coats Industrial Nz Limited

·         Coats Israel

·         Coats Korea Company Limited

·         Coats Llc

·         Coats Madagascar

·         Coats Manila Bay Inc

·         Coat S Maroc

·         Coats Mauritius International Company Limited

·         Coats Mexico S A De Cv

·         S C Coats Odorhei Srl

·         Coats Opti Oy

·         Coats Opti Shenzhen Limited

·         Coats Phong Phu Company Limited

·         Coats Opti Germany Gmbh

·         Coats Polska Sp Zoo

·         Coat Shanghai Limited

·         Coat Shenzhen Limited

·         Coats South Africa (Pty) Limited

·         Coats Thread (Thailand) Limited

·         Coats Thread Lanka Private Limited

·         Coats Thread Malaysia Sdn Bhd

·         Coats Trading Tunisie

·         Coat Ukraine Limited

·         Coats Zimbabwe (Private) Limited

·         J and P Coats Pakistan (Private) Limited

·         The Central Agency Limited UK

·         J and P Coats Limited UK

·         Coats Thread Exports Private Limited

·         Sc Coats Romania Impex Srl

·         J and P Coats (Mauritius) Limited

·         Steiner Freres Sa

·         Coats Opti Oy – Unilever

 

 

CAPITAL STRUCTURE

 

AS ON 08.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000000

Equity Shares

Rs.10/- each

Rs. 1000.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7465100

Equity Shares

Rs.10/- each

Rs. 74.651 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.12.2012

31.12.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

74.651

74.651

(b) Reserves & Surplus

 

2733.610

2276.708

(c) Money received against share warrants

 

0.000

0.000

(d) Deferred Government Grant

 

1.669

2.667

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

2809.930

2354.026

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

210.975

261.900

(b) Deferred tax liabilities (Net)

 

27.000

36.000

(c) Other long term liabilities

 

6.341

7.626

(d) long-term provisions

 

810.554

807.449

Total Non-current Liabilities (3)

 

1054.870

1112.975

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

0.000

0.000

(b) Trade payables

 

3232.139

3492.327

(c) Other current liabilities

 

417.918

440.676

(d) Short-term provisions

 

110.015

257.923

Total Current Liabilities (4)

 

3760.072

4190.926

 

 

 

 

TOTAL

 

7624.872

7657.927

 

 

 

 

II.    ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

1552.414

1663.219

(ii) Intangible Assets

 

4.456

24.633

(iii) Capital work-in-progress

 

100.166

78.930

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

64.945

66.695

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

179.064

175.642

(e) Other Non-current assets

 

0.000

0.000

Total Non-Current Assets

 

1901.045

2009.119

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

1235.458

1050.315

(b) Inventories

 

1804.358

1793.720

(c) Trade receivables

 

2069.975

2190.649

(d) Cash and cash equivalents

 

232.984

240.348

(e) Short-term loans and advances

 

364.462

310.978

(f) Other current assets

 

16.590

62.798

Total Current Assets

 

5723.827

5648.808

 

 

 

 

TOTAL

 

7624.872

7657.927

 

 

SOURCES OF FUNDS

 

 

 

31.12.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

88.001

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

2766.547

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

2854.548

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

370.636

2] Unsecured Loans

 

 

8.775

TOTAL BORROWING

 

 

379.411

DEFERRED TAX LIABILITIES

 

 

46.000

Deferred Government Grant (TUFS Cap subsidy)

 

 

3.665

 

 

 

 

TOTAL

 

 

3283.624

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

1580.141

Capital work-in-progress

 

 

271.186

 

 

 

 

INVESTMENT

 

 

1829.096

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
 
1554.450

 

Sundry Debtors
 
 
1753.254

 

Cash & Bank Balances
 
 
210.303

 

Other Current Assets
 
 
0.000

 

Loans & Advances
 
 
524.805

Total Current Assets
 
 
4042.812

Less : CURRENT LIABILITIES & PROVISIONS
 
 
 

 

Sundry Creditors
 
 
1194.178

 

Other Current Liabilities
 
 
2682.451

 

Provisions
 
 
562.982

Total Current Liabilities
 
 
4439.611

Net Current Assets
 
 
(396.799)

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

3283.624

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.12.2012

31.12.2011

31.12.2010

 

SALES

 

 

 

 

 

TOTAL                                     (A)

11812.700

11612.100

9865.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

10676.100

10584.100

8801.400

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

1136.600

1028.000

1064.200

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

116.200

106.600

68.800

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1020.400

921.400

995.400

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

281.900

278.800

263.700

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

738.500

642.600

731.700

 

 

 

 

 

Less

TAX                                                                  (H)

222.000

197.000

243.100

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

516.500

445.600

488.600

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

0.035

0.035

0.027

 

 

 

 

 

 

Earnings Per Share (Rs.)

69.20

56.51

55.52

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2012

31.12.2011

31.12.2010

PAT / Total Income

(%)
4.37

3.84

4.95

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
9.90

8.55

13.01

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.26

0.27

0.26

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
0.08

0.11

0.13

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.52

1.35

0.91

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report

(Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

----

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----

22]

Litigations that the firm / promoter involved in

----

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----

26]

Buyer visit details

----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10050660

25/04/2007

450,000,000.00

UTI BANK LIMITED

"ESQUIRE CENTRE", 9, M.G.ROAD, BANGALORE - 560001, KARNATAKA, INDIA

A14983605

2

80028253

09/12/2011 *

1,450,000,000.00

STANDARD CHARTERED BANK

RAHEJA TOWERS 26/27, M. G. ROAD, BANGALORE - 560001, KARNATAKA, INDIA

B28539252

3

80026923

18/07/2013 *

300,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, RESIDENCY ROAD, BANGALORE - 560025, KARNATAKA, INDIA

B81799215

4

80029501

17/08/2011 *

1,700,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI
TED

#7 M.G.ROAD, BANGALORE - 560001, KARNATAKA, INDIA

B20510517

 

* Date of charge modification

 

 

CHANGE OF ADDRESS:

 

The Registered office of the company has been shifted from New Jail Road, Madurai - 625001, Tamilnadu, India to present address w.e.f. 03.07.2008

 

 

UNSECURED LOANS

 

PARTICULARS

 

31.12.2012

(Rs. In Millions)

31.12.2011

(Rs. In Millions)

LONG TERM BORROWINGS

 

 

Term Loans from Banks

14.100

8.775

 

 

 

Total

 

14.100

8.775

 

 

REVIEW OF THE YEAR

 

The first half of the year was characterised by a slump in demand in the key Ready Made Garment (RMG) export segment. From Q3 onwards sentiment improved in the RMG export segment but India’s garment and footwear exports for the full year witnessed a significant decline in turn impacting demand for our products. Demand also weakened in Domestic segments in the second half of the year, with a notable exception of a strong finish to the year in the seasonal sale of Kite flying threads. The company also implemented increased selling prices to cover conversion cost inflation, notably the unprecedented increase in power rates in the State of Tamilnadu and labour inflation.

 

Given these market dynamics, the turnover growth of nearly 2% over the previous year was a creditable performance in a challenging business environment.

 

Profit before tax increased by 15% over the previous year, despite significant headwinds in relation to costs. Key developments in this respect include; power rate increases referred to earlier, labour inflation and related increases in conversion cost of 3 party convertor arrangements. These were mitigated by focused cost reduction initiatives, judicious increase in selling prices and fortuitous exchange gains with the weakening of the INR against the USD favourable to our net exporter profile.

 

Labour inflation was in part affected by the resetting of wages to our workers in our Tamil Nadu Mills with the renewal of our Long Term Agreement effective from September 2012. Negotiations were disrupted by illegal Industrial action on the part of workers in our Ambasamudram Mill, which culminated in a management lockout on the 12 of December 2012. With the intervention of State Labour Authorities, the lock.

 

 

OUTLOOK

 

The first quarter of 2013 will be a challenging one, as They recover from the impact of the Ambasamudram lockout, requiring us to rehabilitate our stocks, improve customer service and regain market share lost arising from the disruption.

 

While underlying market demand remained positive in the first quarter , continuing inflation, particularly in relation to wages, also poses a challenge to the profitability of The company and requires us to continue with our efforts to diligently review costs and productivity, while managing the tradeoff between selling price increases and maintaining & growing sales volumes. They will continue to actively participate in the Global Supply Chain of the Group, which will support our exports

 

 

AMALGAMATION OF VAIGAI INVESTMENTS PRIVATE LIMITED (WHOLLY-OWNED SUBSIDIARY COMPANY) WITH THE COMPANY

 

Vaigai Investments Private Limited (the Transferor Company) was engaged in the business of investment in securities. In accordance with the Scheme of Amalgamation (the Scheme) approved by the High Court of Karnataka by its order dated August 17, 2012 the entire business, including all the assets and liabilities of the Transferor Company stands transferred and vested in the Company with effect from January 1, 2011 (Appointed Date). With this Vaigai Investment Private Limited has ceased to exist.

 

For the purpose of accounting, balances included on amalgamation in these accounts related to the balances as on January 1, 2012.

 

The Pooling of Interest Method specified in Accounting Standard 14 issued by the Companies (Accounting Standards) Rules 2006 prescribed by the Central Government of India has been followed for the purpose of accounting for this amalgamation and accordingly, the value of the assets and liabilities of the Transferor Company have been accounted at their book values, as appearing in the books of the Transferor Company.

 

 

FIXED ASSETS:

 

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Machinery

·         Furniture and Fittings

·         Vehicles

·         Computer

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.13

UK Pound

1

Rs. 102.25

Euro

1

Rs. 84.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

62

 

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

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.