MIRA INFORM REPORT
|
Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
DEEPAK SPINNERS LIMITED |
|
|
|
|
Registered
Office : |
# 121, Industrial Area, Baddi Tehsil Nalagarh, District Solan –
173205, Himachal Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.03.1982 |
|
|
|
|
Com. Reg. No.: |
06-016465 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.72.011 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L17111HP1982PLC16465 |
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|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
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|
Line of Business
: |
Manufacturer of Synthetic Man Made Yarn. |
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|
|
|
No. of Employees
: |
1093 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
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|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects sound financial risk profile driven by improvement
in the operational performance during the year 2013 and fair profitability. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 services sector, the largest contributor to India’s GDP, contracted for
the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB - |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
31.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and high credit
risk |
|
Date |
31.01.2014 |
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
31-03-2012.
INFORMATION DENIED
Management Non-Cooperative (Tel No.: 91-1795-244016).
LOCATIONS
|
Registered Office/ Factory 1 : |
# 121, Industrial Area, Baddi Tehsil Nalagarh, District Solan – 173
205, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-244016/ 244017/ 244026/ 244024 |
|
Fax No.: |
91-1795-244011 |
|
E-Mail : |
|
|
|
|
|
Administrative
Office: |
SCO 16, II Floor, Sector 26, Madhya Marg, Chandigarh - 160 019, Punjab,
India |
|
Tel. No.: |
91-172-2790973/ 2790974/ 2791272 |
|
Fax No.: |
91-172-2790975/ 2790977 |
|
|
|
|
Corporate Office : |
16, Hare Street, Kolkata – 700 001, West Bengal, India |
|
|
|
|
Factory 2 : |
Village: Pagara, Tehsil and District Guna - 473 001, Madhya Pradesh,
India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Pradip Kumar Daga |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Vikram Prakash Aggarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yashwant Daga |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeep Kumar Drolia |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S.B. Sharda |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. R. A. Sharma |
|
Designation : |
Vice President (Purchase) |
|
|
|
|
Name : |
M. S. Shekhawat |
|
Designation : |
Vice President (Sales) |
|
|
|
|
Name : |
Mr. P. C. Sharma |
|
Designation : |
Assistant Vice President (Accounts) |
|
|
|
|
Name : |
Mr. Sudesh Tiwari |
|
Designation : |
Vice President (Technical) |
|
|
|
|
Name : |
Mr. S.K.
Thakur |
|
Designation : |
Vice President (Engineering) |
|
|
|
|
Name : |
Mr. S. K. Sharma |
|
Designation : |
Vice President (Personnel and Admn) |
|
|
|
|
Name : |
Mr. Ashok
Kumar Gupta |
|
Designation : |
Sr. Vice
President (Works) |
|
|
|
|
Name : |
Mr. Onkar Nath Singh |
|
Designation : |
Vice President (Personnel and Admn.) |
|
|
|
|
Name : |
Mrs. Puneeta Arora |
|
Designation : |
Secretary |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1148606 |
15.98 |
|
|
1789581 |
24.89 |
|
|
2938187 |
40.87 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
2938187 |
40.87 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5400 |
0.08 |
|
|
319780 |
4.45 |
|
|
3700 |
0.05 |
|
|
328880 |
4.57 |
|
|
|
|
|
|
139267 |
1.94 |
|
|
|
|
|
|
2136361 |
29.72 |
|
|
1504810 |
20.93 |
|
|
141863 |
1.97 |
|
|
141389 |
1.97 |
|
|
374 |
0.01 |
|
|
100 |
0.00 |
|
|
3922301 |
54.56 |
|
Total Public shareholding (B) |
4251181 |
59.13 |
|
Total (A)+(B) |
7189368 |
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) |
7189368 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Synthetic Man Made Yarn. |
GENERAL INFORMATION
|
No. of Employees : |
1093 (Approximately) |
|||||||||||||||||||||||||||||||||
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|
Bankers : |
State Bank of India, Commercial
Branch, Kolkata, 24, Park Street, Kolkata- 700016, West Bengal, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
Long Term
Borrowings a.
Term Loan from a bank is secured by first charge on
the Plant and Machineries, other movable fixed assets and extension of
equitable mortgage on all immovable fixed assets and second charge on current
assets of the textile business. These Loans are further secured by personal
guarantees of the Chairman and Managing Director and a Director. b.
Term Loan from a bank is secured by Plant and
Machinery and other fixed assets and extension of equitable mortgage of the
immovable fixed assets of the Solar Power Plant and second charge on current assets
of the company. This Loan is further secured by personal guarantees of the
chairman and Managing Director and a Director. c.
Secured by hypothecation of vehicle financed Short Term
Borrowings Secured by first charge on current assets and additionally secured by
way of second charge on fixed assets and extension of equitable mortgage on
immovable fixed assets of the textile business. The same is further secured by personal guarantee of
the Chairman and Managing Director and a Director |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
New Delhi, India |
CAPITAL STRUCTURE
After 31.03.2013
Authorised Capital : Rs.140.000
Millions
Issued Subscribed & Paid-up Capital : Rs.72.129
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
|
|
Total |
|
Rs.140.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7212868 |
Equity Shares |
Rs.10/- each |
Rs.72.129 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7189368 |
Equity Shares |
Rs.10/- each |
Rs.71.894 Millions |
|
|
Add forfeited shares |
|
Rs.0.117 Million |
|
|
Total |
|
Rs.72.011
Millions |
Terms / Rights attached to Equity Shares
Each holders of equity shares is entitled to one vote per share. In the
event of liquidation of the company, the holders of equity shares will be
entitled to receive remaining assets of the company. The distribution will be
in proportion to the number of equity shares held by the shareholders. There is
no restriction on distribution of dividend. However same other than interim
dividend, is subject to the approval of the shareholders in the Annual General
Meeting.
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
7189368 |
|
Shares issued during the year |
- |
|
Shares
outstanding at the end of the year |
7189368 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
M/s. Mangalam Engineering Projects Limited |
918929 |
12.78% |
|
Pradip Kumar Daga |
502389 |
6.99% |
|
Contransys Private Limited |
402100 |
5.59% |
|
Jalpaiguri Holding Private Limited |
386400 |
5.37% |
|
Asha Devi Daga |
364062 |
5.06% |
|
Total |
918,929 |
12.78% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
72.011 |
72.011 |
72.011 |
|
(b) Reserves & Surplus |
635.525 |
505.602 |
429.546 |
|
(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) |
707.536 |
577.613 |
501.557 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
678.731 |
248.288 |
212.060 |
|
(b) Deferred tax liabilities (Net) |
148.331 |
126.114 |
129.631 |
|
(c) Other long term liabilities |
1.271 |
1.254 |
1.376 |
|
(d) long-term provisions |
14.703 |
15.539 |
10.656 |
|
Total Non-current Liabilities (3) |
843.036 |
391.195 |
353.723 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
430.319 |
374.557 |
346.812 |
|
(b) Trade payables |
151.434 |
152.447 |
159.822 |
|
(c) Other current
liabilities |
124.839 |
88.867 |
227.860 |
|
(d) Short-term provisions |
23.651 |
14.617 |
5.233 |
|
Total Current Liabilities (4) |
730.243 |
630.488 |
739.727 |
|
|
|
|
|
|
TOTAL |
2280.815 |
1599.296 |
1595.007 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
953.908 |
709.517 |
735.693 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
372.240 |
32.390 |
5.154 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.499 |
0.499 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
166.571 |
130.356 |
133.071 |
|
(e) Other Non-current assets |
1.492 |
1.492 |
0.026 |
|
Total Non-Current Assets |
1,494.211 |
874.254 |
874.443 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
380.062 |
393.734 |
389.461 |
|
(c) Trade receivables |
325.033 |
240.873 |
235.559 |
|
(d) Cash and cash
equivalents |
16.838 |
17.881 |
6.859 |
|
(e) Short-term loans and
advances |
42.582 |
53.178 |
67.096 |
|
(f) Other current assets |
22.089 |
19.376 |
21.589 |
|
Total Current Assets |
786.604 |
725.042 |
720.564 |
|
|
|
|
|
|
TOTAL |
2280.815 |
1599.296 |
1595.007 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3074.532 |
2797.203 |
2532.924 |
|
|
|
Other Income |
45.702 |
38.195 |
22.125 |
|
|
|
TOTAL (A) |
3120.234 |
2835.398 |
2555.049 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2042.311 |
2031.584 |
1,838.286 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Waste |
41.895 |
(51.229) |
(68.766) |
|
|
|
Employees’
Benefit Expenses |
240.549 |
194.732 |
154.351 |
|
|
|
Other
Expenses |
446.082 |
410.743 |
405.123 |
|
|
|
Exceptional
Items |
0.000 |
0.000 |
7.081 |
|
|
|
TOTAL (B) |
2770.837 |
2585.830 |
2336.075 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
349.397 |
249.568 |
218.974 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
74.345 |
86.961 |
73.831 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
275.052 |
162.607 |
145.143 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
74.591 |
68.686 |
74.927 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
200.461 |
93.921 |
70.216 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
70.538 |
17.865 |
7.361 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
129.923 |
76.056 |
62.855 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
199.267 |
123.211 |
60.356 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
629.190 |
199.267 |
123.211 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
312.706 |
440.964 |
225.562 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
3.110 |
3.446 |
2.672 |
|
|
|
Capital Goods |
96.455 |
10.646 |
45.563 |
|
|
TOTAL IMPORTS |
99.565 |
14.092 |
48.235 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.04 |
10.57 |
8.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.16 |
2.68 |
2.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.52 |
3.36 |
2.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.50 |
6.00 |
4.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.16 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.57 |
1.08 |
1.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.15 |
0.97 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Share Capital |
72.011 |
72.011 |
72.011 |
|
Reserves & Surplus |
429.546 |
505.602 |
635.525 |
|
Net
worth |
501.557 |
577.613 |
707.536 |
|
|
|
|
|
|
long-term borrowings |
212.060 |
248.288 |
678.731 |
|
Short term borrowings |
346.812 |
374.557 |
430.319 |
|
Total
borrowings |
558.872 |
622.845 |
1,109.050 |
|
Debt/Equity
ratio |
1.114 |
1.078 |
1.567 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Sales |
2532.924 |
2797.203 |
3074.532 |
|
|
|
10.434 |
9.915 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2532.924 |
2797.203 |
3074.532 |
|
Profit |
62.855 |
76.056 |
129.923 |
|
|
2.48% |
2.72% |
4.23% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NATURE OF
OPERATIONS
The Company is a manufacturer of Synthetic Man Made Yarn, It has two
spinning units at Baddi (Himanchal Pradesh) and Guna (Madhya Pradesh) having capacity
of 63552 Spindles. The company has started generating electricity from its
Solar Power Plant at Rajgarh (Madhya
Pradesh) with effect from 08th November, 2012
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY SCENARIO
The Indian textile industry is one of the
mainstays of the national economy. It makes significant contribution to
industrial output, employment generation and export earnings of the country.
The textiles industry accounts for 14% of the industrial production, which is
4% of GDP , employs 45 million people and accounts for approximately 11 per cent of the country’s total exports.
Indian Textile Industry is one of the leading textile industries in the world,
being the third largest exporter of textile products in the world trailing
European Union (EU)-27 and China as per latest World Trade Organisation (WTO)
data.
Technology Upgradation Fund Schemes (TUFS)
for providing maximum subsidy in interest rates on loans to Textile Industry
shall continue in 12th plan.
A new scheme with an outlay of Rs.5000.000
Millions called the Integrated Processing Development Scheme has been proposed
to be implemented in the 12th plan to address environmental concerns of the
textile industry including, improvement in the effluent treatment infrastructure.
OUTLOOK
The volatility in the European market
during 2012, affected severely India’s Textile and Clothing exports to European
Union (EU). An need is being felt to
restructure domestic textile industry to address the slowdown in the foreign
market.
The Indian
Textile Industry should explore markets in newly industrialized countries of
South East Asia, specially, China, who have significant potential for absorbing
imports of textile products.
The global
MMF market will continue to grow, more quickly than the world economy. The main
drivers will be increasing population, economic growth, consumer aspirations,
new applications, and infrastructure projects.
Adoption of
innovative automation technologies can alleviate the problem of lack of skilled
labour to some extent. Companies having
in-house power generation are able to cut down on power costs effectively.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1078.600 |
840.900 |
1919.500 |
|
b) Other operating income |
6.900 |
2.600 |
9.500 |
|
Total
income from Operations(net) |
1085.500 |
843.500 |
1929.000 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
713.600 |
527.600 |
1259.200 |
|
b) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(32.400) |
23.400 |
(9.000) |
|
c) Employees benefit expenses |
84.200 |
64.800 |
149.000 |
|
d) Power and Fuel |
76.600 |
59.300 |
135.900 |
|
e) Other expenditure |
79.200 |
72.400 |
151.600 |
|
f) Depreciation and amortization expenses |
26.000 |
21.800 |
47.800 |
|
Total expenses |
965.200 |
769.300 |
1734.500 |
|
3. Profit from operations before other income and
financial costs |
120.300 |
74.200 |
194.500 |
|
4. Other income |
3.000 |
4.700 |
7.700 |
|
5. Profit from ordinary activities before finance costs |
123.300 |
78.900 |
202.200 |
|
6. Finance costs |
32.400 |
20.100 |
52.500 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
90.900 |
58.800 |
149.700 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
90.900 |
58.800 |
149.700 |
|
10.Tax expenses |
44.700 |
17.00 |
62.300 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
46.200 |
41.200 |
87.400 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
46.200 |
41.200 |
87.400 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
72.000 |
72.000 |
72.000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
- |
- |
- |
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
|
|
|
|
ii) Earnings per share (after extraordinary items) |
6.43 |
5.73 |
12.16 |
|
(a) Basic and diluted |
6.43 |
5.73 |
12.16 |
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
4255133 |
4265333 |
4255133 |
|
- Percentage of shareholding |
59.19% |
59.33% |
59.19% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
2934235 |
2924035 |
2934235 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
40.81% |
40.67% |
40.81% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
|
|
|
|
B. Investor
Complaints |
|
||
|
Pending at the beginning of the quarter |
- |
||
|
Receiving during the quarter |
- |
||
|
Disposed of during the quarter |
- |
||
|
Remaining unreserved at the end of the quarter |
- |
||
Notes:
·
The above results have been reviewed by the Audit
Committee and taken on record by the Board of Directors at its meeting held on
15th Feb, 2014.
·
The figures of the previous period / year have been
re-grouped /re-arranged and / or recast wherever found necessary.
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2013
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
30.09.2013 Unaudited |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
72.000 |
|
(b) Reserves & Surplus |
|
|
722.900 |
|
Sub-total Shareholders’ |
|
|
794.900 |
|
|
|
|
|
|
(2)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
746.400 |
|
(b) Deferred tax liabilities (Net) |
|
|
179.300 |
|
(c) Other long term liabilities |
|
|
1.300 |
|
(d) long-term provisions |
|
|
27.900 |
|
Sub-total of
Non-Current liabilities |
|
|
954.900 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
485.800 |
|
(b) Trade payables |
|
|
166.000 |
|
(c) Other current
liabilities |
|
|
196.500 |
|
(d) Short-term provisions |
|
|
39.700 |
|
Sub-total of Current liabilities |
|
|
888.000 |
|
|
|
|
|
|
TOTAL |
|
|
2637.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
1579.800 |
|
(b) Capital
work-in-progress |
|
|
20.900 |
|
(c) Long
term loans and advances |
|
|
83.100 |
|
(d) Other
non-current assets |
|
|
1.500 |
|
Sub-total of
Non-Current Assets |
|
|
1685.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Inventories |
|
|
428.500 |
|
(b) Trade receivables |
|
|
423.800 |
|
(c) Cash and cash
equivalents |
|
|
10.800 |
|
(d) Short-term loans and
advances |
|
|
59.900 |
|
(e) Other current assets |
|
|
29.500 |
|
Sub-total of
Current Assets |
|
|
952.500 |
|
|
|
|
|
|
TOTAL |
|
|
2637.800 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10320805 |
03/11/2012 * |
1,772,600,000.00 |
State Bank of India |
Commercial Branch, Kolkata,
24, Park Street, Kolkata, West Bengal - 700016, India |
B61993572 |
|
2 |
80021618 |
03/11/2012 * |
1,772,600,000.00 |
State Bank of India |
Commercial Branch, Kolkata, 24,
Park Street, Kolkata, West Bengal - 700016, India |
B61994562 |
|
3 |
80021622 |
05/10/2005 * |
882,400,000.00 |
State Bank of India |
Commercial Branch, 24, Park
Street, Kolkata, West Bengal - 700016, India |
- |
|
4 |
80064560 |
11/04/2005 |
45,000,000.00 |
State Bank of India |
24,Park Street, Calcutta,
Kolkata, West Bengal - 700016, India |
- |
|
5 |
80023123 |
07/08/2008 * |
760,000,000.00 |
State Bank of India |
Commercial Branch, Kolkata, 24,
Park Street, Kolkata, West Bengal - 700016, India |
A44016251 |
|
6 |
80064683 |
01/12/2003 |
43,750,000.00 |
State Bank of India |
Kolkata, , Kolkata, West
Bengal - 700016, INDIA |
- |
|
7 |
80064557 |
10/07/2001 |
54,000,000.00 |
State Bank of India |
24,Park Street , Calcutta,
Kolkata, West Bengal - 700016, India |
- |
|
8 |
80064556 |
07/05/1996 |
33,200,000.00 |
State Bank of India Commercial
Branch |
24,Park Street Calcutta,
Calcutta, Kolkata, West |
- |
|
9 |
80064555 |
29/06/1995 |
19,800,000.00 |
State Bank of India commercial
Branch |
24,Park Street, Calcutta,
Calcutta, Kolkota, West |
- |
|
10 |
80064559 |
12/06/1996 * |
152,000,000.00 |
State Bank of India |
24,Park Street Calcutta,
Kolkata, Kolkata, West Bengal - 700016, India |
- |
FIXED ASSETS:
·
Freehold Land
·
Lease hold Land
·
Buildings
·
Plant and Equipment
·
Office Equipment’s
·
Furniture and Fixtures
·
Vehicles
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 transaction
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
UK Pound |
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
45 |
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.