MIRA
INFORM REPORT
|
Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MARAL OVERSEAS LIMITED |
|
|
|
|
Registered
Office : |
Maral Sarovar V and P.O. Khalbujurg, Tehsil Kasrawad, Khargaon-541660,
Madhya Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.01.1989 |
|
|
|
|
Com. Reg. No.: |
10-008255 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.723.620
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17124MP1989PLC008255 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLM01290C BPLM03544C BPLM01008A |
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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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|
|
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Line of Business
: |
Manufacturer and Seller of Cotton Yarn, Knitted Fabrics and Knitted
Garments. |
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|
|
|
No. of Employees
: |
1691 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2290000 |
|
|
|
|
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. There
appears accumulated losses recorded by the company which appears to be
decreasing. However, the company has achieved fair profitability during the
financial year 2013. However, trade relations are fair. Business is active. Payment terms
are 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB – [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
05.11.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A4 [Short Term Bank Facilities] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
05.11.2012 |
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 DECLINED BY
|
Name : |
Mr. Naveen Maheshwari |
|
Designation : |
Vice President |
|
Contact No.: |
91-120-4519200 |
|
Date : |
07.01.2014 |
LOCATIONS
|
Registered Office / Factory : |
Maral Sarovar V and P.O. Khalbujurg, Tehsil Kasrawad, Khargone-541160,
Madhya Pradesh, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Corporate Office : |
Bhilwara Towers,
A-12, Sector-1, Noida-201301, Uttar Pradesh, India |
|
Tel No.: |
91-120-4390000 |
|
Fax No.: |
91-120-4390157 |
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|
|
|
Noida Unit : |
A-11, Hosiery
Complex, Phase - II (Extension), Noida-201305, Uttar Pradesh, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. L. N. Jhunjhunwala |
|
Designation : |
Chairman-Emeritus |
|
|
|
|
Name : |
Mr. Ravi Jhunjhunwala |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Shekhar Agarwal |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. D. N. Davar |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Kamal Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. S. Dasgupta |
|
Designation : |
Director |
KEY EXECUTIVES
|
CORPORATE OFFICE |
|
|
Name : |
Mr. P. S. Puri |
|
Designation : |
Chief Financial Officer |
|
|
|
|
SAROVAR UNIT |
|
|
Name : |
Mr. Suresh Chand Maheshwari |
|
Designation : |
President |
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|
|
|
NOIDA UNIT |
|
|
Name : |
Mr. Naveen Maheshwari |
|
Designation : |
Vice President |
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|
|
|
Name : |
Mr. Vikas Prakash |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2818273 |
6.79 |
|
|
28291556 |
68.16 |
|
|
31109829 |
74.95 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
31109829 |
74.95 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1100 |
0.00 |
|
|
300 |
0.00 |
|
|
19309 |
0.05 |
|
|
5800 |
0.01 |
|
|
26509 |
0.06 |
|
|
|
|
|
|
1809662 |
4.36 |
|
|
|
|
|
|
5846345 |
14.08 |
|
|
2710361 |
6.53 |
|
|
5294 |
0.01 |
|
|
5294 |
0.01 |
|
|
10371662 |
24.99 |
|
Total Public shareholding (B) |
10398171 |
25.05 |
|
Total (A)+(B) |
41508000 |
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) |
41508000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Cotton Yarn, Knitted Fabrics and Knitted
Garments. |
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||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
|
Spindles |
Nos. |
75600 |
|
Knitted Fabric |
MT/Annum |
5400 |
|
Processed Fabric |
MT/Annum |
5229 |
|
Dyed Yarn |
MT/Annum |
1000 |
|
Readymade Garments |
Lac Pcs./Annum |
48 |
|
Particulars |
Unit |
Production
% / Purchases |
|
Yarn * |
MT |
18590.468 @ |
|
Dyed Yarn |
MT |
1536.580$ |
|
Knitted Fabric |
MT |
4487.439# |
|
Processed Fabric |
MT |
4245.753^ |
|
Garments/ Made-ups |
Lac Pcs |
36.629 |
|
Cotton/Other Waste |
MT |
7432.006 |
* Includes surplus captive and standby power
|
Notes |
Units |
31.03.2011 |
|
@ Includes outside production/purchases |
MT |
2028.675 |
|
$ Includes outside production/purchases |
MT |
420.005 |
|
# Includes outside production/purchases |
MT |
1437.877 |
|
^ Includes outside processing/purchases |
MT |
253.759 |
|
% Production excludes quantities produced for third parties under
contract with the Company |
|
|
GENERAL INFORMATION
|
No. of Employees : |
1691 [Approximately] |
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Bankers : |
·
State Bank of India ·
Bank of Baroda ·
Export-Import Bank of India ·
Central Bank of India ·
Industrial Development Bank of India Limited ·
Axis Bank Limited ·
Canara Bank ·
The Jammuand Kashmir Bank Limited ·
State Bank of Patiala ·
State Bank of Hyderabad ·
State Bank of Bikaner and Jaipur ·
IndusInd Bank Limited ·
Yes Bank Limited |
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Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Doogar and Associates Chartered Accountant |
|
Address : |
New Delhi, India |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Ashim and Associates Chartered Accountant |
|
Address : |
New Delhi, India |
|
|
|
|
Other Related Parties : |
·
Agarwal Trademart Private Limited ·
BMD Private Limited ·
RSWM Limited ·
HEG Limited ·
BSL Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44000000 |
Equity Shares |
Rs.10/- each |
Rs.440.000 Millions |
|
3100000 |
Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.310.000 Million |
|
|
TOTAL
|
|
Rs.750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
41508000 |
Equity Shares |
Rs.10/- each
|
Rs.415.080
Millions |
|
1885400 |
8% Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.188.540
Millions |
|
1200000 |
3% Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.120.000
Millions |
|
|
TOTAL
|
|
Rs.723.620 Millions |
NOTES:
RECONCILIATION OF THE SHARES OUTSTANDING AT THE BEGINNING AND AT THE END
OF THE REPORTING PERIOD
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES |
RS. IN MILLIONS |
|
Equity Shares |
|
|
|
At the beginning of the period |
41508000 |
415.080 |
|
Issued during the period |
-- |
-- |
|
Bought back during the period |
-- |
-- |
|
Outstanding at the end of the period |
41508000 |
415.080 |
|
|
|
|
|
8 per cent Cumulative Redeemable Preference Shares |
|
|
|
At the beginning of the period |
1885400 |
188.540 |
|
Issued during the period |
-- |
-- |
|
Bought back during the period |
-- |
-- |
|
Outstanding at the end of the period |
1885400 |
188.540 |
|
|
|
|
|
3 per cent Cumulative Redeemable Preference Shares |
|
|
|
At the beginning of the period |
1200000 |
120.000 |
|
Issued during the period |
-- |
-- |
|
Bought back during the period |
-- |
-- |
|
Outstanding at the end of the period |
1200000 |
120.000 |
TERMS/RIGHTS
ATTACHED TO EQUITY SHARES
Company has only
one class of equity shares having a par value of Rs. 10/-. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. The holder of equity shares is entitled to receive dividend only after
distribution of dividend to the holders of preference shares.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
TERMS/RIGHTS ATTACHED TO PREFERENCE SHARES
Company has only
one class of Cumulative Redeemable Preference Shares (CRPS) having a par value
of Rs. 100/. There are two series of CRPS, carrying differential dividend
coupon rates.
First series of preference
shares carrying a dividend coupon rate of 8%, allotted to the various banks and
financial institutions, pursuant to the Corporate Debt Restructuring (‘CDR’)
Package, are redeemable in four equal annual installments from 2016 to 2019.
Second series of preference shares carrying a dividend coupon rate of 3%,
allotted to promoters, against infusion of funds by them, pursuant to the
Corporate Debt Restructuring (‘CDR’) Package, are redeemable on 31st March,
2019. The Company declares and pays dividends in Indian rupees. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
Each holder of
preference shares is entitled to one vote per share only on resolutions placed
before the company which directly affect the rights attached to preference
shares.
The holders of
preference shares are entitled to a preferential right of repayment of capital
on winding up vis-à-vis the holders of equity shares. The distribution will be
in proportion to the number of shares held by the shareholders.
DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES HELD |
% HOLDING |
|
Equity Shares |
|
|
|
Agarwal Trademart Private Limited |
19760000 |
47.61 |
|
Essay Marketing Company Limited |
3356700 |
8.09 |
|
|
|
|
|
8 per cent Cumulative Redeemable Preference Shares |
|
|
|
IDBI Bank Limited |
94600 |
5.02 |
|
Indusind Bank Limited |
130900 |
6.94 |
|
Yes Bank Limited |
143000 |
7.58 |
|
State Bank of Hyderabad |
144100 |
7.64 |
|
Export-Import Bank of India |
103400 |
5.48 |
|
Central Bank of India |
328900 |
17.44 |
|
Axis Bank Limited |
425700 |
22.58 |
|
State Bank of India |
337700 |
17.91 |
|
|
108900 |
5.78 |
|
3 per cent Cumulative Redeemable Preference Shares |
|
|
|
Apeksha Vyapaar Private Limited |
475000 |
39.58 |
|
Ultramarine Impex Private Limited |
200000 |
16.67 |
|
Sita Nirman Private Limited |
200000 |
16.67 |
|
Pawanputra Trading Private Limited |
200000 |
16.67 |
|
Shantanu Agarwal |
125000 |
10.41 |
The aforesaid
disclosure is based upon percentages computed separately for each class & series
of shares outstanding, as at the Balance Sheet date. As per of the Company,
including its register of shareholders/members and other declarations received
from shareholders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownerships of shares.
The Company has
not allotted any fully paid up shares pursuant to contract(s) without payment
being received in cash nor has allotted any fully paid up shares by way of
bonus shares nor has bought back any class of shares during the period of five
years immediately preceding the Balance Sheet date.
The CDR package
grants a right to the various banks and financial institutions to convert 20%
of their debt outstanding beyond seven years from the date of CDR Letter i.e. March
26, 2009 into equity shares, as per SEBI guidelines / loan covenants, whichever
is applicable.
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 |
723.620 |
723.620 |
723.620 |
|
(b) Reserves & Surplus |
(150.343) |
(366.686) |
(329.625) |
|
(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) |
573.277 |
356.934 |
393.995 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1276.894 |
1488.026 |
1791.475 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
9.414 |
8.786 |
24.316 |
|
(d) long-term provisions |
12.594 |
10.958 |
12.004 |
|
Total Non-current Liabilities (3) |
1298.902 |
1507.770 |
1827.795 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
774.828 |
666.654 |
828.229 |
|
(b) Trade payables |
226.870 |
321.666 |
663.411 |
|
(c) Other current
liabilities |
483.689 |
461.085 |
395.784 |
|
(d) Short-term provisions |
40.108 |
28.237 |
30.125 |
|
Total Current Liabilities (4) |
1525.495 |
1477.642 |
1917.549 |
|
|
|
|
|
|
TOTAL |
3397.674 |
3342.346 |
4139.339 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1847.544 |
1967.354 |
2121.427 |
|
(ii) Intangible Assets |
6.115 |
4.947 |
0.894 |
|
(iii) Capital
work-in-progress |
17.598 |
11.065 |
9.204 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
46.894 |
87.187 |
65.986 |
|
(e) Other Non-current assets |
12.249 |
14.040 |
9.575 |
|
(f) Fixed assets of discounting
operations and head for sale |
0.000 |
0.000 |
12.028 |
|
Total Non-Current Assets |
1930.400 |
2084.593 |
2219.114 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.277 |
1.277 |
0.302 |
|
(b) Inventories |
877.886 |
657.684 |
1080.418 |
|
(c) Trade receivables |
363.152 |
378.269 |
565.950 |
|
(d) Cash and cash
equivalents |
63.944 |
54.415 |
25.195 |
|
(e) Short-term loans
and advances |
58.574 |
73.336 |
95.442 |
|
(f) Other current
assets |
102.441 |
92.772 |
152.918 |
|
Total Current Assets |
1467.274 |
1257.753 |
1920.225 |
|
|
|
|
|
|
TOTAL |
3397.674 |
3342.346 |
4139.339 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5588.923 |
5359.127 |
5103.901 |
|
|
|
Other Income |
86.075 |
65.882 |
79.492 |
|
|
|
TOTAL (A) |
5674.998 |
5425.009 |
5183.393 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3279.036 |
3472.840 |
3124.299 |
|
|
|
Purchases of Stock-in-Trade |
40.838 |
34.740 |
176.583 |
|
|
|
Employee Benefits Expense |
451.864 |
413.932 |
364.669 |
|
|
|
Other Expenses |
1240.901 |
1059.175 |
985.659 |
|
|
|
Impairment Loss on Fixed Assets |
0.000 |
0.000 |
40.244 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
4.978 |
60.528 |
(65.137) |
|
|
|
TOTAL (B) |
5017.617 |
5041.215 |
4626.317 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
657.381 |
383.794 |
557.076 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
226.692 |
268.804 |
232.884 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
430.689 |
114.990 |
324.192 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
188.936 |
190.190 |
192.391 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
241.753 |
(75.200) |
131.801 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(55.669) |
3.134 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
241.753 |
(19.531) |
128.667 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1129.600) |
(1129.600) |
(1237.300) |
|
|
|
|
|
|
|
|
|
Add/ Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
37.100 |
0.000 |
|
|
|
Proposed Dividend on Preferences Shares |
22.300 |
15.100 |
18.100 |
|
|
|
Tax on Proposed Dividend |
3.800 |
2.500 |
2.900 |
|
|
BALANCE CARRIED
TO THE B/S |
(913.947) |
(1129.631) |
(1129.633) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
3412.423 |
3341.850 |
3386.869 |
|
|
|
Other (Freight Insurance, Claims, etc) |
59.194 |
42.994 |
42.368 |
|
|
TOTAL EARNINGS |
3471.617 |
3384.844 |
3429.237 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Including Purchases For Consumption) |
131.371 |
79.577 |
48.537 |
|
|
|
Stores & Spares |
59.361 |
49.110 |
41.279 |
|
|
|
Capital Goods |
29.054 |
26.449 |
48.566 |
|
|
TOTAL IMPORTS |
219.786 |
155.136 |
138.382 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
5.30 |
(0.99) |
2.60 |
|
|
|
- Diluted |
1.45 |
(0.99) |
0.80 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Net Sales |
|
1531.500 |
1761.600 |
|
Total Expenditure |
|
1347.400 |
1510.300 |
|
PBIDT (Excl OI) |
|
184.100 |
251.300 |
|
Other Income |
|
16.200 |
(22.000) |
|
Operating Profit |
|
200.300 |
229.300 |
|
Interest |
|
54.500 |
48.900 |
|
PBDT |
|
145.800 |
180.400 |
|
Depreciation |
|
47.000 |
57.900 |
|
Profit Before Tax |
|
98.800 |
122.500 |
|
Tax |
|
05.100 |
10.300 |
|
Profit After Tax |
|
93.700 |
112.200 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
93.700 |
112.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.25
|
(0.36) |
2.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.33
|
(1.40) |
2.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.15
|
(2.25) |
3.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
(0.21) |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.57
|
6.04 |
6.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96
|
0.85 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10393425 |
19/06/2013 * |
240,800,000.00 |
CENTRAL BANK OF
INDIA |
GROUND FLOOR
(RIGHT WING), LINK HOUSE, 3, BAHADUR |
B79003851 |
|
2 |
10360737 |
11/06/2012 |
100,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
B41668609 |
|
3 |
10292962 |
10/05/2011 |
37,500,000.00 |
BANK OF BARODA |
16, SANSAD MARG,
NEW DELHI - 110001, INDIA |
B15273014 |
|
4 |
10171009 |
02/07/2010 * |
657,300,000.00 |
STATE BANK OF
INDIA (MONITORING INSTITUTION) |
STATE BANK
BUILDING, MCLAU, 2ND FLOOR, SBI CHANDNI CHOWK, DELHI - 110006, INDIA |
A92221811 |
|
5 |
10129870 |
23/11/2009 * |
95,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
A75267724 |
|
6 |
10094386 |
20/11/2009 * |
39,500,000.00 |
STATE BANK OF
HYDERABAD |
16, KUNDAN
HOUSE, NEHRU PLACE, NEW DELHI - |
A75268219 |
|
7 |
10094264 |
20/11/2009 * |
55,500,000.00 |
AXIS BANK
LIMITED |
4/10, OPG HOUSE,
ASAF ALI ROAD, NEW DELHI, Delhi |
A76066273 |
|
8 |
10044822 |
23/03/2009 * |
100,000,000.00 |
THE JAMMU AND
KASHMIR BANK LIMITED |
B/205, ANSAL PLAZA,
HUDCO PLACE, KHEL GAON, ANDREWS GANJ, NEW DELHI, - 110049, INDIA |
A61647293 |
|
9 |
10036217 |
29/02/2008 * |
75,000,000.00 |
CANARA BANK |
2ND FLOOR, WORLD
TRADE TOWER, BARAKHAMBA LANE, NEW DELHI - 110001, INDIA |
A34599068 |
|
10 |
10036682 |
29/02/2008 * |
75,000,000.00 |
STATE BANK OF
HYDERABAD |
16, KUNDAN
HOUSE, NEHRU PLACE, NEW DELHI - 110019, INDIA |
A34420265 |
|
* Date of charge modification |
||||||
OPERATIONS:
During the year,
the Company made a healthy comeback by improving its performance. Maintaining
momentum provided by the last quarter of the financial year 2011-12 and with
several measures taken by the Directors and top management such as cost
control, quality assurance, process optimization etc. The Company has shown
improvement in its operations as well as financial figures during the year.
The Company
achieved a Turnover of Rs. 5589.000 Millions for the year ended the 31st March,
2013 against Rs. 5359.100 Millions in the previous year ended the 31st March,
2012. The Company achieved an operating profit of Rs. 657.400 Millions against
Rs. 439.500 Millions in the previous year. During the period, the Company has
been able to achieve a production of 16852 MT of cotton yarn (16004 MT), 1300
MT of dyed yarn (1108 MT), 3592 MT of grey knitted fabric (3457 MT), 4103 MT of
processed fabric (4085 MT) and 43.65 lakhs pieces of garments (45.44 lakhs
pieces).
INDUSTRY SCENARIO
During the year the
textile industry showed positive trend in contrast with the previous financial
year i.e. 2011-12 which suffered from high volatility in commodity prices and
depleted global demand causing pressure on realizations and margins. The year
showed improvement in global demand and also rupee realizations of yarn
increased partially due to rupee depreciation against the USD and Euro, besides
improvement in capacity utilization and machine efficiency which resulted in
growth in revenues. The year was also marked by stability and restoration of
operating margins for textile industry across the value chain led by steady
cotton prices and improved demand for cotton yarn.
The Directors are
looking forward to keep the momentum provided by the financial year 2012-13 and
hope that the current demand will continue and that the Company would be able
to sustain the trend in the ensuing year.
MANAGEMENT DISCUSSION AND ANALYSIS
The global
economic condition have not been encouraging during the financial year 2012-13
as the economic recession started in the year 2008 still had its effect.
Economic woes in Europe, Japan and the United States are spilling over to
developing countries through weaker demand for their exports and heightened
volatility in capital flows and commodity prices. The World Economic Situation
and Prospects 2013 (WESP) report stresses that particularly those in Europe are
trapped in a vicious cycle of high unemployment, financial sector fragility,
heightened sovereign risks, fiscal austerity and low growth. Most low-income
countries have held up relatively well so far, but are now facing intensified
adverse spillover effects from the slowdown in both developed and major
middle-income countries.
Reacting to the
global financial crisis in 2008-09, the Indian economy came up strongly through
fiscal and monetary policies thereby achieving a growth rate of 8.6 per cent
and 9.3 per cent in 2009-10 and 2010-11, respectively. However, considering
inflationary tendencies, the Reserve Bank of India enhanced the policy rates.
The enhanced rates, together with policy constraints contributed to the
slow-down in the growth rate to 6.2 per cent and 5.0 per cent in 2011-12 and
2012-13, respectively. The rate of growth of the manufacturing sector was even
lower at 2.7 per cent and 1.9 per cent for these two years, respectively.
Despite all, the compounded annual growth rate (CAGR) for GDP at factor cost,
over the decade ending 2012-13 was as strong as 7.9 per cent.
Indian Textile
industry is presently one of the largest and most important industries in the
Indian economy in terms of output, foreign exchange earnings and employment
generation. Textile industry has made a major contribution to the national
economy in terms of direct and indirect employment generation and net foreign
exchange earnings. The financial year 2011-12 was a challenging year for the
textile industry which brought high volatility in the global cotton prices,
together with economic recession in Euro-Zone. However, the last quarter of the
financial year 2011-12 came as a breather for the textile industry when global
cotton prices stabilized. This stability continued in the financial year
2012-13 which helped the textile companies in overcoming the hardships faced in
the previous financial year. Indian textile industry also benefitted from the
Chinese Government policy mandating that for every 1 tonne import of cotton the
textile mill had to buy 3 tonnes of expensive Chinese cotton. This resulted in
substantial increase in demand of Indian yarn, opening up attractive
opportunities within India.
The Government of
India has also identified the strength of the textile sector in the overall
growth of the Indian economy. The Union Budget 2013 has proposed to do away
with excise duty on cotton and manmade sector (spun yarn) at the yarn, fabric
and garment stages. This would be a big positive mainly for
garment-manufacturing companies. Beside this, the Budget has also proposed to
incentivize Apparel Parks by proposing the Ministry of Textiles to provide an
additional grant of up to Rs. 100.000 Millions to each Park. The Finance
Minister also mentioned that Technology Upgradation Fund Scheme (TUFS) would
continue in 12th Plan with an investment target of Rs. 1510000.000 Millions.
The major focus would be on modernization of the power loom sector. It was
proposed to provide Rs. 24000.000 Millions in fiscal 2013-14 for the purpose.
Apart from the
budget sops, the Government is taking various initiatives to open up new
markets and opportunities for the Indian Textile Industry. In this pursuit, the
Government has signed MOUs with various foreign governments such as Mauritius,
Uzbekistan, Israel, Australia etc. to explore possibilities for enhanced
cooperation and development.
BUSINESSES:
Subject is one of
India’s largest vertically integrated textile companies. Its two ultra modern
units can produce 1,500 tonnes of grey yarn, 115 tonnes of dyed yarn, 400
tonnes of dyed knitted fabric and 4,00,000 pieces of garments every month even
as it constantly innovates to diversify and upgrade its products.
During the
financial year ended the 31st March, 2013, the Company achieved a Turnover of
Rs. 5589.000 Millions against Rs. 5359.100 Millions in the previous year ended
the 31st March, 2012 and the operating profit of the Company is Rs. 657.400
Millions against Rs. 439.500 Millions in the previous period. During the
period, the Company’s exports (FOB value) were to the tune of Rs. 3412.400
Millions and account for 61.06% of MOL’s Turnover. The yarn business accounts
for 59.94% (Previous year 60%) while knitted fabric and textile made-ups
business accounts for 22.43 % (23.60%) and 17.63% (16.40%) respectively.
The Company offers
to its customers the finest quality of yarn, fabrics and fashionable garments which
command a premium in the market. Also, the Company has always been focused on
creating innovative products which are environment friendly, socially
compliant, fashionable and add aesthetic value to the final product. It is
expected that demand of textile products will increase with the gradual revival
of the world economy.
YARN BUSINESS:
The performance of
the Yarn Business has contributed significantly in the performance and
profitability of the Company during the year mostly catered by the stability in
the global prices of cotton and yarn. This business contributed Rs. 3350.100
Millions towards the turnover of the Company.
KNITTED FABRIC
BUSINESS:
The performance of
the Fabric Business was not in line with the overall performance of the
Company. The Management is taking various steps to fix the gaps so that the
present favourable market sentiments be utilized on the fabric front also. This
business contributed Rs. 1253.300 Millions towards the turnover of the Company.
GARMENT BUSINESS:
The performance of
the Garment Business was satisfactory and continued to contribute in the
profitability of the Company, catered by improved capacity utilization,
operational performance and rationalization of customer and product profile.
This business contributed Rs. 985.500 Millions towards the turnover of the
Company.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Vehicle
·
Furniture and Office
Equipment’s
·
Livestock
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH SEPTEMBER, 2013
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
Six
Months Ended |
|
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
1677.300 |
1479.800 |
3157.100 |
|
|
Other Operating
Income |
84.300 |
51.700 |
136.000 |
|
|
Total Income From Operations (Net) |
1761.600 |
1531.500 |
3293.100 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
982.700 |
939.600 |
1922.300 |
|
|
Purchase
of stock in trade |
29.900 |
7.900 |
37.800 |
|
|
Employee
benefits expenses |
127.500 |
125.400 |
252.900 |
|
|
Depreciation
and amortization expenses |
57.900 |
47.000 |
104.900 |
|
|
Other
expenses |
383.300 |
330.000 |
713.300 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(13.100) |
(55.500) |
(68.600) |
|
|
Total Expenses |
1568.200 |
1394.400 |
2962.600 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
193.400 |
137.100 |
330.500 |
|
|
|
|
|
|
|
4. |
Other
Income |
(22.000) |
16.200 |
(5.800) |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
171.400 |
153.300 |
324.700 |
|
|
|
|
|
|
|
6. |
Interest |
48.900 |
54.500 |
103.400 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
122.500 |
98.800 |
221.300 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
122.500 |
98.800 |
221.300 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
10.300 |
5.100 |
15.400 |
|
|
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
112.200 |
93.700 |
205.900 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
112.200 |
93.700 |
205.900 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
415.100 |
415.100 |
415.100 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share
(EPS) (Rs.)-Not Annualized |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
2.58 |
2.12 |
4.70 |
|
|
b)
Basic and diluted EPS after extraordinary items |
1.57 |
1.34 |
1.96 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
10398171 |
10398171 |
10398171 |
|
|
-
Percentage of Shareholding |
25.05 |
25.05 |
25.05 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
14942880 |
14942880 |
14942880 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
48.03 |
48.03 |
48.03 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
36.00 |
36.00 |
36.00 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
16166949 |
16166949 |
16166949 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
51.97 |
51.97 |
51.97 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
38.95 |
38.95 |
38.95 |
|
Particulars |
Quarter Ended 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Six
Months Ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
|
Unaudited
|
Unaudited
|
Unaudited
|
||
|
1 |
|
SEGMENT REVENUE |
|
|
|
|
|
|
Yarn * |
1335.600 |
1171.900 |
2507.500 |
|
|
|
Fabric |
553.700 |
480.900 |
1034.600 |
|
|
|
Garment |
334.700 |
283.600 |
618.300 |
|
|
|
TOTAL |
2224.000 |
1936.400 |
4160.400 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
462.400 |
404.900 |
867.300 |
|
|
|
|
|
|
|
|
|
|
NET SALES / INCOME
FROM OPERATION |
1761.600 |
1531.500 |
3293.100 |
|
|
|
|
|
|
|
|
2 |
|
SEGMENT RESULTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX AND INTEREST FROM EACH SEGMENT |
|
|
|
|
|
|
Yarn |
129.900 |
125.900 |
255.800 |
|
|
|
Fabric |
18.300 |
9.100 |
27.400 |
|
|
|
Garment |
24.600 |
19.200 |
43.800 |
|
|
|
TOTAL |
172.800 |
154.200 |
327.000 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
45.400 |
51.400 |
96.800 |
|
|
|
Less : Other Unallocable Expenses Net of Unallocable
Income |
4.900 |
4.000 |
8.900 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
122.500 |
98.800 |
221.300 |
|
|
|
|
|
|
|
|
3 |
|
CAPITAL EMPLOYED |
|
|
|
|
|
|
Yarn |
2285.200 |
2408.500 |
2285.200 |
|
|
|
Fabric |
297.700 |
299.300 |
297.700 |
|
|
|
Garment |
85.500 |
74.900 |
85.500 |
|
|
|
Other Assets |
1.400 |
29.300 |
1.400 |
|
|
|
TOTAL |
2669.800 |
2812.000 |
2669.800 |
|
* includes captive
and standby power |
|||||
NOTES:
1. The Auditors have
conducted limited review of the financial results for the quarter ended 30th
September, 2013. The above Financial Results were reviewed by the Audit
Committee and thereafter were approved and taken on record by the Board of
Directors at its meetings held on 29th October, 2013.
2. Considering
very high cost of retention and uneconomical cost of power generation from
Wartsila Power generators, it has been decided to retire these sets from active
use. Pending disposal of these sets, the Company has charged Rs. 416.90 lac to
Statement of Profit & Loss for the quarter being difference of WDV and
estimated realizable value of these generators.
3. Keeping in view
the changes taking place in sewing technology, it was considered advisable to reduce
the useful life of such machinery from 20 years being considered earlier to 10
years. Accordingly, the rate of depreciation on garment machinery has been
revised w.e.f. 1st April, 2013. This has resulted in the charging of higher
depreciation of Rs. 8.326 millions during the quarter.
4. The figures of the previous period / year have been regrouped /
recast wherever considered necessary.
STATEMENT OF
ASSETS AND LIABILITIES AS ON 30TH SEPTEMBER, 2013
Rs.
In Millions
|
PARTICULARS |
30.09.2013 |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
723.620 |
|
Reserve & surplus |
40.816 |
|
Sub-total
- Shareholders' funds |
764.436 |
|
Non - current liabilities |
|
|
Long term borrowings |
1232.429 |
|
Deferred tax liability (net) |
8.620 |
|
Long term provisions |
15.929 |
|
Sub-total
- Non-current liabilities |
1256.978 |
|
Current liabilities |
|
|
Short term borrowings |
383.879 |
|
Trade payables |
260.336 |
|
Other current liabilities |
580.678 |
|
Short term provisions |
48.145 |
|
Sub-total
- Current liabilities |
1273.038 |
|
|
|
|
Total -
Equity & Liabilities |
3294.452 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
1878.487 |
|
Capital work in progress |
0.000 |
|
Non-current investment |
0.000 |
|
Long term loans & advances |
40.068 |
|
Other non-current assets |
11.886 |
|
Sub-total
- Non-current Assets |
1930.441 |
|
Current
assets |
|
|
Current investments |
1.277 |
|
Inventories |
692.269 |
|
Trade receivables |
428.135 |
|
Cash & bank balances |
44.066 |
|
Short term loans & advances |
95.160 |
|
Other current assets |
103.104 |
|
Sub-total
- Current Assets |
1364.011 |
|
|
|
|
Total –
Assets |
3294.452 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.