MIRA
INFORM REPORT
|
Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
EUROTEX INDUSTRIES AND EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
809, Raheja Chambers, 8th Floor, 213, Nariman Point, Mumbai
– 400021, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.02.1987 |
|
|
|
|
Com. Reg. No.: |
11-42598 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.87.401
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120MH1987PLC042598 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05241F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE1569M |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Trader of Raw Cotton, Yam and Fabric. |
|
|
|
|
No. of Employees
: |
Not Available |
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 2500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears losses recorded by the company from its operational activities
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
ICRA |
|
Rating |
Term loan: BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based limits: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
March 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.
INFORMATION PARTED BY
|
Name : |
Mr. Girap |
|
Designation : |
Vice President Finance |
|
Contact No.: |
91-22-22041408 |
|
Date : |
13.01.2014 |
LOCATIONS
|
Registered Office / Head Office: |
809, Raheja Chambers, 8th Floor, 213, Nariman Point, Mumbai
– 400 021, |
|
Tel. No.: |
91-22-22041408 / 66301400 |
|
Fax No.: |
91-22-22044139 / 22873774 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
Owned |
|
|
|
|
Factory : |
E-23 and E-1, MIDC, Gokul Shirgaon, Kolhapur - 416234, Maharashtra,
India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Krishan Kumar Patodia |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B. Sc. Textiles (Hons) |
|
Date of Appointment : |
01.10.1988 |
|
|
|
|
Name : |
Mr. Hariprasad Siotia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gopal Patodia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Narayan Patodia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Rajiv Patodia |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. A. R. Garde |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dharam Paul |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. K. Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. K. Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pratap Padamshi Dundh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. L Bagaria |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Rawat |
|
Designation : |
Company Secretary |
|
Address: |
809, Raheja Chambers, 8th Floor, 213, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
|
|
|
Name : |
Mr. Girap |
|
Designation : |
Vice President Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.12.2013
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
174935 |
2.00 |
|
|
5949152 |
67.99 |
|
|
0 |
0.00 |
|
|
6124087 |
69.99 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
6124087 |
69.99 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
7850 |
0.09 |
|
|
1380 |
0.02 |
|
|
44650 |
0.51 |
|
|
53880 |
0.62 |
|
|
|
|
|
|
214863 |
2.46 |
|
|
|
|
|
|
1827499 |
20.89 |
|
|
468612 |
5.36 |
|
|
60924 |
0.70 |
|
|
60924 |
0.70 |
|
|
2571898 |
29.39 |
|
Total Public shareholding
(B) |
2625778 |
30.01 |
|
Total (A)+(B) |
8749865 |
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) |
8749865 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Trader of Raw Cotton, Yam and Fabric. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Spindles |
Nos. |
61632 |
-- |
|
Knitting Machines |
Nos. |
24 |
-- |
|
Cotton Yarn |
Kgs. |
-- |
7133125 |
|
Fabrics |
Kgs. |
-- |
211279 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India, Nairman Point Branch,
Jamnalal Bajaj Road ·
Bank of India ·
IDBI Bank Limited ·
Export Import Bank of India ·
Punjab National Bank ·
State Bank of Patiala |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha
and Company Chartered Accountants |
|
Address : |
Mumbai,
Maharashtra, India |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
30000000 |
Preferences Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8749865 |
Equity Shares |
Rs.10/- each |
Rs.87.498
Millions |
|
|
Less: Allotment Money Receivable |
|
Rs.0.097
Million |
|
|
Total |
|
Rs.87.401 Millions |
Right of Equity
Shareholders
Company has only one class of equity shares of par value Rs.10. The holder of this equity share is entitled to one vote per share. In the event of liquidation of the company the holder of equity share will be entitled to receive any of the remaining assets of the company after distribution of the preferential payments. However, no such preferential amounts exist currently. The distribution will be in proportion to the nos. of equity shares held by the shareholders.
Reconciliation of
Shares outstanding at the begnning and at the end of the year
|
Particulars |
As on 31.03.2013 |
|
|
|
Numbers |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
8749865 |
87.499 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
8749865 |
87.499 |
|
|
|
|
|
Shareholders holding more than 5% Shareholding |
|
|
|
|
|
|
|
Name of
Shareholder |
Shares held Holding |
No. of %of Shares
held Holding |
|
Patodia Syntex Limited |
3707272 |
42.37 |
|
PBMPolytex Limited |
2231980 |
25.51 |
Note: During previous five years, the company has not issued bonus shares/bought back shares/issued shares for consideration other than cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
87.401 |
87.401 |
|
(b) Reserves & Surplus |
|
555.802 |
574.474 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
643.203 |
661.875 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
177.800 |
233.077 |
|
(b) Deferred tax liabilities (Net) |
|
135.711 |
159.724 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
313.511 |
392.801 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
537.512 |
423.337 |
|
(b) Trade payables |
|
282.413 |
330.771 |
|
(c) Other current liabilities |
|
119.106 |
78.095 |
|
(d) Short-term provisions |
|
26.027 |
14.505 |
|
Total Current Liabilities (4) |
|
965.058 |
846.708 |
|
|
|
|
|
|
TOTAL |
|
1921.772 |
1901.384 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
784.064 |
856.076 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.137 |
4.255 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
31.827 |
31.827 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4.302 |
16.257 |
|
(e) Other Non-current assets |
|
59.178 |
68.337 |
|
Total Non-Current Assets |
|
879.508 |
976.752 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
762.871 |
600.895 |
|
(c) Trade receivables |
|
158.269 |
198.196 |
|
(d) Cash and cash equivalents |
|
18.006 |
39.301 |
|
(e) Short-term loans and advances |
|
8.696 |
20.582 |
|
(f) Other current assets |
|
94.422 |
65.658 |
|
Total Current Assets |
|
1042.264 |
924.632 |
|
|
|
|
|
|
TOTAL |
|
1921.772 |
1901.384 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
87.402 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
493.876 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
581.278 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1035.822 |
|
|
2] Unsecured Loans |
|
|
0.300 |
|
|
TOTAL BORROWING |
|
|
1036.122 |
|
|
DEFERRED TAX LIABILITIES |
|
|
181.780 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1799.180 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
985.813 |
|
|
Capital work-in-progress |
|
|
3.848 |
|
|
Assets held for disposal |
|
|
2.625 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
31.826 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
769.489
|
|
|
Sundry Debtors |
|
|
98.480
|
|
|
Cash & Bank Balances |
|
|
7.836
|
|
|
Other Current Assets |
|
|
81.346
|
|
|
Loans & Advances |
|
|
81.074
|
|
Total
Current Assets |
|
|
1038.225
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
247.475
|
|
|
Other Current Liabilities |
|
|
9.784
|
|
|
Provisions |
|
|
5.898
|
|
Total
Current Liabilities |
|
|
263.157
|
|
|
Net Current Assets |
|
|
775.068
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1799.180 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
2830.437 |
2575.489 |
2076.246 |
|
|
|
Other Income |
5.191 |
227.609 |
52.976 |
|
|
|
TOTAL (A) |
2835.628 |
2803.098 |
2129.222 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material consumed |
1135.360 |
|
|
|
|
|
Purchase of stock-in-trade |
603.519 |
436.515 |
|
|
|
|
Manufacturing and operating costs |
478.242 |
423.582 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
124.247 |
97.556 |
|
|
|
|
Employee benefit expenses |
195.236 |
171.723 |
|
|
|
|
Amount Withdrawn from Revaluation Reserve |
(0.709) |
(2.752) |
|
|
|
|
Other expenses |
99.534 |
93.156 |
|
|
|
|
TOTAL (B) |
2635.429 |
2504.890 |
1858.586 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
200.199 |
298.208 |
270.636 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
104.917 |
121.121 |
110.787 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
95.282 |
177.087 |
159.849 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
99.459 |
103.005 |
102.154 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(4.177) |
74.082 |
57.695 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.785 |
(9.285) |
0.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(17.962) |
83.367 |
57.435 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
133.793 |
50.426 |
(7.009) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
115.831 |
133.793 |
50.426 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
1745.629 |
1729.093 |
1235.710 |
|
|
TOTAL EARNINGS |
1745.629 |
1729.093 |
1235.710 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
198.131 |
27.256 |
151.735 |
|
|
|
Stores & Spares |
12.697 |
17.827 |
5.931 |
|
|
|
Capital Goods |
0.000 |
6.717 |
1.398 |
|
|
TOTAL IMPORTS |
210.828 |
51.800 |
159.064 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.05) |
9.53 |
2.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.63) |
2.98 |
1.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.15) |
2.88 |
1.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.22) |
3.97 |
1.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
0.11 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.11 |
0.99 |
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.09 |
4.11 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CASE DETAILS
|
Lodging No.:- |
ITXAL/1592/2008 |
Filing Date:- |
26/05/2008 |
Reg. No.:- |
ITXA/1307/2008 |
Reg. Date:- |
02/12/2008 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX -3, MUMBAI |
Respondent:- |
M/S. EUROTEX INDUSTRIES AND EXPORTS LIMITED |
|
Petn.Adv.:- |
VIMAL GUPTA (0) |
Resp.Adv.:- |
PANKAJ R. TOPRANI |
|
District:- |
BOMBAY |
|
|
|
Bench:- |
DIVISION |
|
|
|
Status:- |
Admitted(Unready) |
Category:- |
TAX APPEALS |
|
Last Date:- |
18/02/2009 |
Stage:- |
INCOME TAX APPEAL FOR ADMISSION |
|
Last Coram:- |
HON'BLE SHRI JUSTICE F.I. REBELLO HON'BLE SHRI JUSTICE R.S. MOHITE |
|
|
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term borrowing
|
|
|
|
Promoter’s Contribution |
0.300 |
0.300 |
|
|
|
|
|
Total |
0.300 |
0.300 |
OPERATIONS
During the year the turnover of the company was Rs. 2728.300 Millions as
compared to Rs. 2453.900 Millions in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
The Company is having cotton spinning and knitted fabrics manufacturing unit. Textile is the oldest and most important industry with a high employment potential. The textile industry provides jobs for semi-skilled and unskilled labourers, women in particular, on a large scale in the country.
Eurotex has a state of art modern spinning mills manufacturing and exporting cotton yarn all over the world.
SEGMENT OR
PRODUCTWISE PERFORMANCE
The Company operates primarily in one business segment viz cotton yarn and knitted fabric and has its production facilities and assets located in India. Hence segment-wise or product-wise performance is not given.
OUTLOOK, RISKS AND
CONCERN
The Company has invested substantially in modernization and up gradation of its production facilities and the Company is poised to take maximum advantage of demand in quality goods in post quota regime.
The exchange rate fluctuations, power cost increase due to increase in oil prices and state grid power rates are the risks and the matters of concern and may adversely affect its profitability.
CONTINGENT
LIABILITIES:
(Rs. in Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Amount outstanding
in respect of Bills discounted under Export Letter of Credit (Since realized
Rs.94.149 millions, Previous Year Rs.103.293 millions) |
141.383 |
225.896 |
|
Disputed Statutory claims / levies, including,
those pending in court and other claims not acknowledged as debts (excluding
interest where not ascertained / demanded) in respect of: |
||
|
Sales tax |
51.561 |
46.113 |
|
Income tax |
3.619 |
21.702 |
|
Excise duty |
141.179 |
141.179 |
|
Custom duty |
13.639 |
0.531 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2013
(Rs.
In Millions)
|
S. No |
Particulars |
30.06.2013 |
|
|
Unaudited |
|||
|
1 |
Income from
operations |
|
|
|
|
Net Sales/ Income from operations (Net of Excise Duty) |
63410.300 |
|
|
|
Other operating Income |
2196.200 |
|
|
|
Total Income from
operations (a + b) |
65606.500 |
|
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed |
31940.600 |
|
|
|
b) Purchase of traded goods |
12649.300 |
|
|
|
c) Changes in inventories of Finished goods and work in progress & Traded goods |
(5320.900) |
|
|
|
d) Employee benefit expense |
5254.800 |
|
|
|
e) Power and Fuel |
6739.800 |
|
|
|
f) Depreciation and Amortization Expenses |
2399.000 |
|
|
|
g) Other Expenses |
7228.600 |
|
|
|
Total Expenses (a
to g) |
60891.200 |
|
|
3 |
Profit / loss from
operations before Other Income, Finance Cost & Exceptional Items (1-2) |
4715.300 |
|
|
4 |
Other Income |
-- |
|
|
5 |
Profit / loss
before Finance cost & Exceptional Items ( 3+4 ) |
4715.300 |
|
|
6 |
Finance Cost |
2705.400 |
|
|
7 |
Profit / loss after
Finance cost but before Exceptional Items (5-6) |
2009.900 |
|
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit / loss from
ordinary activities after tax (7-8) |
2009.900 |
|
|
10 |
Tax expense |
|
|
|
|
a) Current Tax |
1152.100 |
|
|
|
b) Deferred Tax Liability/ (Asset) |
(638.100) |
|
|
|
c) Prior Years Tax Adjustments |
-- |
|
|
|
Tax expense |
514.000 |
|
|
11 |
Net Profit / loss
from ordinary activities after Tax (9-10) |
1495.900 |
|
|
12 |
Extraordinary Items (Net of tax expense) |
-- |
|
|
13 |
Net Profit / loss
for the period (11-12) |
1495.900 |
|
|
14 |
Paid up Equity Share Capital ( Face value of Rs. 10/- per equity share ) |
8740.200 |
|
|
15 |
Reserves excluding revaluation reserves as per balance sheet of previous accounting year |
-- |
|
|
16 |
Earnings per Rs. 10/- Share |
|
|
|
|
Basic and diluted EPS before Extraordinary Items (not to be annualized) |
1.71 |
|
|
15 |
Basic and diluted EPS before Extraordinary Items (not to be annualized) |
1.71 |
|
|
|
|
|
|
|
A |
Particulars of
Shareholding |
|
|
|
1 |
Public Shareholding |
|
|
|
|
- Number of Shares |
2625778 |
|
|
|
- Percentage of Shareholding |
30.01% |
|
|
2 |
Promoters and Promoter group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
Nil |
|
|
|
- Percentage of Shares ( as a % of the total shareholding of promoters and promoter group ) |
Nil |
|
|
|
- Percentage of Shares ( as a % of the total share capital of the company ) |
Nil |
|
|
|
b) Non - encumbered |
|
|
|
|
- Number of Shares |
6124087 |
|
|
|
- Percentage of Shares ( as a % of the total shareholding of promoters and promoters group ) |
100.00% |
|
|
|
- Percentage of Shares ( as a % of the total share capital of the company ) |
69.99% |
|
INVESTOR COMPLAINTS
FOR THE QUARTER ENDED 30.06.2013
|
Pending at the beginning of the quarter |
Received during the quarter |
Disposed of during the quarter |
Remaining unresolved at the end of the quarter |
|
Nil |
2 |
2 |
Nil |
*Not Required to be shown
Note:
1. The above financial results have been reviewed by the Audit Committee and were there after approved and taken on record at the Board of Directors in their meeting held on 3rd August 2013. The same were also reviewed by the statutory Auditors of the company.
2. In terms of accounting standard 17, the company operates primarily only in one business segment viz. Cotton yam and has its production facilities and all other assets located in India.
3. The figures for the quarter ended 31st March 2013 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter ended 31 December, 2012.
4. Previous periods figures have been regrouped / rearranged wherever necessary to make them comparable to current quarter’s presentation.
FIXED
ASSETS
v
Land Freehold
v
Land Leasehold
v
Buildings
v
Plant
and Machinery
v
Electrical
Installations
v
Office
Equipment
v
Furniture
and Fittings
v
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.59 |
|
|
1 |
Rs. 101.09 |
|
Euro |
1 |
Rs. 83.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.