Summary Information
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Country |
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Company Name |
ALOK INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Ashok Bhagirathmal Jiwrajka |
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Status |
Satisfactory |
Principal Name 2 |
Mr. Dilip Bhagirathmal Jiwrajka |
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Registration # |
54-000334 |
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Street Address |
17/5/1, 521/1,
Village Rakholi, Saily, Silvassa – 396 230, |
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Established Date |
12.03.1986 |
SIC Code |
-- |
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Telephone# |
91-260-3087000 |
Business Style 1 |
Manufacturing |
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Fax # |
91-260-2645289 |
Business Style 2 |
-- |
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Homepage |
Product Name 1 |
Woven fabrics of cotton mixture |
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# of employees |
Not Available |
Product Name 2 |
Man made filament yarn (other than sewing thread) |
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Paid up capital |
Rs.
13,771,155,950/- |
Product Name 3 |
Pile fabric including knitted or crochetted |
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Shareholders |
Total shareholding of Promoter and Promoter Group (A)= 38.48% Total Public shareholding (B)= 61.52% |
Banking |
Allahabad Bank |
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Public Limited Corp. |
Yes |
Business Period |
28 Years |
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IPO |
Yes |
International Ins. |
- |
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Public |
Yes |
Rating |
Ba (49) |
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Related
Company |
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Relation
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Country
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Company
Name |
CEO |
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Associate |
-- |
Alspun Infrastructure
Limited |
-- |
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Note |
- |
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2. Summary
Financial Statement
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Balance Sheet as of |
30.09.2013 |
(Unit: Indian Rs.) |
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Assets |
Liabilities |
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Current Assets |
75,001,600,000 |
Current Liabilities |
48,086,300,000 |
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Inventories |
5,7264,700,000 |
Long-term Liabilities |
137,261,800,000 |
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Fixed Assets |
91,834,300,000 |
Other Liabilities |
11,087,600,000 |
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Deferred Assets |
0.000 |
Total Liabilities |
196,435,700,000 |
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Invest& other Assets |
23,216,300,000 |
Retained Earnings |
37,109,900,000 |
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Net Worth |
50,881,200,000 |
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Total Assets |
247,316,900,000 |
Total Liab. &
Equity |
247,316,900,000 |
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Total Assets (Previous Year) |
182,383,600,000 |
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P/L Statement as of |
30.09.2013 |
(Unit: Indian Rs.) |
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Sales |
199,177,500,000 |
Net Profit |
9,201,600,000 |
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Sales(Previous yr) |
89,008,600,000 |
Net Profit(Prev.yr) |
3,805,300,000 |
MIRA
INFORM REPORT
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Report Date : |
01.07.2014 |
IDENTIFICATION DETAILS
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Name : |
ALOK INDUSTRIES LIMITED |
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Registered
Office : |
17/5/1, 521/1, Village Rakholi, Saily, Silvassa Dadra and Nagar Haveli – 396 230 |
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Country : |
India |
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Financials (as
on) : |
30.09.2013 |
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Date of
Incorporation : |
12.03.1986 |
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Com. Reg. No.: |
54-000334 |
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Capital
Investment / Paid-up Capital : |
Rs.13771.300
Millions |
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CIN No.: [Company
Identification No.] |
L17110DN1986PLC000334 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMA02206B / MUMA19032G |
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PAN No.: [Permanent Account
No.] |
AAACA0201C |
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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 Textile products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 20000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The company has changed its financial year from 12 months to 18 Months
ranging from 12.03.2012 to 30.09.2013. Financial Position of the company seems to be decent during September
2013. However, the ratings takes into account the moderation in liquidity
position on account of increase in receivables. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitments. The company can be considered normal 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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on
overseas purchases and muted import of capital goods helped shrink the current
account deficit.
Online retailer Flipkart
has acquired fashion portal Myntra as it prepares to
battle with the rapidly expanding India arm of the global e-commerce giant
Amazon. The company raised $ 210 million from Russian Investment firm DST
Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune
in the second half of 2014. GM was one of the few global carmakers that was
using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year
to $ 158.84 billion. The top 10 of the 100 slots were dominated by US
companies.
Infosys lost another heavy weight when B G Srinivas,
a board member put in his papers. He is the third CEO-hopeful to quit after
Chairman N R Narayana Murthy’s return to the company
– Ashok Vemuri and V Balakrishnan being the other two.While
Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs 2153.37 crore
– in the three months ended March 31, mainly because it has been offering
discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala
Police had arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
BBB (Long Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety and carry moderate
credit risk. |
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Date |
07.04.2014 |
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Rating Agency Name |
CARE |
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Rating |
A3 (Short Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety and carry higher
credit risk. |
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Date |
07.04.2014 |
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 BY
Management Non Co-operative
Contact No. : 91-22-61787000
LOCATIONS
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Registered Office : |
17/5/1, 521/1, Village Rakholi, Saily, Silvassa – 396 230, Dadra and Nagar Haveli, India |
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Tel. No.: |
91-260-3087000 |
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Fax No.: |
91-260-2645289 |
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E-Mail : |
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Website : |
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Corporate Office : |
Tower B, 2nd and 3rd Floor, Peninsula Tower ‘A’
Wing, Peninsula Corporate Park, G.K. Marg, Lower Parel, Mumbai – 400 013, Maharashtra,
India |
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Tel. No. : |
91-22-24996200/ 6500 |
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Fax No.: |
91-22-24936078 |
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E-Mail : |
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Factory 1 : |
B-43, Mittal Tower, Nariman
Point, Mumbai – 400 021, Maharashtra, India |
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Tel. No.: |
91-22-22874865/ 22832923/ 24940129/ 22845233/ 22881279/ 22832923 |
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Fax No.: |
91-22-22874864/ 24936078 |
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E-Mail : |
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Works : |
Spinning 412, Saily, Silvassa,
Dadra and Nagar Haveli, India Weaving a) 17/5/1 and 521/1, Rakholi / Saily, Silvassa, Dadra and Nagar Haveli, India b) 209/1 and 209/4, Dadra, of Dadra and Nagar Haveli, India c) Babla Compound, Kalyan
Road, Bhiwandi – District Thane, Maharashtra, India Processing a) 254, 261, 268, Balitha, Taluka Pardi, District Valsad, Gujarat, India b) C-16/2, Village Pawane, TTC Industrial
Area, MIDC, Navi Mumbai District Thane, Maharashtra, India Knitting 412, Saily, Silvassa,
Dadra and Nagar Haveli, India Hemming 103/2, Rakholi, Silvassa,
of Dadra and Nagar Haveli, India Polyester Yarn
(POY and Texturised Yarn) 521/1, Village Saily, Silvassa,
Dadra and Nagar Haveli, India Garments a) 374/2/2, Saily, Silvassa
Khanvel Road, Dadra and Nagar Haveli, India b) 17/5/1, Rakholi, Silvassa,
Dadra and Nagar Haveli, India c) 273/1/1, Hingraj Industrial Estate, Atiawad, Daman, India d) 50/P2, 52/P1, Morai, Taluka
Pardi, District
Valsad, Gujarat, India Made ups a) 374/2/2, Saily, Silvassa
Khanvel Road, Dadra and Nagar Haveli, India b) 149/150, Morai Taluka,
Pardi, District Valsad,
Gujarat, India Home Textiles Bed Linen a) 374/2/2, Saily, Silvassa,
Dadra and Nagar Haveli, India b) 149/150, Morai Taluka,
Pardi, District Valsad,
Gujarat, India Terry Towel 263/P1 and 251/2P1 Balitha, Taluka Pardi, District Valsad, Gujarat, India Poy/ Texturing 521/1, Saily, Silvassa,
Union Territory of Dadra and Nagar
Haveli, India Hamming 103/2, Rakholi, Silvassa,
Union Territory of Dadra and Nagar
Haveli, India Continuous
Polymerization Plant 17/5/1 and 521/1, Rakholi / Saily, Silvassa, Union
Territory of Dadra and Nagar
Haveli, India Terry Towel Unit 263/P1 and 251/2P1 Balitha, Taluka Pardi, District Valsad, Gujarat, India Packaging Units 87/1 and 96/1 Village Falandi, Silvassa Union Territory of Dadra
and Nagar Haveli, India |
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Branch Office : |
177, Alok House, Sant
Nagar, East of Kailash,
New Delhi – 110 065, India |
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Marketing Offices (Domestic) : |
Located at: ·
Delhi ·
Bangalore ·
Chennai |
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Marketing Offices (Overseas) : |
Located at: ·
Sri Lanka ·
Bangladesh ·
China ·
U.S.A. – Dailas ·
U.S.A. – New York ·
Czech Republic ·
British Virgin Islands ·
Dubai |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Ashok Bhagirathmal
Jiwrajka |
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Designation : |
Whole-time Director |
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Address : |
301, Krishan Kunj,
Shivaji Park Road No.5, 3rd Floor, Mahim, Mumbai-400016, Maharashtra,
India |
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Date of
Birth/Age : |
07.10.1950 |
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Qualification : |
Commerce Graduate |
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Date of Appointment : |
12.03.1986 |
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DIN No : |
00168350 |
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Other Directorship :
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Name : |
Mr. Dilip Bhagirathmal
Jiwrajka |
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Designation : |
Managing Director |
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Address : |
6, Bay View, Abdul Gafar Khan Road, Worli, Sea Face, Mumbai-400018, Maharashtra,
India |
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Date of
Birth/Age : |
09.10.1956 |
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Date of Appointment : |
12.03.1986 |
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DIN No : |
00173476 |
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Other Directorship :
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Name : |
Mr. Surendra Bhagirathmal
Jiwrajka |
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Designation : |
Whole-time director |
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Address : |
Flat No.901, Palm Beach Apartments, 67-A, Pochkhanwala
Road, Mumbai-400025, Maharashtra, India |
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Date of
Birth/Age : |
17.10.1958 |
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Date of Appointment : |
12.03.1986 |
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DIN No : |
00173525 |
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Other Directorship :
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Name : |
Mr. Chandrakumar Govindram
Bubna |
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Designation : |
Executive Director |
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Address : |
124/5, Krishna Kunj, Sainik
Farm, Central Avenue, New Delhi – 110062, India |
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Date of Birth/Age : |
15.01.1953 |
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Date of Appointment : |
27.05.1993 |
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Name : |
Mr. Ashok Girdharidas
Rajani |
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Designation : |
Director |
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Address : |
101/102, Read Rose Apartments, Pochkhanwala,
Road, Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
15.01.1953 |
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Qualification: |
Graduate in Commerce |
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Date of Appointment : |
27.05.1993 |
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DIN No.: |
00267748 |
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Other Directorship :
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Name : |
Mr. Timothy Charles William Ingram Stanley |
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Designation : |
Independent Director |
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Address : |
6, Ranelagn Avenue, London, SW63PJ, United
Kingdom |
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Date of Birth/Age : |
18.06.1947 |
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Date of Appointment : |
29.07.2005 |
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DIN No.: |
01430613 |
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Name : |
Mr. David Rasquinha |
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Designation : |
Independent Nominee Director |
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Name : |
Mrs. Thankom T. Mathew |
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Designation : |
Independent Nominee Director |
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Name : |
Mr. M.V. Muthu |
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Designation : |
Independent Nominee Director |
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Name : |
Ms. Maya Chakravorty |
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Designation : |
Independent Nominee Director |
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KEY EXECUTIVES
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Name : |
Mr. Sunil O. Khandelwal |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. K.H. Gopal |
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Designation : |
President Corporate Affairs and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage
of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
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|
|
|
|
109591897 |
7.90 |
|
|
404942301 |
29.18 |
|
|
19459382 |
1.40 |
|
|
19459382 |
1.40 |
|
|
533993580 |
38.48 |
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Total shareholding of Promoter and Promoter Group (A) |
533993580 |
38.48 |
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(B) Public Shareholding |
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|
|
|
|
|
|
|
16638 |
0.00 |
|
|
127627830 |
9.20 |
|
|
60919158 |
4.39 |
|
|
188563626 |
13.59 |
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|
|
|
|
|
201720005 |
14.54 |
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|
|
|
|
|
170438989 |
12.28 |
|
|
267840971 |
19.30 |
|
|
25174422 |
1.81 |
|
|
7742702 |
0.56 |
|
|
3679857 |
0.27 |
|
|
13733488 |
0.99 |
|
|
4800 |
0.00 |
|
|
13575 |
0.00 |
|
|
665174387 |
47.93 |
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Total Public shareholding (B) |
853738013 |
61.52 |
|
Total (A)+(B) |
1387731593 |
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) |
1387731593 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Textile products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Allahabad Bank ·
Andhra Bank ·
Axis Bank Limited ·
Bank of Baroda ·
Bank of India ·
Bank of Maharashtra ·
Canara Bank ·
Central Bank of India ·
Corporation Bank ·
DBS Bank Limited ·
Dena Bank ·
Export Import Bank of India ·
Indian Bank ·
IDBI Bank Limited ·
Indian Overseas Bank ·
ING Vysya Bank Limited ·
Oriental Bank of Commerce ·
Punjab National Bank ·
Standard Chartered Banks ·
State Bank of Bikaner
and Jaipur ·
State Bank of Hyderabad ·
State Bank of India ·
State Bank of Mysore ·
State Bank of Patiala ·
State Bank of Travancore ·
Syndicate Bank ·
The Jammu and Kashmir Bank Limited ·
The Federal Bank Limited ·
The Karur Vysya Bank Limited ·
UCO Bank ·
United Bank of India ·
Union Bank of India ·
Vijaya Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
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Internal Auditors : |
Bhandarkar and Company Chartered
Accountants Devdhar Joglekar and Srinivasan Chartered
Accountants N.T. Jain and
Company Chartered
Accountants Shah Gupta and
Company Chartered
Accountants T.R. Chadha and Company Chartered
Accountants |
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Legal Advisors and Statutory : |
Desai Desai Carimjee
and Mulla |
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Associate companies
: |
·
Alspun Infrastructure
Limited ·
Next Creation Holdings LLC ·
Ashford Infotech
Private Limited |
|
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Entities under
common control: |
·
Alok Denims (India) Private Limited ·
Green Park Enterprises ·
Alok Finance Private Limited ·
Jiwrajka Associates
Private Limited ·
Alok Knit Exports Private Limited ·
Jiwrajka Investment
Private Limited ·
Alok Textile Traders ·
Niraj Realtors and Shares Private Limited ·
Ashok Realtors Private Limited ·
Nirvan Exports ·
Buds Clothing Company ·
Nirvan Holdings
Private Limited ·
D. Surendra andCompany ·
Pramatex Enterprises ·
Gogri Properties Private Limited ·
Pramita Creation
Private Limited ·
Grabal Alok Impex Limited (Amalgamated
with Triumphant Victory Holdings Limited. the Company w.e.f.
1 April 2011) |
|
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|
Subsidiaries: |
·
Alok Industries International Limited. @ ·
Alok Infrastructure Limited ·
Alok Retail (India) Limited* ·
Alok Apparels Private Limited* ·
Alok Land Holdings Private Limited* ·
Alok New City Infratex
Private Limited ·
Alok H and A Limited* ·
Alok Realtors Private Limited* ·
Alok International, Inc. ·
Springdale Information and Technologies Private
Limited# ·
Alok International (Middle East) FZE ·
Kesham Developers and Infotech Private Limited # (incorporated on 01 August
2011) ·
Alok Singapore Pte
Limited . (Incorporated on 28 December ·
Alok Worldwide Limited (Incorporated 2011) on
15 July 2013 Grabal Alok
(UK) Limited ·
Mileta, a.s. Grabal Alok
International Limited@ # Liquidation under process Amalgamated with Alok Infrastructure Limited
effective 1 April 2012 @ Entire stake sold to Alok Infrastructure
Limited on 28 March 2012 |
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|
Joint Venture: |
·
Aurangabad Textiles and
Apparel Parks Limited ·
New City Of Bombay Mfg. Mills Limited |
|
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|
|
Other Related
Parties: |
·
AVAN Packaging and Boards ·
Linear Design ·
C. J. Corporation |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,50,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,37,71,15,595 |
Equity Shares |
Rs.10/- each |
Rs.13771.200
Millions |
|
|
|
|
|
Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,37,71,15,595 |
Equity Shares |
Rs.10/- each |
Rs.13771.200
Millions |
|
|
Add: Equity Shares forfeited |
|
Rs.0.100
Million |
|
|
Total |
|
Rs.13771.300 Millions |
(I)
The movement in
subscribed and paid up share capital is set out below :
|
Particulars |
As
at 30-Sep-13 |
|
|
No.
of shares |
|
Equity shares of Rs. 10/- each |
|
|
At the beginning of the period/year |
82,62,69,357 |
|
Add : Shares alloted (Refer a, b and c
below) |
55,08,46,238 |
|
At the end of period/year |
1,37,71,15,595 |
a) During the period, 55,08,46,238 Equity shares of Rs.
10/- each were allotted on Right basis in the ratio of 3:2.
b) During the previous year, 1,60,00,000 Equity shares of Rs. 10/- each at a premium of Rs.
41/- each were alloted on conversion of warrants
issued by Grabal Alok Impex Limited, the amalgamating company. Such warrants were
sold by the original warrant holder to Jiwarajka
Investment Private Limited, a promoter group company, which exercised such
warrants.
c) During the previous year, 2,24,85,000 Equity shares were alloted to the shareholders of Grabal
Alok Impex Limited pursuant
to the Scheme of Amalgamation for consideration other than cash.
d) Of the remaining shares :
i) 7,45,396 equity shares were allotted as
Bonus shares by way of capitalisation of General
Reserve.
ii) 62,550 equity shares being forfeited shares were reissued during
2001.
(ii) Shareholders
holding more than 5 percent shares in the Company
|
Name of the Shareholders |
30.09.2013 |
|
|
|
No of shares Held |
% |
|
Alok Knit Exports Private Limited * |
39,55,39,302 |
28.72 |
|
Niraj Realtors and Shares Private Limited |
- |
- |
|
Caledonia Investment PLC |
- |
- |
|
Caledonia Investment PLC (FDI) |
- |
- |
* Out of 39,55,39,302 shares held by Alok Knit
Export Private Limited, the beneficial owners of 8,44,500 shares are Santosh Jiwrajka (28,500 shares)
and Kiran Jiwrajka ( 28,500
shares) & Belisev Fashion Establishments
(7,87,500 shares)
(iii) The rights, powers and preferences relating to equity share and
the qualifications, limitations and restrictions thereof are contained in the
Memorandum and Articles of Association of the Company. The company has only one
class of equity shares having a par value of Rs. 10/-
per share. The principle rights are as follows:
a) Each holder of equity share is entitled to one vote per share.
b) The company declares and pays dividend in Indian Rupees. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the Annual General Meeting.
c) 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 shareholder.
(iv) Shares reserved for issue under options
(v) The board of directors at its meeting held on 23 November 2013 has
recommended dividend of Rs. 0.30 per share.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
30.09.2013 (18 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
13771.300 |
|
(b) Reserves & Surplus |
|
|
37109.900 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
50881.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
90854.700 |
|
(b) Deferred tax liabilities (Net) |
|
|
6641.400 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
1943.500 |
|
Total Non-current Liabilities (3) |
|
|
99439.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
46407.100 |
|
(b) Trade payables |
|
|
9573.800 |
|
(c) Other current
liabilities |
|
|
38512.500 |
|
(d) Short-term provisions |
|
|
2502.700 |
|
Total Current Liabilities (4) |
|
|
96996.100 |
|
|
|
|
|
|
TOTAL |
|
|
247316.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
91569.000 |
|
(ii) Intangible Assets |
|
|
265.300 |
|
(iii) Capital
work-in-progress |
|
|
5551.300 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
1291.500 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
16373.500 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
115050.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
27.300 |
|
(b) Inventories |
|
|
57264.700 |
|
(c) Trade receivables |
|
|
50259.600 |
|
(d) Cash and cash
equivalents |
|
|
8826.500 |
|
(e) Short-term loans and
advances |
|
|
15037.400 |
|
(f) Other current assets |
|
|
850.800 |
|
Total Current Assets |
|
|
132266.300 |
|
|
|
|
|
|
TOTAL |
|
|
247316.900 |
|
SOURCES OF FUNDS |
|
30.09.2013 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
8262.800 |
7877.900 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Share Warrants |
|
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
|
28292.200 |
23098.000 |
|
|
5] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
36555.000 |
30975.900 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
104455.800 |
87264.000 |
|
|
2] Unsecured Loans |
|
6939.000 |
9271.700 |
|
|
TOTAL BORROWING |
|
111394.800 |
96535.700 |
|
|
DEFERRED TAX LIABILITIES |
|
6267.700 |
5076.600 |
|
|
FOREIGN CURRENCY MONITORY ITEM TRANSLATION DIFFERENCE ACCOUNT |
|
0.000 |
2.200 |
|
|
|
|
|
|
|
|
TOTAL |
|
154217.500 |
132590.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
85520.900 |
74272.100 |
|
|
Capital work-in-progress |
|
9141.600 |
10612.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1797.300 |
1671.800 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
FOREIGN CURRENCY TRANSLATION MONETARY ACCOUNTS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
33799.100
|
20026.200
|
|
|
Sundry Debtors |
|
21521.500
|
17402.000
|
|
|
Cash & Bank Balances |
|
12948.400
|
11412.100
|
|
|
Other Current Assets |
|
1134.000
|
0.000
|
|
|
Loans & Advances |
|
16520.800
|
7275.200
|
|
Total
Current Assets |
|
85923.800
|
57665.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
5064.200
|
6228.400
|
|
|
Other Current Liabilities |
|
20582.000
|
3070.000
|
|
|
Provisions |
|
2519.900
|
782.600
|
|
Total
Current Liabilities |
|
28166.100
|
10081.000
|
|
|
Net Current Assets |
|
57757.700
|
46034.500
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
154217.500 |
132590.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
199177.500 |
89008.600 |
63884.300 |
|
|
|
Other Income |
601.600 |
656.000 |
64.400 |
|
|
|
TOTAL (A) |
199779.100 |
89664.600 |
63948.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials consumed |
139088.700 |
57483.400 |
-- |
|
|
|
Purchase of Traded Goods |
0.000 |
1614.500 |
-- |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(25091.500) |
(15166.600) |
-- |
|
|
|
Employee benefits expenses |
4346.800 |
2672.800 |
-- |
|
|
|
Other expenses |
26584.400 |
16813.000 |
-- |
|
|
|
Purchases of traded goods |
-- |
-- |
3426.200 |
|
|
|
Manufacturing and other expenses |
-- |
-- |
45184.500 |
|
|
|
Increase in Stock of Finished Goods and Process Stocks |
-- |
-- |
(2225.500) |
|
|
|
Exceptional
Items |
4637.400 |
-- |
-- |
|
|
|
TOTAL (B) |
149565.800 |
63417.100 |
46385.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
50213.300 |
26247.500 |
17563.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
22606.600 |
11495.500 |
6543.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27606.700 |
14752.000 |
11019.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13607.700 |
7134.300 |
5187.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13999.000 |
7617.700 |
5831.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4797.400 |
3812.400 |
1788.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9201.600 |
3805.300 |
4043.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13801.600 |
9216.100 |
1809.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer from/to Debenture Redemption Reserves |
(768.600) |
(519.000) |
(3843.000) |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
250.000 |
|
|
|
Proposed Dividend – Equity Shares |
413.200 |
247.900 |
196.900 |
|
|
|
Corporate Dividend Tax thereon |
NA |
NA |
32.700 |
|
|
|
Dividend Tax thereon |
70.200 |
40.200 |
-- |
|
|
|
Excess / (Short) Provision of Dividend and Tax thereon of previous
year |
0.000 |
(0.800) |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
23288.400 |
13801.600 |
9216.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
46677.400 |
27679.800 |
20323.400 |
|
|
|
Interest Received on Fixed Deposits |
0.000 |
1.800 |
0.600 |
|
|
TOTAL EARNINGS |
46677.400 |
27681.600 |
20324.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2681.900 |
7499.500 |
3993.300 |
|
|
|
Stores & Spares |
389.700 |
683.300 |
473.100 |
|
|
|
Capital Goods |
13286.700 |
12815.800 |
9395.500 |
|
|
|
Packing Materials Purchased |
109.200 |
68.900 |
71.500 |
|
|
TOTAL IMPORTS |
16467.500 |
21067.500 |
13933.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.43 |
4.69 |
5.13 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2013 (18 Months) |
31.03.2012 (12 Months) |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.61
|
4.24
|
6.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.03
|
8.56
|
9.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.82
|
8.87
|
4.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.21
|
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.70
|
3.05
|
3.12
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
3.05
|
5.56
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
63884.300 |
89008.600 |
199177.500 |
|
|
|
39.328 |
123.773 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
63884.300 |
89008.600 |
199177.500 |
|
Profit |
4043.600 |
3805.300 |
9201.600 |
|
|
6.33% |
4.28% |
4.62% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As
on 30.09.2013 (18
Months) |
As
on 31.03.2012 (12
Months) |
|
LONG TERM
BORROWINGS |
|
|
|
Foreign currency loans From banks |
751.200 |
866.200 |
|
SHORT TERM
BORROWINGS |
|
|
|
Cash Credit accounts, working capital demand 4loan etc. From Banks (Includes Rs. 290.800
Millions (Previous year Rs. 135.500 Millions) loan
in foreign currency) |
855.500 |
1575.300 |
|
Inter Corporate deposit |
0.000 |
117.500 |
|
Commercial Paper |
0.000 |
4380.000 |
|
Deposit from Public |
9.400 |
0.000 |
|
Total |
1616.100 |
6939.000 |
PERFORMANCE
The current period being the 18 months from April 2012 to September 2013
is not comparable to the financials of the previous year.
For the 18 month period ended September 30, 2013 the Company recorded
sales of Rs. 199177.500 Millions. The exports of the
Company for the year (including incentives) stood at Rs.
51089.100 Millions. The profit before tax was at Rs.
13999.000 Millions.
All the divisions of the company recorded growth with the Apparel
fabrics division recording the highest growth.
AWARDS AND RECOGNITION
During the year, the Company has won the maximum number of awards from
the Cotton Textile Exports Council of India (TEXPROCIL) in the following
categories:
1. Gold Trophy for the Highest Exports of Bleached/ Dyed/Yarn Dyed/Printed
Fabrics in the Category III
2. Gold Trophy for the Highest Exports of Bed Linen/Bed Sheets/Quilts in
Made-ups under the Category III
3. Silver Trophy for the Second Highest Global Exports (Overall)
4. Gold Trophy (Small) for the Highest Exports of Other Fabrics
including Embroidered Fabrics, Laces in the Category II
5. Silver Trophy (Small) for the Second Highest Exports of Terry Towels
in Made-ups under the Category II
6. Gold Plaque for the Highest Exports of Other Cotton Made-ups in the
Category I
MANAGEMENT
DISCUSSION AND ANALYSIS
Economic Overview
World
In 2012-13, global growth remained in low gear. The drivers of economic
activity are changing and downside risks persist. China and a growing number of
emerging market economies are coming off cyclical peaks. Their growth rates are
projected to remain much above those of the advanced economies but below the
elevated levels seen in recent years, for both cyclical and structural reasons.
Growth in global output reduced from 3.9% in Calendar Year (CY) 2011 to
3.2% in CY 2012 and is projected to reduce to 2.9% in CY 2013. Advanced
Economies (AEs) saw output growth reducing steadily
from 1.7% in CY 2011 to 1.5% in CY 2012 and is projected to reduce to 1.2% in
CY 2013. Growth in emerging markets, especially
China and India, has slowed down considerably from 6.2% in CY 2011 to
4.9% in CY 2012 and is projected to be 4.2% in CY 2013 as shown in Chart A.
The United States has seen several quarters of solid private demand.
Although public sector demand has been pushing in the opposite direction, this
counterforce will diminish in 2014, setting the stage for higher growth.
Japan’s economy is enjoying a vigorous rebound but is expected to taper in 2014
as fiscal policy tightens. The euro area is crawling out of recession, but
activity is forecast to stay tepid. In these three advanced economies, much
slack remains and inflation pressure is expected to stay subdued.
These changing growth dynamics raise new policy challenges, and policy
spill-overs may pose greater concern. Two recent
developments will likely shape the path of the global economy in the near term.
First, markets are increasingly convinced that U.S. monetary policy is reaching
a turning point. Talk by the Federal Reserve about tapering its quantitative
easing measures led to an unexpectedly large increase in long-term yields in
the United States and many other economies, much of which has not been reversed
despite a subsequent decision by the Federal Reserve to maintain the amount of asset
purchases and policy actions in other countries. Second, there is strengthening
conviction that China will grow more slowly over the medium term than in the
recent past.
What these developments have done is increased import growth of advanced
countries. Correspondingly, the exports of emerging economies that supported
these imports have reduced significantly as well. Consequently, there is
greater stress on domestic markets and severe competition in global markets as
shown in Chart B.
The demand slowdown has reduced non-oil commodity prices. Chart C shows
that non-oil commodity inflation is actually been negative – from 26.3% in CY
2011 to -9.9% in CY 2012. And, geo-political instability and speculative
activities have contributed to oil prices continuing to remain at the existing
high levels with just around 1% increase in CY 2012. In this milieu, consumer
price inflation continued to remain at past levels. In the advanced economies,
consumer prices inflation was 2.0% in CY 2012 against 2.7% in CY 2011 and in
emerging and developing economies consumer price inflation reduced somewhat but
still at high absolute levels of 6.1% in CY 2012 against 7.1% in CY 2011 as
shown in Chart C.
This environment of low economic activity with high price levels
continued to be a significant dampener for consumer confidence across the
world.
India
The domestic economy continued to witness slowdown in 2013 with GDP
growth hitting a low of 5% - the lowest in the last decade. All three sectors
of the economy – agriculture, industry and services – slowed down.
The slowdown facing the Indian economy extended into 2013-14 with growth
in Q1 falling to a 17- quarter low. The growth slowdown was broad-based
reflecting moderation in the services and agriculture sectors, and contraction
in the industrial sector as shown in Chart D. Modest improvement in growth is
likely in H2 of 2013-14
on the back of a good monsoon and some improvements in industrial
growth. A fuller recovery is likely to start taking shape towards the end of
the fiscal year when current steps to clear the logjams constraining economic
activity seep through the various inter-sectorial
linkages in the economy.
During Q1 and Q2, 2013-14, driven by very adverse current account
deficits, India witnessed a major fall in its currency with respect to
international currencies. Chart E shows the rapid devaluation of rupee against
the US dollar from May 2013.
RBI has pointed towards rising inflation pressures from a depreciating
currency. Notably, CPI inflation is already at 9.6% in July 2013. With a 17%
depreciation of the rupee since 22 May 2013, one expects WPI inflation to
average at least 6.0% in remaining part of the fiscal year.
Since mid-July 2013, exceptional measures were put in place by the
Reserve Bank to maintain liquidity conditions
such that volatility in the forex market is
contained. The policy rate was effectively recalibrated to the MSF rate,
leading to the hardening of money market rates. However, to facilitate adequate
credit to productive sectors, significant primary liquidity injection was
provided via LAF, MSF, OMOs and standing facilities.
A modest improvement in growth is anticipated in H2 of 2013-14. Both WPI
and CPI inflation may stay range bound around the current levels that remain above
comfort levels. Various surveys, including those by the Reserve Bank show that
business confidence remains weak, while inflation expectations have risen
again. In this environment, monetary and fiscal policies will have to be
crafted so as to allow structural policy measures and ground-level actions to
shape a sustainable recovery by next year.
Textiles, Clothing
and Fibre Industry
Global Scenario
The global Textile and Apparel (T&A) trade scenario remained a little
subdued in 2012 as overall textile and apparel trade declined in 2012 by -4%,
due to downturn in EU and US. However, there was a recovery in early 2013
driven by increasing demand in US and this recovery is expected to be sustained
in the near future. Despite the decline in 2012, the overall trade has grown at
a CAGR of
6% since 2005 and is expected to sustain this growth rate in the next 5
years and reach US$ 920 bn by 2017 as shown in Chart
F.
Indian Textile and
Apparel Market Overview
The global slowdown had much less impact on the Indian domestic market
for textile and apparel, even though the export market was negatively impacted.
India’s total textile and apparel industry grew at a rate of 4% to reach ~US$
95 bn (Rs. 50121.500
Millions) in 2012. The lower growth was primarily due to decline in exports in
2012 by 2% compared to 2011. However, the domestic textile and apparel market
sustained growth momentum and managed to grow by 7.8% in 2012. The overall
textile and apparel market is expected to grow at a higher Compounded Annual
Growth Rate (CAGR) of 8.7% from 2012 to 2020 due to the recovery of export
market and the continued growth of domestic market as shown in Chart J.
Business
Performance
Alok Industries (‘Alok’
or ‘the Company’) core business is textiles with offerings across the entire
value chain of cotton and polyester. The strength of the Company’s business is
its integrated vertically textiles operations and ability to produce value
added products. The principal manufacturing facilities are based in India (Silvassa, Vapi, Navi Mumbai and Bhiwandi). Utilising this cost competitive integrated production base,
the Company caters to markets in India and across the world. The stand- alone
financial result, which is the major part of the Company’s
consolidated results, reflects the performance of the Company’s textiles
operations from India.
The Company has also invested into some other businesses in India and
overseas. This includes textile operations in a Czech Republic based integrated
textiles player called Mileta and in retail business
in India and in
the United Kingdom (UK). In India, it’s retail operations are carried on
through Cash and Carry model under the store brand ‘H&A” through its
subsidiaries, while it operates the ‘Store Twenty One’ outlets through its
subsidiary Grabal Alok (UK)
Limited.
As an opportunistic financial investment, the Company has also entered
the real estate business through its real estate subsidiary Alok
Infrastructure Limited.
The Company has identified the retail as well as real estate as its
non-core business and has initiated steps to exit these businesses. The Company
is now completely focussed on utilising
its vertically integrated textile capabilities across the cotton and polyester
value chain to service opportunities in India and abroad.
Financial
Performance (Stand Alone)
Given that 2012-13 is an 18 month financial year and 2011-12 was a 12
month financial period, the growth rates
cannot be established between the two years. However, one can analyse the different ratios. Table 1 gives the summarised profit and loss statement of the Company in
2011-12 compared to the previous year.
Textiles Business:
Operations Review
Overview
With a principal focus on deleveraging the
balance sheet, the Company has emphasised on greater
return on capital and better cash utilisation of its
core textiles business.
The Company has integrated business operations for both of its
verticals: cotton and polyester as shown in Chart Q. Its key competitive
advantage is presence across the entire textiles and apparel value chain right
from sourcing the fibre to yarn production, fabric
production through knitting and weaving to garmenting, sheeting and terry
towels.
The integration allows the Company to optimise
decisions of in-house and external sales and purchase at every stage to optimise business returns depending on market conditions.
It is this flexibility that provides the Company
with a strong competitive edge in the market.
Business Divisions
Cotton and Cotton
Yarn
Alok’s spinning facility mainly caters to the
captive requirement of the company in its, weaving, knitting and terry
division. From time to time, the Company sells its manufactured cotton yarn and
trads in cotton / cotton yarn based on the
opportunities available in the market. The reported divisional sales data only
accounts for external
sales of raw cotton and yarn. The Company also out sourced cotton yarn
from outside to meet its total cotton yarn requirement.
Overview of Cotton
Spinning Division
• Alok has largest spinning facility in India
at a single location (Silvassa); with capacity of
411,840 ring spindles (60,000 tons) and 5,680 open end rotors (20,000 tons) to
support in-house apparel fabric and home textiles segments
• 85%-90% of the cotton yarn manufactured is utilized for captive
consumption by the apparel fabric (woven and knit
fabrics) and home textile (Bed Sheets and Towels) divisions
• External Sales by cotton Spinning business constituted about 1.30% of
total revenue of the company for the 18
months period ended September 30, 2013
• Procurement of raw cotton at right price and during harvest remains crucial.
Looking at the volatility in the prices of cotton in the recent past, the
company tries to maintain an inventory holding to the extent of 3-4 months
requirement matching its average sales order book which is also 3-4 months for
apparel fabrics, home textiles and garments. Thus, it has in-built risk
mitigation for cotton price fluctuation. Further, due to its integrated
operations cotton constitutes about 27% – 28% of its fabric selling price and
thus has limited impact on the overall operations
Apparel Fabric
Alok’s strength in the Apparel fabric business
stems from the fact that it has a wide range of products, both in wovens and knits. In this space, the key differentiators
for Alok are its large product offerings, state of
the art manufacturing facilities, end to end integration, designing and product
development capabilities. Alok also outsources fabric from power looms and other mills, based
on the opportunities available in the market and to meet its requirement.
Alok’s fabric division continued to make the most
of the opportunities in India and overseas in fabrics and recorded good growth
all round. It continues to be the highest revenue generator for the company
with 59.9% share in the total sales of the company. Both woven and knitted fabric
recorded growth and woven maintained its dominant position with 96.3% share in
the total apparel fabric division sales.
Overview of
Apparel Fabric Division
• Alok has one of the largest woven and
knitted fabrics capacities in the country – 186 million meters p.a. for woven
fabrics and 25000 tons p.a. for knitted fabrics
• Key business segment for the company contributing 60% of total revenue
for the 18 months period ended September 30, 2013 with revenue of 119375.100
Millions
• Integrated operations, large scale, state of the art weaving ,
knitting and processing, in-house designing and product
development team, wide range of products, differentiates the company in
this segment
• The company manufactures finished fabric primarily against orders which
helps mitigate the risk of unsold inventory, while the pricing takes into
account prevailing market price of raw material and foreign currency rate for
exports
• Strong backward integration by way of in-house cotton and blended yarn
production helps minimize the impact of any adverse fluctuations in yarn prices
• The apparel fabric division has a highly diversified and reputed
customer base which includes garment exporters, garment brands, wholesalers,
traders and retailers in domestic market, garment companies in international
market and institutional sales to armed forces, government companies and corporates for work wear and technical textiles both in
domestic and international markets
• Company has identified technical textile products and high-end yarn
dyed fabric as its major growth areas
Fashion-wear:
Alok produces a wide range of fashion fabrics
both in knits and wovens. Variety in woven fabrics
include twills, voiles, cambrics, poplins, Lycra poplins
gabardines, jacquard, satins, matte, canvases, dobby, lawn, yarn dyed and many
more. The products are distributed through different channels each of which is
specific to a certain customer group. The end customers include Indian
exporters, converters in international countries, domestic garment
manufacturers, retailers, traders and institutions.
Yarn-Dyed Fabric:
This is a sub-segment within fashionwear,
which includes fabric used for fashionable shirting and high end women’s wear.
The products are of high quality and command premium prices in the market. In
this segment, Alok has derived benefit of its
acquisition of Mileta by getting the technology for
manufacturing premium yarn dyed fabric. The company has a capacity to produce
9000 tpa of dyed yarn which is being further
expanded.
Technical
Textiles:
These are speciality fabrics that have special
functionality and are used in industrial, aerospace, military, marine, medical,
construction, transportation and high technology applications. Some examples of
these fabrics are fire retardant fabric, water repellent and soil release
fabric and high visibility fabric. These products have higher unit selling
price on account of their specialised
Home Textiles
In Home Textiles, Alok offers wide range of
products in bed linen from 180 TCs to 1000 TCs and includes sheet sets, duvets, comforters, blankets,
quilts and bed-in-a-bag in prints, solids, embroidery, sateens,
flannel, jacquards, dobbies, yarn-dyed etc. Alok also manufactures curtains and terry towels. This
division export oriented and its clientele include major global retailers and
brands.
Alok has won several awards for highest export
of bed linen and home textiles from India.
Overview of Home
Textiles Division
• Alok’s capacity in this segment is 150
million meters p.a. for wider width fabric and 13,400 tons p.a. for terry
towels
• It has emerged as the largest producer and exporter of bed linen in
the country and has won several Gold trophies from Texprocil,
Ministry of Textiles, Government of India
• With total sales of 25944.200 Millions for the 18 months period ended
September 30, 2013, home textiles division
accounts for 13% of overall revenues
• Integrated operations with spinning / processing capabilities enables better
control over product quality and give
better margins
• Presence in the relatively high end home textiles (300 to 800 counts
product category) enable higher price
realisation and helps mitigate competition from other
low cost manufacturing countries and domestic companies
• In home textile segment, Alok is mainly
present in the exports markets (~99% exports) where it faces competition from
Chinese, Pakistani and Turkish manufacturers
• Established and reputed multinational clientele results in strong
customer profile; periodic pricing resets to protect margins in case of
increase in input costs / foreign exchange fluctuations
Garments
Alok produces wide range of knitted and woven
garments for ladies, gents and children for different application such as
sportswear, active wear, casual wear and sleepwear. Based on the application,
the garments made from
different types of fabrics like solid, mélange, yarn dyed, auto stripes,
jacquards, embroidered and variety of prints. The Company is also focusing on
institutional sales for garments. This includes product lines like work-wear
and uniforms.
The garment recorded asales of Rs. 2818.300 Millions for the 18 month period ended
September 30, 2013, which was about 1.4% of the total sales of the company. The
division is mainly focused on exports which stood at 76% of the division sales.
Overview of
Garments Division
• Company has an installed capacity of 22 million pieces spread over
three locations
• Garment division accounted for 1.4% of total sales, almost 76% of
which is exported
• Going forward higher focus on institutional segment
Polyester Yarn
Polyester Yarn divisions is an important segment in the overall business
of Alok. In Polyester too, Alok
is an integrated player where it uses Purified Terephthalic
Acid (PTA) and Mono Ethylene Glycol (MEG) and through Continuous Polymerization
(CP) route, converts the same into Partially Oriented Yarn (POY) / Chips. It
also does further processing and converts the POY into Draw Texturised
Yarn (DTY) besides Fully Drawn Yarn (FDY), Cationic Yarn and Polyester Staple Fibre (PSF).
Alok’s USP in this segment is its focus on
manufacturing wide range of finished products. It is consolidating its position
for manufacturing value added products like Master Batch, Specialised
Yarn, etc. It is also focusing on developing diversified overseas market for
its polyester yarn.
The division recorded sales of Rs. 48420.300
Millions for the 18 month period ended September 30, 2013, which was about
24.31% of the total sales of the company. Exports constituted about 24% of the
division’s sales. The major
export destinations are Latin America, Eastern Europe, Africa, South
East Countries, China and Asia.
Overview of
Polyester Division
• Polyester Yarn division is the second highest revenue generating
segment for Alok after Apparel Fabric division,
with sales of 48420.300 Millions for the 18 months period ended
September 30, 2013, which is 24% of total company’s revenue
• Demand scenario on long term basis are likely to be good due to
increasing substitution of natural fibres
• Competition from Chinese manufacturers, large Indian peers and unorganised domestic texturisers;
however Alok’s large scale integrated operations and
focus on finished products make it a sustainable player
• Relatively moderate EBDITA margins due to commodity nature of
business; volatility in raw material (MEG and PTA) prices may affect
profitability margins if not passed through adequately
• The integrated polyester business commands better ROCE as compared to
integrated cotton business due to
higher asset turnover and lower working capital intensity
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10455950 |
11/10/2013 |
1,723,800,000.00 |
Bank of India |
Mumbai Large Corporate branch, Oriental Bldg, Ground floor, 364, D. N.
Rd, Fort, Mumbai, Maharashtra - 400001, INDIA |
B87914123 |
|
2 |
10457286 |
30/09/2013 |
1,000,000,000.00 |
Andhra Bank |
Nanavathi Mahalaya, 18, Homi Modi Street, Fort, Mumbai,
Maharashtra - 400023, INDIA |
B88412036 |
|
3 |
10455870 |
21/09/2013 |
2,000,000,000.00 |
Life Insurance Corporation of India |
Central Office, Yogakshema, Jeevan Bima Marg,
Mumbai, Maharashtra - 400021, INDIA |
B87753828 |
|
4 |
10449623 |
21/09/2013 |
1,000,000,000.00 |
State Bank of Mysore |
Corporate Accounts Branch, 224, Mittal
Court, C |
B85238087 |
|
5 |
10449310 |
19/09/2013 |
3,000,000,000.00 |
IFCI LIMITED |
IFCI Tower, Nehru Place, New Delhi, Delhi - 110019, INDIA |
B85118867 |
|
6 |
10450352 |
16/09/2013 |
2,000,000,000.00 |
United Bank of India |
United Bank of India Building, 2nd Floor, 25, Sir P.M. Road, Fort,
Mumbai, Maharashtra - 400001, INDIA |
B85491447 |
|
7 |
10449230 |
07/09/2013 |
3,000,000,000.00 |
Bank of India |
Mumbai Large Corporate Branch, Oriental Building, Ground Floor,364,
D.N. Road, Fort,, Mumbai, Mahar |
B85075364 |
|
8 |
10448663 |
22/08/2013 |
1,150,000,000.00 |
Bank of Maharashtra |
Industrial Finance Branch, Apeejay House,
130, B.S. Marg, Fort, Mumbai, Maharashtra
- 400001, INDIA |
B84788736 |
|
9 |
10444033 |
20/08/2013 |
1,025,000,000.00 |
Indian Overseas Bank |
Large Corporate Branch, Plot No.31, G Block, 7th |
B82560798 |
|
10 |
10444035 |
20/08/2013 |
300,000,000.00 |
Indian Overseas Bank |
Large Corporate Branch, Plot No.31, G Block, 7th Floor, Naman Corporate Link, BKC, Bandra
(E), Mumbai, Maharashtra - 400051, INDIA |
B82561242 |
|
11 |
10446718 |
27/07/2013 |
1,000,000,000.00 |
Axis Bank Limited |
Axis House C-2, Wadia International Centre, Pand |
B83845743 |
|
12 |
10442190 |
26/07/2013 |
500,000,000.00 |
State Bank of Bikaner and Jaipur |
Commercial Network Branch,, 239, P D'Mello
Road, |
B81765802 |
|
13 |
10439537 |
15/07/2013 |
640,400,000.00 |
Oriental Bank of Commerce |
Large Corporate Branch, 181-A, Maker Tower 'E', |
B80630445 |
|
14 |
10439539 |
15/07/2013 |
2,000,000,000.00 |
Oriental Bank of Commerce |
Large Corporate Branch, 181-A, Maker Tower 'E', |
B80631591 |
|
15 |
10441474 |
12/07/2013 |
1,793,800,000.00 |
Bank of Baroda |
Corporate Financial Services Branch, 1st Floor, |
B81199101 |
|
16 |
10438134 |
03/09/2013 * |
5,000,000,000.00 |
Central Bank of India |
Corporate Finance Branch, MMO Building, 1st Floor, Fort, M.G. Road, Mumbai,
Maharashtra - 400023, |
B86889938 |
|
17 |
10438328 |
03/09/2013 * |
750,000,000.00 |
UCO Bank |
Flagship Corporate Branch, 1st Floor, Mafatlal
C |
B86766664 |
|
18 |
10438383 |
03/09/2013 * |
726,400,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound, Pandurang Budhkar
Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B86762226 |
|
19 |
10438386 |
03/09/2013 * |
1,076,100,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound, Pandurang Budhkar
Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B86761939 |
|
20 |
10432282 |
08/06/2013 |
2,200,000,000.00 |
ING VYSYA BANK LIMITED |
C-12, G BLOCK, BANDRA KURLA COMPLEX,BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA |
B77591923 |
|
21 |
10435716 |
28/05/2013 |
360,000,000.00 |
Axis Bank Limited |
209, Atlanta, Ground Floor, Nariman Point,
Mumbai, Maharashtra - 400021, INDIA |
B79139309 |
|
22 |
10431882 |
09/05/2013 |
107,500,000.00 |
Export-Import Bank of India |
Export-Import Bank of India, Floor 21, Centre One |
B77430197 |
|
23 |
10425056 |
02/05/2013 |
75,000,000.00 |
Dombivli Nagari Sahakari Bank Limited |
5/8, Sambhava Chambers, P. M. Road, Fort,
Mumbai, Maharashtra - 400001, INDIA |
B74916644 |
|
24 |
10423960 |
04/04/2013 |
2,050,000,000.00 |
Andhra Bank |
18, Homi Modi
Street, Nanavathi Mahalaya,
Fort, Mumbai, Maharashtra - 400001, INDIA |
B74505330 |
|
25 |
10423306 |
04/04/2013 |
4,000,000,000.00 |
State Bank of Hyderabad |
Corporate Finance Branch, MMO Building, 1st Floor, Fort, M.G. Road, Mumbai,
Maharashtra - 400023, |
B74252248 |
|
26 |
10425298 |
30/03/2013 |
25,651,940.00 |
DOMBIVLI NAGARI SAHAKARI BANK LIMITED |
KESHAV SMRUTI, MANPADA ROAD, DOMBIVLI EAST, THANE, Maharashtra
- 421201, INDIA |
B74989336 |
|
27 |
10425059 |
03/09/2013 * |
4,000,000,000.00 |
Canara Bank |
PCB- Connaught Place, II, 2nd Floor, World
Trade Tower, Barkhamba Lane, New Delhi, Delhi -
110001, INDIA |
B86773363 |
|
28 |
10427710 |
28/03/2013 |
1,200,000,000.00 |
Axis Bank Limited |
Axis House C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - |
B75815928 |
|
29 |
10417898 |
03/09/2013 * |
6,000,000,000.00 |
State Bank of India |
Backbay Reclamation Branch, Raheja
Chambers, Free Press Journal Marg, Nariman Point, Mumbai, Maharashtra
- 400021, INDIA |
B86995362 |
|
30 |
10419172 |
03/09/2013 * |
1,000,000,000.00 |
IDBI Bank Limited |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra
- 400005, INDIA |
B85905933 |
|
31 |
10416733 |
22/03/2013 |
768,800,000.00 |
Corporation Bank |
Bharat House, No.104, Ground Floor, M. S. Marg,, |
B72285356 |
|
32 |
10422824 |
21/03/2013 |
1,409,400,000.00 |
Canara Bank |
Prime Corporate Branch II, 2nd Floor, World Trade Tower, Barkhamba Lane, New Delhi, Delhi - 110001, INDIA |
B74088329 |
|
33 |
10412725 |
13/03/2013 |
1,000,000,000.00 |
State Bank of Mysore |
'C' Wing, Mittal Court, 224-Nariman Point,
Mumbai, Maharashtra - 400021, INDIA |
B71103667 |
|
34 |
10412731 |
13/03/2013 |
376,300,000.00 |
State Bank of Mysore |
'C' Wing, Mittal Court, 224-Nariman Point,
Mumbai, Maharashtra - 400021, INDIA |
B71105274 |
|
35 |
10413725 |
11/03/2013 |
627,200,000.00 |
State Bank of Bikaner and Jaipur |
Commercial Network Branch, 239, P. D' Mello Road, |
B71421598 |
|
36 |
10414533 |
04/03/2013 |
1,742,500,000.00 |
State Bank of Patiala |
Commercial Branch, Atlanta, 1st floor, Nariman
Point, Mumbai, Maharashtra - 400021, INDIA |
B71712269 |
|
37 |
10417725 |
02/03/2013 |
215,000,000.00 |
DENA BANK |
Corporate Business Branch,, C-10, G Block, Bandra |
B72603434 |
|
38 |
10410777 |
01/03/2013 |
482,500,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra
- 400005, INDIA |
B70431465 |
|
39 |
10410783 |
22/02/2013 |
1,025,000,000.00 |
Indian Bank |
No.1, Sane Guruji Premises, 386, Veer Savarkar Mg, Opp. Siddhivinayak Temple, Prabhadevi,
Mumbai, |
B70432463 |
|
40 |
10406764 |
12/02/2013 |
2,562,500,000.00 |
State Bank of Travancore |
112-115, Tulsani Chambers, West Wing, 212, Nariman Point, Mumbai, Maharashtra
- 400021, INDIA |
B69088045 |
|
41 |
10406574 |
05/02/2013 |
1,500,000,000.00 |
Indian Bank |
No.1, Sane Guruji Premises, 386, V. S. Marg, Opp. Siddhivinayak
Temple, Prabhadevi, Mumbai, Maharashtra
- 400025, INDIA |
B69019412 |
|
42 |
10400315 |
24/01/2013 |
500,000,000.00 |
Small Industries Development Bank of India |
11-13, Atlanta Building,1st Floor, 209, V K Shah |
B67026906 |
|
43 |
10402532 |
24/01/2013 |
640,600,000.00 |
United Bank of India |
United Bank of India Building, 2nd Floor, 25, Sir. P. M. Road, Fort,
Mumbai, Maharashtra - 400001, INDIA |
B67917666 |
|
44 |
10410780 |
24/01/2013 |
191,500,000.00 |
Bank of Maharashtra |
Industrial Finance Branch, Dr. V B Gandhi Marg, |
B70431804 |
|
45 |
10394884 |
27/12/2012 |
3,000,000,000.00 |
State Bank of India |
Backbay Reclamation Branch, Raheja
Chambers, Free Press Journal Marg, Nariman Point, Mumbai, Maharashtra
- 400021, INDIA |
B65132334 |
|
46 |
10391093 |
03/09/2013 * |
2,000,000,000.00 |
Union Bank of India |
Industrial Finance Branch, 66/80, Mumbai Samachar |
B86683752 |
|
47 |
10391477 |
27/11/2012 |
530,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra
- 400005, INDIA |
B63933030 |
|
48 |
10389295 |
23/11/2012 |
242,500,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR,SHOP NO. G1 TO G5,, I FLOOR,SHOP NO.1001
TO 1007,BARAKHAMBA ROAD,, NEW DELHI, Delhi - 110001, INDIA |
B63090666 |
|
49 |
10387099 |
17/11/2012 |
980,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra -
416001, INDIA |
B62243878 |
|
50 |
10388961 |
12/11/2012 |
13,243,000,000.00 |
State Bank of India |
Backbay Reclamation Branch, Raheja
Chambers, Free Press Journal Marg, Nariman Point, Mumbai, Maharashtra
- 400021, INDIA |
B62946959 |
* Date of charge modification
STATEMENT OF STANDALONE RESULTS FOR THE QUARTER ENDED 31 MARCH 2014
|
|
|
Quarter Ended |
Period Ended |
|
|
|
PARTICULARS |
31.03.2014 [3 Months] (Reviewed) |
31.12.2013 (See note 4 below) [3 Months] (Reviewed) |
31.03.2014 [6 Months] (Reviewed |
|
1 |
Income from Operations |
|
|
|
|
|
Net Sales / Income from operations |
38897.800 |
37002.400 |
75900.200 |
|
|
(Net of excise duty) |
|
|
|
|
|
Total Income from Operations (net) |
38897.800 |
37002.400 |
75900.200 |
|
2 |
Expenses |
|
|
|
|
|
a Cost
of material consumed |
21908.300 |
31051.700 |
52960.000 |
|
|
b Changes
in inventories of finished goods, work-in-progress and stock-in-trade |
4408.100 |
(7944.600) |
(3536.500) |
|
|
c Employees
benefit expenses |
774.600 |
744.800 |
1519.400 |
|
|
d Depreciation
and Amortisation expense |
2350.800 |
2492.100 |
4842.900 |
|
|
e Other
expenditure |
3822.700 |
5202.500 |
9025.200 |
|
|
Total Expenses |
33264.500 |
31546.500 |
64811.000 |
|
3 |
Profit from operations before other
income, finance costs and exceptional items |
5633.300 |
5455.900 |
11089.200 |
|
4 |
Other Income |
260.000 |
189.400 |
449.400 |
|
5 |
Profit from ordinary activities before
finance costs and exceptional items |
5893.300 |
5645.300 |
11538.600 |
|
6 |
Finance Costs |
4581.700 |
4422.300 |
9004.000 |
|
7 |
Profit from ordinary activities after finance
costs but before exceptional items |
1311.600 |
1223.000 |
2534.600 |
|
8 |
Exceptional Items (Refer note no. 2) |
(656.900) |
(266.100) |
(923.000) |
|
9 |
Profit from ordinary activities before
tax |
1968.500 |
1489.100 |
3457.600 |
|
10 |
Tax expenses |
662.000 |
506.200 |
1168.200 |
|
11 |
Net Profit |
1306.500 |
982.900 |
2289.400 |
|
12 |
Paid up Equity Share Capital (Face Value
Rs.10/- per equity share) |
13771.300 |
13771.300 |
13771.300 |
|
13 |
Reserves excluding revaluation reserves
(As per Balance sheet of previous accounting year) |
|
|
|
|
14 |
Earnings per share (Rs.) : |
|
|
|
|
|
Basic |
0.95 * |
0.71 * |
1.66 * |
|
|
Diluted |
0.95 * |
0.71 * |
1.66 * |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
84,31,22,015 |
84,47,78,240 |
84,31,22,015 |
|
|
-Percentage of shareholding |
61.22% |
61.34% |
61.22% |
|
2 |
Promoters and Promoter Group Share
Holding |
|
|
|
|
|
a) |
|
|
|
|
|
|
53,11,05,441 |
52,67,84,441 |
53,11,05,441 |
|
|
|
99.46% |
98.96% |
99.46% |
|
|
Company) |
38.57% |
38.25% |
38.57% |
|
|
b) |
|
|
|
|
|
|
28,88,139 |
55,52,914 |
28,88,139 |
|
|
|
0.54% |
1.04% |
0.54% |
|
|
Company) |
0.21% |
0.41% |
0.21% |
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
|
Received during the quarter |
56 |
|
|
|
|
Disposed off during the quarter |
51 |
|
|
|
|
Remaining unresolved at the end of the
quarter |
5 |
|
|
STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
AS AT |
|
|
31.03.2014 |
||
|
I |
EQUITY AND LIABILITIES |
|
|
|
Shareholders' Funds |
|
|
|
Share
Capital |
1,3771.300 |
|
|
Reserves
and Surplus |
39399.300 |
|
|
Sub Total - Share holders' Funds |
53170.600 |
|
|
Non-current Liabilities |
|
|
|
Long-term
Borrowings |
84310.800 |
|
|
Deferred
Tax liabilities (net) |
7777.900 |
|
|
Long-term
provisions |
1272.100 |
|
|
Sub Total - Non Current Liabilities |
93360.800 |
|
|
Current Liabilities |
|
|
|
Short-term
Borrowings |
49017.200 |
|
|
Trade
payables |
11359.300 |
|
|
Other
current liabilities |
44326.0 |
|
|
Short-term
provisions |
2061.900 |
|
|
Sub Total - current liabilities |
106764.400 |
|
|
|
|
|
|
TOTAL - EQUITY AND LIABILITIES |
253295.800 |
|
II |
ASSETS |
|
|
|
Non-current Assets |
|
|
|
Fixed assets |
|
|
|
Tangible
assets |
91310.600 |
|
|
Intangible assets |
225.000 |
|
|
Capital work-in-progress |
1537.300 |
|
|
Non-current Investments |
1291.500 |
|
|
Long-term Loans & Advances |
15490.200 |
|
|
Sub Total - Non current assets |
109854.600 |
|
|
Current Assets |
|
|
|
Current
Investments |
27.700 |
|
|
Inventories |
60251.300 |
|
|
Trade
receivables |
64110.900 |
|
|
Cash
& Bank Balances |
2333.700 |
|
|
Short-term
Loans & Advances |
15665.600 |
|
|
Other
current assets |
1052.000 |
|
|
Sub Total - Current Assets |
143441.200 |
|
|
|
|
|
|
TOTAL ASSETS |
253295.800 |
Notes
1. Considering the high level of international
operations and present internal financial reporting, the Company has identified
geographical segment as its primary segment and business segment as its
secondary segment. The company is operating in a single business segment i.e.
Textile and as such all business activities revolve around the segment. The
geographical segment consists of domestic sales and export sales. Revenue
directly attributable to segments is accordingly reported. Since the
resources/services/assets are used interchangeably within these segments, it is
not practical to allocate segment expenses, assets (except debtors) or
liabilities contracted, to these segments. Accordingly, no disclosure relating
to the same is made.
|
PARTICULARS |
Quarter Ended |
Period Ended |
|
|
31.03.2014 [3 Months] (Reviewed) |
31.12.2013 (See note 4 below) [3 Months] (Reviewed) |
31.03.2014 [6 Months] (Reviewed) |
|
|
Segment Revenue |
|
|
|
|
Domestic |
31466.400 |
27140.700 |
58607.100 |
|
International |
7431.400 |
9861.700 |
17293.100 |
|
|
38897.800 |
37002.400 |
75900.200 |
|
sundry debtors |
|
|
|
|
Domestic |
61947.300 |
46590.200 |
61947.300 |
|
International |
2163.600 |
2605.800 |
2163.600 |
|
|
64110.900 |
49196.000 |
64110.900 |
2.
Exceptional
items include :
a)
Exchange loss/ (gain) arising out of a)
restatement of foreign currency liabilities/ assets and b) Mark to market (MTM)
losses on foreign exchange derivatives taken by the Company, considering the
volatility in the Indian Rupee (INR) against US Dollar (USD) of Rs. (656.900) Millions for the quarter [Rs.
(266.100) crore for the preceding quarter, Rs. (923.000) Millions for Six months ended 31 March 2014
and Rs. 3173.900 crore for
period ended 30 September 2013, Rs. (742.300) Millions
for corresponding quarter in previous period and Rs.
(699.400) Millions for Twelve months ended 31 March 2013 in previous period].
b)
Provision for
diminution in the value of investments in / loans to subsidiaries in the retail
business and loss on transfer of such investments Rs.
Nil for the quarter [Rs. Nil for the preceding
quarter, Rs. Nil for Six months ended 31 March 2014
and Rs. 1463.500 for period ended 30 September 2013, Rs. 44.10 Millions for corresponding quarter in previous
period and Rs. 143.14 Millions for Twelve months
ended 31 March 2013 in previous period].
3.
The above financial
results of the Company for the quarter ended 31 March 2014, reviewed and
recommended by the Audit Committee, were taken on record by the Board of
Directors of the Company at its meeting held on 15 May 2014 and have been
reviewed by the Statutory Auditors.
4.
The previous
financial year of the Company was for a period of 18 months from 1 April 2012
to 30 September 2013. Figures for the period ended 31 March 2013 have been
given to comply with the clause 41 requirement to provide “Year to Date (YTD)
figures for the previous year” and are for a period of 12 months from 1 April
2012 to 31 March 2013. Hence, such figures are not comparable with the figures
for the quarter and YTD upto March 2014, which are
for a period of 6 months from 1 October 2013 to 31 March 2014.
5.
The classification
of loans between current liabilities and non-current liabilities continues based
on repayment schedule under respective agreements as no loans have been
recalled due to non-compliance of conditions under any of the loan agreements.
6.
The figures of
previous periods/ year have been reclassified / regrouped wherever necessary to
correspond with those of the current period.
FIXED ASSETS:
Tangible Assets:
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Office Premises
·
Plant and Machinery
·
Computer and Peripherals
·
Office Equipment
·
Furniture and Fittings
·
Vehicles
·
Tools and Equipment
Intangible Assets:
·
Computer Software
·
Trademarks/ Brands
AS PER WEBSITE DETAILS:
PRESS RELEASES:
INDIAN
TEXTILE AND APPAREL INDUSTRY: BRIGHTEST FUTURE EVER
We, at Alok, have always been strongly
convinced about the prospects of the Indian textile and apparel sector.
The Indian Textile Industry is now on the threshold of unprecedented growth and
it will not be an exaggeration to state that this decade (2011-2020) belongs to
our Textile Industry. This view is shared by Technopak,
leading Textile consultants, who in their recently published Report state that
while the Global Textile Trade is expected to grow from USD 510 bn (2009) to USD 1000 bn (2020),
the Indian Textile Industry during the same period would more than treble from the
present size of USD 70 bn (around USD 47 billion
domestic and USD 23 billion exports) in 2009 to USD 220 bn
(around USD 140 billion domestic and USD 80 billion exports) by 2020.
Some of the major growth drivers for this rapid growth in Indian textile and
apparel sector are:
·
Supply from US and EU is declining gradually and
shifting towards low cost Asian countries, China, India and rest of Asia
expected to contribute considerably to textile supplies;
·
EU share is expected to come down further from its
present share of about 30%;
·
Overseas buyers are looking at de-risking their
sourcing from China, whose market share in the world trade is around 31% (USD
157 bn). India on the other hand is at 4.5% (USD 23 bn) , which can go up to 8% (USD 80 bn)
by 2020;
·
India is the only textile manufacturing country in
the world with cotton surplus and it also has presence in the entire Textile
Value Chain;
·
Growing domestic Per capita income, growth in
population, improving demographics, increased penetration of organised retail, etc is likely to boost the consumption of
textiles in the domestic market.
In their 2nd Technopak Leadership Forum (Textile and
Apparel) held on 3 September 2010 in Mumbai, Technopak
released an Industry Report titled “Indian Textile and Apparel Compendium
2010”. This Report details Indian domestic textile and apparel industry,
current domestic market size, market segmentation for apparel, future
projections for 2015 and 2020 for domestic and exports market, investments
required in this sector over next 10 years etc. According to this Report, this
decade is expected to be the brightest ever for Indian Textile and Apparel
Industry and size of this Industry is estimated to be around USD 220 billion in
the year 2020.
Arvind Singhal (Chairman, Technopak) also delivered a presentation during the Forum
titled “Indian Textile and Apparel Industry: Brightest Future Ever”. This
presentation includes the changing face of global textile trade, growth
opportunities for India and thoughts to make the next decade best ever for the
Indian textile industry.
It is our pleasure to share with you these two Reports on the Textile and
Apparel industry of India. Hope you will find them insightful and informative.
We shall only be too glad to provide you with more information / clarifications
on this matter.
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.60.13 |
|
UK Pound |
1 |
Rs.102.83 |
|
Euro |
1 |
Rs.82.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYN |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.