MIRA
INFORM REPORT
|
Report Date : |
04.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
LOYAL TEXTILE MILLS LIMITED |
|
|
|
|
Registered
Office : |
21/4, Mill Street, Kovilpatti –
628501, Tamilnadu |
|
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.04.1946 |
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Com. Reg. No.: |
18-001361 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.48.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111TN1946PLC001361 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIL00006G |
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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 Cotton Textile Mills, Readymade Garments, Finished
Fabrics, Grey Fabrics, and Yarn. |
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|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4400000 |
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|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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|
Comments : |
Subject is an established company having moderate track. The rating reflects moderate financial risk profile marked by low
profitability levels and huge external borrowing taken by the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
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
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
18.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
18.03.2014 |
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 PARTED BY
|
Name : |
Mr. Laxmana Shankar |
|
Designation : |
D G. M Sales |
|
Contact No.: |
91-9487880101 |
|
Date : |
11.06.2014 |
LOCATIONS
|
Registered Office/ Factory : |
21/4, Mill Street, Kovilpatti –
628501, Tamilnadu, India |
|
Tel. No.: |
91-4632-220001/ 28535111/ 4375/ 28588284 |
|
Fax No.: |
91-44-2853 3852 |
|
E-Mail : |
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|
Website : |
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|
Head/ Corporate Office: |
No 83/41, 1st Main Road, R A Puram,
Chennai – 600028, Tamilnadu, India |
|
Tel. No.: |
91-44-42277374/ 45120101 |
|
Fax No.: |
91-44-43060622 |
|
|
|
|
Plant locations : |
Spinning,
Knitting, Weaving and Garments ·
N. Venkateswarapuram, N.Subbiahpuram, Sattur Taluk - 626 205, India ·
Menakur Village, Naidupet Mandal, Nellore District - 524 221, Andhra Pradesh, India ·
Arasanur, Thirumancholai Post, Sivagangai
Taluk -630 561, Tamilnadu,
India Processing : ·
C7-1, SIPCOT Industrial Complex, Kudikadu, Cuddalore - 607 005, Tamilnadu, India |
DIRECTORS
AS ON 31.03.213
|
Name : |
Mr. Manikam Ramaswami |
|
Designation : |
Chairman and Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
20.11.1953 |
|
Qualification : |
B. Tech. |
|
Date of Appointment : |
01.06.2008 |
|
DIN No.: |
00049630 |
|
|
|
|
Name : |
Mr. Karangalpadi Jathindra
Mohan Shetty (I.A.S. – Retd.) |
|
Designation : |
Director |
|
Address : |
F-88, Anna Nagar East, Chennai-600102, Tamilnadu, India |
|
Date of Birth/Age : |
03.03.1934 |
|
Date of Appointment : |
21.06.2002 |
|
DIN No.: |
00033296 |
|
|
|
|
Name : |
Mr. S. Venkataramani |
|
Designation : |
Director |
|
Address : |
No.16, Venkateshwarnagar, III Street, Adyar, Chennai-600020, Tamilnadu,
India |
|
Date of Birth/Age : |
05.10.1942 |
|
Date of Appointment : |
29.10.2004 |
|
DIN No.: |
00053043 |
|
|
|
|
Name : |
Mr. R. Poornalinggam (I.A.S. – Retd.) |
|
Designation : |
Additional Director |
|
Address : |
No.10, 1st Cross Street, Indira Nagar, Chnnai-600020, |
|
Date of Birth/Age : |
15.11.1945 |
|
Date of Appointment : |
27.10.2006 |
|
DIN No.: |
00955742 |
|
|
|
|
Name : |
Mr. Shridhar Subramanyam
|
|
Designation : |
Director |
|
Address : |
Flat No.106, Olympus III, Prestige Acropolis, 20, Hosur
Road, Banglore-560029, Karnataka, India |
|
Date of Birth/Age : |
21.02.1939 |
|
Date of Appointment : |
23.05.2007 |
|
DIN No.: |
01780475 |
|
|
|
|
Name : |
Mr. P. Manivannan |
|
Designation : |
Whole-time Director |
|
Address : |
3 G, Kala Apartments, No.02, Karunanithi Street, West Mambalam,
Chennai-600033, Tamilnadu, India |
|
Date of Birth/Age : |
23.06.1961 |
|
Date of Appointment : |
01.11.2011 |
|
DIN No.: |
00366954 |
|
|
|
|
Name : |
Mr. Madhavan Nambiar
I.A.S. (Retd.) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Laxmana Shankar |
|
Designation : |
D G. M Sales |
|
|
|
|
Name : |
Mr. Shiva Prasad Padhy |
|
Designation : |
Company Secretary |
|
Address : |
No. 83, (Old No. 41) First Main Road, R A Puram,
Chennai – 600 028, Tamilnadu, India |
|
Tel No.: |
91-44-42277374 |
|
Fax No.: |
91-44-43060622 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
196017 |
4.07 |
|
|
3343828 |
69.43 |
|
|
3539845 |
73.49 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3539845 |
73.49 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5200 |
0.11 |
|
|
5200 |
0.11 |
|
|
|
|
|
|
|
|
|
|
172934 |
3.59 |
|
|
|
|
|
|
|
|
|
|
772296 |
16.03 |
|
|
298563 |
6.20 |
|
|
|
|
|
|
27608 |
0.57 |
|
|
27608 |
0.57 |
|
|
1271401 |
26.40 |
|
|
|
|
|
Total Public shareholding (B) |
1276601 |
26.51 |
|
|
|
|
|
Total (A)+(B) |
4816446 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
4816446 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Textile Mills, Readymade Garments, Finished
Fabrics, Grey Fabrics, and Yarn. |
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Products : |
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Exports : |
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Products : |
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Countries : |
·
Europe ·
USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Egypt |
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Terms : |
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Selling : |
L/C / Cheque |
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Purchasing : |
L/C / Cheque |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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|
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No. of Employees : |
600 (Approximately) |
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|
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|
Bankers : |
·
Export Import Bank of
India ·
Central Bank of India ·
State Bank of India ·
Karur Vysya Bank Limited ·
Indian Bank ·
State Bank of Mysore ·
Indian Overseas Bank |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
(Rs. In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Suri and
Company Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Substantial interest in Voting Power |
· Shri Teyem Processors Limited · Uniloyal Exportex Limited, Chennai |
|
|
|
|
Joint Venture Company : |
· Gruppo P&P Loyal Spa, Italy · Loyal Dimco Group A.E.B.E., Greece · Loyal Tiret Cotton Farming and Gining P.L.C, Ethiopia |
CAPITAL STRUCTURE
(AS ON 23.09.2013)
Authorised Capital : Rs.150.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.48.164 Millions
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 millions |
|
600000 |
Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 60.000 millions |
|
|
TOTAL |
|
Rs.150.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4816446 |
Equity Shares |
Rs. 10/- each |
Rs.48.200
millions |
|
|
|
|
|
RECONCILIATION OF
NUMBER OF EQUITY SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR
|
Particular |
31.03.2013 |
|
Number of Shares outstanding as the beginning of the year |
48,16,446 |
|
ADD: Number of Shares allotted during the year fully paid - up pursuant to a scheme of Amalgamation with "Sri Chintamani Textiles Mills Limited |
Nil |
|
Number of Shares outstanding as the end of the year |
48,16,446 |
SHARES IN THE
COMPANY HELD BY EACH SHARE HOLDING MORE THAN 5% SHARES
|
Sr. No |
Name of the Share holder |
Number of shares
held in the Company |
|
1 |
Madurai Tara Traders Private Limited
|
776887 |
|
2 |
Felspar credit and investment Private Limited |
661126 |
|
3 |
Dhanalakshmi Investment Private Limited |
346887 |
|
4 |
Kurunji Investments Private Limited
|
346887 |
|
5 |
Chintamani Investments Private Limited
|
279220 |
DETAILS OF
ALLOTMENT OF SHARES FOR CONSIDERATION OTHER THAN CASH, ALLOTMENTS OF BONUS
SHARES AND SHARES BOUGHT BACK (DURING THE PERIOD OF FIVE YEARS FROM 2007)
|
Particulars |
Amount |
|
Allotment of
shares as fully paid-up pursuant to
Contracts without payments being received in cash |
11 |
112500 Equity
Shares of Rs. 10 each fully paid up alloted on 27-05-2011 pursuant to a Scheme of Amalgamation
of "Shri Chintamani
Textile Mills Limited"
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
48.200 |
48.200 |
48.200 |
|
(b) Reserves & Surplus |
1062.700 |
1040.600 |
1065.600 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1110.900 |
1088.800 |
1113.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3833.400 |
4242.900 |
3655.600 |
|
(b) Deferred tax liabilities (Net) |
443.700 |
293.700 |
318.200 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.200 |
2.000 |
8.600 |
|
Total Non-current Liabilities (3) |
4286.300 |
4538.600 |
3982.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2157.000 |
2399.300 |
2616.800 |
|
(b) Trade payables |
655.000 |
401.900 |
684.700 |
|
(c) Other current
liabilities |
429.400 |
494.500 |
468.300 |
|
(d) Short-term provisions |
349.600 |
293.400 |
329.400 |
|
Total Current Liabilities (4) |
3591.000 |
3589.100 |
4099.200 |
|
|
|
|
|
|
TOTAL |
8988.200 |
9216.500 |
9195.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5259.200 |
4822.200 |
3827.300 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
39.000 |
410.300 |
388.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
60.000 |
62.500 |
35.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
35.500 |
123.100 |
290.600 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
5393.700 |
5418.100 |
4542.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1425.300 |
1351.000 |
2305.600 |
|
(c) Trade receivables |
746.200 |
821.900 |
752.300 |
|
(d) Cash and cash
equivalents |
8.900 |
328.000 |
188.300 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
1414.100 |
1297.500 |
1406.700 |
|
Total Current Assets |
3594.500 |
3798.400 |
4652.900 |
|
|
|
|
|
|
TOTAL |
8988.200 |
9216.500 |
9195.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12473.900 |
9105.900 |
9624.500 |
|
|
|
Other Income |
65.400 |
108.100 |
147.200 |
|
|
|
TOTAL (A) |
12539.300 |
9214.000 |
9771.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4942.600 |
4021.300 |
4398.100 |
|
|
|
Purchases of Stock-in-Trade |
3449.700 |
1653.400 |
2365.400 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(51.100) |
281.100 |
(544.900) |
|
|
|
Employees benefits expense |
608.100 |
469.700 |
435.600 |
|
|
|
Other expenses |
2169.600 |
1743.600 |
1818.500 |
|
|
|
TOTAL (B) |
11118.900 |
8169.100 |
8472.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1420.400 |
1044.900 |
1299.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
617.200 |
449.800 |
260.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
803.200 |
595.100 |
1038.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
691.100 |
662.100 |
503.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
112.100 |
(67.000) |
534.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
61.700 |
(47.600) |
221.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
50.400 |
(19.400) |
313.600 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
192.900 |
242.200 |
37.178 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
24.300 |
32.000 |
|
|
|
Proposed divided on equity
shares |
24.100 |
4.800 |
18.784 |
|
|
|
Provision for tax on
distributed profits |
0.000 |
0.800 |
2.959 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
47.039 |
|
|
|
Dividend Distribution tax |
4.200 |
0.000 |
7.813 |
|
|
BALANCE CARRIED
TO THE B/S |
205.000 |
192.900 |
242.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On export of goods, including export |
8867.000 |
6767.500 |
7440.000 |
|
|
|
Dividend received |
0.000 |
4.200 |
1.900 |
|
|
TOTAL EARNINGS |
8867.000 |
6771.700 |
7441.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
607.700 |
87.000 |
11.200 |
|
|
|
Stores & Spares |
111.100 |
95.500 |
19.800 |
|
|
|
Capital Goods |
182.800 |
506.300 |
431.200 |
|
|
TOTAL IMPORTS |
901.600 |
688.800 |
462.200 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
10.46 |
(4.03) |
65.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.40 |
(0.21) |
3.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.90 |
(0.74) |
5.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.26 |
(0.77) |
6.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
(0.06) |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.39 |
6.10 |
5.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.06 |
1.14 |
FINANCIAL ANALYSIS
[All figures are in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
48.200 |
48.200 |
48.200 |
|
Reserves & Surplus |
1065.600 |
1040.600 |
1062.700 |
|
Net
worth |
1113.800 |
1088.800 |
1110.900 |
|
|
|
|
|
|
long-term borrowings |
3655.600 |
4242.900 |
3833.400 |
|
Short term borrowings |
2616.800 |
2399.300 |
2157.000 |
|
Total
borrowings |
6272.400 |
6642.200 |
5990.400 |
|
Debt/Equity
ratio |
5.632 |
6.100 |
5.392 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
9624.500 |
9105.900 |
12473.900 |
|
|
|
-5.388 |
36.987 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
9624.500 |
9105.900 |
12473.900 |
|
Profit |
313.600 |
(19.400) |
50.400 |
|
|
3.26% |
(0.21%) |
0.40% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
LITIGATIONS DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
W.A. MISCELLANEOUS PETITION |
|
Case No.: |
128 |
|
Year : |
2007 |
|
Petitioner : |
THE GOVERNMENT OF TAMIL NADU |
|
Respondent : |
M/S LOYAL TEXTILE MILLS LIMITED |
|
Pet's Advocate : |
G.P |
|
Res's Advocate : |
M.ELUMALAI |
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Apr 3 2007 |
UNSECURED LOAN
Rs. In
Millions
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWING |
|
|
|
Fixed Deposits |
1.200 |
2.200 |
|
|
|
|
|
Total |
1.200 |
2.200 |
PERFORMANCE REVIEW, MANAGEMENT
DISCUSSION, ANALYSIS REPORT AND OUTLOOK FOR THE CURRENT YEAR:
The year, 2012-2013 was a better year than the previous year. The ill effects of yarn export ban had been fully digested. However the wide fluctuations in exchange rate, impacted the profit and loss, while change over from $ packing credit to Rupee packing credit.
During the year, the direct transmission cables were laid to our Kovilpatti unit in October and to our CTM unit during February. They have spent over 6 crores in capital expenditure and over 2 crores in revenue expenditure to get these direct transmission cables laid and on the creation of the substation. The power situation at both units have improved since, CTM unit has since turned profitable.
India’s textile competitiveness is gradually improving and today at the yarn stage they are the most competitive manufacturer globally, at the fabric stage there are a few smaller manufacturers who are apparently more competitive but in real terms are not due to severe power constraints besides socio - political issues.
Our turnover increased to Rs. 12473.900 Millions and exports increased to Rs. 9354.200 Millions.
The total cash generated before interest, depreciation and taxes is Rs. 1420.400 Millions. After interest, and taxes it is Rs. 741.500 Millions. The net profit after all expenses and provisions is Rs. 50.400 Millions. The Dividend proposed is 50% and would need Rs. 24.100 Millions.
During the year Rs. 758.000 Millions of capital work was undertaken. Additional borrowings were Rs. 310.000 Millions. The net reductiion in borrowings net of new borrowings is Rs. 375.400 Millions. They have after many years started reducing the total borrowings even as they are steadily improving our turnover.
They were able to tighten the receivables and keep a tight control over inventories during the year which helped in improved cash flow.
The prospects for the current year appears to be better and they hope to improve both Top and Bottom line by at least 20%
They enjoyed excellent industrial relation at all our unit and the employee strength stands at 5948.
FINANCE:
During the year, the Company availed term loans to the tune of Rs.310.000 Millions and repaid loans to the extent of Rs. 746.800 Millions to Banks/ Financial institutions.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10432641 |
24/05/2013 |
260,000,000.00 |
CENTRAL BANK OF INDIA |
10, R. C CHURCH MAIN ROAD, KOVILPATTI, TAMILNADU - 628501, INDIA |
B77750321 |
|
2 |
10402763 |
05/01/2013 |
31,400,000.00 |
THE KARUR VYSYA BANK LIMITED |
POST BOX NO.21, ERODE ROAD, KARUR, TAMILNADU - 639002, INDIA |
B67999144 |
|
3 |
10348013 |
29/02/2012 |
460,000,000.00 |
CENTRAL BANK OF INDIA |
10, R. C CHURCH MAIN ROAD, KOVILPATTI, TAMILNADU - 628501, INDIA |
B37091881 |
|
4 |
10326714 |
23/11/2011 |
470,000,000.00 |
KARUR VYSYA BANK LIMITED |
WHITES ROAD BRANCH NO.37, WHITES ROAD BRANCH, CHENNAI, TAMILNADU -
600014, INDIA |
B29041480 |
|
5 |
10278966 |
18/11/2011 * |
584,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLES, CUFFE
PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B28744662 |
|
6 |
10280308 |
09/11/2011 * |
260,000,000.00 |
KARUR VYSYA BANK LIMITED |
SOUTH WING FIRST FLOOR, NO.37, WHITES ROAD, CHENNAI, TAMILNADU -
600014, INDIA |
B28385748 |
|
7 |
10264534 |
09/11/2011 * |
260,000,000.00 |
KARUR VYSYA BANK LIMITED |
SOUTH WING FIRST FLOOR, NO.37, WHITES ROAD, CHENNAI, TAMILNADU -
600014, INDIA |
B28385037 |
|
8 |
10057641 |
11/06/2007 |
981,800,000.00 |
CANARA BANK |
OVERSEAS BRANCH, GROUND FLOOR, SPENCER'S TOWERS II, 770A, ANNA SALAI,
CHENNAI, TAMILNADU - 600002, INDIA |
A17765918 |
|
9 |
10049927 |
30/06/2008 * |
490,900,000.00 |
INDIAN BANK |
PARK TOWN BRANCH -53, RAJA MUTHIAH ROAD,PERIAMET, CHENNAI, TAMILNADU -
600003, INDIA |
A41494436 |
|
10 |
10041460 |
23/11/2011 * |
666,250,000.00 |
KARUR VYSYA BANK LIMITED |
WHITES ROAD BRANCH NO.37, WHITES ROAD BRANCH, CHENNAI, TAMILNADU - 600014,
INDIA |
B30124903 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Furniture
· Plant and Machinery
· Vehicles
· Office and Equipment
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 records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for
violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.72 |
|
|
1 |
Rs.102.45 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.