1. Summary Information
|
|
|
Country |
|
|
Company Name |
INDO RAMA SYNTHETICS ( |
Principal Name 1 |
Mr. Mohan Lal Lohia |
|
Status |
Moderate |
Principal Name 2 |
Mr. Om Prakash Lohia |
|
|
|
Registration # |
11-166615 |
|
Street Address |
31-A, MIDC Industrial Area, Butibori, Nagpur – 441 122,
Maharashtra, India |
||
|
Established Date |
28.04.1986 |
SIC Code |
-- |
|
Telephone# |
91-7104-663000-01 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-7104-663200 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Polyester Filament Yarn |
|
|
# of employees |
Not Divulged |
Product Name 2 |
Polyester Staple |
|
Paid up capital |
Rs.1518,200,000/- |
Product Name 3 |
Power Generation |
|
Shareholders |
Promoter and Promoter Group 71.72 % Public shareholding 28.28 % |
Banking |
Axis Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
28 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
B (29) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Wholly owned subsidiaries |
-- |
Indo Rama Renewables Limited (‘IRRL’) |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,155,500,000 |
Current Liabilities |
6,796,200,000 |
|
Inventories |
411,800,000 |
Long-term Liabilities |
4,186,900,000 |
|
Fixed Assets |
10,597,200,000 |
Other Liabilities |
2,246,000,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
13,229,100,000 |
|
Invest& other Assets |
1,700,000 |
Retained Earnings |
4,418,900,000 |
|
|
|
Net Worth |
5,937,100,000 |
|
Total Assets |
19,166,200,000 |
Total Liab. & Equity |
19,166,200,000 |
|
Total Assets (Previous Year) |
20,399,000,000 |
|
|
|
P/L Statement as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Sales |
26,291,200,000 |
Net Profit |
(81,800,000) |
|
Sales(Previous yr) |
29,101,300,000 |
Net Profit(Prev.yr) |
412,600,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDO RAMA SYNTHETICS ( |
|
|
|
|
Registered
Office : |
31-A, MIDC Industrial Area, Butibori, Nagpur – 441 122,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
28.04.1986 |
|
|
|
|
Com. Reg. No.: |
11-166615 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1518.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17124MH1986PLC166615 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLI00021A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAALI1530L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Polyester Filament Yarn (PFY), Polyester
Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips and also engaged in
power generation, which is used primarily for captive consumption |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 23740000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and second largest polyester producer in
India having, moderate track record. The company possesses a moderate financial profile marked by an
acceptable networth base along with highly accrued trade payables and limited
liquid investments outstanding as a result of moderation in the business
profile due to change in custom duty rates, high crude prices making it
difficult for the subject to compete with cotton and the oversupply in the
domestic market. Management has witnessed a dip in its sales-volume as well as has
reported a loss from its operations during FY14. The ratings also take into consideration, the various initiative
undertaken by the management, in order to bring the business operation on
track. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. In view of established track record of two decades and experienced
promoters, the subject can be considered for business dealings with
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 |
ICRA |
|
Rating |
Long term loans BB- |
|
Rating Explanation |
Moderate risk of default regarding timely
servicing and high credit risk. |
|
Date |
June, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term proposed limits A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
June, 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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-7104-663001)
LOCATIONS
|
Registered Office/ Factory : |
31-A, MIDC Industrial Area, Butibori, Nagpur – 441 122, Maharashtra, India |
|
Tel. No.: |
91-7104-663000-01 |
|
Fax No.: |
91-7104-663200 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office 1 : |
20th Floor, DLF Square, DLF Phase II, NH 8, Gurgaon - 122 003, Haryana, India |
|
Tel. No.: |
91-124-4997000 |
|
Fax No.: |
91-124-4997070 |
|
E-Mail : |
ranvirk.vij@indorama-ind.com |
|
|
|
|
Corporate Office 2 : |
Dr. Gopaldas Bhawan, 28, Barakhamba Road, New Delhi – 110001, India |
|
|
|
|
|
|
|
Marketing Offices 1 : |
G/504, ICB FLORA, SG Highway, Gota, Ahmedabad - 382481, Gujarat, India |
|
|
|
|
Marketing Offices 2 : |
Shop No. G1, G2, Nakoda Textile Tower, Trilok Marg -
Gandhinagar, |
|
Tel. No.: |
91-1482-248576 |
|
Fax No.: |
91-1482-248733 |
|
|
|
|
Marketing Offices 3 : |
Sarang, 1st Floor, 8/5, Race Course Road, Coimbatore - 641 018, Tamilnadu, India |
|
Tel. No.: |
91-422-2220456 |
|
Fax No.: |
91-422-2220658 |
|
|
|
|
Marketing Offices 4 : |
37/3, ‘G Tower’, Perundurai Road, Erode-638011, Tamilnadu, India |
|
Tel. No.: |
91-424-2240847 |
|
|
|
|
Marketing Offices 5 : |
20th Floor, DLF Square, DLF Phase-II, NH-8, Gurgaon - 122 002, Haryana, India |
|
Tel. No.: |
91-124-4997000 |
|
Fax No.: |
91-124-4997070 |
|
|
|
|
Marketing Offices 6 : |
H.NO. 12-1-1314/A/5, Laxmi Nagar, North Lalaguda, Secunderabad - 500 017, Andhra Pradesh, India |
|
|
|
|
Marketing Offices 7 : |
7-C, Kiran Shankar Roy Road, Hastings Chambers, Ground Floor, Room No-GX, Kolkata - 700001, West Bengal, India |
|
|
|
|
Marketing Offices 8 : |
B-XIX-122/2, 4th Floor, Golden Plaza, The Mall Road, Ludhiana - 141 001, Punjab, India |
|
Tel. No.: |
91-161-2442752 / 5045068 |
|
|
|
|
Marketing Offices 9 : |
No. 102 / G-1, Kameshwara Apartment, Sathya Sai Nagar Main Road, Madurai - 625003, Tamilnadu, India |
|
Tel. No.: |
91-452-2694804 |
|
|
|
|
Marketing Offices 10 : |
The Metropolitan, 6th Floor, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-26571234 |
|
Fax No.: |
91-22-26571222 |
|
|
|
|
Marketing Offices 11 : |
L-572, Behind Ram Sharnam, Model Town, Panipat - 132 103, Haryana, India |
|
|
|
|
Marketing Offices 12 : |
A/9, 1st Floor, Gurukrupa Business Centre, Opposite Kotak Mahindra Bank, Vapi Main Road, Amli, Silvassa - 396230, UT of Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-2643416/17, 2644519 |
|
|
|
|
Marketing Offices 13 : |
202, Trividh Chambers, Opposite Fire Brigade Station, Ring Road, Surat - 395 002, Gujarat, India |
|
Tel. No.: |
91-261-2339368 / 2350701 / 2350687 |
|
|
|
|
Marketing Offices 14 : |
4/5, Alagappa Complex, 1st Floor, Opposite Tamilnadu Theatres, Palladam Road, Tirupur - 641 604, Tamilnadu, India |
|
Tel. No.: |
91-421-2217994 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mohan Lal Lohia |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Om Prakash Lohia |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Vishal Lohia |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Anant Kishore |
|
Designation : |
Whole-time Director and CEO |
|
|
|
|
Name : |
Mr. Ashok Kumar Ladha |
|
Designation : |
Non-executive Independent Director |
|
|
|
|
Name : |
Mr. Om Prakash Vaish |
|
Designation : |
Non-executive Independent Director |
|
|
|
|
Name : |
Mr. Arvind Pandalai |
|
Designation : |
Non-executive Independent Director |
|
|
|
|
Name : |
Mr. Suman Jyoti Khaitan |
|
Designation : |
Non-executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Jayant Sood |
|
Designation : |
Company Secretary |
|
|
|
|
CORPORATE
EXECUTIVES |
|
|
|
|
|
Name : |
Mr. Anant Kishore |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Sanjay Syal |
|
Designation : |
President and Chief Financial Officer |
|
|
|
|
Name : |
Mr. Ajay Gupta |
|
Designation : |
Site Head |
|
|
|
|
Name : |
Mr. Arvind Gupta |
|
Designation : |
Marketing Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
52924848 |
37.39 |
|
|
4329204 |
3.06 |
|
|
57254052 |
40.45 |
|
|
|
|
|
|
961724 |
0.68 |
|
|
43288057 |
30.59 |
|
|
44249781 |
31.27 |
|
Total shareholding of Promoter and Promoter Group (A) |
101503833 |
71.72 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10796 |
0.01 |
|
|
2252106 |
1.59 |
|
|
4006850 |
2.83 |
|
|
14134419 |
9.99 |
|
|
20404171 |
14.42 |
|
|
|
|
|
|
3949436 |
2.79 |
|
|
|
|
|
|
8035831 |
5.68 |
|
|
7637611 |
5.40 |
|
|
19622878 |
13.86 |
|
Total Public shareholding (B) |
40027049 |
28.28 |
|
Total (A)+(B) |
141530882 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
10291360 |
0.00 |
|
|
10291360 |
0.00 |
|
Total (A)+(B)+(C) |
151822242 |
0.00 |
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%20LIMITED%20-%20276958%2022-Jul-2014_files/image014.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyester Filament Yarn (PFY), Polyester Staple
Fibre (PSF), Draw Texturised Yarn (DTY) and Chips and also engaged in power
generation, which is used primarily for captive consumption |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
¨ Axis Bank Limited ¨ Bank of India ¨ HDFC Bank Limited ¨ Oriental Bank of Commerce ¨ Punjab National Bank ¨ State Bank of Travancore ¨ IKB Deutsche Industriebank AG |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
|
|
|
|
Wholly owned
subsidiaries : |
¨ Indo Rama Renewables Limited (‘IRRL’) ¨ Indo Rama Renewables Porbandar Limited ¨ Indo Rama Renewables Ramgarh Limited ¨ Indo Rama Renewables Jath Limited |
|
|
|
|
Enterprises over which key management
personnel or their relatives have significant influence : |
¨ Indo Rama Petrochem Limited (IRPL), Thailand ¨ T P T Petrochemicals PCL (TPT Petro), Thailand ¨ P.T. Indo Rama Synthetics TBK, Jakarta |
|
|
|
|
Enterprises having significant influence
: |
¨ Brookgrange Investments Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185000000 |
Equity Shares |
Rs.10/- each |
Rs.1850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151822242 |
Equity Shares |
Rs.10/- each |
Rs.1518.200 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1518.200 |
1518.200 |
1518.200 |
|
(b) Reserves & Surplus |
4418.900 |
4566.300 |
4475.100 |
|
(c) Money
received against share warrants |
0.000 |
203.000 |
203.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5937.100 |
6287.500 |
6196.300 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1728.400 |
1475.700 |
1957.600 |
|
(b) Deferred tax liabilities (Net) |
1860.300 |
2070.900 |
2133.700 |
|
(c) Other long term liabilities |
8.300 |
8.400 |
7.800 |
|
(d) long-term provisions |
181.400 |
149.300 |
147.500 |
|
Total Non-current Liabilities (3) |
3778.400 |
3704.300 |
4246.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2458.500 |
3427.200 |
2572.000 |
|
(b) Trade payables |
5306.500 |
5360.300 |
5561.000 |
|
(c) Other current
liabilities |
1481.400 |
1341.200 |
2232.300 |
|
(d) Short-term provisions |
204.300 |
278.500 |
236.800 |
|
Total Current Liabilities (4) |
9450.700 |
10407.200 |
10602.100 |
|
|
|
|
|
|
TOTAL |
19166.200 |
20399.000 |
21045.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10592.900 |
11720.800 |
12732.500 |
|
(ii) Intangible Assets |
4.300 |
9.400 |
12.300 |
|
(iii) Capital
work-in-progress |
1.700 |
26.500 |
265.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
369.900 |
369.900 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1198.200 |
805.100 |
532.200 |
|
(e) Other Non-current assets |
76.100 |
196.100 |
100.400 |
|
Total Non-Current Assets |
12243.100 |
13127.800 |
13643.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
41.900 |
103.000 |
148.300 |
|
(b) Inventories |
2936.100 |
3036.000 |
3636.000 |
|
(c) Trade receivables |
1117.900 |
875.300 |
960.500 |
|
(d) Cash and cash
equivalents |
429.400 |
369.400 |
309.700 |
|
(e) Short-term loans and
advances |
807.800 |
1399.600 |
1021.400 |
|
(f) Other current assets |
1590.000 |
1487.900 |
1326.000 |
|
Total Current Assets |
6923.100 |
7271.200 |
7401.900 |
|
|
|
|
|
|
TOTAL |
19166.200 |
20399.000 |
21045.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26291.200 |
29101.300 |
29688.000 |
|
|
|
Other Income |
2440.100 |
2407.800 |
2072.600 |
|
|
|
TOTAL |
28731.300 |
31509.100 |
31760.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
21250.700 |
24266.200 |
22789.800 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
4.600 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
905.700 |
84.600 |
1594.000 |
|
|
|
Employees benefits expense |
844.100 |
812.400 |
736.000 |
|
|
|
Other expenses |
3284.900 |
3516.800 |
3450.200 |
|
|
|
Exceptional items |
995.100 |
392.600 |
652.500 |
|
|
|
TOTAL |
27280.500 |
29077.200 |
29222.500 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1450.800 |
2431.900 |
2538.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
352.300 |
445.100 |
612.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1098.500 |
1986.800 |
1925.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1351.200 |
1579.900 |
1543.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(252.700) |
406.900 |
382.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(170.900) |
(5.700) |
62.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(81.800) |
412.600 |
319.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2081.900 |
1846.900 |
1703.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividend
|
151.800 |
151.800 |
151.800 |
|
|
|
Proposed
dividend |
25.800 |
25.800 |
24.600 |
|
|
BALANCE CARRIED
TO THE B/S |
1822.500 |
2081.900 |
1846.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
6856.200 |
7498.600 |
8449.500 |
|
|
|
Dividend |
28.800 |
104.600 |
211.400 |
|
|
|
Sale of current investments (Gross consideration) |
2418.600 |
2080.700 |
1755.800 |
|
|
TOTAL EARNINGS |
9303.600 |
9683.900 |
10416.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16258.400 |
14991.600 |
14948.700 |
|
|
|
Packing Material |
0.000 |
1.500 |
10.000 |
|
|
|
Stores & Spares |
90.600 |
61.500 |
16.600 |
|
|
|
Capital Goods |
5.200 |
36.600 |
444.400 |
|
|
TOTAL IMPORTS |
16354.200 |
15091.200 |
15419.700 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.54) |
2.72 |
2.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(0.28) |
1.31 |
1.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.96) |
1.40 |
1.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.34) |
2.03 |
1.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
0.06 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.71 |
0.78 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73 |
0.70 |
0.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1518.200 |
1518.200 |
1518.200 |
|
Reserves & Surplus |
4475.100 |
4566.300 |
4418.900 |
|
Money received against share warrants |
203.000 |
203.000 |
0.000 |
|
Net
worth |
6196.300 |
6287.500 |
5937.100 |
|
|
|
|
|
|
long-term borrowings |
1957.600 |
1475.700 |
1728.400 |
|
Short term borrowings |
2572.000 |
3427.200 |
2458.500 |
|
Total
borrowings |
4529.600 |
4902.900 |
4186.900 |
|
Debt/Equity
ratio |
0.731 |
0.780 |
0.705 |
%20LIMITED%20-%20276958%2022-Jul-2014_files/image015.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
29688.000 |
29101.300 |
26291.200 |
|
|
|
(1.976) |
(9.656) |
%20LIMITED%20-%20276958%2022-Jul-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
29688.000 |
29101.300 |
26291.200 |
|
Profit |
319.600 |
412.600 |
(81.800) |
|
|
1.08% |
1.42% |
(0.31%) |
%20LIMITED%20-%20276958%2022-Jul-2014_files/image016.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No.:- LPETNL/73/2011 Filing
Date:- 03/02/2011 Reg. No.:- LPETN/73/2011 Reg.
Date:- 03.02.2011 |
|
Petitioner: RELIANCE
INFRASTRUCTURE LIMITED
Respondent: INDO RAMA SYNTHETICS (INDIA) LIMITED Petn. Adv : MULLA
AND MULLA AND C.B. AND C (0) District: MUMBAI |
|
Bench: Single Status: Pre-Admission
Category: LEAVE
PETITION UNDER CLAUSE XII |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10468964 |
03/01/2014 |
250,000,000.00 |
State Bank of Travancore |
Commercial Branch, Travancore Palace, K.G Marg, New Delhi, Delhi -
110001, INDIA |
B93028843 |
|
2 |
10461775 |
29/11/2013 * |
150,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
NATIONAL INSURANCE BUILDING, GROUND FLOOR, S.V. PATEL MARG, KINGSWAY,
NAGPUR, Maharashtra - 440001, INDIA |
B90697632 |
|
3 |
10341105 |
20/01/2012 |
240,000,000.00 |
ORIENTAL BANK OF COMMERCE |
E-Block, Harsha Bhawan, Connaught Place, New Delhi, Delhi - 110001,
INDIA |
B34538363 |
|
4 |
10062641 |
30/07/2012 * |
850,000,000.00 |
STATE BANK OF TRAVANCORE |
Commercial Branch, Travancore House, K.G. Marg, New Delhi, Delhi -
110001, INDIA |
B56359409 |
|
5 |
90210703 |
19/12/2006 * |
952,496,718.75 |
IKB DEUTSCHE INDUSTRIEBANK AG |
Wilhelm-Botzkes-Str.1, 40474 Dusseldorf., Federal |
- |
|
6 |
80016714 |
19/12/2006 * |
1,742,755,000.00 |
IKB DEUTSCHE INDUSTRIEBANK AG |
Wilhelm-Botzkes-Str.1, 40474 Dusseldorf., Federal |
- |
|
7 |
80016712 |
19/12/2006 * |
222,343,000.00 |
IKB DEUTSCHE INDUSTRIEBANK AG |
Wilhelm-Botzkes-Str.1, 40474 Dusseldorf., Federal |
- |
|
8 |
90209638 |
30/07/2012 * |
750,000,000.00 |
PUNJAB NATIONAL BANK |
15-17, Large Corporate Branch, Tolstoy House, |
B56385412 |
|
9 |
80016709 |
30/07/2012 * |
1,900,000,000.00 |
Oriental Bank of Commerce |
85-A, Rishyamook Building, Panchkuian Road, New |
B56643711 |
|
10 |
90209563 |
20/03/2014 * |
2,208,200,000.00 |
Bank of India |
New Delhi Large Corporate Branch, 10th Floor, Chanderlok Building,
36,Janpath, New Delhi, Delhi - 110001, INDIA |
C05650304 |
|
11 |
90204064 |
30/07/2012 * |
670,000,000.00 |
AXIS BANK LTD. |
2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, |
B55797575 |
|
12 |
80016711 |
21/11/2013 * |
750,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B91406934 |
|
13 |
90202627 |
08/11/1990 |
12,700,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DELHI, Delhi - 110001,
INDIA |
- |
|
14 |
90202604 |
10/05/1990 |
12,600,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DELHI, Delhi - 110001,
INDIA |
- |
|
15 |
90202540 |
12/09/1989 * |
2,500,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DELHI, Delhi - 110001,
INDIA |
- |
* Date of charge modification
GENERAL INFORMATION
Indo Rama Synthetics (India) Limited (hereinafter referred to as ‘the Company’ or ‘IRSL’) is a manufacturer of Polyester Filament Yarn (PFY), Polyester Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips. The Company is also engaged in power generation, which is used primarily for captive consumption. The Company’s manufacturing facilities are located at Butibori, Nagpur.
OPERATIONAL AND FINANCIAL REVIEW
During the year under report, the Company recorded gross revenue of Rs. 28610.000 Million as against Rs. 31664.000 Million in previous year. EBIDTA is Rs. 2446.000 Million as against Rs.2825.000 Million last year. Loss after Tax stood at Rs. 81.800 Million as against Profit of Rs.412.600 Million for the previous year.
The year 2013-14, was one of the most challenging years in the recent past. The Indian economy passed through a difficult phase with business activities on a lower side for most of the sectors due to depreciation in the value of rupee, rising crude oil prices and increasing raw material costs. Adding to the weak demand, production was also hampered due to the lack of adequate raw material.
The Company focused on widening product basket, optimising raw material usage, rationalising costs, accelerating global forays and enhancing people capabilities. These initiatives will help sustain the difficult times and grow their core strengths.
The demand for man-made fibres is showing signs of improvement and we are hopeful that the demand for polyester will see revival. Polyester demand will be driven by its growing relevance in daily life across home textiles, apparel, automotive, furnishing fabrics, technical textile and non-woven segments.
Going ahead, with demand going up both in the Domestic and International Market, they are hopeful that they will be able to utilise higher production capacity and grow business volumes.
MANAGEMENT DISCUSSION AND ANALYSIS
Global Economy
The global
economic environment has broadly strengthened, with modestly better consumer
and investment sentiments and less inherent fragilities. It is likely to
improve further, with much of the growth impetus emanating from advanced
economies. However, one disturbing trend is that global growth pattern still
remains uneven with a stronger US economy, subdued growth in the Euro Area and
Japan and slowdown in the Emerging Markets and Developing Economies (EMDC).
China’s leadership has now adopted a more balanced growth paradigm with
enhanced focus on the services sector. Such an approach may augur well for the
Chinese economy in the foreseeable future. If they take a macro perspective,
full global recovery remains a distant prospect. However, the journey has
already begun in right earnest.
Indian Economy
India’s economy faced multiple roadblocks to
growth in the form of persistently high inflation, sluggish industrial production,
discouraging agricultural output, modest investment in infrastructure and
stalled projects owing to bureaucratic hassles and no definite agenda towards
reforms. However, the new Central Government is expected to accelerate the pace
of reforms and help enhance investor confidence. It is estimated that the
country’s GDP will grow by 5.4% in 2014-15, compared to 4.7% in 2013-14
(Source: IMF).
Rapid
implementation of Goods and Services Tax (GST) and further reduction in fiscal
deficit are expected to be some of the key thrust areas for the new government.
Such an approach is expected to pave the way for the country to achieve 7-7.5%
growth.
The depreciation
of the Indian rupee last year gave a fillip to India’s export industry.
Moreover, the foreign trade policy (FTP) for 2014-19 is likely to be rolled out
soon to promote exports and narrow down trade deficit.
FIBRE INDUSTRY
SCENARIO
Global Fibre
Industry
Global fibre
production rose by an estimated 1.6% in 2013 from 84 million tonnes to 85.4
million tonnes. The growth is largely due to the higher production volumes of
textiles fibres in China. The marginal growth in volumes is attributed to weak
global economy and weak demand. The MMF production reached a new level of 58.5
million tonnes, up from 56.0 million tonnes, a 4.3% escalation. The polyester
fibre accounted for an estimated 44 million tonnes registering an increase of
5.5% in volumes. The polyester fibre accounts for 51.5% of total fibre volumes
and 75% of MMF fibres. The cellulosic fibre production went up by 9.6% for the
year under consideration at an estimated 5.8 million tonnes. The Polyamide or
Nylon increased by an estimated 3.9% and Polypropylene marginally increased by
1%. China accounted for the highest growth at 10.8% in MMF production to 38.5
million tonnes in 2013 from 35.5 million tonnes in 2012.
Cotton fibre
global production is estimated to decline by 5.2% to a level of 25.4 million
tonnes in 2013-14 compared to 26.8 million tonnes in 2012-13. Cotton inventory
rose by 8.2% at estimated 21.1 million tonnes. The end use stock ratio stands
at 88.5%. (USDA, April 2014)
Synthetic fibres
accounted for 62%, cotton 30%, manmade cellulosic fibres 6.8% and wool 1.3% of 85.4
million tonnes of fibres produced in 2013, as per the estimates of CIRFS and
The Fibre Year.
Indian Fibre
Industry
India’s fibre
demand is estimated at 8.4 million tonnes in 2013, compared with 8.0 million
tonnes in 2012, a 5% escalation. Cotton demand went up by 3.2% from 4.64
million tonnes in 2012 to 4.79 million tonnes in 2013, polyester fibre
estimated demand went up by 7.5% at 3.2 million tonnes. Viscose fibre rose by
estimated9% from 0.30 million tonnes to 0.33 million tonnes. Acrylic fibre continued
to make recovery, up by 17% from 0.096 million tonnes in 2012 to 0.11 million
tonnes in 2013. The polyester fibre accounted for 37% and cotton accounted for
57% of India’s total fibre demand. Together cotton and polyester fibre accounts
for 94% of the demand.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars
|
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Excise / customs / service tax matters in
dispute/ under appeal |
631.900 |
3036.100 |
|
Income tax matters in dispute/ under
appeal |
155.200 |
175.300 |
|
Sales tax matters in dispute/ under appeal |
64.600 |
60.700 |
|
Claims by ex-employees, vendors, customers
and civil cases |
7.100 |
6.100 |
FIXED ASSETS
·
Land (Freehold and Leasehold)
·
Roads and Buildings
·
Plant and Machinery
·
Furniture and Office Equipments
·
Vehicles
·
Software
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.60.18 |
|
|
1 |
Rs.102.87 |
|
Euro |
1 |
Rs.81.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.