MIRA INFORM REPORT
|
Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
AARTI INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
G.T. Road, Miller Ganj, Ludhiana – 141 003, Punjab, India |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.12.1993 |
|
|
|
|
Com. Reg. No.: |
16-014037 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.204.139
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109PB1993PLC014037 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDM01230 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA4454C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Cotton Yarn. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established
company having satisfactory track record. The ratings
continue to derive comfort from AIL’s established market presence with
diversified revenues between domestic and international markets supported by
stable customer profile and improved operational performance during financial
year 2013 marked by fair profitability achieved by the company from its
operations. Trade relations
are fair. Business is active. Payment terms are reported to be usually
correct. The company can
be considered for business dealings at usual trade terms and condition. |
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
January, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits: A2 |
|
Rating Explanation |
Strong degree of safety and very high credit risk. |
|
Date |
January, 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 DECLINED
Management non-cooperative
(Tel. No.: 91-161-3006100)
LOCATIONS
|
Registered Office : |
G.T. Road, Miller Ganj, Ludhiana – 141 003, Punjab, India |
|
Tel. No.: |
91-161-3006100 |
|
Fax No.: |
91-161-3006150/ 3006153 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Village Uchhi Mangli, P.O. Ramgarh, Outside Octroi Post,
Chandigarh Road, Ludhiana – 141 123, Punjab, India |
|
Tel. No.: |
91-161-3006300 |
|
Fax No.: |
91-161-3006350 |
|
|
|
|
Delhi Office : |
101, Padma Palace-86, Nehru Palace, New Delhi – 110
019, India |
|
Tel. No.: |
91-11-26443775 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Shiv Parshad Mittal |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
154/1, Rani Jhansi Road, Civil Lines, Ludhiana – 141 001, Punjab,
India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
07.08.1936 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
Under
Graduate |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.02.2009 |
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|
DIN No.: |
01091474 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ABKPA7653E |
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|
Other Directorship :
|
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|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vinayak Mittal |
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|
Designation : |
Whole-time Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
154/1, Rani Jhansi Road, Civil Lines, Ludhiana – 141 001, Punjab,
India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.06.1986 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
Graduate |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2013 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01942598 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AKIPM0582D |
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|
Other Directorship :
|
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sushen Mittal |
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|
Designation : |
Whole-time Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
154/1, Rani Jhansi Road, Civil Lines, Ludhiana – 141 001, Punjab,
India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
22.09.1991 |
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|
Date of Appointment : |
30.09.2013 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06610383 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
BAZPM9660G |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Ankit Kumar |
|
Designation : |
Secretary |
|
Address : |
74, Basant Vihar Colony, Jawadi, Ludhiana – 141 013, Punjab, India |
|
Date of Birth/Age : |
13.03.1986 |
|
Date of Appointment : |
17.09.2011 |
|
PAN No.: |
AVTPK9579J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Shiv Parshad Mittal |
|
1971748 |
|
Mahesh Mittal |
|
1935500 |
|
Rajeev Mittal |
|
1828375 |
|
Vikram Singh Kanwar |
|
10 |
|
Girdhari Lal |
|
10 |
|
Dushyant Kumar Kapil |
|
10 |
|
Raj Rani |
|
1832500 |
|
Uma Miittal |
|
1724375 |
|
Alka Mittal |
|
1733750 |
|
Creative Intra Limited, India |
|
1743340 |
|
Sushen Mittal |
|
1731125 |
|
Gayatri Mittal |
|
127500 |
|
Vinayak Mittal |
|
1732500 |
|
Mahesh Mittal (Karta) |
|
70000 |
|
Isabelle Traders Limited, India |
|
1483122 |
|
Mittal Spintex Private Limited, India |
|
1250000 |
|
Aggarwal Spintex Private Limited, India |
|
1250000 |
|
Total |
|
20413865 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
28.05 |
|
Directors
or relatives of directors |
|
71.95 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarn. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
|
Spindles |
200000 |
174048 |
Note: The Capacities have
been taken as certified by the Management and not verified by the Auditors
being a technical matter.
|
Particulars |
Unit |
Actual
Productions |
|
Cotton Yarn |
M.T. |
31207.088 |
|
Polyester Cotton Yarn |
M.T. |
0.000 |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
Information declined by the Management. |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.K. Bector and Company Chartered Accountants |
|
Address : |
B-XX-3297/5, Gurdev Nagar, Backside Sigma Diagnostic Limited, Ludhiana
– 141 001, Punjab, India |
|
PAN No.: |
AAWPB1817G |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20413865 |
Equity Shares |
Rs.10/- each |
Rs.204.139
millions |
|
|
|
|
|
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 |
204.139 |
211.111 |
211.111 |
|
(b) Reserves & Surplus |
1607.895 |
1451.173 |
2268.884 |
|
(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) |
1812.034 |
1662.284 |
2479.995 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1674.186 |
2126.495 |
2021.648 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
255.296 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1674.186 |
2126.495 |
2276.944 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3163.598 |
2744.367 |
4163.445 |
|
(b)
Trade payables |
84.823 |
72.563 |
63.365
|
|
(c)
Other current liabilities |
595.934 |
529.373 |
392.793
|
|
(d)
Short-term provisions |
10.652 |
6.285 |
2.701
|
|
Total
Current Liabilities (4) |
3855.007 |
3352.588 |
4622.304 |
|
|
|
|
|
|
TOTAL |
7341.227 |
7141.367 |
9379.243 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2636.219 |
2843.307 |
3157.925 |
|
(ii)
Intangible Assets |
9.320 |
11.166 |
0.000 |
|
(iii)
Capital work-in-progress |
37.186 |
13.901 |
25.562 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
9.926 |
9.926 |
9.926 |
|
(c) Deferred tax assets
(net) |
50.491 |
150.555 |
0.000 |
|
(d) Long-term Loan
and Advances |
110.732 |
106.119 |
67.981 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2853.874 |
3134.974 |
3261.394 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.122 |
0.159 |
0.447 |
|
(b)
Inventories |
2052.471 |
1403.838 |
3803.633
|
|
(c)
Trade receivables |
1933.693 |
1821.595 |
1449.587
|
|
(d)
Cash and cash equivalents |
37.308 |
47.871 |
45.713
|
|
(e)
Short-term loans and advances |
348.200 |
585.516 |
712.871 |
|
(f)
Other current assets |
115.559 |
147.414 |
105.598 |
|
Total
Current Assets |
4487.353 |
4006.393 |
6117.849 |
|
|
|
|
|
|
TOTAL |
7341.227 |
7141.367 |
9379.243 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
7189.261 |
6763.832 |
6446.703 |
|
|
|
Other Income |
53.170 |
60.346 |
55.060 |
|
|
|
TOTAL (A) |
7242.431 |
6824.178 |
6501.763 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
4384.262 |
5410.606 |
4125.299 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(9.906) |
447.401 |
(525.584) |
|
|
|
Employee
benefit expense |
279.569 |
209.695 |
200.518 |
|
|
|
Other
expenses |
1463.680 |
1113.040 |
1111.710 |
|
|
|
TOTAL (B) |
6117.605 |
7180.742 |
4911.943 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1124.826 |
(356.564) |
1589.820 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
493.078 |
527.595 |
297.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
631.748 |
(884.159) |
1292.752 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
335.788 |
339.356 |
340.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
295.960 |
(1223.515) |
952.297 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
91.128 |
(405.804) |
309.438 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
204.832 |
(817.711) |
642.859 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
0.000 |
0.336 |
0.477 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
204.500 |
(817.375) |
643.000 |
|
|
BALANCE CARRIED
TO THE B/S |
0.332 |
0.000 |
0.336 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB
value of manufactured goods exported |
4523.711 |
3939.553 |
4155.794 |
|
|
TOTAL EARNINGS |
4523.711 |
3939.553 |
4155.794 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
34.104 |
42.139 |
49.272 |
|
|
|
Components and Spare Parts |
77.067 |
11.174 |
145.950 |
|
|
TOTAL IMPORTS |
111.171 |
53.313 |
195.222 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
9.71 |
(38.73) |
69.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.83 |
(11.98) |
9.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.12 |
(18.09) |
14.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.09 |
(17.56) |
10.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
(0.74) |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.67 |
2.93 |
2.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.20 |
1.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
211.111 |
211.111 |
204.139 |
|
Reserves & Surplus |
2268.884 |
1451.173 |
1607.895 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2479.995 |
1662.284 |
1812.034 |
|
|
|
|
|
|
Long-term borrowings |
2021.648 |
2126.495 |
1674.186 |
|
Short term borrowings |
4163.445 |
2744.367 |
3163.598 |
|
Total borrowings |
6185.093 |
4870.862 |
4837.784 |
|
Debt/Equity ratio |
2.494 |
2.930 |
2.670 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue
from operations |
6,446.703 |
6,763.832 |
7,189.261 |
|
|
|
4.919 |
6.290 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
6,446.703 |
6,763.832 |
7,189.261 |
|
Profit |
642.859 |
(817.711) |
204.832 |
|
|
9.97% |
(12.09%) |
2.85% |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS:
PUNJAB AND HARYANA HIGH
COURT
CASE STATUS INFORMATION
SYSTEM
Case
Status: PENDING
Status
of INCOME TAX APPEAL 231 of 2011
COMMISSIONER
OF INCOME TAX-II, LUDHIANA Vs. AARTI INTERNATIONAL LIMITED, LUDHIANA
Pet's
Adv.: DENESH GOYAL
Last
Listed On: No Date Mentioned
List
Type: Ordinary
FIR
No.: NO FIR DETAILS AVAILABLE / NOT A CRIMINAL CASE
Complaint
No.: NO COMPLAINT DETAILS AVAILABLE
Category:
STATUTORY APPEALS INCOME TAX
Last
Hearing Detail 1: Before MR. JUSTICE M.M. KUMAR, MR. JUSTICE
ALOK
SINGH,--- at Bench Sl. No: 225
Last
Hearing Detail 2: NO BENCH MENTIONED
CONNECTED
APPLICATION (S)
CM
12274-CII of 2011
CONNECTED
MATTER (S)
ITA
232 of 2011
ITA
234 of 2011
ITA
235 of 2011
ITA
257 of 2011
ITA
64 of 2009
ITA
66 of 2009
Case
Updated on: Wednesday, August 07, 2013
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10476068 |
14/01/2014 |
180,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, GOLDEN TOWER, DHOLEWAL CHOWK, G.T ROAD, LUDHIANA, PUNJAB - 141003,
INDIA |
B95676458 |
|
2 |
10393836 |
04/12/2012 |
100,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T
ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B64823859 |
|
3 |
10343586 |
01/03/2012 |
50,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, MILLER
GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B35591163 |
|
4 |
10228751 |
28/06/2010 |
100,000,000.00 |
STATE BANK OF HYDERABAD |
SONA COMPLEX, G. T. ROAD,
MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
A89621742 |
|
5 |
10225868 |
14/06/2010 |
150,000,000.00 |
CORPORATION BANK |
SCO-34, FEROZE GANDHI
MARKET, PAKHOWAL ROAD, LUDHIANA, PUNJAB - 141001, INDIA |
A88399704 |
|
6 |
10207299 |
02/03/2010 |
150,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, JANDU
TOWER, G.T. ROAD, MILLER GANJ,, LUDHIANA, PUNJAB - 141003, INDIA |
A81550873 |
|
7 |
10202916 |
20/02/2010 |
150,000,000.00 |
CORPORATION BANK |
SCO - 34, FEROZE GANDHI MARKET,
PAKHOWAL ROAD, LUDHIANA, PUNJAB - 141001, INDIA |
A79825154 |
|
8 |
10203229 |
02/02/2010 |
250,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T.
ROAD, MILLER GANJ,, LUDHIANA, PUNJAB - 141003, INDIA |
A79469532 |
|
9 |
10186817 |
12/11/2009 |
80,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T
ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
A73786238 |
|
10 |
10051799 |
11/05/2007 |
750,000,000.00 |
PUNJAB NATIONAL BANK |
INTERNATIONAL BANKING BRANCH,
G.T. ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
A15295850 |
|
11 |
10052149 |
30/04/2007 |
100,000,000.00 |
STATE BANK OF HYDERABAD |
SSI BRANCH, SONA
COMPLEX,, 15/179, G.T. ROAD, LUDHIANA, PUNJAB - 141003, INDIA |
A15368350 |
|
12 |
10048624 |
09/04/2007 |
200,000,000.00 |
ORIENTAL BANK OF COMMERCE |
B-XV-136, JANDHU TOWER,
MILLER GANJ. G.T. ROAD, LUDHIANA, PUNJAB - 141003, INDIA |
A14231682 |
|
13 |
10040920 |
23/02/2007 |
700,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, MILLER
GANJ, G.T. ROAD, LUDHIANA, PUNJAB - 141003, INDIA |
A11776325 |
|
14 |
80036279 |
21/11/2005 |
55,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T.
ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141010, INDIA |
- |
|
15 |
80036281 |
16/08/2007 * |
775,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, DHOLEWAL
CHOWK, G.T. ROAD, LUDHIANA, PUNJAB - 141003, INDIA |
A22047906 |
|
16 |
80036280 |
15/10/2005 |
325,000,000.00 |
PUNJAB NATIONAL BANK |
INTERNATIONAL BANKING BRANCH,
G.T.ROAD, LUDHIANA, PUNJAB - 141010, INDIA |
- |
|
17 |
90174553 |
01/12/2003 * |
650,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T.
ROAD; MILLER GANJ, LUDHIANA, PUNJAB, INDIA |
- |
|
18 |
90168876 |
21/09/2013 * |
2,806,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T
ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B86196326 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT-TERM
BORROWINGS |
|
|
|
Term loans from banks |
1877.470 |
1526.541 |
|
Working capital loans from banks |
7.346 |
1.795 |
|
Other loans and advances |
1278.782 |
1216.031 |
|
Total
|
3163.598 |
2744.367 |
REVIEW OF OPERATIONS:
During the year the company
earned net profit of Rs.204.832 millions as compared to the loss of Rs.817.711
millions in the previous year. During the year, the company was able to effect
a turnaround in performance through dedicated efforts aimed at improving
operational efficiency, timely purchase of cotton in the market, remunerative
prices and good cotton yarn, focus on optimal product mix and effective cost
reduction practices, all of which resulted in improved sales and return to
profitability.
PRODUCTION AND SALES REVIEW:
The production of Cotton
Yarn during the period under reference was 29754.056 MT as compared to the
previous year’s production of 27375.49 MT registered a growth of 8.69%
approximately. The Net Sales of the Company for the year increased to
Rs.7189.300 millions as compared to Rs.6766.700 millions in the previous
financial year registered a growth of 6.25%. In addition to this, it has also
earned miscellaneous income amounting to Rs.53.200 millions during the current
year as compared to Rs.60.300 millions of previous year. Keeping in view
overall performance, further expansion and modernization projects in order to
meet the competition. The directors have decided not to recommend any dividend
for the year under review.
EXPORT AND FINANCE:
The Export earning (FOB
value) including Merchant Export during the year was Rs.4523.711 millions as
compared to Rs.3939.553 millions during the previous year. The Export turnover during
the year under reference has increased by 14.83 % as compared to the previous
year.
EXPANSION PLAN:
The Company is planning to
add 40128 Spindles for the manufacture of Compact Yarn at its existing premises
at Ludhiana with Capital Outlay of Rs.1500.000 millions (approximately).
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
Intangible Assets
·
Computer 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.59.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.