MIRA INFORM REPORT
|
Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
VARDHMAN TEXTILES LIMITED
(w.e.f. 05.09.2006) AURO TEXTILES (DIVISION OF VARDHMAN TEXTILES
LIMITED) |
|
|
|
|
Formerly Known
As : |
MAHAVIR SPINNING MILLS
LIMITED |
|
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|
|
Registered
Office : |
Chandigarh Road, Ludhiana
– 141 010, Punjab |
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|
|
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
08.10.1973 |
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Com. Reg. No.: |
16-003345 |
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Capital
Investment / Paid-up Capital : |
Rs.636.519
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111PB1973PLC003345 |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCM4692E |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacturing of Cotton Yarn, Synthetic Yarn and
Woven Fabric. |
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|
No. of Employees
: |
25000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 91063000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects strong market position in the cotton yarn and
sewing thread businesses marked by its diversified product portfolio,
adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
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 |
CRISIL |
|
Rating |
Long Term Rating: AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
March 07, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
March 07, 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 Co-operative (91-1795-392702)
LOCATIONS
|
Registered Office/ Corporate Office/ Branch Office 1/ Factory 1 [Vardhman Spinning and General Mills (Unit-I and
II)]: |
Chandigarh Road, Ludhiana
– 141 010, Punjab, India |
|
Tel. No.: |
91-161-2228943-48 |
|
Fax No.: |
91-161-2222447/ 6701429/ 2601048/ 6701435/ 2602710 |
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E-Mail : |
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Website : |
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Factory 2 : |
Arihant Spinning Mills, Industrial Area, Malerkotla – 148 023, Punjab, India |
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Factory 3 : |
Anant Spinning Mills, New Industrial Area, Mandideep – 462 046, Madhya
Pradesh, India |
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Factory 4 : |
Arisht Spinning Mills, Village Baddi, Tehsil Nalagarh, District Solan
– 173 205, Himachal Pradesh, India |
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Factory 5 : |
Auro Spinning Mills, Village Baddi, Tehsil Nalagarh, District Solan –
173 205, Himachal Pradesh, India |
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Factory 6 : |
Auro Dyeing, Village Baddi, Tehsil Nalagarh, District Solan – 173 205,
Himachal Pradesh, India |
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Factory 7 : |
Auro Weaving Mills, Village Baddi, Tehsil Nalagarh, District Solan –
173 205, Himachal Pradesh, India |
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Factory 8 : |
Auro Textiles, Village Baddi, Tehsil Nalagarh, District Solan – 173
205, Himachal Pradesh, India |
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Factory 9 : |
Mahavir Spinning Mills, (Gassed Mercerised Yarn Unit) Phagwara Road,
Hoshiarpur – 146 001, Punjab, India |
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Factory 10 : |
Mahavir Spinning Mills, (Textile Division) Village Baddi, Tehsil
Nalagarh, District Solan – 173 205, Himachal Pradesh, India |
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Factory 11 : |
Vardhman Spinning Mills, Village Baddi,
Tehsil Nalagarh, District Solan – 173 205, Himachal Pradesh, India |
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Factory 12 : |
Vardhman Fabrics, Budhni, District Sehore, Madhya Pradesh, India |
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Factory 13 : |
Vardhman Yarns, Satlapur, District Raisen, Madhya Pradesh, India |
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Factory 14 : |
Vardhman Fabrics (Power Division), Budhni, District Sehore, Madhya
Pradesh, India |
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Factory 15 : |
Vardhman Yarns (Power Division), Satlapur, District Raisen, Madhya
Pradesh, India |
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Branch Office 2 : |
P-22, 3rd Floor, Flat No.6, C.I.T. Road, Scheme IV, Kolkata
– 700 014, West Bengal, India |
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Branch Office 3 : |
314, Solaris II, Opposite L&T Gate No.6, Saki Vihar Road, Andheri
(East), Mumbai – 400 072, Maharashtra, India |
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Branch Office 4 : |
504, Dalamal House, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Branch Office 5 : |
309-310, Surya Kiran Building, 19, Kasturba Gandhi Marg, New Delhi –
110 001, India |
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Branch Office 6 : |
377-B, Muthuswami Industrial Complex, Palladam Road, Tiruppur – 638 604, Tamilnadu, India |
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Branch Office 7 : |
1st Floor, Palm Court, Opposite Management Development
Institute, MG Road, Sector - 16, Gurgaon – 122 001, Haryana, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Shri Paul Oswal |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
71 Years |
|
Qualification : |
M.Com. |
|
Experience : |
46 Years |
|
Date of Appointment : |
01.06.2005 |
|
DIN No.: |
00121737 |
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Name : |
Mr. Shankar Padmanabhan |
|
Designation : |
Non-Executive
Independent Director (Nominee of IDBI) |
|
Date of Birth/Age : |
20.11.1954 |
|
Qualification : |
MA
ECO |
|
DIN No.: |
03128811 |
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Name : |
Mr. Arun Kumar Purwar |
|
Designation : |
Non-Executive
Independent Director |
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Date of Birth/Age : |
14.05.1946 |
|
Qualification : |
M.Com, PGDCA |
|
Expertise in specific functional area : |
Eminent Banker having experience of more than 39 years in Banking |
|
Date of Appointment : |
01.06.2007 |
|
DIN No.: |
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Directorships of Other Companies as on 31st March, 2013 : |
1. Reliance Communications Limited 2. Jindal Steel & Power Limited 3. Apollo Tyres Limited 4. India Infoline Limited 5. Jindal Power Limited 6. C&C Constructions Limited Company Limited 7. IL&FS Renewable Energy Limited (IREL) 8. Sri Kavery Medical Care (Trichy) Limited 9. PHL Capital Private Limited 10. PHL Finance Private Limited 11. Vardhman Chemtech Limited 12. India Venture Advisors Private Limited 13. Energy Infratech Private Limited 14. ONGC-Tripura Power Co. Private Limited 15. Mizuho Securities India Private Limited |
|
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|
Name : |
Mr. Prafull Anubhai |
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Designation : |
Non-Executive
Independent Director |
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|
Name : |
Dr. Subash Khanchand Bijlani |
|
Designation : |
Non-Executive
Independent Director |
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Date of Birth/Age : |
06.09.1942 |
|
Qualification : |
B.Tech |
|
DIN No.: |
01040271 |
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|
Name : |
Mr. Ashok Kumar Kundra |
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Designation : |
Non-Executive
Independent Director |
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|
Name : |
Mr. Darshan Lal Sharma |
|
Designation : |
Non-Executive
Director |
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Address : |
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Date of Birth/Age : |
10.11.1948 |
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Qualification : |
B.Sc. (Engg.), M.B.A. |
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Expertise in specific functional area : |
Business Executive having experience of more than 38 years in Textile
and Sewing Thread Business |
|
Date of Appointment : |
08.05.1985 |
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DIN No.: |
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Directorships of Other Companies as on 31st March, 2013 : |
1. Vardhman Acrylics Limited 2. VTL Investments Limited 3. VMT Spinning Company Limited 4. Vardhman Yarns and Threads Limited 5. Vardhman Nisshinbo Garments
Company Limited |
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|
|
|
Name : |
Mr. Shravan Suresh Talwar |
|
Designation : |
Non-Executive
Independent Director |
|
Address : |
B-101, Defence Colony, New Delhi – 110 024, India |
|
Date of Birth/Age : |
17.04.1970 |
|
Qualification : |
MBA |
|
Date of Appointment : |
17.07.2010 |
|
DIN No.: |
01657234 |
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|
Name : |
Mrs. Suchita Jain |
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Designation : |
Executive Director |
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Name : |
Mr. Sachit Jain |
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Designation : |
Executive Director |
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DIN No.: |
00746409 |
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|
Name : |
Mr. Neeraj Jain |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajeev Thapar |
|
Designation : |
CGM (Finance, Accounts and Taxation) |
|
|
|
|
Name : |
Ms. Karan Kamal Walia |
|
Designation : |
Company Secretary |
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|
|
Name : |
Mr. Sunil |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
1461658 |
2.30 |
|
|
37908355 |
59.56 |
|
|
39370013 |
61.85 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
39370013 |
61.85 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9424359 |
14.81 |
|
|
77599 |
0.12 |
|
|
421553 |
0.66 |
|
|
4959134 |
7.79 |
|
|
14882645 |
23.38 |
|
|
|
|
|
|
1148040 |
1.80 |
|
|
|
|
|
|
4816078 |
7.57 |
|
|
1682728 |
2.64 |
|
|
1752375 |
2.75 |
|
|
1617941 |
2.54 |
|
|
134434 |
0.21 |
|
|
9399221 |
14.77 |
|
Total Public shareholding (B) |
24281866 |
38.15 |
|
Total (A)+(B) |
63651879 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
63651879 |
100.00 |
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BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of Cotton Yarn, Synthetic Yarn and
Woven Fabric. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
25000 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.C. Vasudeva and Company Chartered Accountants |
|
Address : |
B-XIX-
220, Rani Jhansi Road, Ghumar Mandi, Ludhiana,
Punjab, India |
|
PAN No.: |
AABFS5902N |
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Subsidiaries : |
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Associates : |
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|
Enterprises over which key Management Personnel and relative of such personnel
is able to exercise significant influence or control : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000 millions |
|
10000000 |
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
Total
|
|
Rs.1000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63651879 |
Equity Shares |
Rs.10/- each
|
Rs.636.519
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 |
636.519 |
636.519 |
636.519 |
|
(b) Reserves & Surplus |
22129.177 |
19323.658 |
18546.096 |
|
(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) |
22765.696 |
19960.177 |
19182.615 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
19849.605 |
19270.273 |
18179.625 |
|
(b) Deferred tax liabilities (Net) |
2271.425 |
2028.523 |
1968.053 |
|
(c)
Other long term liabilities |
102.777 |
25.802 |
32.598 |
|
(d)
Long-term provisions |
41.652 |
38.096 |
32.217 |
|
Total
Non-current Liabilities (3) |
22265.459 |
21362.694 |
20212.493 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
7576.464 |
5115.357 |
8646.833 |
|
(b)
Trade payables |
462.790 |
836.821 |
832.063 |
|
(c)
Other current liabilities |
5674.843 |
4154.730 |
3057.382 |
|
(d)
Short-term provisions |
487.981 |
370.278 |
383.529 |
|
Total
Current Liabilities (4) |
14202.078 |
10477.186 |
12919.807 |
|
|
|
|
|
|
TOTAL |
59233.233 |
51800.057 |
52314.915 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
23278.143 |
21939.355 |
21238.229 |
|
(ii)
Intangible Assets |
77.051 |
12.158 |
18.340 |
|
(iii)
Capital work-in-progress |
2128.951 |
1819.122 |
1140.888 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2931.902 |
3441.984 |
2182.371 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1425.940 |
906.903 |
483.981 |
|
(e)
Other Non-current assets |
500.208 |
0.204 |
0.267 |
|
Total
Non-Current Assets |
30342.195 |
28119.726 |
25064.076 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
2661.120 |
1705.194 |
1344.107 |
|
(b)
Inventories |
14994.448 |
13152.309 |
15983.946 |
|
(c)
Trade receivables |
6319.161 |
5368.302 |
4895.760 |
|
(d)
Cash and cash equivalents |
266.291 |
584.158 |
487.432 |
|
(e)
Short-term loans and advances |
4471.366 |
2691.717 |
4360.899 |
|
(f)
Other current assets |
178.652 |
178.651 |
178.695 |
|
Total
Current Assets |
28891.038 |
23680.331 |
27250.839 |
|
|
|
|
|
|
TOTAL |
59233.233 |
51800.057 |
52314.915 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
41597.105 |
39180.015 |
36068.116 |
|
|
|
Other Income |
548.982 |
605.707 |
432.380 |
|
|
|
TOTAL (A) |
42146.087 |
39785.722 |
36500.496 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
20963.734 |
22003.383 |
18148.548 |
|
|
|
Purchases of stock-in-trade |
268.972 |
310.170 |
556.274 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(898.142) |
1269.049 |
(2151.775) |
|
|
|
Employee benefits expense |
2683.433 |
2211.299 |
1935.238 |
|
|
|
Other expenses |
10297.675 |
8458.267 |
8567.733 |
|
|
|
TOTAL (B) |
33315.672 |
34252.168 |
27056.018 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8830.415 |
5533.554 |
9444.478 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1743.477 |
1732.227 |
1098.122 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7086.938 |
3801.327 |
8346.356 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2538.578 |
2346.718 |
2260.237 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
4548.360 |
1454.609 |
6086.119 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1311.103 |
357.970 |
1041.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
3237.257 |
1096.639 |
5044.469 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB
value of Export |
15995.920 |
16030.788 |
12182.627 |
|
|
TOTAL EARNINGS |
15995.920 |
16030.788 |
12182.627 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1568.514 |
1072.497 |
1447.661 |
|
|
|
Components & Spare Parts |
527.857 |
426.394 |
418.539 |
|
|
|
Capital Goods |
1333.570 |
1263.147 |
1249.822 |
|
|
TOTAL IMPORTS |
3429.941 |
2762.038 |
3116.022 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
50.86 |
17.23 |
74.21 |
|
|
|
- Diluted |
50.86 |
17.23 |
78.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.68
|
2.76 |
13.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.93
|
3.71 |
16.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.40
|
3.13 |
12.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.07 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.20
|
1.22 |
1.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
2.26 |
2.11 |
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 |
636.519 |
636.519 |
636.519 |
|
Reserves & Surplus |
18546.096 |
19323.658 |
22129.177 |
|
Net worth |
19,182.615 |
19,960.177 |
22,765.696 |
|
|
|
|
|
|
long-term borrowings |
18179.625 |
19270.273 |
19849.605 |
|
Short term borrowings |
8646.833 |
5115.357 |
7576.464 |
|
Total borrowings |
26,826.458 |
24,385.630 |
27,426.069 |
|
Debt/Equity ratio |
1.398 |
1.222 |
1.205 |
%20-%20270192%2003-Jun-2014_files/image022.gif)
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 (net) |
36068.116 |
39180.015 |
41597.105 |
|
|
|
8.628 |
6.169 |
%20-%20270192%2003-Jun-2014_files/image024.gif)
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 (net) |
36068.116 |
39180.015 |
41597.105 |
|
Profit |
5044.469 |
1096.639 |
3237.257 |
|
|
13.99% |
2.80% |
7.78% |
%20-%20270192%2003-Jun-2014_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
No |
|
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 |
LITIGATION
DETAILS:
CASE DETAIL
PUNJAB & HARYANA HIGH
COURT
CASE STATUS INFORMATION
SYSTEM
Case
Status: PENDING
Status
of CRIMINAL MAIN 37620 of 2013
VARDHMAN
UDHYOG AND ANR Vs. VARDHMAN TEXTILES LIMITED
Pet's
Adv.: SOURABH GOEL
Next
Date of Hearing: Tuesday,
March 11, 2014
List
Type: Ordinary
FIR
No.: NO
FIR DETAILS AVAILABLE / NOT A CRIMINAL CASE
Complaint
No.: 928
Dated:
27
- 9 - 2012U/S : 138 NEGOTIABLE INSTRUMENT ACT
At
Police Stn: DIVISION
NO-7 LUDHIANA
Category:
QUASHING
PETITIONS I/O
Last
Hearing Detail 1: Before
MR. JUSTICE M.M.S. BEDI ,---,--- at Bench Sl. No.: 255
Last
Hearing Detail 2: Before
MR. JUSTICE S.P. BANGARH,---,--- at Bench Sl. No.: 217
CONNECTED
APPLICATION (S)
CRM
46236 of 2013
CONNECTED
MATTER (S)
CRM-M
37623 of 2013
Case
Updated on: Friday, March 07, 2014
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10443552 |
30/12/2013 * |
450,000,000.00 |
STATE BANK OF INDIA |
IFB, GOLDEN TOWER,
DHOLEWAL CHOWK, LUDHIANA, PUNJAB - 141003, INDIA |
B94846144 |
|
2 |
10446949 |
30/12/2013 * |
695,000,000.00 |
STATE BANK OF INDIA |
IFB, GOLDEN TOWER,
DHOLEWAL CHOWK, LUDHIANA, PUNJAB - 141003, INDIA |
B94847530 |
|
3 |
10435934 |
30/12/2013 * |
435,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
CENTRE ONE BUILDING,
FLOOR-21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B94891157 |
|
4 |
10426904 |
30/12/2013 * |
1,600,000,000.00 |
STATE BANK OF INDIA |
IFB, GOLDEN TOWER,
DHOLEWAL CHOWK, LUDHIANA, PUNJAB - 141003, INDIA |
B94853181 |
|
5 |
10348797 |
28/12/2012 * |
2,650,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, MILLER
GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B66523994 |
|
6 |
10324897 |
25/06/2012 * |
1,300,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
CENTRE ONE BUILDING,
FLOOR-21, WORLD TRADE CENTRE |
B44004083 |
|
7 |
10307728 |
25/06/2012 * |
4,000,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY
BUILDING, 1, RED CROSS ROAD, POST BAG NO. -231, NEW DELHI, DELHI - 110001,
INDIA |
B43941921 |
|
8 |
10304839 |
25/06/2012 * |
2,350,000,000.00 |
STATE BANK OF INDIA |
S.C.B MILLER GANJ,, PAHWA
HOSPITAL COMPLEX (MID C |
B43971183 |
|
9 |
10293871 |
27/05/2013 * |
750,000,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
7TH FLOOR, AMBADEEP
BUILDING, 14 K G MARG,, NEW DELHI, DELHI - 110001, INDIA |
B77078913 |
|
10 |
10228291 |
29/06/2011 * |
2,350,000,000.00 |
BANK OF INDIA |
579-R, MODEL TOWN,
LUDHIANA, PUNJAB - 141002, INDI |
B17104969 |
|
11 |
10188277 |
07/10/2011 * |
1,510,000,000.00 |
BANK OF INDIA |
LUDHIANA MID CORPORATE
BRANCH, LUDHIANA, PUNJAB - 141002, INDIA |
B23622962 |
|
12 |
10179999 |
07/10/2011 * |
200,000,000.00 |
ORIENTAL BANK OF COMMERCE
LIMITED |
DELHI, INDIA, NEW DELHI,
DELHI - 110001, INDIA |
B22727721 |
|
13 |
10071930 |
26/09/2011 * |
1,990,000,000.00 |
STATE BANK OF INDIA |
SCB, MILLER GANJ, LUDHIANA,
PUNJAB - 141003, INDIA |
B23363922 |
|
14 |
10039489 |
29/09/2011 * |
1,150,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, MILLER
GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B23619174 |
|
15 |
10027682 |
08/10/2011 * |
445,000,000.00 |
STATE BANK OF MYSORE |
224, MITTAL COURT, C-
WING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B22547624 |
|
16 |
10027686 |
19/01/2012 * |
1,000,000,000.00 |
AXIS BANK LIMITED |
SURYA TOWER, MALL ROAD,
LUDHIANA, PUNJAB - 141003, INDIA |
B30385801 |
|
17 |
10026460 |
07/10/2011 * |
500,000,000.00 |
BANK OF INDIA |
LUDHIANA MID CORPORATE
BRANCH, LUDHIANA, PUNJAB - 141003, INDIA |
B23619463 |
|
18 |
10025352 |
08/10/2011 * |
709,500,000.00 |
ALLAHABAD BANK |
INTER. CUM INDUS. FINANCE
BRANCH, NEAR CHEEMA CHOWK, LUDHIANA, PUNJAB - 141003, INDIA |
B24050007 |
|
19 |
10026463 |
19/10/2011 * |
1,000,000,000.00 |
CANARA BANK |
BHARAT NAGAR CHOWK,
LUDHIANA, PUNJAB - 141003, INDIA |
B25074543 |
|
20 |
10023023 |
26/09/2011 * |
500,000,000.00 |
STATE BANK OF INDIA |
SCB, MILLER GANJ,
LUDHIANA, PUNJAB - 141003, INDIA |
B23358260 |
|
21 |
10024172 |
26/09/2011 * |
500,000,000.00 |
STATE BANK OF INDIA |
SCB, MILLER GANJ,
LUDHIANA, PUNJAB - 141003, INDIA |
B23363625 |
|
22 |
10020245 |
07/10/2011 * |
1,500,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, GT ROAD,
LUDHIANA, PUNJAB - 141001, INDIA |
B24636458 |
|
23 |
10023021 |
07/10/2011 * |
1,500,000,000.00 |
STATE BANK OF HYDERABAD |
SI BRANCH SONA COMPLEX, GT
ROAD, MILLER GANJ, PUNJAB - 141003, INDIA |
B24291510 |
|
24 |
10023020 |
11/10/2011 * |
3,000,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH,
BHAGWATI TOWER, CHEEMA CH |
B23621048 |
|
25 |
10013500 |
29/09/2011 * |
1,500,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, MILLER
GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B23620180 |
|
26 |
80035604 |
19/10/2011 * |
1,500,000,000.00 |
CANARA BANK |
BHARAT NAGAR CHOWK,
LUDHIANA, PUNJAB - 141001, INDIA |
B25069626 |
|
27 |
80033171 |
18/10/2011 * |
710,000,000.00 |
CORPORATION BANK |
SCO-34, FEROZ GANDHI
MARKET, PAKHOWAL ROAD, LUDHIANA, PUNJAB - 141001, INDIA |
B25067190 |
|
28 |
90170200 |
20/10/2011 * |
1,200,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK
OF INDIA LIMITED |
INDIAN RED CROSS SOCIETY
BUILDING, 1, RED CROSS ROAD, POST BAG NO.231, NEW DELHI, DELHI - 110001,
INDIA |
B25232042 |
|
29 |
90170184 |
19/01/2012 * |
671,600,000.00 |
AXIS BANK LIMITED |
SURYA TOWER, LUDHIANA,
PUNJAB - 141003, INDIA |
B30383343 |
|
30 |
90170169 |
11/10/2011 * |
450,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH,
BHAGWATI TOWER, CHEEMA CHOWK, LUDHIANA, PUNJAB - 141003, INDIA |
B23623390 |
|
31 |
90169366 |
07/04/2008 * |
250,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWER, NBCC
PLACA, BHISHAM PITAMAH MAGR, PRAGTI VIHAR, NEW DELHI, DELHI - 110003, INDIA |
A36609873 |
|
32 |
90169343 |
25/06/2012 * |
16,000,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, MILLER
GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B44001337 |
* Date of charge modification
UNSECURED LOANS
|
|
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Loans
repayable on demand from others |
14.780 |
356.765 |
|
Total
|
14.780 |
356.765 |
CORPORATE
INFORMATION:
The Company is a public company incorporated under the provisions of the
Companies Act, 1956 on 8th October, 1973. The name of the company at
its incorporation was Mahavir spinning mills Limited and subsequently changed
to Vardhman Textiles Limited on 5th September, 2006. The company is
engaged in manufacturing of Cotton Yarn, Synthetic Yarn and woven Fabric.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
BUSINESS REVIEW:
ECONOMIC OUTLOOK
Global economic outlook has
been improving and expected to grow above 3% in 2013 and 4% in 2014, though the
growth in not uniform even among the developed countries. For instance, private
demand in USA has been growing giving strength to the recovery there but
similar indications are missing in EU. USA is estimated to grow by 1.9% in 2013
followed by 3% in 2014 whereas EU may record 0.3% growth in 2013 followed by
1.1% growth in 2014. Growth in Japan is expected to marginally reduce in 2013
and 2014. The driver of the developed countries’ growth is mainly monetary
easing, which need to be substituted with more fundamental forces to make it
sustainable. Success in avoiding euro area breakup and deferment of fiscal
contraction helped the world economy to recover some ground in economic growth.
The emerging economies
especially in Asia are likely to grow by 7% for next couple of years, which is
less than the growth rate achieved in the past. It is mainly due to some
slowdown in export sector of the leading economies like China and partially due
to the China’s efforts to rebalance economy towards domestic and consumption
side from exports and investments. It is expected that such a move would
strengthen the growth in emerging economies in coming years.
In world trade, the
projected higher export growth rates of (6-7%) of emerging economies than
developed economies in 2013 and 2014, especially in non-fuel categories
indicate good scope of manufacturing exports from developing countries. Exports
may grow within emerging economies in years to come.
The mean value of different
GDP growth estimates of Indian economy shows that Indian economy may grow in
the range of 5-6% in financial year 2013-14. The stubborn current account
deficit, fiscal deficit and a lacklustre performance of manufacturing sector
especially catering to exports are some factors affecting the business climate
and investor confidence in the country adversely. It is expected to take a
couple of years before Indian economy can again reach 8 plus GDP growth path
though reduction in international oil and commodities prices may lend some
respite to manufacturing competitiveness of Indian economy.
Cotton
During 2012-13, the
International cotton prices benefited radically from the policies of the
Chinese Government. Although the global stock-to-use ratio is forecast at 72%
for financial year 2012-13, the highest in over 60 years, it must be borne in
mind that a large part of world cotton stocks are in the hands of the Chinese
government. Though the future Chinese policies remain unclear, but it does not
seem that the reserve cotton will be released in quantities large enough to
significantly undermine domestic Chinese prices or international cotton prices.
In 2012-13, global cotton
production is estimated at 26.4 million tons, down by 5%, while cotton mill use
is expected to rise by 6%. With consumption anticipated at 23.5 million tons,
the global stocks at the end of July 2013 are forecast at a record 17.9 million
tons, up 19% from the previous year.
In 2013-14, world area
under cotton cultivation is likely to drop by 5-6% due to better prices
available to farmers against alternative crop. Globally, the cotton production
is estimated at around 25.5 million tons against consumption of about 24.5
million tons. The major increase in stock will happen in China whereas the
world stock minus China is likely to be reduced.
Cotton Balance sheet – India
The cotton production in
India in the current season (October- September) is estimated to be around 34
million bales. The exports of cotton are estimated at 10 million bales as
compared to 12.9 million bales in 2011-12. Domestic consumption of cotton
increased by 13% as compared to last year. Consequently, the closing stock of
cotton is expected to get substantially reduced.
In 2013-14, it is
anticipated that the area under cotton cultivation in the country will reduce
by around 5% again due to better margins in alternative crop. However, with the
forecast of normal and on time monsoons the yield is likely to be better than the
year 2012-13.
Yarn
Cotton yarn production in
India increased by about 14% during the year 2012-13. Most Indian yarn
manufacturers experienced high demand from domestic as well as export market,
mainly from China during the financial year 2012-13. Favourable policy
environment, improved demand supply position and favourable input costs were
some of the other driving factors that led to improvements in margins.
With lower cotton prices,
depreciating rupee, slow but steady pick up in domestic demand and continued
likely demand of cotton yarn from China, yarn manufacturers expect to maintain
their margins in the coming quarters. Also, Foreign Direct Investment in retail
is an opportunity that would unleash demand in the long run and offset any
slowdown in the spinning sector.
Company’s Future Outlook:
In order to cater to its
ever increasing customer base, the Company is expanding its existing spinning
capacities with installation of additional spindles at Budhni and Satlapur. The
projects are expected to commence commercial production during the coming year.
An additional 220 looms shall also be commissioned by December 2013. Apart from
these expansions, the Company continues to modernize its capacities and go in
for line balancing as and when required.
The Company also continues
to lay emphasis on process improvements, diversification of products,
rationalization of costs, improving efficiencies and building a strong customer
base.
FINANCIAL ANALYSIS AND REVIEW OF OPERATIONS:
Production and Sales Review:
During the year, the
company has registered Revenue from operations (turnover) of Rs.41597.100
millions as compared to Rs.39180.000 millions showing an increase of 6.17% over
previous year. The exports of the Company decreased from Rs.16030.800 millions to
Rs.15995.900 millions showing a decline of 0.22% over the previous year. The
business wise performance is as under:-
a) Yarn:
The production of Yarn
increased from 138,046 MT to 148,003 MT during the year 2012-13. The sales
revenue of yarn increased from Rs.24217.700 millions to Rs.25234.600 millions
during the year showing an increase of 4.20%.
b) Fabric:
During the year, the
production of fabric (grey and processed) increased from 187.12 million meter
to 219.00 meter, showing an increase of 17.04% over the previous year. The
sales revenue of the fabric (grey and processed) also increased from
Rs.11998.100 millions to Rs.13669.600 millions showing an increase of 13.93%
over the previous year.
Profitability:
The Company earned profit
before depreciation, interest and tax of Rs.8830.500 millions as against
Rs.5533.500 millions in the previous year. After providing for depreciation of
Rs.2538.600 millions (Previous year Rs.2346.700 millions), interest of
Rs.1743.500 millions (Previous Year Rs.1732.200 millions), provision for tax
Rs.1068.200 millions (Previous year Rs.297.500 millions), provision for
deferred tax (net of adjustments) Rs.242.900 millions (previous year Rs.60.400
millions), the net profit from operations worked out to Rs.3237.300 millions as
compared to Rs.1096.700 millions in the previous year.
SUBSIDIARIES:
The Company has following
subsidiary companies, the details of financial performance of which are given
below:-
VMT Spinning Company Limited (VMT)
The business of this
subsidiary of the Company which is a Joint Venture with Marubeni Corporation,
Marubeni Hongkong and South China Limited and Toho Tenax Limited of Japan has
improved as compared to last year. The Revenue from operations of VMT has
increased to Rs.1474.500 millions from Rs.1445.100 millions in the last year.
The Company earned a net profit of Rs.54.500 millions as against net loss of
Rs.18.700 millions in the previous year due to better margins available. Out of
the total present paid-up capital of Rs.207.000 millions, the Company holds
73.33%. The Board of Directors of VMT has recommended a dividend @ 10% on its
paid up equity share capital for the year 2012-13.
VTL Investments Limited (VTL)
This 100% subsidiary of the
Company is engaged with the business of investments in the shares, bonds,
debentures etc. The earnings of the company mainly comes from the
dividend/interest earned on its investments and profits made on sale of
investments. During the year, VTL has earned a net profit of Rs.20.600 millions.
Vardhman Acrylics Limited (VAL)
Vardhman Acrylics Limited
(VAL) is another subsidiary of the Company which is engaged in the business of
manufacturing of Acrylic Fibre. The Company held 67.37% shares in VAL as at the
end of the year. During the Financial Year 2012-13, VAL recorded Revenue from
operations of Rs.4364.900 millions (including Trading of goods of Rs.1347.200
millions) as against Rs.3901.400 millions (including Trading of goods
Rs.880.400 millions) in corresponding period last year. The net profit for the
year has decreased marginally to Rs.244.000 millions from Rs.244.900 millions
in the previous year. During the year, VAL bought back and extinguished
13,906,160 of its Equity Shares of Rs.10/- each out of maximum of 20,000,000
Equity shares as approved by its Board of Directors.
Vardhman Yarns and Threads Limited (VYTL)
This subsidiary of the
Company, a Joint Venture with American and Effird Inc. (A&E), is engaged in
the business of Threads Manufacturing and Distribution. VYTL is a joint venture
partnership of 51:49 with A&E, which is the second largest player in
Threads Manufacturing and Distribution across the world. During the year, the
Revenue from Operations were Rs.5405.400 millions as against Rs.4646.900
millions in the previous year registering an increase of 16.32%. The Net Profit
for the year was Rs.431.500 millions as compared to Rs.397.000 millions during
last year recording an increase of 8.69%. This has been possible because of
increase in production and sales revenue in all the verticals i.e. Consumers,
Industrial and Specialty products. The Board of Directors of VYTL has
recommended a dividend @ 30%, on it’s paid up equity share capital, for the
year 2012-13.
Vardhman Nisshinbo Garments Company Limited (VNGL)
This subsidiary of the
Company which is a Joint Venture partnership of 51:49 with Nisshinbo Textiles
Inc., Japan for manufacturing world class men’s shirts. During the year, the
Revenue from Operations of VNGL was Rs.176.600 millions as compared to
Rs.74.300 millions in the previous year. VNGL incurred a net loss of Rs.48.600
millions as against Rs.42.400 millions in the previous year. This is on account
of lower productivity, labour turnover and lack of skilled workers. VNGL is
expected to stabilize its business operations during the next financial year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
(i)
Claims not acknowledged as debts |
134.223 |
93.720 |
|
(ii)
Bank Guarantees and Letters of Credit outstanding |
2261.240 |
1658.171 |
|
(iii)
Bills discounted with banks |
417.664 |
828.988 |
(iv) Other monies for which
the company is contingently liable
a) The Company has contested
the additional demand in respect of Sales Tax, Excise Duty etc., amounting to
Rs.51.502 millions (Previous Year Rs.55.449 millions). As against this a sum of
Rs.10.171 millions (Previous Year Rs.15.585 millions) has been deposited under
protest and stands included under the head “other recoverable in note-21 -
Short-term loans and advances “. The Company has filed an appeal with the
Appellate Authorities and is advised that the demand is not in accordance with
law. No provision, therefore, has been made in accounts in respect thereof.
b) The Company has
contested the additional demand in respect of income tax amounting to
Rs.503.600 millions (Previous Year Rs.481.900 millions). Pending appeal with
appellate authorities, provision of Rs.232.300 millions (Previous Year
Rs.282.300 millions) has not been made in the books of account as the company
is confident to get the desired relief.
c) The company had taken
over the textile undertaking of Vardhman Holdings Limited (formerly known as
Vardhman Spinning and General Mills Limited) by a scheme of Arrangement and
De-merger. An injunction was obtained against the London Branch of the said
textile undertaking for preventing disposal of assets upto the value of Pound
Sterling 2.99 Lac as a result of a court case pending in London for alleged
non-fulfilment of an agreement of cotton purchase. The said matter had been
decided against the said textile undertaking and accordingly, Pound Sterling
0.48 Lac lying in the bank account at London had been paid to the claimant
pursuant to the Order of the Court. The said amount was written off in the
books of the said undertaking by way of debit to the statement of Profit and
Loss. No provision has been made for the balance decreed amount by the
undertaking in view of the fact that the said undertaking was prevented by
force majure in fulfilling its part of contract. The Company as successor to
the textile undertaking is contesting this matter in Indian Courts and is
confident that there would not be any further liability in this regard.
FIXED ASSETS:
Tangible Assets:
·
Free-hold
Land
·
Leasehold
Land
·
Buildings
·
Plant
and Equipment
·
Furniture
and Fixtures
·
Vehicles
·
Office
Equipment
Intangible Assets:
·
Computer
Software
·
Right
to use Power lines
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST
MARCH 2014
Rs. In Millions
|
Particulars |
Quarter ended |
Year ended |
||
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
12822.100 |
14159.800 |
51713.100 |
|
|
(b) Other Operating Income |
99.900 |
152.100 |
540.600 |
|
|
Total income from operations (net) |
12922.000 |
14311.900 |
52253.700 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
7118.900 |
6491.700 |
25123.900 |
|
|
(b) Purchases of stock-in trade |
137.800 |
126.900 |
571.300 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(1423.200) |
(18.000) |
(2294.700) |
|
|
(d) Employee benefits expense |
827.000 |
811.600 |
3201.600 |
|
|
(e) Depreciation and Anmortisation Expenses |
854.800 |
715.100 |
2941.300 |
|
|
(f) Power and Fuel |
1438.200 |
1415.600 |
5448.800 |
|
|
(g) Other Expenses |
1467.500 |
2025.300 |
7054.600 |
|
|
Total expenses |
10421.000 |
11568.200 |
42046.800 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
2501.000 |
2743.700 |
10206.900 |
|
4 |
Other Income |
-- |
-- |
105.200 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
2501.000 |
2743.700 |
10312.100 |
|
6 |
Finance Costs |
442.800 |
311.300 |
1518.300 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
2058.200 |
2432.400 |
8793.800 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
2058.200 |
2432.400 |
8793.800 |
|
10 |
Tax expenses |
515.000 |
680.000 |
2275.000 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
1543.200 |
1752.400 |
6518.800 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
1543.200 |
1752.400 |
6518.800 |
|
14 |
Share of profit' (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority Interest |
-- |
-- |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss)
of associates (13+14+15) |
1543.200 |
1752.400 |
6518.800 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
636.500 |
636.500 |
636.500 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
-- |
-- |
27846.700 |
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
|
|
|
|
|
(a) Basic |
24.25 |
27.53 |
102.42 |
|
|
(b) Diluted |
24.25 |
27.53 |
102.42 |
|
19.ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not
annualised) |
|
|
|
|
|
(a) Basic |
24.25 |
27.53 |
102.42 |
|
|
(b) Diluted |
24.25 |
27.53 |
102.42 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
24,281,866 |
24,281,866 |
24,281,866 |
|
|
- Percentage of shareholding |
38.15% |
38.15% |
38.15% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
-- |
-- |
-- |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
39,370,013 |
39,370,013 |
39,370,013 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
61.85% |
61.85% |
61.85% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
|
|
Received during the quarter |
11 |
|
|
|
|
Disposed off during the quarter |
11 |
|
|
|
|
Remaining unresolved at the end of the quarter |
-- |
|
|
SEGMENT WISE REVENUE
RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
Particulars |
Quarter ended |
Year ended |
||
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
|
|
a Yarn |
15091.600 |
11815.300 |
43347.400 |
|
|
b Fabric |
5196.600 |
5221.800 |
19431.800 |
|
|
c Unallocated |
466.900 |
610.800 |
2183.400 |
|
|
Total |
20755.100 |
17647.900 |
64962.600 |
|
|
Less: Inter-Segment revenue |
3433.000 |
3488.100 |
13249.500 |
|
|
Net Sales I
Income from Operations |
12822.100 |
14159.800 |
51713.100 |
|
|
|
|
|
|
|
2 |
Segment Results Profit
I (Loss) (before tax, finance cost and exceptional items) from Segment |
|
|
|
|
|
a Yarn |
1641.900 |
1847.400 |
7008.400 |
|
|
b Fabric |
921.200 |
770.000 |
2871.300 |
|
|
c Unallocated |
113.600 |
182.100 |
593.300 |
|
|
Total |
2676.700 |
2799.500 |
10473.000 |
|
|
Less: |
|
|
|
|
|
i) Interest |
442.800 |
311.300 |
1518.300 |
|
|
ii) Net un-allocable expenditure / |
175.600 |
55.800 |
160.900 |
|
|
Total
Profit(Loss) before Tax |
2058.300 |
2432.400 |
8793.800 |
|
|
|
|
|
|
|
3 |
Segment Capital
employed |
|
|
|
|
|
a Yarn |
37837.000 |
31401.900 |
37837.000 |
|
|
b Fabric |
13774.200 |
14310.300 |
13774.200 |
|
|
c Unallocated |
10652.200 |
9680.300 |
10652.200 |
|
|
d Capital work-in-progress (including capital advance) |
1153.000 |
1331.100 |
1153.000 |
|
|
Total Segment
Capital Employed |
63416.400 |
56723.600 |
63416.400 |
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
|
Particulars |
As at 31.03.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
636.500 |
|
|
b) Reserves & Surplus |
27846.700 |
|
|
c) Money received against share warrants |
-- |
|
|
Sub Total- Shareholders funds |
28483.200 |
|
2 |
Share application money pending allotment |
-- |
|
3 |
Minority Interest |
-- |
|
4 |
Non-current liabilities |
|
|
|
(a) long-term borrowings |
19250.600 |
|
|
(b) Deferred tax liabilities (Net) |
2661.500 |
|
|
(c) Other long term
liabilities |
123.400 |
|
|
(d) long-term
provisions |
44.200 |
|
|
Sub Total- Non Current Liabilities |
22079.700 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
8355.000 |
|
|
(b) Trade Payables |
966.100 |
|
|
(c) Other current liabilities |
8085.300 |
|
|
(d) Short term provisions |
832.600 |
|
|
Sub Total- Current Liabilities |
18239.000 |
|
|
TOTAL-EQUITY AND LIABILITIES |
68801.900 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
28592.600 |
|
|
(b) Non-current Investments |
4931.800 |
|
|
(c) Deferred tax assets (net) |
-- |
|
|
(d)
Long-term Loan and Advances |
889.500 |
|
|
(e) Other
Non-current assets |
300.500 |
|
|
Sub-Total- Non current assets |
34714.400 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
2191.600 |
|
|
b) Inventories |
18715.400 |
|
|
c) Trade Receivables |
7355.700 |
|
|
d) Cash and cash equivalents |
527.400 |
|
|
(e) Short term loans and advances |
5118.600 |
|
|
(f) Other current assets |
178.800 |
|
|
Sub-Total- current assets |
34087.500 |
|
|
TOTAL ASSETS |
68801.900 |
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 : |
HET |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.