MIRA INFORM REPORT
|
Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
S KUMARS NATIONWIDE LIMITED (w.e.f. April 12, 2000) |
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Formerly Known
As : |
S. KUMAR SYNFABS LIMITED |
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Registered
Office : |
B-2, 5th Floor, Marathon Nextgen, Off G.K. Marg, Worli,
Lower Parel (West), Mumbai – 400 013, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
28.09.1990 |
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Com. Reg. No.: |
11-058361 |
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Capital
Investment / Paid-up Capital : |
Rs. 3449.899 Millions |
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CIN No.: [Company Identification
No.] |
L17120MH1990PLC058361 |
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IEC No.: |
0392025728 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS17736F |
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PAN No.: [Permanent Account No.] |
AAACS0767K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in textile business and operates in several product categories including blended suitings, high value fine cotton (“HVFC”), uniform fabrics, work-wear, home textiles and furnishings and ready-to-wear garments and in all fiber categories (natural, blended and man-made fibers). |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 46800000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, Trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions. |
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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management non co-operative. (91-22-24824500)
LOCATIONS
|
Registered Office : |
B-2, 5th Floor, Marathon Nextgen, Off G.K. Marg, Worli,
Lower Parel (West), Mumbai – 400 013, Maharashtra, India |
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Tel No.: |
91-22-24824500 |
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Fax No.: |
91-22-24931685 |
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E-Mail : |
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Website : |
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Corporate Office : |
‘Avadh’ Avadhesh Parisar, Mumbai – 400013, Maharashtra, India |
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Factory 1 : |
Menswear and Home Textiles Complex 3B, Industrial Area No. 2, Agra Bombay Road, Dewas, Madhya Pradesh,
India |
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Tel. No.: |
91-7272-258025/ 258026/ 258027 |
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Fax No.: |
91-7272-252424 |
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Location : |
Leased |
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Factory 2: |
Spinning and Weaving Complex Chamunda Standard Mills, Balgarh, Dewas, Madhya Pradesh, India |
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Tel. No.: |
91-7272-252891 |
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Fax No.: |
91-7272-253261 |
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Location : |
Leased |
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Factory 3: |
Worsted Fabrics Complex Thandavapura, Nanjangud Taluka, Mysore District, Karnataka, West
Bengal, India |
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Factory 4: |
Baruche Superfine Cottons (BSFC) and Home Textiles Jhagodia Industrial Estate, GIDC, Ankleshwar, Gujarat |
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Factory 5: |
Marling & Evans Limited Vernon House, 40 New North Road, Huddersfield, West Yorkshire, HDI
5LS, UK |
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Factory 6: |
Leggiuno S.p.A. Via Dante Alighieri, 1, 21038 Leggiuno (VA) - Italy |
DIRECTORS
As on: 31.03.2013
|
Name : |
Nitin S. Kasliwal (upto 24th August, 2012) |
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Designation : |
Chairman & Managing Director |
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Name : |
Mrs. Jyoti N. Kasliwal |
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Designation : |
Director |
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Name : |
Anil Channa |
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Designation : |
Deputy Managing Director |
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Name : |
Ranjitha Godbole (w.e.f. 19th November, 2012) |
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Designation : |
Nominee Director - IDBI Bank Limited |
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Name : |
Sujeet Bhale (upto 30th September, 2013) |
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Designation : |
Nominee Director - EXIM Bank Limited. |
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Name : |
Vijay Kalantri |
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Designation : |
Director |
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Name : |
Jagadeesh S. Shetty (w.e.f. 10th November, 2012) |
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Designation : |
Director – Finance & Group CFO |
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Name : |
M. Damodaran (upto 8th October, 2012) |
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Designation : |
Director |
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Name : |
Jitender Balakrishnan (upto 28th March, 2013) |
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Designation : |
Director |
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Name : |
Suresh N. Talwar (upto 26th November, 2012) |
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Designation : |
Director |
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Name : |
Amita Narain (upto 19th November, 2012) |
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Designation : |
Nominee Director - IDBI Bank Limited. |
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Name : |
Susheel Kak (upto 10th January, 2013) |
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Designation : |
Nominee Director India Debt Management Private. Limited. (IDM) |
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Name : |
Denys Firth (upto 10th January, 2013) |
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Designation : |
Nominee Director - IDM |
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Name : |
Navin Sambtani (w.e.f. 10th November, 2012) |
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Designation : |
Director (Alternate to Denys Firth) |
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Name : |
Alexander Shaik (upto 10th November, 2012) |
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Designation : |
Director (Alternate to Denys Firth) |
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Name : |
Dara D. Avari (upto 1st March, 2013) |
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Designation : |
Director |
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Name : |
Gaurav Bhandari (w.e.f. 30th September, 2013) |
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Designation : |
Nominee Director - EXIM Bank Limited. |
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Name : |
Rajinder Garg (w.e.f. 30th September, 2013) |
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Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr.Pulak Banerjee (w.e.f. 10th November, 2012) |
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Designation : |
Sr. Vice President – Legal and Company Secretary: |
SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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|
87292 |
0.03 |
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31570642 |
10.62 |
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|
31657934 |
10.64 |
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Total shareholding of Promoter and Promoter Group (A) |
31657934 |
10.64 |
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(B) Public Shareholding |
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|
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|
4400 |
0.00 |
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|
3000 |
0.00 |
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|
1057683 |
0.36 |
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|
1065083 |
0.36 |
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|
94116406 |
31.65 |
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|
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|
65743122 |
22.11 |
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|
97464768 |
32.77 |
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|
7356064 |
2.47 |
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|
2710726 |
0.91 |
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|
4604088 |
1.55 |
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|
41250 |
0.01 |
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|
264680360 |
89.00 |
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Total Public shareholding (B) |
265745443 |
89.36 |
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Total (A)+(B) |
297403377 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
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Total (A)+(B)+(C) |
297403377 |
100.00 |
As on: 31.03.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
shareholding of Promoter and Promoter Group |
10.64 |
|
Public shareholding |
89.36 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in textile business and operates in several product categories including blended suitings, high value fine cotton (“HVFC”), uniform fabrics, work-wear, home textiles and furnishings and ready-to-wear garments and in all fiber categories (natural, blended and man-made fibers). |
GENERAL INFORMATION
|
No. of Employees : |
Not available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Notes : Nature of Security and Terms of Repayment for Long
Term Borrowings: |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
M/S. Haribhakti and Company Chartered Accountant |
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Solicitors |
Little and Company |
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Subsidiary: |
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Enterprises over
which Key Managerial Personnel are able to exercise significant influence: |
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Wholly Owned
Subsidiary |
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Wholly Owned
Subsidiary of SKNL International B.V. |
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Wholly Owned
Subsidiary of SKNL Global Holdings B.V. |
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Subsidiary of SKNL
Global Holdings B.V. |
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Wholly Owned
Subsidiary of SKNL (UK) Limited. |
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Wholly Owned
Subsidiary of SKNL Italy S.p.A. |
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Subsidiary of
Leggiuno S.p.A. |
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Subsidiary of SKNL
North America B.V. |
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Wholly Owned
Subsidiary of Remala Trading B.V. |
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Wholly Owned
Subsidiary of HMX Poland sp Z.o.o |
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Wholly Owned
Subsidiary of HMX Acquisition Corp. |
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CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
370000000 |
Equity shares |
Rs.10/- each |
Rs.3700.000 millions |
|
9000000 |
Preference Shares |
Rs.100/- each |
Rs.900.000 millions |
|
|
Total |
|
Rs.4600.000
millions |
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
297403377 |
Equity Shares |
Rs.10/- each |
Rs. 2974.034 Millions |
|
|
|
|
|
|
372500 |
6% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 3.725 Millions |
|
4386147 |
0.01% Redeemable Preference Shares |
Rs.100/- each |
Rs. 43.861 Millions |
|
|
|
|
|
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Total |
|
Rs. 3021.620
Millions |
Note:
Reconciliation of the number of shares outstanding at the beginning and
at the end of the reporting period:
(Rs. In Millions)
|
Particulars |
6% Cumulative
Redeemable Preference Shares |
|
|
|
As on 31.03.2013 |
|
|
|
No. of Shares |
Amount |
|
Shares outstanding at the beginning of the year |
527500 |
52.750 |
|
Shares redeemed during the year |
155000 |
15.550 |
|
Shares outstanding at the end of the year |
372500 |
37.250 |
(Rs. In Millions)
|
Particulars |
0.01% Redeemable Preference Shares |
|
|
|
As on 31.03.2013 |
|
|
|
No. of Shares |
Amount |
|
Shares outstanding at the beginning of the year |
4705947 |
470.595 |
|
Shares redeemed during the year |
319800 |
31.980 |
|
Shares outstanding at the end of the year |
4386147 |
438.615 |
(Rs. In Millions)
|
Particulars |
Equity Shares |
|
|
|
As on 31.03.2013 |
|
|
|
No. of Shares |
Amount |
|
Shares outstanding at the beginning of the year |
297403377 |
2974.034 |
|
Shares issued during the year |
- |
- |
|
Shares outstanding at the end of the year |
297403377 |
2974.034 |
Details of Preference shareholders holding more than 5% in 6% Cumulative
Redeemable Preference shares of the Company
|
Name of Shareholder |
As on 31.03.2013 |
|
|
|
No. of Shares held |
% of Holding |
|
Anjaneya Holdings Private Limited |
372500 |
100.00 |
|
SICOM Limited |
- |
- |
Details of Preference shareholders holding more than 5% in 0.01%
Redeemable Preference shares of the Company
|
Name of Shareholder |
As on 31.03.2013 |
|
|
|
No. of Shares held |
% of Holding |
|
IDBI Limited |
4306627 |
98.19 |
|
Indian Bank |
- |
- |
Details of Equity shareholders holding more than 5% in equity shares of
the Company
|
Name of Shareholder |
As on 31.03.2013 |
|
|
|
No. of Shares held |
% of Holding |
|
Anjaneya Holdings Private Limited |
25416031 |
8.55 |
|
Copthall Mauritius Investment Limited |
24034445 |
8.08 |
|
IDBI Bank Limited |
15827419 |
5.32 |
|
IL&FS Financial Services Limited |
22467505 |
7.55 |
|
Finquest Financial Solutions Private Limited |
14966000 |
5.03 |
Details of shares issued for consideration other than cash
|
|
Year (Aggregate No. of Shares) |
||||
|
Particulars |
2011-2012 |
2010-11 |
2009-10 |
2008-09 |
2007-08 |
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0.01% Redeemable Preference Shares : |
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|
|
|
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|
Fully paid up pursuant to contract(s) without payment being received
in cash |
-- |
-- |
-- |
-- |
77267 |
Terms/rights attached
to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Dividend, if and when declared, is declared and paid in Indian rupees. The Board of Directors have neither declared nor proposed any Dividend.
In the event of liquidation
of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the Shareholders.
Note 2.4 - Terms of Redemption of Preference Shares
During the year, the Company has redeemed 6% Redeemable Preference Shares aggregating to ` 155.00 lacs.
(Previous Year ` Nil).
Outstanding 6% Cumulative Redeemable Preference Shares are redeemable by 1st October, 2013.
During the year, the Company has redeemed 0.01% Redeemable Preference Shares aggregating to ` 319.80 lacs. (Previous Year ` Nil). Outstanding 0.01% Redeemable Preference Shares are to be redeemed @ 25% in each year between October 2016 to September 2020.
Shares reserved
for issue under options
The Company has
issued stock options to the permanent employees exercisable into 19,11,000
numbers of equity shares of the Company under ‘Employees Stock Option Scheme
2007 - Series A’ (“ESOP 2007”). Each option when exercised would be convertible
into one equity share of a face value of Rs. 10 each fully paid-up. The
important features of the ESOP scheme are as follows:
|
|
Parameters/Terms |
Explanation |
||
|
I |
Vesting period |
Minimum period
of one year and a maximum period of five years from the date of grant i.e
31.010.2007 |
||
|
II |
Vesting schedule |
The actual vesting schedule of options will
be as follows: |
||
|
|
|
Year |
Period and Date |
% of Vesting |
|
|
|
1st Year |
31.10.2007 to 30.10.2008 |
30% |
|
|
|
2nd Year |
31.10.2008 to 30.10.2009 |
30% |
|
|
|
3rd Year |
31.10.2009 to 30.10.2010 |
40% |
|
III |
Exercise price |
30% discount on the prevailing market price of Rs.128/- of the shares as
on the date prior to the date of the Compensation Committee resolution. |
||
|
IV |
Exercise Period |
Exercise period will be three years from the date of vesting. |
||
|
V |
ESOP Price per share |
Rs. 89.60 |
||
|
|
Particulars |
As on 31.03.2013 |
|
A |
Number of Options outstanding at the beginning of the year |
911820 |
|
B |
Options exercised |
NIL |
|
C |
Total number of shares arising as a result of exercise of Options |
NIL |
|
D |
Options Lapsed/cancelled |
546060 |
|
E |
Money realised by exercise of options |
NIL |
|
F |
Total number of options in force at the end of year |
365760 |
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 |
3449.899 |
3497.379 |
3373.129 |
|
(b) Reserves & Surplus |
8263.069 |
12076.972 |
11425.886 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
325.446 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11712.968 |
15574.351 |
15124.461 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6412.700 |
8013.267 |
10468.599 |
|
(b) Deferred tax liabilities (Net) |
423.162 |
396.020 |
269.235 |
|
(c) Other long term
liabilities |
0.000 |
4.151 |
2.392 |
|
(d) long-term
provisions |
16.847 |
18.803 |
9.680 |
|
Total Non-current
Liabilities (3) |
6852.709 |
8432.241 |
10749.906 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
13343.248 |
16243.514 |
11786.442 |
|
(b) Trade
payables |
2493.597 |
3310.859 |
816.666 |
|
(c) Other
current liabilities |
16431.010 |
7269.163 |
6804.368 |
|
(d) Short-term
provisions |
480.427 |
827.986 |
428.025 |
|
Total Current
Liabilities (4) |
32748.282 |
27651.522 |
19835.501 |
|
|
|
|
|
|
TOTAL |
51313.959 |
51658.114 |
45709.868 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
9843.224 |
10910.368 |
7639.167 |
|
(ii)
Intangible Assets |
2.001 |
2.173 |
2.728 |
|
(iii)
Capital work-in-progress |
0.000 |
236.363 |
545.121 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2199.163 |
5168.658 |
5041.758 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5540.215 |
5847.953 |
4934.189 |
|
(e) Other
Non-current assets |
10.984 |
477.265 |
2048.168 |
|
Total Non-Current
Assets |
17595.587 |
22642.780 |
20211.131 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
13205.784 |
11621.045 |
9406.981 |
|
(c) Trade
receivables |
18341.658 |
14937.603 |
11887.253 |
|
(d) Cash
and cash equivalents |
31.183 |
108.000 |
207.684 |
|
(e)
Short-term loans and advances |
2137.461 |
2066.739 |
3547.844 |
|
(f) Other
current assets |
2.286 |
281.947 |
448.975 |
|
Total
Current Assets |
33718.372 |
29015.334 |
25498.737 |
|
|
|
|
|
|
TOTAL |
51313.959 |
51658.114 |
45709.868 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
33958.827 |
35114.605 |
27576.204 |
|
|
|
Other Income |
16.056 |
13.757 |
35.524 |
|
|
|
TOTAL (A) |
33974.883 |
35128.362 |
27611.728 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
26844.880 |
25884.175 |
20477.466 |
|
|
|
provision for diminution in the value of overseas
Investment |
2908.049 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(898.304) |
(1329.110) |
(1180.923) |
|
|
|
Employees benefits expense |
592.577 |
884.464 |
575.116 |
|
|
|
Reversal of NPV Gain |
333.414 |
0.000 |
0.000 |
|
|
|
Other expenses |
1717.978 |
1923.363 |
1805.026 |
|
|
|
TOTAL (B) |
31498.594 |
27362.892 |
21676.685 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2476.289 |
7765.470 |
5935.043 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5303.084 |
4051.014 |
3189.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2826.795) |
3714.456 |
2745.917 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1287.717 |
922.193 |
740.026 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(4114.512) |
2792.263 |
2005.891 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
27.143 |
996.576 |
278.856 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(4141.655) |
1795.687 |
1727.035 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1736.000 |
1742.100 |
504.800 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
1736.000 |
1742.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
43.648 |
669.253 |
685.046 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.962 |
2.286 |
0.864 |
|
|
|
Stores & Spares |
4.973 |
2.383 |
5.267 |
|
|
|
Finished fabrics |
- |
522.938 |
2.138 |
|
|
|
Capital Goods |
- |
1.330 |
323.233 |
|
|
TOTAL IMPORTS |
5.935 |
528.937 |
331.502 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
(13.93) |
6.21 |
6.57 |
|
|
|
Diluted |
(13.92) |
6.20 |
6.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(7.13) |
10.59 |
6.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.06) |
13.43 |
7.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.88) |
10.20 |
5.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20) |
0.30 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.69 |
1.56 |
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.05 |
1.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
3373.129 |
3497.379 |
3449.899 |
|
Money receuved agaubst share
warrants |
325.446 |
|
|
|
Reserves & Surplus |
11425.886 |
12076.972 |
8263.069 |
|
Net
worth |
15124.461 |
15574.351 |
11712.968 |
|
|
|
|
|
|
long-term borrowings |
10468.599 |
8013.267 |
6412.700 |
|
Short term borrowings |
11786.442 |
16243.514 |
13343.248 |
|
Total
borrowings |
22255.041 |
24256.781 |
19755.948 |
|
Debt/Equity
ratio |
1.471 |
1.557 |
1.687 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operation |
27576.204 |
35114.605 |
33958.827 |
|
|
|
27.337 |
(3.291) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
27576.204 |
35114.605 |
33958.827 |
|
Profit |
1727.035 |
1795.687 |
(4141.655) |
|
|
6.26% |
5.11% |
(12.20%) |
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 |
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 |
No |
|
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 / No) |
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 15.04.2014 |
|
Lodging No.:- CPL/249/2014 Filing Date:- 15.04.2014 Reg. No.:-
ITXA/1054/2012 Reg. Date:-
17.09.2012 |
|
Petitioner: ICICI BANK LIMITED Respondent:
S KUMARS
NATIONWIDE LIMITED Petn. Adv : GANESH AND COMPANY (I6499) District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Category: COMPANY PETITION U/SEC-433,434,439 COMPANIES ACT Last Date: 25.04.2014
Stage: Last Coram: REGISTRAR(OS)/PROTHONOTARY
AND SR. MASTER |
|
Act: Companes Act & Rules 1956 UNDER SECTION: 260A |
|
|
YEAR IN RETROSPECT
The year witnessed several challenges in the operating and business environment. Even as the global economic environment continued to be subdued, there was a significant slowdown in economic growth in India. While India’s long-term economic fundamentals and growth potential are strong, the current challenges have had implications on business sentiment and corporate profitability. Economic slowdown and the accompanying sMillionskness in demand have taken a heavy toll on several Indian companies. These global uncertainties also adversely affected the Company’s growth momentum. The Company’s turnover came down by about 3% on a standalone basis. For the first time in years, the Company incurred a substantial loss as reflected in the Financial
Highlights. Besides the economic environment and demand contraction, other contributory factors for the adverse results were inadequacies of working capital and cessation of activities at the Company’s UK and US subsidiaries owing mainly to unfavorable market conditions in a volatile economy. As a result, the Company experienced severe cash crunch, on account of which it could not keep up with meeting interest payment to lenders and some statutory liabilities.
Earnings of garment and textile manufacturers have been under pressure over the past few years owing to higher raw material costs and sluggish domestic and foreign demand. Costs are rising and margins are getting squeezed. It is hoped that a good festive season, encouraged by a strong monsoon and an increase in rural demand will make things turn around.
EXPORTS
The Indian textile and clothing industry is sized at around $80 billion of which around $35 billion is exports. Volatility in raw material prices and expensive as well as limited credit have strained mills’ finances, while the economic crisis in the US and the EU, which together account for 65% of India’s supplies, has adversely affected demand, reinforcing fears that the overall textile export growth could be the lowest in five years and the shipment target of $40.59 billion for this fiscal is all set to be missed. There is a slowdown in the US and much of Europe, which has resulted in a dip in supplies across most segments. The company is predominantly a domestic player. It was able to manage exports of Rs. 436.000 Millions as against Rs. 669.200 Millionss in the previous year. Additionally, exports from the Company’s subsidiary Reid & Taylor (India) Limited. reached Rs. 241.600 Millionss (previous year Rs. 374.700 Millionss). Demand seems to be returning now after a tepid start in this fiscal and may finally show a marginal uptick in full year exports.
CURRENT BUSINESS OUTLOOK AND PLANS
Demand for textile and apparel industry in India continues to be sluggish on account of a recessionary trend in the economy. ‘Belmonte’ in Consumer Textiles and ‘Reid AND Taylor’ in Luxury Textiles segment continue to remain key contributors to the overall performance of the Company. It is hoped that conditions may start improving in the rest of the year so that with dequate working capital sourcing, your Company would be able to operate its plants at higher capacities and with higher margins. Until maximum utilization of Company’s plants is reached, there are no plans for capacity expansion in the coming year.
Economic Overview and
Industry Structure
For the Indian economy, FY 2012-13 was a challenging year.
GDP growth declined to 5% from 6.2% in the previous year on account of high
fiscal deficit, high inflation, worsening current account deficit and slowdown
in global economic growth.
During the second half of FY 2012-13, the government
intervened with some policy reforms to stabilise the economy and also took
steps to attract foreign direct investment and market-based prices for petro
products to improve current account deficit.
However, concerns exist over containing the high current account deficit, prevailing supply side constraints and inadequate infrastructure investments. Though the long term prospects of the economy look promising, cautious optimism is the feeling in the short to medium term. Nevertheless, India’s growth story is attractive as compared to other advanced and emerging economies. The policy reforms announced by the Government are expected to show results in time to come. In FY 2013-14, GDP growth is projected to rise modestly to around 6.0%, with much of the improvement likely only in the second half of the year. Industrial activity will continue to be adversely affected by regulatory bottlenecks. In summary, the Indian economy continues to have the potential for sustained high growth. There has been positive movement in some areas, with the fiscal deficit being contained and inflation moderating, though the current account deficit continues to be high. The impact of rupee depreciation and higher petroleum prices is now being felt by the textile industry, as fabric and apparel makers remain hesitant to pass on higher costs to the final consumers on concerns over weak demand. The industry has been able to pass on only a part of the increased operating costs, which has resulted in squeezed margins.The year’s outlook for Indian cotton textiles is negative-to-stable due to subdued demand, though margins are likely to benefit from softening of raw material prices.
International
Businesses
International operations are now restricted to
Leggiuno in Italy where the market is showing signs of recovery. Looking at the
suggish market
conditions and prolonged recessionary trends in US market, Company filed
vountary petition under chapter 11 in October 2012, for undertaking the
restructuring exercise of operations and to reconganize capital structure to
maximize value for HMX's shareholders. DKNY
franchisee in U.K. was surrendered as the operations required more and more
funds infusion.
Growth Prospects
The Company historically has followed a well-planned growth strategy. Capacity expansion at Dewas, Mysore and Bharuch have been implemented. The Company plans to capture more value from direct retailing and increasing the share of ready-towear in revenue composition.
Financial
Performance
Though turnover and profitability are reduced owing to various factors of downturn in economy, market constraints and tight liquidity, the company is able to keep its head above water because of the established brands and diversity of its product range.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 31.12.2013
(Rs. In Millions)
|
Sr. No. |
Particulars |
31.12.2013
Unaudited |
30.09.2013
Unaudited |
31.12.2013
Unaudited |
|
' |
a) Net Sales/Income from Operations |
6199.300 |
8794.700 |
23547.800 |
|
|
b) Other Operating Income |
0.300 |
1.000 |
1.500 |
|
|
Income from
Operations |
6199.600 |
8795.700 |
23549.300 |
|
: |
Expenditure |
|
|
|
|
|
a) (lncrease)/decrease in stock in trade and work-in-progress |
(231.900) |
(150.600) |
(589.500) |
|
|
b) Consumption of Raw materials |
5527.400 |
7688.900 |
20751.600 |
|
|
c) Employees cost |
87.600 |
97.200 |
280.100 |
|
|
d) Depreciation |
263.600 |
257.200 |
774.900 |
|
|
f) Other expenditure |
156.900 |
214.300 |
569.400 |
|
3 |
Total Expenditure |
6035.500 |
8107.000 |
21786.500 |
|
|
Profit from Operation before Other Income. Interest and Exceptional Items (1-2) |
396.000 |
688.700 |
1762.800 |
|
4 |
Other Income |
2.700 |
2.200 |
23.600 |
|
5 |
Profit before
Interest and Exceptional Items (3+4) |
398.700 |
690.900 |
1786.400 |
|
6 |
Less: Interest |
1415.300 |
1371.800 |
4104.600 |
|
" |
Profit after Interest
but before Exceptional Items (5-6) |
(1016.600) |
(680.900) |
(2318.200) |
|
8 |
Add: Exceptional Items |
- |
|
|
|
9 |
Profit (+)/Loss(-)
from Ordinary Activities before tax |
(1016.600) |
(680.900) |
(2318.200) |
|
10 |
Tax expenses |
- |
|
|
|
il |
Net Profit
(+)/Loss(-) from Ordinary Activities after tax (9 -10) |
(1016.600) |
(680.900) |
(2318.200) |
|
12 |
Extraordinary Items (net of tax expenses) |
- |
|
|
|
13 |
Net Profit
(+)/Loss(-) for the period (11-12) |
(1016.600) |
(680.900) |
(2318.200) |
|
14 |
Paid-up Equity Share Capital |
2974.000 |
2974.000 |
2974.000 |
|
|
(Face Value of Rs.10 each) |
|
|
|
|
15 |
Reserves excluding Revaluation Reserves |
|
|
|
|
16 |
Earnings Per Share (EPS) |
|
|
|
|
|
a) Before Extraordinary items |
|
|
|
|
|
- Basic (Rs.J |
(3.42) |
(2.29) |
(7.79) |
|
|
- Diluted (Rs.) |
(3.42) |
(2.29) |
(7.79) |
|
|
b) After Extraordinary items |
|
|
|
|
|
- Basic (Rs.) |
(3.42) |
(2.29) |
(7.79) |
|
|
- Diluted (Rs.) |
(3.42) |
(2.29) |
(7.79) |
|
17 |
Aggregate of Public Shareholding |
|
|
|
|
|
- No. of Equity Shares |
253,320,443 |
247,940,405 |
253,320,443 |
|
|
- Percentage of Shareholding |
85.18% |
83.37% |
85.18% |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
42,086,250 |
47,466,288 |
42,086,250 |
|
|
- Number of Shares |
|
|
|
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
95.47% |
95.96% |
95.47% |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
14.15% |
15.96% |
14.15% |
|
|
b) Non-Encumbered |
1,996,684 |
1,996,684 |
9,996,684 |
|
|
- Number of Shares |
|
|
|
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
4.53% |
4.04% |
4.53% |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
0.67% |
0.67% |
0.67% |
CONTINGENT
LIABILITIES:
a. Guarantees:
(Rs.
in millions)
|
PARTICULARS |
31.03.2013 |
|
i) In respect of concessional custom duty availed under EPCG Scheme (Covered by Bank Guarantee) |
2.250 |
|
ii) In respect of concessional custom duty availed under EPCG Scheme (Covered by Bond) |
4.489 |
|
iii)Guarantees extended by the banks based on the Company’s counter guarantees |
41.462 |
|
iv)Corporate Guarantee extended by the Company to the lenders of Shree Maheshwar Hydel Power Corporation Limited. |
3075.200 |
|
v) Corporate Guarantees given to the lenders of Reid and Taylor (India) Limited. and SKNL International B.V. – Subsidiary Companies |
11805.383 |
|
vi) Corporate Guarantees given to the lenders of Brandhouse Retails Limited. |
1521.592 |
b. Claims not
acknowledged as debts:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
i) Income Tax,
Sales Tax, Service Tax and Entry Tax demand - disputed in appeal |
332.603 |
|
ii) Demand Order
of Central Excise Authorities disputed by the Company |
13.787 |
|
iii) Labour matter
pending in court |
16.484 |
|
iv) Civil matter
pending in court |
Nil |
|
v) Writ petition filed before hon’ble High
Court, Indore against the order of industrial court of Industrial
Court |
Nil |
|
vi) Matter in respect
of Gratuity pending before controlling authorities |
Nil |
c. Estimated amount
of contracts remaining to be executed on capital account and not provided for
(net of advance), as certified by the management s is Rs. 126.710 Millions (
pervious year Rs.136.709 Millions)
d. Arrears of Dividend on 6% Cumulative Redeemable Preference
Shares are Rs. 447.000
Millions (Previous Year Rs.
316.500 Millions).
.
UNSECURED LOAN
|
Particular |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Term Loans from Banks |
0.000 |
28.959 |
|
Funded Interest Term Loans from Banks |
0.000 |
57.342 |
|
Loans and Advances from Related Party |
400.000 |
400.000 |
|
SHORT TERM
BORROWING |
|
|
|
Loans and Advances from Related Party |
0.000 |
77.400 |
|
TOTAL |
400.000 |
563.701 |
Notes:
Nature of Security/Applicable Rate of Interest for Short Term Borrowings: Working Capital Loans from Banks
Secured primarily by first pari passu charge on Current Assets and second pari passu charge on Company's all movable and immovable properties. In addition to above, corporate guarantee from Anjaneya Holding Private. Limited. and personal guarantee of Chairman & Managing Director have also been provided. Average Interest rate on above Working Capital Loan is in the range of 12% to 15.75% p.a.
Short Term Loans from
Others
Secured by pledge of shares held by
promoters in the Company. The weighted average interest rate is 19.22% p.a.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10399311 |
29/12/2012 |
1Rs169Rs200Rs000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B66591686 |
|
2 |
10380772 |
28/09/2012 |
1,062,500,000.00 |
BANK OF INDIA |
NARIMAN POINT LARGE CORPORATE BRANCH, 92-93,, FRE |
B59771253 |
|
3 |
10358896 |
02/05/2012 |
100,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH NO 7/3, MRN SIGNATURE,, VISHWAM |
B40868481 |
|
4 |
10320487 |
18/11/2011 |
1,112,500,000.00 |
BANK OF INDIA |
LARGE CORPORATE BANKING BR, 92/93 FREE PRESS HOUSE |
B26549436 |
|
5 |
10308353 |
16/06/2012 * |
1,207,900,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B43949742 |
|
6 |
10304436 |
18/11/2011 * |
750,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BULIDING, |
B26649558 |
|
7 |
10298871 |
11/10/2011 * |
2,772,900,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B23218217 |
|
8 |
10297736 |
05/07/2011 |
2,873,000,000.00 |
BANK OF INDIA |
LARGE CORPORATE BRANCH, 92/93 FREE PRESS HOUSE,, |
B17047259 |
|
9 |
10283632 |
21/09/2011 * |
200,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B23207640 |
|
10 |
10287899 |
11/10/2011 * |
620,000,000.00 |
CENTRAL BANK OF INDIA |
CORPROATE FINANCE BRANCH,1ST FLOOR, M.M.O.BUILDIN |
B24742009 |
|
11 |
10274229 |
11/07/2011 * |
1,000,000,000.00 |
CORPORATION BANK |
MID CORPORATE BRANCH, 301 - 302 EAGLES FLIGHT, SU |
B16584963 |
|
12 |
10264108 |
24/01/2011 |
750,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BULIDING, |
B04207528 |
|
13 |
10261368 |
08/04/2011 * |
644,100,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B11701679 |
|
14 |
10242933 |
08/04/2011 * |
700,000,000.00 |
BANK OF INDIA |
BULLION EXCHANGE BRANCH,, 185, SHAIKH MEMON STREE |
B10811560 |
|
15 |
10221349 |
08/04/2011 * |
1,470,000,000.00 |
PUNJAB NATIONAL BANK |
PNB HOUSE, P. M. ROAD, FORT, MUMBAI, MAHARASHTRA |
B11420114 |
|
16 |
10222058 |
22/04/2010 |
1,000,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, |
A85347144 |
|
17 |
10211610 |
24/01/2011 * |
750,000,000.00 |
EXPORT - IMPORT BANK OF INDIA |
21ST FLOOR, CENTER ONE WORLD TRADE CENTRE COMPLEX, |
B06194443 |
|
18 |
10200554 |
15/01/2010 |
200,000,000.00 |
BANK OF INDIA |
BULLION EXCHANGE BRANCH, 185, SHEIKH MEMON STREET |
A78773991 |
|
19 |
10196741 |
11/10/2011 * |
180,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B23214091 |
|
20 |
10187517 |
12/11/2009 |
432,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
A73037525 |
|
21 |
10187211 |
22/04/2010 * |
676,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH NO 7/3, MRN SIGNATURE,, VISHWAM |
A85597557 |
|
22 |
10186462 |
06/09/2010 * |
1,600,000,000.00 |
BANK OF INDIA |
BULLION EXCHANGE BRANCH, 185, SHAIKH MEMON STREET |
A94462603 |
|
23 |
10183007 |
05/07/2011 * |
2,750,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
B17081043 |
|
24 |
10174636 |
28/01/2013 * |
695,000,000.00 |
BANK OF INDIA |
NARIMAN POINT LARGE CORPORATE BRANCH, 92-93, FREE |
B67935304 |
|
25 |
10174387 |
11/10/2011 * |
1,200,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B23219173 |
|
26 |
10161311 |
25/05/2009 |
335,000,000.00 |
INDIAN OVERSEAS BANK |
FORT BRANCH, ELPHINSTONE BUILDING,, 2/10, VEER NA |
A63708721 |
|
27 |
10161312 |
16/06/2012 * |
1,425,000,000.00 |
INDIAN OVERSEAS BANK |
FORT BRANCH, 2/10, ELPHINSTONE BUILDING, VEER NAR |
B44486520 |
|
28 |
10150506 |
28/03/2009 |
389,300,000.00 |
JAMMU AND KASHMIR BANK LIMITED |
79A, MEHTA HOUSE, BOMBAY SAMACHAR MARG, FORT, MUM |
A59125211 |
|
29 |
10151987 |
22/04/2010 * |
1,509,500,000.00 |
BANK OF INDIA |
BULLION EXCHANGE BRANCH, 185, SHAIKH MEMON STREET |
A85565562 |
|
30 |
10151585 |
22/04/2010 * |
2,027,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
A85752616 |
|
31 |
10151576 |
08/05/2013 * |
19,550,000,000.00 |
BANK OF INDIA |
LARGE CORPORATE BANKING BR, 92/93 FREE PRESS HOUSE |
B76544881 |
|
32 |
10149225 |
27/03/2009 * |
331,241,000.00 |
STATE BANK OF INDORE |
COMMERCIAL BRANCH,, MITTAL COURT "B" WING,
GROUND |
A60052958 |
|
33 |
10135946 |
07/01/2009 |
1,696,800,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
A53897898 |
|
34 |
10129510 |
27/03/2009 * |
1,650,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR |
A59238691 |
|
35 |
10121416 |
25/03/2010 * |
4,400,000,000.00 |
REID AND TAYLOR (INDIA) LIMITED |
AVADH, AVADHESH PARISAR,, SHRI RAM MILLS PREMISES |
A82147703 |
|
36 |
10106123 |
11/06/2008 |
500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
A39744370 |
|
37 |
10091267 |
21/06/2012 * |
500,000,000.00 |
EXPORT - IMPORT BANK OF INDIA |
21ST FLOOR, CENTER ONE WORLD TRADE CENTRE COMPLEX, |
B44406585 |
|
38 |
10094431 |
27/03/2009 * |
250,000,000.00 |
UNION BANK OF INDIA |
239,VIDHAN BHAVAN MARG,, NARIMAN POINT, MUMBAI, M |
A60067477 |
|
39 |
10092731 |
31/12/2012 * |
715,000,000.00 |
|
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 239, VIDHAN |
B68597061 |
|
40 |
10088200 |
11/10/2011 * |
750,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B23212491 |
|
41 |
10094591 |
05/07/2011 * |
620,000,000.00 |
BANK OF INDIA |
LARGE CORPORATE BRANCH, 92/93 FREE PRESS HOUSE,, |
B16577058 |
|
42 |
10084808 |
26/12/2007 |
295,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
A29008836 |
|
43 |
10098212 |
25/10/2007 |
3,270,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R KAMANI MARG,, |
A36579027 |
|
44 |
10071129 |
14/02/2008 * |
475,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
A33949918 |
|
45 |
10100400 |
05/03/2007 |
400,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
A11572674 |
|
46 |
10014888 |
20/09/2006 * |
550,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,, MUMBAI- 400 001., MAHARASHTRA - 400001, INDIA |
A06019376 |
|
47 |
90154697 |
28/03/2003 |
5,000,000.00 |
EXPORT - IMPORT BANK OF INDIA |
CENTRE ONE BUILDING; FLOOR 21, WORLD TRADE CENTRE |
- |
|
48 |
90154683 |
07/08/2002 |
30,000,000.00 |
THE UNITED WESTERN BANK LIMITED. |
FORT BRANCH, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
49 |
90154608 |
07/12/2000 * |
70,000,000.00 |
INDIAN BANK |
35; SHIV MARKET, RAJWADA, INDORE, MADHYA PRADESH |
- |
|
50 |
90154584 |
09/02/2007 * |
4,362,900,000.00 |
BANK OF INDIA |
BULLION EXCHANGE BRANCH, 105, SHEIKH MEMON STREET |
A12945630 |
|
51 |
90154582 |
01/10/2003 * |
50,000,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED. |
HOMI MODI CROSS LANE NO. 2, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
52 |
90154837 |
29/09/2008 * |
1,050,000,000.00 |
BANK OF INDIA |
BULLION EXCHANGE BRANCH,, MUMBAI, MAHARASHTRA-400002,INDIA |
A46763074 |
|
53 |
90153505 |
12/06/1998 |
15,000,000.00 |
SICOM LIMITED |
NIRMAL; 1ST FLOOR, NARMAN POINT, MUMBAI, MAHARASH |
- |
|
54 |
90154577 |
13/07/1999 * |
146,000,000.00 |
THE UNITED WESTERN BANK LIMITED |
CORPORATE BANKING BRANCH; 27; TAMARIND LANE, HOMI |
- |
|
55 |
90153489 |
03/09/1999 * |
50,000,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED. |
HOMI MODI CROSS LANE NO. 2; FORT, MUMBAI, MAHARASH |
- |
|
56 |
90154576 |
21/04/1998 |
50,000,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED. |
HOMI MODI CROSS LANE NO. 2, FORT, MUMBAI, MAHARAS |
- |
|
57 |
90154574 |
23/03/1998 * |
100,000,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 40 |
- |
|
58 |
90154573 |
10/03/1998 |
30,000,000.00 |
THE UNITED WESTERN BANK LIMITED. |
FORT BRANCH, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
59 |
90154535 |
16/10/1996 |
1,052,000,000.00 |
BANK OF INDIA |
BULLION EXCHANGE BRANCH, 185; SHEIKH MEMON STREET |
- |
|
60 |
90154522 |
19/01/2002 * |
110,000,000.00 |
THE UNITED WESTERN BANK LIMITED. |
FORT BRANCH, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
- Land
- Freehold
- Leasehold
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office equipment
- Leasehold Improvements
- Computers
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.59.33 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
YOG |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
|
27 |
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.