MIRA
INFORM REPORT
|
Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BANG OVERSEAS LIMITED |
|
|
|
|
Registered
Office : |
Masjid Manor, II Floor, 16, Homi Modi Street, Fort, Mumbai – 400023, Maharashtra |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
01.06.1992 |
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|
|
|
Com. Reg. No.: |
11-067013 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 135.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51900MH1992PLC067013 |
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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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|
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Line of Business
: |
Manufacturing of Readymade Garments and Trading of
Fabrics. |
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|
|
|
No. of Employees
: |
1028 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3200000 |
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|
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Profitability of the company seems to be low. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings 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.
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 : BB+ |
|
Rating Explanation |
Have moderate risk of default |
|
Date |
October 28, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A4+ |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
October 28, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-22-66607965)
LOCATIONS
|
Registered Office : |
Masjid Manor, II Floor, 16, Homi Modi Street, Fort, Mumbai – 400023, Maharashtra, India |
|
Tel. No.: |
91-22-22043496 |
|
Fax No.: |
91-22-22810379 |
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E-Mail : |
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|
Website : |
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|
|
|
Corporate Office : |
405/406, Kewal Industrial
Estate, Senapati Bapat Marg, Lower Parel, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-66607965 |
|
Fax No.: |
91-22-66607970 |
|
|
|
|
Manufacturing
Units : |
1)
Unit No. 1 – NCC Plot No. 4, Apparel Park, Auto Nagar, Vadlapudi,
Visakhapatnam – 530046, Andhra Pradesh, India 2)
Unit No. 2 - FCC 19/2, 9th Main, Basavapura Village,
BegurHobli, Electronic City Post, Bangalore – 560100, Karnataka, India 3)
Unit No. 3 - RCC # 1941/ A and 2011, Gramathana
Kacharakanahalli, Hennur Main Road, Bangalore – 560084, Karnataka, India |
|
|
|
|
Warehouses : |
1)
Rajlaxmi Commercial Complex, Gala No. O
-10/11/12, Mane Farm House, Opposite Durgesh Park, Kalher Village, Bhiwandi –
421302, Maharashtra, India 2)
Rajlaxmi Commercial Complex, Gala No.:
BD-102/103/107 Opposite Durgesh Park, Kalher Village, Bhiwandi – 421302,
Maharashtra, India 3)
Reunion Clothing Company, Plot No.: Z-5, Phase
II, VSEZ, Dauvvada, Visakhapatnam – 530046, Andhra Pradesh, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Brijgopal Bang |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Raghvendra Bang |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Purshottam Bang |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Subrata Kumar Dey |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Mithilesh Kumar Sinha |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Vijay Ajgaonkar |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Nishi Vijay Vargiya |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9854588 |
72.67 |
|
|
41780 |
0.31 |
|
|
9896368 |
72.98 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
9896368 |
72.98 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1662963 |
12.26 |
|
|
|
|
|
|
1617053 |
11.93 |
|
|
365444 |
2.70 |
|
|
18172 |
0.13 |
|
|
17384 |
0.13 |
|
|
788 |
0.01 |
|
|
3663632 |
27.02 |
|
Total Public
shareholding (B) |
3663632 |
27.02 |
|
Total (A)+(B) |
13560000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
13560000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Venugopal Bang |
2056600 |
15.17 |
|
2 |
Brijgopal Bang |
1521000 |
11.22 |
|
3 |
Krishnakumar Bang |
1301700 |
9.60 |
|
4 |
Ramanujdas Bang |
774600 |
5.71 |
|
5 |
Raghvendra Venugopal Bang |
689600 |
5.09 |
|
6 |
Vandana Brijgopal Bang |
663602 |
4.89 |
|
7 |
Narayandas Bang |
647100 |
4.77 |
|
8 |
Rangnath Shivnarayan Bang |
644600 |
4.75 |
|
9 |
Varadraj Rangnath Bang |
339600 |
2.50 |
|
10 |
Sarasvathidevi Bang |
307500 |
2.27 |
|
11 |
Vasudev Rangnath Bang |
300000 |
2.21 |
|
12 |
Laxminiwas Bang |
54600 |
0.40 |
|
13 |
Balaram Bang |
54600 |
0.40 |
|
14 |
Sampatkumar Bang |
54600 |
0.40 |
|
15 |
Rajgopal Bang |
47100 |
0.35 |
|
16 |
Girdhar Gopal Bang |
47100 |
0.35 |
|
17 |
Bodywave Fashions (I) Private Limited |
41780 |
0.31 |
|
18 |
Sridhar Bang |
41100 |
0.30 |
|
19 |
Kamal Nayan Bang |
39600 |
0.29 |
|
20 |
Arvind Kumar Bang |
39600 |
0.29 |
|
21 |
Purushotham Bang |
39600 |
0.29 |
|
22 |
Sharad Kumar Bang |
39600 |
0.29 |
|
23 |
Nandgopal Bang |
39600 |
0.29 |
|
24 |
Madhu Sudan Bang |
39600 |
0.29 |
|
25 |
Rangnath Bang |
10000 |
0.07 |
|
26 |
Pushpadevi Bang |
7986 |
0.06 |
|
27 |
Taradevi Bang |
7500 |
0.06 |
|
28 |
Shobha Bang |
7500 |
0.06 |
|
29 |
Kantadevi Bang |
7500 |
0.06 |
|
30 |
Rekha Narayandas Bang |
7500 |
0.06 |
|
31 |
Parwatidevi Bang |
7500 |
0.06 |
|
32 |
Radhadevi Bang |
7500 |
0.06 |
|
33 |
Pushpadevi R Bang |
7500 |
0.06 |
|
34 |
Pushpadevi L Bang |
1500 |
0.01 |
|
|
Total |
9896368 |
72.98 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
Religare Finvest Limited |
390493 |
2.88 |
|
|
2 |
Oyster Fincap Private Limited |
286799 |
2.12 |
|
|
3 |
Bennett Coleman and Company Limited |
221723 |
1.64 |
|
|
4 |
GRD Securities Limited |
158475 |
1.17 |
|
|
|
Total |
1057490 |
7.80 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Readymade Garments and Trading of
Fabrics. |
GENERAL INFORMATION
|
No. of Employees : |
1028 (Approximately) |
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Bankers : |
· Bank of India Oriental Bank of Commerce |
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Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Rajendra K. Gupta and Associates Chartered Accountants |
|
Address : |
Room No. 3, Kshipra Society, Akurli Cross Road No.1, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Tel. No.: |
91-22-28874879 |
|
E-Mail : |
|
|
|
|
|
Internal Auditors : |
|
|
Name : |
FRG and Company Chartered Accountants |
|
Address : |
Office No. 303, Ratan Galaxie, J. N. Road, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
Tel. No.: |
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|
|
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|
Subsidiaries : |
· Vedanta Creations Limited Bang Europa SRO Bang HK Limited A. S. Raiment Private Limited (w.e.f. 29.06.2012) |
|
|
|
|
Enterprises owned
or significantly influenced by key management personnel or their relatives : |
· Bang Data Forms Private Limited Thomas Scott India Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs. 10/- each |
Rs. 160.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13560000 |
Equity Shares |
Rs. 10/- each |
Rs. 135.600
Millions |
|
|
|
|
|
a) 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.
b) Reconciliation of Issued Share Capital
|
|
No.
of shares |
Amount |
|
Equity shares outstanding at beginning of year |
13560000 |
135.600 |
|
Add: Issued During the year |
-- |
-- |
|
Less: Brought Back During the year |
-- |
-- |
|
Equity shares outstanding at end of year |
13560000 |
135.600 |
c) Shareholders holding more than 5% of shares in the company
|
|
No.
of shares |
%
of shares |
|
Mr. Venugopal Bang |
2706600 |
19.96% |
|
Mr. Brijgopal Bang |
1521000 |
11.22% |
|
Mr. Krishna Kumar Bang |
1301700 |
9.60% |
|
Mr. Ramanuj Das Bang |
774600 |
5.71% |
d) Particulars of submission for a continuing period of five years
|
Equity Shares |
Year (Aggregate
number of shares) |
|
|
2012-13 |
|
A) Aggregate number of shares allotted as fully paid up without
payment being received in cash |
751,740 |
|
B) Aggregate number of shares allotted as fully paid bonus shares |
8,505,480 |
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 |
135.600 |
135.600 |
135.600 |
|
(b) Reserves & Surplus |
668.245 |
658.091 |
913.131 |
|
(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) |
803.845 |
793.691 |
1048.731 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.179 |
4.786 |
5.665 |
|
(b) Deferred tax liabilities (Net) |
18.591 |
8.625 |
10.400 |
|
(c) Other long
term liabilities |
3.819 |
3.819 |
18.264 |
|
(d) long-term
provisions |
0.000 |
0.000 |
7.487 |
|
Total Non-current
Liabilities (3) |
25.589 |
17.230 |
41.816 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
595.761 |
427.651 |
499.523 |
|
(b)
Trade payables |
89.934 |
67.291 |
120.548 |
|
(c)
Other current liabilities |
9.956 |
63.904 |
59.265 |
|
(d) Short-term
provisions |
10.423 |
10.986 |
17.806 |
|
Total Current
Liabilities (4) |
706.074 |
569.832 |
697.142 |
|
|
|
|
|
|
TOTAL |
1535.508 |
1380.753 |
1787.689 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
175.688 |
168.937 |
175.470 |
|
(ii)
Intangible Assets |
1.849 |
1.405 |
1.088 |
|
(iii)
Capital work-in-progress |
100.147 |
100.745 |
14.603 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
31.988 |
19.958 |
20.458 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
67.909 |
35.100 |
42.500 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
1.534 |
|
Total Non-Current
Assets |
377.581 |
326.145 |
255.653 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
188.601 |
233.586 |
409.637 |
|
(c)
Trade receivables |
740.325 |
500.301 |
581.557 |
|
(d) Cash
and cash equivalents |
99.899 |
174.321 |
272.000 |
|
(e)
Short-term loans and advances |
122.151 |
144.000 |
260.756 |
|
(f)
Other current assets |
6.951 |
2.400 |
8.086 |
|
Total
Current Assets |
1157.927 |
1054.608 |
1532.036 |
|
|
|
|
|
|
TOTAL |
1535.508 |
1380.753 |
1787.689 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2358.868 |
1364.336 |
1448.935 |
|
|
|
Other Operating Revenue |
7.059 |
8.043 |
7.775 |
|
|
|
Other Income |
37.385 |
35.778 |
48.331 |
|
|
|
TOTAL |
2403.312 |
1408.157 |
1505.041 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
140.525 |
188.253 |
271.610 |
|
|
|
Purchases of Stock-in-Trade |
1874.980 |
964.555 |
834.649 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
26.180 |
-23.488 |
-33.159 |
|
|
|
Employees benefits expense |
123.606 |
107.807 |
78.080 |
|
|
|
Other expenses |
146.801 |
107.751 |
233.777 |
|
|
|
TOTAL |
2312.092 |
1344.878 |
1384.957 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
91.220 |
63.279 |
120.084 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
47.409 |
50.300 |
51.872 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
43.811 |
12.979 |
68.212 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
12.492 |
12.342 |
19.060 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
0.000 |
0.000 |
55.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
31.319 |
0.637 |
104.152 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
21.164 |
(1.645) |
25.476 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
10.155 |
2.282 |
78.676 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value |
1098.140 |
224.832 |
179.046 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.628 |
22.270 |
36.402 |
|
|
|
Trade Goods |
1108.915 |
660.982 |
546.612 |
|
|
TOTAL IMPORTS |
1110.543 |
683.252 |
583.014 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.75 |
0.17 |
5.80 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
326.300 |
420.500 |
375.800 |
511.100 |
|
Total Expenditure |
337.000 |
396.200 |
364.400 |
484.200 |
|
PBIDT (Excl OI) |
(10.700) |
24.400 |
11.400 |
27.000 |
|
Other Income |
7.300 |
7.100 |
7.800 |
9.000 |
|
Operating Profit |
(3.400) |
31.500 |
19.200 |
35.900 |
|
Interest |
11.300 |
13.300 |
10.800 |
13.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(185.000) |
|
PBDT |
(14.700) |
18.200 |
8.400 |
(162.300) |
|
Depreciation |
2.900 |
3.000 |
3.200 |
3.400 |
|
Profit Before Tax |
(17.700) |
15.200 |
5.300 |
(165.700) |
|
Tax |
0.000 |
0.000 |
0.000 |
(0.900) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(17.700) |
15.200 |
5.300 |
(164.800) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(17.700) |
15.200 |
5.300 |
(164.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.42 |
0.16 |
5.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.33 |
0.05 |
7.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.23 |
0.05 |
5.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.00 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.75 |
0.54 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64 |
1.85 |
2.20 |
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 |
135.600 |
135.600 |
135.600 |
|
Reserves & Surplus |
913.131 |
658.091 |
668.245 |
|
Net
worth |
1048.731 |
793.691 |
803.845 |
|
|
|
|
|
|
long-term borrowings |
5.665 |
4.786 |
3.179 |
|
Short term borrowings |
499.523 |
427.651 |
595.761 |
|
Total
borrowings |
505.188 |
432.437 |
598.940 |
|
Debt/Equity
ratio |
0.482 |
0.545 |
0.745 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1448.935 |
1364.336 |
2358.868 |
|
|
|
(5.839) |
72.895 |
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 |
1448.935 |
1364.336 |
2358.868 |
|
Profit |
78.676 |
2.282 |
10.155 |
|
|
5.43% |
0.17% |
0.43% |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10334528 |
12/01/2012 |
150,000,000.00 |
ORIENTAL BANK OF COMMERCE |
PALACE CORNER BUILDING, #209/01, UPPER PALACE OR CHARDS, SADASHIVANAGAR, BANGALORE - 560080, KARNATAKA, INDIA |
B31661846 |
|
2 |
10251251 |
22/10/2013 * |
570,000,000.00 |
BANK OF INDIA |
SAKINAKA CORPORATE BANKING BR, SAGAR TECH PLAZA, B, ANDHERI-KURLA RD, SAKINAKA JUNCTION, ANDHERI EAST, MUMBAI - 400072, MAHARASHTRA, INDIA |
B89219687 |
|
3 |
90165443 |
06/02/2002 |
23,500,000.00 |
THE NEDUNGADI BANK LIMITED |
265 BIRYA HOUSE BAZAR GATE STREET, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
4 |
90166669 |
05/06/2000 |
30,000,000.00 |
THE NEDUNGADI BANK LIMITED |
265 BIRYA HOUSE BAZAR GATE STREET, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
5 |
90162830 |
17/12/1993 |
500,000.00 |
THE SARASWAT CO-OPRATIVE BANK LIMITED |
CENTRAL ADMIN. OFF.
APSARA CINEMA BUILDING, DR.D. |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
From Promoters & Promoter group |
136.642 |
176.137 |
|
From Directors |
25.759 |
17.265 |
|
From related party |
66.558 |
4.644 |
|
|
|
|
|
Total |
228.959 |
198.046 |
PERFORMANCE REVIEW
During the year, the Company achieved revenue of Rs.2365.928 Millions as
against Rs.1372.379 Millions in previous year i.e. increase by 72.36% to the
corresponding previous year. The Net Profit after Tax to the tune of Rs.10.155
Millions as against Net Profit of Rs. 2.282 Millions for the corresponding
previous financial year i.e increase of 345% to the corresponding previous
year. The company has registered good income growth as compared to last year.
BUSINESS
OPERATIONS
OVERSEAS
INVESTMENTS / ACQUISITIONS
The Company has 2 (Two) Wholly Owned Subsidiaries namely Bang Europa S.
R. O. at Slovakia and Bang HK Limited at Hong Kong in order to expand its
business activities. Also, in order to establish a place in International
Market by way of formation and acquisition of business set up abroad, Bang HK
Limited has incorporated its Subsidiary known as “Bang and Scott LLC” at
Macedonia and is planning to remit money to the subsidiary towards its Share
Capital.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY OVERVIEW
The Indian textile industry is one the largest and oldest sectors in the
country and among the most important in the economy in terms of output,
investment and employment. The sector employs nearly 35 million people and
after agriculture, is the second‐highest employer
in the country. Its importance is underlined by the fact that it accounts for
around 4% of Gross Domestic Product, 14% of industrial production, 9% of excise
collections, 18% of employment in the industrial sector, and 16% of the
country’s total exports earnings. With direct linkages to the rural economy and
the agriculture sector, it has been estimated that one of every six households
in the country depends on this sector, either directly or indirectly, for its
livelihood.
A strong raw material production base, a vast pool of skilled and
unskilled personnel, cheap labour, good export potential and low import content
are some of the salient features of the Indian textile industry. This is a
traditional, robust, well‐established
industry, enjoying considerable demand in the domestic as well as global markets.
INDIAN TEXTILE AND
APPEAL INDUSTRY SIZE
During the year 2012-13, Ready made Garments account for almost 39% of
the total textiles exports. Apparel and cotton textiles products together
contribute nearly 74% of the total textiles exports. The total textile exports
during 2012-13 (P) were valued at Rs 1724947.100 Millions as against Rs
1595705.500 Millions during the financial year 2011-12, registering an increase
of 8.10 percent in rupee terms. However, in US dollar terms, the same was
valued at US$31705.53 million (2012-13) as against US$33310.21 million during
the corresponding period of financial year 2011-12 registering a decline of
4.82 percent. Production of manmade fibre during 2010-11 amounted to 1284.640
millions kg. as compared to 1268.040 millions kgs during the previous year
constituting an increase of 1.31%. The percentage increase / decrease in
production of polyester staple fibre, acrylic staple fibre and polypropylene
staple fibre during 2010-11 were 2.77%, (-) 12.74% and 11.28% respectively as
compared to 2009-10. The production of man-made filament yarn during 2010-11
amounted to 1549.800 millions kg in comparison to 1522.720 millions kg during
the previous year constituting an increase of 1.78%. The percentage increase /
decrease of nylon filament yarn, polyester filament yarn and polypropylene
filament yarn during the period were 10.25%, 1.91% and (-11.16%)
OUTLOOK
With recent reforms introduced in the Budget 2013-14, outlook for the
textiles industry looks optimistic. These reforms will provide support to the
industry in the form of technology upgradation and increasing competitiveness.
However, in consideration to fluctuation in exchange rate and non-clarity in
government policy, the management of the Company is more keen to develop its
overseas business and international presence.
The Company has three wholly owned subsidiaries at Hong Kong, Slovakia
and at Macedonia in order to trade its garments and fabrics and establish a place
in the International Market as well. During the financial year, the Company has
also acquired entire stake in A. S. Raiment Private Limited, having a
manufacturing unit at Vishakhapatnam to meet the garment demands of domestic
and international.
The Company has year by year perform well and protect the interest f its
stakeholders. The reason behind the Company’s performance has been its
Employees’ hard work and contribution , support from its shareholders,
suppliers, traders, Customers’ Loyalty, favorable policies and opportunities
and the other parties as well and will also continue doing the same with the
available factors.
STATEMENT
OF AUDITED RESULTS OF BANG OVERSEAS LIMITED FOR THE QUARTER ENDED 31ST MARCH,
2014
(RS.
IN MILLIONS)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2014 (Audited) |
31.12.2013 (Unaudited) |
31.03.2014 (Audited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
508.929 |
374.236 |
1626.533 |
|
Other Operating Income |
2.206 |
1.565 |
7.222 |
|
Total Income from
operations (net) |
511.135 |
375.801 |
1633.755 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of Materials Consumed |
37.360 |
42.539 |
146.561 |
|
(b) Purchase of stock in trade |
479.127 |
183.738 |
1295.646 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(89.401) |
76.945 |
(126.615) |
|
(d) Employee benefit expenses |
38.886 |
37.698 |
147.898 |
|
(e) Depreciation and amortization expenses |
3.378 |
3.155 |
12.429 |
|
(f) Other Expenses |
18.206 |
23.463 |
118.188 |
|
Total Expenses |
487.557 |
367.538 |
1594.108 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
23.578 |
8.263 |
39.647 |
|
Other Income |
8.963 |
7.829 |
31.158 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
32.541 |
16.091 |
70.805 |
|
Finance costs |
13.185 |
10.836 |
48.660 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
19.356 |
5.256 |
22.145 |
|
Exceptional
item |
185.024 |
-- |
185.024 |
|
Profit/ Loss from Ordinary Activities
before tax |
(165.668) |
5.256 |
(162.879) |
|
Tax Expenses |
(0.848) |
-- |
(0.848) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
(164.820) |
5.256 |
(162.031) |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
(164.820) |
5.256 |
(162.031) |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
135.600 |
135.600 |
135.600 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
506.214 |
|
Earnings per
share (before extraordinary items) (of Rs. 10/-
each) (not annualized) -
Basic |
(12.15) |
0.39 |
(11.95) |
|
- Diluted |
(12.15) |
0.39 |
(11.95) |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
(12.15) |
0.39 |
(11.95) |
|
- Diluted |
(12.15) |
0.39 |
(11.95) |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of
Shares |
3663632 |
3663632 |
3663632 |
|
Percentage of Shareholding |
27.02 |
27.02 |
27.02 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
9896368 |
9896368 |
9896368 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
72.98 |
72.98 |
72.98 |
|
|
Particulars |
Quarter
Ended 31.03.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF EQUITY AND LIABILITIES
|
Particulars |
31.03.2014 |
|
|
A. EQUITY AND LIABILITIES |
Audited |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
135.600 |
|
|
b] Reserves and Surplus |
506.214 |
|
|
Sub-total –
Shareholders’ funds |
641.814 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
1.791 |
|
|
b] Deferred Tax Liabilities |
17.622 |
|
|
c] Other long term liabilities |
1.319 |
|
|
Sub-total -
Non-current Liabilities |
20.732 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
665.046 |
|
|
b] Trade Payables |
116.481 |
|
|
c] Other Current Liabilities |
16.077 |
|
|
d] Short Term Provision |
13.978 |
|
|
Sub-total - Current Liabilities |
811.582 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
1474.129 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
306.146 |
|
|
b] Non-current investment |
33.376 |
|
|
c] long Term loans and Advances |
66.391 |
|
|
d] Other non-current assets |
0.000 |
|
|
Sub-total – Non- current assets |
405.913 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
325.017
|
|
|
Trade Receivables |
472.150
|
|
|
Cash & Bank Balances |
141.110
|
|
|
Short Term loans and advances |
117.356
|
|
|
Other Current Assets |
12.582
|
|
Sub-total – Current Assets |
1068.215
|
|
|
|
|
|
|
TOTAL - ASSETS |
1474.129 |
|
NOTES:
1) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 30th May 2014.
2) Tax Expenses includes current tax and deferred tax.
3) Basic and Diluted earnings per share has been calculated in accordance with the Accounting Standard 20 issued by ICAI.
4) The Company operates in a single segment; manufacture of readymade garments and trading of fabrics.
5) The results for the quarter ended March 31, 2014 are balancing figures between the audited figures in respect of the full financial year ended 31.03.2014 quarter of the financial year ended 31.03.2014 and the published year to date figure upto the third quarter of the financial year ended 31.03.2014
6) Previous period figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current period's classification.
7) Exceptional item of Rs. 185.024 Millions consist of receivables from Koutons Reatil India Limited written off as bad-debts during the quarter ended 31, March 2014
8)
The Investors can visit the company's website
www.banggroup.com for updated information.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bank Guarantees |
1.765 |
1.765 |
|
Letter of credit |
11.343 |
66.872 |
|
Export Obligation |
30.482 |
36.571 |
|
Corporate Guarantee |
0.000 |
100.000 |
|
Sales Tax declaration forms |
5.620 |
1.126 |
|
Stand by Letter of credit |
30.000 |
0.000 |
|
|
|
|
|
Total |
79.210 |
206.334 |
FIXED ASSETS:
Tangible Assets
· Land
Building
Factory
Building
Office
Equipment
Computer
Systems
Plant
and Machinery
Furniture
and Fixture
Motor
Vehicles
Leasehold
Improvements
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. 59.06 |
|
|
1 |
Rs. 99.35 |
|
Euro |
1 |
Rs. 80.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
NO |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.