1. Summary Information
|
Country |
India |
||
|
Company Name |
LOYAL TEXTILE
MILLS LIMITED |
Principal Name 1 |
Mr. Manikam Ramaswami |
|
Status |
Moderate |
Principal Name 2 |
Mr. S. Venkataramani |
|
Registration # |
18-001361 |
||
|
Street Address |
21/4,
Mill Street, Kovilpatti-628501, Tamilnadu |
||
|
Established Date |
09.04.1946 |
SIC Code |
-- |
|
Telephone# |
91-4632-220001 / 28535111 / 4375 / 28588284 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-2853 3852 |
Business Style 2 |
Cotton Textile Mills |
|
Homepage |
Product Name 1 |
Readymade Garments |
|
|
# of employees |
600
(Approximately) |
Product Name 2 |
Finished Fabrics |
|
Paid up capital |
Rs. 48,164,460 Millions |
Product Name 3 |
Grey Fabrics, and Yarn. |
|
Shareholders |
Total shareholding of Promoter and Promoter Group (A) = 73.49% Total Public shareholding (B) = 26.51% |
Banking |
Central Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
68 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B
(34) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Substantial interest in Voting Power |
India
|
Uniloyal Exportex Limited, Chennai |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,204,700,000 |
Current Liabilities |
1,084,400,000 |
|
Inventories |
1,425,300,000 |
Long-term Liabilities |
5,990,400,000 |
|
Fixed Assets |
5,259,200,000 |
Other Liabilities |
802,500,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
7,877,300,000 |
|
Invest& other Assets |
99,000,000 |
Retained Earnings |
1,062,700,000 |
|
|
|
Net Worth |
1,110,900,000 |
|
Total Assets |
8,988,200,000 |
Total Liab. & Equity |
8,988,200,000 |
|
Total Assets (Previous Year) |
9,216,500,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
12,473,900,000 |
Net Profit |
50,400,000 |
|
Sales(Previous yr) |
9,105,900,000 |
Net Profit(Prev.yr) |
(19,400,000) |
MIRA INFORM REPORT
|
Report Date : |
11.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
LOYAL TEXTILE MILLS LIMITED |
|
|
|
|
Registered
Office : |
21/4, Mill Street, Kovilpatti-628501, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.04.1946 |
|
|
|
|
Com. Reg. No.: |
18-001361 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 48.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111TN1946PLC001361 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIL00006G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Cotton Textile Mills, Readymade Garments, Finished
Fabrics, Grey Fabrics, and Yarn. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by low
profitability levels and huge external borrowing taken by the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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 |
CARE |
|
Rating |
Long Term Bank Facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
18.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
18.03.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Laxmana Shankar |
|
Designation : |
D G. M Sales |
|
Contact No.: |
91-9487880101 |
|
Date : |
11.06.2014 |
LOCATIONS
|
Registered Office / Factory : |
21/4, Mill Street, Kovilpatti-628501, Tamilnadu, India |
|
Tel. No.: |
91-4632-220001 / 28535111 / 4375 / 28588284 |
|
Fax No.: |
91-44-2853 3852 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office: |
83 41 1st Main Road, R A Puram, Chennai – 600028,
Tamilnadu, India |
|
Tel. No.: |
91-44-42277374 |
|
|
|
|
Plant locations : |
Spinning,
Knitting, Weaving and Garments
Processing :
|
DIRECTORS
As on 31.03.213
|
Name : |
Mr. Manikam Ramaswami |
|
Designation : |
Chairman and Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
20.11.1953 |
|
Qualification : |
B. Tech. |
|
Date of Appointment : |
01.06.2008 |
|
DIN No.: |
00049630 |
|
|
|
|
Name : |
Mr. Karangalpadi Jathindra Mohan Shetty (I.A.S. – Retd.) |
|
Designation : |
Director |
|
Address : |
F-88, Anna Nagar East, Chennai-600102, Tamilnadu, India |
|
Date of Birth/Age : |
03.03.1934 |
|
Date of Appointment : |
21.06.2002 |
|
DIN No.: |
00033296 |
|
|
|
|
Name : |
Mr. S. Venkataramani |
|
Designation : |
Director |
|
Address : |
No.16, Venkateshwarnagar, III Street, Adyar, Chennai-600020,
Tamilnadu, India |
|
Date of Birth/Age : |
05.10.1942 |
|
Date of Appointment : |
29.10.2004 |
|
DIN No.: |
00053043 |
|
|
|
|
Name : |
Mr. R. Poornalinggam (I.A.S. – Retd.) |
|
Designation : |
Additional Director |
|
Address : |
No.10, 1st Cross Street, Indira Nagar, Chnnai-600020, |
|
Date of Birth/Age : |
15.11.1945 |
|
Date of Appointment : |
27.10.2006 |
|
DIN No.: |
00955742 |
|
|
|
|
Name : |
Mr. Shridhar Subramanyam |
|
Designation : |
Director |
|
Address : |
Flat No.106, Olympus III, Prestige Acropolis, 20, Hosur Road,
Banglore-560029, Karnataka, India |
|
Date of Birth/Age : |
21.02.1939 |
|
Date of Appointment : |
23.05.2007 |
|
DIN No.: |
01780475 |
|
|
|
|
Name : |
Mr. P. Manivannan |
|
Designation : |
Whole-time Director |
|
Address : |
3 G, Kala Apartments, No.02, Karunanithi Street, West Mambalam,
Chennai-600033, Tamilnadu, India |
|
Date of Birth/Age : |
23.06.1961 |
|
Date of Appointment : |
01.11.2011 |
|
DIN No.: |
00366954 |
|
|
|
|
Name : |
Mr. Madhavan Nambiar I.A.S. (Retd.) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Laxmana Shankar |
|
Designation : |
D G. M Sales |
|
|
|
|
Name : |
Mr. Shiva Prasad Padhy |
|
Designation : |
Company Secretary |
|
Address : |
No. 83, (Old No. 41) First Main Road, R A Puram, Chennai – 600 028,
Tamilnadu, India |
|
Tel No.: |
91-44-42277374 |
|
Fax No.: |
91-44-43060622 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
196017 |
4.07 |
|
|
3343828 |
69.43 |
|
|
3539845 |
73.49 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3539845 |
73.49 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5200 |
0.11 |
|
|
5200 |
0.11 |
|
|
|
|
|
|
172934 |
3.59 |
|
|
|
|
|
|
772296 |
16.03 |
|
|
298563 |
6.20 |
|
|
27608 |
0.57 |
|
|
27608 |
0.57 |
|
|
1271401 |
26.40 |
|
Total Public shareholding (B) |
1276601 |
26.51 |
|
Total (A)+(B) |
4816446 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
4816446 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Textile Mills, Readymade Garments, Finished
Fabrics, Grey Fabrics, and Yarn. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
|
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
Egypt |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C / Cheque |
||||
|
|
|
||||
|
Purchasing : |
L/C / Cheque |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
600 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Suri and Company Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Substantial interest
in Voting Power |
|
|
|
|
|
Joint Venture
Company : |
|
CAPITAL STRUCTURE
As on 23.09.2013
Authorised Capital : Rs.150.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.48.164 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 millions |
|
600000 |
Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 60.000 millions |
|
|
TOTAL |
|
Rs. 150.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4816446 |
Equity Shares |
Rs. 10/- each |
Rs. 48.200
millions |
|
|
|
|
|
RECONCILIATION OF
NUMBER OF EQUITY SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR
|
Particular |
31.03.2013 |
|
Number of Shares outstanding as the beginning of the year |
48,16,446 |
|
ADD: Number of Shares allotted during the year fully paid - up pursuant to a scheme of Amalgamation with "Sri Chintamani Textiles Mills Limited |
Nil |
|
Number of Shares outstanding as the end of the year |
48,16,446 |
SHARES IN THE
COMPANY HELD BY EACH SHARE HOLDING MORE THAN 5% SHARES
|
Sr. No |
Name of the Share holder |
Number of shares
held in the Company |
|
1 |
Madurai Tara
Traders Private Limited
|
776887 |
|
2 |
Felspar credit
and investment Private Limited |
661126 |
|
3 |
Dhanalakshmi
Investment Private Limited |
346887 |
|
4 |
Kurunji
Investments Private Limited
|
346887 |
|
5 |
Chintamani
Investments Private Limited
|
279220 |
DETAILS OF
ALLOTMENT OF SHARES FOR CONSIDERATION OTHER THAN CASH, ALLOTMENTS OF BONUS
SHARES AND SHARES BOUGHT BACK (DURING THE PERIOD OF FIVE YEARS FROM 2007)
|
Particulars |
Amount |
|
Allotment of
shares as fully paid-up pursuant to
Contracts without payments being received in cash |
11 |
112500 Equity
Shares of Rs. 10 each fully paid up alloted on 27-05-2011 pursuant to a Scheme
of Amalgamation of "Shri Chintamani Textile Mills Limited"
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 |
48.200 |
48.200 |
48.200 |
|
(b) Reserves & Surplus |
1062.700 |
1040.600 |
1065.600 |
|
(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) |
1110.900 |
1088.800 |
1113.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3833.400 |
4242.900 |
3655.600 |
|
(b) Deferred tax liabilities (Net) |
443.700 |
293.700 |
318.200 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.200 |
2.000 |
8.600 |
|
Total Non-current
Liabilities (3) |
4286.300 |
4538.600 |
3982.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2157.000 |
2399.300 |
2616.800 |
|
(b) Trade
payables |
655.000 |
401.900 |
684.700 |
|
(c) Other
current liabilities |
429.400 |
494.500 |
468.300 |
|
(d) Short-term
provisions |
349.600 |
293.400 |
329.400 |
|
Total Current
Liabilities (4) |
3591.000 |
3589.100 |
4099.200 |
|
|
|
|
|
|
TOTAL |
8988.200 |
9216.500 |
9195.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5259.200 |
4822.200 |
3827.300 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
39.000 |
410.300 |
388.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
60.000 |
62.500 |
35.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
35.500 |
123.100 |
290.600 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5393.700 |
5418.100 |
4542.500 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1425.300 |
1351.000 |
2305.600 |
|
(c) Trade
receivables |
746.200 |
821.900 |
752.300 |
|
(d) Cash
and cash equivalents |
8.900 |
328.000 |
188.300 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
1414.100 |
1297.500 |
1406.700 |
|
Total
Current Assets |
3594.500 |
3798.400 |
4652.900 |
|
|
|
|
|
|
TOTAL |
8988.200 |
9216.500 |
9195.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12473.900 |
9105.900 |
9624.500 |
|
|
|
Other Income |
65.400 |
108.100 |
147.200 |
|
|
|
TOTAL (A) |
12539.300 |
9214.000 |
9771.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4942.600 |
4021.300 |
4398.100 |
|
|
|
Purchases of Stock-in-Trade |
3449.700 |
1653.400 |
2365.400 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(51.100) |
281.100 |
(544.900) |
|
|
|
Employees benefits expense |
608.100 |
469.700 |
435.600 |
|
|
|
Other expenses |
2169.600 |
1743.600 |
1818.500 |
|
|
|
TOTAL (B) |
11118.900 |
8169.100 |
8472.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1420.400 |
1044.900 |
1299.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
617.200 |
449.800 |
260.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
803.200 |
595.100 |
1038.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
691.100 |
662.100 |
503.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
112.100 |
(67.000) |
534.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
61.700 |
(47.600) |
221.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
50.400 |
(19.400) |
313.600 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
192.900 |
242.200 |
37.178 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
24.300 |
32.000 |
|
|
|
Proposed divided on equity
shares |
24.100 |
4.800 |
18.784 |
|
|
|
Provision for tax on
distributed profits |
0.000 |
0.800 |
2.959 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
47.039 |
|
|
|
Dividend Distribution tax |
4.200 |
0.000 |
7.813 |
|
|
BALANCE CARRIED
TO THE B/S |
205.000 |
192.900 |
242.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On export of goods, including export |
8867.000 |
6767.500 |
7440.000 |
|
|
|
Dividend received |
0.000 |
4.200 |
1.900 |
|
|
TOTAL EARNINGS |
8867.000 |
6771.700 |
7441.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
607.700 |
87.000 |
11.200 |
|
|
|
Stores & Spares |
111.100 |
95.500 |
19.800 |
|
|
|
Capital Goods |
182.800 |
506.300 |
431.200 |
|
|
TOTAL IMPORTS |
901.600 |
688.800 |
462.200 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
10.46 |
(4.03) |
65.12 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
160000.000 |
|
|
|
|
|
The above information has been parted by Mr. Laxmana Shankar
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.40 |
(0.21) |
3.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.90 |
(0.74) |
5.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.26 |
(0.77) |
6.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
(0.06) |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.39 |
6.10 |
5.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.06 |
1.14 |
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 |
48.200 |
48.200 |
48.200 |
|
Reserves & Surplus |
1065.600 |
1040.600 |
1062.700 |
|
Net
worth |
1113.800 |
1088.800 |
1110.900 |
|
|
|
|
|
|
long-term borrowings |
3655.600 |
4242.900 |
3833.400 |
|
Short term borrowings |
2616.800 |
2399.300 |
2157.000 |
|
Total
borrowings |
6272.400 |
6642.200 |
5990.400 |
|
Debt/Equity
ratio |
5.632 |
6.100 |
5.392 |
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 |
9624.500 |
9105.900 |
12473.900 |
|
|
|
-5.388 |
36.987 |
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 |
9624.500 |
9105.900 |
12473.900 |
|
Profit |
313.600 |
(19.400) |
50.400 |
|
|
3.26% |
(0.21%) |
0.40% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATIONS DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
W.A. MISCELLANEOUS PETITION |
|
Case No.: |
128 |
|
Year : |
2007 |
|
Petitioner : |
THE GOVERNMENT OF TAMIL NADU |
|
Respondent : |
M/S LOYAL TEXTILE MILLS LIMITED |
|
Pet's Advocate : |
G.P |
|
Res's Advocate : |
M.ELUMALAI |
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Apr 3 2007 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWING |
|
|
|
Fixed Deposits |
1.200 |
2.200 |
|
Total |
1.200 |
2.200 |
PERFORMANCE REVIEW,
MANAGEMENT DISCUSSION, ANALYSIS REPORT AND OUTLOOK FOR THE CURRENT YEAR:
The year, 2012-2013 was a better year than the previous year. The ill effects of yarn export ban had been fully digested. However the wide fluctuations in exchange rate, impacted the profit and loss, while change over from $ packing credit to Rupee packing credit.
During the year, the direct transmission cables were laid to our Kovilpatti unit in October and to our CTM unit during February. They have spent over 6 crores in capital expenditure and over 2 crores in revenue expenditure to get these direct transmission cables laid and on the creation of the substation. The power situation at both units have improved since, CTM unit has since turned profitable.
India’s textile competitiveness is gradually improving and today at the yarn stage they are the most competitive manufacturer globally, at the fabric stage there are a few smaller manufacturers who are apparently more competitive but in real terms are not due to severe power constraints besides socio - political issues.
Our turnover increased to Rs. 12473.900 Millions and exports increased to Rs. 9354.200 Millions.
The total cash generated before interest, depreciation and taxes is Rs. 1420.400 Millions. After interest, and taxes it is Rs. 741.500 Millions. The net profit after all expenses and provisions is Rs. 50.400 Millions. The Dividend proposed is 50% and would need Rs. 24.100 Millions.
During the year Rs. 758.000 Millions of capital work was undertaken. Additional borrowings were Rs. 310.000 Millions. The net reductiion in borrowings net of new borrowings is Rs. 375.400 Millions. They have after many years started reducing the total borrowings even as they are steadily improving our turnover.
They were able to tighten the receivables and keep a tight control over inventories during the year which helped in improved cash flow.
The prospects for the current year appears to be better and they hope to improve both Top and Bottom line by at least 20%
They enjoyed excellent industrial relation at all our unit and the employee strength stands at 5948.
FINANCE:
During the year, the Company availed term loans to the tune of Rs.310.000 Millions and repaid loans to the extent of Rs. 746.800 Millions to Banks/ Financial institutions.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10432641 |
24/05/2013 |
260,000,000.00 |
CENTRAL BANK OF INDIA |
10, R. C CHURCH MAIN ROAD, KOVILPATTI, TAMILNADU - 628501, INDIA |
B77750321 |
|
2 |
10402763 |
05/01/2013 |
31,400,000.00 |
THE KARUR VYSYA BANK LIMITED |
POST BOX NO.21, ERODE ROAD, KARUR, TAMILNADU - 639002, INDIA |
B67999144 |
|
3 |
10348013 |
29/02/2012 |
460,000,000.00 |
CENTRAL BANK OF INDIA |
10, R. C CHURCH MAIN ROAD, KOVILPATTI, TAMILNADU - 628501, INDIA |
B37091881 |
|
4 |
10326714 |
23/11/2011 |
470,000,000.00 |
KARUR VYSYA BANK LIMITED |
WHITES ROAD BRANCH NO.37, WHITES ROAD BRANCH, CHENNAI, TAMILNADU -
600014, INDIA |
B29041480 |
|
5 |
10278966 |
18/11/2011 * |
584,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLES, CUFFE
PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B28744662 |
|
6 |
10280308 |
09/11/2011 * |
260,000,000.00 |
KARUR VYSYA BANK LIMITED |
SOUTH WING FIRST FLOOR, NO.37, WHITES ROAD, CHENNAI, TAMILNADU -
600014, INDIA |
B28385748 |
|
7 |
10264534 |
09/11/2011 * |
260,000,000.00 |
KARUR VYSYA BANK LIMITED |
SOUTH WING FIRST FLOOR, NO.37, WHITES ROAD, CHENNAI, TAMILNADU -
600014, INDIA |
B28385037 |
|
8 |
10057641 |
11/06/2007 |
981,800,000.00 |
CANARA BANK |
OVERSEAS BRANCH, GROUND FLOOR, SPENCER'S TOWERS II, 770A, ANNA SALAI, CHENNAI,
TAMILNADU - 600002, INDIA |
A17765918 |
|
9 |
10049927 |
30/06/2008 * |
490,900,000.00 |
INDIAN BANK |
PARK TOWN BRANCH -53, RAJA MUTHIAH ROAD,PERIAMET, CHENNAI, TAMILNADU -
600003, INDIA |
A41494436 |
|
10 |
10041460 |
23/11/2011 * |
666,250,000.00 |
KARUR VYSYA BANK LIMITED |
WHITES ROAD BRANCH NO.37, WHITES ROAD BRANCH, CHENNAI, TAMILNADU -
600014, INDIA |
B30124903 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Furniture
- Plant and Machinery
- Vehicles
- Office and Equipment
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.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.