MIRA INFORM REPORT
|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
MW UNITEXX LIMITED |
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Formerly Known
As : |
S KUMARS UNITEXX LIMITED |
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Registered
Office : |
S. Kumars House, Plot No 60, Street No 14, MIDC Marol,
Andheri (East), Mumbai- 400093, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
15.12.2000 |
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Com. Reg. No.: |
11-130073 |
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Capital
Investment / Paid-up Capital : |
Rs.2087.293 Millions |
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CIN No.: [Company Identification
No.] |
L72200MH2000PLC130073 |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMI04149F |
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PAN No.: [Permanent Account No.] |
AAACI9239C |
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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
: |
Supplies of Corporate and Work wear Uniforms, Fabrics. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
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 9400000 |
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Status : |
Moderate |
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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 moderate track record. Company has incurred loss from its operation in the year 2013.
External borrowing of the company has increased as compared of previous year.
However, trade relation are fair. Business is active. Payment terms
are 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 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 DECLINED BY
|
Name : |
Mr. Dilip Darji |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-22818432 |
|
Date : |
13.06.2014 |
LOCATIONS
|
Registered Office : |
S. Kumars House, Plot No 60, Street No 14, MIDC Marol,
Andheri (East), Mumbai- 400093, Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office: |
4th Floor, Harchandrai House, Maharshi Karve Road, Marine
Lines (East) Mumbai – 400002, Maharashtra, India |
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Tel. No.: |
91-22-66044242 |
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Fax No.: |
91-22-66550320 |
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|
|
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Marketing Office:
|
E-209, Crystal Plaza, New Link Road Opposite Infinity
Mall, Andheri (West) Mumbai - 400 053, Maharashtra, India |
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Tel. No.: |
91-22 67084302 |
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|
|
|
Zone Office: |
Located at
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DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Mukul S. Kasliwal |
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Designation : |
Chairman |
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Name : |
Mr. Warij A. Kasliwal |
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Designation: |
Vice Chairman |
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Name : |
Mr. N. Ramakrishnan |
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Designation : |
Director |
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Name : |
Mr. Y. R. Shah |
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Designation : |
Director |
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Name : |
Mr. G. Banerjee |
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Designation : |
Director |
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Name : |
Mr. P. S. Shenoy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Nitin V. Upadhye |
|
Designation : |
Assistant Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Dilip Darji |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10 |
0.00 |
|
|
9669728 |
73.95 |
|
|
9669738 |
73.95 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9669738 |
73.95 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
12709 |
0.10 |
|
|
12709 |
0.10 |
|
|
|
|
|
|
1284052 |
9.82 |
|
|
|
|
|
|
1430569 |
10.94 |
|
|
674720 |
5.16 |
|
|
4312 |
0.03 |
|
|
861 |
0.01 |
|
|
3436 |
0.03 |
|
|
15 |
0.00 |
|
|
3393653 |
25.95 |
|
Total Public shareholding (B) |
3406362 |
26.05 |
|
Total (A)+(B) |
13076100 |
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) |
13076100 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplies of Corporate and Work wear Uniforms, Fabrics. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Shyam Malpani and Associates Chartered Accountants |
|
Address : |
307, Charterd House, Marine Lines, Mumbai – 400 002, Maharashtra, India |
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Associates: |
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Subsidiaries and
fellow subsidiaries: |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,80,00,000 |
Preference shares |
Rs.10/- each |
Rs. 1980.000 Millions |
|
18,02,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 18020.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 20000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13,076,100 |
Equity Shares |
Rs.10/- each |
Rs. 130.761 Millions |
|
195,653,176 |
Compulsory Convertible Preference Shares |
|
Rs. 1956.532 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2087.293
Millions |
NOTE:
Reconciliation of
share capital (Equity share capital)
|
Share Capital |
Equity Shares |
|
|
|
Number |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
13076100 |
130.761 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
13076100 |
130.761 |
Reconciliation of
share capital (Preference share capital)
|
Share Capital |
Equity Shares |
|
|
|
Number |
Rs. In Million |
|
Shares outstanding at the beginning of the year |
195,653,176 |
1956.532 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
195,653,176 |
1956.532 |
Shareholders holding
more than 5% of the shares
|
Share Capital |
Equity Shares |
|
|
|
No. of Shares held |
% of Holding |
|
S Kumars Limited |
3,006,123 |
22.99 |
|
MW Infra Developers Private Limited |
1,540,030 |
11.78 |
|
MW Corp Private Limited |
4,107,481 |
31.41 |
The Company has not alloted any bonus shares either equity or preference share during the last 5 years
Term/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 except as otherwise stated.
Pursuant to the Scheme of amalgamation , the shareholders of
the erstwhile comapany Progard Textile (India) Private Limited were allaoted
40,76,108 Equity Shares of the face value of Rs. 10 at premium of Rs 1.70 Per
share and Compulsorily Convertible Preference Shares 19,56,53,176 of the face
value of Rs. 10 at premium of Rs 1.70 Per Share. The said CCPS are alloted on
16th January 2012 and carry a copuan rate of 0% and shall be converted into
Equity Shares in the ratio of 1 Equity Shares of the Face value of Rs. 10/-
each of the Company for every 1 CCPS of the face value of Rs. 10/- each . The
CCPS shall be converted in to Equity Shares in one or more trenches over a
period of time in such manner that the requirement of clause 40A of the Listing
Agreement with the Stock Exchanges shall be met all the times
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 |
2087.293 |
2087.293 |
90.000 |
|
(b) Reserves & Surplus |
256.236 |
256.631 |
(48.975) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
2343.955 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2343.529 |
2343.924 |
2384.980 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
764.536 |
591.026 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.730 |
0.766 |
0.909 |
|
Total
Non-current Liabilities (3) |
766.266 |
591.792 |
0.909 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
187.877 |
150.287 |
134.469 |
|
(b) Trade payables |
21.330 |
35.714 |
6.758 |
|
(c) Other current liabilities |
391.923 |
32.861 |
5.235 |
|
(d) Short-term provisions |
1.580 |
0.961 |
0.595 |
|
Total
Current Liabilities (4) |
602.710 |
219.823 |
147.057 |
|
|
|
|
|
|
TOTAL |
3712.505 |
3155.539 |
2532.946 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1.577 |
0.570 |
0.428 |
|
(ii) Intangible Assets |
1.732 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
304.248 |
145.535 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
2.598 |
2.593 |
|
(b) Non-current Investments |
2527.796 |
2527.796 |
2455.796 |
|
(c) Deferred tax assets (net) |
0.708 |
0.392 |
0.169 |
|
(d) Long-term Loan and Advances |
826.131 |
378.922 |
36.824 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3662.192 |
3055.813 |
2495.810 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1.243 |
0.789 |
1.274 |
|
(c) Trade receivables |
15.488 |
22.462 |
1.343 |
|
(d) Cash and cash equivalents |
6.502 |
24.992 |
6.398 |
|
(e) Short-term loans and
advances |
27.080 |
51.483 |
28.121 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
50.313 |
99.726 |
37.136 |
|
|
|
|
|
|
TOTAL |
3712.505 |
3155.539 |
2532.946 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
66.483 |
54.388 |
37.524 |
|
|
Other Income |
0.872 |
2.467 |
1.624 |
|
|
TOTAL
(A) |
67.355 |
56.855 |
39.148 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
21.803 |
20.317 |
11.635 |
|
|
Purchases of Stock-in-Trade |
26.437 |
16.129 |
2.822 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(0.454) |
0.485 |
0.933 |
|
|
Employees benefits expense |
9.443 |
7.619 |
11.303 |
|
|
Other expenses |
7.278 |
6.754 |
10.205 |
|
|
Exceptional items |
0.000 |
2.084 |
0.000 |
|
|
Prior period adjustment |
(0.241) |
(0.335) |
0.000 |
|
|
TOTAL
(B) |
64.266 |
53.053 |
36.898 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
3.089 |
3.802 |
2.250 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.557 |
0.347 |
0.237 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.532 |
3.455 |
2.013 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1.093 |
0.099 |
0.195 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(0.561) |
3.356 |
1.818 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(0.166) |
0.927 |
(0.034) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(0.395) |
2.429 |
1.852 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(46.546) |
(48.975) |
(50.827) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(46.941) |
(46.546) |
(48.975) |
|
|
|
|
|
|
|
Basic |
(0.03) |
0.23 |
0.210 |
|
|
Diluted
|
0.00 |
0.50 |
0.00 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.59) |
4.27 |
4.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.84) |
6.17 |
4.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.06) |
0.70 |
2.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41 |
0.32 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.08 |
0.45 |
0.25 |
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 |
90.000 |
2087.293 |
2087.293 |
|
Reserves & Surplus |
(48.975) |
256.631 |
256.236 |
|
Net
worth |
41.025 |
2343.924 |
2343.529 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
591.026 |
764.536 |
|
Short term borrowings |
134.469 |
150.287 |
187.877 |
|
Total
borrowings |
134.469 |
741.313 |
952.413 |
|
Debt/Equity
ratio |
3.278 |
0.316 |
0.406 |
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 |
37.524 |
54.388 |
66.483 |
|
|
|
44.942 |
22.238 |
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 |
37.524 |
54.388 |
66.483 |
|
Profit |
1.852 |
2.429 |
(0.395) |
|
|
4.94% |
4.47% |
(0.59%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
from related parties |
182.577 |
147.019 |
|
Total |
182.577 |
147.019 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10313052 |
15/09/2011 |
650,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. |
B23507031 |
THE YEAR IN
RETROSPECT:
During the year, company achieved consolidated turnover of INR 9357.200 Millions. with revenues from Overseas business amounting to INR 7872.800 Millions. and Domestic business amounting to INR 1484.700 Millions. The focus on sales has continued to be in the local markets of India for S.Kumars, Unimart and Klopman products, the focus has been to further consolidate its position in European markets as well as to explore new international markets.
BUSINESS OUTLOOK AND
PLANS:
S Kumars Unitexx Division is diversifying the portfolio of Unimart by expanding its customer base to cover segments such as Oil and Gas, Iron and Steel, Pharma and Cement, to name a few. It has been also planned to launch Unimart stores all over India which will be a one-stop-shop for all uniform needs.
S.Kumars Limited is modernising and upgrading its existing plants to improve the quantity and quality of the production.
Klopman is in the process of expanding its base to cover international markets like India, Middle East, South Africa, Australia and New Zealand along with existing markets. Middle East is an important market for Klopman, to increase the focus in this market Klopman has started a branch office in Dubai from January 2013. Further Klopman International has formed a Joint Venture Company in Indonesia with Argo Group. The Joint Venture Company is called as PT Klopman Argo International and would produce about 15 million meters work wear fabric per annum at its rated capacity with a sales revenue of 25 million Euros.
MANAGEMENT DISCUSSION
AND ANALYSIS
The year 2012-2013 was marked as a year of recovery in advanced economies and the strengthening of emerging and developing economies. The year initially began with a noticeable slowdown in the beginning half of the year in emerging markets and developing economies alike due to a deceleration in demand from advanced economies, the end of investment booms in some of the major emerging markets and domestic policy tightening. But due to the resilience of consumer demand, activity stabilised in advanced economies and picked up in emerging markets towards the end of 2012 thus bringing about renewed confidence.
The year witnessed some appreciation of the Euro and in the currencies of various emerging markets and some depreciation of the U.S. dollar. Private demand started picking up in the United States and remained a bit sluggish in the euro area. In the eurozone, great strides were made in creating a roadmap for the banking union. The Outright Monetary Transactions program offered by the European Central Bank greatly helped in reducing investment risks. European policymakers greatly helped improve confidence and financial conditions and demand from advanced Europe picking up was also a great turning point. The most notable feat was that advanced economy policymakers managed to successfully defuse two of the biggest threats to the global recovery, a breakup of the euro area and a sharp fiscal contraction in the United States.
World growth was around 2¼ percent in the second quarter of 2012 and reached 2¾ percent in the second half of the year. Real GDP growth is forecasted to reach 4 percent on an annual average basis in 2014. Global inflation had fallen to about 3¼ percent from 3¾ percent in early 2012, and it is projected to stay around this level through 2014. The setbacks to the global recovery in 2012 were mirrored in a slowing of world trade growth, which had begun from around 2011.
Since mid-2012, there has been a broad market rally. Policy rates have evolved broadly as expected, as a number of central banks in advanced and emerging markets implemented modest rate cuts in response to the slowdown. Furthermore, by April 2013, nearterm financial stability risks seemedd to have eased.
MW Unitexx, the textile arm of MW Corp witnessed a robust growth in the Financial Year 2012-2013. The Company reported a consolidated turnover of INR 9357.200 Millions.
MW Unitexx comprises of of S.Kumars Limited - a market leader in uniform fabrics in India, Klopman International – Europe’s largest player Work Wear and Protective Wear brand and S.Kumars Unimart - the Ready-To-Wear uniforms division, making MW Unitexx the largest uniforms fabric manufacturer in the world with a combined capacity of more than 70 million meters per annum.
The Company is poised to witness tremendous growth in the textiles and uniforms market as MW Unitexx covers the entire gamut of uniform needs, with operations spread across three continents: Asia, Europe and Africa. The Company is thus well-positioned to capitalise on its wide reach and further expand its business in other economies.
INDUSTRY OVERVIEW
The textile industry provides ample scope for business opportunities by way of textile tenders, tenders from textile industry, textile public tender notice, textile bids, international textile tender and global textile tenders. After the exclusion of global quota scheme, the textile industry is flourishing at high speed. The world is on a new corridor of industrial revolution.
After two fairly successful years, the business climate in the global textile industry became more moderate in 2012. However, the overall textile market had a value of more than $1,500 billion in 2012, with garments worth around $1,200 billion and home textiles $170 billion.
The global demand is expected to reach 30.71 million tons by 2018, growing at a CAGR of 3.3% from 2012 to 2018. Factors such as product durability, advancement in the automotive industry are some of the factors that would drive the market for textiles and apparel. However, factors such as high cost of the finished product impacting end users and fragmentation of the current market are aspects that need to be addressed.
The global market was dominated by Asia and by 2018, it is anticipated that Asia Pacific would be generating revenues of USD 61.26 billion. Thanks to Government intervention, improvement in technology and a robust demand from various industries, the apparel and textiles market would clearly be leading at the helm.
The European Union
(EU) textile and clothing market
The Apparel and Textiles market has a dominating role in the European industry. It accounts for around 6% of employment and around 3.2% of export of merchandise. Texiles are predominantly focused in 3 main areas: Apparel, Home Furnishings and Industry.
While this consists of traditional segments as well as newer segments like technical textiles, it covers all aspects of production, from the transformation of raw materials into yarns and fabrics which are thereafter used to manufacture products like non-woven trims, felt, carpets, home textiles, garments.
The European Textile and Clothing industry reached a turnover of approximately 165.3 billion in 2012 and exports comprised of 42.1 billion • or 26% of the global sales. Though there was a decrease in production and a slowing down of industry, the European Union exports showed a robust turnover thanks to a healthy demand of apparel and very positive growth of textiles in markets like Russia and China as well as the United States of America. This is due to the efforts made by the Small and Medium Enterprises in the textile and fashion segments that are constantly innovating their products, services, processes and business models to keep with the current economic scenario in the European Union and on a global basis as well.
European companies provide goods that are fashionable, with a wide array of functions that are in keeping with the current requirements but that are also equipped with flexible solutions. This is one of the key reasons for the success seen in the market.
Thanks to the support provided by the European Government as well, the European textiles market has managed to lead the rest of the global market and measures need to be constantly taken in order to nurture the textiles and apparel industry and remain active in this ever-changing global scenario that is defined by multi-dimensional developments and fast changes.
The European market
for Work Wear and Protective Wear
The European work-wear market is said to have approximately over 700 work-wear producer brands. There is now an increasing demand for more stylish and functional as well as comfortable garments for work-wear thanks to the increase in focus on health and safety. Companies are also looking to offer a more well-rounded service package in order to bring about an increase in demand in work-wear seeing as both corporate and employees alike have become increasingly more concerned with the corporate and personal image. There are more opportunities in the United Kingdom within the EU as the UK market offers companies that have already captured a sizeable share of the rest of the EU marked a new platform for their products.
The protective-wear market accouts for approximately 200,000 jobs either directly or indirectly and is estimated at about EUR 9.5 billion to EUR 10 billion. Thanks to advancement in technology and fabric quality and functionality, the exports of the EU protective- wear segment could grow by about 50% over the next few years. The EU industry are experts in the fields of polymer technology, specialty yarn and excellent textile finishing and services and they are also known for their use of micro-electronic components in fabrics and nano-particles, thus producing a top of the line quality fabric.
The EU is also known for its advanced technology and constant innovation in producing protective-wear fabrics. High tech domains like the military and space sector depend vastly on the protective-wear market for the supply of fabrics and other customers include interior textiles for transport materials and buildings, consumer products like sportswear, garments and industrial and outdoor wear.
The Indian Textile
Industry
The Indian textile industry accounts for approximately 14% of industrial production, which is 4% of GDP; employs 45 million people and accounts for nearly 11% share of the country’s total exports basket. The report of the Working Group constituted by the Planning Commission on boosting India’s manufacturing exports during 12th Five Year Plan (2012-17), envisages India’s exports of Textiles and Clothing at USD 64.41 billion by the end of March, 2017. In 2012-2013, readymade garments accounted for almost 39% of the total textiles exports while cotton textiles and apparel together contributed nearly 74% of the total textiles exports.
India has emerged as a primary sourcing hub in the liberalized post-quota era, attracting buyers from all over the globe. This can be seen by a number of reputed houses having opened their sourcing offices in the country. Retails from around the globe are exploring options to increase their sourcing from the Indian markets and Indian manufacturers are also increasing their capacities to meet with this increase in demand. Thanks to the support of the Government, the textile industry in India is slated for continued growth and expansion as a result of these new global developments.
The Government has been continually supporting the textiles exports sector through various policy initiatives to enable the sector to increase market share in the global textiles markets. The Government has introduced several types of export promotion measures in the Union Budget 2012-13 as well as through schemes of Foreign Trade Policy 2009-14, including incentives under Focus Market Scheme and Focus Product Scheme; enhancing the coverage of Market Linked Focus Product Scheme for textile products and extension of Market Linked Focus Product Scheme etc to increase India’s share in various countries. The Government also approved a debt restructuring package to help loss making textile mills around the country, to be administered on a case by case basis by the banks within the prudential norms of the Reserve Bank of India.
The Work Wear Market
in India
India in increasingly becoming a significant player in the world economy and is witnessing a rise in employment figures in the organised sector. The work-wear market in India has a lot of potential to increase in leaps and bounds despite the consumption of work-wear in the country being low. The identification of branding and uniforms as being necessary for businesses has enabled growth in the the segment. Thanks to these new developments, the future of the work-wear segment in the country is certainly bright. However, in order for the business to become more well-defined, the work-wear industry needs to become more modernized and be more technology driven, offering innovations such as stain-free, anti-creasing, and fire-resistant products to make them
more functional and in order to increase the need for work-wear in the country. Also, promotional events are a huge opportunity to players in the work-wear segment.
Workers employed in the manufacturing sectors and other allied industries such as automobile, construction, oil and gas etc. are becoming aware of occupational hazards and, thanks to the importance of Social Compliance as well, companies are developing a safe working environment. Vendors are required to meet international safety requirements as prescribed by buyers. This, together with the growing importance of building a strong corporate identity has increased the demand for basic work-wear and protectivewear. The domestic work-wear market is currently estimated to be approximately USD 357 million and is projected to reach USD 1,108 million by the year 2021 growing at an impressive CAGR of 12 %. Jackets and trousers are estimated to grow to about 15% and 14% respectively. The introduction of the fashion element in work-wear has brought about an increase in demand in modern, sleek work-wear designs and uniforms and the traditional perception of work-wear associated with the term “uniform” that used to bear a negative connotation is being well done away with thanks to the changes in perception. Traditional boiler suits and coveralls are being designed with a modern look and jackets and trousers are becoming the norm for the work-wear industry. With a blend of functionality together interspersed with fashion, the work-wear and protective-wear industries in India are truly taking off.
The Uniforms Market
in India
There seems to be an increasing focus in the uniforms sector, as people are becoming increasingly aware of the importance of uniforms as a branding tool. Mental attitudes and financial issues associated with uniforms are being done away with which is what is leading to a mass growth in the sector. A change in the cultural scene, education and globalization are some of the important factors responsible for this. While the earlier view was that uniforms were something that were forced upon people, modernization of the types of uniforms and a wide range of fabrics, colours and designs is what is leading to a change in perception.
Also, most industries, some of which have numerous branches all around the country have incorporated the use of uniforms in their daily workings as a form of branding which is what has led to an increase in demand in uniforms.
BUSINESS OVERVIEW AND
GROWTH PLANS
MW Unitexx was formed in 2011 out of the merger of three textile entities S.Kumars Limited., the leading 64 year old leading textile brand, S.Kumars Unimart, the Ready-to-Wear uniforms division and Klopman International. The total combined production capacity is 70 million meters per annum, making MW Unitexx the largest uniform fabrics manufacturer in the world. MW Unitexx is the textile arm of MW Corp, a diversified business conglomerate with interests in Hydro-power, Textiles, Renewable Energy and Infrastructure Development. MW Unitexx, with its end-to-end range of products and services, successfully covers the entire gamut of the uniforms market, thereby providing ‘Total Uniform Solutions’.
FINANCIAL PERFORMANCE
During the year, company achieved revenue of INR 9357.200 Millions with revenues from Overseas business amounting to INR 7872.800 Millions. and Domestic business amounting to INR 1484.700 Millions. The focus on sales has continued to be in the local markets of India for S.Kumars, Unimart and Klopman products, the focus has been to further consolidate its position in European markets as well as to explore new international markets.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON 30TH
SEPTEMBER, 2013
(Rs. In Millions)
|
Particular |
Quarter Ended (Unaudited) |
Half year Ended (Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
Income from
Operations |
|
|
|
|
a) Net Sales / Income from Operations (Net of Excise Duty) |
11.935 |
10.910 |
22.845 |
|
b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Total Income from Operations
(Net) |
11.935 |
10.910 |
22.845 |
|
Expenses |
|
|
|
|
a) Cost of materials consumed (including direct project cost) |
9.791 |
9.152 |
18.943 |
|
b) Purchase of Stock in trade |
0.000 |
0.000 |
0.000 |
|
c) Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade |
(0.815) |
(0.936) |
(1.751) |
|
d) Employee Benefits Expense |
1.983 |
2.337 |
4.320 |
|
e) Depreciation and Amortisation Expense |
0.274 |
0.273 |
0.547 |
|
f) Advertising Expenses |
0.000 |
0.000 |
0.000 |
|
g) Other Expenses |
1.983 |
1.891 |
3.874 |
|
Total Expenses |
13.217 |
12.717 |
25.934 |
|
Profit / (Loss)
from Operations before Other Income, Finance Cost and Exceptional Items |
(1.282) |
(1.807) |
(3.089) |
|
Other Income |
0.186 |
0.232 |
0.418 |
|
Profit / (Loss)
before Finance Cost and Exceptional Items |
(1.096) |
(1.575) |
(2.671) |
|
Finance Costs |
10.254 |
8.054 |
18.308 |
|
Profit / (Loss)
after Finance cost but before Exceptional Items |
(11.350) |
(9.629) |
(20.979) |
|
Exceptional Items |
0.000 |
0.600 |
0.600 |
|
Prior period items |
(0.250) |
0.000 |
(0.250) |
|
Profit / (Loss)
before Tax |
(11.100) |
(10.229) |
(21.329) |
|
Tax Expense |
(0.037) |
(0.032) |
(0.069) |
|
Net Profit / (Loss)
after Tax |
(11.063) |
(10.197) |
(21.260) |
|
Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss)
for the Period |
(11.063) |
(10.197) |
(21.260) |
|
Paid Up Equity Share Capital (Face Value of the share – Rs. 2/- each) |
130.761 |
130.761 |
130.761 |
|
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
Earnings Per Share (EPS) (in Rs.) |
|
|
|
|
a) Basic |
(0.85) |
(0.78) |
(1.63) |
|
b) Diluted |
(0.85) |
(0.78) |
(1.63) |
|
Sr. No. |
Particular |
Quarter Ended (Unaudited) |
Half year Ended (Unaudited) |
|
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
3406362 |
3406362 |
3406362 |
|
|
- Percentage of Shareholding |
26.05 |
26.05 |
26.05 |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- Number of Shares |
4625000 |
4625000 |
4625000 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
47.83 |
47.83 |
47.83 |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
35.37 |
35.37 |
35.37 |
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of Shares |
5044738 |
5044738 |
5044738 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
52.17 |
52.17 |
52.17 |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
38.58 |
38.58 |
38.58 |
INVESTOR COMPLAINTS
|
PARTICULARS |
3 months |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
disposed off during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS
AND LIABILITIES AS AT SEPTEMBER 30, 2013
|
SOURCES
OF FUNDS |
30.09.2013 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
2087.300 |
|
(b) Reserves & Surplus |
235.000 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2322.300 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
770.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
1.900 |
|
Total
Non-current Liabilities (3) |
771.900 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
229.000 |
|
(b) Trade payables |
24.100 |
|
(c) Other current liabilities |
452.600 |
|
(d) Short-term provisions |
1.600 |
|
Total
Current Liabilities (4) |
707.300 |
|
|
|
|
TOTAL |
3801.500 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
1.500 |
|
(ii) Intangible Assets |
1.300 |
|
(iii) Capital work-in-progress |
385.900 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
2527.800 |
|
(c) Deferred tax assets (net) |
0.800 |
|
(d) Long-term Loan and Advances |
826.100 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
3743.400 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
3.000 |
|
(c) Trade receivables |
18.300 |
|
(d) Cash and cash equivalents |
7.000 |
|
(e) Short-term loans and
advances |
29.800 |
|
(f) Other current assets |
0.000 |
|
Total
Current Assets |
58.100 |
|
|
|
|
TOTAL |
3801.500 |
NOTE:
The above results for the quarter ended September 30, 2013 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 12, 2013.
The Company operates only in one business segment viz. Textile.
There is a sluggish movement in Capital Work in Progress which comprises of Pre
operative Expenditure for Unimart Project on which an amount of Rs. 385.874
Millions has been incurred till September 30, 2013 including Rs. 41.471
Millions during the current quarter. However, the management is confident of
execution of the same.
The Company had given interest free refundable deposit to agents amounting to
Rs. 785.182 Millions to certain agents which are outstanding for a period
exceeding one year without any performance, shown under the head Long terms
loans and advances for procuring material, executing the branding and
promotional activities under the name and style of unimart at various places.
The Company has not carried out Limited Review of its Foreign Subsidiary
(Europe), as there is no such requirement for carrying out Limited Review
there. Hence the Consolidation has been done based on unaudited figures as
approved by the Board of Directors.
Figures for previous year have been regrouped / rearranged wherever necessary.
FIXED ASSETS
Tangible Assets
- Furniture and Fixtures
- Office equipment
- Motor Car
- Computers
Intngible 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.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.