MIRA INFORM REPORT
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Report Date : |
23.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SHEKHAWATI POLY-YARN LIMITED |
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Registered
Office : |
Express Zone, A Wing, Unit No. 1102, 1103, 11th Floor, Patel
Vatika Off, Western Express Highway, Malad (West), Mumbai – 400 097,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
05.11.1990 |
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Com. Reg. No.: |
11-000440 |
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Capital
Investment / Paid-up Capital : |
Rs. 220.111 Millions |
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CIN No.: [Company Identification
No.] |
L17120DN1990PLC000440 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Polyester Texturised Yarn,
Twisted Yarn and Knitted Fabrics. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. The company possesses an above average financial risk profile along
with high performance capacity during 2013. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. In view of extensive experience of the promoters, the company can be
considered for normal business dealings at usual trade terms and condition. |
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating=BBB |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
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Date |
10.10.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term rating=A3+ |
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Rating Explanation |
Moderate degree of safety and higher credit risk. |
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Date |
10.10.2013 |
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 DENIED
Management Non Co-operative (91-22-61162500)
LOCATIONS
|
Registered Office : |
Express Zone A Wing, Unit No. 1102 1103, 11th Floor, Patel Vatika
Off, Western Express Highway, Malad (West), Mumbai – 400 097, Maharashtra,
India |
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Tel. No.: |
91-22-61162500/91-22-61162500/2567126 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 20, Sheetal Industrial Estate, Demeni Road,
Dadra, Dadra and Nagar Haveli – 396 191, (Union Territory), India |
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E-Mail : |
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Factory 2 : |
Plot No. 44, Government Industrial Estate, Samarwani,
Masat, Silvassa, Dadra and Nagar Haveli – 396 230 |
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E-Mail : |
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Factory 3 : |
Plot no.185/1, Naroli Village, Near Kanadi Phatak, Dadra
and Nagar Haveli – 396 235 (Union Territory), India |
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Tel. No.: |
91-260-2650666 |
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E-Mail : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Mukesh Ruia |
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Designation : |
Chairman and
Managing Director (Appointed as Chairman w.e.f. August 14, 2013) |
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Name : |
Mr. Ramniranjan Ruia |
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Designation : |
Chairman (Non Executive) (Resigned w.e.f. August 10, 2013) |
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Name : |
Mr. Ravi Jogi |
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Designation : |
Additional Director (Appointed w.e.f. August 10, 2013) |
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Name : |
Mr. Sanjay Jogi |
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Designation : |
Additional Director (Appointed w.e.f. September 3, 2013) |
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Name : |
Mr. Rohit Chandgothia |
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Designation : |
Independent Director |
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Name : |
Mr. Sushil Kumar Poddar |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr.
Shivratan Agarwal |
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Designation : |
Chief Financial Officer |
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Name : |
Mrs.
Meena A. Agal |
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Designation : |
Company Secretary and Compliance Officer |
SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of
Shareholders |
Number
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
Individuals / Hindu Undivided Family |
53625000 |
24.36 |
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|
46706765 |
21.22 |
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|
100331765 |
45.58 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
100331765 |
45.58 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
|
|
|
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|
83213273 |
37.81 |
|
|
|
|
|
|
8176179 |
3.71 |
|
|
28183569 |
12.80 |
|
|
205884 |
0.09 |
|
|
111843 |
0.05 |
|
|
94041 |
0.04 |
|
|
119778905 |
54.42 |
|
Total Public shareholding (B) |
119778905 |
54.42 |
|
Total (A)+(B) |
220110670 |
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 |
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Total (A)+(B)+(C) |
220110670 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of
Shareholders |
Number
of Shares |
Percentage
of Holding |
|
Choice International Limited |
4,57,510 |
0.21 |
|
Altius Buildcon Private Limited |
1,52,49,255 |
6.93 |
|
Mukesh Ramniranjan Ruia |
3,13,20,000 |
14.23 |
|
Kalpana Mukesh Ruia |
75,00,000 |
3.41 |
|
Ramniranjan N Ruia |
5,000 |
0.00 |
|
SKI Buildcon Private Limited |
3,10,00,000 |
14.08 |
|
Shrey Mukesh Ruia |
1,48,00,000 |
6.72 |
|
Total |
10,03,31,765 |
45.58 |
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
|
Category of
Shareholders |
Number
of Shares |
Percentage
of Holding |
|
Amax Network Private Limited |
13076321 |
5.94 |
|
Choice Equity Broking Private Limited |
4721032 |
2.14 |
|
Gajanand Infracon Private Limited |
12839049 |
5.83 |
|
Madhukar Sheth |
12057870 |
5.48 |
|
RG BJ Traders Private Limited |
6047179 |
2.75 |
|
Satyaprabhu Infrastructure Private Limited |
3478957 |
1.58 |
|
Shankheshwar Spinners Private Limited |
8626121 |
3.92 |
|
Vastupal Infrastructure Private Limited |
9640000 |
4.38 |
|
Yash Infra Realty Private Limited |
14175490 |
6.44 |
|
Total |
84662019 |
38.46 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Category of
Shareholders |
Number
of Shares |
Percentage
of Holding |
|
Amax Network Private Limited |
13076321 |
5.94 |
|
Gajanand Infracon Private Limited |
12839049 |
5.83 |
|
Madhukar Sheth |
12057870 |
5.48 |
|
Yash Infra Realty Private Limited |
14175490 |
6.44 |
|
Total |
52148730 |
23.69 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Polyester Texturised Yarn, Twisted
Yarn and Knitted Fabrics. |
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Exports : |
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Products : |
Polyester Texturised Yarn, Twisted Yarn and Knitted Fabrics |
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Countries : |
· Brazil · Egypt · Mexico · Argentina · Thailand |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
·
State Bank of India, IFB Branch ·
Axis Bank Limited, Worli, Mumbai,
Maharashtra, India |
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Facilities : |
Total Facility
Rs.1200.000 Millions (From State
Bank of India) (Rs. in Millions)
NOTES: Long Term
Borrowings: Out
of Term Loan from Banks (Secured) a)
Loan from State bank of India
amounting to Rs.30.200 millions (P.Y. 49.400
millions) was sanctioned during the financial year 2007-08 and carries
Interest @ Base Rate +5% p.a. The loan is repayable in 81 monthly
installments starting from September 2008. The Loan is Secured by 1st
equitable mortgage charge on Company's Land and Building, Plant and
Machinery, Furniture & Fixtures, Office Equipments and all other fixed
assets situated at Masat, Silvassa. 2nd charge on paripassu basis with
other Bank on the Land and Building, Plant and Machinery, Office Equipments
and all other Fixed Assets situated at Naroli, Silvassa. 1st Charge on
office situated at Goregoan (East) and 2nd charge on
parripassu basis with other lenders over the entire current assets of the
company. b)
Loan from State Bank of India
amounting to Rs.37.610 millions (P.Y. Rs.50.133 millions) was sanctioned
during the financial year 2009-10 and carries interest @ Base rate +5%
p.a. The loan is repayable in 78 monthly installments starting from
October 2010. The Loan is Secured By 1st Equitable mortgage on pari-passu
basis with other Bank on the Land and Building (Ground Floor),Plant
& Machinery, Office Equipment (10 texturising machines) and all
other Fixed Assets to be situated at Naroli Silvassa.2nd charge on pari passu
basis over entire fixed assets, land and building at Masat, Silvassa.
1st Charge on office situated at Goregoan (East) and 2nd charge on
parripassu basis with other lenders over the entire current assets of the
company. c)
Loan from State Bank of India
amounting to Rs.42.200 millions (P.Y Rs.47.600 millions) was sanctioned
during the financial year 2011-12 and carries interest @ Base rate
+5.65% p.a. The Loan is repayable in 80 monthly installments starting
from April 2012. The Loan is secured by 1st equitable charge on Building at
Naroli, Silvassa owned by the company. 2nd charge on paripassu basis
with other Bank on the Land & Building, Plant & Machinery, Office Equipments
and all other Fixed Assets situated at Naroli, Silvassa. 2nd parripassu
charge with other Bank Limited on entire fixed assets (other than 1st
charge on assets to be created out of TL-IV from SBI) at Masat,Silvassa and
Naroli Silvassa. 1st Charge on office situated at Goregoan (East) and 2nd
charge on parripassu basis with other lenders over the entire current
assets of the company. d)
Loan State Bank of India amounting to
Rs.381.000 millions (PY Rs.281.890 millions) was sanctioned during the
financial year 2011-12 and carries interest @ Base rate +4.50% p.a.
The loan is repayable in 76 monthly installments starting from October
2012. The Loan is secured by 1st hyothecation charge on shed, plant &
machinery to be installed at Naroli, Silvassa and extension of 1st
charge on Building at Naroli. 2nd charge on paripassu basis with other Bank
on the Land, Building, Plant & Machinery, Office Equipments and all other
Fixed Assets situated at Naroli, Silvassa. 2nd parripassu charge with
other Bank Limited on entire fixed assets(other than 1st charge on assets
to be created out of TL-IV from SBI) at Masat, Silvassa and Naroli Silvassa.
1st Charge on office situated at Goregoan (East) and 2nd charge on
parripassu basis with other lenders over the entire current assets of the company. e)
Loan from Axis Bank amounting to
Rs.94.890 millions (P.Y. 124.598 millions) was sanctioned during the
financial year 2010-11 and carries interest @ Base rate +3.50% p.a The
loan is repayable in 78 monthly installments starting from January
2011. The loan is secured by Equitable mortgage of land and building and
hypothecation of Plant and Machinery at Naroli, Silvassa on parripassu
with SBI. Second parripassu charge on entire current assets and fixed
assets of the company with SBI. f)
All the above term loans are
guaranteed by both the Chairman & Managing Director of the Company. Vehicle
Loan (Secured) Vehicle
Loan amounting to Rs.1.347 millions (P.Y. Rs.2.203 millions) was taken during
the financial year 2009-10 and carries interest @ 8.67% p.a. The loan is
repayable in 60 monthly instalments along with interest starting from October
2010.The loan is secured by 1st charge on the vehicle specifically financed
out of loan. Short
Term Borrowings: Out
of Cash credit from banks (secured) a)
Cash credit from State Bank of India
amounting to Rs.346.747 millions (P.Y. 348.266 millions) is secured by 1st
Hypothecation charge on entire current assets of the company on parripassu
basis. 2nd charge on paripassu basis on Land and Building, Plant and
Machinery, Office Equipments and all other Fixed Assets situated at Naroli
Silvassa. 2nd charge on paripassu basis over entire fixed assets Land and
Building at Masat, Silvassa. 2nd charge on building Shed, Plant and Machinery
of Proposed Project at Unit-3 situated at Naroli. 1st charge on office
situated at Goregoan (East). The cash credit is repayable on demand and
carries interest @ Base Rate + 4% p.a. b)
Cash credit from Axis bank amounting
to Rs.18.474 millions (P.Y. Rs.20.214 millions) is secured by 1st parripassu
charge over entire current assets of the company, present and future. 2nd
parripassu charge over the entire fixed assets of the company, present,
future situated at Masat, Silvassa. The cash credit is repayable on demand
and carries interest @Base Rate + 3.5% p.a. c)
All the above secured short term
borrowings are guaranteed by both the Chairman and Managing Director of the
Company. |
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Banking
Relations : |
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Statutory Auditors : |
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Name : |
Singrodia
Goyal and Company Chartered Accountants |
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Relative of
Director and Name of the enterprises having same Key Management Personnel and
/ or their relatives as the reporting
enterprise with whom the company has entered into transactions during the
period : |
SKI
Buildcon Private limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
280000000 |
Equity Shares |
Re.1/- each |
Rs.280.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220110670 |
Equity Shares |
Re.1/- each |
Rs.220.111
Millions |
|
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|
Pursuant to
approval of the members dated March 15, 2013 through postal ballots, 1 Equity
Share having face value of Rs.10 each has been subdivided into 10 Equity Shares
of Re.1 each. Accordingly, the Authorised Share Capital of the Company has been
sub-divided into 28,00,00,000 Equity Shares of Re.1 each. The issued,
subscribed and paid-up Share Capital of the Company, for the purpose of
sub-division of Equity Shares has also been sub-divided into 22,01,10,670
Equity Shares of face value of Re. 1 each fully paid up.
Reconciliation of the
number of equity shares outstanding at the beginning and at the end of the
reporting period
(Rs. in millions)
|
Particulars |
Number of Shares |
Amount |
|
Shares
outstanding at the beginning of the year |
22011067 |
220.111 |
|
Add:
on account of sub-division of shares |
198099603 |
- |
|
Shares outstanding at the
end of the year |
220110670 |
220.111 |
Terms/rights
attached to equity shares
The Company has one
class of equity shares having a par value of Re.1 (P.Y. Rs. 10) per share. Each
holder of equity shares is entitled to one vote per share.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Aggregate number
of bonus shares issued, share issued for consideration other than cash and
shares bought back during the period of five years immediately preceeding the
reporting date
|
Particular |
31.03.2013 |
|
Equity shares alloted as fully paid bonus shares by capitalisation of securities premium |
57721650 |
|
Equity shares alloted as fully paid up pursuant to contracts for consideration other than cash |
- |
|
Equity Shares bought back by the Company |
- |
Details of
shareholders holding more than 5% shares in the company
|
Name of Shareholder |
31.03.2013 |
|
|
|
Number of Equity shares held |
Percentage |
|
Mukesh Ramniranjan Ruia |
31313910 |
14.23 |
|
SKI Buildcon Private Limited |
30949610 |
14.06 |
|
Altius Buildcon Private Limited |
17799970 |
8.09 |
|
Ramniranjan Ruia |
14625000 |
6.64 |
|
Madhukar Sheth |
12038950 |
5.47 |
|
Safal Realty Private Limited |
14010490 |
6.37 |
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 |
220.111 |
220.111 |
220.111 |
|
(b) Reserves & Surplus |
445.621 |
400.472 |
356.258 |
|
(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) |
665.732 |
620.583 |
576.369 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
638.047 |
568.323 |
281.991 |
|
(b) Deferred tax liabilities (Net) |
72.153 |
50.927 |
29.408 |
|
(c) Other long term
liabilities |
15.000 |
22.730 |
15.000 |
|
(d) long-term
provisions |
1.047 |
0.509 |
0.339 |
|
Total Non-current Liabilities
(3) |
726.247 |
642.489 |
326.738 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
365.220 |
368.480 |
310.773 |
|
(b) Trade payables |
119.092 |
18.551 |
0.445 |
|
(c) Other current
liabilities |
145.421 |
90.509 |
92.293 |
|
(d) Short-term
provisions |
11.414 |
4.521 |
3.898 |
|
Total Current
Liabilities (4) |
641.147 |
482.061 |
407.409 |
|
|
|
|
|
|
TOTAL |
2033.126 |
1745.133 |
1310.516 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1080.163 |
946.240 |
544.536 |
|
(ii) Intangible Assets |
23.116 |
0.199 |
0.223 |
|
(iii) Capital
work-in-progress |
81.389 |
90.213 |
165.903 |
|
(iv)
Intangible assets under development |
0.000 |
20.730 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
44.525 |
73.345 |
47.061 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1229.193 |
1130.727 |
758.223 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
96.703 |
108.399 |
102.084 |
|
(c) Trade receivables |
425.429 |
342.476 |
275.063 |
|
(d) Cash and cash
equivalents |
18.057 |
8.208 |
31.737 |
|
(e) Short-term loans
and advances |
197.418 |
96.823 |
104.378 |
|
(f) Other current
assets |
66.326 |
58.500 |
39.031 |
|
Total Current Assets |
803.933 |
614.406 |
552.293 |
|
|
|
|
|
|
TOTAL |
2033.126 |
1745.133 |
1310.516 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2397.974 |
2100.469 |
1482.346 |
|
|
|
Other Income |
7.548 |
7.998 |
2.232 |
|
|
|
TOTAL (A) |
2405.522 |
2108.467 |
1484.578 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1855.494 |
1716.795 |
1225.099 |
|
|
|
Changes in inventories of finished goods, work-in-progress |
8.152 |
(41.772) |
(30.653) |
|
|
|
Employee benefits expenses |
56.440 |
34.542 |
14.135 |
|
|
|
Other expenses |
200.922 |
186.359 |
131.812 |
|
|
|
TOTAL (B) |
2121.008 |
1895.924 |
1340.393 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
284.514 |
212.543 |
144.185 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
118.571 |
88.310 |
55.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
165.943 |
124.233 |
88.495 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
99.567 |
59.710 |
35.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS |
66.376 |
64.523 |
53.267 |
|
|
|
|
|
|
|
|
|
Less/ Add |
PRIOR PERIOD
ADJUSTMENT |
0.000 |
1.210 |
0.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
66.376 |
65.733 |
53.718 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.227 |
21.519 |
17.865 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
45.149 |
44.214 |
35.853 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
128.177 |
83.963 |
48.110 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
173.326 |
128.177 |
83.963 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export on F. O. B Basis |
158.713 |
203.473 |
153.075 |
|
|
TOTAL EARNINGS |
158.713 |
203.473 |
153.075 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.701 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
74.279 |
8.226 |
|
|
TOTAL IMPORTS |
2.701 |
74.279 |
8.226 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.21 |
0.20 |
2.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.88
|
2.09
|
2.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.77
|
3.13
|
3.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.48
|
3.91
|
4.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.11
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.51
|
1.59
|
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.25
|
1.36 |
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 |
220.111 |
220.111 |
220.111 |
|
Reserves & Surplus |
356.258 |
400.472 |
445.621 |
|
Net
worth |
576.369 |
620.583 |
665.732 |
|
|
|
|
|
|
long-term borrowings |
281.991 |
568.323 |
638.047 |
|
Short term borrowings |
310.773 |
368.480 |
365.220 |
|
Total
borrowings |
592.764 |
936.803 |
1003.267 |
|
Debt/Equity
ratio |
1.028 |
1.510 |
1.507 |
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 |
1,482.346 |
2,100.469 |
2,397.974 |
|
|
|
41.699 |
14.164 |
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
|
1,482.346 |
2,100.469 |
2,397.974 |
|
Profit |
35.853 |
44.214 |
45.149 |
|
|
2.42% |
2.10% |
1.88% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT
(Rs.
in Millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current
maturities of long-term debt |
113.579
|
57.665
|
57.798 |
|
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 |
Yes |
|
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 |
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Date of Birth 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 |
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long Term
Borrowings |
|
|
|
Loan
from Companies |
0.000 |
12.500 |
|
Loan
from Related Parties |
50.800 |
0.000 |
|
|
|
|
|
Total |
50.800 |
12.500 |
NOTE:
Long Term
Borrowings:
Loan from Related
Parties (unsecured)
Loan from Related
Parties amounting Rs.50.800 millions is taken during the current year and is interest
free. The loan is unsecured and is repayable after March 31, 2014.
PERFORMANCE
REVIEW:
Subject’s
textiles operations have shown encouraging growth, both in the domestic and in
the exports markets. Subject believes that its scale of operations and
integration across the textile chain will, in future, offer significant
advantages in both cost and revenue.
During
the year subject has achieved the turnover of Rs.2397.974 millions as compared
to Rs.2100.469 millions in the previous year which is 14.16% higher than the
previous year. Profit after Tax was Rs.45.149 millions in the current year as
compared to Rs.44.214 millions in the previous year which is 2.11% higher than
the previous year.
MANAGEMENT DISCUSSION AND
ANALYSIS
OVERALL REVIEW:
Subject’s
Aggressive marketing efforts, relentless focus on efficiency improvement,
accentuating on quality and cost control measures contributed towards improved
performance during the year.
The
Indian Textile industries have an overwhelming presence in economic life of
India. Textile industry is also the largest in the country in terms of
employment generation. The Indian Textile Industry has a great presence in the
economy of the country by way of contribution to industrial output, employment
generation and the export earning of the country. The Close Linkage of the
industry to agriculture and the ancient culture, and traditions of the country
make the Indian textile sector unique in comparison with the textile industry
of other countries.
The
growth figures of the last few years have made the entire textile industry brim
with unprecedented confidence and optimism. These growth targets envisaged a
fundamental shift in the textile scenario and have taken a route of a very
rapid growth. The Indian textile industry plays a vital role in the Indian
economy by contributing to GDP, generating employment and earning foreign
exchange.
The
worldwide trade of textiles and clothing has boosted up the GDP of India to a
great extent as this sector has brought in a huge amount of revenue in the
country.
During
the year 2012-2013 the profitability of subject was higher as compared to that
of the previous years.
A. INDUSTRIAL STRUCTURE AND
DEVELOPMENT:
The
textile industry has witnessed steady growth in the recent past with the
friendly policies announced by the Government. The industry has undergone
drastic changes over the decades, particularly after the introduction of
Technology Up-gradation Funds (TUFs) scheme by the Government of India and
majority of the textile companies have modernized /renovated their plants in
order to provide quality products and meet the global standards. Indian Textile
Industry has gone through the metamorphosis from being a 'cottage industry' to
the state of supremacy: On the Way of deeper integration with world economy and
expansion in domestic economy, the industry picked up the momentum. Most of the
existing and new units commenced process of expansion and modernization to
cater to the increasing market demands. However, due to the global slowdown,
the industry suffered heavily with reduced exports and domestic demand.
The
Government of India, recognizing the potential of the Indian Textile Industry
has taken several measures over the years to improve the industry's cost
competitiveness. Continuing the same trend the government in the last Union
Budget has introduced certain fiscal and monetary relief measures in the wake
of the global economic slowdown to provide relief to the domestic industry
including textiles industry.
OUTLOOK:
We
expect the textile segments to turn favorably and based on the various factors
like macro economy condition, subject is hopeful of significantly improved
financial performance in the coming year and hope to provide booming results in
the fourth coming years. Subject has made sustained efforts to increase its
presence in the International Market. Total export of subject for the year
2012-13 was Rs.226.375 millions.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10325065 |
27/12/2011 * |
450,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B63189435 |
|
2 |
10332674 |
27/12/2011 * |
50,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B63189757 |
|
3 |
10241914 |
10/09/2010 |
4,130,000.00 |
BMW INDIA FINANCIAL SERVICES PRIVATE LIMITED |
TOWER C, 14TH FLOOR, BUILDING NO. 10, DLF CYBER CITY, PHASE-II, GURGAON - 122002, HARYANA, INDIA |
A95625984 |
|
4 |
10461204 |
03/03/2010 |
30,000,000.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI - 400710, MAHARASHTRA, INDIA |
A84489152 |
|
5 |
80002918 |
18/04/2013 * |
1,004,400,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B77187581 |
|
6 |
10007685 |
27/03/2006 |
66,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A00733865 |
|
7 |
90156015 |
02/05/2000 * |
20,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Building
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipments
- Computers
- Electricals Installments
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31ST MARCH 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
Audited |
Unaudited |
Unaudited |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
781.074 |
867.110 |
3482.464 |
|
b) Other operating income |
9.126 |
8.016 |
36.373 |
|
Total
income from Operations(net) |
790.200 |
875.126 |
3518.837 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
605.161 |
671.041 |
2837.589 |
|
b) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
19.860 |
29.850 |
(17.998) |
|
c) Employees benefit expenses |
18.652 |
19.108 |
74.455 |
|
d) Depreciation and amortization expenses |
26.319 |
26.840 |
106.559 |
|
e) Other expenditure |
62.440 |
70.820 |
285.905 |
|
Total expenses |
732.432 |
817.659 |
3286.510 |
|
3. Profit from operations before other income and
financial costs |
57.768 |
57.467 |
232.327 |
|
4. Other income |
(1.770) |
0.041 |
3.241 |
|
5. Profit from ordinary activities before finance costs |
55.998 |
58.108 |
235.568 |
|
6. Finance costs |
34.199 |
31.349 |
127.490 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
21.799 |
26.759 |
108.078 |
|
8.
Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
21.799 |
26.759 |
108.078 |
|
10.Tax expenses |
|
|
|
|
-- Current Income Tax |
0.175 |
9.057 |
21.624 |
|
-- Minimum Alternative Tax Credit Entitlement |
5.452 |
-- |
5.432 |
|
-- Taxation for Earlier |
2.420 |
-- |
2.420 |
|
-- Deferred Tax |
(0.029) |
0.955 |
8.073 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
13.781 |
16.747 |
70.509 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
13.781 |
16.747 |
70.509 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
220.111 |
220.111 |
220.111 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
516.128 |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
0.06 |
0.08 |
0.32 |
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
119778905 |
119778905 |
119778905 |
|
- Percentage of shareholding |
54.42 |
54.42 |
54.42 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
100331765 |
100331765 |
100331765 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
45.58 |
45.58 |
45.58 |
STANDALONE STATEMENT
OF ASSTES AND LIABILITIES AS ON 31.03.2014
Rs. In Millions
|
SOURCES OF FUNDS |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
220.111 |
|
(b) Reserves & Surplus |
516.128 |
|
Sub-total Shareholders’ |
736.239 |
|
|
|
|
(3)
Non-current liabilities |
|
|
(a) long-term borrowings |
651.950 |
|
(b) Deferred Tax Liabilities (Net) |
80.227 |
|
(c)
Long-term Provisions |
1.669 |
|
Sub-total of
Non-Current liabilities |
733.846 |
|
|
|
|
(4)
Current liabilities |
|
|
(a) Short
term borrowings |
500.813 |
|
(b) Trade
payables |
82.445 |
|
(c) Other
current liabilities |
169.173 |
|
(d) Short-term
provisions |
21.440 |
|
Sub-total of Current liabilities |
773.871 |
|
|
|
|
TOTAL |
2243.956 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
1099.988 |
|
(b) Long
Term Investment |
10.000 |
|
(c) Long
term loans and advances |
31.550 |
|
Sub-total of
Non-Current Assets |
1141.538 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
142.823 |
|
(c) Trade
receivables |
653.345 |
|
(d) Cash
and cash equivalents |
19.801 |
|
(e)
Short-term loans and advances |
193.915 |
|
(f) Other
current assets |
92.534 |
|
Sub-total of
Current Assets |
1102.418 |
|
|
|
|
TOTAL |
2243956 |
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.60.28 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
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 |
|
47 |
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.