MIRA
INFORM REPORT
|
Report Date : |
27.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
BSL LIMITED |
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Registered
Office : |
26, Industrial Area, P.B. No. 17, Bhilwara – 311001, Rajasthan |
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Country : |
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Financials (as on)
: |
31.03.2013 |
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Date of
Incorporation : |
24.10.1970 |
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Com. Reg. No.: |
17-002266 |
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Capital
Investment / Paid-up Capital : |
Rs. 102.922
Millions |
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CIN No.: [Company Identification
No.] |
L24302RJ1970PLC002266 |
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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
: |
Manufacturer of Fashion Fabrics and Yarns and Generation
of Wind Power. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2500000 |
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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. The rating reflects moderate financial risk profile marked by
increased in external borrowing and low profitability of the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank facilities : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
September 4, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank facilities : A3 |
|
Rating Explanation |
Moderate degree of safety and very high credit
risk. |
|
Date |
September 4, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-1482-246801)
LOCATIONS
|
Registered Office : |
26, Industrial Area, P.B. No. 17, Bhilwara – 311001, Rajasthan, India |
|
Tel. No.: |
91-1482-246801-6 |
|
Fax No.: |
91-1482-246807/ 246157/ 236342 (Export) |
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E-Mail : |
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Website : |
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Corporate Office : |
Bhilwara Towers, A-12, Sector-1, Noida, NCR, Delhi, India |
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Tel. No.: |
91-120-2541810 |
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E-Mail : |
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Factory : |
Mandpam, Bhilwara – 311001, Rajasthan, India |
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Tel. No.: |
91-1482-249101-2109 |
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Fax No.: |
91-1482-249110 |
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E-Mail : |
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Wind Energy Plant : |
· Village Gorera, Jaisalmer – 345001, Rajasthan, India Village Ola, Jaisalmer – 345001, Rajasthan, India |
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Branch Offices : |
Located at: Mandawa Shikar, 151, Sharat Bose Road, Kolkata - 700026, West Bengal, India Tel. No.: 91-33-24658472-475 Fax No.: 91-33-24658476 E-Mail : bsl@gitapath.com 63, Maker Chamber VI, Nariman Point, Mumbai, Maharashtra, India Tel. No.: 91-22-22831712/ 22836664 E-Mail : bsl@bom5.vsnl.net.in 40-41, Community Centre, New Friends Colony, New Delhi-110065, India Tel. No.: 91-11-26831491/ 26822997 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Arun Churiwal |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Mr. Ravi
Jhunjhunwala |
|
Designation : |
Director |
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|
Name : |
Mr. Shekhar
Agarwal |
|
Designation : |
Director |
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|
Name : |
Mr. Salil
Bhandhari |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.11.1957 |
|
Qualification : |
B.Com (Hons.) FCA |
|
Experience : |
Expertise in Finance and Accounting, Management
Consultancy |
|
Date of Appointment : |
25.10.2008 |
|
Other Directorship : |
· Ginni International Limited Omax Autos Limited Syenergy Environics Limited Bhilwara Energy Limited Omax Engineering Services Limited HSIL Limited |
|
|
|
|
Name : |
Mr. Sushil Kumar
Churiwala |
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Designation : |
Additional Director |
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|
Name : |
Mr. Sushil
Jhunjhunwala |
|
Designation : |
Director |
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Date of Birth/Age : |
23.08.1950 |
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Qualification : |
B.Com. |
|
Experience : |
Industrialist with rich business experience |
|
Date of Appointment : |
19.12.2000 |
|
Other Directorship : |
· La Opala RG Limited Genesis Exports Limited RSWM Limited |
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|
|
|
Name : |
Mr. A. N. Choudhary
|
|
Designation : |
Director |
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|
Name : |
M. K. Doogar |
|
Designation : |
Director |
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|
|
Name : |
Mr. Nivedan
Churiwal |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
R. N. Gupta |
|
Designation : |
Advisor |
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|
|
Name : |
J. C. Soni |
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Designation : |
Business Head |
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|
Name : |
Mr. Praveen Jain |
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Designation : |
CFO And Company Secretary |
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Name : |
M. C. Maheshwari |
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Designation : |
Vice – President (Export
Marketing) |
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|
Name : |
S. Sen Gupta |
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Designation : |
Vice – President
(Spinning) |
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Name : |
A. K. Mehta |
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Designation : |
Vice – President
(Processing And Furnishing) |
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|
Name : |
R. K. Katyal |
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Designation : |
Vice – President
(Weaving) (w.e.f. 23/05/2013) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1115865 |
10.84 |
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|
4406207 |
42.81 |
|
|
5522072 |
53.65 |
|
|
|
|
|
|
287000 |
2.79 |
|
|
287000 |
2.79 |
|
Total shareholding of Promoter and Promoter Group (A) |
5809072 |
56.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
450 |
0.00 |
|
|
467861 |
4.55 |
|
|
468311 |
4.55 |
|
|
|
|
|
|
740132 |
7.19 |
|
|
|
|
|
|
2208078 |
21.45 |
|
|
984311 |
9.56 |
|
|
82264 |
0.80 |
|
|
82264 |
0.80 |
|
|
4014785 |
39.01 |
|
Total Public shareholding (B) |
4483096 |
43.56 |
|
Total (A)+(B) |
10292168 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10292168 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fashion Fabrics and Yarns and Generation
of Wind Power. |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Installed
Capacity |
|
Looms |
168 |
|
Worsted Spinning Spindles |
8768 |
|
Sythetic Spinning Spindles |
18192 |
|
Vortex Spinning Rotors |
400 |
|
Fabrics Processing (Mtrs. in Lac) |
264 |
|
Top, Fibre And Yarn Dyeing (MT) |
1382 |
|
Particulars |
Units |
Actual
Production |
|
A. Own
Manufacturing |
|
|
|
Fabrics |
Qty.- Lac Mtrs. |
135.79 |
|
PV Yarn |
Qty. - Lac kg. |
32.64 |
|
Worsted Yarn |
Qty. - Lac Kgs. |
6.72 |
|
Vortex Yarn |
Qty. - Lac kg. |
15.12 |
|
Garments |
Qty.- Lac Nos. |
0.21 |
|
Wind Power |
Qty.- Lac units |
28.41 |
|
B. Job work |
|
|
|
Fabric Processing |
Qty.- Lac Mtrs |
231.80 |
|
Dying Charges |
Qty.- Lac Kgs |
17.44 |
|
Yarn Spinning |
Qty.- Lac Kgs. |
0.23 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India Oriental Bank of Commerce IDBI Bank Limited Union Bank of India State Bank of Bikaner And Jaipur |
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Facilities : |
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. L. Chechani And Company Chartered Accountants |
|
|
|
|
Enterprises over
which any person described in (c) or (d) is able to exercise significant
influence : |
·
RSWM Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs. 10/- each |
Rs. 290.000 Millions |
|
500000 |
Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 340.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10292168 |
Equity Shares |
Rs. 10/- each |
Rs. 102.922
Millions |
|
|
|
|
|
i) Term / Rights
attached to Equity shares
The company has
one class of equity shares having a par value of Rs. 10 per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend.
During the year
ended 31st March, 2013 the amount per share proposed dividend to equity
shareholder is Rs. Nil (Previous year: ` Nil Per Share)
In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
ii) Equity Share
Capital includes 2957469 Shares issued for consideration other than Cash,
pursuant to Scheme of Amalgamation of erstwhile Bhilwara Processors Limited
with the Company as approved by the Hon’ble High Court Rajasthan at Jodhpur.
iii) Detail of
Shares held by Shareholders holding more than 5% shares of the company
|
Name of Shareholders |
31.03.2013 |
|
|
|
No. of Shares |
% |
|
LNJ Financial Services Limited |
708890 |
6.89 |
|
Investors India Limited |
690814 |
6.71 |
|
Nivedan Vanijya Niyojan Limited |
620450 |
6.03 |
|
Raghav Commercial Limited |
668337 |
6.49 |
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 |
102.922 |
102.922 |
102.922 |
|
(b) Reserves & Surplus |
533.133 |
514.845 |
528.575 |
|
(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) |
636.055 |
617.767 |
631.497 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
656.007 |
719.016 |
661.810 |
|
(b) Deferred tax liabilities (Net) |
102.543 |
105.506 |
103.239 |
|
(c) Other long
term liabilities |
29.532 |
29.637 |
27.286 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
788.082 |
854.159 |
792.335 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
747.706 |
679.036 |
681.806 |
|
(b)
Trade payables |
223.917 |
255.743 |
235.571 |
|
(c)
Other current liabilities |
269.389 |
205.064 |
194.306 |
|
(d) Short-term
provisions |
2.169 |
17.191 |
29.671 |
|
Total Current
Liabilities (4) |
1,243.181 |
1,157.034 |
1,141.354 |
|
|
|
|
|
|
TOTAL |
2,667.318 |
2,628.960 |
2,565.186 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1,181.636 |
1,171.247 |
1,116.709 |
|
(ii)
Intangible Assets |
3.275 |
4.706 |
5.710 |
|
(iii) Capital
work-in-progress |
1.337 |
2.543 |
6.738 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
21.730 |
20.117 |
25.893 |
|
(d) Long-term Loan and Advances |
15.353 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1,223.331 |
1,198.613 |
1,155.050 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
790.869 |
737.634 |
764.453 |
|
(c)
Trade receivables |
477.251 |
515.165 |
459.237 |
|
(d) Cash
and cash equivalents |
3.382 |
3.748 |
3.237 |
|
(e)
Short-term loans and advances |
28.162 |
25.022 |
37.133 |
|
(f)
Other current assets |
144.323 |
148.778 |
146.076 |
|
Total
Current Assets |
1,443.987 |
1,430.347 |
1,410.136 |
|
|
|
|
|
|
TOTAL |
2,667.318 |
2,628.960 |
2,565.186 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2,951.513 |
3,036.335 |
2,709.234 |
|
|
|
Other Income |
9.869 |
10.616 |
7.405 |
|
|
|
TOTAL (A) |
2,961.382 |
3,046.951 |
2,716.639 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1,380.053 |
1,434.972 |
1,284.198 |
|
|
|
Purchases of Stock-in-Trade |
90.534 |
53.363 |
80.689 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(61.783) |
48.640 |
(89.457) |
|
|
|
Employees benefits expense |
398.067 |
364.486 |
314.145 |
|
|
|
Other expenses |
823.554 |
815.620 |
771.689 |
|
|
|
TOTAL (B) |
2,630.425 |
2,717.081 |
2,361.264 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
330.957 |
329.870 |
355.375 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
181.449 |
186.014 |
133.227 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
149.508 |
143.856 |
222.148 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
146.841 |
137.507 |
127.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.667 |
6.349 |
95.143 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.794) |
5.079 |
38.541 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.461 |
1.270 |
56.602 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB value |
1535.241 |
1644.090 |
1506.652 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
10.370 |
101.150 |
130.502 |
|
|
|
Stores & Spares |
17.278 |
22.981 |
14.253 |
|
|
|
Raw Material (Wool) |
154.693 |
221.905 |
176.005 |
|
|
|
(Fibre) |
6.955 |
23.437 |
12.615 |
|
|
|
(Silk Yarn) |
22.492 |
60.561 |
64.613 |
|
|
TOTAL IMPORTS |
211.788 |
430.034 |
397.988 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.34 |
0.12 |
5.50 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
682.500 |
864.300 |
999.900 |
|
Total Expenditure |
608.800 |
766.100 |
912.300 |
|
PBIDT (Excl OI) |
73.700 |
98.200 |
87.600 |
|
Other Income |
4.500 |
2.100 |
6.100 |
|
Operating Profit |
78.200 |
100.300 |
93.700 |
|
Interest |
38.100 |
43.700 |
41.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
40.100 |
56.600 |
52.300 |
|
Depreciation |
38.100 |
41.100 |
36.200 |
|
Profit Before Tax |
2.000 |
15.500 |
16.100 |
|
Tax |
0.800 |
(1.400) |
3.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1.200 |
16.900 |
12.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1.200 |
16.900 |
12.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.12
|
0.04 |
2.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.09
|
0.21 |
3.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.10
|
0.24 |
3.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.01 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.21
|
2.26 |
2.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.24 |
1.24 |
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 |
102.922 |
102.922 |
102.922 |
|
Reserves & Surplus |
528.575 |
514.845 |
533.133 |
|
Net
worth |
631.497 |
617.767 |
636.055 |
|
|
|
|
|
|
long-term borrowings |
661.810 |
719.016 |
656.007 |
|
Short term borrowings |
681.806 |
679.036 |
747.706 |
|
Total
borrowings |
1,343.616 |
1,398.052 |
1,403.713 |
|
Debt/Equity
ratio |
2.128 |
2.263 |
2.207 |
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 |
2709.234 |
3036.335 |
2951.513 |
|
|
|
12.074 |
(2.794) |
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 |
2709.234 |
3036.335 |
2951.513 |
|
Profit |
56.602 |
1.270 |
3.461 |
|
|
2.09% |
0.04% |
0.12% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10446538 |
14/08/2013 |
30,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
47, RAJENDRA MARG, BHILWARA - 311001, RAJASTHAN, INDIA |
B83775767 |
|
2 |
10417172 |
01/02/2014 * |
90,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE
BRANCH, CHAMBER BHAWAN, M.I. ROAD, |
B97384770 |
|
3 |
10362509 |
18/06/2012 |
30,000,000.00 |
UNION BANK OF INDIA |
RAJENDRA MARG, BHILWARA - 311001, RAJASTHAN, INDIA |
B42407502 |
|
4 |
10291716 |
16/11/2012 * |
160,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B64544836 |
|
5 |
10223390 |
03/02/2012 * |
176,000,000.00 |
UCO BANK |
NAGORI GARDEN, BHILWARA - 311001, RAJASTHAN, INDIA |
B33793548 |
|
6 |
10211420 |
03/02/2012 * |
85,000,000.00 |
ORIENTAL BANK OF COMMERCE |
SHANTI BHAWAN, BHILWARA -311001, RAJASTHAN, INDIA |
B33504713 |
|
7 |
10145183 |
25/02/2009 |
15,000,000.00 |
UNION BANK OF INDIA |
RAJENDRA MARG, BHILWARA - 311001, RAJASTHAN, INDIA |
A57898660 |
|
8 |
10098559 |
12/06/2008 * |
18,700,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A41093824 |
|
9 |
10067971 |
24/10/2011 * |
400,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B24178543 |
|
10 |
10017713 |
03/02/2012 * |
200,000,000.00 |
ORIENTAL BANK OF COMMERCE |
SHANTI BHAWAN, BHILWARA -311001, RAJASTHAN, INDIA |
B33500091 |
|
11 |
10003668 |
03/02/2012 * |
150,000,000.00 |
ORIENTAL BANK OF COMMERCE |
SHANTI BHAWAN, BHILWARA -311001, RAJASTHAN, INDIA |
B33507260 |
|
12 |
80041142 |
29/12/2005 |
16,000,000.00 |
UNION BANK OF INDIA |
NETAJI SUBHASH MARKET , BHILWARA - 311001, RAJASTHAN, INDIA |
- |
|
13 |
80041143 |
21/05/2012 * |
375,000,000.00 |
UNION BANK OF INDIA |
RAJENDRA MARG, BHILWARA, RAJASTHAN - 311001, INDIA |
B41478827 |
|
14 |
90113581 |
03/02/2012 * |
175,000,000.00 |
ORIENTAL BANK OF COMMERCE |
SHANTI BHAWAN, BHILWARA -311001, RAJASTHAN, INDIA |
B33503459 |
|
15 |
80016665 |
11/11/2006 * |
325,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, PUR ROAD, BHILWARA - 311001, RAJASTHAN , INDIA |
- |
|
16 |
80016661 |
09/11/2013 * |
1,524,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, PALM COURT BUILDING, 6TH FLOOR, MEHRAULI ROAD, GURGON - 122001, HARYANA, INDIA |
B89636427 |
|
17 |
80016667 |
24/08/2011 * |
335,000,000.00 |
ORIENTAL BANK OF COMMERCE |
MAIN BRANCH, NEAR G.P.O., SHANTI BHAWAN, BHILWARA - 311001, RAJASTHAN, INDIA |
B19851385 |
* Date of charge modification
EXPORTS
The Company’s Export turnover during the year was Rs.1615.300 Millions.
The political environment in Middle East countries continues to be disturbed
during current year also resulting in lower volumes. Also bad economic
situation of European countries have affected poly-wool fabric exports. However
the export of Vortex yarn during the year is higher as compared to previous
year.
EXPANSIONS
The Company has installed 2.00 MW Wind Power Generator at Jaisalmer for captive
use. The project has started Commercial generation effective from 31st March,
2013. This will result in reduction of power cost of the Company during coming
years.
OUTLOOK FOR
COMPANY’S ACTIVITIES
In Exports, Company is focusing more on exploring new markets and for
strategic tie ups with Leading Retail chain stores globally and enhancing the
volumes in Existing markets. In Domestic market, Company is focusing on RMG
Sector and strengthening of Network and developing new Areas.
WIND POWER PROJECT
The Company’s Wind Power Projects at Jaisalmer had generated 28.41 Lac
units during the year, as against 30.59 Lac units last year.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURES AND DEVELOPMENTS
Indian Textile Industry is one of the leading textile industries in the
world. Though was predominantly unorganized industry even a few years back, but
the scenario started changing after the economic liberalization of Indian
economy. The opening up of economy gave the much needed thrust to the Indian
textile industry, which has now successfully become one of the largest in the
world.
The Indian Textile Industry has an overwhelming presence in the economic
life of the country. Apart from providing one of the basic necessities of life,
the textiles industry also plays a vital role through its contribution to
industrial output, employment generation, and the export earnings of the
country. The sector contributes about 14 percent to industrial production, 4
percent to the gross domestic product (GDP), and 17 percent to the country’s
export earnings. It provides direct employment to over 35 million people. The
textiles sector is the second largest provider of employment after agriculture.
Thus, the growth and all round development of this industry has a direct
bearing on the improvement of the economy of the nation.
India has the potential to increase its textile and apparel share in the
world trade from the current level of 4.5 percent to 8 percent and reach US $
80 billion by 2020.
THREATS AND OUTLOOK:
After the Global recession the world economies are now coming out of the
recession but the business environment is very challenging, as customers are
cutting down on inventory level and making pricing competitive. Highly
fluctuating Rupee value and Raw Material Prices of Polyester Viscose and Wool
are putting continuous challenges.
The outlook for textile industry is very optimistic. It is expected that
Indian textile industry would continue to grow at an impressive rate.
PRODUCT AND
PERFORMANCE
BSL is one of the leading manufacturers of Fashion Fabrics and Yarns in
India. The Company produces a wide range of polyester viscose fabrics and
premium range of Worsted suitings, including Cashmere, Mohair, Angora and
Camelhair blends. For the production of special furnishing fabrics, the company
uses imported Silk material.
To improve the operational and financial performance, the company has:
· Implemented various energy-saving initiatives.
Introduced
new, high-value fabric collections in the market.
Appointed
designer from Europe for helping in introducing new designs for all segment and
quality improvement.
STATEMENT OF
FINANCIAL RESULTS (UNAUDITED) FOR THE QUARTER AND NINE MONTH ENDED 31.12.2013
(RS.
IN MILLIONS)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
1 |
(a) Net Sales/ Income from operations |
999.900 |
864.300 |
2546.700 |
|
|
(b) Other Operating Income |
-- |
-- |
-- |
|
|
Total Income |
999.900 |
864.300 |
2546.700 |
|
2 |
Expenditure |
|
|
|
|
|
a) Cost of Material Consumed |
501.300 |
443.200 |
1294.900 |
|
|
b) Purchase of traded goods |
41.700 |
36.000 |
87.300 |
|
|
c) Decrease/(Increase) in stock
in trade and work in progress |
32.400 |
(36.700) |
(46.000) |
|
|
d) Employees benefit expenses |
111.500 |
110.800 |
329.100 |
|
|
e) Depreciation and
amortization expenses |
36.200 |
41.100 |
115.400 |
|
|
f) Power, Fuel & Water |
63.200 |
59.100 |
180.100 |
|
|
g) Other expenditure |
162.200 |
153.700 |
441.800 |
|
|
Sub Total |
948.500 |
807.200 |
2402.600 |
|
3 |
Profit from Operations before other Income, Interest and Exceptional
Items (1-2) |
51.400 |
57.100 |
144.100 |
|
4 |
Other Income |
6.100 |
2.100 |
12.700 |
|
5 |
Profit before Interest and Exceptional Items (3+4) |
57.500 |
59.200 |
156.800 |
|
6 |
Interest |
41.400 |
43.700 |
123.200 |
|
7 |
Profit after Interest but before Exceptional Item (5-6) |
16.100 |
15.500 |
33.600 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/(Loss) from Ordinary Activities before tax (8-9) |
16.100 |
15.500 |
33.600 |
|
10 |
Tax Expenses |
|
|
|
|
11 |
a) Current Tax |
5.100 |
2.900 |
8.800 |
|
|
b) Deferred Tax |
(1.300) |
(4.300) |
(5.600) |
|
|
Total Tax Expenses |
3.800 |
(1.400) |
3.200 |
|
|
Profit/(Loss) from Ordinary Activities after tax (10-11) |
12.300 |
16.900 |
30.400 |
|
12 |
Extraordinary Items (Net of Taxation) |
-- |
-- |
-- |
|
13 |
Net Profit/ (Loss) for the period (12-13) |
12.300 |
16.900 |
30.400 |
|
14 |
Paid-up Equity Share Capital (Face value Rs. 10) |
102.900 |
102.900 |
102.900 |
|
15 |
Reserves excluding Revaluation reserves |
-- |
-- |
-- |
|
16 |
Earning per Shares (Before & After Extra ordinary Items) |
|
|
|
|
|
Basic EPS (Rs.) |
1.20 |
1.64 |
2.95 |
|
|
Diluted EPS (Rs.) |
1.20 |
1.64 |
2.95 |
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
4483096 |
4483096 |
4483096 |
|
Percentage of Shareholding |
43.56 |
43.56 |
43.56 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
5809072 |
5809072 |
5809072 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
56.44 |
56.44 |
56.44 |
|
|
Particulars |
Quarter
Ended 31.12.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
7 |
|
|
Disposed of during the quarter |
7 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
1 |
Segment Revenue |
|
|
|
|
|
a) Textile |
998.700 |
860.500 |
2537.200 |
|
|
b) Wind Power |
3.700 |
9.500 |
21.900 |
|
|
Total |
1002.400 |
870.000 |
2559.100 |
|
|
Less : Inter Segment Revenue |
2.500 |
5.700 |
12.400 |
|
|
Net Sales / Income
from Operations |
999.900 |
864.300 |
2546.700 |
|
|
|
|
|
|
|
2 |
Segment Results
Profit /(Loss) before Tax and interest from each segment |
|
|
|
|
|
a) Textile |
59.100 |
56.700 |
150.900 |
|
|
b) Wind Power |
(1.600) |
2.500 |
5.900 |
|
|
Total |
57.500 |
59.200 |
156.800 |
|
|
Less : a) Interest |
41.400 |
43.700 |
123.200 |
|
|
b) Other un-allocable
expenditure net of unallocable income |
-- |
-- |
-- |
|
|
Total Profit /
(Loss) before tax |
16.100 |
15.500 |
33.600 |
|
|
|
|
|
|
|
3 |
Capital Employed |
|
|
|
|
|
a) Textile |
1971.700 |
1905.500 |
1971.700 |
|
|
b) Wind Power |
167.200 |
171.500 |
167.200 |
|
|
Total |
2138.900 |
2077.000 |
2138.900 |
NOTES:
1.
The above financial results were reviewed by the
Audit Committee and thereafter were taken on record by the Board of Directors
at their meeting held on 6th February, 2014 at Noida (U.P.).
2.
The figures of the previous year / quarter have
been regrouped/ recast wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Claims against the Company not acknowledged as debts |
1.552 |
1.552 |
|
(b) Guarantees given by the Company’s Bankers |
14.919 |
13.458 |
|
(c) Others |
|
|
|
(i) Bills discounted with Banks |
93.718 |
165.321 |
|
(ii) Excise duty demand disputed by the Company |
1.337 |
1.865 |
|
(iii) Sales Tax demand of Erstwhile BSL Wulfing Limited,
disputed by the company |
3.164 |
3.164 |
|
|
|
|
|
Total |
114.690 |
185.360 |
FIXED ASSETS:
Tangible Assets
· Free Hold Land
Lease
Hold Land
Buildings
Plant
and Equipment
Electrical
Installation
Water
Supply Installation
Furniture
and Fixtures
Vehicles
Office
Equipments
Intangible Assets
· Computer Software
Enabling
Assets
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. 60.17 |
|
|
1 |
Rs. 99.39 |
|
Euro |
1 |
Rs. 83.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.