MIRA INFORM REPORT
|
Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEL MANUFACTURING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 274, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.05.2000 |
|
|
|
|
Com. Reg. No.: |
16-023679 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3313.470
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909PB2000PLC023679 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing, processing and trading of yarn,
fabric, readymade garments and towel. |
|
|
|
|
No. of Employees
: |
11000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 57000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has performed well during 2013. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB- |
|
Rating Explanation |
Moderate Degree it carry moderate credit risk. |
|
Date |
17.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety it carry higher credit risk. |
|
Date |
17.04.2013 |
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 BY
|
Name : |
Mr. Raj Kumar |
|
Designation : |
Manager |
|
Contact No.: |
91-9781066627 |
|
Date : |
26.04.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
274, Dhandari Khurd, G.T. Road, Ludhiana – 141 014, Punjab, India |
|
Tel. No.: |
91-161-2510270/ 6611111 |
|
Fax No.: |
91-161-2510268/ 6611112 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Village: Lal Kalan,
Teh: Samrala Ludhiana-Chandigarh Road, Near Neelon Canal Bridge, Ludhiana,
Punjab, India |
|
|
|
|
Factory 2 : |
Village Bajra Road, Ludhiana - 141 007, Punjab, India |
|
|
|
|
Factory 3 : |
Plot No.106, Industrial
Area, Baddi (SFS), District: Solan, Himachal Pradesh, India |
|
|
|
|
Factory 4 : |
C 256-257, Phase VIII, Focal Point, Ludhiana, Punjab, India |
|
|
|
|
Factory 5 : |
Village Shekhan Majara,
Machiwara Rahon Road, Tehsil and District Nawanshehar, Punjab, India |
|
|
|
|
Factory 6 : |
Village
Mehatwara, Tehsil Ashta, District Sehore, Madhya Pradesh, India |
|
|
|
|
Factory 7 : |
G.T. Road, Opposite Mcdonalds, Doraha, Ludhiana, Punjab, India |
|
|
|
|
Factory 8 : |
A-15, Phase-VII, Focal Point, Ludhiana, Punjab, India |
|
|
|
|
Factory 9 : |
Plot No.90,
Industrial Area, Baddi (SFS), District Solan, Himachal Pradesh, India |
|
|
|
|
Factory 10 : |
23KM Stone, Delhi-Hisar Highway, Hansi Hisar, Haryana, India |
|
|
|
|
Factory 11 : |
15B, RIICO Industrial Area, Neemrana, District Alwar, Rajasthan, India
|
|
|
|
|
Factory 12 : |
Village Udhowal,
Tehsil Nawanshehar, District Saheed Bhagat Singh Nagar, Punjab, India |
|
|
|
|
Factory 13 : |
Village
Punjava-Lambi, Tehsil Malout, District Sri Muktsar Sahib, Punjab, India |
|
|
|
|
Factory 14 : |
NH-8, Village Lakodara, Karjan, Vadodara, Gujarat, India |
|
|
|
|
Factory 15 : |
Plot No.2, Taj
Nagari Phase-1, Opposite Shanti Mangalick Hospital, Fatehabad Road, Agra,
Uttar Pradesh, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ram Saran Saluja |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Neeraj Saluja |
|
Designation : |
Managing Director |
|
Qualification : |
Diploma in Business Administration |
|
Date of Appointment : |
30.03.2006 |
|
|
|
|
Name : |
Mr. Dhiraj Saluja |
|
Designation : |
Joint Managing Director |
|
Qualification : |
Degree in Mechanical Engineering |
|
Date of Appointment : |
28.05.2007 |
|
|
|
|
Name : |
Mr. Vinod Kumar Goyal |
|
Designation : |
Executive Director and Chief
Executive Officer |
|
Qualification : |
MBA |
|
Date of Appointment : |
13.07.2010 |
|
|
|
|
Name : |
Mr. Navneet Gupta |
|
Designation : |
Executive Director and Chief
Financial Officer |
|
|
|
|
Name : |
Mr. Ashwani Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amit Narang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kanwalnain Singh Kang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ranjan Madaan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prem Kumar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Kapoor |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Raj Kumar |
|
Designation : |
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 |
|
|
|
|
|
|
|
|
36729044 |
15.70 |
|
|
15546154 |
6.64 |
|
|
52275198 |
22.34 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
52275198 |
22.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100000 |
0.04 |
|
|
100000 |
0.04 |
|
|
|
|
|
|
38872348 |
16.61 |
|
|
|
|
|
|
52755938 |
22.55 |
|
|
78872804 |
33.71 |
|
|
11084456 |
4.74 |
|
|
4757949 |
2.03 |
|
|
705818 |
0.30 |
|
|
5620089 |
2.40 |
|
|
600 |
0.00 |
|
|
181585546 |
77.61 |
|
Total Public shareholding (B) |
181685546 |
77.66 |
|
Total (A)+(B) |
233960744 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
97386256 |
0.00 |
|
|
97386256 |
0.00 |
|
Total (A)+(B)+(C) |
331347000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing, processing and trading of
yarn, fabric, readymade garments and towel. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
11000 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Dass Khanna and Company Chartered Accountants |
|
Address : |
B-XX-2815, Gurdev Nagar, Pakhowal Road, Ludhiana – 141
001, Punjab, India |
|
|
|
|
Subsidiary
Partnership Firm : |
|
|
|
|
|
Subsidiary Company
: |
|
|
|
|
|
Fellow Subsidiary
Company : |
|
|
|
|
|
Associates : |
Rythm Textiles and Apparels Park Limited |
|
|
|
|
Enterprises over
which key management personal and relatives of such personal is able to
exercise significant influence |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
331347000 |
Equity Shares |
Rs.10/- each |
Rs.3313.470
millions |
|
|
|
|
|
Reconciliation of the number of equity
shares outstanding
|
Equity
shares |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Shares
outstanding at the beginning of the year |
11347000 |
1113.470 |
|
Shares
Issued during the year |
22000000 |
2200.000 |
|
Shares outstanding at the end of the year |
33347000 |
3313.470 |
TERMS/RIGHTS ATTACHED
TO EQUITY SHARES
The company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share except holder of GDR will not have voting right with respect to the Deposited Shares.
During the year, the Company issued 220,000,000 equity shares of the face value of Rs. 10 per share consequent to Global Depository Receipts (GDRs) issue of the company. Holders of Global Depository Receipts (GDRs) will be entitled to receive dividends, subject to the terms of the Deposit Agreement, to the same extent as the holders of Equity Shares. As on 31.03.2013, 135,195,687 shares of the face value of Rs.10/- each per share represent the shares underlying GDRs which were issued during 2012-13.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the realised value of the assets of the Company, remaining after payment of all preferential dues. The distribution will be in proportion to the number of equity shares held by the shareholders.
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 |
3313.470 |
1113.470 |
993.470 |
|
(b) Reserves & Surplus |
10826.585 |
9620.290 |
8980.303 |
|
(c) Money
received against share warrants |
218.700 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
14358.755 |
10733.760 |
9973.773 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15745.485 |
15140.801 |
10176.265 |
|
(b) Deferred tax liabilities (Net) |
1503.118 |
953.499 |
614.468 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
22.380 |
7.262 |
1.200 |
|
Total Non-current
Liabilities (3) |
17270.983 |
16101.562 |
10791.933 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
12656.150 |
8017.717 |
4710.636 |
|
(b) Trade
payables |
2800.394 |
1848.387 |
1474.998 |
|
(c) Other
current liabilities |
3721.465 |
2296.811 |
1970.296 |
|
(d) Short-term
provisions |
341.665 |
210.243 |
298.328 |
|
Total Current
Liabilities (4) |
19519.674 |
12373.158 |
8454.258 |
|
|
|
|
|
|
TOTAL |
51149.412 |
39208.480 |
29219.964 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
25180.996 |
13522.921 |
8754.032 |
|
(ii)
Intangible Assets |
37.266 |
33.781 |
0.000 |
|
(iii) Capital
work-in-progress |
242.548 |
5508.355 |
2110.918 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5564.465 |
1857.188 |
2142.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
223.859 |
2837.967 |
3886.265 |
|
(e) Other
Non-current assets |
594.836 |
306.683 |
171.642 |
|
Total Non-Current
Assets |
31843.970 |
24066.895 |
17065.157 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
10753.063 |
6165.244 |
5498.736 |
|
(c) Trade
receivables |
5522.276 |
6319.185 |
4389.165 |
|
(d) Cash
and cash equivalents |
246.705 |
732.058 |
1083.388 |
|
(e)
Short-term loans and advances |
851.817 |
792.637 |
545.546 |
|
(f) Other
current assets |
1931.581 |
1132.461 |
637.972 |
|
Total
Current Assets |
19305.442 |
15141.585 |
12154.807 |
|
|
|
|
|
|
TOTAL |
51149.412 |
39208.480 |
29219.964 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
31542.169 |
20383.424 |
15832.155 |
|
|
|
Other Income |
1719.882 |
962.790 |
245.439 |
|
|
|
TOTAL (A) |
33262.051 |
21346.214 |
16077.594 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
14649.027 |
13884.860 |
4337.111 |
|
|
|
Purchases of Stock-in-Trade |
10498.699 |
3819.825 |
9252.379 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1896.239) |
(2217.610) |
(1837.785) |
|
|
|
Employees benefits expense |
1277.701 |
603.281 |
379.394 |
|
|
|
Other expenses |
3016.207 |
1719.809 |
1126.993 |
|
|
|
TOTAL (B) |
27545.395 |
17810.165 |
13258.092 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5716.656 |
3536.049 |
2819.502 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2679.319 |
1705.852 |
769.214 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3037.337 |
1830.197 |
2050.288 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1355.926 |
751.118 |
557.872 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1681.411 |
1079.079 |
1492.416 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
617.060 |
360.750 |
488.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1064.351 |
718.329 |
1003.914 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3177.090 |
3090.352 |
2328.576 |
|
|
|
|
|
|
|
|
|
|
Tax Adjustment
Relating to Previous Year |
0.000 |
(131.791) |
7.862 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
499.800 |
250.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3241.441 |
3177.090 |
3090.352 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value |
9924.234 |
4645.635 |
3185.085 |
|
|
|
Overseas Income |
8048.376 |
2958.449 |
1425.373 |
|
|
TOTAL EARNINGS |
17972.61 |
7604.084 |
4610.458 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
67.892 |
19.962 |
13.937 |
|
|
|
Stores & Spares |
91.182 |
10.206 |
23.788 |
|
|
|
Capital Goods |
1564.441 |
4098.756 |
2181.435 |
|
|
TOTAL IMPORTS |
1723.515 |
4128.924 |
2219.160 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
3.61 |
8.47 |
12.73 |
|
|
|
- Diluted |
3.56 |
8.47 |
12.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.20 |
3.37 |
6.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.33 |
5.29 |
9.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.71 |
3.39 |
5.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.10 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.98 |
2.16 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99 |
1.22 |
1.44 |
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 |
993.470 |
1113.470 |
3313.470 |
|
Reserves & Surplus |
8980.303 |
9620.290 |
10826.585 |
|
Money received against share
warrants |
0.000 |
0.000 |
218.700 |
|
Net
worth |
9973.773 |
10733.760 |
14358.755 |
|
|
|
|
|
|
long-term borrowings |
10176.265 |
15140.801 |
15745.485 |
|
Short term borrowings |
4710.636 |
8017.717 |
12656.150 |
|
Total
borrowings |
14886.901 |
23158.518 |
28401.635 |
|
Debt/Equity
ratio |
1.493 |
2.158 |
1.978 |
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 |
15832.155 |
20383.424 |
31542.169 |
|
|
|
28.747 |
54.744 |
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 |
15832.155 |
20383.424 |
31542.169 |
|
Profit |
1003.914 |
718.329 |
1064.351 |
|
|
6.34% |
3.52% |
3.37% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM BORROWINGS |
|
|
|
i) Vehicle Loans |
|
|
|
‐ From Banks |
22.847 |
27.030 |
|
Total |
22.847 |
27.030 |
CORPORATE INFORMATION
Subject is a public company incorporated in India under the provisions of the Companies Act, 1956. The Company is engaged in the manufacturing, processing and trading of yarn, fabric, readymade garments and towel.
BUSINESS:
The Company is vertically integrated multi-product textile company, manufacturing various kinds of Knitted Garments, Terry Towels, Knitted and Processed Fabric and various kind of Yarn with production facilities located at Ludhiana and NawanSheher in Punjab, Baddi in Himachal Pradesh and Sehore in Madhya Pradesh.
They are expanding their existing capacities in spinning/knitting. The Company is setting up a new project in the state of Madhya Pradesh consisting of spinning unit with a capacity of 571,200 spindles, out of which 326,400 spindles have already been installed. The said spinning facility is the largest under one roof in India. Further, the Company also proposes to set up Knitted Fabric/ Cloth capacity of 72,000 TPA out of which 28,000 TPA is already installed. The Company has also set up Open end spinning with capacity of 4,440 Rotors.
OPERATIONS:
During the year, the company has achieved Revenue from Operations of Rs. 31542.169 Millions as compared to Rs. 20383.424 Millions in the previous year. The profit before tax stood at Rs. 1681.411 Millions as compared to Rs. 1079.079 Millions during the previous year. After providing for taxes and other adjustments, the Profit after tax stood at Rs. 1064.350 Millions as compared to Rs. 718.329 Millions during the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT:
OUTLOOK: OPPORTUNITY,
THREATS, RISKS AND CONCERNS
Textile Industry has made a major contribution to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings. India is the one of the world's largest producers of textiles and garments. The textiles sector has witnessed a spurt in investment during the last five years. India's growing population has been a key driver of textile consumption growth in the country and a rising middle class has also aided demand growth for the sector. The turbulent global conditions, falling value of rupee, inflation coupled with a weak industrial sector have emerged as challenges for India economy. However, a stable outlook would require favourable policy environment, improvements in demand-supply position, continued stability in input costs and consequent improvement in margins/liquidity.
CONTINGENT LIABILITIES
There are contingent liabilities in respect of the following items: No
outflow is expected in view of the past history relating to these items:-
|
Particulars |
31.03.2013 (Rs. in
millions) |
31.03.2012 (Rs. in
millions) |
|
Export Bills
Discounted |
1270.900
|
203.800
|
|
Estimated amount of capital contracts remaining to be executed net of
advances |
719.500
|
2381.100
|
|
Guarantees given by the Company on behalf of SEL Textiles Limited
(Subsidiary Company) |
14875.500
|
14875.500
|
|
Performance Guarantee |
10884.300
|
13819.200
|
|
Others (Net of deposit of Rs. 0.700 Million against the said demand, contested in appeal. |
0.700
|
0.000
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10473552 |
30/12/2013 |
35,000,000.00 |
CORPORATION BANK |
PREMISES NO-5 , NEW LAJPAT NAGAR, LUDHIANA, PUNJAB - 141001, INDIA |
B94701661 |
|
2 |
10473723 |
30/12/2013 |
15,000,000.00 |
KARUR VYSYA BANK LIMITED |
BRAR COMPLEX, DUGRI ROAD, MODEL TOWN, LUDHIANA, PUNJAB - 141001, INDIA |
B94767084 |
|
3 |
10463623 |
06/11/2013 |
2,240,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T. ROAD, MILLERGANJ, LUDHIANA, PUNJAB -141003, INDIA |
B90883869 |
|
4 |
10459858 |
04/10/2013 |
200,000,000.00 |
SBERBANK |
DR. GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD,, NEW DELHI, DELHI - 110001, INDIA |
B89394506 |
|
5 |
10455760 |
27/09/2013 |
500,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T. ROAD, MILLERGANJ, LUDHIANA, PUNJAB -141003, INDIA |
B87829230 |
|
6 |
10454444 |
24/09/2013 |
320,000,000.00 |
UNION BANK OF INDIA |
MID CORPORATE BRANCH, WALIA COMPLEX,DUGRI ROAD, LUDHIANA, PUNJAB - 141001, INDIA |
B87281838 |
|
7 |
10438236 |
16/09/2013 * |
9,800,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 165, INDUSTRIAL AREA-A, NEAR CHEEMA CHOWK, LUDHIANA, PUNJAB - 141001, INDIA |
B87008702 |
|
8 |
10441047 |
12/07/2013 |
1,000,000,000.00 |
INDIAN OVERSEAS BANK |
MID CORPORATE BRANCH, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B81118481 |
|
9 |
10426703 |
30/03/2013 |
7,000,000,000.00 |
ALLAHABAD BANK |
I.I.F.B., 165, INDUSTRIAL AREA-A, CHEEMA CHOWK, LUDHIANA, PUNJAB - 141001, INDIA |
B75473884 |
|
10 |
10346003 |
31/03/2012 |
750,000,000.00 |
ANDHRA BANK |
SECTOR 17-C, CHANDIGARH, CHANDIGARH - 160018, INDIA |
B36472934 |
|
11 |
10321045 |
13/10/2011 |
7,350,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 165, INDUSTRIAL AREA-A |
B26801167 |
|
12 |
10298898 |
18/06/2011 |
2,300,000,000.00 |
CENTRAL BANK OF INDIA |
FOCAL POINT, LUDHIANA, PUNJAB - 141010, INDIA |
B17555046 |
|
13 |
10272484 |
07/03/2011 |
750,000,000.00 |
STATE BANK OF PATIALA |
CB, G.T.ROAD, MILLERGANJ, LUDHIANA, PUNJAB - 141001, INDIA |
B08349698 |
|
14 |
10244730 |
17/09/2010 |
500,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, LUDHIANA, PUNJAB - 141001, INDIA |
A96866033 |
|
15 |
10247091 |
05/07/2013 * |
300,000,000.00 |
KARUR VYSYA BANK LIMITED |
BRAR COMPLEX, DUGRI ROAD, MODEL TOWN, LUDHIANA, PUNJAB -141001, INDIA |
B83126748 |
|
16 |
10244546 |
08/09/2010 |
107,000,000.00 |
INDIAN BANK |
1601, KALSI NAGAR, LUDHIANA, PUNJAB - 141003, INDIA |
A96825682 |
|
17 |
10245504 |
02/09/2010 |
450,000,000.00 |
BANK OF MAHARASHTRA |
LINK ROAD, PREET NAGAR, LUDHIANA, PUNJAB - 141001, INDIA |
A97109698 |
|
18 |
10237619 |
25/08/2010 |
500,000,000.00 |
PUNJAB AND SIND BANK |
IFB, DHOLEWAL CHOWK,, G.T. ROAD, LUDHIANA, PUNJAB |
A94208105 |
|
19 |
10237603 |
13/08/2010 |
500,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
SME BRANCH, LUDHIANA, PUNJAB - 141003, INDIA |
A94185485 |
|
20 |
10236457 |
03/08/2010 |
1,000,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH, K. G. MARG, TRAVANCORE HOUSE, NEW DELHI, DELHI - 110001, INDIA |
A93664571 |
|
1 |
10239136 |
03/08/2010 |
500,000,000.00 |
STATE BANK OF HYDERABAD |
74, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
A94785243 |
|
22 |
10227505 |
28/06/2010 |
300,000,000.00 |
UNITED BANK OF INDIA |
CLOCK TOWER, LUDHIANA, PUNJAB - 141008, INDIA |
A89210546 |
|
23 |
10208965 |
21/06/2012 * |
13,401,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T. ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B45414539 |
|
24 |
10187442 |
30/12/2011 * |
7,875,500,000.00 |
CENTRAL BANK OF INDIA |
FOCAL POINT, LUDHIANA, PUNJAB -141010, INDIA |
B30479083 |
|
25 |
10181676 |
24/10/2009 |
500,000,000.00 |
PUNJAB AND SIND BANK |
INDUSTRIAL FINANCE BRANCH, G.T. ROAD, DHOLEWAL, LUDHIANA, PUNJAB - 141003, INDIA |
A72111206 |
|
26 |
10162582 |
17/06/2009 * |
500,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH,, TRAVANCORE PALACE, K.G. MARG, NEW DELHI, DELHI - 110001, INDIA |
A66331299 |
|
27 |
10152505 |
21/03/2009 |
500,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH, JMD PACIFIC SQUARE,, SECTOR |
A60629425 |
|
28 |
10143852 |
24/02/2009 |
450,000,000.00 |
PUNJAB AND SIND BANK |
INDUSTRIAL FINANCE BRANCH, G.T. ROAD, DHOLEWAL, LUDHIANA, PUNJAB - 141003, INDIA |
A57356479 |
|
29 |
10150144 |
23/02/2009 |
300,000,000.00 |
INDIAN BANK |
1601, KALSI NAGAR, LUDHIANA, PUNJAB - 141003, INDIA |
A59690396 |
|
30 |
10142698 |
11/02/2009 |
1,000,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, LUDHIANA, PUNJAB - 141003, INDIA |
A56647571 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
- Land
- Leasehold Land
- Building
- Road
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Office Equipments
Intangible Assets
- Computer Software
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS PERIOD ENDED DECEMBER 31,
2013
Part I
(Rs. in millions)
|
Sr. No. |
Particulars |
Standalone |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Quarter Ended |
Year to date |
|||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
1 |
Income
from operations |
|
|
|
|
|
a)
Net sales/Income from operation (Net of excise duly) |
6799.180 |
6409.228 |
23569.516 |
|
|
b)
Other operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income from operations
(net) |
6799.180 |
6409.228 |
23569.516 |
|
2 |
Expenses |
|
|
|
|
|
a)
Cost of material consumed |
3995.317 |
5036.023 |
14293.058 |
|
|
b)
Purchase of stock-In-trade |
117.663 |
79.110 |
1237.012 |
|
|
c)
Changes In inventories of finished goods, work in progress and stock in trade |
747.081 |
(894.087) |
1345.087 |
|
|
d)
Employee benefits expenses |
262.902 |
304.101 |
904.137 |
|
|
e)
Depredation and amortization expenses |
529.461 |
528.472 |
1579.879 |
|
|
f)
Other expenses |
929.650 |
1070.729 |
2971.050 |
|
|
Total expenses |
6582.074 |
6124.348 |
22330.223 |
|
3 |
Profit
from operations before other Income, finance cost and exceptional items (1-2) |
217.106 |
284.880 |
1239.293 |
|
4 |
Other
income |
(62.393) |
626.984 |
1135.669 |
|
5 |
Profit
from ordinary activities before finance cost ft exceptional Items (3+4) |
154.713 |
911.864 |
2374.962 |
|
6 |
Finance
cost |
697.560 |
1035.219 |
2433.313 |
|
7 |
Profit
from ordinary activities after finance cost but exceptional items (5-6) |
(542.847) |
(123.355) |
(58.351) |
|
8 |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit
(+)/ loss (-) from ordinary activities before tax (7±8) |
(542.847) |
(123.355) |
(58.351) |
|
10 |
Tax
Expenses |
56.988 |
(139.922) |
115.309 |
|
11 |
Net
Profit (+)/ Loss (-) from ordinary activities after tax (9-10) |
(599.835) |
16.567 |
(173.660) |
|
12 |
Extraordinary
items (net of tax expenses ) |
0.000 |
0.000 |
0.000 |
|
13 |
Net
Profit (+)/ loss (-) for the period (11±12) |
(599.835) |
16.567 |
(173.660) |
|
14 |
Paid-up
equity share capital of Rs.10/-each |
3313.470 |
3313.470 |
3313.470 |
|
15 |
Reserves
excluding Revaluation Reserves |
-- |
-- |
-- |
|
16 |
I.
Earning per share (EPS) (before extraordinary items) (In
Rs.) (not annualised) |
|
|
|
|
|
a)
Basic |
(1.81) |
0.05 |
(0.52) |
|
|
b)
Diluted |
(1.81) |
0.05 |
(0.52) |
|
|
II.
Earning per Share (EPS) (after extraordinary items) (In
Rs.) (not annualised) |
|
|
|
|
|
a)
Basic |
(1.81) |
0.05 |
(0.52) |
|
|
b)
Diluted |
(1.81) |
0.05 |
(0.52) |
PART-II Select information for the quarter and nine
months period ended December 31, 2013
|
Sr. No. |
Particulars |
Quarter Ended |
Year to date ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public
Shareholding |
|
|
|
|
|
-
No. of shares |
303617956 |
303617956 |
303617956 |
|
|
-
Percentage of shareholding |
91.63% |
91.63% |
91.63% |
|
2 |
Promoters
and promoter group shareholding |
|
|
|
|
|
a)
Pledge/Encumbered |
|
|
|
|
|
-Number
of shares |
27729044 |
9243013 |
27729044 |
|
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100% |
33.33% |
100% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
8.37% |
2.79% |
8.37% |
|
|
b)
Non-encumbered |
|
|
|
|
|
-
Number of shares |
NIL |
18486031 |
NIL |
|
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
-- |
66.67% |
-- |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
-- |
5.58% |
-- |
|
B. INVESTOR COMPLAINTS |
3
months ended 31st
December, 2013 |
|
Pending at the beginning of the Quarter |
0 |
|
Received during the quarter |
6 |
|
Disposed off during the Quarter |
6 |
|
Remaining unresolved at the end of the quarter |
0 |
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.60.34 |
|
|
1 |
Rs.101.45 |
|
Euro |
1 |
Rs.83.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.