MIRA
INFORM REPORT
|
Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZODIAC CLOTHING COMPANY
LIMITED |
|
|
|
|
Formerly Known
As : |
ZODIAC CLOTHING COMPANY
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Nyloc House, 254, D-2, Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.06.1984 |
|
|
|
|
Com. Reg. No.: |
11-033143 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 193.900
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17100MH1984PLC033143 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMZ01061E / MUMZ00986G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACZ0151A |
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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
: |
Subject is engaged in the business of Clothing and Clothing Accessories. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Company is performing well. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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 |
ICRA |
|
Rating |
Short Term : A1+ |
|
Rating Explanation |
Strongest degree of safety and carry lowest
credit risk. |
|
Date |
March 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Nyloc House, 254, D-2, Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra, India |
|
Tel. No.: |
91-22-66677000 |
|
Fax No.: |
91-22-66677159 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factories : |
Located
at: 1) Yelahanka, Bangalore – 560063, Karnataka, India 2)
Whitefield
Road, Bangalore - 560048, Karnataka, India 3)
Koramangala, Bangalore - 560095, Karnataka, India 4)
Bommasandra, Bangalore - 560099, Karnataka, India 5)
A-1,
181/1, GIDC, Umbergaon, Valsad
- 396171, Gujarat, India 6)
C-2/7,
GIDC Industrial Area, Umbergaon, Valsad - 396171, Gujarat, India 7)
Plot
No. 411, GIDC, Umbergaon, Valsad
- 396171, Gujarat, India 8)
Shed
No. A/2/507, GIDC Industrial Area, Umbergaon, Valsad - 396171, Gujarat, India 9)
A
to Z Industrial Premises Cooperative Society Limited, Lower Parel, Mumbai – 400013, Maharashtra,
India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Mohamed Yusuf Noorani |
|
Designation : |
Chairman |
|
Address : |
Belmont 37D, Nepeansea Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
09.06.1929 |
|
Qualification : |
Matriculate |
|
Date of Appointment : |
14.06.1984 |
|
PAN No.: |
AAAPN8713B |
|
DIN No.: |
00041608 |
|
|
|
|
Name : |
Mr. Anees Yusuf Noorani |
|
Designation : |
Vice Chairman and Managing
Director |
|
Address : |
Belmont 37D, Nepeansea Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
11.12.1950 |
|
Qualification : |
B.Com, AMP
(Harvard Business School) |
|
Experience : |
44 Years |
|
Date of Appointment : |
14.06.1984 |
|
PAN No.: |
AAAPN8717F |
|
DIN No.: |
00041686 |
|
|
|
|
Name : |
Mr. Salman Yusuf Noorani |
|
Designation : |
Managing Director and President |
|
Address : |
Belmont 37D, Nepeansea Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1963 |
|
Qualification : |
B. Com |
|
Experience : |
31 Years |
|
Date of Appointment : |
14.05.1993 |
|
PAN No.: |
AAAPN8714G |
|
DIN No.: |
00068423 |
|
|
|
|
Name : |
Mr. Yogendra Premkrishna
Trivedi |
|
Designation : |
Director |
|
Address : |
“Ministry Manor”, 62 A Nepeansea Road,
Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
06.01.1929 |
|
Qualification : |
B.Com, LL.B,
Doctorate in Law |
|
Date of Appointment : |
29.01.2000 |
|
DIN No.: |
00001879 |
|
|
|
|
Name : |
Mr. Madhav Laxman Apte |
|
Designation : |
Director |
|
Address : |
24/B, Woodland Apartment, 67 Peddar Road,
Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
05.10.1932 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
01.02.1994 |
|
Voter ID No.: |
MT/04/024/249290 |
|
DIN No.: |
00003656 |
|
|
|
|
Name : |
Mr. Susim Mukul Datta |
|
Designation : |
Director |
|
Address : |
104B, Bakhtawar Lower Colaba
Road, Colaba, Mumbai – 400005, Maharashtra,
India |
|
Date of Birth/Age : |
01.07.1936 |
|
Qualification : |
Honours Graduate in Chemistry ,Post-Graduate in Science
& Technology, Chartered Engineer,Fellow of the
Institution of Engineers [India], Fellow of the Indian Institute of Chemical
Engineers, Hon. Fellow of All-India Management Association |
|
Date of Appointment : |
25.06.1996 |
|
DIN No.: |
00032812 |
|
|
|
|
Name : |
Mr. Subramaniam Ramachandran
Iyer |
|
Designation : |
Director |
|
Address : |
R 3 Rao mansion, 17A Cross, 8th
Main, Malleshwaram, Bangalore – 560055, Karnataka,
India |
|
Date of Birth/Age : |
28.05.1940 |
|
Qualification : |
B.Sc., C.A.I. I.B. |
|
Date of Appointment : |
22.06.2002 |
|
Voter ID No.: |
MT/04/019/282280 |
|
DIN No.: |
00580437 |
|
|
|
|
Name : |
Mr. Bernhard Alfons Steinrucke |
|
Designation : |
Director |
|
Address : |
Flat No. 3, 1st Floor, Breach Candy House, 68 B.D. Road,
Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
29.06.1955 |
|
Qualification : |
Studied Law and
Economics in Vienna, Bonn, Geneva and Heidelberg. Obtained a Law Degree from
the University of Heidelberg in 1980 (Honours
Degree). Special exam in Tax |
|
Date of Appointment : |
28.11.1997 |
|
DIN No.: |
01122939 |
|
|
|
|
Name : |
Mr. Heinrich Dietrich Dieckmann |
|
Designation : |
Director |
|
Address : |
37-A, Lyngsber Strasse
53177 Bonn Germany |
|
Date of Birth/Age : |
19.05.1935 |
|
Qualification : |
Retired German
Diplomat |
|
Date of Appointment : |
30.09.2003 |
|
DIN No.: |
01596834 |
|
|
|
|
Name : |
Mr. Deepak Shantilal Parekh |
|
Designation : |
Alternate director |
|
Address : |
9/B, Darbhanga Mansion, 12, Carmichael Road,
Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
18.10.1944 |
|
Qualification : |
B.Com, FCA
(England and Wales) |
|
Date of Appointment : |
30.08.2012 |
|
DIN No.: |
00009078 |
KEY EXECUTIVES
|
Name : |
Mr. Omprakash Singh |
|
Designation : |
Company Secretary |
|
Address : |
802 Silicon Apartment CHS Limited, Off Holy Cross Road, I.C. Colony, Borivali [West], Mumbai – 400103, Maharashtra |
|
Date of Birth/Age : |
09.08.1959 |
|
Date of Appointment : |
18.04.2011 |
|
PAN No.: |
AADPS8268F |
|
|
|
|
Name : |
Mr. Rajesh Pan |
|
Designation : |
Senior Operation Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2621786 |
13.52 |
|
|
2317734 |
11.95 |
|
|
4939520 |
25.47 |
|
|
|
|
|
|
281325 |
1.45 |
|
|
6309764 |
32.54 |
|
|
6591089 |
33.99 |
|
Total
shareholding of Promoter and Promoter Group (A) |
11530609 |
59.47 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
112 |
0.00 |
|
|
1816509 |
9.37 |
|
|
1816621 |
9.37 |
|
|
|
|
|
|
1263421 |
6.52 |
|
|
|
|
|
|
971045 |
5.01 |
|
|
3326808 |
17.16 |
|
|
481494 |
2.48 |
|
|
469753 |
2.42 |
|
|
104 |
0.00 |
|
|
11637 |
0.06 |
|
|
6042768 |
31.16 |
|
Total Public
shareholding (B) |
7859389 |
40.53 |
|
Total (A)+(B) |
19389998 |
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) |
19389998 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to 
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Clothing and Clothing Accessories. |
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Products/ Services : |
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Branch Names : |
· Zodiac Z3 ZOD! |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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|
Bankers : |
· Citi Bank N.A. Citi Bank Centre, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India · The Royal Bank of Scotland N.V. 74, Sakhar Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India · HDFC Bank Limited Trade World, A Wing, Kamala Mills Compound, Lower Parel, Mumbai - 400013, Maharashtra, India
· First Rand Bank Limited TCG Financial Centre, 5th Floor, C-53, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India · Citibank N.A Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India · State Bank of India Commercial Branch, Justice G.N.G Vaidya
Marg, Fort, Mumbai - 400023, Maharashtra,
India |
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Facilities : |
|
|
|
|
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Banking
Relations : |
-- |
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|
|
|
Solicitors : |
· A.H. Parpia and Company 203/204, Prabhat House, 2nd Floor, 92, S.V. Road, Khar (West), Mumbai – 400052, Maharashtra, India · Kanga and Company Readymoney Mansion, 43, Veer Nariman Road, Mumbai – 400001, Maharashtra,
India |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins And Sells Chartered Accountants |
|
Address : |
31st Floor, Tower 3, India Bulls Finance Centre, Senapati Bapat Marg, Elphinstone (West),
Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners
with Key management
personnel and their relatives : |
· Marshal Enterprises Zodiac Metropolitan Clothing GMBH Onward LLC Metropolitan Trading Company Mustang Manufacturing Company Munraz Enterprises Montage Corporation Miraj Marketing
LLP Asia Tangible Investments Pte
Limited Euro Global Holdings Pte Limited Mariambai And Haji Noor Mohamad
Noorani Foundation Trust |
|
|
|
|
Subsidiary company
: |
· Zodiac Clothing Company (UAE) LLC Zodiac Finsec And Holdings
Limited [U28129MH1993PLC071999] Zodiac Clothing Company SA Zodiac Clothing Company INC Zodiac Properties Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,389,998 |
Equity Shares |
Rs. 10/- each |
Rs. 193.900
Millions |
|
|
|
|
|
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 |
193.900 |
192.703 |
128.211 |
|
(b) Reserves & Surplus |
1,503.996 |
1,452.391 |
1,466.200 |
|
(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) |
1,697.896 |
1,645.094 |
1,594.411 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.580 |
2.900 |
5.220 |
|
(b) Deferred tax liabilities (Net) |
37.970 |
29.334 |
30.941 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
9.902 |
8.621 |
5.764 |
|
Total Non-current
Liabilities (3) |
48.452 |
40.855 |
41.925 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
444.161 |
466.450 |
351.690 |
|
(b)
Trade payables |
313.163 |
243.217 |
229.192 |
|
(c)
Other current liabilities |
93.854 |
119.123 |
118.597 |
|
(d) Short-term
provisions |
67.082 |
68.009 |
103.754 |
|
Total Current
Liabilities (4) |
918.260 |
896.799 |
803.233 |
|
|
|
|
|
|
TOTAL |
2,664.608 |
2,582.748 |
2,439.569 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
818.166 |
623.085 |
539.625 |
|
(ii)
Intangible Assets |
17.693 |
12.723 |
4.434 |
|
(iii)
Capital work-in-progress |
13.890 |
192.489 |
160.189 |
|
(iv)
Intangible assets under development |
3.764 |
6.097 |
11.100 |
|
(b) Non-current Investments |
113.540 |
113.540 |
113.540 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
279.234 |
253.524 |
231.859 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1,246.287 |
1,201.458 |
1,060.747 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
139.643 |
71.520 |
148.207 |
|
(b)
Inventories |
695.444 |
704.334 |
689.330 |
|
(c)
Trade receivables |
270.653 |
184.608 |
212.494 |
|
(d) Cash
and cash equivalents |
29.592 |
86.976 |
54.615 |
|
(e)
Short-term loans and advances |
282.989 |
333.363 |
273.110 |
|
(f)
Other current assets |
0.000 |
0.489 |
1.066 |
|
Total
Current Assets |
1,418.321 |
1,381.290 |
1,378.822 |
|
|
|
|
|
|
TOTAL |
2,664.608 |
2,582.748 |
2,439.569 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3,076.293 |
3,080.759 |
2,946.013 |
|
|
|
Other Income |
78.025 |
82.515 |
56.503 |
|
|
|
TOTAL |
3,154.318 |
3,163.274 |
3,002.516 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1,132.273 |
1,175.693 |
1,095.205 |
|
|
|
Purchases of Stock-in-Trade |
178.582 |
199.341 |
189.801 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
29.517 |
(82.745) |
(61.113) |
|
|
|
Employees benefits expense |
514.552 |
544.096 |
498.917 |
|
|
|
Other expenses |
1,047.601 |
1,120.280 |
985.357 |
|
|
|
TOTAL |
2,902.525 |
2,956.665 |
2,708.167 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
251.793 |
206.609 |
294.349 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
16.254 |
12.364 |
20.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
235.539 |
194.245 |
273.726 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
78.358 |
62.749 |
52.336 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEM
|
2.587 |
8.936 |
85.999 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
159.768 |
140.432 |
307.389 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
49.237 |
30.591 |
74.362 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
110.531 |
109.841 |
233.027 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1329.818 |
1354.578 |
1342.172 |
|
|
|
Royalty Income |
10.462 |
14.150 |
14.147 |
|
|
|
Other Earnings |
48.673 |
31.463 |
0.000 |
|
|
TOTAL EARNINGS |
1388.953 |
1400.191 |
1356.319 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
405.543 |
371.832 |
381.258 |
|
|
|
Stores & Spares |
64.695 |
40.345 |
4.314 |
|
|
|
Capital Goods |
7.057 |
7.030 |
2.321 |
|
|
|
Traded Goods |
0.000 |
0.000 |
55.163 |
|
|
TOTAL IMPORTS |
477.295 |
419.207 |
443.056 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
5.74 |
5.71 |
12.26 |
|
|
|
Diluted
|
5.74 |
5.69 |
12.19 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
795.400 |
864.800 |
905.100 |
|
Total Expenditure |
753.100 |
797.100 |
833.200 |
|
PBIDT (Excl OI) |
42.300 |
67.700 |
71.900 |
|
Other Income |
9.700 |
28.200 |
7.700 |
|
Operating Profit |
52.000 |
95.900 |
79.600 |
|
Interest |
4.700 |
4.600 |
7.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
47.300 |
91.300 |
72.200 |
|
Depreciation |
19.500 |
19.100 |
20.900 |
|
Profit Before Tax |
27.800 |
72.200 |
51.300 |
|
Tax |
9.200 |
21.200 |
17.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
18.600 |
51.000 |
33.900 |
|
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 |
18.600 |
51.000 |
33.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.50
|
3.47 |
7.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.19
|
4.56 |
10.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.31
|
6.18 |
14.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.09 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.26
|
0.29 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.54 |
1.72 |
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 |
128.211 |
192.703 |
193.900 |
|
Reserves & Surplus |
1466.200 |
1452.391 |
1503.996 |
|
Net
worth |
1,594.411 |
1,645.094 |
1,697.896 |
|
|
|
|
|
|
long-term borrowings |
5.220 |
2.900 |
0.580 |
|
Short term borrowings |
351.690 |
466.450 |
444.161 |
|
Total
borrowings |
356.910 |
469.350 |
444.741 |
|
Debt/Equity
ratio |
0.224 |
0.285 |
0.262 |
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 |
2,946.013 |
3,080.759 |
3,076.293 |
|
|
|
4.574 |
(0.145) |
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 |
2,946.013 |
3,080.759 |
3,076.293 |
|
Profit |
233.027 |
109.841 |
110.531 |
|
|
7.91% |
3.57% |
3.59% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
10469164 |
02/01/2014 |
200,000,000.00 |
FIRSTRAND BANK LIMITED |
TCG FINANCIAL
CENTRE PLOT NO C 53 G BLOCK, BANDRA |
B93134468 |
|
2 |
10164380 |
04/06/2009 |
10,000,000.00 |
CITIBANK N. A. |
CITIGROUP CENTRE, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA |
A64849631 |
|
3 |
10012549 |
19/06/2006 |
45,000,000.00 |
CITIBANK N. A. |
CITIGROUP CENTRE, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA |
A02931194 |
|
4 |
90242742 |
20/07/2005 |
20,000,000.00 |
CITI BANK |
BANDRA, MUMBAI, MAHARASHTRA, INDIA |
- |
|
5 |
90242646 |
18/02/2005 |
162,500,000.00 |
DENA BANK |
CUFFER, MUMBAI, MAHARASHTRA, INDIA |
- |
|
6 |
80056037 |
06/11/2012 * |
365,000,000.00 |
CITIBANK N.A |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI - 400051, MAHARASHTRA, INDIA |
B61500633 |
|
7 |
90367170 |
25/02/1996 * |
42,500,000.00 |
DENA BANK |
CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
8 |
90231829 |
12/04/2001 * |
20,000,000.00 |
DENA BANK |
INDUSTRIAL FINANCE
BRANCH, CUFFE PARADE, MUMBAI - 400005, |
- |
|
9 |
90241989 |
23/12/2004 * |
20,000,000.00 |
DENA BANK |
CUFFER, MUMBAI, MAHARASHTRA, INDIA |
- |
|
10 |
80063299 |
19/03/2004 * |
100,000,000.00 |
THE ROYAL BANK OF SCOTLAND N.V |
7TH FLOOR SAKHAR BHAVAN, NARIMAN POINT MUMBAI, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
11 |
90366945 |
18/08/1987 |
2,500,000.00 |
DENA BANK |
CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
12 |
90366671 |
25/02/1996 * |
1,000,000.00 |
DENA BANK |
CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
120.608 |
252.178 |
|
|
|
|
|
Total |
120.608 |
252.178 |
CHANGE OF ADDRESS:
The Registered office of the company has been shifted from 10/76 Apte Properties Opposite Dr. E Moses Road, Worli, Mumbai - 400018, Maharashtra,
India to the present address w.e.f.18.06.2012.
BUSINESS
Turnover and Profits: During the financial year ended 31st March 2013,
the operational revenue of the company on a standalone basis was flat at Rs. 3158.400 Millions vs. Rs.
3159.500 Millions in the previous year. The Profit before Tax was Rs.159.800
Millions vs Rs. 140.400
Millions in the previous year, while the net Profit after Tax for the financial
year ended 31st March 2013 was Rs. 110.600 Millions
vs. Rs. 109.800 Millions in the previous year (the
tax provision being higher due to deferred tax).
GROSS OPERATIONAL
INCOME - STANDALONE
The volatility faced during the year in consumer demand (impacting the
branded business) and exchange rate fluctuations (impacting both the branded
business and design-driven international business), have been unprecedented.
The branded business showed an overall marginal increase. The growth of the
company's own retail business was in double digits with like-to-like store
growth of just under 10%. Given the market scenario, and the fact that the
company does not discount or offer soft terms on the Zodiac, Z3 and ZOD!
brands, this is no mean achievement. This has covered ground lost due to
weakness in business in the independent retailers' channel, as well as in the
national chains. The share of pie of own retail has increased approximately 10%
in the current year.
The design-driven international business has been extremely challenging
due to the economic situation in the company's markets in the EU, the UK and
the US. This has been further destabilised by the
sharp exchange rate fluctuation and the increase in prices of cotton fabric in
the second half of the year. The company has met with some success in
increasing its business in its hitherto smaller markets, as well as entering
some new markets, which show early promise.
The industry has been excluded from the purview of Excise from March
2013, as a result of which the export segment is greatly benefited, because
they have been spared the cost and onerous job of coping (without the
simplified procedure) with the compliance of Excise formalities needlessly.
The design-driven international business, notwithstanding lower volumes,
increase in fabric prices during the second half of the year, higher
depreciation and the benefit of the Rupee depreciation being eroded by stubborn
inflation and customers insisting on lower USD prices, has remained profitable.
The Forex Policy has also contributed somewhat
to the substantial reduction in exchange loss during the current year, despite
extreme volatility of the exchange rates.
The Standalone PBT increased by 14%, through cost reduction/control,
despite the increase in rentals (in pursuance of the focus on own retail), and
the proviso for discarded assets (the non-viable stores closed during the
year), which is heartening, given the market situation.
As of 31st March 2013, the company had 105 stores. 11 new stores were
opened and 10 were closed during the year, a net increase of 1 store.
(All stores are company-owned, not franchised). The company’s strategy
of investing in growth of its own retail business is being pursued steadfastly.
The outlook for the Branded business, including the Company's own retail
stores, continues to look most promising in the medium to long term.
BRANDING
Zodiac, Z3 and ZOD! brands were neither discounted nor offered on soft
terms, underscoring the increasing strength of the brands by virtue of the
brands' continuing focus on value added innovation and consistent pursuit of
higher quality. This has resulted in the company's product extensions
continuing to gain ground.
The industry has been excluded from the purview of Excise from March
2013. The benefit for the Branded segment will become evident in terms of
volume growth over a period of time. The export segment is greatly benefited,
because they have been spared the cost and onerous job of coping (without the
simplified procedure) with the compliance of Excise formalities needlessly.
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31st DECEMBER, 2013
(RS.
IN MILLIONS)
|
Particular |
3 Months Ended on 31.12.2013 Unaudited |
Preceding 3 Months Ended on 30.09.2013 Unaudited |
Year To Date Figures For Current
Period Ended on 31.12.2013 Unaudited |
|
|
|
|
|
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
862.000 |
815.800 |
2424.800 |
|
Other Operating Income |
43.100 |
49.000 |
140.500 |
|
Total Income from
operations (net) |
905.100 |
864.800 |
2565.300 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of Material Consumed |
321.800 |
323.000 |
960.400 |
|
(b) Purchase of stock in trade |
39.900 |
81.000 |
146.800 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
2.100 |
(43.300) |
(53.400) |
|
(d) Employee benefit expenses |
137.100 |
143.500 |
412.800 |
|
(e) Depreciation and amortization expenses |
20.900 |
19.100 |
59.500 |
|
(f) Other Expenses |
332.300 |
292.900 |
916.800 |
|
Total Expenses |
854.100 |
816.200 |
2442.900 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
51.000 |
48.600 |
122.400 |
|
Other Income |
7.700 |
28.200 |
45.600 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
58.700 |
76.800 |
168.000 |
|
Finance costs |
7.400 |
4.600 |
16.700 |
|
Profit/ Loss from Ordinary
Activities after Finance costs but Exceptional item |
51.300 |
72.200 |
151.300 |
|
Exceptional
item - Profit on
Sale of Land |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
51.300 |
72.200 |
151.300 |
|
Tax Expenses |
17.400 |
21.200 |
47.800 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
33.900 |
51.000 |
103.500 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
33.900 |
51.000 |
103.500 |
|
Paid- up
Equity Share Capital (Face value of
the share – Rs. 10) |
193.900 |
193.900 |
193.900 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Earnings per
share (of Rs. 10/- each) (not annualized) -
Basic |
1.75 |
2.63 |
5.34 |
|
-
Diluted |
1.75 |
2.63 |
5.34 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
7864355 |
7878317 |
7864355 |
|
Percentage of Shareholding |
40.56 |
40.63 |
40.56 |
|
2. Promoters and
promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
0.00 |
0.00 |
0.00 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
0.00 |
0.00 |
0.00 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
11525643 |
11511681 |
11525643 |
|
- 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) |
59.44 |
59.37 |
59.44 |
|
|
Particulars |
3 Months ended on 31.12.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
8 |
|
|
Disposed of during the quarter |
8 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
The above unaudited
financial results for the quarter and nine months ended 31st December, 2013
were reviewed by the audit committee, and approved by the Board of Directors on
12th February, 2014.
2)
NOTES ON STANDALONE RESULTS
a)
The Statutory auditors of the company have carried
out a limited review of the above Standalone Unaudited
Financial Results in terms of clause 41 of the listing agreement.
b)
The company is exclusively engaged in the business
of clothing and clothing accessories. This in the context of Accounting
Standard (AS 17) "Segment Reporting", notified under The Companies
(Accounting Standards) Rules, 2006 constitutes one single primary segment.
c)
I.
In order to recognize the impact of fluctuation in
foreign currency rates arising out of derivative instruments acquired to hedge
highly probable forecast transactions and firm commitments in appropriate
accounting periods, the company has been consistently applying the principles
of hedge accounting set out in the Accounting Standard 30, “Financial
Instruments: Recognition and Measurement” issued by The Institute of Chartered
Accountants of India, whereby the impact of net unrealised
losses ( or gains) of derivative instruments are carried as a Hedging Reserve
to be ultimately set off in the Statement of Profit and loss when the
underlying transaction is recognised.
II.
With effect from 1st April, 2013, non-derivative
financial liabilities in the form of Pre-shipment Export Credit in Foreign Currency
(PCFC) borrowings have also been designated as hedging instruments to hedge the
highly probable forecast sales in foreign currency.
III.
The balances carried in Hedging Reserve at the end
of each reporting period is Rs.5.800 Millions (credit) as at 31st December
2013, Rs. 5.200 Millions (debit) as at 30th September
2013, Rs 2.300 Millions (debit) as at 31st December
2012 and Rs 2.600 Millions (credit) as at 31st March
2013.
IV.
The exchange losses or gains recognised
in these results and included / (netted off) in other expenses / finance costs,
as applicable, is Rs.7.200 Millions (Loss) for the 3 months ended 31st
December, 2013, Rs. 42.700 Millions (Loss) for the
Preceding 3 months ended 30th September, 2013, (Rs.10.100 Millions (Loss) for
the Corresponding 3 months ended 31st December, 2012), Rs
58.400 Millions (Loss) for the nine months ended 31st December, 2013, (Rs 27.300 Millions (Loss) for the corresponding nine months
ended 31st December, 2012 and Rs.19.800 Millions (Loss) for the previous year
ended 31st March, 2013).
d)
Out of total employee stock options granted under
the Zodiac Employees Stock Option Plan, 2006, 82,326 employee stock options
including bonus entitlement thereon have lapsed till date. During the quarter
no employee stock options have been exercised.
e)
Figures for the previous periods have been
regrouped/rearranged/reclassified wherever necessary to conform to the current
period's classification.
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Leasehold
improvements
Other
equipments
Goodwill
Computer
software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for
violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 58.57 |
|
|
1 |
Rs. 98.88 |
|
Euro |
1 |
Rs. 80.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.