MIRA INFORM REPORT
|
Report Date : |
03.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SURYALATA SPINNING MILLS LIMITED |
|
|
|
|
Registered
Office : |
Surya Towers, 1st Floor, 105, Sardar Patel Road,
Secunderabad – 500003, Telangana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
23.05.1983 |
|
|
|
|
Com. Reg. No.: |
01-003962 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 110.318 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18100TG1983PLC003962 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Yarn. |
|
|
|
|
No. of Employees
: |
1200 (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 1800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company is good. 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating (BBB- / Stable) |
|
Rating Explanation |
Moderate Degree of Safety. It Carry Moderate Credit Risk. |
|
Date |
April 25, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating (A3) |
|
Rating Explanation |
Moderate Degree of Safety. It Carry Higher Credit Risk. |
|
Date |
April 25, 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. K. N. Rao |
|
Designation : |
General Manager (Finance) |
|
Contact No.: |
91-40-27774200 |
|
Date : |
31.10.2014 |
LOCATIONS
|
Registered Office : |
Surya Towers, 1st Floor, 105, Sardar Patel Road,
Secunderabad – 500003, Telangana, India |
|
Tel. No.: |
91-40-27774200 / 27819908 / 9 |
|
Fax No.: |
91-40-27846859 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Marchala Village, Kalwakurthy Mandal, Mahaboob nagar, Telangana –
509320, India |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Urukondapet Village, Midjil Mandal, Mahaboob nagar, Telangana –
509320, India |
|
Location : |
Owned |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. R. Surender Reddy |
|
Designation : |
Chairman |
|
DIN No.: |
00083972 |
|
|
|
|
Name : |
Mr. Vithaldas Agarwal |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Mahender Kumar Agarwal |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. K Lakshmikanth Reddy |
|
Designation : |
Director |
|
Date of Birth/Age : |
73 Years |
|
Qualifications : |
B.A, LL.B. |
|
|
|
|
Name : |
Sri R S Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K R Suresh Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yash Agarwal |
|
Designation : |
Executive Director |
|
|
|
|
|
|
|
Name : |
Mrs. Madhavi Agarwal |
|
Designation : |
Additional Director (w.e.f. 12th May, 2014) |
|
Others
Directorship : |
|
|
|
|
|
Name : |
Mr. K. K. Sinha |
|
Designation : |
Director (Operations) |
|
Date of Birth/Age |
60 years |
|
Qualifications : |
B.Sc., (Mathematics) graduate |
|
|
|
|
COMMITTEES
OF THE BOARD |
|
|
|
|
|
Audit Committee : |
Mr. R Surender Reddy, Chairman Mr. R S Agarwal, Member Mr. K R Suresh Reddy, Member |
|
|
|
|
Stakeholders
Relationship Committee (w.e.f. 12th May, 2014) : |
Mr. K R Suresh Reddy, Chairman Mr. Vithaldas Agarwal, Member Mr. Mahender Kumar Agarwal, Member |
|
|
|
|
Nomination &
Remuneration Committee (w.e.f. 12th May,
2014) |
Mr. K R Suresh Reddy, Chairman Mr. K Lakshmikanth Reddy, Member Mr. R S Agarwal, Member |
|
|
|
|
Corporate Social
Responsibility Committee (w.e.f. 12th May,
2014) |
Mr. R Surender Reddy, Chairman Mr. Vithaldas Agarwal, Member Mr. Mahender Kumar Agarwal, Member |
KEY EXECUTIVES
|
Name : |
Mr. K. N. Rao |
|
Designation : |
General Manager (Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2402310 |
65.51 |
|
|
0 |
0.00 |
|
|
2402310 |
65.51 |
|
|
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
2402310 |
65.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
96 |
0.00 |
|
|
0 |
0.03 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
96 |
0.03 |
|
|
|
|
|
|
243365 |
6.64 |
|
|
|
|
|
|
571113 |
18.17 |
|
|
339234 |
9.25 |
|
|
14773 |
0.40 |
|
|
0 |
0.00 |
|
|
12661 |
0.35 |
|
|
2112 |
0.06 |
|
|
0 |
0.00 |
|
|
1166484 |
34.46 |
|
Total Public shareholding (B) |
1166580 |
34.49 |
|
Total (A)+(B) |
3568890 |
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) |
3568890 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Yarn. |
|
|
|
|
Exports : |
|
|
Products : |
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|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L\C, Cheque and Credit |
|
|
|
|
Purchasing : |
Cash, L\C, Cheque and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and Manufacturer |
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking Relations
: |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Brahmayya and Company Chartered Accountant |
|
Address : |
Flat No. 403 & 404, Golden Green Apartments, Irramanzil Colony,
Hyderabad - 500 082, Telangana, India |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs. 90.000 Millions |
|
800000 |
Preference Shares |
Rs. 100/- each |
Rs. 80.00 Millions |
|
|
Total |
|
Rs. 170.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3667000 |
Equity Shares |
Rs.10/- each |
Rs. 36.670
Millions |
|
35535 |
12% Cum Redeemable Preference Shares |
Rs. 100/-
each |
Rs. 3.553 Millions |
|
42078 |
8% Cum Redeemable Preference Shares |
Rs. 100/-
each |
Rs. 4.208 Millions |
|
100000 |
8% Cum Redeemable Preference Shares |
Rs. 100/-
each |
Rs. 10.000 Millions |
|
558871 |
7% Cum Redeemable Preference Shares |
Rs. 100/-
each |
Rs. 55.887 Millions |
|
|
Total |
|
Rs. 110.318
Millions |
Disclosure
pursuant to Note no.6 (A)(d) of part I of Schedule VI to the Companies Act,
1956
|
Particulars |
No. of Equity Shares Rs. 10/- each |
No. of Preference Shares Rs 10/- each |
|
|
31.03.2014 |
31.03.2014 |
|
Shares Outstanding at the beginning of the
year |
3667000 |
736484 |
|
Shares Issued during the year* |
NA |
NA |
|
Shares redeemed/bought Shares
redeemed/bought |
NA |
NA |
|
Shares outstanding at the end end of the
year |
3667000 |
3667000 |
Details
of Shareholders holding more than 5% shares in the Company
|
Name
of Shareholder |
As at 31 March 2014 |
|
|
|
No.of
shares held |
% of holding |
|
Vithaldas Agarwal |
818844 |
22.33 |
|
Mahender Kumar Agarwal |
847133 |
23.10 |
|
Madhavi Agarwal |
504161 |
19.75 |
Details
of Non convertible redeemable preference shares
|
Nature |
series |
Amount Rs in lakhs |
Date of Issue |
Date of Redemption |
|
12% CRPSs of Rs. 100/- each |
IV |
35.53 |
21.10.2003 |
20.10.2017 |
|
8% CRPSs of Rs. 100/- each |
VII |
42.08 |
30.10.2004 |
29.10.2014 |
|
8% CRPSs of Rs. 100/- each |
VIII |
100.00 |
31.01.2007 |
31.01.2017 |
|
7% CRPSs of Rs. 100/- each |
IX |
50.00 |
06.03.2009 |
05.03.2021 |
|
7% CRPSs of Rs. 100/- each |
IX |
508.87 |
06.03.2009 |
05.03.2021 |
FINANCIAL DATA
[all figures are
in Rupees Millions].
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
110.318 |
110.318 |
110.318 |
|
(b) Reserves & Surplus |
532.545 |
456.865 |
388.839 |
|
(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) |
642.863 |
567.183 |
499.157 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
598.828 |
770.516 |
456.636 |
|
(b) Deferred tax liabilities (Net) |
137.701 |
120.170 |
105.462 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
8.601 |
4.739 |
4.739 |
|
Total Non-current
Liabilities (3) |
745.130 |
895.425 |
566.837 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
298.613 |
371.299 |
296.765 |
|
(b) Trade
payables |
73.603 |
32.560 |
18.817 |
|
(c) Other
current liabilities |
452.317 |
330.611 |
166.184 |
|
(d) Short-term
provisions |
59.046 |
47.273 |
47.329 |
|
Total Current
Liabilities (4) |
883.579 |
781.743 |
529.095 |
|
|
|
|
|
|
TOTAL |
2271.572 |
2244.351 |
1595.089 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1344.211 |
1408.979 |
885.783 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.251 |
0.000 |
112.319 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
42.826 |
42.800 |
33.825 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1387.288 |
1451.779 |
1031.927 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.011 |
0.011 |
0.011 |
|
(b)
Inventories |
217.328 |
160.354 |
143.663 |
|
(c) Trade
receivables |
350.724 |
393.938 |
254.518 |
|
(d) Cash
and cash equivalents |
9.777 |
6.357 |
4.393 |
|
(e) Short-term
loans and advances |
19.417 |
27.382 |
68.427 |
|
(f) Other
current assets |
287.027 |
204.530 |
92.150 |
|
Total
Current Assets |
884.284 |
792.572 |
563.162 |
|
|
|
|
|
|
TOTAL |
2271.572 |
2244.351 |
1595.089 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3501.095 |
2694.689 |
2525.640 |
|
|
|
Other Income |
206.811 |
172.342 |
105.790 |
|
|
|
TOTAL |
3707.906 |
2867.031 |
2631.430 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2469.159 |
1859.174 |
1803.981 |
|
|
|
Purchases of Stock-in-Trade |
68.954 |
17.700 |
2.019 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(12.012) |
(49.218) |
(92.565) |
|
|
|
Employees benefits expense |
187.218 |
146.104 |
123.961 |
|
|
|
Other expenses |
648.169 |
606.710 |
411.040 |
|
|
|
TOTAL
(B) |
3361.488 |
2580.470 |
2433.566 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
346.418 |
286.561 |
197.864 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
122.489 |
93.086 |
69.375 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
223.929 |
193.475 |
128.489 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
89.376 |
74.743 |
62.925 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
134.553 |
118.732 |
65.564 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
46.032 |
37.866 |
23.263 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
88.521 |
80.866 |
42.301 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
66.866 |
48.800 |
69.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
Dividend on Equity Shares |
5.500 |
5.500 |
5.500 |
|
|
|
Dividend on Preference Shares |
5.500 |
5.500 |
5.500 |
|
|
|
Dividend distribution tax |
1.800 |
1.800 |
1.800 |
|
|
|
Total
(M) |
62.800 |
62.800 |
62.800 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
92.587 |
66.866 |
48.701 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
601.282 |
805.566 |
898.328 |
|
|
TOTAL EARNINGS |
601.282 |
805.566 |
898.328 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Plant and Machinery |
0.000 |
155.768 |
0.000 |
|
|
|
Stores and Spares |
5.879 |
4.871 |
3.505 |
|
|
TOTAL IMPORTS |
5.879 |
160.639 |
3.505 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.39 |
20.30 |
9.800 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.53 |
3.00 |
1.67 |
|
|
|
|
|
|
|
Operating Profit Margin (PBT/Sales) |
(%) |
9.89 |
10.63 |
7.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.92 |
5.29 |
4.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.21 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.40 |
2.01 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.01 |
1.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
110.318 |
110.318 |
110.318 |
|
Reserves & Surplus |
388.839 |
456.865 |
532.545 |
|
Net
worth |
499.157 |
567.183 |
642.863 |
|
|
|
|
|
|
long-term borrowings |
456.636 |
770.516 |
598.828 |
|
Short term borrowings |
296.765 |
371.299 |
298.613 |
|
Total
borrowings |
753.401 |
1141.815 |
897.441 |
|
Debt/Equity
ratio |
1.509 |
2.013 |
1.396 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2525.640 |
2694.689 |
3501.095 |
|
|
|
6.693 |
29.926 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2525.640 |
2694.689 |
3501.095 |
|
Profit |
42.301 |
80.866 |
88.521 |
|
|
1.67% |
3.00% |
2.53% |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
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)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Deposits from others |
15.000 |
10.000 |
|
Loans and Advances from Bodies Corporate |
0.511 |
0.511 |
|
Sales Tax Loans |
140.302 |
141.953 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Loans from
Directors |
3.500 |
0.000 |
|
Total |
159.313 |
152.464 |
INDEX OF CHARGES
|
No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10522113 |
01/09/2014 |
100,000,000.00 |
IDBI Bank
Limited |
No. 7, Chevalier
Shivaji Ganesan Salai,, T Nagar, |
C22568315 |
|
2 |
10483817 |
18/02/2014 |
20,000,000.00 |
IDBI Bank
Limited |
115, Anna
Salai,, P.B. No. 805, Saidapet,, Chenna |
C00042010 |
|
3 |
10443184 |
13/08/2013 |
1,150,000.00 |
Axis Bank
Limited |
5-2-183/184,ASC
Centre, III Floor, RP Road, HYDER |
B82169780 |
|
4 |
10433566 |
03/06/2013 |
42,500,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D,, NARIMAN POINT,, M |
B78179009 |
|
5 |
10407927 |
12/01/2013 |
50,000,000.00 |
IDBI Bank
Limited |
No.115, Anna
Salai, Saidapet, Chennai, Tamil Nadu |
B69588614 |
|
6 |
10390776 |
17/05/2014 * |
741,200,000.00 |
State Bank of
India |
Industrial
Finance Branch, Somajiguda,, Rajbhavan |
C06397616 |
|
7 |
10315465 |
20/01/2012 * |
300,000,000.00 |
IDBI Bank
Limited |
115, Anna Salai,
P.B. No. 805, Saidapet, Chennai, |
B32927329 |
|
8 |
10199920 |
24/05/2010 * |
60,000,000.00 |
IDBI Bank
Limited |
115, Anna Salai,
Saidapet, Chennai, Tamil Nadu - |
A87327961 |
|
9 |
10179705 |
29/07/2009 |
1,728,000.00 |
AXIS BANK |
Credit
Management Centre, 5-2-183/184, 8751(Old), |
A69435881 |
|
10 |
10168339 |
24/05/2010 * |
55,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, SOMAJIGUDA, HYDERABAD, |
A87222311 |
|
11 |
10030299 |
24/02/2007 * |
3,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, Maha |
A07853831 |
|
12 |
10035368 |
24/02/2007 * |
27,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, Maha |
A10028413 |
|
13 |
80003845 |
24/05/2006 * |
304,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
REGD. OFFICEl IDBI
TOWER, WTC COMPLEX, CUFFE PARA |
- |
|
14 |
90258238 |
22/11/2011 * |
566,700,000.00 |
State Bank of
India |
Industrial
Finance Branch, Somajiguda,, Rajbhavan |
B27709179 |
* Date of charge modification
OPERATIONS
Despite operating
in a volatile and uncertain environment, the Company enabled to increase
Turnover and to maintain the profits in the Financial Year 2013-14.The
highlights of the Company's performance are as under:
- Revenue from operations increased by 28.35 % to Rs. 3641.800
Millions, compared to Rs. 2873.200 Millions in the previous year.
- Exports increased by 24.31 % to Rs. 1220.900 Millions compared to
Rs. 982.1 Millions in the previous year.
- Production quantities increased to 21708 MTs as against 16577 MTs
in previous year.
- Cash Profits are Rs. 223.800 Millions as against Rs. 193.400
Millions in previous year.
- Profit before Tax is Rs. 134.500 Millions as against 118.700
Millions in previous year. Profit
after Tax is Rs. 88.500 Millions as against Rs. 808 Millions in previous
year.
MANAGEMENT
DISCUSSION AND ANALYSIS
ORGANISATION –
PROFILE
Subject is one of
the largest producers of Synthetic blended Yarns. The company produces 100%
PSF, 100% VSF, Mélange, P/V blended yarns with counts ranging from 8s to 60s.
The company is having two manufacturing units on Kalwakurthy - Jadcherla Road,
only an hour away from the Hyderabad International Airport and the distance
between the units is 5 Kms. The Company had total installed capacity of 89,376
spindles, Kalwakurthy unit has an installed capacity of 36,288 spindles with a
production capacity of 30MT's per day and Urukondapet unit has an installed
capacity of 53,088 spindles with a production capacity of 45MT's per day. Both
the manufacturing units are certified "ISO 9001:2008".
FUTURE OUTLOOK
The outlook for
the Indian synthetic textiles has been revised to positive from stable due to
positive sign of market recoveries and stable prices. Even though margins were
impacting by regional market conditions, high inventory levels and slowdown in
some markets, they believe the urbanization and rising aspirations of the
Indian Consumers will continue to drive demand for apparels, more particularly
synthetic fabrics in Tri-fold in the next decade and there expansion is well
timed in this growth opportunity. The home-textiles and garment segments are
reflecting sound growth both in domestic and international markets due to good
demand for apparels. There is a substantial scope for further growth in these
segments. The company expects good demand for its products in domestic as well
as international markets.
OUTLOOK
The economy is on
the path of recovery and the company expects good demand for its products in
domestic as well as international markets. The Company believes that the
competition in the emerging markets will be met by developing production system
based on cost efficiency, high productivity, quality assurance, etc. Raw
materials, uninterrupted power supply and labour are the three critical inputs
for an industry. Raw materials, inventories are maintained adequately while
maintaining excellent relationship with domestic producers of polyester and
viscose. The company invested in building quarters at units to reduce labour
shortages that had plaugued there
performance in the past. Power to have 24*7 supply from the state grid,
the company is installing 33 KVA lines for each of the unit separately. With
this the entire process, the Company able to increase the plant performance
further in the coming years.
UN-AUDITED FINANCIAL RESULT FOR THE QUARTER ENDED 30TH JUNE,
2014
(Rs. In Millions)
|
Particulars |
Quarter –ended |
|
30.06.2014 |
|
|
|
Unaudited |
|
Income from
Operations |
|
|
Gross Sales |
|
|
Net Sales / lncome from Operations (net of excise duty) |
974.900 |
|
Other Operating Revenues |
50.800 |
|
Total Income
from Operations (Net) |
1025.700 |
|
Expenses |
|
|
Consumption of Raw Materials |
637.900 |
|
Purchased of Stock-in-trade |
65.900 |
|
Changes in inventories of Finished Goods, Work in Progress and
Stock-in-Trade |
16.000 |
|
Employee Benefit Expenses |
49.500 |
|
Depreciation and Amortization |
19.900 |
|
Power Cost |
80.00 |
|
Other Expenses |
81.700 |
|
Total |
950.900 |
|
Profit/ (Loss) from Operations before other Income and Finance Cost |
74.800 |
|
Other income |
0.100 |
|
Profit/ (Loss) from Ordinary Activities before Finance Cost |
74.900 |
|
Finance Costs |
27.300 |
|
Profit/ (Loss) from ordinary Activities after Finance Cost and before
tax |
47.600 |
|
Tax Expenses |
16.200 |
|
Net Profit/ (Loss) from Ordinary Activities After Tax |
31.400 |
|
Paid up Equity Share Capital (Face value of Rs. 10/- each) |
36.700 |
|
Reserves excluding Revaluation Reserve |
- |
|
Earning per shares of Rs. 10/- each |
|
|
Basic |
8.55 |
|
Diluted (not annualized) |
8.55 |
|
Particulars |
Quarter –ended |
|
30.06.2014 |
|
|
Public Shareholding |
|
|
-Number of Shares |
12.65 |
|
-Percentage of Shareholding |
34.49% |
|
Promoter and Promoter Group Shareholding |
|
|
Pledged /
Encumbered |
|
|
-Number of shares |
1.700 |
|
-Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
70.76% |
|
-Percentage of shares (as a % of the total share
capital of the company) |
46.37% |
|
Non- encumbered |
|
|
-Number of shares |
0.702 |
|
-Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
29.24% |
|
-Percentage of shares (as a % of the total share
capital of the company) |
19.14% |
|
Particulars |
3
months ended 30.06.2014 |
|
Investor
Complaint |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
disposed off during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
- The above
results, have been reviewed by the Audit committee and there after
approved and taken on record by the Board of Directors at their meeting held
on 6th August, 2014.
- The segment
reporting as defined in Accounting standard 17 is not applicable, as the
entire operations of the company relate to one segment i.e. t yarn
- Tax expenses
consists of provision for Income Tax and Deferred Tax
- Depreciation
for the quarter has been provided as per the provisions of section 123
schedule II of the Companies Act 2013
- Previous
quarter's/year's figures have been regrouped wherever necessary.
FIXED ASSETS
- Electrical Installations
- Land
- Factory Buildings
- Plant & Machinery
- Testing Equipment
- Data Processing Equipment
- Workshop Equipment
- Weighing Machinery
- Furniture & Fixtures
- Office Equipment
- Vehicles
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.61.40 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KLS |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.