MIRA INFORM REPORT
|
Report Date : |
22.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHRI DINESH MILLS LIMITED |
|
|
|
|
Registered
Office : |
Post Box No 2501, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.07.1935 |
|
|
|
|
Com. Reg. No.: |
04-000494 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 50.844 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17110GJ1935PLC000494 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of Suiting and Industrial Textile. |
|
|
|
|
No. of Employees
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
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 |
|
|
|
|
Comments : |
Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Tarde relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. 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.
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 |
CARE |
|
Rating |
Long Term Bank Facilities (A) |
|
Rating Explanation |
Adequate degree of safety it Carry Low
Credit Risk. |
|
Date |
25.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities (A1) |
|
Rating Explanation |
Highest Degree of Safety it Carry Lowest
Credit Risk. |
|
Date |
25.11.2013 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Samir Shah |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-265-2330060 |
|
Date : |
19.11.2014 |
LOCATIONS
|
Registered Office /Factory 1: |
Post Box No 2501, Padra Road, Vadodara-390020, Gujarat, India |
|
Tel. No.: |
91-265-2330060 / 61/ 62/ 63/ 64/ 65 |
|
Fax No.: |
91-265-2336195 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Village : Bhadkodra, Ankleshwar, District Bharuch, |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Upendrabhai M. Patel |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Bharatbhai U. Patel |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
B. Text, M.B.A |
|
Experience : |
39 Years |
|
Date of Appointment : |
12.05.1973 |
|
|
|
|
Name : |
Mr. Nimishbhai U. Patel |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
B.B.A, M.B.A (Finance) |
|
Experience : |
21 Years |
|
Date of Appointment : |
01.12.1990 |
|
|
|
|
Name : |
Mr. Atulbhai G. Shroff |
|
Designation : |
Director (Upto 15th January, 2014) |
|
|
|
|
Name : |
Mr. Jal R. Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
76 years |
|
Qualification : |
B.Com, A.C.A., A.C.S., |
|
Date of Appointment : |
28.09.2004 |
|
|
|
|
Name : |
Mr. H. N. Elavia |
|
Designation : |
Director |
|
Date of Birth/Age : |
77 years |
|
Qualification : |
B. Com., LL.B., AICWA |
|
Date of Appointment : |
28.09.2004 |
|
|
|
|
Name : |
Mr. Ambubhai T. Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
84 years |
|
Qualification : |
M.S., F.R.C.S. |
|
Date of Appointment : |
29.12.1979 |
|
|
|
|
Name : |
Mr. Tanujbhai M. Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
60 years |
|
Qualification : |
B.S (USA) |
|
Date of Appointment : |
26.12.1984 |
|
|
|
|
Name : |
Mr. Sudhir Mankad |
|
Designation : |
Director (Upto 31st July, 2013) |
|
|
|
|
Name : |
Mr. Rakesh Agrawal |
|
Designation : |
Director |
|
Date of Birth/Age : |
67 years |
|
Qualification : |
M.E. (Chemical), (USA) |
|
Date of Appointment : |
10.02.2011 |
|
|
|
|
Name : |
Mr. J. B. Sojitra |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. J. B. Sojitra |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. B C Shah |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
% of Total No. of
Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
2288372 |
45.01 |
|
|
2288372 |
45.01 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
2288372 |
45.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10 |
0.00 |
|
|
3760 |
0.07 |
|
|
3770 |
0.07 |
|
|
|
|
|
|
120490 |
2.37 |
|
|
|
|
|
|
1878314 |
36.94 |
|
|
778928 |
15.32 |
|
|
14508 |
0.29 |
|
|
14508 |
0.29 |
|
|
2792240 |
54.92 |
|
Total Public shareholding (B) |
2796010 |
54.99 |
|
Total (A)+(B) |
5084382 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
5084382 |
0.00 |
Shareholding
of securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Upendrabhai Maganbhai Patel |
5,31,655 |
10.46 |
|
Bharatbhai Upendrabhai Patel |
3,76,300 |
7.40 |
|
Nimishabhai Upendrabhai Patel |
3,16,360 |
6.22 |
|
Nimish Upendrabhai Patel |
2,57,028 |
5.06 |
|
Aditya B Patel |
2,09,639 |
4.12 |
|
Patel Miraben Upendrabhai |
1,81,856 |
3.58 |
|
Bharatbhai Upendrabhai Patel |
1,15,410 |
2.27 |
|
Arushaben Nimishbhai Patel |
58,085 |
1.14 |
|
Nishank Nimishbhai Patel |
1,18,199 |
2.32 |
|
Minal Shekhar Desai |
34,640 |
0.68 |
|
Ranak Kamlesh Lashkari |
34,060 |
0.67 |
|
Roopaben Bharatbhai Patel |
29,140 |
0.57 |
|
Jemika Bharatbhai Patel |
20,560 |
0.40 |
|
Aditya Bharatbhai Patel |
3,960 |
0.08 |
|
Aditya Bharatbhai Patel |
880 |
0.02 |
|
Jemika Bharatbhai Patel |
600 |
0.01 |
|
Total |
22,88,372 |
45.01 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Name of the Shareholder |
No. of Shares held |
% of Total No. of
Shares |
|
|
Vinodchandra Mansukhlal Parekh |
90721 |
1.78 |
|
|
Pranav Kumarpal Parekh |
86220 |
1.70 |
|
|
Chandrika Madanmohan Desai |
76750 |
1.51 |
|
|
Sharad Kanayalal Shah |
75700 |
1.49 |
|
|
Varsha Sharda Shah |
60200 |
1.18 |
|
|
Total |
389591 |
7.66 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Suiting and Industrial Textile. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
DINES |
|
|
|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
|
|
Products : |
Textile |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Advance |
|
|
|
|
Purchasing : |
Advance, Thought Bank |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
v Central Bank of India v Indian
Overseas Bank |
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|
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Dhirubhai Shah and Company Chartered Accountants |
|
Address : |
Ahmedabad, |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
|
|
|
Subsidiaries : |
Dinesh Remedies Limited, |
|
|
|
|
Other Related Parties : |
· Dinesh
Foundation · Maganbhai B.
Patel's Charity Trust |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9500000 |
Equity Shares |
Rs. 10/- each |
Rs. 95.000 Millions |
|
50000 |
Unclassified Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
|
|
Total |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5084382 |
Equity Shares |
Rs. 10/- each |
Rs. 50.844 Millions |
|
|
|
|
|
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 |
50.844 |
52.775 |
52.775 |
|
(b) Reserves & Surplus |
945.766 |
927.428 |
907.564 |
|
(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) |
996.610 |
980.203 |
960.339 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
141.966 |
175.961 |
274.315 |
|
(b) Deferred tax liabilities (Net) |
74.123 |
78.981 |
78.310 |
|
(c) Other long term
liabilities |
49.345 |
55.142 |
51.745 |
|
(d) long-term
provisions |
25.867 |
25.485 |
35.350 |
|
Total Non-current
Liabilities (3) |
291.301 |
335.569 |
439.720 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
26.171 |
14.137 |
45.468 |
|
(b) Trade
payables |
17.482 |
15.550 |
24.960 |
|
(c) Other
current liabilities |
194.273 |
194.222 |
128.554 |
|
(d) Short-term
provisions |
14.073 |
14.556 |
21.443 |
|
Total Current
Liabilities (4) |
251.999 |
238.465 |
220.425 |
|
|
|
|
|
|
TOTAL |
1539.910 |
1554.237 |
1620.484 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
621.379 |
627.010 |
701.060 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
20.584 |
4.862 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
202.284 |
214.407 |
215.953 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.020 |
7.711 |
7.638 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
832.683 |
869.712 |
929.513 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
321.668 |
403.549 |
398.150 |
|
(c) Trade
receivables |
126.465 |
112.268 |
115.493 |
|
(d) Cash
and cash equivalents |
224.998 |
144.645 |
137.915 |
|
(e)
Short-term loans and advances |
20.735 |
18.100 |
28.930 |
|
(f) Other
current assets |
13.361 |
5.963 |
10.483 |
|
Total
Current Assets |
707.227 |
684.525 |
690.971 |
|
|
|
|
|
|
TOTAL |
1539.910 |
1554.237 |
1620.484 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
860.986 |
863.321 |
864.887 |
|
|
|
Other Income |
33.099 |
24.144 |
36.130 |
|
|
|
TOTAL |
894.085 |
887.465 |
901.017 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
228.741 |
283.972 |
293.942 |
|
|
|
Purchases of Stock-in-Trade |
1.494 |
0.180 |
0.310 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
46.093 |
(19.044) |
(61.919) |
|
|
|
Employees benefits expense |
237.615 |
243.671 |
226.139 |
|
|
|
Other expenses |
189.240 |
204.923 |
248.732 |
|
|
|
TOTAL |
703.183 |
713.702 |
707.204 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
190.902 |
173.763 |
193.813 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
32.556 |
37.064 |
36.802 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
158.346 |
136.699 |
157.011 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
102.971 |
97.479 |
84.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE EXCEPTIONAL ITEMS AND TAX |
55.375 |
39.220 |
72.026 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
1.131 |
1.766 |
0.724 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
56.506 |
40.986 |
72.750 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
13.232 |
10.081 |
22.675 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
43.274 |
30.905 |
50.075 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
53.422 |
46.558 |
30.994 |
|
|
|
Others |
0.000 |
0.000 |
0.243 |
|
|
TOTAL EARNINGS |
53.422 |
46.558 |
31.237 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
106.759 |
152.576 |
200.999 |
|
|
|
Capital Goods |
87.505 |
8.792 |
111.041 |
|
|
TOTAL IMPORTS |
194.264 |
161.368 |
312.040 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.42 |
5.86 |
9.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.03 |
3.58 |
5.79 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
22.17 |
20.13 |
22.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.22 |
3.11 |
5.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.04 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.17 |
0.19 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.81 |
2.87 |
3.13 |
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 |
52.775 |
52.775 |
50.844 |
|
Reserves & Surplus |
907.564 |
927.428 |
945.766 |
|
Net worth |
960.339 |
980.203 |
996.610 |
|
|
|
|
|
|
long-term borrowings |
274.315 |
175.961 |
141.966 |
|
Short term borrowings |
45.468 |
14.137 |
26.171 |
|
Total borrowings |
319.783 |
190.098 |
168.137 |
|
Debt/Equity ratio |
0.333 |
0.194 |
0.169 |
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) |
|
Revenue from operations |
864.887 |
863.321 |
860.986 |
|
|
|
(0.181) |
(0.270) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
864.887 |
863.321 |
860.986 |
|
Profit |
50.075 |
30.905 |
43.274 |
|
|
5.79% |
3.58% |
5.03% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
77.472 |
64.633 |
NA |
|
|
|
|
|
|
Total |
77.472 |
64.633 |
NA |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits |
|
|
|
From Directors and Shareholders |
0.000 |
12.965 |
|
From Public |
0.000 |
6.622 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Deposits |
|
|
|
From Directors and Shareholders |
23.230 |
24.255 |
|
From Public |
9.053 |
6.239 |
|
|
|
|
|
Total |
32.283 |
50.081 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10339474 |
10/02/2012 |
360,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
Orient Business Centre First Floor,
Sayajigunj, Opp Suraj Plaza, Vadodara, Gujarat - 390005, INDIA |
B33823220 |
|
2 |
10336196 |
23/01/2012 |
66,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
Orient Business Centre First Floor,
Sayajigunj, Opp Suraj Plaza, Vadodara, Gujarat - 390005, INDIA |
B32365140 |
|
3 |
10115661 |
22/07/2008 |
131,000,000.00 |
INDIAN OVERSEAS BANK |
MEHTA POLE, NR. MANDVI, VADODARA, Gujarat -
390006, INDIA |
A43165851 |
|
4 |
10115664 |
22/07/2008 |
167,500,000.00 |
INDIAN OVERSEAS BANK |
MEHTA POLE, NR. MANDVI, VADODARA, Gujarat -
390006, INDIA |
A43166479 |
|
5 |
90379810 |
22/07/2003 * |
152,900,000.00 |
HDFC BANK LTD. |
169 BACKBAY RECLAMATION, CHURCH GATE,
MUMBAI, Maharashtra, INDIA |
- |
* Date of charge modification
MANAGEMENT DISCUSSION AND ANALYSIS:
OVERALL REVIEW OF OPERATIONS
They are a
composite textile sector company manufacturing woolen / worsted suiting and machine
clothing (felt). The Company manufactures and markets high quality products
under the brand name 'dinesh'. There are few organized sector companies and
many companies are in un-organized sector and the Company has to face cut
throat competition in the domestic and international markets. The Textile
Industry is labour and capital intensive and one of the largest employers in
India and the industry has to face various internal and external challenges and
our Company is not an exception to these challenges. Despite the global
slowdown and cut throat competitive international and domestic markets, their
Company could achieve sales turnover of Rs. 861.000 millions and the net profit
of Rs. 43.300 millions during the year as compared to Rs. 863.300 millions and
Rs.30.900 millions respectively of the previous year. The profitability has
been improved mainly due to proper monitoring of expenses.
During the year,
we could achieve the higher export turnover amounting to Rs.53.400 millions as
compared to Rs. 46.600 millions of the previous year.
OVERALL OUTLOOK
Due to slow down
in the developed and developing countries, our GDP could grow 4.7% during the
year 2013- 2014 which is expected to grow upto 5.5% during the year 2014-2015
due to formation of the new Government which would take proper steps to boost
the economy and our Company would make every efforts to increase the sales
turnover. The Management would also take appropriate steps to mitigate various
risks viz. interest rate, commodity price, foreign exchange, business
operations and Regulatory etc.
The Company
assumes no responsibility in respect of forward looking statements made herein
above which may substantially change based on subsequent developments, events,
change in the Government policies, exchange rate etc. over the globe.
FIXED ASSETS
œ Land
œ Building
œ Plant and Machinery
œ Furniture and Dead stock
œ Vehicles
œ Electrical Installations
œ Tubewell and Waterworks
œ Drainage
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.61.85 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.