MIRA
INFORM REPORT
|
Report Date : |
25.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
NANDAN DENIM LIMITED |
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Formerly Known
As : |
NANDAN EXIM LIMITED |
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Registered
Office : |
Survey No. 198/1, 203/2, Saijpur-Gopalpur, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.08.1994 |
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Com. Reg. No.: |
04-022719 |
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Capital
Investment / Paid-up Capital : |
Rs. 455.491 Millions |
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CIN No.: [Company Identification
No.] |
L51909GJ1994PLC022719 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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
: |
Subject is engaged in Textile Industry. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. The company possesses a sound financial profile marked by favorable
networth base along with slight working capital requirements and other funds
due to constant capacity addition partially leading to aggressive capital
structure. Moreover, the liquidity position appears to be acceptable, emanating
from adequate case and liquid investments and further expected from the
company to continue to have cash surplus because of anticipated cash accruals
buoyed through capacity expansion. Management has witnessed a healthy revenue growth from its operations
during FY 14. The ratings also take into consideration the susceptibility of revenue
and profitability to volatility in raw material prices and cyclicality in the
denim industry. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of established distribution channels and extensive experience
of the promoters backed by integrated facilities, the company can be
considered 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 |
CRISIL |
|
Rating |
BBB+ (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
September 30, 2013 |
|
Rating Agency Name |
CRISIL |
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Rating |
A2 (Short Term Rating) |
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Rating Explanation |
Strong degree of safety and low credit risk.
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|
Date |
September 30, 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 DENIED
Management Non Co-operative (91-09879200199)
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 198/1, 203/2, Saijpur-Gopalpur, Pirana Road, Piplej,
Ahmedabad – 382405, Gujarat, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
“Chiripal House”, Shivranjani Cross Roads, Satellite, Ahmedabad – 380015, Gujarat, India |
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Tel. No.: |
91-79-26734660-2-3 |
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Fax No.: |
91-79-26768656 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Vedprakash D. Chiripal |
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Designation : |
Chairman |
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Name : |
Mr. Brijmohan D. Chiripal |
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Designation : |
Managing Director |
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Name : |
Mr. T.S. Bhattacharya |
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Designation : |
Director |
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Name : |
Mr. Ambalal C. Patel |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Deepal J. Chiripal |
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Designation : |
Chief Executive Officer |
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Name : |
Ms. Purvee D. Roy |
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Designation : |
Company Secretary |
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AUDIT COMMITTEE : |
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Name : |
Mr. Ambalal C. Patel |
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Designation : |
Chairman |
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Name : |
Mr. Vedprakash D. Chiripal |
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Designation : |
Member |
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Name : |
Mr. Gautam C. Gandhi |
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Designation : |
Member |
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REMUNERATION
COMMITTEE : |
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Name : |
Mr. Ambalal C. Patel |
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Designation : |
Chairman |
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Name : |
Mr. Vedprakash D. Chiripal |
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Designation : |
Member |
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SHAREHOLDERS
GRIEVANCE COMMITTEE : |
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Name : |
Mr. Ambalal C. Patel |
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Designation : |
Member |
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Name : |
Mr. Vedprakash D. Chiripal |
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Designation : |
Member |
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Name : |
Mr. Gautam C. Gandhi |
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Designation : |
Chairman |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
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|
5534302 |
12.15 |
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|
21232951 |
46.62 |
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|
26767253 |
58.77 |
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Total shareholding of Promoter and Promoter
Group (A) |
26767253 |
58.77 |
|
(B) Public Shareholding |
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|
|
|
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|
1240 |
0.00 |
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|
5500 |
0.01 |
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|
1656814 |
3.64 |
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|
1663554 |
3.65 |
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|
5426144 |
11.91 |
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|
7398830 |
16.24 |
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|
2222214 |
4.88 |
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|
2071061 |
4.55 |
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|
2071061 |
4.55 |
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17118249 |
37.58 |
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Total Public shareholding (B) |
18781803 |
41.23 |
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Total (A)+(B) |
45549056 |
100.00 |
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(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
45549056 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Textile Industry. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
(Approximately) / Information declined by
the management. |
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Bankers : |
·
State Bank of India ·
State Bank of Hyderabad ·
Syndicate Bank ·
Oriental Bank of Commerce ·
State Bank of Travancore ·
United Bank of India ·
Karur Vysya Bank ·
Bank of Maharashtra ·
UCO Bank ·
Dena Bank ·
Laxmi Vilas Bank ·
Central Bank of India Limited ·
Union Bank of India |
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Facilities : |
Note: LONG TERM
BORROWINGS Security: · Term Loans and Buyers Credit arrangements under Consortium finance are secured by first charge on the entire Fixed Assets of the company both present and future, second charge on Book Debts, Stock and other Current Assets of the Company and also further guaranted by personal guarantee of promoter directors. · Corporate Loan is secured by subservient charge on fixed and current assets of the company and also by way of pledge of equity shares of the company belonging to directors and personal guarantee of promoter directors. · Vehicle Loans are secured by Hypothication of Vehicles. Interest: · Term Loans carry an interest rate which shall be State Bank of India rate or the base rate of the respective rupee lender plus the spread,which ever is higher, payable on monthly basis. · Buyers Credit arrangements for a period upto 180 days carry an interest rate ranging between in case of 6ML Libor+48 basis points to 6ML Libor+200 basis points. · Corporate Loan carry an interest rate 13.50 % p. a. payable on monthly basis. · Borrowing from related party do not carry any Interest. · Vehicle Loans carry an interest rate ranging between 10.38% to 12.96% p.a. Repayment: · Term Loans (including Buyer’s Credit arrangements) are repayable in Quarterly installments as follows:- (Amount
In Millions)
· Buyers Credit arrangements are available for 180 days/360 Days with roll over option upto 3 years from date of sanction and on the completion of the same, it will be converted into Term Loans. · Corporate Loans is repayable in Monthly installments as follows:-
(Amount In Millions)
· Borrowing from related parties to be repaid of F.Y. 2015-16. · Vehicle Loans are repayable in following schedule in monthly installments as follows:-
(Amount In Millions)
SHORT TERM
BORROWINGS Security : @ Working Capital loans under consortium finance are secured by first charge on Book Debts, Stocks and other Current Assets and second charge on all the Fixed Assets both present and future of the Company and also further guaranted by some of the Directors. |
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Auditors : |
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Name : |
M/s J.T. Shah and Company Chartered Accountants |
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Address : |
201/202, Lalita Complex, Near Mithakhali Cross Roads, Navrangpura,
Ahmedabad - 380009, Gujarat, India |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Other Related Parties |
· Shanti Exports Private Limited · Chiripal Industries Limited · Shanti Education Initiatives Limited · Nandan Chiripal Energy Corporation LLP · Chiripal Infrastructure Limited · CIL Nova Petrochemicals Limited · Chiripal Exim LLP · Nova Textiles Pvt. Ltd. (Formerly Nandan Industries private Limited.) · Chiripal Poly Films Limited · Chiripal Charitable Trust · Chiripal Lifestyle Limited · Vishal Fabrics Limited · Devkinandan Corporation LLP |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45549056 |
Equity Shares |
Rs.10/- each |
Rs.455.491 Millions |
|
|
|
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|
The company has only one class of shares referred to as equity shares having face value of Rs.10/-. Each holder of one share is entitled to one vote per share.
During the year ended on 31st March, 2014, the Company has recommended Dividend of Rs. 0.60/- (P.Y. Rs. 1.20/-) per share as distributions to Equity Shareholders. An interim dividend of Rs. 0.60/- per share was declared at the meeting of the Board of Directors held on 4th February, 2014 and the same has been paid (P.Y. Rs. Nil).
The Company declares and pays dividends in Indian Rupees. The Final dividend proposed by the Board of Director is subject to the approval of shareholders in ensuing Annual General Meeting.
No Shares has been reserved for issue under options or contracts/commitments for the shares/disinvestment.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder.
The details of
shareholders holding more than 5% shares as at 31/03/2014 and 31/03/2013 is set
out below.
|
Name of Shareholder |
As at 31.03.2014 |
|
|
|
No. of Shares |
% held |
|
Chiripal Industries Limited |
11844270 |
26.00% |
|
Chiripal Exim LLP |
7008979 |
15.39% |
|
Brijmohan D. Chiripal |
2780000 |
6.10% |
The Reconciliation of the number of shares outstanding and the amount
of share capital as at 31/03/2014 and 31/03/2013 is set out below
|
Name of Shareholder |
As at 31.03.2014 |
|
|
|
No. of Shares |
Rs. In Millions |
|
Shares at the beginning of Face Value of Rs. 10 (P.Y. Rs. 1) |
45549056 |
455.491 |
|
Addition in Number Equity Shares of Rs.10 |
Nil |
Nil |
|
Deduction in Number of Equity Shares of Rs.10 |
Nil |
Nil |
|
Shares at the end of Face Value of Rs. 10 |
45549056 |
455.491 |
Aggregate No. of 151830188 Shares of Face Value of Rs.1 were (Now reduced to 15183019 Shares of Rs.10) issued in the year 2006-07 as Bonus.
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 |
455.491 |
455.491 |
455.491 |
|
(b) Reserves &
Surplus |
1709.571 |
1380.421 |
1133.837 |
|
(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) |
2165.062 |
1835.912 |
1589.328 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2807.045 |
2650.862 |
1869.067 |
|
(b) Deferred tax
liabilities (Net) |
215.708 |
175.167 |
202.713 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.241 |
0.000 |
|
Total Non-current
Liabilities (3) |
3022.753 |
2826.270 |
2071.780 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1078.315 |
1003.890 |
672.687 |
|
(b) Trade payables |
576.355 |
458.043 |
344.735 |
|
(c) Other current
liabilities |
1009.023 |
585.898 |
518.340 |
|
(d) Short-term provisions |
65.522 |
64.368 |
62.828 |
|
Total Current Liabilities
(4) |
2729.215 |
2112.199 |
1598.590 |
|
|
|
|
|
|
TOTAL |
7917.030 |
6774.381 |
5259.698 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4521.469 |
3408.172 |
3007.205 |
|
(ii) Intangible Assets |
2.015 |
3.772 |
6.561 |
|
(iii) Capital
work-in-progress |
0.000 |
540.615 |
46.678 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
41.636 |
3.676 |
2.778 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5.830 |
144.123 |
149.073 |
|
(e) Other Non-current
assets |
117.453 |
30.150 |
46.286 |
|
Total Non-Current Assets |
4688.403 |
4130.508 |
3258.581 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1385.042 |
1197.609 |
984.155 |
|
(c) Trade receivables |
1214.164 |
911.750 |
694.740 |
|
(d) Cash and cash
equivalents |
260.727 |
199.281 |
155.015 |
|
(e) Short-term loans and
advances |
368.694 |
335.233 |
167.207 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
3228.627 |
2643.873 |
2001.117 |
|
|
|
|
|
|
TOTAL |
7917.030 |
6774.381 |
5259.698 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
8937.520 |
7031.208 |
5738.387 |
|
|
Other Income |
39.893 |
15.265 |
5.424 |
|
|
TOTAL (A) |
8977.413 |
7046.473 |
5743.811 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4776.442 |
4634.349 |
3440.978 |
|
|
Purchases of
Stock-in-Trade |
1593.852 |
620.370 |
578.740 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(121.746) |
(375.856) |
70.566 |
|
|
Employees benefits
expense |
310.400 |
254.425 |
192.261 |
|
|
Exceptional Item |
0.000 |
0.000 |
(42.751) |
|
|
Other expenses |
1051.793 |
828.788 |
629.976 |
|
|
TOTAL (B) |
7610.741 |
5962.076 |
4869.770 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
1366.672 |
1084.397 |
874.041 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
320.305 |
317.627 |
278.419 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1046.367 |
766.770 |
595.622 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
497.271 |
409.174 |
332.589 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
549.096 |
357.596 |
263.033 |
|
|
|
|
|
|
|
Less |
TAX (H) |
155.998 |
47.064 |
75.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
393.098 |
310.532 |
187.933 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend |
27.300 |
0.000 |
0.000 |
|
|
General Reserve |
53.300 |
43.300 |
4.700 |
|
|
Corporate Dividend Tax (including cess and surcharge) |
9.300 |
9.300 |
7.400 |
|
|
Proposed Final Dividend (12% i.e. Rs. 1.20/- per share) |
27.300 |
54.700 |
45.500 |
|
|
Balance Carried to the
B/S |
393.100 |
310.500 |
187.900 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
720.869 |
773.109 |
552.108 |
|
|
TOTAL EARNINGS |
720.869 |
773.109 |
552.108 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
417.323 |
144.455 |
98.588 |
|
|
Trading Goods |
164.373 |
0.000 |
39.001 |
|
|
Components and Stores
parts |
17.361 |
1.326 |
18.248 |
|
|
Capital Goods |
342.083 |
604.749 |
244.146 |
|
|
TOTAL IMPORTS |
941.140 |
750.530 |
399.983 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
8.63 |
6.82 |
4.13 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
4.40 |
4.42 |
3.28 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
15.29 |
15.42 |
15.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.97 |
5.74 |
5.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.19 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.79 |
1.99 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.25 |
1.25 |
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 |
455.491 |
455.491 |
455.491 |
|
Reserves & Surplus |
1133.837 |
1380.421 |
1709.571 |
|
Net worth |
1589.328 |
1835.912 |
2165.062 |
|
|
|
|
|
|
long-term borrowings |
1869.067 |
2650.862 |
2807.045 |
|
Short term borrowings |
672.687 |
1003.890 |
1078.315 |
|
Total borrowings |
2541.754 |
3654.752 |
3885.360 |
|
Debt/Equity ratio |
1.599 |
1.991 |
1.795 |
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 |
5738.387 |
7031.208 |
8937.520 |
|
|
|
22.529 |
27.112 |
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 |
5738.387 |
7031.208 |
8937.520 |
|
Profit |
187.933 |
310.532 |
393.098 |
|
|
3.28% |
4.42% |
4.40% |
LOCAL AGENCY FURTHER INFORMATION
Current
Maturities of Long Term Borrowing
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Liabilities of long term borrowings |
631.637 |
360.707 |
311.625 |
|
Total |
631.637
|
360.707 |
311.625 |
|
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 |
No |
|
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 |
No |
|
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 |
PERFORMANCE:
For the financial year ended March 31, 2014, the Company has recorded a good revenue and margin performance. During the year 2013-14, The Company has achieved a turnover of Rs. 8937.500 Millions as against Rs. 7031.200 Millions for the previous financial year registering a rise of 27%. The Profit Before Tax (after interest and depreciation charges) during the year was Rs. 549.100 Millions as compared to previous years figure of Rs. 357.600 Millions. The Net Profit during the year 2013-14 was Rs. 393.100 Millions as compared to previous year figure of Rs. 310.500 Millions which shows the increase of 27%. The Directors would like to inform that the Company is implementing the expansion projects by increasing its production capacity continuously in order to grab the increase in demand for the denim fabrics in the domestic and international market and thereby increasing its volume and activities in its field. Further the Company has targeted to achieve high volume in the terms of quantity and value and also adding the capacity to improve its performance and thereby its share in the market. The Company expects to achieve very excellent performance during the current year.
OVERVIEW OF THE
ECONOMY
The last financial year witnessed the impact of the corrective measures initiated at international economies to bring back the respective economies to their normal situation. The signals, as they read, are indicating a gradual recovery but for the political instability that has been caused in certain parts of the Middle-East Asia having cascading effect across the economies. The US economy has sent some very strong signals to re-establish US Dollar as undisputed leader of international monetary transactions. The most happening economy of China has shown some fatigue whereas other Asian economies are breathing at ease to their recovery route.
Under the challenging economic scenario, the Indian economy went for the process of electing leader of democratic set-up. The possible change over in the electoral process coupled with hesitant in-take by the international economies led to a lower than expected growth of GDP at sub-5%. With commodity prices staying at high levels and food inflation recording new higher levels, to deter the consumer sentiments for potential buoyancy, the manufacturing corporate entities have remained under pressure. The ease expected from the monetary policy has been staggered and no immediate boosting measures worth its impact were launched that could provide impetus to the growth of the national economy.
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10522640 |
03/09/2014 |
250,000,000.00 |
Karnataka Bank Ltd. |
Kankanady, Mangalore, Karnataka - 575002, INDIA |
C23228661 |
|
2 |
10503676 |
22/05/2014 |
250,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
1st Floor, Blue
Star Complex, Opp. Rajiv Gandhi |
C07004112 |
|
3 |
10493756 |
29/03/2014 |
200,000,000.00 |
DENA BANK |
2nd Floor, Dena Laxmi Building, Ashram Road, Ahmedabad, Gujarat - 380008, INDIA |
C04370664 |
|
4 |
10382173 |
28/05/2013 * |
450,000,000.00 |
UNITED BANK OF INDIA |
Ahmedabad Branch,
United Bank of India Building, |
B77660694 |
|
5 |
10379608 |
28/08/2012 |
798,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, NEAR GUJARAT VIDYAPEET |
B59333054 |
|
6 |
10355796 |
23/04/2012 |
250,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
103, ABHISHREE
COMPLEX, OPP. STAR BAZAR, SATELLIT |
B39636790 |
|
7 |
10356070 |
23/04/2012 |
250,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
103, ABHISHREE
COMPLEX, OPP. STAR BAZAR, SATELLIT |
B39733365 |
|
8 |
10344273 |
21/05/2013 * |
499,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
Shop No. 16,Ground Floor,Shangrila
Arcade, Pralhadnagar Road,Near Shyamal Cross Road, AHMEDABAD, |
B77487148 |
|
9 |
10327696 |
17/12/2011 |
440,000,000.00 |
CENTRAL BANK OF INDIA |
MID CORPORATE
FINANCE BRANCH, LAL DARWAJA, AHMEDA |
B29262326 |
|
10 |
10076671 |
26/10/2007 |
50,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYAROAD CANTONMENT, PUNE, Maharashtra - 411001, INDIA |
A27422294 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Borrowing From Related Party |
85.850 |
0.000 |
|
Total |
85.850 |
0.000 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2014
|
Particulars |
Three months
ended |
Six Month
ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
27693420 |
2636.884 |
5406.304 |
|
|
(b) Other Operating Income |
|
|
|
|
|
Total income from operations (net) |
2769.420 |
2636.884 |
5406.304 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
2053.214 |
1884.266 |
3937.480 |
|
|
(b) Purchases of stock-in trade |
34.651 |
38.208 |
72.859 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and stock in trade |
(193.790) |
(90.532) |
(284.322) |
|
|
(d) Employee benefits expense |
107.788 |
87.282 |
195.070 |
|
|
(e) Depreciation and Anmortisation Expenses |
152.806 |
152.256 |
305.062 |
|
|
(f) Other Expenses |
327.844 |
314.784 |
642.628 |
|
|
Total expenses |
2482.514 |
2386.264 |
4868.777 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
286.907 |
250.620 |
537.527 |
|
4 |
Other Income |
5.311 |
8.442 |
13.753 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
292.218 |
259.062 |
551.280 |
|
6 |
Finance Costs |
103.761 |
99.352 |
203.114 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
188.456 |
159.710 |
348.166 |
|
8 |
Exceptional items |
|
|
|
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
188.456 |
159.710 |
348.166 |
|
10 |
Tax expenses |
|
|
|
|
|
Current |
51.038 |
33.787 |
84.825 |
|
|
Deferred |
17.836 |
11.198 |
29.034 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
119.582 |
114.725 |
234.308 |
|
12 |
Extraordinary item (net of tax expense) |
|
|
|
|
13 |
Net Profit / (Loss) for the period (11+12) |
119.582 |
114.725 |
234.308 |
|
14 |
Paid up equity share capital (Face Value of Rs10/- each) |
455.491 |
455.491 |
455.491 |
|
15 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
125.663 |
1818.216 |
1943.879 |
|
16.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not annualised): |
|
|
|
|
|
(a) Basic |
2.63 |
2.52 |
5.14 |
|
|
(b) Diluted |
2.63 |
2.52 |
5.14 |
|
ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not annualised) |
|
|
|
|
|
(a) Basic |
2.63 |
2.52 |
5.14 |
|
|
(b) Diluted |
2.63 |
2.52 |
5.14 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
18781803 |
18983110 |
18781803 |
|
|
- Percentage of shareholding |
41.23% |
41.68% |
41.23% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
19490000 |
19490000 |
19490000 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
72.81% |
73.36% |
72.81% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
42.79% |
42.79% |
42.79% |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
7277253 |
7075946 |
7277253 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
27.19% |
26.64% |
27.19% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
15.98% |
15.53% |
15.98% |
|
B |
INVESTOR COMPLAINTS |
Quarter ended 30.09.2014 |
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
11 |
|
|
Disposed of during the quarter |
11 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
Note:
·
The Limited Review of above unaudited financial
results are required under clause 41 of the listing Agreement has been carried
out by the statutory Auditors.
·
The above results were reviewed by the Audited
Committee and taken on record by the Board of Directors at their meeting held
on 11th November, 2014.
·
With the objective of product diversification and
to achieve better realizations, the Company recently began manufacturing
shirting fabric.
·
Figures of the previous quarter / year have been
regrouped wherever necessary
BALANCE
SHEET AS ON 30YH SEPTEMBER, 2014
|
SOURCES OF FUNDS |
30.09.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
455.491 |
|
(b) Reserves &
Surplus |
1943.879 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2399.370 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
2697.365 |
|
(b) Deferred tax
liabilities (Net) |
244.741 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
0.000 |
|
Total Non-current
Liabilities (3) |
2942.106 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
1128.356 |
|
(b) Trade payables |
190.265 |
|
(c) Other current
liabilities |
1198.087 |
|
(d) Short-term provisions |
80.889 |
|
Total Current Liabilities
(4) |
2597.597 |
|
|
|
|
TOTAL |
7939.073 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
4233.472 |
|
(ii) Intangible Assets |
2.469 |
|
(iii) Capital
work-in-progress |
89.975 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current
Investments |
43.636 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
24.437 |
|
(e) Other Non-current
assets |
74.673 |
|
Total Non-Current Assets |
4468.662 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
1509.902 |
|
(c) Trade receivables |
1312.319 |
|
(d) Cash and cash
equivalents |
280.349 |
|
(e) Short-term loans and
advances |
367.841 |
|
(f) Other current assets |
0.000 |
|
Total Current Assets |
3470.411 |
|
|
|
|
TOTAL |
7939.073 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Income Tax demands disputed in appeal by the Company/ Income Tax Authorities [Against which the Company has paid amount of Rs.5.182 Millions (Previous Year 2.392 Millions)] |
10.403 |
10.116 |
|
Show Cause Notice received from Various Authories in respect of Excise and Customs |
2.466 |
0.515 |
|
Professional Tax |
0.193 |
0.193 |
|
Estimated Amount of Contracts remain to be Executed on Capital Account. Advance paid against such Contract is Rs.3.693 Millions (Previous year Rs.142.993 Millions) which is shown under the head advances. |
616.750 |
691.998 |
|
Corporate guarantee in Favour of IDBI Bank Ltd. to secure Term Loan Sanctioned to M/s Vraj Integrated Textile Parks Limited |
197.000 |
197.000 |
|
Corporate guarantee in Favour of State Bank of Bikaner and Jaipur. to secure Term Loan Sanctioned to M/s Vraj Integrated Textile Parls Limited |
163.000 |
163.000 |
|
Bank Guarantee |
24.080 |
14.080 |
|
A letter has been received by the company from Service Tax Department seeking Clarification on Selling Commission. |
Amount not Quantifiable |
Amount not Quantifiable |
FIXED ASSETS
Tangible Assets
· Land- Lease Hold/ Free Hold
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Computers
· Vehicles
· Office Equipment
Intangible Assets
· Licence and 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 records 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. 61.77 |
|
|
1 |
Rs. 96.78 |
|
Euro |
1 |
Rs. 76.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.