MIRA
INFORM REPORT
|
Report Date : |
25.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
T T LIMITED |
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Registered
Office : |
879 Master Prithvi Nath Margkarol Bagh, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.09.1978 |
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Com. Reg. No.: |
55-009241 |
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Capital
Investment / Paid-up Capital : |
Rs. 214.981 Millions |
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CIN No.: [Company Identification
No.] |
L18101DL1978PLC009241 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELT04227G |
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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
: |
Manufacturer and Exporter of Cotton, Yarn Textile, Fabrics etc. |
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No. of Employees
: |
1500 (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 |
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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 an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
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.
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.
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. Sunil Mahnot |
|
Designation : |
Director Finance and CFO |
|
Contact No.: |
91-11-45060708 |
|
Date : |
21.11.2014 |
LOCATIONS
|
Registered Office : |
879 Master Prithvi Nath Margkarol Bagh, New Delhi – 110005, India |
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Tel. No.: |
91-11-45060708 |
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Fax No.: |
91-11-45060741 |
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E-Mail : |
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Website : |
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Mills/ Factory 1 : |
Tirupti Spinning mills |
|
Address : |
305/1, Tirupati Thotham, Avinashi, district. Tirupur, |
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Factory 2 : |
Gajroula Spinning Mills |
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Address : |
109-10 KM Stone, National highway No.24, Delhi Moradabad Road, Tirupatipuram district, Jyoti Ba Phole Nagar, Gajroula – 244235, India |
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Factory 3 : |
Gopeshwar Spinning Mills |
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Address : |
Survey No. 89, Kadiyali Rajula, Amreli – 365560, Gujarat, India |
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Factory 4 : |
Rajula Spinning Mills |
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Address : |
Survey No. 88, Kadiyali Rajula, Tirupur – 641654, Tamilnadu, India |
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Factory 5 : |
T T Limited (garments divisions) |
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Address : |
305/1, Padmavati Garden Avinashi, Tirupur – 641654, Tamilnadu, India |
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Branches : |
Located At : · Kolkata · Avinashi · Gajroula ·
Rajula |
DIRECTORS
As On 31.03.2014
|
Name : |
Dr. Rikhab C Jain |
|
Designation : |
Chairman |
|
Address : |
B-28, Ashok Vihar, Phase – I, New Delhi – 110052, India |
|
Date of Birth/Age: |
24.08.1944 |
|
Date of Appointment : |
29.09.1978 |
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DIN No.: |
01736379 |
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Name : |
Mr. Sanjay Kumar Jain |
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Designation : |
Managing Director |
|
Address : |
703 Mangal Jyoti, 227/2 AJK
Bose Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
06.09.1969 |
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Date of Appointment : |
15.01.1997 |
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DIN No.: |
01736303 |
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Name : |
Mrs. Jyoti Jain |
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Designation : |
Jt. Managing Director |
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Address : |
703 Mangal Jyoti, 227/2 AJK
Bose Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
27.10.1971 |
|
Date of Appointment : |
15.01.1997 |
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DIN No.: |
01736336 |
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Name : |
Mr. V. R. Mehta |
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Designation : |
Director |
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Address : |
G -12, South Extension Part – II, New Delhi – 110049, India |
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Date of Birth/Age : |
12.01.1934 |
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Date of Appointment : |
22.01.2005 |
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|
Name : |
Mr. Navratan Dugar |
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Designation : |
Director |
|
Address : |
51, Poes Garden, Chennai – 600086, Tamilnadu, India |
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Date of Birth/Age : |
02.10.1943 |
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Date of Appointment : |
29.09.1978 |
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DIN No.: |
00197281 |
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|
Name : |
Dr. (Prof) V. K. Kothari |
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Designation : |
Director |
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Address : |
8 New Campus, IIT Hauz Khas, New Delhi – 110016, India |
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Date of Birth/Age : |
10.09.1948 |
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Date of Appointment : |
02.09.1994 |
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DIN No.: |
00389048 |
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|
Name : |
Mr. Sunil Mahnot |
|
Designation : |
Director Finance and CFO |
|
Address : |
KU-154, Pitampura, Delhi – 110034, India |
|
Date of Birth/Age : |
01.07.1969 |
|
Date of Appointment : |
01.07.1997 |
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|
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|
Name : |
Mr. Mahesh Mehta |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Miss Bulbul Daga |
|
Designation : |
Secretary |
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|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
No. of Shares |
Percentage of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10351298 |
48.15 |
|
|
1616743 |
7.52 |
|
|
1616743 |
7.52 |
|
|
11968041 |
55.67 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
11968041 |
55.67 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
800 |
0.00 |
|
|
700 |
0.00 |
|
|
1500 |
0.01 |
|
|
|
|
|
|
517161 |
2.41 |
|
|
|
|
|
|
6242515 |
29.04 |
|
|
2225844 |
10.35 |
|
|
542989 |
2.53 |
|
|
500 |
0.00 |
|
|
25955 |
0.12 |
|
|
118692 |
0.55 |
|
|
397842 |
1.85 |
|
|
9528509 |
44.32 |
|
Total Public
shareholding (B) |
9530009 |
44.33 |
|
Total (A)+(B) |
21498050 |
100.00 |
|
(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 |
|
Total
(A)+(B)+(C) |
21498050 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.16 |
|
Bodies corporate |
3.09 |
|
Directors or relatives of Directors |
55.09 |
|
Other top fifty shareholders |
9.27 |
|
Others |
32.39 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cotton, Yarn Textile, Fabrics etc. |
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Products : |
·
Garments ·
Fabric ·
Yarn ·
Cotton ·
Agrocommodity |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Textiles Fibres |
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Countries : |
·
China ·
UK ·
Pakistan ·
USA |
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Terms : |
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Selling : |
Cash, Advance Payment, Cheque and Credit |
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Purchasing : |
Cash, Advance Payment, Cheque and Credit |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
·
Industrial Development Bank of India, Indian Red
Cross Building, 1, Red Cross Road, New Delhi – 110001, India · Oriental Bank of Commerce · Punjab National Bank · Indian Bank · State Bank of Mysore · State Bank of Hyderabad ·
State Bank of India |
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Facilities : |
LONG TERM
BORROWING Note : Terms of repayment
/ details of security are as follows: From Banks – Term loans
1.
Rupees Term Loan from Oriental Bank of Commerce (OBC),
Punjab National Bank (PNB), State Bank of Mysore (SBM) and Indian Bank are
secured by pari-passu charge on company's immoveable and moveable assets
located at Gajroula, Avinashi, Rajula units and Wind Mills located at
Govindhapuram and Kundadam Villages, Tirupur District of the company. Loans
are further secured by personal guarantee of Shri Rikhab C. Jain, Chairman of
the company. Term Loan carry ROI ranging from 12.20% to 13.50% p.a. The
aforesaid interest rate is subject to benefit under TUF scheme of Government
of India and state interest subsidies whenever applicable. 2.
Fixed Deposits carry interest @11.5%-13% and
repayable within one to three Years from the date of Deposits. 3.
Borrowings from Directors and others is the
amount inducted by the promoters as per the terms and conditions stipulated
in sanctions of the loans by the bankers, are not repayable in next 12 Months
therefore all such borrowings have been classified as “Long Term in nature” SHORT TERM
BORROWING Note : The working capital loans from consortium of banks i.e. OBC and PNB
are secured by hypothecation of Raw Material, Work in Process, Packing
Material, Finshed Goods and Book Debts and second charge over Fixed Assets
located at Gajroula, Avinashi , Rajula and Wind Mill and further secured by
personal guarantee of Shri Rikhab C. Jain, Chairman of the Company. |
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Auditors : |
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Statutory Auditors : |
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|
Name : |
Doogar and Associates Chartered Accountants |
|
Address : |
Delhi, India |
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Internal
Auditors : |
|
|
Name : |
R. S. Modi and Company Chartered Accountants |
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|
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|
Legal Advisor : |
Shilpi Jain Sharma Advocate |
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Memberships : |
-- |
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Collaborators : |
-- |
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|
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As On 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21498050 |
Equity Shares |
Rs.10/- each |
Rs.214.981
Millions |
|
|
|
|
|
a) Reconciliation of the shares outstanding at
the beginning and at the end of the reporting Year
(Rs. In Millions)
|
Particulars |
31.03.2014 |
|
|
|
No of Shares |
Rs |
|
Equity Shares |
|
|
|
At the beginning of the Year |
21498050 |
214.981 |
|
Issued during the Year |
- |
- |
|
Bought back during the Year |
- |
- |
|
Outstanding at the end of the Year |
21498050 |
214.981 |
b) Terms/rights attached to
Equity Shares
Company has only
one class of equity shares having a par value of Rs.10/-. Each holder of equity
shares is entitled to one vote per share. The Company declares and pays dividends
in Indian rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting. During
the year ended 31st March 2014 the amount of per share dividend as distribution
to equity share holder is Rs. 1/- per share (previous year Re. 1/- per share).
c) Details of shareholders
holding more than 5% shares in the company
|
Particulars |
31.03.2014 |
|
|
|
No of Shares |
% holding |
|
Equity Shares |
|
|
|
Rikhab Chand Jain |
8187279 |
38.08 |
|
Jyoti Jain |
1689447 |
7.86 |
|
H M Foundation(Trust) |
1613643 |
7.51 |
|
|
|
|
d) As per of the company, including its
register of shareholders/members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares
e) The Company has not allotted any fully paid
up shares pursuant to contract(s) without payment being received in cash nor has
allotted any fully paid up shares by way of bonus shares nor has bought back
any class of shares during the period of five years immediately preceding the
balance sheet date.
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 |
214.980 |
214.980 |
214.980 |
|
(b) Reserves & Surplus |
823.409 |
765.704 |
613.872 |
|
(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) |
1038.389 |
980.684 |
828.852 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1491.184 |
1734.019 |
1000.171 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
37.349 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1491.184 |
1734.019 |
1037.520 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1336.351 |
1157.975 |
1117.989 |
|
(b) Trade payables |
79.221 |
93.473 |
14.138 |
|
(c) Other current
liabilities |
554.673 |
426.846 |
301.599 |
|
(d) Short-term provisions |
39.690 |
32.872 |
27.845 |
|
Total Current Liabilities (4) |
2009.935 |
1711.166 |
1461.571 |
|
|
|
|
|
|
TOTAL |
4539.508 |
4425.869 |
3327.943 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2856.546 |
2132.935 |
1983.768 |
|
(ii) Intangible Assets |
1.549 |
2.283 |
3.528 |
|
(iii) Capital
work-in-progress |
0.000 |
738.890 |
19.596 |
|
(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) |
9.414 |
35.075 |
0.000 |
|
(d) Long-term Loan and Advances |
144.425 |
119.306 |
96.617 |
|
(e) Other Non-current assets |
5.690 |
5.310 |
15.863 |
|
Total Non-Current Assets |
3017.624 |
3033.799 |
2119.372 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.006 |
0.023 |
0.045 |
|
(b) Inventories |
596.422 |
680.850 |
678.197 |
|
(c) Trade receivables |
508.557 |
446.018 |
301.349 |
|
(d) Cash and cash
equivalents |
15.496 |
14.082 |
33.182 |
|
(e) Short-term loans and
advances |
72.860 |
34.787 |
29.806 |
|
(f) Other current assets |
328.543 |
216.310 |
165.992 |
|
Total Current Assets |
1521.884 |
1392.070 |
1208.571 |
|
|
|
|
|
|
TOTAL |
4539.508 |
4425.869 |
3327.943 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7435.359 |
5028.432 |
4879.383 |
|
|
|
Other Income |
1.310 |
3.822 |
14.985 |
|
|
|
TOTAL (A) |
7436.669 |
5032.254 |
4894.368 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5575.909 |
3640.603 |
3664.763 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
90.512 |
(99.766) |
(120.652) |
|
|
|
Employees benefits expense |
208.740 |
174.648 |
125.186 |
|
|
|
Other expenses |
940.262 |
796.076 |
638.478 |
|
|
|
TOTAL (B) |
6815.423 |
4511.561 |
4307.775 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
621.246 |
520.693 |
586.593 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
354.659 |
318.934 |
234.077 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
266.587 |
201.759 |
352.516 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
151.043 |
116.129 |
112.815 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
115.544 |
85.630 |
239.701 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.661 |
20.108 |
81.757 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
89.883 |
65.522 |
157.944 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
(50.000) |
(30.000) |
0.000 |
|
|
|
Dividend |
(21.498) |
(21.498) |
(0.083) |
|
|
|
Tax on Dividend |
(3.653) |
(3.653) |
0.000 |
|
|
|
Total
(M) |
(75.151) |
(55.151) |
(0.083) |
|
|
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
|
F.O.B. Value of Exports |
5020.316 |
2671.876 |
22.7.322 |
|
|
|
TOTAL
EARNINGS |
5020.316 |
2671.876 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
1510.463 |
|
|
|
Components and Stores parts |
4.786 |
4.537 |
35.107 |
|
|
|
Capital Goods |
0.000 |
143.689 |
0.000 |
|
|
|
TOTAL
IMPORTS |
4.786 |
148.226 |
1545.570 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.18 |
0.05 |
7.35 |
|
Expected Sales (2014-15): Rs. 8000.000 Millions.
The above information has been parted by Mr. Sunil Mahnot (Director
Finance and CFO).
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
1.21
|
1.30 |
3.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.35
|
10.35 |
12.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.55 |
2.34 |
7.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.09 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.72 |
2.95 |
2.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76 |
0.81 |
0.83 |
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 |
214.980 |
214.980 |
214.980 |
|
Reserves & Surplus |
613.872 |
765.704 |
823.409 |
|
Net
worth |
828.852 |
980.684 |
1038.389 |
|
|
|
|
|
|
long-term borrowings |
1000.171 |
1734.019 |
1491.184 |
|
Short term borrowings |
1117.989 |
1157.975 |
1336.351 |
|
Total
borrowings |
2118.160 |
2891.994 |
2827.535 |
|
Debt/Equity
ratio |
2.556 |
2.949 |
2.723 |
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 |
4879.383 |
5028.432 |
7435.359 |
|
|
|
3.055 |
47.866 |
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 |
4879.383 |
5028.432 |
7435.359 |
|
Profit |
157.944 |
65.522 |
89.883 |
|
|
3.24% |
1.30% |
1.21% |
LOCAL AGENCY FURTHER INFORMATION
Note: Current
Maturity Long Term Debt are not available.
|
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 |
Yes |
|
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 |
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 |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10522967 |
24/09/2014 |
200,000,000.00 |
ORIENTAL BANK OF COMMERCE |
LARGE CORPORATE
BRANCH, GF & FF, HARSHA BHAWAN, C |
C23986854 |
|
2 |
10474320 |
14/12/2013 |
1,788,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK
BUILDING,, PANCHKUIYAN ROAD, NEW |
B94980406 |
|
3 |
10401334 |
14/12/2012 |
90,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK
BUILDING, PANCHKUIAN ROAD, NEW D |
B67384313 |
|
4 |
10331669 |
07/12/2011 |
200,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK
BUILDING,, PANCHKUIYAN ROAD, NEW |
B30499339 |
|
5 |
10299536 |
13/07/2011 |
700,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK
BUILDING, PANCHKUIAN ROAD, NEW D |
B17823576 |
|
6 |
10294984 |
28/03/2012 * |
65,000,000.00 |
State Bank of Mysore |
Corporate Account
Branch, 3, 4 & 5, DDA Building, |
B36222248 |
|
7 |
10298353 |
22/06/2011 |
200,000,000.00 |
INDIAN BANK |
LARGE CORPORATE
BRANCH,, G-41, CONNAUGHT CIRCUS,, |
B17258427 |
|
8 |
10272674 |
24/01/2011 |
35,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE
BRANCH, TOLSTOY HOUSE , TOLSTOY A |
B08282741 |
|
9 |
10266119 |
15/12/2010 |
100,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK
BUILDING,, PANCHKUIYAN ROAD,, NE |
B05102850 |
|
10 |
10169182 |
30/06/2009 |
3,865,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISKYMOOK
BUILDING, PANCHKUIAN ROAD, NEW DE |
A67010496 |
* Date of charge modification
UNSECURED LOANS
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Other Borrowing |
|
|
|
Fixed Deposits |
121.917 |
99.015 |
|
From Directors |
107.796 |
77.700 |
|
From Others |
184.507 |
129.400 |
|
|
|
|
|
Total |
414.220 |
306.115 |
REVIEW OF OPERATIONS
The year 2013-14 was a year of ups and downs. We started the year on a low note with poor demand and a not so rosy future. However keeping up the trend of volatility, everything changed from May end and we saw the currency depreciating in a matter of 3 months by more than 20%. India suddenly became very competitive and exports increased steeply. Cotton prices also went up steeply and then fell back again as the currency retraced and the new cotton season ushered in.
The depreciation of rupee was a big boost to the exports, However the volatility in cotton/currency and withdrawal of FMS scheme by Government were a set back which impacted profitability. However the Company was able to increase its exports by about 82% . The Company has earned a PAT of Rs.89.900 Millions against a profit of Rs. 65.500 Millions in the last year. The turnover of the Company also went up by 48% to Rs.7440.000 Millions Operating EBITDA (before other income) is Rs.621.200 Millions as against Rs.533.100 Millions last year.
The year could have been much better but for the low economic growth and high inflation domestically. Domestic sales were very slow as consumption was hit by inflation and a pessimism in the economy.
The Company started commercial production of its new spinning project in Rajula, Gujarat. This project is expected to be the most profitable segment of the Company due to its locational advantage and Government incentives. During the year, capacity utilization was low due to non-availability of adequate labour. The Company could achieve 80% plus utilization first time in the last quarter only.
The Company is in the process of identifying assets for disposal to improve liquidity and reduce its leverage.
FUTURE OUTLOOK
As they enter the new year we start with a lot of optimism. Global growth is picking up and India has most probably seen its bottom. Textile and clothing demand is expected to pick up and the Company is well poised to take advantage of it. It has completed all its expansion projects and has no new plans for 2014-15. The Company wants to consolidate and reduce its leveraging to create a strong base for picking up new growth ideas for 2015-16.
The new Central Government led by Shri Narendra Ji Modi has been established with this hope of industrial and economic revival has risen Rapidity in economic growth is certainly expected. Its jewel in the crown, Rajula new spinning unit is now fully stabilised and the Company is expecting 90% utilization in the coming year. Further with growth picking up domestically and inflation settling down, they expect consumer demand to grow at a good pace. Last year the value added garments division could just manage 10% growth, however this year we look to growth at 25% to 30%. However there are two threats which could impact the Company i.e. Currency appreciating lower than rupees a dollar 60 and the Chinese reducing their local cotton prices too much. Such macro economic factors change so fast, that it is difficult to predict anything – however these two factors may impact yarn exports. The Company has started focusing more on domestic markets for its yarn sales. The Company targets to sell domestically all yarn produced in two spinning mills located at Gajroula and Avinashi in the local markets. Gujarat mills due to their location, would always enjoy a costing edge in exports over its peers in other parts of the country.
The above average growth in the company turnover last year, has made the Company project a growth of 15% for the current year. The Company targets to reach Rs 10000.000 Millions in the next 2 years. Profit margins would also improve in the coming years.
They start the current year with a lot of hope and optimism of achieving new heights and taking the brand and the company to new levels.The much talked about consumption boom is expected to kick off very soon and we are well poised to take advantage of it. This would also reduce the dependence on exports and de-risk the company from vagaries of exports.
Last but not the least, Company has framed a CSR policy in line with the newly introduced Companies Act, 2013. Also other changes as required by the Act are being undertaken and we re-affirm our commitment to the best level of good corporate governance.
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2014
|
Sr. No. |
Particulars |
Quarter Ended |
Quarter Ended |
Half Year Ended |
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
|
1. |
Income from
Operations |
|
|
|
|
|
a)
Sales / Income from Operations |
1573.956 |
1491.341 |
3065.297 |
|
|
b)
Other Operating Income |
25.566 |
36.131 |
61.697 |
|
|
Total
Income from Operations (net) |
1599.522 |
1527.472 |
3126.994 |
|
2. |
Expenditure |
|
|
|
|
|
a)
Cost of materials consumed |
1255.300 |
1075.607 |
2330.907 |
|
|
b) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(58.503) |
41.319 |
(17.184) |
|
|
c)
Employee benefits expense |
71.825 |
57.476 |
129.301 |
|
|
d)
Depreciation and amortisation expense |
37.605 |
29.596 |
67.201 |
|
|
e)
Other expenses |
266.608 |
214.695 |
481.303 |
|
|
Total Expenses |
1572.835 |
1418.693 |
2991.528 |
|
3. |
Profit from Operations
before Other Income and Finance Costs (1-2) |
26.687 |
108.779 |
135.466 |
|
4. |
Other Income |
0.753 |
0.027 |
0.780 |
|
5. |
Profit
before finance costs (3+4) |
27.440 |
108.806 |
136.246 |
|
6. |
Finance Costs |
94.450 |
96.684 |
191.134 |
|
7. |
Profit/
Loss from Operation before other Income, Finance Costs and Exceptional (5-6) |
(67.010) |
12.122 |
(54.888) |
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
9. |
Profit/ (loss) from ordinary Activities
before tax (7+8) |
(67.010) |
12.122 |
(54.888) |
|
10. |
Tax
Expenses Income
Tax (Net of MAT Credit) Deferred
Tax Liability / (Assets) |
0.000 (19.891) |
0.000 4.434 |
0.000 (15.457) |
|
11. |
Net
Profit/ (Loss) from Ordinary Activities after tax (9-10) |
(47.119) |
7.688 |
(39.431) |
|
12. |
Paid-up
Equity Share Capital (Face
Value per share in Rs. 10/-) |
214.980 |
214.980 |
214.980 |
|
13. |
Reserves
excluding Revaluation Reserves as per
balance sheet of previous accounting year |
0.000 |
0.000 |
0.000 |
|
14. |
Earnings
per Equity Shares (of Rs. 10/- each) Basic
and Diluted (In Rs.) |
(0.219) |
0.036 |
(0.183) |
|
Part II |
|
|
|
|
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
9530009 |
9535689 |
9530009 |
|
|
- Percentage of Shareholding |
44.33% |
44.36% |
44.33% |
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
NIL |
NIL |
NIL |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
NIL |
NIL |
NIL |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the Company) |
NIL |
NIL |
NIL |
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
11968041 |
11962361 |
11968041 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
55.67% |
55.64% |
55.67% |
|
PARTICULARS |
For the quarter ended 30th June 2014 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
4 |
|
Disposed during the quarter |
4 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1.
The aforesaid Results were reviewed by Audit
Committee and approved by the Board of Directors at their respective meetings
held on August 13, 2014.
2.
The Company operates under single
segment "Textiles" as defined in the Accounting Standard -17 on
"Segment Reporting" issued by ICAI.
3.
Figures of the previous period has been
regrouped wherever necessary.
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Building
· Plant and Machinery
·
Furniture
and Fixture
·
Electric
Installation
· Office Equipment
· Vehicles
·
Wind Mill
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 : |
JML |
|
|
|
|
Analysis Done by
: |
PRT |
|
|
|
|
Report Prepared
by : |
JYO |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.