MIRA INFORM REPORT
|
Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOMBAY RAYON FASHIONS LIMITED |
|
|
|
|
Registered
Office : |
D-1st Floor, Oberoi Garden Estates, Chandivali, Farms Road,
Chandivali, Andheri (East), Mumbai – 400072, Maharashtra |
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|
Country : |
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Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
21.05.1992 |
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|
|
|
Com. Reg. No.: |
11-066880 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1346.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120MH1992PLC066880 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM08816D |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACM3447J |
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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 Fabrics and Garments. |
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|
|
|
No. of Employees
: |
13824 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 110000000 |
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|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. There seem some dip in the turnover during 2014, the company has also incurred
a heavy loss. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had willfully 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 = BBB- (Suspended) |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit
risk. |
|
Date |
26.11.2012 |
Reason for Suspended: The rating has been
suspended as the company has not furnished the information required.
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 DECLINED BY
|
Name : |
Mr. A. R. Mudhra |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-66955566 |
|
Date : |
12.09.2014 |
LOCATIONS
|
Registered/ Head Office : |
D – 1st Floor, Oberoi Garden Estates, Chandivali, Farms Road,
Chandivali, Andheri (E), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-66955566/ 56950506/ 39858800 |
|
Fax No.: |
91-22-28476992/ 28598522/ 28476992 / 39858830 |
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E-Mail : |
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Website : |
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Bangalore Office
: |
KIADB Apparel Park, Near Railway Station, Doddaballapur, Bangalore –
561206, Karnataka, India |
|
Tel No.: |
91-80-30940000 |
|
Fax No.: |
91-80-30940111 |
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|
|
|
Factory : |
WEAVING AND YARN
DYEING – Maharashtra – Navi Mumbai, Sonale and Tarapur, District Thane – Silvassa – Karnataka – Bangalore PROCESSING AND
YARN DYEING – Maharashtra -Tarapur – Karnataka – Bangalore GARMENTING – Maharashtra – Navi Mumbai, Islampur, Latur, Ichalkaranji and
Osmanabad – Karnataka - Bangalore – Tamilnadu - Chennai – Kerala - Thiruvannthapuram |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Janardan Agarwal |
|
|
Designation : |
Chairman |
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Date of Birth : |
25.05.1949 |
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Qualification : |
B. Com |
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Date of Appointment : |
24.08.1992 |
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|
Name : |
Mr. Aman Agarwal |
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Designation : |
Vice Chairman |
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Date of Birth : |
21.05.1972 |
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Qualification : |
B. Com, MBA-Australia |
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|
Date of Appointment : |
31.01.2003 |
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|
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|
Name : |
Mr. Naseer Ahmed |
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|
Designation : |
Joint Vice Chairman |
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Date of Birth : |
22.05.1959 |
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|
Qualification : |
B. Com |
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|
Date of Appointment : |
25.07.2005 |
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|
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|
|
|
Name : |
Mr. Prashant Agarwal |
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|
Designation : |
Managing Director |
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Date of Birth : |
21.07.1974 |
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|
Qualification : |
B. Tech Chemical, M.S.-Chemical Engineering and Petroleum Refining
(USA) |
|
|
Date of Appointment : |
01.09.1997 |
|
|
|
|
|
|
Name : |
Mr. Uday Mogre |
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|
Designation : |
Executive Director (Corporate) |
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Date of Birth : |
29.12.1951 |
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Qualification : |
B. Tech (Chemical Engineering, MBA |
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|
Date of Appointment : |
16.05.2005 |
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|
|
|
|
|
Name : |
Mr. A R Mundra |
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Designation : |
Executive Director (Finance) |
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Date of Birth : |
21.07.1956 |
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Qualification : |
B. Com, LLB, ACA, ACS |
|
|
Date of Appointment : |
16.05.2005 |
|
|
|
|
|
|
Name : |
Mr. Suresh Vishwasrao |
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|
Designation : |
Director |
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|
|
|
|
|
Name : |
Mr. M. M. Agrawal |
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|
Designation : |
Director |
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|
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|
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|
Name : |
Mr. Mukul Sarkar |
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|
Designation : |
Nominee Director - EXIM Bank |
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|
|
|
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|
Name : |
Mr. Babu Nambiar |
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|
Designation : |
Nominee Director - IDBI
Bank (Appointed w.e.f. 22nd
August, 2013) |
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Date of Birth : |
02.07.1967 |
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|
Qualification : |
B. Sc, Physics, Master of Financial Management (MFM) |
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Date of Appointment : |
10.08.2013 |
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|
|
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|
Name : |
Mr. A. Arumugham |
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Designation : |
Additional Director (Appointed w.e.f. 22nd August, 2013) |
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Date of Birth : |
26.10.1942 |
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Qualification : |
CA |
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|
Date of Appointment : |
22.08.2013 |
|
KEY EXECUTIVES
|
Name : |
Ms. Prachi A. Deshpande |
|
Designation : |
Company Secretary |
|
Address : |
D 1st Floor, |
|
|
|
|
Name : |
Mr. A. R. Mudhra |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
22226218 |
16.51 |
|
|
50938430 |
37.84 |
|
|
73164648 |
54.36 |
|
|
|
|
|
|
51000400 |
37.89 |
|
|
51000400 |
37.89 |
|
Total shareholding of Promoter and Promoter
Group (A) |
124165048 |
92.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
681873 |
0.51 |
|
|
10 |
0.00 |
|
|
420717 |
0.31 |
|
|
1102600 |
0.82 |
|
|
|
|
|
|
7881709 |
5.86 |
|
|
|
|
|
|
761671 |
0.57 |
|
|
517664 |
0.38 |
|
|
171308 |
0.13 |
|
|
110909 |
0.08 |
|
|
60399 |
0.04 |
|
|
9332352 |
6.93 |
|
Total Public shareholding (B) |
10434952 |
7.75 |
|
Total (A)+(B) |
134600000 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
134600000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fabrics and Garments. |
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Products : |
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||||||||||
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Brand Names : |
‘GURU’ |
PRODUCTION STATUS
|
Particulars |
Unit |
31.03.2013 |
|
Fabrics |
Million Metres |
162.75 mm Mtrs. |
|
Garments |
Million Pieces |
41.95 Mn Pcs |
GENERAL INFORMATION
|
No. of Employees : |
13824 (Approximately) |
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Bankers : |
· Axis Bank Limited · Allahabad Bank · Bank of India · Bank of Maharashtra · Central Bank of India · Corporation Bank · Dena Bank · Export-Import Bank of India · Indian Bank · IDBI Bank Limited · Indian Overseas Bank Limited · ICICI Bank Limited · Karnataka Bank Limited · Karur Vysya Bank Limited · Oriental Bank of Commerce · Punjab National Bank · State Bank of Bikaner and Jaipur · State Bank of India · State Bank of Hyderabad · State Bank of Mysore · State Bank of Patiala · State Bank of Travancore · Standard Chartered Bank ·
Union Bank of India |
|||||||||||||||||||||||||||||||||||||||
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Facilities : |
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|
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Banking Relations
: |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
V. K. Beswal and Associates Chartered Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Subsidiary Company
: |
· STI India Limited · DPJ Clothing Limited · Bombay Rayon Holdings Limited · BRFL Bangladesh Private Limited · BRFL Europe B.V. ·
BRFL Italia S.R.L. |
|
|
|
|
Other Related
Parties : |
· Latur Integrated Textile Park Private Limited · Islampur Integrated Textile Park Private Limited · STI Sanoh India Limited · Kagal Industrial Textile Technology Park Private Limited · Reynold Shirting Limited · Bombay Rayon Clothing Limited · Bestsellers Retail India Private Limited · Best United Lifestyles Private Limited · Best United India Comforts Private Limited · Bestseller Wholesale India Private Limited · B. R. Machine Tools Private Limited · Ashwell Holding Company Private Limited · Arihant Organics Private Limited ·
Clinvent Real Estates Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
134600000 |
Equity Shares |
Rs.10/- each |
Rs. 1346.000
Millions |
|
|
|
|
|
NOTES:
Reconciliation of the shares
outstanding at the beginning and at the end of the reporting period
|
Particulars |
March 31, 2014 |
|
|
|
No. of Shares |
Rs. In Millions |
|
At
the beginning of the year |
134,600,000 |
1346.000 |
|
Shares
Issued during the year * |
-- |
-- |
|
At
the end of the year |
134,600,000 |
1346.000 |
Detail of shareholders
holding more than 5% of shares in the company
|
Name of Shareholders |
March 31, 2013 |
|
|
|
No. of Shares |
% of Holding |
|
Janardan
Agarwal |
7,756,422 |
5.76% |
|
Reynold
Shirting Limited |
13,449,947 |
9.99% |
|
Bombay
Rayon Clothing Limited |
6,602,760 |
4.91% |
|
AAA
United B.V. |
51,000,400 |
37.89% |
|
Ashwell
Holding Company Private Limited |
28,420,000 |
21.11% |
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 |
1346.000 |
1346.000 |
1346.000 |
|
(b) Reserves & Surplus |
25767.500 |
29866.200 |
27978.600 |
|
(c) Money
received against share warrants |
493.100 |
493.100 |
493.100 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
27606.600 |
31705.300 |
29817.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
27013.600 |
14929.900 |
13069.900 |
|
(ai) Unsecured Loans form promoters |
891.900 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
1149.100 |
3248.200 |
2610.900 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
61.800 |
62.800 |
9.800 |
|
Total Non-current
Liabilities (3) |
29116.400 |
18240.900 |
15690.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
17275.000 |
21167.600 |
19268.500 |
|
(b) Trade
payables |
7928.600 |
6719.300 |
4465.100 |
|
(c) Other
current liabilities |
2290.100 |
4641.800 |
3441.700 |
|
(d) Short-term
provisions |
452.900 |
419.200 |
354.300 |
|
Total Current
Liabilities (4) |
27946.600 |
32947.900 |
27529.600 |
|
|
|
|
|
|
TOTAL |
84669.600 |
82894.100 |
73037.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
35457.300 |
38159.700 |
37175.300 |
|
(ii)
Intangible Assets |
59.800 |
69.700 |
73.000 |
|
(iii)
Capital work-in-progress |
1350.900 |
1289.600 |
517.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1567.900 |
1567.900 |
1556.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3759.200 |
3824.200 |
3601.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
42195.100 |
44911.100 |
42922.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
14.000 |
24.000 |
128.000 |
|
(b)
Inventories |
24461.200 |
22618.500 |
17731.000 |
|
(c) Trade
receivables |
9594.700 |
7184.300 |
4610.700 |
|
(d) Cash
and cash equivalents |
976.300 |
911.500 |
1184.800 |
|
(e)
Short-term loans and advances |
7427.800 |
7244.200 |
6457.700 |
|
(f) Other
current assets |
0.500 |
0.500 |
2.800 |
|
Total
Current Assets |
42474.500 |
37983.000 |
30115.000 |
|
|
|
|
|
|
TOTAL |
84669.600 |
82894.100 |
73037.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
29073.600 |
31947.900 |
27349.600 |
|
|
|
Other Income |
97.100 |
190.200 |
143.000 |
|
|
|
TOTAL (A) |
29170.700 |
32138.100 |
27492.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
19425.900 |
19445.200 |
17091.100 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(2089.600) |
(3302.300) |
(3215.100) |
|
|
|
Employees benefits expense |
2563.200 |
2509.200 |
2301.600 |
|
|
|
Other expenses |
4754.700 |
4894.000 |
3851.000 |
|
|
|
Prior period items (Net) |
(38.000) |
0.000 |
0.000 |
|
|
|
Stock Valuation Difference
Written Off |
2583.600 |
0.000 |
0.000 |
|
|
|
Foreign Exchange Rate
fluctuation Loss |
909.200 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
28109.000 |
23546.100 |
20028.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1061.700 |
8592.000 |
7464.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4501.900 |
2780.600 |
2215.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3440.200) |
5811.400 |
5248.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2757.600 |
2712.200 |
2172.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(6197.800) |
3099.200 |
3076.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(2099.100) |
1211.600 |
1011.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(4098.700) |
1887.600 |
2065.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
4205.600 |
10797.600 |
12236.900 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
524.000 |
492.900 |
1960.600 |
|
|
|
Stores & Spares |
104.000 |
99.300 |
241.700 |
|
|
|
Capital Goods |
29.400 |
20.900 |
18.400 |
|
|
TOTAL IMPORTS |
657.400 |
613.100 |
2220.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
(30.45) |
14.02 |
15.50 |
|
|
|
- Diluted |
(30.45) |
14.02 |
14.67 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.09.2014 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
7980.600 |
|
Total Expenditure |
|
|
6875.000 |
|
PBIDT (Excl OI) |
|
|
1105.600 |
|
Other Income |
|
|
23.000 |
|
Operating Profit |
|
|
1128.600 |
|
Interest |
|
|
1260.100 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
(131.500) |
|
Depreciation |
|
|
444.100 |
|
Profit Before Tax |
|
|
(575.600) |
|
Tax |
|
|
(195.600) |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(380.000) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(380.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(14.05) |
5.87 |
7.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(21.32) |
9.70 |
11.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.58) |
3.87 |
4.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22) |
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.60 |
1.14 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.15 |
1.09 |
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 |
1346.000 |
1346.000 |
1346.000 |
|
Reserves & Surplus |
27978.600 |
29866.200 |
25767.500 |
|
Money received against
share warrants |
493.100 |
493.100 |
493.100 |
|
Net worth |
29817.700 |
31705.300 |
27606.600 |
|
|
|
|
|
|
Long-term borrowings |
13069.900 |
14929.900 |
27013.600 |
|
Short term borrowings |
19268.500 |
21167.600 |
17275.000 |
|
Total borrowings |
32338.400 |
36097.500 |
44288.600 |
|
Debt/Equity ratio |
1.085 |
1.139 |
1.604 |
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 |
27349.600 |
31947.900 |
29073.600 |
|
|
|
16.813 |
(8.997) |
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 |
27349.600 |
31947.900 |
29073.600 |
|
Profit |
2065.100 |
1887.600 |
(4098.700) |
|
|
7.55% |
5.91% |
(14.10%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
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 |
Yes |
|
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 |
CASE DETAILS
Bench:-Bombay
|
Presentation Date:- 04/07/2014 |
|
Lodging No.:- |
CPL/464/2014 |
Filing Date:- |
04/07/2014 |
|
Petitioner:- |
BALAJI CHEMICALS |
Respondent:- |
Bombay Rayon Fashion Limited
(CIN-L17120MH1992PLC066880) |
|
Petn. Adv.:- |
VIMADALALA AND COMPANY (665) |
Resp. Adv.:- |
0 (0) |
|
District:- |
OUTSIDE MAHARASHTRA |
||
|
Bench:- |
SINGLE |
||
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439
COMPANIES ACT |
|
Last Date:- |
11/07/2014 |
Stage:- |
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR.
MASTER |
|
Act :- |
Companies Act & Rules 1956 |
Under Section:- |
433, 434 and 439 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10437067 |
15/06/2013 |
500,000,000.00 |
STATE BANK OF
TRAVANCORE |
RESIDENCY ROAD
BRANCH, BANGALORE, KARNATAKA - 560025, INDIA |
B79707246 |
|
2 |
10421780 |
30/03/2013 |
250,000,000.00 |
STATE BANK OF
PATIALA |
ATLANTA , 1ST
FLOOR, JAMNALAL BAJAJ MARG, NARIMAN |
B73762973 |
|
3 |
10420887 |
25/03/2013 |
3,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
GROUND FLOOR, ASIAN
BUILDING, 17, R KAMANI MARG, |
B73495707 |
|
4 |
10385303 |
21/09/2012 |
2,050,000,000.00 |
UNION BANK OF
INDIA |
YASHWANT BHAWAN PANDURANG
BHUDKAR MARG, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA |
B61663860 |
|
5 |
10365253 |
16/06/2012 |
1,000,000,000.00 |
CENTRAL BANK OF
INDIA |
"VASTU
DARSHAN", 'B' WING, 1ST FLOOR, AZAD ROAD, ANDHERI (E), MUMBAI,
MAHARASHTRA - 400069, INDIA |
B43522176 |
|
6 |
10323237 |
09/12/2011 |
1,200,000,000.00 |
STATE BANK OF
HYDERABAD |
GROUND FLOOR,
NEW INDIA ASSURANCE BUILDING, 87, M.G.ROAD, FORT, MUMBAI, MAHARASHTRA -
400023, INDIA |
B27901180 |
|
7 |
10333190 |
09/12/2011 |
650,000,000.00 |
BANK OF INDIA |
ANDHERI LARGE
CORPORATE BRANCH, M.D.I. BLDG, 1ST FLOOR, 28, S.V. ROAD, ANDHERI (W), MUMBAI,
MAHAR |
B31091069 |
|
8 |
10327594 |
02/12/2011 |
600,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
B29222882 |
|
9 |
10315494 |
21/10/2011 |
2,000,000,000.00 |
STATE BANK OF
PATIALA |
ATLANTA, 1ST
FLOOR,, JAMNALAL BAJAJ MARG, NARMAN |
B24462939 |
|
10 |
10315953 |
29/09/2011 |
800,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, CENTENARY BUILDING, NO.28, M G ROAD, BANGALORE, KARNATAKA - 560001,
INDIA |
B24663007 |
|
11 |
10315053 |
13/09/2011 |
600,000,000.00 |
STATE BANK OF
MYSORE |
CORPORATE
ACCOUNTS BRANCH, RAMANASHREE ARCADE, MIDFORD GARDEN'S ROAD, OFF M. G. ROAD,
BANGALORE, |
B24284267 |
|
12 |
10307291 |
25/08/2011 |
9,552,200,000.00 |
STATE BANK OF
INDIA |
SNEHAL
CHAMBERS,, TELLI GALLI, ANDHERI, MUMBAI, MAHARASHTRA - 400069, INDIA |
B21011127 |
|
13 |
10276797 |
26/03/2011 |
750,000,000.00 |
STATE BANK OF
PATIALA |
ATLANTA, 1ST FLOOR,,
JAMANALAL BAJAJ MARG, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B09496803 |
|
14 |
10274792 |
22/03/2011 |
750,000,000.00 |
ALLAHABAD BANK |
37, MUMBAI
SAMACHAR MARG, MUMBAI, MUMBAI, MAHARASHTRA - 400023, INDIA |
B08742876 |
|
15 |
10274174 |
08/03/2011 |
9,669,800,000.00 |
STATE BANK OF
INDIA |
SNEHAL CHAMBERS,
TELLI GULLI,, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA |
B08385189 |
|
16 |
10272242 |
15/02/2011 |
500,000,000.00 |
STATE BANK OF
HYDERABAD |
NEW INDIA ASSURANCE
BUILDING, 87, M. G. ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
B06802813 |
|
17 |
10260315 |
23/12/2010 |
8,669,800,000.00 |
STATE BANK OF
INDIA |
SNEHAL CHAMBERS,
TELLI GALLI, ANDHERI, MUMBAI, MAHARASHTRA - 400069, INDIA |
B03267531 |
|
18 |
10251804 |
17/04/2013 * |
42,432,069,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B77195584 |
|
19 |
10251637 |
26/10/2010 |
27,972,069,000.00 |
STATE BANK OF
INDIA |
SNEHAL CHAMBERS,
TELLI GALLI, ANDHERI, MAHARASHTRA - 400069, INDIA |
A98742927 |
|
20 |
10234749 |
28/06/2010 |
750,000,000.00 |
ALLAHABAD BANK |
GROUND FLOOR,37,
MUMBAI SAMACHAR MARG,, FORT, MUMBAI, MUMBAI, MAHARASHTRA - 400023, INDIA |
A90147513 |
|
21 |
10224470 |
02/06/2010 |
950,000,000.00 |
AXIS BANK
LIMITED |
LAXMI THE MALL,
BUILDING NO.5, LAXMI INDUSTRIAL, |
A87037719 |
|
22 |
10212669 |
29/03/2010 |
210,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
UNITED INDIA
LIFE BUILDING,, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A83390799 |
|
23 |
10193835 |
23/12/2009 |
7,750,000,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE LOAN
ADMINISTRATION UNIT, 1/5 B SHREE HARI BUILDING, RTO LANE, ANDHERI (W),
MUMBAI, |
A76441245 |
|
24 |
10198478 |
21/12/2009 |
1,000,000,000.00 |
DENA BANK |
CORPORATE BUSINESS
BRANCH,, MUMBAI, MUMBAI, MAHARASHTRA - 400051, INDIA |
A78143054 |
|
25 |
10193834 |
17/12/2009 |
6,149,600,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE
LOAN ADMINISTRATION UNIT,, 1/5 B SH |
A76440700 |
|
26 |
10194527 |
12/12/2009 |
400,000,000.00 |
STATE BANK OF
PATIALA |
1ST FLOOR,
ATLANTA,, JAMANALAL BAJAJ MARG, NARIMA |
A76557669 |
|
27 |
10197296 |
12/12/2009 |
1,400,000,000.00 |
STATE BANK OF
PATIALA |
1ST FLOOR
ATLANTA,, JAMNALAL BAJAJ MARG, NARIMAN |
A77637908 |
|
28 |
10195941 |
04/12/2009 |
750,000,000.00 |
STATE BANK OF
MYSORE |
NO. 18, RAMANASHREE
ARCADE,, MIDFORD GARDENS ROAD, OFF M. G. ROAD, BANGLORE, BANGLORE, KARNATAKA
- |
A77124634 |
|
29 |
10191716 |
18/11/2009 |
500,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, 1ST FLOOR, ATLANTA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
A74830050 |
|
30 |
10182017 |
22/09/2009 |
550,000,000.00 |
AXIS BANK
LIMITED |
CREDIT
MANAGEMENT CENTRE,UNIT NO.6, CORPORATE PARK, SION TROMBAY ROAD, CHEMBUR,,
MUMBAI, MAHARASHTRA - 400071, INDIA |
A71398556 |
|
31 |
10165646 |
19/06/2009 |
700,000,000.00 |
AXIS BANK
LIMITED |
ROYAL ACCORD
IV,, LOKHANDWALA COMPLEX, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400053, INDIA |
A64670045 |
|
32 |
10160046 |
26/05/2009 * |
3,600,000,000.00 |
AXIS BANK
LIMITED |
CENTRAL OFFICE,CAPITAL
MARKET DEPARTMENT, 06TH FLOOR, "F" WING, MAKER TOWERS, CUFFE
PARADE, MUMBAI, |
A64289069 |
|
33 |
10153890 |
24/03/2009 |
1,000,000,000.00 |
AXIS BANK
LIMITED |
LOKHANDWALA
COMPLEX BR., ROYAL ACCORD IV,, LOKHAN |
A60059433 |
|
34 |
10129669 |
05/11/2008 |
1,250,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, CENTENARY BLDG., NO.28, M G ROAD, BANGALORE, KARNATAKA - 560001,
INDIA |
A50922822 |
|
35 |
10124131 |
10/10/2008 |
1,630,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
A46948220 |
|
36 |
10119828 |
23/08/2008 * |
924,000,000.00 |
EXPORT - IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A46510814 |
|
37 |
10123033 |
01/08/2008 |
280,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
A45905809 |
|
38 |
10110565 |
28/05/2008 |
1,500,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, 'SNEHAL CHAMBERS',, TELLI GALLI, ANDHERI (EAST),, MUMBAI, MAHARASHTRA
- |
A40642662 |
|
39 |
10113660 |
22/12/2008 * |
2,780,000,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE
LOAN ADMIN. UNIT, SHRI HARI BUILDING |
A56288400 |
|
40 |
10110886 |
19/05/2008 |
90,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
A40737306 |
|
41 |
10110889 |
19/05/2008 |
600,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A40739781 |
|
42 |
10114582 |
19/05/2008 |
70,239,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A40738759 |
|
43 |
10099337 |
26/05/2009 * |
4,780,000,000.00 |
AXIS BANK
LIMITED |
CENTRAL OFFICE,
CAPITAL MARKET DEPARTMENT,, 6TH FLOOR, "F" WING, MAKER TOWERS, CUFFE
PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA |
A65373920 |
|
44 |
10087142 |
23/01/2008 |
4,780,000,000.00 |
AXIS BANK
LIMITED |
TRISHUL 3RD
FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
A32243875 |
|
45 |
10077704 |
16/11/2007 |
200,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A27954627 |
|
46 |
10075033 |
18/10/2007 |
500,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH,, ANDHERI (E), SNEHAL CHAMBERS, TELLI GALLI,, MUMBAI,
MAHARASHTRA - 400069, INDIA |
A26332650 |
|
47 |
10068115 |
16/08/2007 |
1,162,500,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
A23527500 |
|
48 |
10019928 |
26/05/2009 * |
510,000,000.00 |
AXIS BANK
LIMITED |
CENTRAL OFFICE,
CAPITAL MARKET DEPARTMENT,, 6TH FLOOR, "F" WING, CUFFE PARADE,, MUMBAI,
MAHARASHTRA |
A65375339 |
|
49 |
80012443 |
26/05/2009 * |
1,158,100,000.00 |
AXIS BANK
LIMITED |
CENTRAL OFFICE,
CAPITAL MARKET DEPARTMENT,, 6TH FLOOR, "F" WING, CUFFE PARADE,,
MUMBAI, MAHARASHTRA |
A65374480 |
|
50 |
80014385 |
02/03/2009 * |
7,750,000,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE
LOAN ADMINISTRATION UNIT, SHRI HARI |
A60898558 |
|
51 |
90165585 |
18/02/2005 |
69,400,000.00 |
STATE BANK OF
INDIA |
INDL. FINANCE
BRANCH; ANDHERI EAST, MUMBAI, MAHARASHTRA - 400069, INDIA |
- |
|
52 |
90166885 |
14/08/2002 * |
57,000,000.00 |
CITIBANK N.A. |
CITI TOWER; 61;
DR. SS RAO ROAD. PAREL, MUMBAI, MAHARASHTRA - 400070, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 [Rs.
In Millions] |
31.03.2013 [Rs.
In Millions] |
|
SHORT TERM
BORROWINGS |
|
|
|
-
From Banks |
0.000 |
519.400 |
|
-
From Other Parties |
539.200 |
1365.800 |
|
|
|
|
|
Total |
539.200 |
1885.200 |
FINANCIAL RESULTS
During the year, the Company’s debts availed from the Banks/ financial institutions were restructured due to which flow of orders from overseas customers slowed down as the customers were awaiting the status of the Company post implementation of debt restructuring package by the bankers. On account of the same, export sales of the Company has declined substantially from Rs.12271.700 Millions in FY 2012-13 to Rs.4732.000 Millions in FY 2013-14.
However though, the Company has strived to enhance the growth of its domestic sales from Rs.19728.500 Millions in FY 12-13 to Rs.24341.600 Millions in FY 13-14, resulting in an increase by almost 23%. Total revenue from operations has reduced to Rs.29076.200 Millions from Rs.31947.900 Millions in FY 2012-13. The net loss incurred for the year was Rs.4098.700 Millions after Extra-ordinary items of Rs.3492.800 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS
GENERAL ECONOMIC
SCENARIO:-
Uncertainty in the global outlook, caused by the crisis in the Euro area and general economic slowdown, compounded by domestic structural constraints and high inflation resulted in Indian economy to grow at sub 5% growth rate in second consecutive year in 2013-14. India’s growth declined from an average of 8.3% during 2004-05 to 2011-12 to an average of 4.7% in 2013-14.
After achieving unprecedented growth of over 9% for three successive years between 2005-06 and 2007-08 and recovering swiftly from the global financial crisis of 2008-09, the Indian economy has been going through challenging times that culminated in lower than 5% growth of GDP at factor cost at constant prices for two consecutive years, i.e. 2012-13 and 2013-14.
However, the scenario is improving fast. Inflation, though above acceptable levels has reduced appreciably. Improvements are also visible on the fiscal front and in the current account balance. Reflecting the above and the expectations of a change for the better, Indian financial markets have surged. Moderation in inflation would help ease the monetary policy stance and revive the confidence of investors, and with the global economy expected to recover moderately, particularly on account of performance in some advanced economies, the economy can look forward to better growth prospects in 2014-15 and beyond.
The Global Scenario Worldwide 2014 appears to be much more encouraging than 2013, with the forces driving the global economic recovery firmly entrenched. The IMF projects that global economic growth will rise from 3% in 2013 to 3.6% in 2014 and to 3.9% in 2015. This is largely due to a turn for the better in the developed economies - estimated to grow 2.25% in 2014, a full percentage point more than in 2013. US GDP growth for 2014 is projected at 2.8%, and in the Euro area at 1.2%, while China’s economy is expected to grow at 7.5%. GDP growth in the emerging markets and developing economies is slated to increase from 4.7% in 2013 to 4.9% in 2014, as these regions step up exports to the developed markets.
Continued fiscal easing, loose monetary policy in developed economies and stable commodity prices should boost the global recovery. The nervousness in the financial markets, particularly related to stability of the southern European economies, has abated considerably.
INDUSTRY OUTLOOK:-
The industry is at important juncture today. On one hand they are witnessing revival in export markets. EU and US import growth rates have entered positive territory. China is also emerging as a major importer for fibre and yarns. On the other hand, the domestic market itself is poised for strong growth. A stable Government in Centre is expected to provide a stable, predictable policy environment which will improve consumer and industrial sentiments, thereby rejuvenating the economy.
Indian Government is on verge of finalizing a new Textile Policy. The Vision, Strategy and Action Plan for the Policy is already out. In the document it is heartening to see a sea change in Government approach for development of this sector. Not only there are radical changes suggested for bringing fresh investment, but also important recommendations for simplification of existing Government Schemes and Policies along with fiscal and financial support. Earliest implementation of such recommendations will definitely restore the confidence of investors and lenders, alike.
Challenges, nonetheless, are also not few. In global markets, India is yet to gain share of any significance in synthetic products. In the value add garment sector, Bangladesh and Vietnam are outpacing India in most of the major markets. Their duty free access to EU and USA, respectively are one of the reasons for their stellar performance. Indian FTA discussion with EU has yet to gain pace whereas TPP and Pakistan gaining duty free access to EU are issues of major concern.
BUSINESS OVERVIEW:-
After completion of substantial expansion including acquisition, current year was a bit difficult for the company. The rise of interest rates, repayment of loans, delay in release of subsidies and slowdown in international market affected the working and cash flows of the company. Accordingly, a Corporate Debt Restructuring (CDR) scheme was finalized with the lenders and approved during the year giving reliefs with regard to the rate of interest, repayment schedule and funding of interest for a short period. The total export of the company was substantially lower but the same was made-up by increasing domestic sales to keep the performance in line for the year. The company incurred a total net loss of Rs.4098.700 Millions after extraordinary items of Rs.3492.800 Millions.
UNAUDITED FINANCIAL
RESULTS (PROVISIONAL) FOR THE QUARTER ENDED JUNE 30, 2014
RS.
IN MILLIONS
|
PARTICULARS |
Quartered ended |
|
|
30.06.2014 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
7980.600 |
|
|
|
|
|
2 |
Expenses |
|
|
|
(a) (Increase) / Decrease in Stock |
331.500 |
|
|
(b) Consumption of raw materials |
4944.400 |
|
|
(c) Employee benefits expense |
538.100 |
|
|
(d) Depreciation |
444.100 |
|
|
(e) Job work charges |
39.700 |
|
|
(f) Other Expenses |
1021.300 |
|
|
Total expenses |
7319.1000 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
661.500 |
|
4 |
Other Income |
23.000 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
684.500 |
|
6 |
Finance Costs |
1260.100 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
(575.600) |
|
8 |
Exceptional items |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
(575.600) |
|
10 |
Tax expenses |
|
|
|
Deferred Tax |
195.600 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
(380.000) |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
(380.000) |
|
14 |
Paid up equity share capital (Face Value of Rs10/-each) |
1346.000 |
|
15 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
-- |
|
16 |
Earnings per share (Weighted Average) |
|
|
|
(a) Basic (not annualised) |
0.00 |
|
|
(b) Diluted (not annualised) |
0.00 |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
10434952 |
|
|
- Percentage of shareholding |
7.75% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
34920388 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
28.12% |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
25.94% |
|
|
b) Non Encumbered |
|
|
|
- Number of shares |
89244660 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
71.88% |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
66.30% |
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1) The above results were reviewed by the Audit Committee and have been approved by the Board of Directors of the Company in its meeting held on July 30, 2014 and a limited review of the same has been carried out by the Statutory Auditors of the Company.
2) To comply with the regulations of Securities and Exchange Board of India related to Minimum Public Shareholding (MPS) the Company and the promoters of the Company has already initiated the steps to increase the public shareholding to 25%.
3) The Fixed Assets of the Company were being depreciated on Straight Line Method (SLM) at the rate prescribed under Companies Act 1956. From the current quarter, the Company has started providing depreciated for all assets on SLM in accordance with useful life as certified by the Technical consultants in accordance with the method stipulated under Schedule II of the Companies Act, 2013. Useful life of certain assets as per above schedule had expired upto March 31, 2014. necessary adjustments have been made in the carrying value of assets and accordingly Rs. 7.30 is adjusted against retained earning as stipulated in that schedule. Had the Company provided deprecation as in the earlier period, the charges for depreciation for the current quarter would have beer higher by Rs.235.900 Millions.
4) The Company operates in a single segment of manufacture and sale of Textiles.
5) Previous years figures have been regrouped/ rearranged wherever necessary.
FIXED ASSETS
· Land
· Buildings
· Furniture and Fixtures
· Office equipment
· Motor Car and Vehicles
· Plant and Machinery
·
Computer
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. 61.61 |
|
|
1 |
Rs. 100.28 |
|
Euro |
1 |
Rs. 78.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
33 |
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.