MIRA INFORM REPORT
|
Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAGREEKA EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
18, R.N. Mukherjee Road, 6th Floor, Kolkata – 700001, |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.03.1989 |
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|
|
|
Com. Reg. No.: |
21-046387 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.62.550 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18101WB1989PLC046387 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALN02503E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN9999A |
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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
: |
Manufacturing and export of cotton yarn, knitted fabrics, cotton
fibre, woven fabrics and garments. |
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|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3800000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company satisfactory track record. The rating takes into consideration company’s sound financial risk profile
supported by geographically diverse customer base and fair liquidity position
of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term
facilities: BBB- |
|
Rating Explanation |
Moderate degree of
safety and moderate credit risk. |
|
Date |
25.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank
facilities: A3 |
|
Rating Explanation |
Moderate degree of
safety and higher credit risk. |
|
Date |
25.03.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Nadar |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-61447500 |
|
Date : |
14.10.2014 |
LOCATIONS
|
Registered Office : |
18, |
|
Tel. No.: |
91-33-22108828 / 22484922 / 4943 |
|
Fax No.: |
91-33-22481693 |
|
E-Mail : |
vinodnagreeka.com |
|
Website : |
|
|
Location : |
Owned (Commercial) |
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|
|
|
Corporate Office 1 : |
7, Kala Bhavan 2, |
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Tel. No.: |
91-22-23670365 / 61447500 |
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Fax No.: |
91-22-23612579 / 23630475 |
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E-Mail : |
|
|
|
|
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Corporate Office 2 : |
21-22, Kala Bhavan, 3, |
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Tel. No.: |
91-22-23625977 / 61447500 / 23618873 |
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Factory : |
Village Yavluji, Taluka Panhala, District – |
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|
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Factory 2 : |
Plot No. T-48, MIDC, Kagal-Hatkanangale, Five Star Industrial Area,
Village : Talandage, Taluka : Hatkanangale, District : Kolhapur, Maharashtra,
India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sushi Patwari |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
20.08.1954 |
|
Qualification : |
B. Com (H) |
|
Date of Appointment : |
06.03.1989 |
|
|
|
|
Name : |
Mr. Sunil Patwani |
|
Designation : |
Vice Chairman and Managing Director |
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|
|
|
Name : |
Mr. Kailash Chandra Purohit |
|
Designation : |
Whole – time Director |
|
Date of Birth/Age : |
18.06.1932 |
|
Qualification : |
B. Tech |
|
Date of Appointment : |
30.06.2001 |
|
|
|
|
Name : |
Mr. Mohan Kishen Ogra |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.09.1930 |
|
Qualification : |
Graduate (Maths and Stastic) |
|
Date of Appointment : |
30.06.2001 |
|
|
|
|
Name : |
Mr. Bibhuti Charan Talukdar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahendra Patwari |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
15.03.1963 |
|
Qualification : |
B. E. from IIT |
|
Date of Appointment : |
01.07.2004 |
|
|
|
|
Name : |
Mr. Rajendra Mahavirprasad Ruia |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Mahabir Prasad Periwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.08.1944 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
07.08.2008 |
KEY EXECUTIVES
|
Name : |
Mr. J. Tiwari |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Nadar |
|
Designation : |
Finance Department |
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 |
||
|
|
|
|
|
|
4472300 |
35.78 |
|
|
2105186 |
16.84 |
|
|
6577486 |
52.62 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
6577486 |
52.62 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
3300 |
0.03 |
|
|
300 |
0.00 |
|
|
300 |
0.00 |
|
|
500 |
0.00 |
|
|
4400 |
0.04 |
|
|
|
|
|
|
2213148 |
17.71 |
|
|
|
|
|
|
2545500 |
20.36 |
|
|
935700 |
7.49 |
|
|
223466 |
1.79 |
|
|
209334 |
1.67 |
|
|
14132 |
0.11 |
|
|
5917814 |
47.34 |
|
Total Public shareholding (B) |
5922214 |
47.38 |
|
Total (A)+(B) |
12499700 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
12499700 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and export of cotton yarn and other various merchandise. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Terms : |
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Selling : |
L/C / Cheque / Credit |
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Purchasing : |
L/C / Cheque / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Das and Prasad Chartered Accountants |
|
Address : |
4, |
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Associate Company : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.5/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12510000 |
Equity Shares |
Rs.5/- each |
Rs.62.550
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12499700 |
Equity Shares |
Rs.5/- each |
Rs.62.498
Millions |
|
|
Add : 10300 Equity Forfeited Shares |
|
Rs.0.052
Million |
|
|
TOTAL |
|
Rs.62.550 Millions |
Reconciliation of
number of Equity Shares and amount outstanding
|
Particulars |
31.03.2014 |
|
|
|
Numbers |
Rs. In Millions |
|
Shares Outstanding at April 1, 2012 |
12499700 |
62.498 |
|
Shares Outstanding at March 31, 2013 |
12499700 |
62.498 |
The
details of Shareholders holding more than 5% shares
|
Name of the
Share Holder |
31.03.2014 |
|
|
|
Numbers |
Percentage |
|
Mala Patwari |
891700 |
7.13% |
|
Sunil Patwari |
712000 |
5.70% |
|
Nagreeka Synthetics Private Limited |
940270 |
7.52% |
The Company has one class of equity share having a par value of Rs. 5
per share. Each shareholder is eligible for one vote per share held.
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 |
62.550 |
62.550 |
62.550 |
|
(b) Reserves & Surplus |
876.328 |
834.999 |
798.123 |
|
(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) |
938.878 |
897.549 |
860.673 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) Long-term borrowings |
802.441 |
867.708 |
453.041 |
|
(b) Deferred tax liabilities (Net) |
184.485 |
160.950 |
149.776 |
|
(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) |
986.926 |
1028.658 |
602.817 |
|
|
|
|
|
|
(4)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
1405.292 |
1131.966 |
1048.788 |
|
(b) Trade
payables |
226.055 |
224.460 |
126.599 |
|
(c) Other
current liabilities |
186.451 |
114.822 |
115.586 |
|
(d) Short-term
provisions |
36.383 |
26.155 |
9.938 |
|
Total
Current Liabilities (4) |
1854.181 |
1497.403 |
1300.911 |
|
|
|
|
|
|
TOTAL |
3779.985 |
3423.610 |
2764.401 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1325.152 |
1362.275 |
833.632 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
16.452 |
0.000 |
129.445 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
142.434 |
142.434 |
142.344 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
32.828 |
38.580 |
26.296 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1516.866 |
1543.289 |
1131.717 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
939.341 |
826.455 |
913.332 |
|
(c) Trade
receivables |
285.882 |
133.511 |
150.117 |
|
(d) Cash
and cash equivalents |
19.191 |
23.354 |
54.124 |
|
(e)
Short-term loans and advances |
1018.705 |
897.001 |
515.111 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2263.119 |
1880.321 |
1632.684 |
|
|
|
|
|
|
TOTAL |
3779.985 |
3423.610 |
2764.401 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6302.847 |
6418.391 |
4956.705 |
|
|
|
Other Income |
46.425 |
30.275 |
18.620 |
|
|
|
TOTAL (A) |
6349.272 |
6448.666 |
4975.325 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1512.509 |
1324.123 |
1489.645 |
|
|
|
Purchase of Traded Goods |
3676.226 |
3828.515 |
2856.136 |
|
|
|
Change in inventories of Finished Goods, Stock in Process and Stock in
Trade |
(59.305) |
124.003 |
(279.053) |
|
|
|
Employees Benefit Expenses |
162.396 |
125.660 |
109.901 |
|
|
|
Other Expenses |
658.793 |
699.294 |
543.159 |
|
|
|
TOTAL (B) |
5950.619 |
6101.595 |
4719.788 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
398.653 |
347.071 |
255.537 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
198.555 |
212.133 |
174.303 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
200.098 |
134.938 |
81.234 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
99.284 |
70.529 |
69.236 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
100.814 |
64.409 |
11.998 |
|
|
|
|
|
|
|
|
|
Add |
TAX (H) |
52.173 |
20.222 |
9.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
48.641 |
44.187 |
21.730 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
138.533 |
101.656 |
79.926 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
6.249 |
6.249 |
0.000 |
|
|
|
Income tax on Dividend |
1.062 |
1.062 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
179.863 |
138.533 |
101.656 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
3018.436 |
3872.893 |
|
|
TOTAL EARNINGS |
NA |
3018.436 |
3872.893 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.89 |
3.54 |
1.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.77
|
0.69
|
0.44
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.60
|
1.00
|
0.24
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.78
|
0.02
|
0.48
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.07
|
0.01
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.35
|
2.23
|
1.74
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.26
|
1.26
|
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 |
62.550 |
62.550 |
62.550 |
|
Reserves & Surplus |
798.123 |
834.999 |
876.328 |
|
Net
worth |
860.673 |
897.549 |
938.878 |
|
|
|
|
|
|
long-term borrowings |
453.041 |
867.708 |
802.441 |
|
Short term borrowings |
1,048.788 |
1,131.966 |
1,405.292 |
|
Total
borrowings |
1,501.829 |
1,999.674 |
2,207.733 |
|
Debt/Equity
ratio |
1.745 |
2.228 |
2.351 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
4,956.705 |
6,418.391 |
6,302.847 |
|
|
|
29.489 |
(1.800) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
4,956.705 |
6,418.391 |
6,302.847 |
|
Profit/(Loss) After Tax |
21.730 |
44.187 |
48.641 |
|
|
0.44% |
0.69% |
0.77% |
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
|
CULCUTTA HIGH COURT CASE STATUS INFORMATION SYSTEMS STATUS OF : INCOME TAX APPEALS (ITA) 106 of
2012 COMMISSIONER OF INCOME TAX, KOLKATA – II Vs. M/s NAGREEKA EXPORTS LIMITED PET’S ADV.: : G. S. MAKKER RES’S ADV.: : COURT NO. : 19 LAST
LISTED ON : FRIDAY, AUGUST 24, 2012 CATEGORY : INCOME TAX : REVENUE CONNECTED APPLICATION : NO CONNECTED APPLICATION CONNECTED MATTER : NO
CONNECTED CASES CASE UPDATE ON : WEDNESDAY,
AUGUST 29, 2012. |
COMPANY OVERVIEW:
The Company was incorporated on 6th March, 1989 under the laws of republic of India and has its registered office at Kolkata, West Bengal. The company is engaged in manufacturing and export of cotton yarn and other various merchandise. The shares of the company are listed in National Stock Exchange. Company has set up 100% export oriented unit with the state of art, Plant with manufacturing capacity of 55440 spindles at Kolhapur in Maharashtra. The company has also set up yarn dying and cotton bleaching plant at Kagal Kolhapur. The Company was also awarded International standard Organization certificate for export performance. The company's marketing network is spread over in various countries. The Company is also doing trading of cotton yarn and various commodities. The company is Merchant exporter also.
REVIEW OF OPERATION
During the financial year under review the company has achieved turnover of Rs.6302.847 Millions against Rs.6418.391 Millions in the previous year. The profit before tax is Rs.100.814 Millions against Rs.64.410 Millions in the previous year, a growth of 56.57%.
The textile industry has seen better domestic consumption and exports during the year under review resulting in healthy demand for the company's products.
The prices of raw cotton moved up sharply between April and October, 2013. In the new season beginning October 2013 prices remained approx. 20% higher year on year basis. Though, there is a bumper crop during 2013-14, availability of quality cotton is expected to be tight on account of brisk exports.
The value of the Indian Rupee (INR) vis-a-vis the US Dollar had wide fluctuations during the year. The company has been successful in dealing with these adversities low of Rs.53.75 in early May to high of Rs. 68.80 in end August.
The Company's yarn dyeing and fibre bleaching facility at Kagal has found good market acceptance for its products and capacity utilisation is growing.
FUTURE PROSPECT
The cotton prices are expected to remain high. Rising costs of inputs, a general shortage of man power and volatility in foreign exchange markets will continue to challenge the company and the industry.
The improvements and growth in the domestic economy and the expectation of growth of exports of textile products during financial year 2015 by 15%, present opportunities.
The company continues to develop projects for additional spinning capacity and denim fabric manufacturing.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OUTLOOK
The outlook of the global economic particularly US and Europe is now positive. There are signs of improvement in these economies. The emerging economies of Asia are also expected to fare better in the future.
The recent general election in India has given us a new Government enjoying a clear mandate. There is hope and expectation of strong policy initiatives and significantly better governance. There is optimism in the air.
The new Government still has to tackle challenges presented by stubborn current account deficit, fiscal deficit, growing import bills on account of essentials, such as crude oil, edible oils etc.
There is need to boost growth in manufacturing.
Textiles being one of the major industries with the contribution of 14% to the industrial production, 4% to the GDP and 11% to exports, we expect it to receive favourable attention of the new Government.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10361339 |
07/06/2012 * |
584,400,000.00 |
CANARA BANK |
OVERSEAS BRANCH, 2/1 RUSSEL STREET, KOLKATA, WEST BENGAL - 700071, INDIA |
B42471334 |
|
2 |
10303516 |
10/08/2011 |
350,000,000.00 |
ICICI BANK |
3A, GURUSADAY ROAD, 2ND FLOOR, KOLKATA, WEST BENGAL - 700019, INDIA |
B19301944 |
|
3 |
10291360 |
14/05/2011 |
658,300,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, ATLANTA, FIRST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B14696447 |
|
4 |
10280260 |
26/03/2011 |
200,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
B10532141 |
|
5 |
10224705 |
14/05/2010 |
400,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
A87611406 |
|
6 |
10167712 |
30/06/2009 |
75,000,000.00 |
CANARA BANK |
OVERSEAS BRANCH, 2/1, RUSSEL STREET, KOLKATA, WES |
A66193087 |
|
7 |
10077469 |
15/05/2012 * |
3,284,500,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND,, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B39648290 |
|
8 |
10123576 |
19/10/2006 |
1,319,840,000.00 |
UTI BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
A05693890 |
|
9 |
80014430 |
25/05/2009 * |
270,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, (LORD'S BUILDING), 7/1, LORD SIN |
A63402630 |
|
10 |
90254762 |
06/10/2005 |
150,000,000.00 |
STATE BANK OF PATIALA |
1ST FLOOR ; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
11 |
90254736 |
29/06/2009 * |
244,600,000.00 |
CANARA BANK |
OVERSEAS BRANCH, 2/1, RUSSEL STREET, KOLKATA, WEST BENGAL - 700071, INDIA |
A66193012 |
|
12 |
90254314 |
23/02/2004 |
200,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, 7/1; LORD SINHA ROAD, KOLKATA, WEST BENGAL - 700017, INDIA |
- |
|
13 |
90254180 |
25/06/2003 * |
48,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC COMPLEX; COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
14 |
90252803 |
25/06/2003 * |
340,500,000.00 |
CANARA BANK |
OVERSEAS BRANCH, 2/1; RUSEL STREET, KOLKATA, WEST BENGAL - 700071, INDIA |
- |
|
15 |
90253773 |
15/01/2003 * |
60,600,000.00 |
ICICI LIMITED |
IVTH FLOOR; C-23; "G" BLOCK, BANDRA CURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
16 |
90253578 |
25/06/2003 * |
107,000,000.00 |
ING VYSYA BANK LIMITED |
OPERA HOUSE BRANCH; PATEL CHAMBERS, OPERA HOUSE, MUMBAI, MAHARASHTRA - 400007, INDIA |
- |
|
17 |
90253540 |
15/01/2003 * |
1,741,896.00 |
ICICI LIMITED |
IVTH FLOOR ; C-23; "G" BLOCK, BANDRA CURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
18 |
90253529 |
30/03/1994 |
61,800,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION O |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
19 |
90253333 |
12/10/2010 * |
1,339,500,000.00 |
CANARA BANK |
OVERSEAS BRANCH, 2/1 RUSSEL STREET, KOLKATA, WEST BENGAL - 700071, INDIA |
A97757199 |
|
20 |
90254855 |
22/11/1994 * |
4,500,000.00 |
CANARA BANK |
OVERSEAS BRANCH, 2/1; RUSSEL STREET, KOLKATA, WEST BENGAL - 700017, INDIA |
- |
|
21 |
90254854 |
02/12/1994 * |
4,500,000.00 |
CANARA BANK |
OVERSEAS BRANCH, COLABA2/1; RUSSEL STREET, KOLKATA, WEST BENGAL - 700071, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Land
- Office Premises
- Factory Building
- Godown
- Plant and Machinery
- Furniture and Fixtures
- Air Conditioner
- Vehicles
- Computer
- Office Equipments
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.61.11 |
|
|
1 |
Rs.78.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
43 |
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.