MIRA INFORM REPORT
|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANGAM (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Outside Octroi Post, Chittorgarh Road, Atun, Bhilwara –
311001, Rajasthan |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.12.1984 |
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|
|
|
Com. Reg. No.: |
17-003173 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.394.200 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L17118RJ1984PLC003173 |
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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
: |
Produce synthetic and blended dyed/grey spun yarn, cotton yarn and fabrics (synthetics blended, denim and knitted fabrics). |
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|
|
|
No. of Employees
: |
7000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9500000 |
|
|
|
|
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. There seems some dip in the turnover and profit of the company during
2014 however net worth of the company is satisfactory. 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.
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
slowly on talks over coal supply contracts, uncertainty over cancellation of
blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn Business Empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M a M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
04.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
04.12.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-61115222)
LOCATIONS
|
Registered Office / Weaving
Unit ( Fabrics) and Sangam Processors : |
Outside Octroi Post, Chittorgarh Road, Atun, Bhilwara – 311001,
Rajasthan |
|
Tel. No.: |
91-1482-304000 / 304188 / 267150 |
|
Fax No.: |
91-1482-304120 |
|
E-Mail : |
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|
Website : |
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|
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|
Principal and Head Office / Corporate Office : |
B/306-309, Dynasty Business Park, A. K. Road, J. B. Nagar,
Andheri (East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-61115222 |
|
Fax No.: |
91-22-28227865 |
|
E-Mail : |
|
|
|
|
|
Spinning Unit I : |
Spinning Unit (PV Dyed Yarn) Village Biliya, Chittorgarh Road, Bhilwara - 311001,
Rajasthan, India |
|
Tel. No.: |
91-1482-249071 / 75 |
|
Fax No.: |
91-1482-249077 |
|
E-Mail : |
|
|
|
|
|
Spinning Unit II : |
Spinning Unit (PV
Dyed/Cotton/Knitting) Village Sareri, 91, Km Stone, N.H No. 79, Bhilwara -
311024, Rajasthan, India |
|
Tel. No.: |
91-1483-236981 / 84 |
|
Fax No.: |
91-1483-236985 |
|
E-Mail : |
|
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|
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|
Weaving and Processing : |
Village Atun, Chittorgarh Road, Bhilwara - 311001,
Rajasthan, India |
|
|
|
|
Denim Unit
: |
Village Biliya, Chittorgarh Road, Bhilwara - 311001,
Rajasthan, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. R. P. Soni |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S. N. Modani |
|
Designation : |
Managing Director and CEO |
|
|
|
|
Name : |
Mr. V. K. Sodani |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Ramawatar Jaju |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. A. Karati |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. T. K. Mukhopadhyay |
|
Designation : |
Director |
KEY EXECUTIVES
|
MANAGEMENT TEAM |
|
|
|
|
|
Name : |
Anurag
Soni |
|
Designation : |
Chief
Business Strategist |
|
|
|
|
Name : |
G.
C. Jain |
|
Designation : |
President |
|
|
|
|
Name : |
Anil
Sharma |
|
Designation : |
President
(Works - Processing) |
|
|
|
|
Name : |
Sanjeev
Joshi |
|
Designation : |
President
(Domestic Marketing - Fabric) |
|
|
|
|
Name : |
Anil
Jain |
|
Designation : |
Chief
Finance Officer and Company Secretary |
|
|
|
|
Name : |
L.
L. Soni |
|
Designation : |
Jt.
President (Finance and Investor Relations) |
|
|
|
|
Name : |
K.
M. Rathi |
|
Designation : |
Jt.
President (Commercial) |
|
|
|
|
Name : |
S.
K. Pandey |
|
Designation : |
Jt.
President (Works – Spinning Unit-II) |
|
|
|
|
Name : |
S.
K. Bagela |
|
Designation : |
Executive
Vice President (Technical - Spinning Unit-I) |
|
|
|
|
Name : |
Sunil
Rathi |
|
Designation : |
Executive
Vice President (Denim) |
|
|
|
|
Name : |
P.
R. Khator |
|
Designation : |
Sr.
Vice President (Commercial) |
|
|
|
|
Name : |
Lalit
Jain |
|
Designation : |
Sr.
Vice President (Accounts) |
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|
|
|
Name : |
M.
Bhanu Pratap |
|
Designation : |
Sr.
Vice President (TPP) |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3169433 |
8.04 |
|
|
13701703 |
34.76 |
|
|
16871136 |
42.80 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
16871136 |
42.80 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
2066444 |
5.24 |
|
|
2066444 |
5.24 |
|
|
|
|
|
|
15556525 |
39.46 |
|
|
|
|
|
|
2453082 |
6.22 |
|
|
1123694 |
2.85 |
|
|
1350678 |
3.43 |
|
|
1111910 |
2.82 |
|
|
228287 |
0.58 |
|
|
10481 |
0.03 |
|
|
20483979 |
51.96 |
|
Total
Public shareholding (B) |
22550423 |
57.20 |
|
Total
(A)+(B) |
39421559 |
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) |
39421559 |
100.00 |
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BUSINESS DETAILS
|
Line of Business : |
Produce synthetic and blended dyed/grey spun yarn, cotton yarn and fabrics (synthetics blended, denim and knitted fabrics). |
GENERAL INFORMATION
|
No. of Employees : |
7000 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG TERM
BORROWINGS
SHORT TERM
BORROWINGS Borrowings from Banks for working capital are secured by hypothecation of inventories and charge on book debts both present and future and second charge on all the immovable and movable fixed assets of the company. The above borrowing are further secured by personal guarantee of two directors of the company. |
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Banking
Relations : |
-- |
|
|
|
|
Auditor 1 : |
|
|
Name : |
R Kabra and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Auditor 2 : |
|
|
Name : |
B L Chordia and Company Chartered Accountants |
|
Address : |
Bhilwara, Rajasthan, India |
|
|
|
|
Associate Company :
|
|
|
|
|
|
Joint Venture : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64000000 |
Equity Shares |
Rs.10/- each |
Rs.640.000 Millions |
|
18500000 |
Non - Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.185.000 Millions |
|
|
Total |
|
Rs.825.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39421559 |
Equity Shares |
Rs.10/- each |
Rs.394.200 Millions |
Out
of above Shares 1250062 Equity shares of Rs.10/- each at par were issued
pursuant to scheme of amalgamation in earlier years without payment being received
in cash.
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
39421559 |
394.200 |
|
Shares issued during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
39421559 |
394.200 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Nidhi Mercantiles Limited |
4898833 |
12.43 |
|
Mentor Capital Limited (formerly known as Pacific Corporate Services Limited) |
6414018 |
16.27 |
|
Sangam Business Credit Limited |
3155793 |
8.01 |
|
Sangam Fincap Limited |
2216145 |
5.62 |
|
Hawamahal Finance Private Limited |
2335500 |
5.92 |
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 |
394.200 |
394.200 |
394.200 |
|
(b) Reserves & Surplus |
2,920.100 |
2,584.300 |
2,126.600 |
|
(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) |
3,314.300 |
2,978.500 |
2,520.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,758.600 |
3,448.600 |
4,440.700 |
|
(b) Deferred tax liabilities (Net) |
449.600 |
476.100 |
512.400 |
|
(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) |
3,208.200 |
3,924.700 |
4,953.100 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
2,217.800 |
2,195.700 |
2,075.300 |
|
(b) Trade
payables |
707.000 |
644.400 |
494.600 |
|
(c) Other
current liabilities |
1,429.700 |
1,486.900 |
1,202.200 |
|
(d) Short-term
provisions |
94.300 |
80.600 |
65.700 |
|
Total Current Liabilities
(4) |
4,448.800 |
4,407.600 |
3,837.800 |
|
|
|
|
|
|
TOTAL |
10,971.300 |
11,310.800 |
11,311.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5,371.600 |
5,828.000 |
6,240.100 |
|
(ii)
Intangible Assets |
4.500 |
4.400 |
8.300 |
|
(iii)
Capital work-in-progress |
137.700 |
84.100 |
97.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
78.500 |
78.500 |
78.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
170.100 |
115.800 |
101.900 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5,762.400 |
6,110.800 |
6,526.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2,337.300 |
2,135.500 |
2,015.000 |
|
(c) Trade
receivables |
2,008.500 |
1,754.600 |
1,251.000 |
|
(d) Cash
and cash equivalents |
32.800 |
81.700 |
89.900 |
|
(e)
Short-term loans and advances |
626.800 |
1,066.900 |
1,313.200 |
|
(f) Other
current assets |
203.500 |
161.300 |
116.600 |
|
Total
Current Assets |
5,208.900 |
5,200.000 |
4,785.700 |
|
|
|
|
|
|
TOTAL |
10,971.300 |
11,310.800 |
11,311.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14,326.100 |
14,788.400 |
14,172.200 |
|
|
|
Other Income |
131.000 |
125.600 |
125.300 |
|
|
|
TOTAL (A) |
14,457.100 |
14,914.000 |
14,297.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
8,272.700 |
8,343.400 |
7,515.200 |
|
|
|
Changes in Inventories of Finished Goods, Stock-in-Process and Stock-in-Trade |
(111.200) |
(168.400) |
153.000 |
|
|
|
Employee Benefits Expense |
1,052.500 |
942.200 |
828.300 |
|
|
|
Power and Fuel |
1,385.800 |
1,426.400 |
1,099.500 |
|
|
|
Toll Contract Fee |
564.500 |
881.700 |
1,973.000 |
|
|
|
Other Expenses |
1,274.500 |
1,279.400 |
1,121.600 |
|
|
|
Exceptional Items |
3.000 |
4.500 |
3.000 |
|
|
|
TOTAL (B) |
12,441.800 |
12,709.200 |
12,693.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2,015.300 |
2,204.800 |
1,603.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
660.600 |
686.700 |
665.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,354.700 |
1,518.100 |
938.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
743.200 |
769.800 |
678.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
611.500 |
748.300 |
260.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
206.500 |
235.300 |
89.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
405.000 |
513.000 |
170.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
750.000 |
592.300 |
567.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
100.000 |
|
|
|
Dividend |
59.100 |
47.300 |
39.400 |
|
|
|
Tax on Dividend |
10.100 |
8.000 |
6.400 |
|
|
BALANCE CARRIED
TO THE B/S |
785.800 |
750.000 |
592.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3377.400 |
2952.600 |
3036.000 |
|
|
TOTAL EARNINGS |
3377.400 |
2952.600 |
3036.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
61.500 |
106.600 |
103.100 |
|
|
|
Stores & Spares |
39.400 |
62.900 |
51.300 |
|
|
|
Capital Goods |
54.400 |
15.600 |
534.100 |
|
|
TOTAL IMPORTS |
155.300 |
185.100 |
688.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.27 |
13.01 |
4.33 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.80 |
3.44 |
1.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.27 |
5.06 |
1.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.69 |
6.71 |
2.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.25 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.50 |
1.90 |
2.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.18 |
1.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
394.200 |
394.200 |
394.200 |
|
Reserves & Surplus |
2126.600 |
2584.300 |
2920.100 |
|
Net
worth |
2520.800 |
2978.500 |
3314.300 |
|
|
|
|
|
|
long-term borrowings |
4440.700 |
3448.600 |
2758.600 |
|
Short term borrowings |
2075.300 |
2195.700 |
2217.800 |
|
Total
borrowings |
6516.000 |
5644.300 |
4976.400 |
|
Debt/Equity
ratio |
2.585 |
1.895 |
1.501 |
%20LIMITED%20-%20291993%2030-Oct-2014_files/image022.gif)
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 |
14,172.200 |
14,788.400 |
14,326.100 |
|
|
|
4.348 |
(3.126) |
%20LIMITED%20-%20291993%2030-Oct-2014_files/image024.gif)
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
|
14,172.200 |
14,788.400 |
14,326.100 |
|
Profit |
170.800 |
513.000 |
405.000 |
|
|
1.21% |
3.47% |
2.83% |
%20LIMITED%20-%20291993%2030-Oct-2014_files/image026.gif)
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
COMPANY
OVERVIEW
The Company is the largest player in the dyed poly viscose (PV) yarn market in India. At Bhilwara in Rajasthan, the company operates its state-of-the-art facilities to produce synthetic and blended dyed/grey spun yarn, cotton yarn and fabrics (synthetics blended, denim and knitted fabrics). It also has facilities for fabric processing.
PERFORMANCE IN
2013-14
Textiles did remarkably well in an otherwise dull exports scenario in 2013-14. A weaker rupee and firm overseas demand helped the sector add $4 billion to overall exports of $312 billion, second only to engineering goods, which accounted for a $4.83-billion increase. Textile exports were worth $30.37 billion in 2013-14, up from $26.36 billion in the previous year - a growth of 15.24 per cent, compared to a decline of 3.11 per cent in 2012-13. All major segments in the sector grew at a healthy rate. Readymade garments, which accounts for nearly half of all textile exports at $14.93 billion, grew 15.53 per cent. Cotton yarn and fabrics grew 18 per cent to $8.88 billion, while manmade textiles grew nearly 13 per cent to $5.69 billion. According to commerce ministry data, the share of textiles in export earnings increased from 8.78 per cent in 2012-13 to 9.72 per cent in 2013-14. Overall exports grew four per cent to $312.6 billion in the year ended March 2014. Had textile exports remained unchanged, overall export growth would have been less than three per cent.
FINANCIAL PERFORMANCE
The Company registered turnover of Rs.14330.000 Millions in 2013-14 as against Rs.14790.000 Millions in 2012-13. The turnover as lower in the year due to closure of toll business during the year. However the other operations of the Company remained stable during the year.
YARN DIVISION
Locations: Biliya Kalan and Sareri, Rajasthan
Products: PV Yarn, PV-Dyed Yarn and Cotton Yarn
Capacities: 96,864 spindles in Biliya Kalan and 104352 spindles in Sareri
Sangam (India) continues to be the leader in the Indian PV yarn market with a share of 25%. The company is also the largest producer of blended dyed yarn in the country in a single location. On account of its large scale and through product innovation capabilities, Sangam is also the price leader in certain counts such as 2/15s and 2/18s. With the Indian PV yarn market expected to benefit from favourable demographics, faster replacement cycle and rise in fashion conscious consumer base; Sangam is positioned to improve its market share in the segment in both Indian and global textile industry.
FABRICS DIVISIONS
P/V Fabrics
Location: Atun, Rajasthan
Products: PV fabrics, processed fabrics
Capacity: PV fabrics – 18 mn meters; Processed fabrics – 53 mn meters
Sangam’s roots lie in the fabric business. Started as fabric manufacturer, Sangam expanded its presence into PV yarn as a backward integration initiative. The company offers wide range of woven PV fabrics, used for Suitings and trousers. The fabric division offers exhaustive range of processes, which enable it, offer holistic solutions to its value-led as well as volume-led clients. This division also extended the company’s presence in the readymade garments segment, as a further step in forward integration. The company also offers brand ed suiting fabrics apart from readymade suits.
Denim Fabric
Unit: Biliya Kalan, Rajasthan
Products: Denim Fabric
Capacity: 32 mn meters
The company ventured into denim fabric manufacturing in 2009. The company intended to extend its presence in the affordable segment to cater to the aspiring customers for casual dressing. Denim segment, being the fastest growing segment, offered the required strategic fit to our existing businesses – of Cotton & PV yarns and its ability to create diverse style fabrics. Today, the company ranks among the leading denim manufacturers in the country.
OPERATIONAL RESULTS
The company’s performance during the financial year can be considered satisfactory considering overall economic scenario prevalent at domestic as well as global spheres. Turnover was Rs.14326.100 Millions as against Rs.14788.400 Millions of previous year. The turnover was lower than the last year due to closure of toll business during the year. The exports increased to Rs.3423.400 Millions as against Rs.3007.500 Millions of previous year.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
3729.300 |
|
b) Other operating income |
21.000 |
|
Total
income from Operations(net) |
3750.300 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
2106.200 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
159.900 |
|
c) Employees benefit expenses |
277.500 |
|
d) Depreciation and amortization expenses |
189.400 |
|
e) Power and Fuel |
372.700 |
|
f) Toll Contract fee |
325.100 |
|
g) Other expenditure |
3430.800 |
|
Total expenses |
319.500 |
|
3. Profit from operations before other income and
financial costs |
16.200 |
|
4. Other income |
335.700 |
|
5. Profit from ordinary activities before finance costs |
167.600 |
|
6. Finance costs |
168.100 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
0.000 |
|
8. Exceptional item |
168.100 |
|
9. Profit from ordinary activities before tax
Expense: |
54.700 |
|
10.Tax expenses |
113.400 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
0.000 |
|
12.Extraordinary Items (net of tax expense) |
113.400 |
|
13.Net Profit / (Loss) for the period (11 -12) |
394.200 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
3729.300 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share of Rs.10/- each) (not
annualised): |
|
|
(a) Basic and diluted |
2.88 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
22550423 |
|
- Percentage of shareholding |
57.20 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
16871136 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
42.80 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unreserved at the end of the quarter |
Nil |
Notes:
- The above results were reviewed by the Audit Committee of the Board and thereafter were approved by the Board of Directors in their meeting held on July 31, 2014. The Statutory Auditors have carried out a limited review of the above financial results.
- The Company operates mainly in the Textile segment. During the previous period there was toll collection activity also which includes in Turnover & Earning before tax and interest :-
|
Particular |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
Net Sales/Income from Operations |
-- |
|
Earnings/ (Loss) before tax and interest |
-- |
- The Depreciation based on useful life of assets under provisions of the Companies Act 2013 with its impact on the statement of Profit & Loss will be done at year end and till then the Company continues to provide depreciation at same old rates as provided in the Companies Act, 1956.
- The figures of the previous period have been re-grouped / re-arranged and / or recast wherever found necessary
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10522111 |
03/09/2014 |
2,659,200,000.00 |
State Bank Of India |
Industrial Finance Branch, 1, Tolstoy Marg, New Delhi, Delhi - 110001, India |
C22564199 |
|
2 |
10519751 |
20/08/2014 |
570,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Center Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
C20461133 |
|
3 |
10473788 |
03/09/2014 * |
325,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Center Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
C21860150 |
|
4 |
10344811 |
06/03/2012 |
4,479,200,000.00 |
State Bank Of India |
Industrial Finance Branch, 1, Tolstoy Marg, New Delhi, Delhi - 110001, India |
B35985555 |
|
5 |
10320324 |
21/08/2012 * |
120,000,000.00 |
State Bank of Bikaner and Jaipur |
Bhopal Ganj, Bhilwara, Rajasthan - 311001, INDIA |
B58006073 |
|
6 |
10295177 |
14/12/2011 * |
1,000,000,000.00 |
State Bank of Bikaner and Jaipur |
Bhopal Ganj, Bhilwara, Rajasthan - 311001, INDIA |
B29286663 |
|
7 |
10294474 |
14/12/2011 * |
350,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Center Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B28906543 |
|
8 |
10218404 |
04/02/2011 * |
230,000,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B07502800 |
|
9 |
10021497 |
30/06/2008 * |
1,250,000,000.00 |
State Bank Of Patiala |
Commercial Branch, Atlanta, Nariman Point, Mumbai, Maharashtra - 400021, India |
A42655803 |
|
10 |
10006134 |
30/06/2008 * |
200,000,000.00 |
Corporation Bank |
Industrial Finance Branch, Bharat House, Mumbai Samachar Marg, Mumbai, Maharashtra - 400001, India |
A42234922 |
|
11 |
10004938 |
22/08/2009 * |
600,000,000.00 |
State Bank Of India |
Commercial Branch, Pur Road,, Bhilwara, Rajasthan- 311001, India |
A69738581 |
|
12 |
10005004 |
28/08/2009 * |
750,000,000.00 |
Bank Of Baroda |
Nagori Garden, Bhilwara, Rajasthan - 311001, India |
A70075718 |
|
13 |
10000992 |
30/06/2008 * |
325,000,000.00 |
State Bank Of Hyderabad |
Overseas Branch, Church
Gate, Mumbai, Maharashtra |
A42239657 |
|
14 |
90263083 |
30/06/2008 * |
500,000,000.00 |
Central Bank Of India |
Bijai Nagar Branch, Dist. Ajmer, Bijai Nagar, Rajasthan - 305624, India |
A42224550 |
|
15 |
90113710 |
30/06/2008 * |
200,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
P. M. Road, United India Life Building Fort, Mumbai, Maharashtra - 400023, India |
A42303594 |
|
16 |
80006071 |
22/08/2009 * |
210,000,000.00 |
State Bank Of Patiala |
Commercial Branch, Atlanta, Nariman Point, Mumbai, Maharashtra - 400021, India |
A69738300 |
|
17 |
80016085 |
22/08/2009 * |
800,000,000.00 |
State Bank Of Patiala |
Commercial Branch, Atlanta, Nariman Point, Mumbai, Maharashtra - 400021, India |
A69738748 |
|
18 |
90071490 |
30/06/2008 * |
450,000,000.00 |
State Bank Of Patiala |
Commercial Branch, Atlanta, Nariman Point, Mumbai, Maharashtra - 400021, India |
A42656298 |
|
19 |
80004434 |
01/05/2006 * |
63,800,000.00 |
Bank of Baroda |
Nagori Garden Branch, Bhilwara, Rajasthan - 311001, India |
- |
|
20 |
80000870 |
04/02/2011 * |
3,150,000,000.00 |
State Bank Of India |
Industrial Finance Branch, 1, Tolstoy Marg, New Delhi, Delhi - 110001, India |
B07577422 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.32 |
|
UK Pound |
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
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 |
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 |
|
49 |
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.