MIRA INFORM REPORT
|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
GINNI INTERNATIONAL LIMITED (TRANSFER FROM |
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Registered
Office : |
SP-2/ 1A and SP-2-2, RIICO Industrial Area, Neemrana, Behror, District
Alwar – 301705, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.04.1984 |
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Com. Reg. No.: |
17-011217 |
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Capital
Investment / Paid-up Capital : |
Rs.402.450 Millions |
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CIN No.: [Company
Identification No.] |
L70101RJ1984PLC011217
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TAN No.: [Tax Deduction
& Collection Account No.] |
JPRG02317A |
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PAN No.: [Permanent Account
No.] |
AAACG0182E |
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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 of Yarn and Fabrics. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5420000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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 |
05.08.2014 |
|
Rating Agency Name |
CARE |
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Rating |
Short Term bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety. It carry higher
credit risk |
|
Date |
05.08.2014 |
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 DENIED
Management Non Co-Operative (Tel No.: 91-11-40088000)
LOCATIONS
|
Registered Office/ Factory 1 : |
SP-2/ 1A and SP-2-2, RIICO Industrial Area, Neemrana Behror, District
Alwar – 301705, |
|
Tel. No.: |
91-1494-246116 / 246117/ 8/ 246069/ 246070 |
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Mobile No.: |
91-9414785389 (Mr. Umesh) |
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Fax No.: |
91-1494-246070 |
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E-Mail : |
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Website : |
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Yarn Enquiries and Fabric Enquiries / Corporate Office / Head Office/
Factory 2 : |
2nd Floor, 11/ 6B, Shanti Chambers, Pusa Road, New Delhi – 110005,
India |
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Tel. No.: |
91-11-25826667/ 25826668/ 25826669/ 25827433/ 37 / 40088000 |
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Fax No.: |
91-11-25827433/ 25827437/ 25863255/ 25742042/ 25863157/ |
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Email : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sharad Jaipuria |
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Designation : |
Chairman and Managing Director |
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Address : |
A-9/24, Vasant Vihar, New Delhi – 110057, India |
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Date of Birth/Age : |
07.04.1957 |
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Date of Appointment : |
01.07.1995 |
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Qualification : |
L.L.B |
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PAN No.: |
AANPJ5626J |
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DIN No.: |
00017049 |
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Name : |
Mr. Shreevats Jaipuria |
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Designation : |
Whole-time director |
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Address : |
A-9/24, Vasant Vihar, New Delhi – 110057, India |
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Date of Birth/Age : |
11.03.1988 |
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Qualification : |
B.SC. (H) Business Administration |
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Date of Appointment : |
26.07.2013 |
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DIN No. : |
02670857 |
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Name : |
Mr. Umesh Gupta |
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Designation : |
Whole Time Director |
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Address : |
Ginni Staff Colony, RIICO Industrial Area, Neemrana, Alwar – 301705,
Rajasthan, India |
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Date of Birth/Age : |
05.08.1962 |
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Date of Appointment : |
01.10.2011 |
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Qualification : |
B. Tec |
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PAN No.: |
ABJPG7767N |
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DIN No.: |
00658794 |
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Name : |
Mr. M.P Goyal |
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Designation : |
Director in Whole Time Employment |
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Name : |
Mr. Salil Bhandari Kumar |
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Designation : |
Director |
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Address : |
B-381, Chittaranjan Park, New Delhi, India |
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Date of Birth/Age : |
28.11.1957 |
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Date of Appointment : |
30.01.2001 |
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Qualification : |
Chartered Accountant |
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DIN No.: |
00017566 |
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Name : |
Mr. Brijendra Sahay |
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Designation : |
Director |
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Address : |
472, Sector – 15A, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
26.07.1939 |
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Date of Appointment : |
30.01.2001 |
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Qualification : |
M.A., LLB |
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DIN No.: |
00017600 |
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Name : |
Mr. Prem Sardarilal Malik |
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Designation : |
Director appointed in casual vacancy |
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Address : |
Akhand Aabhar Apartments, 501, 21st Road, Near Khar,
Gymkhana, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
03.02.1942 |
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Date of Appointment : |
23.04.2013 |
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DIN No. : |
00023051 |
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Name : |
Mr. Yogesh Agarwal |
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Designation : |
Independent director |
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KEY EXECUTIVES
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Name : |
Mr. Pawan Kumar
Singhal |
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Designation : |
Company Secretary and IFCI-Nominee |
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Address : |
MP-114, Pitampura, |
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Date of Birth/Age : |
12.06.1961 |
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Date of Appointment : |
26.06.2000 |
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PAN No.: |
AIGPS1236A |
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Name : |
Mrs. Kusum Singh |
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Designation : |
EXIM Nominee |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
730900 |
3.29 |
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|
15872800 |
71.51 |
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|
100 |
0.00 |
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|
16603800 |
74.80 |
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Total shareholding of Promoter and Promoter Group (A) |
16603800 |
74.80 |
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(B) Public Shareholding |
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0 |
0 |
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|
1515400 |
24.40 |
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|
948500 |
0.43 |
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|
82950 |
0.37 |
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|
5593200 |
25.20 |
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Total Public shareholding (B) |
5593200 |
25.20 |
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Total (A)+(B) |
22197000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0 |
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Total (A)+(B)+(C) |
22094850 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing of Yarn and Fabrics. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2012
|
Particulars |
Unit |
Installed Production |
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Cotton Yarn |
Spindles |
39312 |
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Woven Fabric |
Looms |
108 |
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Denim Fabric |
Meters (000) |
14000 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· Bank of India · Oriental Bank of Commerce · Punjab National Bank · Canara Bank · Export Import Bank of India · Indian Bank · IDBI Bank Limited |
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Facilities : |
Long Term
Borrowings i) Security (a)
Rupee Loans of Rs.211.493 Millions from Banks are secured by First
ranking pari passu mortgage and charge
on all immovable properties including fixed assets, plant and machinery (both
tangible and intangible), present and future, except any fixed assets, plant
& machinery (both tangible and intangible) exclusively charged to banks.
These loans are further secured by way of second ranking pari passu charge on
the current assets of the company and also guaranteed by Managing Director
and Corporate Guarantee from Shishir Finstock Private Limited. (b)
Rupee Loans of Rs.145.624 Millions from Banks and
Rs.312.550 Millions from Financial Institution are secured by First ranking
pari passu mortgage and charge on all immovable properties including fixed assets, plant and
machinery (both tangible and intangible), present and future, except any
fixed assets, plant & machinery (both tangible and intangible)
exclusively charged to banks. These loans are further secured by way of
second ranking pari passu charge on the current assets of the company and
also guaranteed by Managing Director. (c)
Rupee Loans of Rs.48.804 Millions from Banks are
secured by first ranking pari passu mortgage and exclusive charge on specific
fixed assets, plant and machinery (both tangible and intangible). These loans
are further guaranteed by Managing Director and Corporate Guarantee from
Shishir Finstock Private Limited (d)
Rupee Loans of Rs.3.600 Millions from Banks are
secured by first ranking pari passu mortgage and exclusive charge on specific
fixed assets, plant and machinery (both tangible and intangible). These loans
are further guaranteed by Managing Director. (e)
Rupee Loans of Rs.6.646 Millions from Banks are
secured by hypothecation of specific vehicles being financed by them. (f)
Foreign Currency Loans of Rs.188.254 Millions and
Rupee Loans of Rs.22.500 Millions from Financial Institution are secured by
First ranking pari passu mortgage and charge on all immovable properties
including fixed assets, plant and machinery (both tangible and intangible),
present and future, except any fixed assets, plant and machinery (both
tangible and intangible) exclusively charged to banks. These loans are
further secured by way of second ranking pari passu charge on the current
assets of the company, guaranteed by Managing Director and Pledge of 4205900
equity shares of the company held by promoter and associates. (g)
Deferred Supplier's Credit of Rs.15.568 Millions
from overseas suppliers are secured by hypothecation of specific tangible
fixed assets being financed by them. (h)
Deferred Supplier's Credit of Rs.7.904 Millions
from overseas suppliers are secured against letter of credits Short Term
Borrowings Working Capital
Loans from Banks are secured by First ranking pari passu charge on the current
assets of the company, both present and future and second ranking pari passu
mortgage and charge on all immovable properties including fixed assets, plant
and machinery (both tangible and intangible), present and future. These loans
are also guaranteed by Managing Director and Corporate Guarantee from Shishir
Finstock Private Limited. |
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Banking
Relations : |
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Auditors : |
|
|
Name : |
B. Chhawchharia
and Company Chartered
Accountants |
|
Address : |
8A and 8B, Satyam Tower, 3, Alipore Road, Kolkata - 700027, West Bengal, India |
|
PAN No.: |
AADFB3201F |
|
Mobile No.: |
B. Chhawchharia
and Company Chartered
Accountants |
|
|
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|
Associates and
joint ventures : |
· Ginni Global Limited CIN No.: U17119DL1989PLC038457 · Shishir Finstock Private Limited CIN No.: U18201DL1991PTC117262 · Ginni Energy Private Limited CIN No.: U74899DL1991PTC044893 |
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Related Parties : |
· Pitambari Engineers Private Limited CIN No.: U29299RJ1993PTC021948 ·
Borodrill Commercial Company Private Limited,
India CIN
No.: U99999RJ1993PTC025360 · Integral Infotech Private Limited CIN No.: U72900RJ2000PTC034107 |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23550000 |
Equity Shares |
Rs.10/- each |
Rs.235.500 Millions |
|
2100000 |
Preference Shares |
Rs.100/- each |
Rs.210.000 Millions |
|
|
Total |
|
Rs.445.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22197000 |
Equity Shares |
Rs.10/- each |
Rs.221.970 Millions |
|
1804800 |
Preference Shares |
Rs.100/- each |
Rs.180.480 Millions |
|
|
Total |
|
Rs.402.450
Millions |
Reconciliation of
the number of shares
|
Particulars |
Number
of Shares |
Rs. In Millions |
|
Equity Shares |
|
|
|
Shares outstanding at the beginning of the year |
22197000 |
221.970 |
|
Shares issued during the year |
-- |
0.000 |
|
Shares outstanding at the end of the year |
22197000 |
221.970 |
|
|
|
|
|
Preference Shares |
|
|
|
Shares outstanding at the beginning of the year |
1829800 |
182.980 |
|
Shares issued during the year |
25000 |
2.500 |
|
Shares outstanding at the end of the year |
1804800 |
185.480 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Equity Shares |
|
|
|
Shishir Finstock
Private Limited |
7702050 |
34.70 |
|
Ginni Energy
Private Limited |
7761600 |
34.97 |
|
Ginni Filaments
Limited |
4160450 |
18.74 |
|
Integral Prime
Sales Private Limited |
1232450 |
5.55 |
|
Total
|
20856550 |
93.96 |
|
|
|
|
|
Preference Shares |
|
|
|
Shishir Finstock
Private Limited * |
36000 |
1.99 |
|
Ginni Energy
Private Limited |
423800 |
23.48 |
|
Pitambari
Engineers Private Limited |
511500 |
28.34 |
|
Borodrill
Commercial Co. Private Limited |
403500 |
22.36 |
|
Integral
Infotech Private Limited * |
430000 |
22.83 |
|
Total |
1804800 |
100.00 |
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 |
402.450 |
404.950 |
397.400 |
|
(b) Reserves & Surplus |
952.112 |
767.875 |
529.760 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
10.050 |
|
Total
Shareholders’ Funds (1) + (2) |
1,354.562 |
1,172.825 |
937.210 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
707.416 |
797.549 |
844.173 |
|
(b) Deferred tax liabilities (Net) |
148.216 |
153.863 |
49.382 |
|
(c) Other long term liabilities |
12.676 |
10.636 |
12.869 |
|
(d) long-term provisions |
30.282 |
30.312 |
25.420 |
|
Total Non-current Liabilities (3) |
898.590 |
992.360 |
931.844 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
907.298 |
742.032 |
757.955 |
|
(b) Trade payables |
253.828 |
183.693 |
172.190 |
|
(c) Other current
liabilities |
349.808 |
322.201 |
306.678 |
|
(d) Short-term provisions |
113.035 |
5.837 |
0.803 |
|
Total Current Liabilities (4) |
1,623.969 |
1,253.763 |
1,237.626 |
|
|
|
|
|
|
TOTAL |
3,877.121 |
3,418.948 |
3,106.680 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,904.421 |
1,745.171 |
1,831.587 |
|
(ii) Intangible Assets |
15.465 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
22.762 |
0.026 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.950 |
2.950 |
2.950 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43.470 |
103.234 |
63.208 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1,966.306 |
1,874.117 |
1,897.771 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1,075.387 |
879.782 |
728.805 |
|
(c) Trade receivables |
632.885 |
473.237 |
382.784 |
|
(d) Cash and cash
equivalents |
66.698 |
36.998 |
7.375 |
|
(e) Short-term loans and
advances |
97.968 |
119.858 |
66.464 |
|
(f) Other current assets |
37.877 |
34.956 |
23.481 |
|
Total Current Assets |
1,910.815 |
1,544.831 |
1,208.909 |
|
|
|
|
|
|
TOTAL |
3,877.121 |
3,418.948 |
3,106.680 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5,123.430 |
4,428.486 |
3,992.539 |
|
|
|
Other Income |
5.997 |
8.312 |
40.510 |
|
|
|
TOTAL (A) |
5,129.427 |
4,436.798 |
4,033.049 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2,991.302 |
2,637.634 |
2,707.262 |
|
|
|
Purchases of Stock-in-Trade |
19.617 |
53.060 |
5.993 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(91.577) |
(122.649) |
169.524 |
|
|
|
Employees benefits expense |
314.116 |
229.856 |
188.848 |
|
|
|
Other expenses |
1,067.719 |
917.676 |
714.765 |
|
|
|
TOTAL (B) |
4,301.177 |
3,715.577 |
3,786.392 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
828.250 |
721.221 |
246.657 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
173.761 |
198.624 |
206.834 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
654.489 |
522.597 |
39.823 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
197.800 |
158.209 |
162.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
456.689 |
364.388 |
(122.245) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
164.401 |
119.824 |
(34.923) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
292.288 |
244.564 |
(87.322) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
158.107 |
(83.919) |
2.395 |
|
|
|
|
|
|
|
|
|
|
Tax Adjustment
related to Earlier Years |
0.019 |
(0.038) |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
0.000 |
0.000 |
|
|
|
Transfer to Capital Redemption Reserve |
2.500 |
2.500 |
0.000 |
|
|
|
Transfer to Proposed Dividend |
86.892 |
0.000 |
0.000 |
|
|
|
Transfer to Corporate Dividend Tax |
14.767 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
296.255 |
158.107 |
(84.927) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Products |
908.556 |
1126.457 |
1209.654 |
|
|
TOTAL EARNINGS |
908.556 |
1126.457 |
1209.654 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
31.460 |
0.777 |
NA |
|
|
|
Stores & Spares |
166.281 |
101.238 |
NA |
|
|
|
Capital Goods |
110.317 |
56.994 |
NA |
|
|
TOTAL IMPORTS |
308.058 |
159.009 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.51 |
10.36 |
(4.81) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.70 |
5.51 |
(2.17) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.91 |
8.23 |
(3.06) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.79 |
10.74 |
(3.94) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.31 |
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.19 |
1.31 |
1.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.23 |
0.98 |
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 |
397.400 |
404.950 |
402.450 |
|
Reserves & Surplus |
529.760 |
767.875 |
952.112 |
|
Share Application money
pending allotment |
10.050 |
0.000 |
0.000 |
|
Net
worth |
937.210 |
1172.825 |
1354.562 |
|
|
|
|
|
|
long-term borrowings |
844.173 |
797.549 |
707.416 |
|
Short term borrowings |
757.955 |
742.032 |
907.298 |
|
Total
borrowings |
1602.128 |
1539.581 |
1614.714 |
|
Debt/Equity
ratio |
1.709 |
1.313 |
1.192 |
%20-%20284739%2006-Sep-2014_files/image008.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 |
3,992.539 |
4,428.486 |
5,123.430 |
|
|
|
10.919 |
15.693 |
%20-%20284739%2006-Sep-2014_files/image010.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
|
3,992.539 |
4,428.486 |
5,123.430 |
|
Profit |
(87.322) |
244.564 |
292.288 |
|
|
(2.19%) |
5.52% |
5.70% |
%20-%20284739%2006-Sep-2014_files/image012.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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
OPERATIONS
During the year, the company achieved revenue from operations of Rs.5123.430 Millions as against Rs.4428.486 Millions in the previous year, registering a growth of 15.69 %. Gross profit increased to Rs.655.489 Millions from Rs.522.597 Millions, showing a growth of 25.43% over previous year. Profit before tax and Net Profit after Tax also increased to Rs.457.689 Millions and Rs.292.288 Millions from Rs.364.388 and Rs.244.564 Millions respectively of the previous year.
During the year, the company increased its Denim capacity from 15 million meters to 18 million meters per annum by debottlenecking its existing plant. Higher denim capacity, continuous emphasis on production of value added products and steady textile market enabled the company to achieve all round growth in its operations. The company is implementing a capital expenditure scheme of Rs.340.000 Millions to further increase productivity and production of Value Added Products.
FUTURE OUTLOOK
The future outlook of Textile Industry looks positive due to growing demand in the domestic market. Surging demand of life style clothing in the country will enable the company to realize better operating margins on its value added products. Implementation of current capital expenditure scheme, presently under way, will further improve profitability of the company.
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) |
1259.411 |
|
b) Other operating income |
42.356 |
|
Total
income from Operations(net) |
1301.767 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
790.746 |
|
b) Purchases of stock in trade |
19.299 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(88.076) |
|
d) Employees benefit expenses |
95.606 |
|
e) Depreciation and amortization expenses |
21.599 |
|
f) Other expenditure |
310.220 |
|
Total expenses |
1149.394 |
|
3. Profit from operations before other income and
financial costs |
152.373 |
|
4. Other income |
2.075 |
|
5. Profit from ordinary activities before finance costs |
154.448 |
|
6. Finance costs |
41.473 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
112.975 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
112.975 |
|
10.Tax expenses |
32.443 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
80.532 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
80.532 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
221.970 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
|
16.i) Earnings per share
(before and after extraordinary items) of Rs.10/- each) (not annualised)*: |
|
|
(a) Basic and diluted |
3.46 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
5593300 |
|
- Percentage of shareholding |
25.20 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
4205900 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
25.33 |
|
Percentage of shares (as a % of total share capital of the
company) |
18.95 |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
12397.800 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
74.67 |
|
Percentage of shares (as a % of total share capital of the
company) |
55.85 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
*After considering preference dividend at the contracted rate.
Notes:
· The Company has a single reportable segment i.e "Textile"
· Pursuant to the Companies Act, 2013 ('the Act') becoming effective from 1st April 2014, the Company has recomputed the depreciation based on the useful life of the assets as prescribed in the Schedule II of the Act. The depreciation charged for the quarter ended 30th June 2014 is lower by Rs.4.424 Millions. Further, in accordance with the transitional provisions of Schedule II, the company has adjusted an amount of Rs.13.117 Millions in the opening balance of retained earnings for those assets where the remaining useful life is NIL as on 1st April 2014.
· The above results have been reviewed by the audit committee and thereafter, approved by the Board of Directors at its meeting held on 31st July 2014. The Statutory Auditors have carried out the limited review of the results for the quarter ended June 30, 2014.
·
Previous period figures have been
regrouped/recast, wherever necessary, to conform to the current period
classification.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10471251 |
20/05/2014 * |
240,000,000.00 |
Export Import Bank Of India |
Centre One Building, Floor 21,, World Trade Centre Complex, Cuffee Parade, Mumbai, Maharashtra - 400005, India |
C06404354 |
|
2 |
10433771 |
20/06/2013 * |
140,000,000.00 |
Oriental Bank Of Commerce |
A 30-33, Connaught Circus, New Delhi, Delhi - 110001, India |
B78400850 |
|
3 |
10425482 |
25/04/2013 |
15,552,000.00 |
Picanol NV |
Karel Steverlyncklaan, 15 B-8900 Leper, Belgium, - 8900, Belgium |
B75053314 |
|
4 |
10364073 |
09/08/2012 * |
150,000,000.00 |
Bank of India |
New Delhi Mid Corporate
Branch, 37 Shaheed Bhagat, |
B45689957 |
|
5 |
10349371 |
06/04/2012 |
8,274,000.00 |
Picanol NV |
Karel Steverlyncklaan, 15 B-8900 Leper, Belgium, - 8900, Belgium |
B37479938 |
|
6 |
10306015 |
31/08/2011 |
33,000,000.00 |
Picanol NV |
Karel Steverlyncklaan, 15 B-8900 Leper, Belgium, - 8900, Belgium |
B20417143 |
|
7 |
10250243 |
11/11/2010 |
23,100,000.00 |
Picanol NV |
Karel Steverlyncklaan, 15 B-8900 Leper, Belgium, - 8900, Belgium |
A99267676 |
|
8 |
10225838 |
19/06/2010 |
85,000,000.00 |
Oriental Bank of Commerce |
Industrial Finance
Branch, H-15, Connaught Circus |
A88175732 |
|
9 |
10068597 |
21/01/2008 * |
62,000,000.00 |
Punjab National Bank |
Ece House, 28a, K. G Marg,, New Delhi, Delhi - 110001, India |
A32607418 |
|
10 |
10063431 |
17/10/2013 * |
1,217,500,000.00 |
BANK OF INDIA |
37 Shaheed Bhagat Singh Marg, Hotel Connaught Place , Near Shivaji Stadium, Delhi, Delhi - 110001, India |
B87765988 |
|
11 |
10020563 |
29/08/2006 |
49,500,000.00 |
IFCI LIMITED |
Ifci Tower, 61, Nehru Place, Delhi - 110019, India |
A05079520 |
|
12 |
10001802 |
29/08/2006 * |
150,000,000.00 |
Export Import Bank Of India |
Centre One Building, Floor-21, World Trade Centra Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A00278622 |
|
13 |
80011338 |
29/08/2006 * |
210,000,000.00 |
Oriental Bank Of Commerce |
Industrial Finance
Branch, H-15, Connaught Circus |
- |
|
14 |
80011342 |
29/08/2006 * |
60,000,000.00 |
Punjab National Bank |
Ece House, 28a, K. G Marg,, New Delhi, Delhi - 110001, India |
- |
|
15 |
80056906 |
26/11/2009 * |
240,000,000.00 |
Indian Bank |
A-7 South Extension Part -I, Delhi - 110049, India |
A75082644 |
|
16 |
90069120 |
29/11/2004 * |
95,000,000.00 |
Oriental Bank of Commerce |
Industrial Finance
Branch, H-15, Connaught Circus |
- |
|
17 |
80056907 |
26/11/2009 * |
81,000,000.00 |
INDIAN BANK |
A-7 South Extension Part -I, Delhi, Delhi - 110049, India |
A75083048 |
|
18 |
80067460 |
29/02/2000 * |
60,000,000.00 |
The Industrial Development Bank Of India |
IDBI Tower, Cuffe Parade , Colaba , Mumbai , Maharashtra - 440005, India |
- |
FIXED ASSETS
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Goodwill
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 records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.60.45 |
|
UK Pound |
1 |
Rs.99.46 |
|
Euro |
1 |
Rs.79.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
50 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.