MIRA
INFORM REPORT
|
Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PAGE INDUSTRIES LIMITED |
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Registered
Office : |
Abbaiah Reddy Industrial Area, Jockey Campus, No. 6/2 and
6/4, Hongasandra, Begur Hobli, Bangalore - 560 068, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.11.1994 |
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Com. Reg. No.: |
08-016554 |
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Capital
Investment / Paid-up Capital : |
Rs.111.539 Millions |
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CIN No.: [Company Identification
No.] |
L18101KA1994PLC016554 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Garments. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
A (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 12000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is the exclusive licensees of JOCKEY International Inc. (USA)
for manufacturer and distribution of the JOCKEY brand in India, Sri Lanka,
Bangladesh, Nepal and UAE. It is a well – established and reputed company
having fine track record. The rating reflects PIL’s strong market position of the domestic
innerwear market supported by strong distribution network and healthy recall
for the ‘Jockey’ brand in the innerwear market. Further rating also reflects strong financial risk profile and stable
operating margins of the company. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. The company can be considered good for normal 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 |
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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
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 |
CRISIL |
|
Rating |
Long term rating : AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
17.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Very strong degree of safety lowest credit risk. |
|
Date |
17.12.2013 |
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 DECLINED
MANAGEMENT NON – COOPERATIVE (91-80-40476868)
LOCATIONS
|
Registered Office : |
Abbaiah Reddy Industrial Area, Jockey Campus, No. 6/2 and
6/4, Hongasandra, Begur Hobli, Bangalore - 560 068, Karnataka, India |
|
Tel. No.: |
91- 80-40476868 / 25732952 |
|
Fax No.: |
91-80-25732226 / 25732215 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Pradeep Jaipuria |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Sunder Genomal |
|
Designation: |
Managing Director |
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|
Name : |
Mr. Pius Thomas |
|
Designation : |
Executive Director - Finance |
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Name : |
Mr. Shamir Genomal |
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Designation : |
Executive Director- Chief Strategy Officer |
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Name : |
Mr. Nari Genomal |
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Designation : |
Director |
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Name : |
Mr. Ramesh Genomal |
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Designation : |
Director |
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Name : |
Mr. Timothy Ralph Wheeler |
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Designation : |
Director |
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Name : |
Mr. G P Albal |
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Designation : |
Director |
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|
Name : |
Mr. B C Prabhakar |
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Designation: |
Director |
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Name : |
Mr. V Sivadas |
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Designation : |
Alternate Director |
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Name : |
Mr. P V Menon |
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Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. C Murugesh |
|
Designation : |
Company Secretary |
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Management Team: |
· Mr. Vedji Ticku, Chief Operating Officer · Mr. M. C. Cariappa, Sr.GM - Sales and Marketing · Mrs. Shelagh Margaret Commons, Head – Product Development · Dr. James Thomas, Sr.GM - HR and Admin |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
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|
5779729 |
51.82 |
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|
5779729 |
51.82 |
|
Total shareholding of Promoter and Promoter Group (A) |
5779729 |
51.82 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
714012 |
6.40 |
|
|
10509 |
0.09 |
|
|
3637670 |
32.61 |
|
|
4362191 |
39.11 |
|
|
|
|
|
|
250056 |
2.24 |
|
|
|
|
|
|
625053 |
5.60 |
|
|
63120 |
0.57 |
|
|
73725 |
0.66 |
|
|
73048 |
0.65 |
|
|
677 |
0.01 |
|
|
1011954 |
9.07 |
|
Total Public shareholding (B) |
5374145 |
48.18 |
|
Total (A)+(B) |
11153874 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11153874 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Garments. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management
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Bankers : |
· Canara Bank · Citi Bank, N.A. ·
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
42, Free Press House, Free Press Journal Marg, 215, Nariman Point, Mumbai - 400 021, Maharashtra, India |
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Enterprises in
which KMPs or their relatives having significant influence: |
· Page Garments Exports Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,153,874 |
Equity Shares |
Rs.10/- each |
Rs. 111.539
Millions |
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|
|
|
|
NOTE:
Reconciliation of the
Shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
Equity Shares 31st March 2014 |
|
|
|
Number |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
11,153,874 |
111.539 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
11,153,874 |
111.539 |
Terms /Rights attached
to Equity Shares
Equity Shares: The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Company does not have any holding company or subsidiary company, Shares held by holding and subsidiary company does not arise.
Details of Shareholders holding more than 5% Shares in the Company
|
Name of Shareholder |
Equity Shares 31st March 2014 |
|
|
|
No. of Shares held |
% of Holding |
|
Nari Genomal |
1,926,703 |
17.27% |
|
Ramesh Genomal |
1,926,345 |
17.27% |
|
Sunder Genomal |
1,925,961 |
17.27% |
|
Nalanda India Fund Limited |
1,110,735 |
9.96% |
|
Cartica Capital Limited |
838,000 |
7.51% |
There were no fresh issue of shares during the year or in the immediately preceding 5 year.
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 |
111.539 |
111.539 |
111.539 |
|
(b) Reserves & Surplus |
2778.480 |
2023.612 |
1546.444 |
|
(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) |
2890.019 |
2135.151 |
1657.983 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
333.146 |
290.524 |
218.753 |
|
(b) Deferred tax liabilities
(Net) |
94.829 |
57.365 |
35.847 |
|
(c) Other long term
liabilities |
465.989 |
322.507 |
278.032 |
|
(d) long-term provisions |
28.588 |
29.952 |
21.737 |
|
Total
Non-current Liabilities (3) |
922.552 |
700.348 |
554.369 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1088.989 |
588.748 |
422.285 |
|
(b) Trade payables |
607.745 |
472.789 |
373.340 |
|
(c) Other current liabilities |
973.819 |
634.874 |
574.270 |
|
(d) Short-term provisions |
212.893 |
185.565 |
133.098 |
|
Total
Current Liabilities (4) |
2883.446 |
1881.976 |
1502.993 |
|
|
|
|
|
|
TOTAL |
6696.017 |
4717.475 |
3715.345 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1700.684 |
1292.725 |
1044.701 |
|
(ii) Intangible Assets |
27.640 |
29.003 |
30.922 |
|
(iii) Capital work-in-progress |
35.926 |
100.632 |
26.570 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
18.027 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
319.797 |
168.007 |
265.741 |
|
(e) Other Non-current assets |
49.214 |
24.931 |
14.443 |
|
Total
Non-Current Assets |
2133.261 |
1615.298 |
1400.404 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
10.000 |
0.000 |
|
(b) Inventories |
3625.567 |
2350.354 |
1726.069 |
|
(c) Trade receivables |
726.793 |
580.679 |
436.540 |
|
(d) Cash and cash equivalents |
34.623 |
45.502 |
31.226 |
|
(e) Short-term loans and
advances |
170.671 |
111.238 |
107.211 |
|
(f) Other current assets |
5.102 |
4.404 |
13.895 |
|
Total
Current Assets |
4562.756 |
3102.177 |
2314.941 |
|
|
|
|
|
|
TOTAL |
6696.017 |
4717.475 |
3715.345 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
11730.942 |
8634.641 |
6834.093 |
|
|
Other Income |
210.777 |
207.995 |
183.556 |
|
|
TOTAL
(A) |
11941.719 |
8842.636 |
7017.649 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
6083.260 |
4296.193 |
3241.805 |
|
|
Purchases of Stock-in-Trade |
161.707 |
145.078 |
93.311 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(585.659) |
(237.967) |
(39.251) |
|
|
Employees benefits expense |
1881.135 |
1435.888 |
1138.361 |
|
|
Other expenses |
1823.669 |
1353.238 |
1069.524 |
|
|
prior period items |
0.000 |
0.000 |
0.011 |
|
|
TOTAL
(B) |
9364.112 |
6992.430 |
5503.761 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2577.607 |
1850.206 |
1513.888 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
103.511 |
79.900 |
66.731 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2474.096 |
1770.306 |
1447.157 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
139.288 |
113.514 |
106.221 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2334.808 |
1656.792 |
1340.936 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
796.971 |
531.458 |
441.082 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1537.837 |
1125.334 |
899.854 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1223.100 |
858.930 |
535.720 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend (Rs 44 per
share) |
490.770 |
401.540 |
301.150 |
|
|
Proposed Dividend (Rs 16 per
share) |
178.460 |
156.150 |
111.540 |
|
|
Corporate Dividend Tax
(Including tax on proposed dividend) |
113.740 |
90.470 |
66.950 |
|
|
Transferred to General Reserve |
155.000 |
113.000 |
97.000 |
|
|
Balance
Carried to the B/S |
1822.970 |
1223.100 |
858.930 |
|
|
|
|
|
|
|
|
Traded goods - Finished |
60.848 |
75.284 |
35.177 |
|
|
Raw materials - for
Manufacture |
311.038 |
204.479 |
130.540 |
|
|
TOTAL
IMPORTS |
371.886 |
279.763 |
165.717 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
137.87 |
100.89 |
80.68 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
12.88 |
12.73 |
12.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.90 |
19.19 |
19.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.06 |
35.89 |
36.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.81 |
0.78 |
0.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.49 |
0.41 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58 |
1.65 |
1.54 |
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 |
111.539 |
111.539 |
111.539 |
|
Reserves & Surplus |
1546.444 |
2023.612 |
2778.480 |
|
Net
worth |
1657.983 |
2135.151 |
2890.019 |
|
|
|
|
|
|
long-term borrowings |
218.753 |
290.524 |
333.146 |
|
Short term borrowings |
422.285 |
588.748 |
1088.989 |
|
Total
borrowings |
641.038 |
879.272 |
1422.135 |
|
Debt/Equity
ratio |
0.387 |
0.412 |
0.492 |
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 |
6834.093 |
8634.641 |
11730.942 |
|
|
|
26.347 |
35.859 |
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 |
6834.093 |
8634.641 |
11730.942 |
|
Profit |
899.854 |
1125.334 |
1537.837 |
|
|
13.17% |
13.03% |
13.11% |
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 |
No |
|
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 |
FINANCIAL HIGHLIGHTS
AND PERFORMANCE
The Directors wish to inform that during the financial year ended 31st March, 2014 the sales of the Company increased from Rs. 8634.640 millions to Rs. 11730.940 millions registering a growth of 36%. The net profit before tax for the year has increased to Rs. 2334.810 millions from Rs. 1656.790 millions of last year, which is an increase of 41%. The net profit stood at Rs 1537.840 millions as against Rs. 1125.330 millions of the previous year representing a growth of 37%.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
WORLD
In contrast to the greater than 5.0 per cent growth seen in the global economy between 2005 and 2007, global economic growth slowed down and averaged below 3 per cent between 2008 and 2013. The slowdown was largely universal across advanced economies – with sub-par growth in the United States and Europe following the financial meltdown and the repercussions that followed. Emerging economies have not remained immune to these developments and have been affected via a number of channels. Many emerging economies, particularly India and China, registered strong recovery in 2009.
However, a combination of domestic factors coupled with the sovereign debt crisis in the Euro-zone and the subsequent recession in the Euro-area prevented a sustainable recovery, and has negatively affected growth prospects. While growth in advanced economies remains subdued, many emerging economies including China, India, Brazil and Russia, among others, experienced lower growth rates in 2012-13 and 2013-14 vis-ŕ-vis that witnessed in 2010.
INDIA
In spite of the global financial crisis in 2008-09, the Indian economy achieved a growth rate of 8.6 per cent and 9.3 per cent respectively in 2009-10 and 2010-11. However, the recovery was short-lived with growth slowing to 6.2 per cent in 2011-12 and further to 5.0 per cent in 2012-13 and estimated at 4.9 per cent in 2013-14. The consequent slowdown, especially in 2012-13 and 2013-14, has been across the board, with no sector of the economy unaffected.
While India's recent slowdown is partly rooted in external causes, domestic causes are also important. The boost to consumption, coupled with supply side constraints, led to higher inflation. Monetary policy was tightened, even as external headwinds to growth increased. Falling savings without a commensurate fall in aggregate investment have led to a widening current account deficit (CAD). Wholesale price index (WPI) inflation has been coming down. However, food inflation, after a brief slowdown, continues to be higher than overall inflation. Given the higher weightage to food in consumer price indices (CPI), CPI inflation has remained close to double digits. The situation warranted steps to reduce government spending so as to contain inflation. Also required were steps to facilitate corporate and infrastructure investment so as to ease supply. Several measures announced during the year are aimed at restoring the fiscal health of the government and shrinking the CAD.
A rebound in the real estate sector growth was followed by a rise in inflation that necessitated monetary tightening. The rise in policy rates coupled with bottlenecks facing large projects such as obtaining environmental clearances, land acquisition, and fuel supply took its toll on investments. Alongside a fall in investment, latest data indicate that the domestic savings rate has fallen. The slowdown in savings is across the key components lower household financial savings, corporate savings and greater government dissavings – all of which have led to a widening of the saving-investment gap in recent years In response to the slowdown, the Government has undertaken several economic reform measures since September 2012 to revive growth in the economy by addressing the structural bottlenecks, attempting to restart the investment cycle by boosting the confidence of both domestic and global investors, and outlined steps to increase the financial savings of households.
INDUSTRY STRUCTURE
AND DEVELOPMENT: TEXTILES
WORLD
The global Textile and Apparel (T and A) trade scenario remained a little subdued in 2012-13 as overall textile and apparel trade declined in 2012-13 due to downturn in EU and US. However, there was a recovery in early 2013 driven by increasing demand in US and this recovery is expected to be sustained in the near future. Despite the decline, the overall trade has grown at a CAGR of 6% since 2005 and is expected to sustain this growth rate in the next 5 years.
INDIA
The Indian Textiles Industry has an overwhelming presence in the economic life of the country. Apart from providing one of the basic necessities of life, the textiles industry also plays a pivotal role through its contribution to industrial output, employment generation, and the export earnings of the country. Currently, it contributes about 14% to industrial production, 4% to the GDP, and 17% to the country’s export earnings. It provides direct employment to over 35 million people, which includes a substantial number of SC/ST, and women. The Textiles sector is the second largest provider of employment after agriculture. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the economy of the nation.
The Indian textiles industry is extremely varied, with the hand-spun and hand woven sector at one end of the spectrum, and the capital intensive, sophisticated mill sector at the other. The decentralized power looms / hosiery and knitting sector form the largest section of the Textiles Sector. The close linkage of the Industry to agriculture and the ancient culture and traditions of the country make the Indian textiles sector unique in comparison with the textiles industries of other countries. This also provides the industry with the capacity to produce a variety of products suitable to the different market segments, both within and outside the country.
The global slowdown had less impact on the Indian domestic market for textile and apparel, even though the export market was negatively impacted. India’s total textile and apparel industry grew marginally in last two years. The lower growth was primarily due to decline in exports. However, the domestic textile and apparel market was able to maintain the growth momentum and managed to grow around 8% in last few years. The overall textile and apparel market is expected to grow at a higher Compounded Annual Growth Rate (CAGR) of around 9% over next decade due to the recovery of export market and the continued growth of domestic market.
OUTLOOK:
In anticipation of growing demand, the company has substantially expanded its installed capacity. With the ongoing addition of new buildings, infrastructure and facilities, the installed capacity is scalable and can be ramped up with incremental machinery or man power to meet the expected healthy growth in demand.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand From bank Cash credit is repayable on demand and carries interest @ 10.25% per annum. (The above working capital loans are guaranteed by promoter directors) |
100.000 |
0.000 |
|
Total |
100.000 |
0.000 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10509173 |
05/06/2014 |
360,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C11415767 |
|
2 |
10495818 |
26/05/2014 |
300,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
NO. 7, M G ROAD,
BANGALORE, KARNATAKA - 560001, IN |
C04795712 |
|
3 |
10378072 |
25/09/2013 * |
450,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B87647616 |
|
4 |
10361726 |
12/06/2012 |
250,000,000.00 |
CITI BANK N.A. |
506-507, LEVEL 5, PRESTIGE MERIDIAN 2, NO.30, M G ROAD,, BANGALORE, KARNATAKA - 560001, INDIA |
B42077040 |
|
5 |
10333775 |
22/10/2013 * |
250,000,000.00 |
CITIBANK N. A. |
2ND FLOOR, NO.5, M. G. ROAD, BANGALORE, KARNATA KA - 560001, INDIA |
B89445779 |
|
6 |
10220657 |
05/04/2010 |
50,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A86491826 |
|
7 |
80002231 |
12/03/2014 * |
1,794,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, NO.83, RICHMOND ROAD, |
C00614313 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Claims against the company not acknowledged as debt Tax matters |
|
|
|
Income Tax matters under appeal (to the extent ascertained) [Income Tax Claims are disputed by company and is being contested with various forums/authorities] |
0.000 |
24.956 |
|
TDS on Royalty is under appeal with the high court. Liability, if any, arising in this regard, will be recovered from the beneficiary |
35.843 |
0.000 |
|
Excise duty matters under appeal (to the extent ascertained) |
2.278 |
2.278 |
|
Total |
38.121 |
27.234 |
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
30.06.2014
(Rs. In Millions)
|
|
Quarter Ended |
|
30.06.2014 (unaudited) |
|
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
3782.695 |
|
b) Other operating income |
49.755 |
|
Total
income from Operations(net) |
3832.450 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
180.074 |
|
b) Purchases of stock in trade |
24.256 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
10.960 |
|
d) Employees benefit expenses |
597.081 |
|
e) Depreciation and amortization expenses |
51.226 |
|
f) Other expenditure |
511.090 |
|
Total expenses |
3003.687 |
|
3. Profit from operations before other income and
financial costs |
828.763 |
|
4. Other income |
17.929 |
|
5. Profit from ordinary activities before finance costs |
846.692 |
|
6. Finance costs |
37.022 |
|
7. Profit before tax |
809.670 |
|
6. Tax expenses |
266.720 |
|
9. Net Profit for the Period |
542.950 |
|
10. Paid-up equity share capital (Nominal value Re. 10/- per share) |
111.539 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic |
48.68 |
|
diluted |
48.68 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
5374145 |
|
- Percentage of shareholding |
48.18% |
|
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 |
5779729 |
|
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) |
51.82% |
|
*Excludes shares represebted by Global Depository
Receipts. |
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
0 |
|
Disposed of during the quarter |
0 |
|
Remaining unreserved at the end of the quarter |
0 |
NOTE:
The above results were reviewed by the Audit Committee and thereafter have been taken on record by the Board of Directors at their meeting held on August 14, 2014.
The Company is primarily engaged in the business of manufacturing garments.
Therefore there is no separate reportable segment as defined by AS-1 issued by
ICAI.
For the current financial year 2014-15, the Board of Directors at their meeting
held on May 29, 2014 has declared 1st interim dividend of Rs.16 per share on an
equity share.
The figures of the quarter ended March 31, 2014 are the balancing figures
between the audited figures of the full financial year and published year to
date figures upto quarter ended December 31, 2013 of the financial year.
The Management of the Company has identified tangible fixed assets and their
major components and has reviewed/ determined their remaining useful lives with
the help of an expert. Accordingly, the depreciation on tangible fixed assets
is provided for in accordance with the provisions of Schedule II to the
Companies Act, 2013 (the "Act"). In line with transitional provisions
as per Part 'C' of Schedule II of the Act, in respect of assets where the
remaining useful life is 'Nil'. Their carrying amount after retaining the
residual value as on April 01, 2014 as determining by the expert aggregating
Rs.24.352 Millions (net of deferred tax of Rs. 12.540 Millions). has been
adjusted against the opening balance of retained earnings as on that date. This
being a technical matter, the certificate of a technical expert has been relied
upon by the auditors.
Prior previous periods / year figures have been rearranged/regrouped, wherever
necessary to conform to the current period / year classification.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant, machinery and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer hardware
· Display modules
Intangible Assets
· Computer software
PRESS RELEASES
PAGE INDUSTRIES NET PROFIT UP BY 26% AT RS 542.900 MILLIONS
Bangalore, 14th August, 2014: Page Industries Limited. a leading manufacturer of innerwear, leisurewear, sportswear and swimwear for men and women in India, today announced its financial results for the quarter ending on 30th June, 2014. Page Industries is the exclusive licensee of Jockey International Inc. (USA) and Speedo International Limited (UK).
The company recorded sales of Rs. 3782.700 Millions for the quarter ended June
30th, 2014, an increase of 24 percent from the corresponding quarter last year.
The net profit for the period was Rs 542.900 Millions, a growth of 26 percent.
Mr. Sunder Ashok Genomal - Managing Director, Page Industries Limited says, “The first quarter of 2014-15 was unique, eventful, and result oriented. Sales and net profits have been encouraging. We launched the USA Originals Collection for Men which takes inspiration from traditional American colours, textures and icons and combines unique labels, embroidery and prints to evoke a rich sense of Jockey’s heritage and American culture. Eye catching window displays in our Exclusive Brand Outlets highlighted the attributes of the collection which boasts of classic styles with a contemporary twist.”
“We also launched our 360 degree marketing campaign this quarter with Print Media and Out Of Home Media for USA Originals. Spectacular billboards with larger-than-life images in high streets and shopping malls across the country complimented the advertisements in leading publications, both English and vernacular. Our ‘Jockey or Nothing’ brand campaign went on air with two commercials titled ‘Move’ and ‘Play’, broadcasted across direct-to-home and cable and satellite television channels. Cinema and the digital medium have added to the impact. The ‘best or nothing’ philosophy of brand Jockey resonates with today’s youth and we believe our television commercials will connect with the youth and inspire them to live by these emotions and aspirations.”
“We inaugurated our 147th Exclusive Brand Store this quarter. Our brand stores now cover 107 stores in high streets and 40 stores in the busiest shopping malls across Metros, Tier One, Tier Two and Tier Three cities. Each of these stores has received an overwhelming response from our patrons, motivating us to take rapid strides in store expansion across potential markets. "
“The first quarter has taken the Speedo brand to 950 plus stores including large format stores across 74 cities and six Speedo exclusive brand outlets located in Delhi, Gurgaon, Bangalore, Chennai and Pune. The performance so far has been extremely heart- warming. ”
Jockey products are retailed through 147 exclusive brand outlets and 25,000 + retail stores in 1200 cities and towns across India.
As on June 30, 2014, Page Industries Limited. has over 16,000 employees, spread
over 10 state-of-the-art manufacturing complexes in Bengaluru, Hassan and
Mysore.
About Page Industries Limited
Page Industries Limited. is engaged in the manufacturing, distribution and marketing of innerwear, leisurewear, sportswear and swimwear for men and women and kids. The company is the exclusive licensee of Jockey International Inc. (USA) in India, Sri Lanka, Bangladesh, Nepal and UAE and for Speedo International Limited (UK) in India.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.10 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.