MIRA
INFORM REPORT
|
Report Date : |
26.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
T T LIMITED |
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Registered
Office : |
879, Master Prithvi Nath Marg, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.09.1978 |
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Com. Reg. No.: |
55-009241 |
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Capital
Investment / Paid-up Capital : |
Rs.214.981
Millions |
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CIN No.: [Company Identification
No.] |
L18101DL1978PLC009241 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELT04227G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Cotton, Yarn textile, Fabric etc. |
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No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4154000 |
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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. 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 condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Snajay Mishra |
|
Designation : |
Manager commercial |
|
Contact No.: |
91-11-45060708 |
|
Date : |
23.09.2014 |
LOCATIONS
|
Registered Office / Head Office: |
879, Master Prithvi Nath Marg, Karol Bagh, |
|
Tel. No.: |
91- 11- 45060708 |
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Fax No.: |
91-11-45060741 / 23632283 |
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E-Mail : |
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Website : |
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Area : |
1,000 Sq. ft. |
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Location : |
Owned |
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Mills/ Factory 1 : |
Tirupti Spinning mills |
|
Address : |
305/1, Tirupati Thotham, Avinashi, district. Tirupur, Tamilnadu, India |
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Factory 2 : |
Gajroula Spinning Mills |
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Address : |
109-10 KM Stone, National highway No.24, Delhi Moradabad Road, Tirupatipuram district, Jyoti Ba Phole Nagar, Gajroula – 244235, India |
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Factory 3 : |
Gopeshwar Spinning Mills |
|
Address : |
Survey No. 89, Kadiyali Rajula, Amreli – 365560, Gujarat, India |
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Factory 4 : |
Rajula Spinning Mills |
|
Address : |
Survey No. 88, Kadiyali Rajula, Tirupur – 641654, Tamilnadu, India |
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Factory 5 : |
T T Limited (garments divisions) |
|
Address : |
305/1, Padmavati Garden Avinashi, Tirupur – 641654, Tamilnadu, India |
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Branches : |
Located at · Kolkata · Avinashi · Gajroula · Rajula |
DIRECTORS
As on 31.03.2014
|
Name : |
Dr. Rikhab C Jain |
|
Designation : |
Chairman |
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|
Name : |
Mr. Sanjay Kumar Jain |
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Designation : |
Managing Director |
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Name : |
Mrs. Jyoti Jain |
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Designation : |
Jt. Managing Director |
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Name : |
Mr. V. R. Mehta |
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Designation : |
Director |
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Name : |
Mr.. Navratan Dugar |
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Designation : |
Director |
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Name : |
Dr. (Prof) V. K. Kothari |
|
Designation : |
Director |
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Name : |
Mr. Sunil Mahnot |
|
Designation : |
Director Finance and CFO |
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Name : |
Mr. Mahesh Mehta |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Bulbul Daga |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
10345618 |
48.12 |
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|
1616743 |
7.52 |
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|
1616743 |
7.52 |
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|
11962361 |
55.64 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
11962361 |
55.64 |
|
(B) Public Shareholding |
|
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|
|
|
|
|
|
|
|
|
|
300 |
0.00 |
|
|
300 |
0.01 |
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|
|
|
|
|
552885 |
2.65 |
|
|
|
|
|
|
4045019 |
29.72 |
|
|
2078931 |
9.67 |
|
|
494690 |
2.31 |
|
|
500 |
0.00 |
|
|
38292 |
0.18 |
|
|
73020 |
0.34 |
|
|
382878 |
1.79 |
|
|
7171525 |
44.35 |
|
Total Public shareholding (B) |
7171825 |
44.36 |
|
Total (A)+(B) |
19134186 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
19134186 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cotton, Yarn textile, Fabric etc. |
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Exports : |
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Products : |
Textile Fibres |
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Countries : |
·
China ·
UK ·
Pakistan ·
USA |
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Terms : |
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Selling : |
Cash and Credit (30 Days) |
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Purchasing : |
Cash and Credit (30 Days) |
GENERAL INFORMATION
|
Suppliers : |
Maharaja Umaid Mill Limited, Pali, Rajasthan, India |
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Customers : |
China National Personal Mill Company, China |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
· Oriental Bank of Commerce · Punjab National Bank · Indian Bank · State Bank of Mysore · State Bank of Hyderabad ·
State Bank of India |
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Facilities : |
(Rs.
In Millions)
LONG TERM
BORROWING Note : Terms of repayment
/ details of security are as follows: From Banks – Term loans (Rs. in Millions)
1.
Rupees Term Loan from Oriental Bank of Commerce
(OBC), Punjab National Bank (PNB), State Bank of Mysore (SBM) and Indian Bank
are secured by pari-passu charge on company's immoveable and moveable assets located
at Gajroula, Avinashi, Rajula units and Wind Mills located at Govindhapuram
and Kundadam Villages, Tirupur District of the company. Loans are further
secured by personal guarantee of Shri Rikhab C. Jain, Chairman of the
company. Term Loan carry ROI ranging from 12.20% to 13.50% p.a. The aforesaid
interest rate is subject to benfit under TUF scheme of Government of India
and state interest subsidies whenever applicable. 2.
Fixed Deposits carry interest @11.5%-13% and
repayable within one to three Years from the date of Deposits. 3.
Borrowings from Directors and others is the
amount inducted by the promoters as per the terms and conditions stipulated
in sanctions of the loans by the bankers, are not repayable in next 12 Months
therefore all such borrowings have been classified as “Long Term in nature” SHORT TERM
BORROWING Note : The working
capital loans from consortium of banks i.e. OBC and PNB are secured by
hypothecation of Raw Material, Work in Process, Packing Material, Finshed
Goods and Book Debts and second charge over Fixed Assets located at Gajroula,
Avinashi , Rajula and Wind Mill and further secured by personal guarantee of
Shri Rikhab C. Jain, Chairman of the Company. |
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Banking
Relations : |
--- |
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Auditors : |
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Statutory
Auditors : |
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Name: |
Doogar and Associates Chartered Accountants |
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Address : |
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Internal
Auditors : |
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|
Name: |
R. S. Modi and Company Chartered Accountants |
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|
Legal Advisor : |
Shilpi Jain Sharma Advocate |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21498050 |
Equity Shares |
Rs.10/- each |
Rs.214.981
Millions |
|
|
|
|
|
a) Reconciliation of the shares outstanding at
the beginning and at the end of the reporting Year
(Rs. In Millions)
|
Particulars |
31.03.2014 |
|
|
|
No of Shares |
Rs |
|
Equity Shares |
|
|
|
At the beginning of the Year |
21498050 |
214.981 |
|
Issued during the Year |
- |
- |
|
Bought back during the Year |
- |
- |
|
Outstanding at the end of the Year |
21498050 |
214.981 |
b)
Terms/rights attached to Equity Shares
Company has only
one class of equity shares having a par value of Rs.10/-. Each holder of equity
shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. During the year ended 31st March 2014 the amount of per share dividend
as distribution to equity share holder is Rs. 1/- per share (previous year Re.
1/- per share).
c) Details of shareholders holding more than
5% shares in the company
|
Particulars |
31.03.2014 |
|
|
|
No of Shares |
% holding |
|
Equity Shares |
|
|
|
Rikhab Chand Jain |
8187279 |
38.08 |
|
Jyoti Jain |
1689447 |
7.86 |
|
H M Foundation(Trust) |
1613643 |
7.51 |
|
|
|
|
d)
As per of
the company, including its register of shareholders/members and other
declarations received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownerships of shares
e)
The Company has not allotted any fully paid up
shares pursuant to contract(s) without payment being received in cash
nor has allotted any fully paid up shares by way of bonus shares nor has bought
back any class of shares during the
period of five years immediately preceding the balance sheet date.
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 |
214.980 |
214.980 |
214.980 |
|
(b) Reserves & Surplus |
823.409 |
765.704 |
613.872 |
|
(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) |
1038.389 |
980.684 |
828.852 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1491.184 |
1734.019 |
1000.171 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
37.349 |
|
(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) |
1491.184 |
1734.019 |
1037.520 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1336.351 |
1157.975 |
1117.989 |
|
(b) Trade payables |
79.221 |
93.473 |
14.138 |
|
(c) Other current
liabilities |
554.673 |
426.846 |
301.599 |
|
(d) Short-term provisions |
39.690 |
32.872 |
27.845 |
|
Total Current Liabilities (4) |
2009.935 |
1711.166 |
1461.571 |
|
|
|
|
|
|
TOTAL |
4539.508 |
4425.869 |
3327.943 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2856.546 |
2132.935 |
1983.768 |
|
(ii) Intangible Assets |
1.549 |
2.283 |
3.528 |
|
(iii) Capital
work-in-progress |
0.000 |
738.890 |
19.596 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
9.414 |
35.075 |
0.000 |
|
(d) Long-term Loan and Advances |
144.425 |
119.306 |
96.617 |
|
(e) Other Non-current assets |
5.690 |
5.310 |
15.863 |
|
Total Non-Current Assets |
3017.624 |
3033.799 |
2119.372 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.006 |
0.023 |
0.045 |
|
(b) Inventories |
596.422 |
680.850 |
678.197 |
|
(c) Trade receivables |
508.557 |
446.018 |
301.349 |
|
(d) Cash and cash
equivalents |
15.496 |
14.082 |
33.182 |
|
(e) Short-term loans and
advances |
72.860 |
34.787 |
29.806 |
|
(f) Other current assets |
328.543 |
216.310 |
165.992 |
|
Total Current Assets |
1521.884 |
1392.070 |
1208.571 |
|
|
|
|
|
|
TOTAL |
4539.508 |
4425.869 |
3327.943 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7435.359 |
5028.432 |
4879.383 |
|
|
|
Other Income |
1.310 |
3.822 |
14.985 |
|
|
|
TOTAL (A) |
7436.669 |
5032.254 |
4894.368 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5575.909 |
3640.603 |
3664.763 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
90.512 |
(99.766) |
(120.652) |
|
|
|
Employees benefits expense |
208.740 |
174.648 |
125.186 |
|
|
|
Other expenses |
940.262 |
796.076 |
638.478 |
|
|
|
TOTAL (B) |
6815.423 |
4511.561 |
4307.775 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
621.246 |
520.693 |
586.593 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
354.659 |
318.934 |
234.077 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
266.587 |
201.759 |
352.516 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
151.043 |
116.129 |
112.815 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
115.544 |
85.630 |
239.701 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.661 |
20.108 |
81.757 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
89.883 |
65.522 |
157.944 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
(50.000) |
(30.000) |
0.000 |
|
|
|
Dividend |
(21.498) |
(21.498) |
(0.083) |
|
|
|
Tax on Dividend |
(3.653) |
(3.653) |
0.000 |
|
|
|
Total
(M) |
(75.151) |
(55.151) |
(0.083) |
|
|
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
|
F.O.B. Value of Exports |
5020.316 |
2671.876 |
22.7.322 |
|
|
|
TOTAL
EARNINGS |
5020.316 |
2671.876 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
1510.463 |
|
|
|
Components and Stores parts |
4.786 |
4.537 |
35.107 |
|
|
|
Capital Goods |
0.000 |
143.689 |
0.000 |
|
|
|
TOTAL
IMPORTS |
4.786 |
148.226 |
1545.570 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.18 |
0.05 |
7.35 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.06.2014 UnAudited |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
1527.500 |
|
Total Expenditure |
|
|
1389.100 |
|
PBIDT (Excl OI) |
|
|
138.400 |
|
Other Income |
|
|
0.000 |
|
Operating Profit |
|
|
138.400 |
|
Interest |
|
|
96.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
41.700 |
|
Depreciation |
|
|
29.600 |
|
Profit Before Tax |
|
|
12.100 |
|
Tax |
|
|
4.400 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
7.700 |
|
Net Profit |
|
|
0.770 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.21 |
1.30 |
3.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.55 |
1.70 |
4.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.55 |
2.34 |
7.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.09 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.72 |
2.95 |
2.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76 |
0.81 |
0.83 |
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 |
214.980 |
214.980 |
214.980 |
|
Reserves & Surplus |
613.872 |
765.704 |
823.409 |
|
Net
worth |
828.852 |
980.684 |
1038.389 |
|
|
|
|
|
|
long-term borrowings |
1000.171 |
1734.019 |
1491.184 |
|
Short term borrowings |
1117.989 |
1157.975 |
1336.351 |
|
Total
borrowings |
2118.160 |
2891.994 |
2827.535 |
|
Debt/Equity
ratio |
2.556 |
2.949 |
2.723 |
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 |
4879.383 |
5028.432 |
7435.359 |
|
|
|
3.055 |
47.866 |
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 |
4879.383 |
5028.432 |
7435.359 |
|
Profit |
157.944 |
65.522 |
89.883 |
|
|
3.24% |
1.30% |
1.21% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
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 |
No |
UNSECURED
LOAN
(Rs. in Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Other Borrowing |
|
|
|
Fixed Deposits |
121.917 |
99.015 |
|
From Directors |
107.796 |
77.700 |
|
From Others |
184.507 |
129.400 |
|
|
|
|
|
Total |
414.220 |
306.115 |
REVIEW OF
OPERATIONS
The year 2013-14
was a year of ups and downs. They started the year on a low note with poor demand
and a not so rosy future. However keeping up the trend of volatility,
everything changed from May end and they saw the currency depreciating in a
matter of 3 months by more than 20%. India suddenly became very competitive and
exports increased steeply. Cotton prices also went up steeply and then fell
back again as the currency retraced and the new cotton season ushered in.
The depreciation
of rupee was a big boost to the exports, However the volatility in
cotton/currency and withdrawal of FMS scheme by Government were a setback which
impacted profitability. However the Company was able to increase its exports by
about 82% .The Company has earned a PAT of Rs.89.900 Millions against a profit
of Rs.65.500 Millions in the last year. The turnover of the Company also went
up by 48% to Rs.7440.000 Millions. Operating EBITDA (before other income) is
Rs.621.200 Millions as against Rs.533.100 Millions last year.
The year could
have been much better but for the low economic growth and high inflation
domestically. Domestic sales were very slow as consumption was hit by inflation
and a pessimism in the economy.
The Company
started commercial production of its new spinning project in Rajula, Gujarat.
This project is expected to be the most profitable segment of the Company due
to its locational advantage and Government incentives. During the year,
capacity utilization was low due to non-availability of adequate labour. The
Company could achieve 80% plus utilization first time in the last quarter only.
The Company is in the process of identifying assets for disposal to
improve liquidity and reduce its leverage.
FUTURE
OUTLOOK
As
they enter the newyear they start with a lot of optimism. Global growth is
picking up and India has most probably seen its bottom. Textile and clothing
demand is expected to pick up and the Company is well poised to take advantage
of it. It has completed all its expansion projects and has no new plans for
2014-15. The Company wants to consolidate and reduce its leveraging to create a
strong base for
picking
up new growth ideas for 2015-16.
The
new Central Government led by Shri Narendra Ji Modi has been established with
this hope of industrial and economic revival has risen Rapidity in economic
growth is certainly expected.Its jewel in the crown, Rajula new spinning unit
is now fully stabilised and the Company is expecting 90% utilization in the
coming year. Further with growth picking up domestically and inflation settling
down, we expect consumer demand to grow at a good pace. Last year the value
added garments division could just manage 10% growth, however this year we look
to growth at 25% to 30%. However there are two threats which could impact the
Company i.e. Currency appreciating lower than rupees a dollar 60 and the
Chinese reducing their local cotton prices too much. Such macro-economic
factors change so fast, that it is difficult to predict anything – however
these two factors may impact yarn exports. The Company has started focusing
more on domestic markets for its yarn sales. The Company targets to sell
domestically all yarn produced in two spinning mills located at Gajroula and
Avinashi in the local markets. Gujarat mills due to their location, would
always enjoy a costing edge in exports over its peers in other parts of the
country.
The above average growth in the company
turnover last year, has made the Company project a growth of 15% for the
current year. The Company targets to reach Rs 1000 crore in the next 2 years. Profit
margins would also improve in the coming years. They start the current year
with a lot of hope and optimism of achieving new heights and taking the brand
and the company to new levels. The much talked about consumption boom is
expected to kick off very soon and we are well poised to take advantage of it.
This would also reduce the dependence on exports and de-risk the company from
vagaries of exports. Last but not the least, Company has framed a CSR policy in
line with the newly introduced Companies Act, 2013. Also other changes as
required by the Act are being undertaken and we re-affirm their commitment to
the best level of good corporate governance.
CORPORATE
GOVERNANCE
The Company is
committed to maintain the highest standards of Corporate Governance and adhere
to the Corporate Governance requirements set out by SEBI.
A separate report on Corporate Governance along with Auditor's
Certificate on its compliance is annexed to this report.
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER 30TH JUNE, 2014
(Rs.
In Millions)
|
SI. No. |
Particulars |
Quarter Ended 30.06.2014 Unaudited |
|
|
|
|
|
1 |
(a) Net Sales/ Income from operations |
1491.341 |
|
|
(b) Other operating income |
36.131 |
|
|
Total Income from
operations (net) |
|
|
2 |
Expenses |
|
|
|
a) Cost of materials consumed |
1075.607 |
|
|
b) Purchases of stock-in-trade |
|
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
41.319 |
|
|
d) Employee benefits expense |
57.476 |
|
|
e) Depreciation and amortisation expense |
29.596 |
|
|
f) Other expenses |
214.695 |
|
|
Total expenses |
1418.693 |
|
3 |
Profit from operations before other income, finance costs and exceptional items (1-2) |
108.779 |
|
4 |
Other income |
0.027 |
|
5 |
Profit from ordinary activities before finance costs and exceptional items (3+4) |
108.806 |
|
6 |
Finance costs |
96.684 |
|
7 |
Profit from ordinary activities after finance costs but before exceptional items (5-6) |
12.122 |
|
8 |
Exceptional items |
0.00 |
|
9 |
Profit from
ordinary activities before tax [7+8] |
12.122 |
|
10 |
Tax expense |
|
|
|
-Income tax |
0.00 |
|
|
-Deferred tax |
4.434 |
|
11 |
Net profit from
ordinary activities after tax [9-10] |
7.688 |
|
12 |
Paid up equity share capital (Shares of Rs.10/- each) |
214.980 |
|
13 |
Reserves excluding business reconstruction reserve |
0.000 |
|
14 |
Earnings per share
before extraordinary items) (of Rs. 10/- each) |
0.36 |
|
A |
Particulars of Shareholdings |
Quarter Ended 30.06.2014 Unaudited |
|
1 |
Public
Shareholding -
Number of shares |
9535689 |
|
|
- Percentage of Shareholding |
44.36% |
|
2 |
Promoters
and Promoters group Shareholding a) Pledged / Encumbered - Number of Shares |
NIL |
|
|
- Percentage of Shares (as a % of the total |
NIL |
|
|
shareholding of promoter and promoter
group) - Percentage of Shares (as a % of the total |
NIL |
|
|
shareholding of the Company) b)
Non-encumbered - Number of shares |
11962361 |
|
|
- Percentage of shares (as a % of the total |
100% |
|
|
shareholding of promoter and promoter
group) - Percentage of shares ( as a % of the total shareholding of the
company) |
55.64% |
|
B |
PARTICULARS |
Quarter Ended 30.06.2014 |
|
|
INVESTOR COMPLAINTS Pending at the begning of the quarter |
Nil |
|
|
Received during the quarter |
5 |
|
|
Disposed off during the quarter |
5 |
|
|
Remaining are solved at the end of quarter |
Nil |
NOTES:
1. The aforesaid Results were reviewed by Audit Committee and approved by the Board of Directors at their respective meetings held on 13th August, 2014
2. The Company operates under single segment "Textiles" as defined in the Accounting Standard - 17 on "Segment Reporting" issued by ICAI.
3. Figures
of the previous period have been regrouped wherever necessary
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10474320 |
14/12/2013 |
1,788,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING,, PANCHKUIYAN ROAD, NEW |
B94980406 |
|
2 |
10401334 |
14/12/2012 |
90,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING, PANCHKUIAN ROAD, NEW DELHI, Delhi - 110001, INDIA |
B67384313 |
|
3 |
10331669 |
07/12/2011 |
200,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING,, PANCHKUIYAN ROAD, NEW |
B30499339 |
|
4 |
10299536 |
13/07/2011 |
700,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING, PANCHKUIAN ROAD, NEW DELHI, Delhi - 110001, INDIA |
B17823576 |
|
5 |
10294984 |
28/03/2012 * |
65,000,000.00 |
State Bank of Mysore |
Corporate Account Branch, 3, 4 AND 5, DDA Building, |
B36222248 |
|
6 |
10298353 |
22/06/2011 |
200,000,000.00 |
INDIAN BANK |
LARGE CORPORATE BRANCH,, G-41, CONNAUGHT CIRCUS,, |
B17258427 |
|
7 |
10272674 |
24/01/2011 |
35,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, TOLSTOY HOUSE , TOLSTOY AMRG, NEW DELHI, Delhi - 110001, INDIA |
B08282741 |
|
8 |
10266119 |
15/12/2010 |
100,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING,, PANCHKUIYAN ROAD,, NEW DELHI, Delhi - 110001, INDIA |
B05102850 |
|
9 |
10169182 |
30/06/2009 |
3,865,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISKYMOOK BUILDING, PANCHKUIAN ROAD, NEW DELHI, Delhi - 110001, INDIA |
A67010496 |
|
10 |
10145398 |
30/01/2009 |
150,000,000.00 |
STATE BANK OF MYSORE |
3, 4 AND 5, DDA BUILDING, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A57928749 |
* Date of charge modification
FIXED ASSETS
- Building
- Plant and Machinery
- Furniture and Fixture
- Electric Installation
- Office Equipment
- Vehicles
- Wind
Mill
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.61.02 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.55.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.