MIRA
INFORM REPORT
|
Report Date : |
27.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
K G DENIM LIMITED
|
|
|
|
|
Registered
Office : |
Then Thirumalai, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.06.1992 |
|
|
|
|
Com. Reg. No.: |
18-003798 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 256.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17115TZ1992PLC003798 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBK03032B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing
and Marketing of denim fabrics of different size, shades, weaves, blends and
weights. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by cyclical
nature of the denim industry and sharp dip in profitability of the company during
financial year 2014. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce
business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BB-” |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
11.07.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A4” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
11.07.2014 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-4254-304401)
LOCATIONS
|
Registered
Office : |
Then Thirumalai,
Coimbatore - 641302, Tamilnadu, India |
|
Tel. No.: |
91-4254-304401/
235300/ 304300 |
|
Fax No.: |
91-4254-304400 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Jadayam
Palayam, Via Sirumugai, Taluka Mettupalayam, Coimbatore – 641302, Tamilnadu,
India |
|
Tel. No.: |
91-42545-2331/
34 |
|
Fax No.: |
91-42545-2335 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. B Sriramulu |
|
Designation : |
Managing
Directors |
|
Qualification
: |
BE ( |
|
Experience : |
16 Years |
|
Date of Appointment
: |
03.11.2003 |
|
|
|
|
Name : |
Mr. B Srihari |
|
Designation : |
Managing
Directors |
|
Qualification
: |
BE (Chem. Tech),
MS (Chem. Tech) |
|
Experience : |
14 Years |
|
Date of
Appointment : |
03.11.2003 |
|
|
|
|
Name : |
Mr. KG Baalakrishnan |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. G V S Desikan |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr.
G. P. Muniappan |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. K N V Ramani |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. V Jagadisan |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mrs. T Anandhi |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. M. J.
Vijayaraaghavan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Surinder
Chhibber |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A Velusamy |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. S Muthuswamy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. Muthuswamy |
|
Designation : |
Company Secretary
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
No.
of Shares |
%
of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9869258 |
38.47 |
|
|
4787145 |
18.66 |
|
|
14656403 |
57.13 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
14656403 |
57.13 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5200 |
0.02 |
|
|
500 |
0.00 |
|
|
2300 |
0.01 |
|
|
8000 |
0.03 |
|
|
|
|
|
|
733303 |
2.86 |
|
|
|
|
|
|
6102409 |
23.79 |
|
|
3184289 |
12.41 |
|
|
969501 |
3.78 |
|
|
75585 |
0.29 |
|
|
363933 |
1.42 |
|
|
529783 |
2.07 |
|
|
200 |
0.00 |
|
|
10989502 |
42.84 |
|
Total Public shareholding (B) |
10997502 |
42.87 |
|
Total (A)+(B) |
25653905 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
25653905 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Marketing of denim fabrics of different size, shades, weaves, blends and
weights. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Indian Bank ·
Bank of India ·
Allahabad Bank ·
State Bank of India ·
State Bank of Hyderabad ·
Indian Overseas Bank |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gopalaiyer and Subramanian Chartered Accountants |
|
Address : |
|
|
|
|
|
Subsidiaries : |
· Trigger Apparels Limited KG Denim (USA) Inc. |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 256.700 Millions
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 |
256.700 |
256.651 |
256.651 |
|
(b) Reserves & Surplus |
419.700 |
376.204 |
243.286 |
|
(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) |
676.400 |
632.855 |
499.937 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
389.100 |
421.645 |
443.673 |
|
(b) Deferred tax liabilities (Net) |
127.300 |
130.200 |
129.865 |
|
(c) Other long term liabilities |
24.000 |
25.496 |
61.190 |
|
(d) long-term provisions |
22.300 |
22.622 |
18.861 |
|
Total Non-current Liabilities (3) |
562.700 |
599.963 |
653.589 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
656.200 |
563.823 |
457.689 |
|
(b)
Trade payables |
1231.400 |
1066.455 |
825.475 |
|
(c)
Other current liabilities |
276.300 |
241.164 |
175.969 |
|
(d) Short-term
provisions |
24.000 |
23.880 |
49.529 |
|
Total Current Liabilities (4) |
2187.900 |
1895.322 |
1508.662 |
|
|
|
|
|
|
TOTAL |
3427.000 |
3128.140 |
2662.188 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1204.300 |
1119.864 |
934.537 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
71.500 |
47.941 |
66.381 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
53.700 |
55.327 |
57.331 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
115.200 |
36.117 |
39.625 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1444.700 |
1259.249 |
1097.874 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1123.900 |
1103.753 |
1018.244 |
|
(c)
Trade receivables |
424.400 |
378.581 |
237.494 |
|
(d) Cash
and cash equivalents |
89.500 |
83.707 |
66.526 |
|
(e)
Short-term loans and advances |
179.200 |
186.322 |
151.258 |
|
(f)
Other current assets |
165.300 |
116.528 |
90.792 |
|
Total Current Assets |
1982.300 |
1868.891 |
1564.314 |
|
|
|
|
|
|
TOTAL |
3427.000 |
3128.140 |
2662.188 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
5918.600 |
|
|
|
Other Income |
|
|
7.600 |
|
|
|
TOTAL |
|
|
5926.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
|
|
3684.100 |
|
|
|
Purchase of Stock In Trade |
|
|
0.400 |
|
|
|
Power and Fuel |
|
|
444.300 |
|
|
|
Stores and Chemicals |
|
|
836.100 |
|
|
|
Employees Benefit Expense |
|
|
269.800 |
|
|
|
Other Expenses |
|
|
278.600 |
|
|
|
Changes in inventories of Finished goods, work in progress
and stock in trade |
|
|
(78.800) |
|
|
|
TOTAL |
|
|
5434.500 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
|
491.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
257.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
234.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
133.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
|
100.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
35.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
|
65.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
2.57 |
|
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
5148.277 |
4000.744 |
|
|
|
Other Income |
|
36.315 |
31.689 |
|
|
|
TOTAL (A) |
|
5184.592 |
4032.433 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
|
2970.877 |
2423.794 |
|
|
|
Purchase of Stock In Trade |
|
0.006 |
0.537 |
|
|
|
Other Manufacturing Expenses |
|
1188.768 |
830.130 |
|
|
|
Employee benefits expenses |
|
233.107 |
189.117 |
|
|
|
Other Expenses |
|
245.733 |
216.424 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
|
(65.371) |
(101.119) |
|
|
|
TOTAL (B) |
|
4573.120 |
3558.883 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
611.472 |
473.550 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
257.630 |
232.271 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
353.842 |
241.279 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
119.170 |
130.835 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
234.672 |
110.444 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
79.393 |
36.737 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
155.279 |
73.707 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
1833.142 |
1476.942 |
|
|
TOTAL EARNINGS |
|
1833.142 |
1476.942 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
143.326 |
112.421 |
|
|
|
Chemicals |
|
105.490 |
66.082 |
|
|
|
Stores & Spares |
|
70.051 |
29.789 |
|
|
|
Capital Goods |
|
105.161 |
43.404 |
|
|
TOTAL IMPORTS |
|
424.028 |
251.696 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
6.05 |
2.87 |
|
NOTE
1. The above Audited results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 24th May, 2014
2. The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year.
3. The Company has only one business segment (i.e.) Textiles Business. Hence, segment wise reporting is not applicable.
4. Figures of the previous year / quarter ended have been regrouped / re arranged wherever necessary.
5. The Boar has recommended Equity Dividend of 7.50% (i.e. Rs. 0.75 per share) on its Equity Shares for the financial year 2013-14.
6. There are no share of profits / loss of associates and minority interest in respect of consolidated results.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.11 |
3.00 |
1.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.70 |
4.56 |
2.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.06 |
7.76 |
4.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.37 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.55 |
1.56 |
1.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.99 |
1.04 |
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 |
256.651 |
256.651 |
256.700 |
|
Reserves & Surplus |
243.286 |
376.204 |
419.700 |
|
Net
worth |
499.937 |
632.855 |
676.400 |
|
|
|
|
|
|
long-term borrowings |
443.673 |
421.645 |
389.100 |
|
Short term borrowings |
457.689 |
563.823 |
656.200 |
|
Total
borrowings |
901.362 |
985.468 |
1045.300 |
|
Debt/Equity
ratio |
1.803 |
1.557 |
1.545 |
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 |
4000.744 |
5148.277 |
5918.600 |
|
|
|
28.683 |
14.963 |
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 |
4000.744 |
5148.277 |
5918.600 |
|
Profit |
73.707 |
155.279 |
65.900 |
|
|
1.84% |
3.02% |
1.11% |
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 |
No |
|
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) |
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 |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10465114 |
18/10/2013 |
23,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
HDFC HOUSE, 29, KAMARAJ ROAD, COIMBATORE - 641018, TAMILNADU, INDIA |
B91534743 |
|
2 |
10461438 |
14/11/2013 * |
148,000,000.00 |
BANK OF INDIA |
COIMBATORE MID CORPORATE BRANCH, FIRST FLOOR, CHAMBER TOWERS, 8/732, AVINASHI ROAD, COIMBATORE - 641018, TAMILNADU, INDIA |
B92516863 |
|
3 |
10462477 |
11/10/2013 |
147,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
COIMBATORE GANDHIPURAM BRANCH, CKN BUILDING, 100 FEET ROAD, GANDHIPURAM, COIMBATORE - 641012, TAMILNADU, INDIA |
B90441502 |
|
4 |
10459739 |
14/11/2013 * |
148,000,000.00 |
INDIAN BANK |
COIMBATORE MAIN BRANCH, 31, VARIETY HALL ROAD, COIMBATORE - 641001, TAMILNADU, INDIA |
B90725813 |
|
5 |
10366139 |
09/05/2013 * |
100,000,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, FIRST FLOOR, CHAMBER TOWERS, 8/732, AVINASHI ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
B78812088 |
|
6 |
10349045 |
19/04/2013 * |
120,000,000.00 |
INDIAN OVERSEAS BANK |
PARK SQUARE BRANCH, 1027- AVINASHI ROAD, NEAR VOC PARK, UPPILIPALAYAM,, COIMBATORE, TAMIL NADU - 641018, INDIA |
B76975879 |
|
7 |
10320308 |
19/04/2013 * |
100,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE - 641018, TAMIL NADU, INDIA |
B76817923 |
|
8 |
10065578 |
09/05/2013 * |
56,400,000.00 |
BANK OF INDIA |
COIMBATORE MID CORPORATE BRANCH, FIRST FLOOR, CHAMBER TOWERS, 8/732, AVINASHI ROAD, COIMBATORE - 641018, TAMILNADU, INDIA |
B78812278 |
|
9 |
10049364 |
19/04/2013 * |
56,400,000.00 |
INDIAN BANK |
COIMBATORE MAIN BRANCH, 31, VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA |
B76975614 |
|
10 |
80023257 |
22/06/2010 * |
150,000,000.00 |
STATE BANK OF HYDERABAD |
RAJAJINAGAR BRANCH, 200/Y, 12TH MAIN, 50TH CROSS, 3RD BLOCK, RAJAJINAGAR, BANGALORE - 560010, KARNATAKA, INDIA |
A91880773 |
|
11 |
80023259 |
19/04/2013 * |
150,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE - 641018, TAMILNADU, INDIA |
B76817469 |
|
12 |
80023253 |
19/04/2013 * |
197,800,000.00 |
INDIAN BANK |
COIMBATORE MAIN BRANCH, 31, VARIETY HALL ROAD, COIMBATORE - 641001, TAMILNADU, INDIA |
B76975432 |
|
13 |
90007210 |
06/01/2014 * |
210,500,000.00 |
ALLAHABAD BANK |
98, MECRICAR ROAD, R S PURAM, COIMBATORE - 641002, TAMILNADU, INDIA |
B93518272 |
|
14 |
90006921 |
22/08/2013 * |
324,900,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
1443, TRICHY ROAD, COIMBATORE - 641018, |
B85667590 |
|
15 |
90006688 |
22/08/2013 * |
621,000,000.00 |
BANK OF INDIA |
COIMBATORE MID CORPORATE BRANCH, FIRST FLOOR, CHAMBER TOWERS, 8/732, AVINASHI ROAD, COIMBATORE - 641018, TAMILNADU, INDIA |
B87144903 |
|
16 |
90006683 |
23/09/2013 * |
671,100,000.00 |
INDIAN BANK |
COIMBATORE MAIN BRANCH, 31, VARIETY HALL ROAD, COIMBATORE - 641001, TAMILNADU, INDIA |
B89323141 |
* Date of charge modification
CONTINGENT
LIABILITY
|
PARTICULARS |
31.03.2013 (Rs. In Millions) |
|
Bills discounted with banks |
404.788 |
|
Estimated amount of contracts remaining to be executed in capital
account and not provided for |
95.848 |
|
Disputed Excise Duties |
63.105 |
|
Disputed Income Tax |
15.400 |
|
Guarantees given to Bank for loan to subsidiary |
65.100 |
|
Guarantees given on behalf of Associates for fulfillment of their
Export obligation under EPCG Scheme |
30.000 |
STATEMENT OF STANDALONE UNAUDITED 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) |
1409.500 |
|
b) Other operating income |
14.900 |
|
Total
income from Operations(net) |
1424.400 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
914.500 |
|
b) Purchases of stock in trade |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(32.000) |
|
d) power and Fuel |
105.500 |
|
e) Stores and Chemicals |
210.600 |
|
f) Employees benefit expenses |
75.200 |
|
g) Depreciation and amortization expenses |
51.500 |
|
h) Other expenditure |
56.000 |
|
Total
Expenses |
1381.300 |
|
3. Profit from operations before other income and
financial costs |
43.100 |
|
4. Other income |
0.100 |
|
5. Profit from ordinary activities before finance costs |
43.200 |
|
6. Finance costs |
64.300 |
|
7. Profit before exceptional Items and Tax |
(21.100) |
|
6. Exceptional Items |
0.000 |
|
9. Profit before tax |
(21.100) |
|
10.Tax expenses |
(7.600) |
|
11.Net
Profit for the Period |
(13.500) |
|
14.Paid-up
equity share capital (Nominal value Re. 10/- per share) |
256.700 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic |
(0.53) |
|
diluted |
(0.53) |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
10998602 |
|
- Percentage of shareholding |
42.87% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
2000000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
13.65% |
|
Percentage of shares (as a % of total share capital of the
company) |
7.80% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
12655303 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
86.35% |
|
Percentage of shares (as a % of total share capital of the
company) |
49.33% |
|
*Excludes shares represebted by Global Depository
Receipts. |
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Receiving during the quarter |
7 |
|
Disposed of during the quarter |
7 |
|
Remaining unreserved at the end of the quarter |
NIL |
Note:
The above Un-Audited results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 01, 2014.
The Auditors of the Company have carried out a Limited Review of the aforesaid
financial results for the quarter ended June 30, 2014. in term of Clause 41 of
the Listing Agreement with Stock Exchange.
The Company has only one business segment (i.e.) Textiles Business Hence
segment wise reporting is not applicable.
Figures of the previous year / quarter ended have been regrouped / re arranged
wherever necessary.
Consequent to the enactment of the Companies Act 2013 (the Act) and its
applicability for according periods commencing from April 01, 2014. the company
has reassessed the remaining useful life of fixed assets in accordance with the
provisions described under Schedule II to the Act. In case of assets which have
completed their useful life, the carrying value (net of residual value) as at
April 01, 2014. amounting to Rs.39.600 Millions (net of Deferred Tax of
Rs.17.000 Millions) has been adjusted to Retained Earnings in case of other
assets the carrying value (net of residual value) is being depreciated over the
revised remaining useful life. The depreciation and amortisation expense charge
for the quarter ended June 30, 2014. would have been lower by Rs.16.900
Millions, had company continued with the previous assessment of useful life of
such assets.
FIXED ASSETS
· Land
Buildings
Machinery
Electric
Machinery
Office
Equipments
Furniture
and Fittings
Motor
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.57 |
|
UK Pound |
1 |
Rs. 100.42 |
|
Euro |
1 |
Rs. 78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.