MIRA INFORM REPORT
|
Report No. : |
317125 |
|
Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
WINSOME TEXTILE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
1 Industrial Area, Baddi, Solan
- 173205, Himachal Pradesh |
|
Tel. No.: |
91-1795-244045/ 244046 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.09.1980 |
|
|
|
|
Com. Reg. No.: |
06-005647 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 198.200
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17115HP1980PLC005647 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLW10079G / PTLW10032B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW1910G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Yarn, Fabric and Allied Activities. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. External borrowings of the company of the seems to be increasing compared
to previous year. However, general financial position of the company seems to
be decent. Trade relations are fair. Business is active. Payment terms 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities BB+ |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
10.02.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities A4+ |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
10.02.2015 |
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.
LOCATIONS
|
Registered
Office/ Factory 1 : |
1 Industrial Area, Baddi, Solan
- 173205, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-244045/ 244046 |
|
Fax No.: |
91-1795-244287 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing Office : |
12/ 22, East Patel Nagar, Groud Floor , Main Market, New Delhi, India |
|
Tel. No.: |
91-11-25725462 |
|
Fax No.: |
91-11-25254627 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : International/
National Marketing |
SCO 191 - 192, Sector 34-A, Chandigarh – 160022, India |
|
Tel. No.: |
91-172-4612000/ 4613000/ 4646749/ 5012986/ 5012886/ 5012186/ 5012286/
5007986 91-172-2612447 (Direct - Export Department) |
|
Fax No.: |
91-172-4614000 |
|
E-Mail : |
|
|
|
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|
Factory 2 - Winsome Yarns Limited Derabassi : |
Village Kurawala, Barwala Road Derabassi, District Patiala, Punjab,
India |
|
Tel. No.: |
91-1762-280236/ 280638 |
|
Fax No.: |
91-1762-270237 |
|
E-Mail : |
|
|
|
|
|
Factory 3 - Winsome Knitwear : |
B-58, Phase VII, Industrial Area, Mohali - 160059, Punjab, India |
|
Tel. No.: |
91-172-5053138/ 5053139/ 5095870/ 5095870/ 5092400/ 5092397 |
|
Fax No.: |
91-172-5090572 |
|
E-Mail : |
|
|
|
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|
Factory 4 : |
Village Kaundi, Baddi, District Solan, Himachal Pradesh, India |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Satish C Bagrodia |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
73 years |
|
Qualification : |
Post Graduate in
Education and Management |
|
Experience : |
48 years |
|
|
|
|
Name : |
Mr. Ashish Bagrodia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Amrit Lal Batra |
|
Designation : |
Director |
|
Date of Birth/Age : |
71 years |
|
Qualification : |
Chartered Accountant |
|
Experience : |
44 years of rich
experience in the areas of Banking, Finance, Audit, Operations and Strategic
Management. |
|
|
|
|
Name : |
Mr. Chandra Mohan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Satish Girotra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Manish Bagrodia |
|
Designation : |
Director |
|
Date of Birth/Age : |
45 years |
|
Qualification : |
M. Com. and has
also done Diploma in Computer Applications. |
|
Experience : |
26 years of core experience in the Textile Industry. |
KEY EXECUTIVES
|
Name : |
Mr. Sourabh Gupta |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee : |
· Satish Girotra, Chairman · Chandra Mohan · Amrit Lal Batra |
|
|
|
|
Shareholders /Investors Grievance Committee : |
· Satish Girotra, Chairman · Chandra Mohan · Amrit Lal Batra · Ashish Bagrodia |
|
|
|
|
Name : |
Mr. Harsh Khurana |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
147660 |
0.95 |
|
|
6553801 |
42.14 |
|
|
6701461 |
43.09 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
6701461 |
43.09 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
401347 |
2.58 |
|
|
2205779 |
14.18 |
|
|
2607126 |
16.76 |
|
|
|
|
|
|
5601829 |
36.02 |
|
|
|
|
|
|
273828 |
1.76 |
|
|
361401 |
2.32 |
|
|
7480 |
0.05 |
|
|
7459 |
0.05 |
|
|
21 |
0.00 |
|
|
6244538 |
40.15 |
|
Total Public shareholding (B) |
8851664 |
56.91 |
|
Total (A)+(B) |
15553125 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
4266875 |
0.00 |
|
|
4266875 |
0.00 |
|
Total (A)+(B)+(C) |
19820000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Yarn, Fabric and Allied Activities. |
|
|
|
|
Products : |
Not Available |
|
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· UCO Bank · Canara Bank · Bank of India ·
Andhra Bank · Punjab National Bank · Dena Bank
|
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Facilities : |
Notes: LONG-TERM
BORROWINGS 1. Term Loans
and Working Capital Term Loans from Banks of Rs. 2522.699 Million (P.Y. Rs. 1208.332
Million) are secured by Joint Equitable Mortgage by deposit of title deeds on
company's immovable properties (present and future) and expansion project of
the company which shall be on first charge basis, shall rank pari-passu with
all banks and a charge by way of hypothecation of all movable fixed assets
subject to prior charge on specified equipments to banks for term loan. Above
Term loans are further secured by pari-passu second charge on entire current
(present and future) assets of the company. 2 Vehicle
Finance carrying interest of Rs. 7.729 Million (P.Y. 10.674 Million) which is
secured by hypothecation of specific assets purchased under such arrangements
and is repayable in equated monthly installments and maturity profile 3. The aforesaid
credit facilities mentioned above in point no. 1 are also guaranteed by
Chairman and Whole Time Director and Managing Director. SHORT TERM BORROWINGS 1. Working
Capital Demand loans from bank includes Cash Credit, Packing Credit are
secured by First Charge by Hypothecation of inventory receivables Bills, and
other chargeable current assets both present and future and by Second Charge
on entire Fixed Assets of the Company on Pari-passu basis with Working
Capital lenders. 2. The aforesaid
credit facilities mentioned above is also secured by personal guarantee of
Chairman and Whole Time Director and Managing Director. |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered
Accountants |
|
Address : |
12, Bhagat Singh Marg, New Delhi – 110001, India |
|
Tel No.: |
91-11-23710176 / 23710177 / 23364671 |
|
Fax No.: |
91-11-23345168 / 23314309 |
|
Email : |
|
|
|
|
|
Membership : |
Not Available |
|
|
|
|
Collaboration : |
Not Available |
|
|
|
|
Associate Company : |
Winsome Yarns
Limited |
|
|
|
|
Wholly owned Subsidiary
Company : |
Winsome Textile
Industries FZE |
|
|
|
|
Organisations where Key Management Personnel
and their relative have Significant influence : |
· Star point Financial Services Private Limited · Roselab Commodities Private Limited ·
Kailashpati Vinimay Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24950000 |
Equity Shares |
Rs. 10/- each |
Rs. 249.500 Million |
|
5000 |
Preference Share |
Rs. 100/- each |
Rs. 0.500 Million |
|
|
Total |
|
Rs.250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19820000 |
Equity Shares |
Rs. 10/- each |
Rs.198.200
Million |
|
|
|
|
|
Rights and
Restrictions of Shareholders:
The Company has only one class of Equity Shares having face value of Rs.
10/- each (Previous Year Re. 10/- each) in its issued, subscribed and paid up
Equity share capital. Each shareholder is entitled to one vote per share
(except GDR shareholding). Each shareholder have the right in profit/surplus in
proportion to amount paid up with respect to share holder.
The GDR shareholding (12,90,000 nos. of GDRs. representing Equity shares
of Rs. 10 each are 64,50,000) which is standing in the name of Bank of New York
Mellon, as Depositary, has right to dividend, do not have any right to vote.
In the event of winding up, the equity shareholders (including GDR
holders) will be entitled to receive the remaining balance of assets, if any,
in proportionate to their individual shareholding in the paid up equity capital
of the company.
Details of each
shareholder holding more than 5% shares:
|
Name of
Shareholder |
31.03.2014 |
31.03.2013 |
|
|
No.
of Shares held |
No.
of Shares held |
|
Bank of New York Mellon, DR (Shares held by Custodians and against which
Depository Receipts have been issued) |
6450000 |
6450000 |
|
Roselab Commodities Private Limited |
3410498 |
3393168 |
|
Kailashpati Vinimay Private Limited |
3005031 |
2991031 |
|
Landscape Traders Private Limited |
1332092 |
1332092 |
|
Arpit Agencies Private Limited |
1290799 |
1290799 |
Reconciliation of
Equity Share Capital
|
|
31.03.2014 |
|
|
No.
of Shares |
|
Shares Outstanding at the beginning of the year |
19820000 |
|
Issued during the year |
-- |
|
Buy Back during the year |
-- |
|
Shares Outstanding at the end of the year |
19820000 |
No bonus/ Buy back/ Issue of shares otherwise then receipt of cash
during the preceeding five years.
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
198.200 |
198.200 |
198.200 |
|
(b) Reserves & Surplus |
1048.000 |
866.032 |
715.727 |
|
(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) |
1246.250 |
1064.232 |
913.927 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2312.956 |
2309.546 |
1037.157 |
|
(b) Deferred tax liabilities (Net) |
345.423 |
180.695 |
159.944 |
|
(c) Other long term
liabilities |
0.778 |
38.733 |
3.136 |
|
(d) long-term
provisions |
5.066 |
3.605 |
2.177 |
|
Total Non-current
Liabilities (3) |
2664.223 |
2532.579 |
1202.414 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1515.120 |
1091.693 |
1155.786 |
|
(b) Trade
payables |
1699.291 |
1086.323 |
843.535 |
|
(c) Other
current liabilities |
551.386 |
429.076 |
324.818 |
|
(d) Short-term
provisions |
71.345 |
55.911 |
16.882 |
|
Total Current
Liabilities (4) |
3837.142 |
2663.003 |
2341.021 |
|
|
|
|
|
|
TOTAL |
7747.615 |
6259.814 |
4457.362 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3504.487 |
1646.409 |
1575.919 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
459.153 |
1545.425 |
177.442 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.310 |
0.739 |
0.739 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.739 |
309.792 |
104.521 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3981.689 |
3502.365 |
1858.621 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
414.707 |
0.000 |
|
(b)
Inventories |
1928.112 |
1159.582 |
1061.496 |
|
(c) Trade
receivables |
583.877 |
401.345 |
366.204 |
|
(d) Cash
and cash equivalents |
184.474 |
97.901 |
594.955 |
|
(e)
Short-term loans and advances |
1069.463 |
683.914 |
576.086 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3765.926 |
2757.449 |
2598.741 |
|
|
|
|
|
|
TOTAL |
7747.615 |
6259.814 |
4457.362 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4988.279 |
3517.998 |
3162.447 |
|
|
|
Other Income |
75.364 |
40.056 |
50.493 |
|
|
|
TOTAL (A) |
5063.643 |
3558.054 |
3212.94 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2440.954 |
1635.976 |
1923.868 |
|
|
|
Purchases of Stock-in-Trade |
480.279 |
167.011 |
128.615 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(261.399) |
43.523 |
(34.184) |
|
|
|
Employees benefits expense |
319.660 |
222.931 |
182.34 |
|
|
|
Other expenses |
1135.335 |
823.433 |
710.4 |
|
|
|
TOTAL (B) |
4114.829 |
2892.874 |
2911.039 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
948.814 |
665.180 |
301.901 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
438.819 |
373.576 |
294.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
509.995 |
291.604 |
6.942 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
162.410 |
117.335 |
115.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
347.585 |
174.269 |
(108.122) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
164.728 |
23.125 |
(15.916) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
182.857 |
151.144 |
(92.206) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
312.899 |
161.755 |
253.961 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
495.756 |
312.899 |
161.755 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1968.575 |
1017.598 |
1267.955 |
|
|
TOTAL EARNINGS |
1968.575 |
2986.173 |
2285.553 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11.350 |
8.015 |
19.328 |
|
|
|
Capital Goods |
227.857 |
53.186 |
1.275 |
|
|
|
Spare Parts & Components |
21.642 |
12.551 |
7.805 |
|
|
TOTAL IMPORTS |
260.849 |
73.752 |
28.408 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.23 |
7.63 |
(4.65) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.67 |
4.30 |
(2.92) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
19.02 |
18.91 |
9.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.77 |
3.70 |
(2.53) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.16 |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.07 |
3.20 |
2.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.04 |
1.11 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
198.200 |
198.200 |
198.200 |
|
Reserves & Surplus |
715.727 |
866.032 |
1048.000 |
|
Net
worth |
913.927 |
1064.232 |
1246.200 |
|
|
|
|
|
|
long-term borrowings |
1037.157 |
2309.546 |
2312.956 |
|
Short term borrowings |
1155.786 |
1091.693 |
1515.120 |
|
Total
borrowings |
2192.943 |
3401.239 |
3828.076 |
|
Debt/Equity
ratio |
2.399 |
3.196 |
3.072 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3162.447 |
3517.998 |
4988.279 |
|
|
|
11.243 |
41.793 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3162.447 |
3517.998 |
4988.279 |
|
Profit |
(92.206) |
151.144 |
182.857 |
|
|
(2.92)% |
4.30% |
3.67% |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10415718 |
31/05/2013 * |
200,000,000.00 |
ANDHRA BANK |
SCO 202-203-204, SECTOR 17C, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B76554765 |
|
2 |
10345957 |
27/06/2012 * |
1,728,100,000.00 |
UCO BANK-CENTRAL
BANK OF INDIA -ANDHRA BANK AND VI |
BAROTIWALA, BAROTIWALA, HIMACHAL PRADESH - 174103, INDIA |
B42284976 |
|
3 |
10335675 |
27/06/2012 * |
99,700,000.00 |
DENA BANK |
SCO 7, SECTOR 7C, CHANDIGARH, CHANDIGARH - 160007, INDIA |
B43308881 |
|
4 |
10197713 |
27/06/2012 * |
30,200,000.00 |
AXIS BANK LIMITED |
SCO 343-344, SECTOR 35B, CHANDIGARH, CHANDIGARH - 160035, INDIA |
B43309442 |
|
5 |
10167065 |
27/06/2012 * |
26,500,000.00 |
ANDHRA BANK |
SCO 202-204, SECTOR 17C, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B42804039 |
|
6 |
10163902 |
27/06/2012 * |
30,100,000.00 |
DENA BANK |
SCO 7, SECTOR 7C, CHANDIGARH, CHANDIGARH - 160007, INDIA |
B43309046 |
|
7 |
10163187 |
27/06/2012 * |
27,300,000.00 |
BANK OF INDIA |
SCO 81-82 BANK SQUARE, SECTOR 17B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B43309293 |
|
8 |
10163189 |
27/06/2012 * |
39,500,000.00 |
BANK OF INDIA |
SCO 81-82 BANK SQUARE, SECTOR 17B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B43309384 |
|
9 |
10158900 |
24/01/2013 * |
34,000,000.00 |
CANARA BANK |
SCO 311-312, SECTOR 35B, CHANDIGARH, CHANDIGARH - 160022, INDIA |
B67243626 |
|
10 |
10081225 |
27/06/2012 * |
136,000,000.00 |
BANK OF INDIA |
SCO 81-82 BANK SQUARE, SECTOR 17B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B43409804 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs. In Million) |
31.03.2013 (Rs. In Million) |
|
(i) Bills
discounted with banks |
385.463 |
250.358 |
|
(ii) Excise /
Service Tax Matters |
8.334 |
8.167 |
|
(iii) Surety Bond
Executed on behalf of others (Including Entry Tax) |
55.417 |
17.017 |
(iv) Custom duty saved
of Rs. 764.845 Million (Previous year Rs. 546.096 Million) for import of
capital good made against EPCG license against which export obligations
amounting to Rs. 5669.551 Million (Previous year Rs. 2571083 Million) is
pending.
(B) In respect of
certain disallowances and additions made by Income Tax Authorities, appeals are
pending before the Appellate authorities and adjustment if any, will be made
after the same are finally determined.
Considering the
past experience, management is of the view that there will not be any material
impact on accounts on settlement/finalization of tax assessment.
OPERATIONAL AND
PERFORMANCE REVIEW
During the year, the Company has achieved a sales turnover of Rs. 4988.279 Million as against sales turnover of Rs. 3517.998 Million during the previous year and a net profit (after tax) of Rs. 182.857 Million for the year as against net profit (after tax) of Rs. 151.144 Million during the previous year. Although there was a good monsoon, but the commodity prices stayed at high levels and manufacturing indices declined which ultimately lead to rise in inflation and slow GDP growth. The profits of the Company could have been huger had it not been the higher cotton prices during the second half of the current financial year. The export volume of your Company is far better than the last financial year. It is expected that the economic scenario will change in coming months with overall sustainable development and controlled inflation index which will help the Company further boost its topline and bottomline.
The Company has been continuously striving to increase the percentage of value added products in its portfolio of manufactured products. Keeping this in mind, I am pleased to announce that during the year, the Company has commenced commercial production of its new Spinning unit, successfully completed the expansion of its yarn and fibre dyeing facility and its knit fabric unit. All these expansions have helped your Company to offer more melange yarns, dyed yarns and special value added blended yarns to its customers in the domestic and export markets. They are delighted to inform you that once again your Company has been presented with the GOLD PLAQUE by 'The Cotton Export Promotion Council of India' for the highest exports of processed yarns for the year 2012-13 in the category I (Rs. 100.000 Million to 500.000 Million).
UNAUSITED
FINANCIAL RESULTS FOR THE QURTER AND NINE MONTHS ENDING 31ST
DECEMBER 2014
Part - I
|
Sr. No |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
31.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
1374.200 |
1687.100 |
4822.200 |
|
|
b. Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income from
Operations (Net) |
1374.200 |
1687.100 |
4822.200 |
|
2 |
Expenditure |
|
|
|
|
|
a. Cost of material Consumed |
742.700 |
923.400 |
2473.500 |
|
|
b. Purchase of Stock-in trade |
85.600 |
228.800 |
528.500 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(69.800) |
(143.700) |
(154.800) |
|
|
d. Employees Benefit Expenses |
104.600 |
106.800 |
305.00 |
|
|
e. Depreciation and Amortisation Expenses |
43.600 |
45.100 |
133.700 |
|
|
f. Power and Fuel |
136.100 |
135.100 |
406.200 |
|
|
g. Stores and Spares consumed |
100.400 |
81.600 |
283.400 |
|
|
h. Other expenses |
66.300 |
100.100 |
261.700 |
|
|
Total Expenses |
1209.500 |
1477.200 |
4237.200 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
164.700 |
209.900 |
585.000 |
|
4 |
Other Income |
2.400 |
3.100 |
8.500 |
|
5 |
Profit from ordinary
activities before finance cost & exceptional items |
167.100 |
213.000 |
593.500 |
|
6 |
Finance Costs |
122.300 |
158.400 |
439.700 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
44.800 |
54.600 |
153.800 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.00 |
|
9 |
Profit from
ordinary activities before tax |
44.800 |
54.600 |
153.800 |
|
10 |
Tax Expense |
0.000 |
0.00 |
0.000 |
|
11 |
Net Profit from
ordinary activity after tax |
44.800 |
54.600 |
153.800 |
|
12 |
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit After
Tax |
44.800 |
54.600 |
153.800 |
|
14 |
Paid-up equity share capital (face value of Rs.10/- each) |
198.200 |
198.200 |
198.200 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
0.000 |
0.000 |
0.000 |
|
16 |
Earnings Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
Basic EPS |
2.26 |
2.75 |
7.76 |
|
|
Diluted EPS |
2.26 |
2.75 |
7.76 |
|
A |
PARTICULARS OF
SHAREHOLDING |
Quarter Ended |
Nine Months Ended |
|
|
1 |
Public Shareholding |
31.12.2014 |
31.09.2014 |
31.12.2014 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
- No. of shares |
13118539 |
13118539 |
13118539 |
|
|
- Percentage of shareholding |
66.19% |
66.19% |
66.19% |
|
2 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- No. of shares |
-- |
-- |
-- |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
6701461 |
6701461 |
6701461 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
33.81% |
33.81% |
33.81% |
|
B |
INVESTOR COMPLAINTS |
3 Months Ended (31.012.2014) |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed during the quarter |
Nil |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes:
The above unaudited financial results have been taken on by
the audit committee and approved by the board of directors in their meeting
held on February 02, 2015 and also been limited reviewed by the Statutory
Auditors.
Auditors Remarks on the accounts for the year ended March 31, 2014: Non provision for short fall in recovery against overdue debts of Rs. 8.515 Million (amount unascertained), Management Response: Provision against debts of Rs. 1.231 Million has been made in earlier quarter which has been written off during the current quarter. Balance Receivables of amounting to Rs. 7.284 Million are good for recovery.
Provision for current tax and deferred tax will be made at year end.
The useful life of the fixed assets has been revised in accordance with Schedule II of Companies Act, 2013 effective April 01, 2014. Due to above, depreciation for the quarter and nine months ended December 31, 2014 is lower by Rs. 9.987 Million and Rs. 29.504 Million respectively.
The Company's operations predominantly comprises of only one segment-Textile
(Yarn and Allied Activities).
Corresponding quarter/ period / year figures have been regrouped/ rearranged
wherever considered necessary.
FIXED ASSETS
·
Land -Freehold
·
Land -Leasehold
·
Buildings
·
Plant and Equipments
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
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 records 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. 62.33 |
|
|
1 |
Rs. 92.53 |
|
Euro |
1 |
Rs. 67.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
47 |
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.