MIRA INFORM REPORT
|
Report No. : |
317092 |
|
Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
LOYAL TEXTILE MILLS LIMITED |
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Registered
Office : |
21/4, Mill Street, Kovilpatti – 628 501, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.04.1946 |
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Com. Reg. No.: |
18-001361 |
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Capital
Investment / Paid-up Capital : |
Rs.48.200
million |
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|
|
CIN No.: [Company Identification
No.] |
L17111TN1946PLC001361 |
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IEC No.: |
Not Available |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIL00006G |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacturing and selling
products and services for textile and apparel industries. |
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No. of Employees
: |
10000 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 3616000 |
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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. The company has taken huge external borrowing which acts as
threatening to liquidity positon of the company. However, the rating reflects company’s consistent improvement in the
operational performance marked by longstanding experience of the promoter in the
textile business, widespread clientele and sound profitability margins of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
31.03.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities =A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
31.03.2015 |
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Mohan |
|
Designation : |
DGM – Finance |
|
Contact No.: |
91-44-42277374 |
LOCATIONS
|
Registered Office : |
21/4, Mill Street, Kovilpatti – 628 501, Tamilnadu, India |
|
Tel. No.: |
91-4632-220001 (5 Lines) 91-44-28535111/ 4375/ 28588284 |
|
Mobile No.: |
91-9487880101 (Mr. Laxman Shankar) |
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Fax No.: |
91-4632-221353 91-44-28533852 |
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E-Mail : |
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Website : |
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Corporate Office/ Marketing Office/ Divisional Office : |
No.83 (Old No.41), 1st Main Road, R.A. Puram, Chennai – 600
028, Tamilnadu, India |
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Tel. No.: |
91-44-42277374/ 45120101 |
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Fax No.: |
91-44-43060622 |
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E-Mail : |
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Plant Locations : |
Spinning, Knitting Weaving, Ginning and
Garments:
Processing:
|
DIRECTORS
AS ON 23.05.2014
|
Name : |
Mr. Manikam Ramswami |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Satyanarayana Avenue, Boat Club Road, Chennai – 600 028, Tamilnadu,
India |
|
Date of Birth/Age : |
20.11.1953 |
|
Qualification : |
B. Tech |
|
Date of Appointment : |
01.06.2013 |
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DIN No.: |
00049630 |
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Name : |
Mr. Karangalpadi Jathindra Mohan Shetty (I.A.S. – Retd.) |
|
Designation : |
Director |
|
Address : |
F-88, Anna Nagar East, Chennai – 600 102, Tamilnadu, India |
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Date of Birth/Age : |
03.03.1934 |
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Date of Appointment : |
21.06.2002 |
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DIN No.: |
00033296 |
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Name : |
Mr. S. Venkataramani |
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Designation : |
Director |
|
Address : |
No.16, Venkateshwarnagar, III Street, Adyar, Chennai – 600 020,
Tamilnadu, India |
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Date of Birth/Age : |
05.10.1942 |
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Date of Appointment : |
29.10.2004 |
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DIN No.: |
00053043 |
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Name : |
Mr. R. Poornalinggam (I.A.S. – Retd.) |
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Designation : |
Additional Director |
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Address : |
No.10, 1st Cross Street, Indira Nagar, Chennai – 600 020, |
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Date of Birth/Age : |
15.11.1945 |
|
Date of Appointment : |
27.10.2006 |
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DIN No.: |
00955742 |
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Name : |
Mr. Shridhar Subrahmanyam |
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Designation : |
Director |
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Address : |
Flat No.106, Olympus III, Prestige Acropolis, 20, Hosur Road,
Bangalore – 560 029, Karnataka, India |
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Date of Birth/Age : |
21.02.1939 |
|
Date of Appointment : |
23.05.2007 |
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DIN No.: |
01780475 |
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Name : |
Mr. P. Manivannan |
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Designation : |
Whole-Time Director |
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Address : |
3 G, Kala Apartments, No.02, Karunanithi Street, West Mambalam, Chennai
– 600 033, Tamilnadu, India |
|
Date of Birth/Age : |
23.06.1961 |
|
Date of Appointment : |
01.11.2011 |
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DIN No.: |
00366954 |
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|
|
|
Name : |
Mr. Madhavan Nambiar I.A.S. (Retd.) |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Laxman Shankar |
|
Designation : |
DGM - Sales |
|
|
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|
Name : |
Mr. Shiva Prasad Padhy |
|
Designation : |
Company Secretary |
|
Address : |
No.83, (Old No.41) First Main Road,
R.A. Puram, Chennai – 600 028, Tamilnadu, India |
|
Tel No.: |
91-44-42277374 |
|
Fax No.: |
91-44-43060622 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
196017 |
4.07 |
|
|
3343828 |
69.43 |
|
|
3539845 |
73.49 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
3539845 |
73.49 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
5200 |
0.11 |
|
|
5200 |
0.11 |
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|
|
|
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|
173770 |
3.61 |
|
|
|
|
|
|
744114 |
15.45 |
|
|
327927 |
6.81 |
|
|
25590 |
0.53 |
|
|
25590 |
0.53 |
|
|
1271401 |
26.40 |
|
Total
Public shareholding (B) |
1276601 |
26.51 |
|
Total
(A)+(B) |
4816446 |
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) |
4816446 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and selling
products and services for textile and apparel industries. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Egypt |
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Terms : |
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Selling : |
L/C and Cheque |
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Purchasing : |
L/C and Cheque |
GENERAL INFORMATION
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Supplier |
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Customers : |
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No. of Employees : |
10000 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG TERM
BORROWING Term loans except the following are secured by joint and equitable mortgage
of all immovable properties present and future and by hypothecation of
machineries ranking pari-passu with one another Term loans availed from Central bank of India and Karur Vysya Bank to
the extent of Rs.1611.100 million are exclusively charged by the specific
assets purchased out of the term loan Term loans availed from Indian Overseas Bank to the extent of
Rs.200.000 million is exclusively charged on Land, Building and Plant and
Machinery of CTM unit only. Term loan are repayable Quarterly as per agreement at floating rate of
interest. Term loans are guaranteed by the Chairman and Managing Director. SHORT TERM
BORROWINGS Working Capital Loans from banks are secured by the hypothecation of
Raw-materials, Stock-in-process, Finished Goods, Stores consumables, Spares
and Book debts and are also secured by second charge on block assets Working capital loans are guaranteed by the chairman and Managing
Director. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Suri and Company Chartered Accountants |
|
Address : |
No.4, Chewaliar Sivaliar Ganesan Street South Boag Road, T. Nagar,
Chennai – 600 017, Tamilnadu, India |
|
Tel. No.: |
91-44-24341140 |
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Other Related
Parties : |
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|
Joint Venture
Companies : |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 million |
|
600000 |
Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.60.000 million |
|
|
Total
|
|
Rs.150.000
million |
|
|
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|
Note: Shares in the company held by each shareholder holding more than 5%
shares
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4816446 |
Equity Shares |
Rs.10/- each |
Rs.48.200
million |
|
|
|
|
|
RECONCILIATION OF NUMBER OF EQUITY SHARES OUTSTANDING AT THE BEGINNING
AND AT THE END OF THE YEAR
|
Particulars |
31.03.2014 |
|
Number of shares outstanding as at the beginning
of the year |
481644 |
|
Number of shares outstanding as at the end
of the year |
481644 |
RIGHTS,
PREFERENCES AND RESTRICTIONS ATTACHING TO VARIOUS CLASSES OF SHARES
|
Class of shares |
Rights, preferences and restrictions
(including restrictions on distribution of dividend and repayment of capital)
attached to the class of shares |
|
1.
Equity shares issued pursuant to Amalgamation |
Lock
in period upto 18.10.2014 |
SHARES IN THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5%
SHARES
|
Sr. No |
Name of the Share holder |
Number of shares
held in the Company |
|
1 |
Madurai Tara
Traders (Private) Limited
|
776887 |
|
2 |
Felspar credit
and investment (Private) Limited
|
661126 |
|
3 |
Dhanalakshmi
Investment (Private) Limited |
629343 |
|
4 |
Kurunji
Investments (Private) Limited
|
346887 |
|
5 |
Chintamani
Investments (Private) Limited |
279220 |
DETAILS OF ALLOTMENTS OF SHARES FOR CONSIDERATION OTHER THAN CASH,
ALLOTMENTS OF BONUS SHARES AND SHARES BOUGHT BACK (DURING THE PERIOD OF FIVE
YEARS FROM 2008-2009)
|
Particulars |
Amount (Rs. in million)
|
|
Allotment of
shares as fully paid-up pursuant to
Contracts without payments being received in cash |
Nil |
|
112500 Equity
Shares of Rs.10 each fully paid up allotted on 27.05.2011 pursuant to a
Scheme of Amalgamation of "Shri Chintamani Textile Mills Limited" |
1.100 |
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 |
48.200 |
48.200 |
48.200 |
|
(b) Reserves & Surplus |
1217.500 |
1062.700 |
1040.600 |
|
(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) |
1265.700 |
1110.900 |
1088.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2719.700 |
3087.800 |
4242.900 |
|
(b) Deferred tax liabilities (Net) |
529.400 |
443.700 |
293.700 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
2.000 |
|
Total Non-current
Liabilities (3) |
3249.100 |
3531.500 |
4538.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2422.500 |
2212.400 |
2399.300 |
|
(b) Trade
payables |
714.500 |
655.000 |
401.900 |
|
(c) Other
current liabilities |
1346.800 |
1175.100 |
494.500 |
|
(d) Short-term
provisions |
420.000 |
358.900 |
293.400 |
|
Total Current
Liabilities (4) |
4903.800 |
4401.400 |
3589.100 |
|
|
|
|
|
|
TOTAL |
9418.600 |
9043.800 |
9216.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5099.900 |
5259.200 |
4822.200 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
142.600 |
39.000 |
410.300 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
45.500 |
60.000 |
62.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
47.600 |
35.500 |
123.100 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5335.600 |
5393.700 |
5418.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1635.400 |
1425.300 |
1351.000 |
|
(c) Trade
receivables |
825.500 |
746.300 |
821.900 |
|
(d) Cash
and cash equivalents |
31.200 |
64.300 |
328.000 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
1590.900 |
1414.200 |
1297.500 |
|
Total
Current Assets |
4083.000 |
3650.100 |
3798.400 |
|
|
|
|
|
|
TOTAL |
9418.600 |
9043.800 |
9216.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operation |
16036.200 |
12523.200 |
9105.900 |
|
|
|
Other Income |
55.200 |
16.100 |
108.100 |
|
|
|
TOTAL (A) |
16091.400 |
12539.300 |
9214.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
5569.300 |
4942.600 |
4021.300 |
|
|
|
Purchase of Stock-in-trade |
5564.700 |
3449.700 |
1653.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(239.700) |
(51.100) |
281.100 |
|
|
|
Employees benefit expenses |
761.200 |
608.100 |
469.700 |
|
|
|
Other Expenses |
2639.500 |
2071.900 |
1743.600 |
|
|
|
TOTAL (B) |
14295.000 |
11021.200 |
8169.100 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1796.400 |
1518.100 |
1044.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
758.100 |
714.900 |
449.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1038.300 |
803.200 |
595.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
708.600 |
691.100 |
662.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
329.700 |
112.100 |
(67.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
132.700 |
61.700 |
(47.600) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
197.000 |
50.400 |
(19.400) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
205.000 |
192.900 |
242.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
22.500 |
10.000 |
24.300 |
|
|
|
Proposed Dividend on equity shares |
36.100 |
24.100 |
4.800 |
|
|
|
Provision for tax on distributed profits |
0.000 |
0.000 |
0.800 |
|
|
|
Dividend distribution tax |
6.100 |
4.200 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
337.300 |
205.000 |
192.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On export of goods, including export through Merchant Exporters |
12304.600 |
8867.000 |
6463.500 |
|
|
|
Dividend received |
0.000 |
0.000 |
4.200 |
|
|
TOTAL EARNINGS |
12304.600 |
8867.000 |
6467.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Staple Fibre, Cotton, Dyes, Reflective band) |
431.500 |
607.700 |
87.000 |
|
|
|
Components and spares |
45.400 |
111.100 |
95.500 |
|
|
|
Capital Goods |
58.600 |
182.800 |
506.300 |
|
|
TOTAL IMPORTS |
535.500 |
901.600 |
688.800 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
40.91 |
10.46 |
(4.03) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
3460.000 |
3484.300 |
3517.200 |
|
Total
Expenditure |
3046.400 |
3104.700 |
3135.000 |
|
PBIDT
(Excl OI) |
413.600 |
379.600 |
382.200 |
|
Other
Income |
4.600 |
3.200 |
2.200 |
|
Operating
Profit |
418.200 |
382.800 |
384.400 |
|
Interest |
180.200 |
176.000 |
168.500 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
238.000 |
206.800 |
215.900 |
|
Depreciation |
198.900 |
199.300 |
202.000 |
|
Profit
Before Tax |
39.100 |
7.500 |
14.100 |
|
Tax |
14.100 |
3.000 |
4.800 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
25.000 |
4.500 |
9.300 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior
Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
25.000 |
4.500 |
9.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.23 |
0.40 |
(0.21) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.20 |
12.12 |
11.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.57 |
1.25 |
(0.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.10 |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.06 |
4.77 |
6.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
0.83 |
1.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
48.200 |
48.200 |
48.200 |
|
Reserves & Surplus |
1040.600 |
1062.700 |
1217.500 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1088.800 |
1110.900 |
1265.700 |
|
|
|
|
|
|
Long Term borrowings |
4242.900 |
3087.800 |
2719.700 |
|
Short Term borrowings |
2399.300 |
2212.400 |
2422.500 |
|
Total borrowings |
6642.200 |
5300.200 |
5142.200 |
|
Debt/Equity ratio |
6.100 |
4.771 |
4.063 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from Operation |
9,105.900 |
12,523.200 |
16,036.200 |
|
|
|
37.528 |
28.052 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from Operation |
9,105.900 |
12,523.200 |
16,036.200 |
|
Profit |
(19.400) |
50.400 |
197.000 |
|
|
(0.21%) |
0.40% |
1.23% |
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 |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
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 |
PERFORMANCE REVIEW, MANAGEMENT DISCUSSIONS ANALYSIS REPORT AND OUTLOOK FOR
THE CURRENT YEAR:
The performance during the year 2013-2014 was satisfactory.
They had completed the laying of dedicated electrical lines to all them units, this proved very useful. They were able to get better quality of power and were able to wheel the power they produced through wind mills and purchased power.
However the poor evacuation of power generated by them wind mills caused a huge loss of about 150.000 million.
Quality of power however continues to be very poor, the number of tripping, power outage due to poor quality of distribution infrastructure continues to be a serious problem.
The textile markets by and large remained good and they were able to increase our turnover substantially. Exports of yarn however did not result in profits due to large scale default of contracts by Chinese importers.
They invested 327.500 million in capital equipments, availed 327.500 million new term loans and repaid 746.400 million term loans.
The total term loans stand at Rs.3410.800 million reduced from Rs.3832.200 million at the end of last fiscal year. Those efforts to deleverage them debt is on track.
They have been able to identify new markets for all those products and will be able to increase value added exports in the coming year.
They have enjoyed cordial relationship with all them stake holders
They have won several export awards, 5S awards, QC awards and recognition for them CSR full conduct of business.
FINANCE:
During the year, the Company availed term loans to the tune of Rs.327.400 million and repaid loans to the extent of Rs.745.600 million to Banks/ Financial institutions.
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10521629 |
27/08/2014 |
820,000,000.00 |
INDIAN BANK |
PARK TOWN BRANCH, NO.53,
RAJA MUTHIAH SALAI, PERIAMET, CHENNAI, TAMINADU - 600003, INDIA |
C22104814 |
|
2 |
10476215 |
10/01/2014 |
240,000,000.00 |
CENTRAL BANK OF INDIA |
10, R C CHURCH MAIN ROAD,
KOVILPATTI, TAMILNADU |
B95746517 |
|
3 |
10432641 |
26/06/2014 * |
260,000,000.00 |
CENTRAL BANK OF INDIA |
10, R C CHURCH MAIN ROAD,
KOVILPATTI, TAMILNADU |
C10377810 |
|
4 |
10402763 |
05/01/2013 |
31,400,000.00 |
THE KARUR VYSYA BANK
LIMITED |
POST BOX NO.21,, ERODE
ROAD, KARUR, TAMILNADU - |
B67999144 |
|
5 |
10348013 |
29/02/2012 |
460,000,000.00 |
CENTRAL BANK OF INDIA |
10, R C CHURCH MAIN ROAD,
KOVILPATTI, TAMILNADU |
B37091881 |
|
6 |
10326714 |
23/11/2011 |
470,000,000.00 |
KARUR VYSYA BANK LIMITED |
WHITES ROAD BRANCH NO.37,
WHITES ROAD BRANCH, CHENNAI, TAMILNADU - 600014, INDIA |
B29041480 |
|
7 |
10278966 |
18/11/2011 * |
584,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE COMPLES, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B28744662 |
|
8 |
10280308 |
09/11/2011 * |
260,000,000.00 |
KARUR VYSYA BANK LIMITED |
SOUTH WING FIRST FLOOR,
NO.37, WHITES ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
B28385748 |
|
9 |
10264534 |
09/11/2011 * |
260,000,000.00 |
KARUR VYSYA BANK LIMITED |
SOUTH WING FIRST FLOOR,
NO.37, WHITES ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
B28385037 |
|
10 |
10057641 |
11/06/2007 |
981,800,000.00 |
CANARA BANK |
OVERSEAS BRANCH, GROUND
FLOOR, SPENCER'S TOWERS I |
A17765918 |
|
11 |
10049927 |
30/06/2008 * |
490,900,000.00 |
INDIAN BANK |
PARK TOWN BRANCH -53,
RAJA MUTHIAH ROAD,PERIAMET, |
A41494436 |
|
12 |
10041460 |
26/06/2014 * |
666,250,000.00 |
KARUR VYSYA BANK |
WHITES ROAD BRANCH,
NO.37, WHITES ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
C13860424 |
|
13 |
10026612 |
18/11/2011 * |
880,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 155, ANNA SALAI,, CHENNAI, TAMILNADU - 600002, INDIA |
B28342103 |
|
14 |
90290968 |
18/11/2011 * |
147,500,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B28745834 |
|
15 |
90289585 |
18/11/2011 * |
295,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
155, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B28343432 |
|
16 |
90290566 |
30/07/2007 * |
315,000,000.00 |
INDIAN BANK |
PARK TOWN BRANCH, 53
RAJAH MUTHIAH SALALI PERIAMPET, CHENNAI, TAMILNADU - 600003, INDIA |
A21939137 |
|
17 |
90290548 |
27/01/2011 * |
315,000,000.00 |
CENTRAL BANK OF INDIA |
10, R C CHURCH MAIN ROAD,
KOVILPATTI, TAMILNADU |
B05878350 |
|
18 |
90289202 |
18/11/2011 * |
315,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
155, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B28342921 |
|
19 |
90290473 |
27/10/2005 * |
100,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMI |
30, RAJAJI SALAI,
CHENNAI, TAMILNADU - 600001, INDIA |
- |
|
20 |
90301269 |
22/04/2005 * |
100,000,000.00 |
THE HONG KONG AND
SHANGHAI BANKING CORP. LIMITED |
30; RAJAJI SALAI,
CHENNAI, TAMILNADU - 600001, INDIA |
- |
|
21 |
90301250 |
18/06/2004 |
65,000,000.00 |
THE KARUR VYSYS BANK
LIMITED |
NO37 WHITES ROAD, CHENNAI,
TAMILNADU - 600014, INDIA |
- |
|
22 |
90301247 |
04/06/2004 |
2,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
CENTERAL ONE BUILDING,
WORLD TREAD CENTER COMPLEX |
- |
|
23 |
90298241 |
15/05/2004 |
72,000,000.00 |
THE KARUR VYSYA BANK
LIMITED |
NO37;WHITES ROAD,
CHENNAI, TAMILNADU - 600014, INDIA |
- |
|
24 |
90301233 |
16/03/2004 |
50,000,000.00 |
IDBI BANK LIMITED |
P.M. TOWER; 37; GREAMS
ROAD; THOUSAND LIGHTS, CHEN |
- |
|
25 |
90302267 |
12/01/2004 |
102,100,000.00 |
KARUR VYSYA BANK LIMITED |
NO. 37WHITES ROAD,
CHENNAI, TAMILNADU - 600014, INDIA |
- |
|
26 |
90290393 |
30/07/2007 * |
247,000,000.00 |
KARUR VYSYA BANK LIMITED |
NO.37,WHITES ROAD,
CHENNAI, TAMILNADU - 600014, INDIA |
A21628326 |
|
27 |
90301217 |
17/12/2003 |
1,000,000.00 |
EXPORT IMPORT BANK OF
INDIA |
CENTRE ONE BUILDING;
FLOOR-21; WORLD TRADE CENTRE COMPLEX;CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
- |
|
28 |
90301216 |
01/12/2003 |
11,500,000.00 |
THE DHANALAKSHMI BANK
LIMITED |
OM SHKTHI TOWERS;FIRST
FLOOR ;NEW NO.163, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
29 |
90301187 |
19/03/2004 * |
2,000,000.00 |
EXPORT IMPORT BANK OF
INDIA |
CENTER ONE BUILDING FLOOR
21, WORLD TREADCENTER C |
- |
|
30 |
90301176 |
14/07/2003 |
15,000,000.00 |
CENTRAL BANK OF INDIA |
KOVILPATTI BRANCH,
KOVILPATT, TAMILNADU - 628501, |
- |
|
31 |
90302877 |
29/05/2003 |
180,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 155 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
32 |
90302241 |
30/07/2007 * |
180,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, NO.155, ANNA SALAI, CHE |
A21719935 |
|
33 |
90301158 |
19/03/2004 * |
54,300,000.00 |
THE DHANLAKSHMI BANK
LIMITED |
104 & 107; ANNA
SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
34 |
90302872 |
28/03/2003 |
60,000,000.00 |
INDIAN BANK |
PARK TOWN BRANCH;53;RAJAH
MUTHIAH SALAI;PERIAMET, |
- |
|
35 |
90302235 |
30/07/2007 * |
60,000,000.00 |
INDIAN BANK |
PARK TOWN BRANCH, 53
RAJAH MUTHIAH SALALI PERIAMP |
A21939376 |
|
36 |
90302229 |
17/02/2003 |
315,000,000.00 |
INDIAN BANK |
31; RAJAJI SALAI,
CHENNAI, TAMILNADU - 600001, INDIA |
- |
|
37 |
90302857 |
30/07/2007 * |
70,000,000.00 |
CENTRAL BANK OF INDIA |
KOVILPATTI BRANCH,
KOVILPATTI, TAMILNADU - 628501, INDIA |
A21648761 |
|
38 |
90303774 |
15/03/2007 * |
377,628,000.00 |
BHARAT OVERSEAS BANK
LIMITED |
NUNGAMBAKKAM BRANCH,
PRINCE TOWERS, COLLEGE ROAD, |
- |
|
39 |
90302843 |
30/07/2007 * |
80,000,000.00 |
CENTRAL BANK OF INDIA |
KOVILPATTI BRANCH,
KOVILPATTI, TAMILNADU - 628501, INDIA |
A21649207 |
|
40 |
90301057 |
25/02/2002 * |
26,250,000.00 |
THE DHANALAKSHMI BANK
LIMITED |
ANNA SALAI; MOUNT ROAD,
CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
41 |
90302171 |
22/10/2001 |
4,000,000.00 |
THE DHANLAKSHMI BANK
LIMITED |
104 AND 107 ANNA SALAI,
CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
42 |
90300976 |
23/09/2003 * |
70,000,000.00 |
KARUR VYSYA BANK LIMITED |
NO.16; WHITES ROAD,
CHENNAI, TAMILNADU - 600014, |
- |
|
43 |
90302144 |
09/10/2000 |
20,000,000.00 |
THE KARUR VYSYA BANK
LIMITED |
16;WHITES ROAD BRANCH,
CHENNAI, TAMILNADU - 600014, INDIA |
- |
|
44 |
90300808 |
12/03/1998 * |
40,000,000.00 |
INDUSTRIAL DEVLOPMENT
BANK OF INDIA |
IDBI TOWER; CUFFE PARADE,
COLABA, MUMBAI, MAHARASHTRA - 400000, INDIA |
- |
|
45 |
90300774 |
04/02/1998 |
40,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
115; ANNA SALI;SAIDAPET,
ANNA SALAI, CHENNAI, TAM |
- |
|
46 |
90300740 |
15/09/1997 |
43,000,000.00 |
TIMES BANK LIMITED; |
NO.40; NUNGAMBAKKAM HIGH
ROAD, CHENNAI, TAMILNADU |
- |
|
47 |
90300692 |
19/11/1997 * |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
115 ANNA SALAI;SAIDAPET,
MADRAS, TAMILNADU - 600015, INDIA |
- |
|
48 |
90300687 |
19/11/1997 * |
52,000,000.00 |
TIMES BANK LIMITED |
NO.40;N.H.ROAD;, CHENNAI,
TAMILNADU - 600034, INDIA |
- |
|
49 |
90300463 |
19/11/1997 * |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
115 ANNA SALAI;SAIDAPET, MADRAS,
TAMILNADU - 600015, INDIA |
- |
|
50 |
90300364 |
19/11/1997 * |
13,800,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
115 ANNA SALAI;SAIDAPET,
MADRAS, TAMILNADU - 600015, INDIA |
- |
|
51 |
90300345 |
19/11/1997 * |
36,200,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
115 ANNA SALAI;SAIDAPET,
MADRAS, TAMILNADU - 600015, INDIA |
- |
|
52 |
90300247 |
04/02/1995 * |
5,000,000.00 |
M/S. STANDARD CHARTED
BANKN |
58; ARMENIAN STREET,
MADRAS, TAMILNADU - 600001, INDIA |
- |
|
53 |
90300178 |
19/11/1997 * |
60,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
115 ANNA SALAI;SAIDAPET,
MADRAS, TAMILNADU - 600015, INDIA |
- |
|
54 |
90300017 |
29/05/2003 * |
50,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
103 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
55 |
90299997 |
02/12/1998 * |
50,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH;, 103; ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
56 |
90299996 |
26/06/2014 * |
3,246,400,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 155, ANNA SALAI,, CHENNAI, TAMILNADU - 600002, INDIA |
C13119870 |
|
57 |
90290027 |
27/10/2005 * |
50,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
155; ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
58 |
90299993 |
01/11/2004 * |
50,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCIAL
BRANCH, 155; ANNA SALAI;, CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
59 |
90299948 |
22/08/1994 * |
50,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 103 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
60 |
90299916 |
02/02/2005 * |
85,000,000.00 |
CENTRAL BANK OF INDIA |
KOVILPATTI BRANCH,
KOVILPATTI, TAMILNADU - 628501, INDIA |
- |
|
61 |
90290017 |
18/11/2011 * |
3,120,000,000.00 |
CENTRAL BANK OF INDIA |
10, R C CHURCH MAIN
ROAD,, KOVILPATTI, TAMILNADU - 628501, INDIA |
B28747442 |
|
62 |
90299906 |
19/03/2004 * |
70,000,000.00 |
CENTRAL BANK OF INDIA |
KOVILPATTI, KOVILPATTI, TAMILNADU
- 627701, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Cumulative fixed deposits |
0.500 |
1.200 |
|
Total |
0.500 |
1.200 |
CONTINGENT
LIABILITIES (TO THE EXTENT NOT
PROVIDED FOR):
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
i)
Claim against the Company not acknowledged as debts |
2.630 |
2.630 |
|
ii)
Counter Guarantee given to Banks |
13.422 |
60.818 |
|
iii)
On Account of Bills discounted |
1898.895 |
2035.217 |
|
iv)
Disputed income tax demand not provided for-Appeals filed before Appellate
Authorities/revision petition pending |
115.758 |
112.345 |
|
v)
Disputed Sales tax demand not provided for |
13.145 |
9.123 |
|
vi)
Disputed Service tax, Excise / Customs duty not provided for |
12.538 |
14.249 |
|
vii)
On account of export obligation covered by letter of undertaking |
298.458 |
333.435 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2014
(Rs.
in million)
|
S. No. |
Particulars |
3 Months Ended |
9 Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
||||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
3322.500 |
3274.700 |
9870.400 |
|
|
(b) Other Operating Income |
194.700 |
209.700 |
591.200 |
|
|
Total income from operations (net) |
3517.200 |
3484.400 |
10461.600 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
1250.000 |
1259.200 |
3925.900 |
|
|
(b) Purchases of stock-in trade |
980.700 |
938.000 |
2788.800 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and stock in trade |
(2.800) |
84.000 |
(2.600) |
|
|
(d) Employee benefits expense |
200.400 |
198.000 |
586.600 |
|
|
(e) Depreciation and Amortization Expenses |
202.000 |
199.300 |
600.200 |
|
|
(f) Other Expenses |
466.500 |
421.300 |
1294.600 |
|
|
(g) Power and Fuel |
341.700 |
329.100 |
987.200 |
|
|
(h) Value of Wind Power |
(101.500) |
(124.900) |
(294.500) |
|
|
Total expenses |
3337.000 |
3304.000 |
9886.200 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2) |
180.200 |
180.400 |
575.400 |
|
4 |
Other Income |
2.200 |
3.100 |
9.900 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4) |
182.400 |
183.500 |
585.300 |
|
6 |
Finance Costs |
168.500 |
176.000 |
524.700 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6) |
14.100 |
7.500 |
60.600 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
14.100 |
7.500 |
60.600 |
|
10 |
Tax expenses |
4.800 |
3.000 |
21.800 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
9.300 |
4.500 |
38.800 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
9.300 |
4.500 |
38.800 |
|
14 |
Share of profit' (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority Interest |
-- |
-- |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15) |
9.300 |
4.500 |
38.800 |
|
17 |
Paid up equity share capital (Face Value of Rs 10/-each) |
48.200 |
48.200 |
48.200 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized): |
|
|
|
|
|
(a) Basic |
1.91 |
0.95 |
8.05 |
|
|
(b) Diluted |
1.91 |
0.95 |
8.05 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
A. Public Shareholding |
|
|
|
|
|
- Number of shares |
1267601 |
1267601 |
1267601 |
|
|
- Percentage of shareholding |
26.51 |
26.51 |
26.51 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
3539845 |
3539845 |
3539845 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
73.49 |
73.49 |
73.49 |
|
B |
INVESTOR COMPLAINTS |
3 months ended 30.09.2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The above unaudited financial results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on 11th February, 2015. These results have been subjected to limited review by the statutory audit.
2. Previous period's/year's figures have been
regrouped wherever necessary.
3. The company has adopted useful lives of fixed
assets as specified in Part C of schedule II of Companies Act 2013, effective
from April 01, 2014. Consequently the depreciation and amortization expenses
for the quarter is higher by Rs.16.100 million for the quarter ended 31.12.2014
and is higher by Rs.55.400 million for the period ended 31.12.2014. Further,
based on transitional provision an amount of Rs.84.500 million (Net of deferred
tax Rs.55.800 million) is adjusted with retained earnings.
4. This Statement is as per clause 41 of the listing agreement.
SEGMENT WISE REVENUE RESULTS
AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs.
in million)
|
S. No. |
Particulars |
3 Months Ended |
9 Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
||||
|
1 |
Segment Revenue |
|
|
|
|
a |
i. Yarn - Trading |
721.500 |
516.500 |
1833.500 |
|
|
ii. Yarn Manufacturing |
398.200 |
395.200 |
1225.700 |
|
b |
i. Cloth -Trading |
327.000 |
458.900 |
1098.000 |
|
|
ii. Cloth |
1799.100 |
1814.900 |
5482.300 |
|
c |
Garments |
186.300 |
206.900 |
542.100 |
|
d |
Unallocated |
-- |
-- |
-- |
|
|
Total |
3432.100 |
3392.400 |
10181.600 |
|
|
Less: Inter-Segment revenue |
109.600 |
117.700 |
311.300 |
|
|
Net Sales/ Income
from Operations |
3322.500 |
3274.700 |
9870.300 |
|
|
|
|
|
|
|
2 |
Segment Results
Profit I (Loss) (before tax, finance cost and exceptional items) from Segment |
|
|
|
|
a |
i. Yarn - Trading |
23.000 |
13.400 |
51.700 |
|
|
ii. Yarn Manufacturing |
77.600 |
86.500 |
244.500 |
|
b |
i. Cloth -Trading |
8.000 |
7.400 |
33.000 |
|
|
ii. Cloth |
51.000 |
40.700 |
160.000 |
|
c |
Garments |
27.500 |
35.200 |
97.600 |
|
|
Total |
187.100 |
183.200 |
586.800 |
|
|
Less: |
|
|
|
|
|
I) Finance costs |
168.500 |
176.000 |
524.700 |
|
|
Add: |
|
|
|
|
|
II) Unallocated Income |
(4.500) |
0.300 |
(1.500) |
|
|
Total Profit(Loss)
before Tax |
14.100 |
7.500 |
60.600 |
|
|
|
|
|
|
|
3 |
Segment Capital
employed |
|
|
|
|
|
a) Yarn |
2293.000 |
2241.500 |
2293.000 |
|
|
b) Cloth |
3764.700 |
3848.200 |
3764.700 |
|
|
c) Garments |
234.600 |
191.800 |
234.600 |
|
|
|
6292.300 |
6281.500 |
6292.300 |
|
|
Unallocated Assets less Liabilities |
254.100 |
254.100 |
254.100 |
|
|
Total Segment
Capital Employed |
6546.400 |
6535.600 |
6546.400 |
FIXED ASSETS:
·
Land
·
Buildings
·
Furniture
·
Plant and Machinery
·
Vehicles
WEBSITE DETAILS:
PROFILE:
Subject manufactures
and sells products and services for textile and apparel industries in India.
The company offers various types of yarns, including compact, melange, dyed
polyester blended, kermal blended, carbon, and fancy yarns used for textiles,
sewing, knitting, weaving, embroidery, etc. It also provides grey woven, dyed
woven, grey knitted, and dyed knitted fabrics; and knitted and woven garments,
such as long coats, pants, shirts, jackets, coats, etc. In addition, the
company is involved in designing and lining bed linen, bathing items, and
upholstery comprising flat fitted pillows, sharns, duvets, comfort shells, bed
skirts, shower curtains, and sofa covers, as well as in processing organic
cotton. Loyal Textile Mills Limited also exports its products to various
countries, which primarily include Israel, Egypt, Turkey, the United States,
the European Union countries, the United Kingdom, Japan, Thailand, South Korea,
Dubai, Sri Lanka, Bangladesh, Brazil, Argentina, Columbia, Mexico, Taiwan,
Vietnam, Iran, China, and Indonesia. The company was incorporated in 1946 and
is based in Chennai, India.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.62.37 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
6 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
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.