MIRA INFORM REPORT
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Report No. : |
317867 |
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Report Date : |
17.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
NAGREEKA EXPORTS LIMITED |
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Registered
Office : |
18, R.N. Mukherjee Road, 6th Floor, Kolkata – 700001, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.03.1989 |
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Com. Reg. No.: |
21-046387 |
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Capital Investment
/ Paid-up Capital : |
Rs.62.550 Million |
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CIN No.: [Company Identification
No.] |
L18101WB1989PLC046387 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALN02503E |
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PAN No.: [Permanent Account No.] |
AAACN9999A |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Supplier of cotton fiber, Yarns, Dyed Yarns, Knit
fabrics, woven fabrics and garments. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The rating reflects company’s sound financial risk profile marked by
extensive industry experience of promoters and fair liquidity position of the
company. Trade relations are fair. Business is active. Payments terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
15.10.2015 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A3 |
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Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
15.10.2015 |
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
|
Name : |
Mr. K. N. Bansal |
|
Designation : |
Finance Manager |
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Contact No.: |
91-33-22484922 |
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Date : |
15.04.2015 |
LOCATIONS
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Registered Office : |
18, R.N. Mukherjee Road, 6th Floor, Kolkata – 700001, West
Bengal, India |
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Tel. No.: |
91-33-22108828 / 22484922 / 4943 |
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Fax No.: |
91-33-22481693 |
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E-Mail : |
vinodnagreeka.com |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Corporate Office 1 : |
7, Kala Bhavan 2, |
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Tel. No.: |
91-22-23670365 / 61447500 |
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Fax No.: |
91-22-23612579 / 23630475 |
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E-Mail : |
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Corporate Office 2 : |
21-22, Kala Bhavan, 3, |
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Tel. No.: |
91-22-23625977 / 61447500 / 23618873 |
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Factory 1 : |
Village Yavluji, Taluka Panhala, District – |
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Factory 2 : |
Plot No. T-48, MIDC, Kagal-Hatkanangale, Five Star Industrial Area,
Village : Talandage, Taluka : Hatkanangale, District : Kolhapur, Maharashtra,
India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sushi Patwari |
|
Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
20.08.1954 |
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Qualification : |
B. Com (H) |
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Date of Appointment : |
06.03.1989 |
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Name : |
Mr. Sunil Patwani |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Kailash Chandra Purohit |
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Designation : |
Whole – time Director |
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Date of Birth/Age : |
18.06.1932 |
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Qualification : |
B. Tech |
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Date of Appointment : |
30.06.2001 |
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Name : |
Mr. Mohan Kishen Ogra |
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Designation : |
Director |
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Date of Birth/Age : |
15.09.1930 |
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Qualification : |
Graduate (Maths and Stastic) |
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Date of Appointment : |
30.06.2001 |
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Name : |
Mr. Bibhuti Charan Talukdar |
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Designation : |
Director |
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Name : |
Mr. Mahendra Patwari |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
15.03.1963 |
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Qualification : |
B. E. from IIT |
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Date of Appointment : |
01.07.2004 |
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Name : |
Mr. Rajendra Mahavirprasad Ruia |
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Designation : |
Director |
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Name : |
Mr. Mahabir Prasad Periwal |
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Designation : |
Director |
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Date of Birth/Age : |
12.08.1944 |
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Qualification : |
Graduate |
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Date of Appointment : |
07.08.2008 |
KEY EXECUTIVES
|
Name : |
Mr. K. N. Bansal |
|
Designation : |
Finance Manager |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
4472300 |
35.78 |
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|
2105186 |
16.84 |
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|
6577486 |
52.62 |
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Total shareholding of Promoter and Promoter Group (A) |
6577486 |
52.62 |
|
(B)
Public Shareholding |
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|
3300 |
0.03 |
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|
300 |
0.00 |
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|
300 |
0.00 |
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|
500 |
0.00 |
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|
4400 |
0.04 |
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|
|
|
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|
2223152 |
17.79 |
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|
|
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|
2475251 |
19.80 |
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|
1007281 |
8.06 |
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|
212130 |
1.70 |
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|
205034 |
1.64 |
|
|
7096 |
0.06 |
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|
5917814 |
47.34 |
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Total
Public shareholding (B) |
5922214 |
47.38 |
|
Total
(A)+(B) |
12499700 |
100.00 |
|
I
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
12499700 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of cotton fiber, Yarns, Dyed Yarns, Knit
fabrics, woven fabrics and garments. |
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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 : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
NOTES Long Term
Borrowing 7500)
Maturity
Profile
ii) Rupee Term loan from Canara Bank – Kolkata, Oriental Bank of Commerce – Kolkata and State Bank of Patiala – Mumbai is secured by (a) an equitable mortgage ranking pari passu inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its spinning unit premises at Village : Yavluj, District : Kolhapur, Maharashtra and (b) by way of hypothecation ranking pari passu inter-se of all movable properties of the company both present and future including movable machineries, spares, tools and accessories (save and except book debts) subject to prior charges created or to be created in favor of the Company’s Bankers, on its stock of Raw Materials, finished goods, consumable stores, book debts and such other movables as may be specifically permitted by the institutions in writing, to secure borrowings for working capital requirements and (c) Personal guarantee of some of the Directors of the Company. iii) Working Capital Term Loan from Canara Bank, Overseas Branch, Kolkata is secured by way of : (a) hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharastra and stock-in-trade at trading unit Kolkata, (b) Second charge on immovable properties of the company relating to above mentioned spinning unit, and (c) Personal guarantee of some of the Directors of the Company. iv) For the above loan a ecuritization agreement entered in between the Company, AXIS Bank Limited and the above lenders. V) Rupee Term loan from Canara Bank – Kolkata is secured by (a) an equitable mortgage ranking exclusive charges inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its Dying and Bleaching unit premises at Village : Kagla, District : Kolhapur, Maharastra (b) all the existing securities for other regular limits will be available as co-lateral security on pari pasu basis Short Term
Borrowing 7500) Working Capital Loan from Canara Bank, Overseas Branch, Kolkata and Mumbai , Oriental Bank of Commerce, Overseas Branch, Kolkata, Allahabad Bank, Industrial Finance Branch, Kolkata, State Bank of Patiala – Commercial Branch, Mumbai and ICICI Bank Limited, Kolkata are secured by way of : (a) First charge by way of hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharastra and stock-in-trade at trading unit Kolkata, both present and future in a form and manner satisfactory to the bank, ranking pari pasu with each other participating working capital banks. (b)
Second charge on all the fixed assets of the
company, both present and future ranking pari pasu with each other
participating working capital banks. (c)
Personal guarantee of some of the Directors of
the Company |
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Auditors : |
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Name : |
Das and Prasad Chartered Accountants |
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Address : |
4, |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associate Company : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.5/- each |
Rs.150.000 Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12510000 |
Equity Shares |
Rs.5/- each |
Rs.62.550
Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12499700 |
Equity Shares |
Rs.5/- each |
Rs.62.498
Million |
|
|
Add : 10300 Equity Forfeited Shares |
|
Rs.0.052
Million |
|
|
Total |
|
Rs.62.550 Million |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
|
|
|
|
Shares Outstanding at April 1, 2012 |
12499700 |
62.498 |
|
Shares Outstanding at March 31, 2013 |
12499700 |
62.498 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mala Patwari |
891700 |
7.13% |
|
Sunil Patwari |
712000 |
5.70% |
|
Nagreeka Synthetics Private Limited |
940270 |
7.52% |
The Company has one class of equity share having a par value of Rs.5 per
share. Each shareholder is eligible for one vote per share held.
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 |
62.550 |
62.550 |
62.550 |
|
(b) Reserves & Surplus |
876.328 |
834.999 |
798.123 |
|
I 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) |
938.878 |
897.549 |
860.673 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
802.441 |
867.708 |
453.041 |
|
(b) Deferred tax liabilities (Net) |
184.485 |
160.950 |
149.776 |
|
I Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
986.926 |
1,028.658 |
602.817 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,405.292 |
1,131.966 |
1,048.788 |
|
(b) Trade
payables |
226.055 |
224.460 |
126.599 |
|
I Other
current liabilities |
186.451 |
114.822 |
115.586 |
|
(d) Short-term
provisions |
36.383 |
26.155 |
9.938 |
|
Total Current
Liabilities (4) |
1,854.181 |
1,497.403 |
1,300.911 |
|
|
|
|
|
|
TOTAL |
3,779.985 |
3,423.610 |
2,764.401 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,325.152 |
1,362.275 |
833.632 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
16.452 |
0.000 |
129.445 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
142.434 |
142.434 |
142.344 |
|
I Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
32.828 |
38.580 |
26.296 |
|
I Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1,516.866 |
1,543.289 |
1,131.717 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
939.341 |
826.455 |
913.332 |
|
I Trade
receivables |
285.882 |
133.511 |
150.117 |
|
(d) Cash
and cash equivalents |
19.191 |
23.354 |
54.124 |
|
I
Short-term loans and advances |
1,018.705 |
897.001 |
515.111 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2,263.119 |
1,880.321 |
1,632.684 |
|
|
|
|
|
|
TOTAL |
3,779.985 |
3,423.610 |
2,764.401 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6,302.847 |
6,418.391 |
4,956.705 |
|
|
|
Other Income |
46.425 |
30.275 |
18.620 |
|
|
|
TOTAL (A) |
6,349.272 |
6,448.666 |
4,975.325 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1,512.509 |
1,324.123 |
1,489.645 |
|
|
|
Purchases of Stock-in-Trade |
3,676.226 |
3,828.515 |
2,856.136 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(59.305) |
124.003 |
(279.053) |
|
|
|
Employees benefits expense |
162.396 |
125.660 |
109.901 |
|
|
|
Other expenses |
658.793 |
699.294 |
543.159 |
|
|
|
TOTAL (B) |
5,950.619 |
6,101.595 |
4,719.788 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
398.653 |
347.071 |
255.537 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
198.555 |
212.133 |
174.303 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) I |
200.098 |
134.938 |
81.234 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
99.284 |
70.529 |
69.236 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
100.814 |
64.409 |
11.998 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
52.173 |
20.222 |
9.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48.641 |
44.187 |
2.266 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
138.533 |
101.656 |
79.926 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
6.249 |
6.249 |
0.000 |
|
|
|
Income tax on Dividend |
1.062 |
1.062 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
179.863 |
138.532 |
82.192 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
NA |
3,018.436 |
3,872.893 |
|
|
TOTAL EARNINGS |
NA |
3,018.436 |
3,872.893 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.89 |
3.54 |
1.74 |
|
|
Particulars |
31.03.2015 |
|
Sales Turnover (Approximately) |
7500.000 |
|
|
|
The above
information is parted by Mr. K.N. Bansal (Finance Manager)
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1240.600 |
918.100 |
1335.500 |
|
Total Expenditure |
1135.700 |
839.800 |
1257.900 |
|
PBIDT (Excl OI) |
104.900 |
78.400 |
77.500 |
|
Other Income |
0.400 |
1.500 |
1500 |
|
Operating Profit |
105.300 |
79.800 |
79.100 |
|
Interest |
65.100 |
48.500 |
48.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
40.100 |
31.300 |
30.200 |
|
Depreciation |
25.600 |
25.300 |
25.600 |
|
Profit Before Tax |
14.500 |
6.000 |
4.600 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
14.500 |
6.000 |
4.600 |
|
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 |
14.500 |
6.000 |
4.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.77 |
0.69 |
0.05 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.32 |
5.41 |
5.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.78 |
1.96 |
0.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.07 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.35 |
2.23 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.26 |
1.26 |
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 |
62.550 |
62.550 |
62.550 |
|
Reserves & Surplus |
798.123 |
834.999 |
876.328 |
|
Net
worth |
860.673 |
897.549 |
938.878 |
|
|
|
|
|
|
long-term borrowings |
453.041 |
867.708 |
802.441 |
|
Short term borrowings |
1048.788 |
1131.966 |
1405.292 |
|
Total
borrowings |
1501.829 |
1999.674 |
2207.733 |
|
Debt/Equity
ratio |
1.745 |
2.228 |
2.351 |
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 |
4,956.705 |
6,418.391 |
6,302.847 |
|
|
|
29.489 |
(1.800) |
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
|
4,956.705 |
6,418.391 |
6,302.847 |
|
Profit |
2.266 |
44.187 |
48.641 |
|
|
0.05% |
0.69% |
0.77% |
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
Four 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) |
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 |
LITIGATION DETAILS
|
CALCUTTA
HIGH COURT Case
Status : Pending Status Of APP. FR. DECR. TEND. (APDT) 2 OF 2015 PUBALI BANK LIMITED VS. NAGREEKA EXPORTS LIMITED AND ORS, Pet's
Adv. : FOX & MONDAL Res's
Adv. : Court
No. : 12
Last
Listed On : Thursday, April 16, 2015 Category : MONEY
CLAIMS/COMPENSATION/DAMAGES/MESNE PROFITS
Case Updated on:
Thursday, April 07, 2015 |
COMPANY OVERVIEW:
The Company was incorporated on 6th March, 1989 under the laws of republic of India and has its registered office at Kolkata, West Bengal. The company is engaged in manufacturing and export of cotton yarn and other various merchandise. The shares of the company are listed in National Stock Exchange. Company has set up 100% export oriented unit with the state of art, Plant with manufacturing capacity of 55440 spindles at Kolhapur in Maharashtra. The company has also set up yarn dying and cotton bleaching plant at Kagal Kolhapur. The Company was also awarded International standard Organization certificate for export performance. The company's marketing network is spread over in various countries. The Company is also doing trading of cotton yarn and various commodities. The company is Merchant exporter also.
REVIEW OF OPERATION
During the financial year the company has achieved turnover of Rs.6302.847 Million against Rs.6418.391 Million in the previous year. The profit before tax is Rs.100.814 Million against Rs.64.410 Million in the previous year, a growth of 56.57%.
The textile industry has seen better domestic consumption and exports during the year resulting in healthy demand for the company's products.
The prices of raw cotton moved up sharply between April and October, 2013. In the new season beginning October 2013 prices remained approx. 20% higher year on year basis. Though, there is a bumper crop during 2013-14, availability of quality cotton is expected to be tight on account of brisk exports.
The value of the Indian Rupee (INR) vis-a-vis the US Dollar had wide fluctuations during the year. The company has been successful in dealing with these adversities low of Rs.53.75 in early May to high of Rs. 68.80 in end August.
The Company's yarn dyeing and fiber bleaching facility at Kagal has found good market acceptance for its products and capacity utilization is growing.
FUTURE PROSPECT
The cotton prices are expected to remain high. Rising costs of inputs, a general shortage of man power and volatility in foreign exchange markets will continue to challenge the company and the industry.
The improvements and growth in the domestic economy and the expectation of growth of exports of textile products during financial year 2015 by 15%, present opportunities.
The company continues to develop projects for additional spinning capacity and denim fabric manufacturing.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OUTLOOK
The outlook of the global economic particularly US and Europe is now positive. There are signs of improvement in these economies. The emerging economies of Asia are also expected to fare better in the future.
The recent general election in India has given us a new Government enjoying a clear mandate. There is hope and expectation of strong policy initiatives and significantly better governance. There is optimism in the air.
The new Government still has to tackle challenges presented by stubborn current account deficit, fiscal deficit, growing import bills on account of essentials, such as crude oil, edible oils etc.
There is need to boost growth in manufacturing.
Textiles being one of the major industries with the contribution of 14% to the industrial production, 4% to the GDP and 11% to exports, we expect it to receive favorable attention of the new Government.
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10361339 |
07/06/2012 * |
584,400,000.00 |
CANARA BANK |
OVERSEAS BRANCH, 2/1 RUSSEL STREET, KOLKATA, WEST BENGAL - 700071, INDIA |
B42471334 |
|
2 |
10303516 |
10/08/2011 |
350,000,000.00 |
ICICI BANK |
3A, GURUSADAY ROAD, 2ND FLOOR, KOLKATA, WEST BENGAL - 700019, INDIA |
B19301944 |
|
3 |
10291360 |
14/05/2011 |
658,300,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, ATLANTA, FIRST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B14696447 |
|
4 |
10280260 |
26/03/2011 |
200,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
B10532141 |
|
5 |
10224705 |
14/05/2010 |
400,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
A87611406 |
|
6 |
10167712 |
30/06/2009 |
75,000,000.00 |
CANARA BANK |
OVERSEAS BRANCH, 2/1, RUSSEL STREET, KOLKATA, WEST BENGAL - 700071, INDIA |
A66193087 |
|
7 |
10077469 |
15/05/2012 * |
3,284,500,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND,, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B39648290 |
|
8 |
10123576 |
19/10/2006 |
1,319,840,000.00 |
UTI BANK LTD |
TRISHUL 3RD FLOOR OPP
SAMARTHESHWAR TEMPLE, LAW G |
A05693890 |
* Date
of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 |
|
UK Pound |
1 |
Rs.92.44 |
|
Euro |
1 |
Rs.66.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
43 |
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.