MIRA INFORM REPORT
|
Report No. : |
319824 |
|
Report Date : |
30.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE CHEMOTEX INDUSTRIES LIMITED |
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|
Registered
Office : |
Village ‐ Kanpur Udaipur ‐ 313 003, Rajasthan |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.08.1977 |
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Com. Reg. No.: |
001994 |
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Capital
Investment / Paid-up Capital : |
Rs.240.698 Million |
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CIN No.: [Company Identification
No.] |
L40102RJ1977PLC001994 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 of Synthetic Blended Yarn. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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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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. For the financial year ended 2014, the company has reported nearly 20%
topline growth and maintained profitability margins at 2.26%. Further debt to
equity ratio stood 1.036 times. Rating also takes into consideration company’s established t6rac
record of business operations and sound financial base of the company. Trade relations are fair. Business is active. Payments are reported to
be usually correct. In view of sound operational base, 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 |
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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 |
|
Rating |
Long term rating BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk . |
|
Date |
December 02, 2014 |
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Rating Agency Name |
CARE |
|
Rating |
Short term rating A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
December 02, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
Village ‐ Kanpur Udaipur ‐ 313 003, Rajasthan, India |
|
Tel. No. : |
91-294-2490488, 2491489, 2491490 |
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Fax No. : |
91-294-2490067 |
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E-Mail : |
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Website : |
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Mumbai Office : |
27, Jolly Maker Chambers, No. 2, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-22028581, 22028582 |
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Fax No.: |
91-22-22045786 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. S.L. Shroff |
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Designation : |
Chairman |
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Name : |
Mr. Sanjiv Shroff |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
N.G. Khaitan |
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Designation : |
Director |
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Name : |
V.B.L. Mathur |
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Designation : |
Director |
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Name : |
K.L. Sonthalia |
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Designation : |
Director |
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Name : |
B.K. Agrawal |
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Designation : |
Director |
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Name : |
Mr. Narayan Shroff |
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Designation : |
Director |
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Name : |
Mr. Shankar Menon |
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Designation : |
Director |
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Name : |
Mr. Ramadoss Srinivasan |
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Designation : |
Director |
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Name : |
R.N. Sharma |
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Designation : |
Wholeme Director |
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Name : |
Mr. Rahul Shroff |
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Designation : |
Executive Director |
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Name : |
Mr. Ameya Shroff |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
M. K. Gupta |
|
Designation : |
Company Secretary and Chief Financial Officer (Upto 9th August, 2014) |
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|
Name : |
RAVINDRA
Kala |
|
Designation : |
Chief Financial Officer (From 9th August, 2014) |
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Name : |
Vimal
Tank |
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Designation : |
Company Secretary (From 9th August, 2014) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
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|
||
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|
586900 |
14.67 |
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|
1421179 |
35.51 |
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|
2008079 |
50.18 |
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||
|
Total shareholding of Promoter and Promoter Group
(A) |
2008079 |
50.18 |
|
(B) Public Shareholding |
||
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||
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|
150 |
0.00 |
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|
150 |
0.00 |
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||
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|
134518 |
3.36 |
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|
||
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|
1010890 |
25.26 |
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|
791860 |
19.79 |
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|
56353 |
1.41 |
|
|
293 |
0.01 |
|
|
55060 |
1.38 |
|
|
1000 |
0.02 |
|
|
1993621 |
49.82 |
|
Total Public shareholding (B) |
1993771 |
49.82 |
|
Total (A)+(B) |
4001850 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
4001850 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Synthetic Blended Yarn. |
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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 |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
v State Bank of India v IDBI Bank Limited v State Bank of Bikaner and Jaipur |
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Facilities : |
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Auditors : |
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Name : |
G.P. Kejriwal and Company Chartered Accountants |
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Address : |
Jaipur, Rajasthan, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises over which
Key Management Personnel/ Directors/ relatives have control or
significant influence : |
v Modern Fibotex India Limited v Indo Texles and Fibres Limited v Spell Fashions Private Limited v A.R.Fibtex Private Limited v Khaitan and Company v Khaitan and Company LLP v Khaitan and Company. AOP v A.R. Commercial Private Limited v A.S. Chemotex Private Limited v Sunrise Producers Private Limited v Sunrise Cotton Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13500000 |
Equity Shares |
Rs.10/- each |
Rs.135.000 Million |
|
3025000 |
Preference Shares |
Rs.100/- each |
Rs.302.500 Million |
|
|
|
|
|
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|
Total |
|
Rs.437.500
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4022100 |
Equity Shares |
Rs.10/- each |
Rs.40.221 Million |
|
2007500 |
10% Cumulative
Redeemable Preference Shares |
Rs.100/- each |
Rs.200.750 Million |
|
|
|
|
|
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Total |
|
Rs.240.971
Million |
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3976650 |
Equity Shares (Subscribed and Fully Paid) |
Rs.10/- each |
Rs.39.766 Million |
|
25200 |
Equity Shares (Subscribed but not fully paid) |
Rs.10/- each |
Rs.0.252 Million |
|
|
Less: Calls Unpaid |
|
Rs. 0.126 Million |
|
|
Forfeited |
|
Rs. 0.056 Million |
|
2007500 |
10% Cumulative
Redeemable Preference Shares |
Rs.100/- each |
Rs. 200.750 Million |
|
|
|
|
|
|
|
Total |
|
Rs.240.698
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
240.698 |
228.798 |
166.748 |
|
(b) Reserves & Surplus |
285.728 |
251.611 |
205.428 |
|
(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) |
526.426 |
480.409 |
372.176 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
431.301 |
461.418 |
323.814 |
|
(b) Deferred tax liabilities (Net) |
31.922 |
13.575 |
12.759 |
|
(c) Other long term
liabilities |
23.582 |
21.113 |
0.000 |
|
(d) long-term
provisions |
9.597 |
11.066 |
0.000 |
|
Total Non-current
Liabilities (3) |
496.402 |
507.172 |
336.573 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
114.087 |
140.768 |
207.949 |
|
(b) Trade
payables |
188.436 |
121.445 |
165.229 |
|
(c) Other
current liabilities |
190.070 |
195.374 |
169.937 |
|
(d) Short-term
provisions |
25.783 |
35.921 |
28.675 |
|
Total Current
Liabilities (4) |
518.376 |
493.508 |
571.790 |
|
|
|
|
|
|
TOTAL |
1541.204 |
1481.089 |
1280.539 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
820.664 |
660.098 |
664.220 |
|
(ii)
Intangible Assets |
3.604 |
1.470 |
1.628 |
|
(iii) Capital
work-in-progress |
22.563 |
166.322 |
22.645 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
31.603 |
31.603 |
22.560 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
30.543 |
20.761 |
23.112 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
908.977 |
880.254 |
734.165 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
60.036 |
|
(b)
Inventories |
231.598 |
230.853 |
236.855 |
|
(c) Trade
receivables |
177.285 |
110.998 |
120.909 |
|
(d) Cash
and cash equivalents |
31.728 |
49.329 |
59.143 |
|
(e)
Short-term loans and advances |
133.287 |
153.151 |
38.273 |
|
(f) Other
current assets |
58.329 |
56.504 |
31.158 |
|
Total
Current Assets |
632.227 |
600.835 |
546.374 |
|
|
|
|
|
|
TOTAL |
1541.204 |
1481.089 |
1280.539 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2499.214 |
2042.978 |
1993.410 |
|
|
|
Other Income |
27.008 |
33.408 |
7.268 |
|
|
|
TOTAL |
2526.222 |
2076.386 |
2000.678 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1481.875 |
1156.505 |
1208.073 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(29.145) |
36.393 |
(11.581) |
|
|
|
Employees benefits expense |
248.159 |
204.190 |
193.389 |
|
|
|
Exceptional item |
5.728 |
3.792 |
11.401 |
|
|
|
Other expenses |
561.240 |
458.042 |
425.110 |
|
|
|
TOTAL |
2267.857 |
1858.922 |
1826.392 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
258.365 |
217.464 |
174.286 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
107.632 |
93.416 |
97.964 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
150.733 |
124.048 |
76.322 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
56.153 |
47.027 |
46.988 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
94.580 |
77.021 |
29.334 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
37.986 |
16.674 |
7.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
56.594 |
60.347 |
22.234 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
129.759 |
90.155 |
88.280 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.000 |
1.000 |
1.000 |
|
|
|
Interim
Dividend On Equity Shares |
2.840 |
0.000 |
0.000 |
|
|
|
Interim Dividend On Cumulative Redeemable Preference Shares |
14.306 |
0.000 |
0.000 |
|
|
|
Tax on Interim Dividend |
2.914 |
0.000 |
0.000 |
|
|
|
Proposed
Dividend On Equity Shares |
0.947 |
3.607 |
3.607 |
|
|
|
Proposed Dividend On Cumulative Redeemable Preference Shares |
4.851 |
13.271 |
13.050 |
|
|
|
Tax on proposed Dividend |
0.989 |
2.865 |
2.702 |
|
|
BALANCE CARRIED
TO THE B/S |
158.506 |
129.759 |
90.155 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods |
1326.085 |
1159.138 |
1293.698 |
|
|
TOTAL EARNINGS |
1326.085 |
1159.138 |
1293.698 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.181 |
0.000 |
8.890 |
|
|
|
Capital Goods |
0.358 |
73.214 |
9.596 |
|
|
|
Stores & Spares |
1.181 |
0.547 |
0.000 |
|
|
TOTAL IMPORTS |
1.72 |
73.761 |
18.486 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
9.03 |
12.42 |
1.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.26 |
2.95 |
1.12 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
10.34 |
10.64 |
8.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.36 |
6.00 |
2.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.16 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.04 |
1.25 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.22 |
0.96 |
QUARTERLY RESULT
|
PARTICULARS (Rs. In
Millions) |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Audited / UnAudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
593.400 |
586.700 |
574.800 |
|
Total Expenditure |
535.600 |
555.100 |
544.200 |
|
PBIDT (Excl OI) |
57.900 |
31.600 |
30.600 |
|
Other Income |
06.200 |
40.700 |
29.400 |
|
Operating Profit |
64.000 |
72.300 |
60.100 |
|
Interest |
30.600 |
30.100 |
31.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
33.400 |
42.200 |
28.700 |
|
Depreciation |
14.000 |
14.400 |
14.500 |
|
Profit Before Tax |
19.400 |
27.800 |
14.200 |
|
Tax |
04.800 |
04.600 |
02.500 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
146.000 |
23.200 |
11.700 |
|
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 |
14.600 |
23.200 |
11.700 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
166.748 |
228.798 |
240.698 |
|
Reserves & Surplus |
205.428 |
251.611 |
285.728 |
|
Net worth |
372.176 |
480.409 |
526.426 |
|
|
|
|
|
|
long-term borrowings |
323.814 |
461.418 |
431.301 |
|
Short term borrowings |
207.949 |
140.768 |
114.087 |
|
Total borrowings |
531.763 |
602.186 |
545.388 |
|
Debt/Equity ratio |
1.429 |
1.253 |
1.036 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
1993.410 |
2042.978 |
2499.214 |
|
|
|
2.487 |
22.332 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
1993.410 |
2042.978 |
2499.214 |
|
Profit |
22.234 |
60.347 |
56.594 |
|
|
1.12% |
2.95% |
2.26% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from related parties (Bodies Corporate) |
55.200 |
55.200 |
|
Loans from other parties (Bodies Corporate) |
71.100 |
51.100 |
|
Loans from Directors |
0.100 |
0.100 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
From other parties |
0.000 |
10.000 |
|
Loans from Directors |
1.000 |
0.000 |
|
|
|
|
|
Total |
127.400 |
116.400 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10561215 |
30/03/2015 |
100,000,000.00 |
State Bank of India |
COMMERCIAL BRANCH (ADVANCES), NGN, VAIDYA MARG,
BANK STREET , HORNIMON CIRCLE FORT, MUMBAI, Maharashtra - 400001, INDIA |
C49992779 |
|
2 |
10524436 |
24/09/2014 * |
125,000,000.00 |
RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND
INVESTMENT CORPORATION LTD |
UDYOG BHAWAN TILAK MARG,, JAIPUR, Rajasthan
- 302005, INDIA |
C29853066 |
|
3 |
10560577 |
30/08/2014 |
650,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENPATIBAPAT MARG, LOWER
PAREEL WEST MUMBAI, Maharashtra
- 400013, INDIA |
C49609696 |
|
4 |
10518324 |
24/09/2014 * |
130,000,000.00 |
EXPORT -IMPORT BANK OF INDIA |
CENTRE ONE BUILIDNG , FLOOR 21 WORLD TRADE CENTRE, COMPLEX CUFFEE PARADE, MUMBAI,
Maharashtra - 400005, INDIA |
C31709769 |
|
5 |
10561281 |
02/07/2014 |
718,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
C49992399 |
|
6 |
10560640 |
20/06/2014 |
650,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENPATIBAPAT MARG, LOWER
PAREEL WEST MUMBAI, MUMBAI, Maharashtra
- 400013, INDIA |
C49642846 |
|
7 |
10359783 |
24/09/2014 * |
405,000,000.00 |
State Bank of India |
COMMERCIAL BRANCH ADVANCE, NGN VAIDYA ,
BANK STREET, POST BOX 10141, MUMBAI, Maharashtra - 400001, |
C29566247 |
|
8 |
10358628 |
11/05/2012 |
130,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH (ADVANCES), NGN VAIDYA
MARG, BANK STREET, POST BOX NO.10141, MUMBAI, Maharashtra |
B40817116 |
|
9 |
10333928 |
16/01/2012 |
130,000,000.00 |
State Bank of India |
Commercial Branch (Advances), NGN Vaidya
Marg, Bank Street, Post Box No.10141, Mumbai, Maharashtra - 400001, INDIA |
B31421332 |
|
10 |
10324462 |
11/05/2012 * |
100,000,000.00 |
Rajasthan State Industrial Development
& Investmen |
Udyog Bhawan, Tilak Marg, JAIPUR,
Rajasthan - 302 |
B40412322 |
|
1 |
10561215 |
30/03/2015 |
100,000,000.00 |
State Bank of India |
COMMERCIAL BRANCH (ADVANCES), NGN, VAIDYA MARG, BANK STREET , HORNIMON
CIRCLE FORT, MUMBAI, Maharashtra - 400001, INDIA |
C49992779 |
|
2 |
10524436 |
24/09/2014 * |
125,000,000.00 |
RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND
INVESTM |
UDYOG BHAWAN TILAK MARG,, JAIPUR,
Rajasthan - 302005, INDIA |
C29853066 |
|
3 |
10560577 |
30/08/2014 |
650,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENPATIBAPAT MARG, LOWER
PAREEL WEST MUMBAI, Maharashtra
- 400013, INDIA |
C49609696 |
|
4 |
10518324 |
24/09/2014 * |
130,000,000.00 |
EXPORT -IMPORT BANK OF INDIA |
CENTRE ONE BUILIDNG , FLOOR 21 WORLD TRADE CENTRE, COMPLEX CUFFEE PARADE, MUMBAI,
Maharashtra - 400005, INDIA |
C31709769 |
|
5 |
10561281 |
02/07/2014 |
718,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL
W, MUMBAI, Maharashtra - 400013, INDIA |
C49992399 |
|
6 |
10560640 |
20/06/2014 |
650,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENPATIBAPAT MARG, LOWER
PAREEL WEST MUMBAI, MUMBAI,
Maharashtra - 400013, INDIA |
C49642846 |
|
7 |
10359783 |
24/09/2014 * |
405,000,000.00 |
State Bank of India |
COMMERCIAL BRANCH ADVANCE, NGN VAIDYA ,
BANK STREET, POST BOX 10141, MUMBAI, Maharashtra - 400001, |
C29566247 |
|
8 |
10358628 |
11/05/2012 |
130,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH (ADVANCES), NGN VAIDYA
MARG, BANK STREET, POST BOX NO.10141, MUMBAI, Maharashtra |
B40817116 |
|
9 |
10333928 |
16/01/2012 |
130,000,000.00 |
State Bank of India |
Commercial Branch (Advances), NGN Vaidya Marg,
Bank Street, Post Box No.10141, Mumbai, Maharashtra - 400001, INDIA |
B31421332 |
|
10 |
10324462 |
11/05/2012 * |
100,000,000.00 |
Rajasthan State Industrial Development
& Investment Corporation Ltd. |
Udyog Bhawan, Tilak Marg, JAIPUR, Rajasthan
- 302005, INDIA |
B40412322 |
OPERATIONS
The company has performed strongly in the past financial year despite many economic challenges on both the global and domestic front. The company has achieved its highest ever turnover on the back of continues modernisation, innovative product development and steady expansion. Over this past financial year, the company has continued to focus on enhancing its economies of scale, increasing productivity, reducing costs, shrinking delivery schedules, investing in research and development of new products and aggressively pursuing opportunities in new markets. The company has increased its yarn production, which has resulted in an increase in its revenue, cash profit and profit before depreciation, interest and taxes.
- The highlights of the company's performance are shown below:
- The Yarn Production has increased by 22.25% to 12,525 metric tonnes.
- The Revenue from operations has increased by 20.94% to Rs. 2555.278 Million.
- The Cash Profit has increased by 21.51% to Rs. 150.733 Million.
- The Profit before Depreciation, Interest and Taxes has increased by 16.94% to Rs. 202.101 Million.
- The Net Profit has decreased by 6.22% to Rs. 56.594 Million.
- This decrease in net profit is due to the payment of MAT. They can expect a MAT credit of Rs. 7.600 Million in the upcoming years.
EXPORTS
Exports have always been the focus of the company. The company's exports (FOB) in the last financial year were Rs. 1326.100 Million as against Rs. 1159.100 Million in the previous year. This constitutes a 14.41% increase in the value of the company's exports.
FIXED ASSETS
v Land
v Buildings
v Plant and Equipment
v Furniture and Fixture
v Vehicles
v Office Equipment
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON
31ST
DECEMBER, 2014
(Rs. in millions)
|
|
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
556.620 |
568.073 |
1699.279 |
|
|
|
b) Other Operating Income |
18.192 |
18.603 |
55.622 |
|
|
|
Total Income from
Operations (Net) |
574.812 |
586.676 |
1754.901 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
357.611 |
364.978 |
1061.851 |
|
|
b) |
Purchase of stock in-trade |
-- |
-- |
-- |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(47.623) |
(25.680) |
(72.337) |
|
|
d) |
Employee benefit expenses |
85.004 |
72.776 |
221.543 |
|
|
e) |
Depreciation and amortization expense |
14.488 |
14.359 |
42.879 |
|
|
f) |
Other
expenses |
149.191 |
143.023 |
434.050 |
|
|
Total Expenses |
558.671 |
569.456 |
1687.986 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
16.141 |
17.220 |
66.915 |
|
4 |
Other
Income |
29.416 |
40.689 |
86.555 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
45.557 |
57.909 |
153.470 |
|
6 |
Finance
Costs |
31.371 |
30.109 |
92.116 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional items
(5-6) |
14.186 |
27.800 |
61.354 |
|
8 |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
14.186 |
27.800 |
61.354 |
|
|
10 |
Tax
Expense |
2.485 |
4.600 |
11.885 |
|
|
11 |
Net Profit /(Loss) from ordinary
activities after tax (9-10) |
11.701 |
23.200 |
49.469 |
|
|
12 |
Extraordinary
items (net of tax expense) |
-- |
-- |
-- |
|
|
13 |
Net Profit /(Loss) for the
period (11-12) |
11.701 |
23.200 |
49.469 |
|
|
14 |
Paid
up equity share capital (Eq. shares of
Rs.10/- each) |
39.766 |
39.766 |
39.766 |
|
|
15 |
Reserve
excluding revaluation reserves |
-- |
-- |
-- |
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic |
1.43 |
4.36 |
7.90 |
|
|
|
Diluted |
1.43 |
4.36 |
7.90 |
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
-
No. of Shares |
1993771 |
1993771 |
1993771 |
|
|
|
-
Percentage of Shareholding |
49.82 |
49.82 |
49.82 |
|
2 |
|
Promoters and promoter
group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
-
Number of shares |
586400 |
586400 |
586400 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and promoter
group) |
29.20 |
29.20 |
29.20 |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
14.65 |
14.65 |
14.65 |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
-
Number of shares |
1421679 |
1421679 |
1421679 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
70.80 |
70.80 |
70.80 |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
35.53 |
35.53 |
35.53 |
|
|
Particulars |
Nine Months Ended 31.12.2014 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
|
Received
during the quarter |
4 |
|
|
|
Disposed
during the quarter |
4 |
|
|
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTE:
- The above results were
reviewed and recommended by the Audit Committee and therefore taken on
record by the Board of Directors of the Company in its meeting held on
February 10, 2015.
- The Statutory Auditors
have performed a limited review of the above results for the quarter ended
December 31, 2014.
- Provision for Deferred
Tax Liability if any shall be made at the end of the year.
- The Company operates
only in one Business segment viz Textile Yarn.
- Modemisation/
Expansion project under taken by the Company is expected to be completed
by March 31, 2015.
- Previous year/quarter
figures have been re-grouped/re-cast wherever necessary to make them
comparable.
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.63.30 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.69.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
5 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.