MIRA INFORM REPORT
|
Report No. : |
351540 |
|
Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN ACRYLICS LIMITED |
|
|
|
|
Registered
Office : |
Village Harkrishanpura, Sub-Tehsil Bhawanigarh, District.
Sangrur-148026, Punjab |
|
Tel. No.: |
91-167-2793112 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
28.02.1986 |
|
|
|
|
Com. Reg. No.: |
16-006715 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1353.222 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24301PB1986PLC006715 |
|
|
|
|
IEC No.: |
2288001470 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAC13794C |
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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
: |
Subject is primarily engaged in “Manufacture and sale/
trading of Acrylic Fibre/ Yarn. (Registered Activity) |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (20) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a company incorporated during the year 1986 and engaged in
the business of manufacturing and distributing of acrylic fiber. Rating is constrained on company’s weak operational performance marked
by its continuous losses from its operations and it has modest networth
position along with high amount of trade payables compared to its trade
receivable. Moreover, the company’s share price quoted low on Stock Exchange with
Face Value of Rs.10.00/- and Market Value at Rs.8.98/-. However, trade relations are fair. Business is active. Payments terms
are slow and delayed. In view of weak financial profile, the company can be considered for
business dealing on safe and secured trade terms and conditions. Note: As per our source and investigation, we found company is listed
with RBI defaulted hefty amount with IDBI Bank. However data is old and
current data is unusable. |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
Suit-filed accounts of Rs.10.000 Million and
as on 26.11.2015
|
Bank |
Branch |
Quarter |
Borrower Name |
Directors Name |
Outstanding Amount (Rs. In Million) |
|
IDBI Bank Limited |
MUMBAI - HO |
31.12.2009 |
Indian Acrylics Limited |
Sunena Garg, R K Garg |
411.344 |
|
IDBI Bank Limited |
MUMBAI – HO – DGM(RS) |
31.03.2010 |
Indian Acrylics Limited |
R k Garg, Sunena Garg |
0.004 |
|
IDBI Bank Limited |
MUMBAI – HO – DGM(RS) |
30.06.2010 |
Indian Acrylics Limited |
Sunena Garg, R K Garg |
0.004 |
|
IDBI Bank Limited |
MUMBAI – HO – DGM(RS) |
30.09.2010 |
Indian Acrylics Limited |
R k Garg, Sunena Garg |
0.004 |
|
IDBI Bank Limited |
MUMBAI – HO – DGM(RS) |
31.12.2010 |
Indian Acrylics Limited |
R k Garg, Sunena Garg |
0.004 |
|
IDBI Bank Limited |
MUMBAI – HO – DGM(RS) |
31.03.2011 |
Indian Acrylics Limited |
Sunena Garg, R K Garg |
0.004 |
|
IDBI Bank Limited |
MUMBAI – HO – DGM(RS) |
30.06.2011 |
Indian Acrylics Limited |
R k Garg, Sunena Garg |
0.004 |
|
IDBI Bank Limited |
MUMBAI – HO – DGM(RS) |
30.09.2011 |
Indian Acrylics Limited |
R k Garg, Sunena Garg |
0.004 |
|
IDBI Bank Limited |
MUMBAI – HO – DGM(RS) |
31.12.2011 |
Indian Acrylics Limited |
Sunena Garg, R K Garg |
0.004 |
|
IDBI Bank Limited |
MUMBAI – HO – DGM(RS) |
31.03.2012 |
Indian Acrylics Limited |
R k Garg, Sunena Garg |
0.004 |
|
IDBI Bank Limited |
MUMBAI – HO – DGM(RS) |
30.06.2012 |
Indian Acrylics Limited |
Sunena Garg, R K Garg |
0.004 |
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
31-03-2015.
INFORMATION DCLINED
MANAGEMENT NON-COOPERATIVE (Tel No.91-172-2793112/ 91-167-2278109)
LOCATIONS
|
Registered Office/ Factory : |
Village Harkishanpura, Sub-Tehsil Bhawanigarh, District, Sangrur –
148026, Punjab, India |
|
Tel. No.: |
91-167-2793112 |
|
Fax No.: |
91-167-2278110 |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Corporate Office : |
SCO
49-50, Sector 26, Madhya Marg, Chandigarh – 160 019, Punjab, India |
|
Tel. No.: |
91-172-2793112 / 2792385 / 2790979 / 2793117 / 2790831 |
|
Fax No.: |
91-172-2794834 / 2790887 / 2790835 |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Yogesh Kumar Goel |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. K. Garg |
|
Designation : |
Managing Director |
|
Address : |
89, Sector 7, Panchkula - 134109, Haryana, India |
|
Date of Appointment : |
28.02.1986 |
|
DIN No.: |
00034827 |
|
|
|
|
Name : |
Mr. Dheeraj Garg |
|
Designation : |
Whole-Time Director |
|
Address : |
House No.22, Sector 5, Chandigarh - 160005, India |
|
Date of Appointment : |
30.05.2015 |
|
DIN No.: |
00034926 |
|
|
|
|
Name : |
Mr. A.S. Chatha, I.A.S. (Retd), |
|
Designation : |
Director |
|
Address : |
House No 333, Sector 9-D, Chandigarh - 160009, India |
|
Date of Appointment : |
3.05.2010 |
|
DIN No.: |
02289613 |
|
|
|
|
Name : |
Mr. M.M. Chopra (Retd.) |
|
Designation : |
Director |
|
Address : |
E-69, Vasant Marg, Vasant Vihar, New Delhi - 110057, India |
|
Date of Appointment : |
29.05.1999 |
|
DIN No.: |
00036367 |
|
|
|
|
Name : |
Mr. A.K. Mahajan |
|
Designation : |
Nominee PSIDC |
|
|
|
|
Name : |
Mr. Satish Kumar Dua |
|
Designation : |
Nominee Director |
|
Address : |
House No. 1199 (2nd Floor), Sector 18-C, Chandigarh - 160018, India |
|
Date of Appointment : |
14.08.2014 |
|
DIN No.: |
06949879 |
|
|
|
|
Name : |
Mr. Tejinder Kaur |
|
Designation : |
Director |
|
Address : |
Kothi No. 289, Sector- 16, Chandigarh - 160017, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
00512377 |
|
|
|
|
Name : |
Mr. H.K. Singhal |
|
Designation : |
Whole-Time Director |
|
Address : |
283, Sector 6, Panchkula - 134109, Haryana, India |
|
Date of Appointment : |
02.02.1991 |
|
DIN No.: |
00044328 |
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|
|
|
Name : |
Mr. Bankey Behari Tandon |
|
Designation : |
Director |
|
Address : |
3052, Sector 19 D, Chandigarh - 160019, India |
|
Date of Appointment : |
23.02.2003 |
|
DIN No.: |
00035266 |
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|
|
|
Name : |
Mr. Suresh Kumar Singla |
|
Designation : |
Nominee Director |
|
Address : |
H No 52 Young Dwellers Society, Sector 49-A, Chandigarh, 160047, India |
|
Date of Appointment : |
28.05.2015 |
|
DIN No.: |
00051799 |
KEY EXECUTIVES
|
Name : |
Mr. Bhavnesh K. Gupta |
|
Designation : |
Company Secretary |
|
Address : |
#341, Sector 40-A, Chandigarh - 160036, India |
|
Date of Appointment : |
01.04.1993 |
|
PAN No.: |
ABNPG6214A |
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|
|
|
Name : |
Mr. Humesh Kumar Singhal |
|
Designation : |
Chief Financial Officer |
|
Address : |
283, Sector 6, Panchkula - 134109, Haryana, India |
|
Date of Appointment : |
30.05.2014 |
|
PAN No.: |
AFCPS8277C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
15572849 |
11.51 |
|
|
18330000 |
13.55 |
|
|
39356648 |
29.08 |
|
|
73259497 |
54.14 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
73259497 |
54.14 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
232150 |
0.17 |
|
|
6861925 |
5.07 |
|
|
7094075 |
5.24 |
|
|
|
|
|
|
9651181 |
7.13 |
|
|
|
|
|
|
28033969 |
20.72 |
|
|
16899560 |
12.49 |
|
|
383880 |
0.28 |
|
|
383880 |
0.28 |
|
|
54968590 |
40.62 |
|
Total
Public shareholding (B) |
62062665 |
45.86 |
|
Total
(A)+(B) |
135322162 |
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) |
135322162 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in “Manufacture and sale/
trading of Acrylic Fibre/ Yarn. (Registered Activity) |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
SHORT TERM BORROWINGS The Term Loans from banks amounting to Rs. Nil (Previous Year Rs.43.276 Million) are secured by mortgage created on all the immovable assets of the Company, hypothecation of all the moveable assets including moveable machinery, machinery parts, tools and accessories and other moveables, (save and except book debts), subject to charges created or to be created in favour of the Company's Bankers for securing working capital limits. These Loans are further guaranteed by Sh.R.K.Garg, Managing Director, Sh. Dheeraj Garg, Additional Managing Director and Mrs. Sunena Garg. Cash Credit / Working capital borrowings are secured by hypothecation of book debts, raw-material, finished goods, semi-finished goods, consumable stores and spares including stocks in transit of the Company and also by a second charge on the fixed assets of the Company and further guaranteed by Sh.R.K.Garg, Managing Director, Sh.Dheeraj Garg, Additional Managing Director and Mrs. Sunena Garg and also by Indlon Chemicals Limited. |
|
|
|
|
Auditors : |
|
|
Name : |
S. C. Dewan and Company Chartered Accountants |
|
Address : |
S. C. O. 90, 1st Floor, Swastik Vihar,
Panchkula-134109, Haryana, India |
|
Tel. No.: |
91-172-2556190 / 2556890 |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
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|
Associate Company : |
Indlon Chemicals Limited |
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|
Enterprises
over which Key Management personnel (KMP) are able to exercise significant control
and with whom transactions have taken place during the year: |
·
SAB Industries Limited ·
Steel Strips Limited ·
Malwa Chemtex Udyog Limited ·
Steel Strips Wheels Limited ·
Steel Strips Infrastructures Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135322162 |
Equity Shares |
Rs.10/- each |
Rs.1353.222
Million |
|
|
|
|
|
No of shares held
by Shareholders holding 5% and above:-
|
Particulars |
No. of Shares |
Percentage Holding |
|
Shri Dheeraj Garg |
10,965,889 |
8.10 |
|
IFCI Limited |
9,515,753 |
7.03 |
|
SAB Industries Limited |
14,793,772 |
10.93 |
|
SAB Udyog Limited |
16,880,646 |
12.47 |
|
PSIDC Limited |
18,330,000 |
13.55 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1353.222 |
1353.222 |
1353.222 |
|
(b) Reserves &
Surplus |
(803.544) |
(609.535) |
(722.737) |
|
(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) |
549.678 |
743.687 |
630.485 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
32.676 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
300.027 |
139.981 |
154.312 |
|
(d) long-term provisions |
29.611 |
20.965 |
0.000 |
|
Total Non-current
Liabilities (3) |
329.638 |
160.946 |
186.988 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
150.703 |
72.351 |
354.648 |
|
(b) Trade payables |
1298.065 |
1584.887 |
1213.749 |
|
(c) Other current
liabilities |
220.015 |
197.029 |
106.732 |
|
(d) Short-term provisions |
28.910 |
26.285 |
35.114 |
|
Total Current Liabilities
(4) |
1697.693 |
1880.552 |
1710.243 |
|
|
|
|
|
|
TOTAL |
2577.009 |
2785.185 |
2527.716 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1015.969 |
812.091 |
901.246 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
24.472 |
225.491 |
20.210 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.417 |
10.686 |
10.035 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1050.858 |
1048.268 |
931.491 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
985.041 |
1120.931 |
1081.086 |
|
(c) Trade receivables |
188.616 |
216.619 |
293.427 |
|
(d) Cash and cash
equivalents |
120.858 |
214.088 |
70.395 |
|
(e) Short-term loans and
advances |
216.674 |
176.254 |
130.127 |
|
(f) Other current assets |
14.962 |
9.025 |
21.190 |
|
Total Current Assets |
1526.151 |
1736.917 |
1596.225 |
|
|
|
|
|
|
TOTAL |
2577.009 |
2785.185 |
2527.716 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
5511.680 |
6311.269 |
3875.372 |
|
|
Other Income |
0.000 |
0.000 |
51.8 |
|
|
TOTAL
(A) |
5511.680 |
6311.269 |
3927.172 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4054.054 |
4246.172 |
2216.919 |
|
|
Purchases of Stock-in-Trade |
326.427 |
677.572 |
447.379 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(42.346) |
(130.819) |
294.253 |
|
|
Employees benefits expense |
210.786 |
166.146 |
146.797 |
|
|
Other expenses |
894.788 |
900.706 |
604.801 |
|
|
Extra Ordinary Items |
(25.697) |
2.131 |
(81.449) |
|
|
Prior Period Adjustment |
0.000 |
0.000 |
1.710 |
|
|
TOTAL
(B) |
5418.012 |
5861.908 |
3630.410 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
93.668 |
449.361 |
296.762 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
158.735 |
238.688 |
190.255 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(65.067) |
210.673 |
106.507 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
84.754 |
97.471 |
64.822 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(149.821) |
113.202 |
41.685 |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(149.821) |
113.202 |
41.685 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2032.190 |
1822.200 |
549.145 |
|
|
TOTAL
EARNINGS |
2032.190 |
1822.200 |
549.145 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2638.717 |
2400.686 |
1160.961 |
|
|
Components and Stores
parts |
26.427 |
40.429 |
16.172 |
|
|
TOTAL
IMPORTS |
2665.144 |
2441.115 |
1177.133 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(1.11) |
0.84 |
0.31 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.000 |
43.276 |
39.437 |
|
Cash generated from operations |
54.840 |
641.276 |
111.685 |
|
Net Cash From Operating Activities |
80.537 |
639.146 |
191.424 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
30.09.2015 |
|
Unaudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
1390.100 |
1127.800 |
|
Total Expenditure |
1293.000 |
1028.900 |
|
PBIDT (Excl OI) |
97.100 |
98.900 |
|
Other Income |
5.300 |
7.400 |
|
Operating Profit |
102.400 |
106.300 |
|
Interest |
41.000 |
41.200 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
61.400 |
65.100 |
|
Depreciation |
21.100 |
27.600 |
|
Profit Before Tax |
40.300 |
37.500 |
|
Tax |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
40.300 |
37.500 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
40.300 |
37.500 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(2.72) |
1.79 |
1.08 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1.70 |
7.12 |
7.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.87) |
4.42 |
1.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.27) |
0.15 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.27 |
0.16 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90 |
0.92 |
0.93 |
STOCK
PRICES
|
Face Value |
10.00/- |
|
Market Value |
8.98/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1353.222 |
1353.222 |
1353.222 |
|
Reserves & Surplus |
(722.737) |
(609.535) |
(803.544) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
630.485 |
743.687 |
549.678 |
|
|
|
|
|
|
long-term borrowings |
32.676 |
0.000 |
0.000 |
|
Short term borrowings |
354.648 |
72.351 |
150.703 |
|
Current Maturities of Long-Term
Debts |
39.437 |
43.276 |
0.000 |
|
Total
borrowings |
426.761 |
115.627 |
150.703 |
|
Debt/Equity
ratio |
0.677 |
0.155 |
0.274 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3875.372 |
6311.269 |
5511.680 |
|
|
|
62.856 |
(12.669) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3875.372 |
6311.269 |
5511.680 |
|
Profit |
41.685 |
113.202 |
(149.821) |
|
|
1.08% |
1.79% |
(2.72%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION AND ANALYSIS
Acrylic Fibre Industry in India is mainly dependent on domestic sales and imported raw materials. While, sales of the acrylic fibre by domestic Industry has been lower by 12% during the year under consideration as compared with previous year, there is substantial increase in the inputs cost due to weak Indian currency against the US Dollars. Domestic Acrylic Industry has gone through tough time this year due to substantial increase in the dumping of Acrylic Fibre in India by certain countries.
Indian economy is gaining momentum and picking up steadily after recording lower growth in earlier 4 years. Indian GDP growth was 5.1% in 2012-13, 6.9% in 2013-14 and 7.3% in 2014-15. The Govt. of India economic survey has projected the economy to expand at the rate of 8.1- 8.50% in 2015-16. As per the world Bank recent report, reforms by Indian Govt. has buoyed the confidence in the Investors in India. Besides, falling crude oil prices have reduced its vulnerability as an importer. Concerns over the current account deficit, fiscal account deficit and inflation have dissipated with the fall in oil prices. Bank expects that there is going to be all round development this year and growth in South Asia is also expected to continue firming to 7.1%. This will be led by a cyclical recovery in India with growth rate of 7.5% in 2015-16 going upto 8% in 2016-17, supported by a gradual strengthening of demand in high income countries as well. With this pace of growth in economy coming back after four years, spending on luxury and clothing is likely to see reversing trend thereby reviving demand for manmade fibres and yarns. Though with the US Federal reserve expected to raise interest rates in coming few months, there could be temporary shocks of less capital flows to developing countries raising current rates and higher market volatility.
With the opening of reforms process, now International Luxury clothing brands like GAP (USA), ZARA (Spanish),
H and M (Swedish retailer), Uniqlo (Japanese) and many more are targeting setting up of retail stores in India. As per the United Nation conference on trade and development (UNCTAP)'s world investment report 2015 India is now among Top 10 FDI destinations. FDI inflow in the calendar year 2014 has increased to US$ 34 billion as against US$ 28 billion in 2013 thus putting India at No. 9 in the world ranking for FDI inflows. With renewed interest of FDIs, Textile Mills in India will be looking to increase the capex on modernization, capacity expansion and quality improvements.
Indian exports are declining since December 2014 owing to weak global demand and fall in crude oil prices.= Indian Companies earnings remained weak in 2014-15 especially in the last quarter. Overall performance would have been worse if India inc had not got some relief on raw material cost in January – March quarter of the year. One of the major reason for Companies saving on input cost was a steep fall in prices of crude oil and its derivatives. Brent crude oil averaged US$ 53.9 a barrel, a level seen after several years. There was decline of more than 50% in the prices compared with average prices in first half of the year. Effect of the softness in commodities prices has two way effect on Industry - near term pain but long term gain Raw material costs are widely expected to remain weak. This together with expected fall in interest cost should boost net profit margins of Indian producers in textile fibres in 2015-16.
Under the “Make in India” initiative Indian Government has identified 25 industrial sectors in which India has the potential to be world leader. These sectors include 'Textile' for growth of Indian economy and employment generation.
There is a firmness in agri-commodity prices begining mid April 2015 when Indian meterological department first came out with a rainfall forecast of 93% of long period average. Little over 60% of cultivable land is rainfed and 70% of the annual rainfall take place during monsoon. The cotton association of India has reduced its production estimate of cotton for the 2014-15 season to 38.270 million bales (of 170 kg each) from previous estimate of 39 million bales while domestic consumption is estimated at 31 million bales. Any loss of natural fibres is a gain for man made fibres.
Industry Structure and
Developments
thereafter stabilised from February 2015 onward. World Production of Acrylic Fibre has decreased to 18.50 Lac MT in the year 2014-15 compared to 19.14 Lacs MT during previous year, showing a negative growth of 3%. Indian production of Acrylic Fibre, which was 0.88 Lacs MT during the previous year, has also decreased to 0.85 Lacs MT during the year under consideration. The slowing global economy weighed down by softness in commodity prices, uncertainty about fiscal policy in USA and lower consumer spending affected the growth of Industry. China is consuming nearly 45% Acrylic Fibre of the total world consumption. This year Chinese import of Acrylic Fibre reduced from 2.12 Lac MT in last year to 0.159 Million MT, showing a drop of 25%.
During the year, domestic industry has suffered losses due to increase in dumping of fibre by certain countries which are doing large scale dumping of fibre in Indian market and thus causing severe injury to the domestic industry. This is under consideration of the Government Authorities and continuation of anti dumping duty by Govt shall help in savingdomestic industry from the adverse impact of dumping.
Segment-wise/Product wise
performance
The Company is primarily engaged i.e. “Manufacture and sale/ trading of Acrylic Fibre/ Yarn” and operating from one geographical location only catering to different segment of textile industry. The said treatment is in accordance with the principle enunciated in the accounting standard on segment reporting (AS-17).
FUTURE OUTLOOK
Significant new capacities of Acrylonitrile (main raw material) manufacturing have started commercial production in the Asian Region (China) during the year 2014-15, thereby balancing its availability. On the other hand some capacities of Acrylic fibre have been closed permanently in the Middle East (Egypt) recently. Withdollar appreciating and this Acrylic Fibre Capacity closure in Egypt recently, there export to Middle East markets will gain advantage. The shifting of Acrylonitrile manufacturing from USA/European Union region to Asia will be continuing during this year (2015-16) also. These changes will be good for steady growth of Acrylic fibre Industry in this area.
Forum of Acrylic Fibre has taken up the issue of continuation of anti dumping duty with the Government on certain countries which are doing large scale dumping of fibre in Indian market and thus causing severe injury to the domestic industry. This is under consideration of the Government. Authorities and shall help in saving domestic Industry from the adverse impact of dumping
Softening of the commodity prices, alongwith above changes in the Industry structure will be good for improving the margins in Acrylic Fibre business.
FINANCIAL STATUS
There is no change in the issued and subscribed capital of Rs.1353.222 Million. There are no equity shares with differential rights or sweat equity or ESOP or scheme of purchase of Company shares by employees or their trustrees.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10572273 |
14/05/2015 |
127,500,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, SCO 103-107, SECTOR 8-C, CHANDIGARH, Chandigarh - 160018, INDIA |
C55090765 |
|
2 |
10568333 |
18/04/2015 |
236,000,000.00 |
PUNJAB NATIONAL
BANK |
SECTOR 17-B,
CHANDIGARH, Chandigarh - 160017, IND |
C53120630 |
|
3 |
10568337 |
18/04/2015 |
315,000,000.00 |
PUNJAB NATIONAL
BANK |
SECTOR 17-B,
CHANDIGARH, Chandigarh - 160017, INDIA |
C53121406 |
|
4 |
10552046 |
20/02/2015 |
150,000,000.00 |
STATE BANK OF
INDIA |
SCO 101-108,
COMMERCIAL BRANCH, SECTOR 17-B, CHAN |
C45077765 |
|
5 |
90168546 |
12/03/2014 * |
1,380,000,000.00 |
PUNJAB NATIONAL
BANK |
PUNJAB NATIONAL
BANK, SECTOR 17-B, CHANDIGARH, Chandigarh - 160017, INDIA |
C02334886 |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED AND HALF YEAR ENDED 30th SEPTEMBER 2015
(Rs. In Million)
|
|
|
Particulars |
Quarter Ended 30.09.2015 |
Quarter Ended 30.06.2015 |
Half Year Ended 30.09.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
|
|
|
|
|
|
Domestic |
863.200 |
915.200 |
1778.400 |
|
|
|
Less: Excise Duty |
398.900 |
562.700 |
961.600 |
|
|
|
b) Other Operating Income |
134.300 |
87.800 |
222.100 |
|
|
Total Income from Operations
(Net) |
7.400 |
5.300 |
12.700 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
1120.400 |
870.200 |
1990.500 |
|
|
b) |
Purchase of Stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(427.100) |
130.700 |
(296.400) |
|
|
d) |
Employee benefit expenses |
60.700 |
60.900 |
121.600 |
|
|
e) |
Depreciation and amortization expense |
27.600 |
21.100 |
48.700 |
|
|
f) |
Other expenses |
274.900 |
231.200 |
506.100 |
|
|
Total Expenses |
1056.400 |
1314.100 |
2370.600 |
|
|
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
78.700 |
81.300 |
160.000 |
|
4 |
Other Income |
0.000 |
0.000 |
0.000 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
78.700 |
81.300 |
160.000 |
|
|
6 |
Finance Costs |
41.200 |
41.000 |
82.200 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
37.500 |
40.300 |
77.800 |
|
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
37.500 |
40.300 |
77.800 |
|
|
10 |
Tax Expense |
0.000 |
0.000 |
0.000 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
37.500 |
40.300 |
77.800 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
1353.200 |
1353.200 |
1353.200 |
|
|
13 |
Reserve excluding revaluation reserves |
-- |
-- |
-- |
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic & Diluted |
0.28 |
0.30 |
0.57 |
|
|
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
62062665 |
62062665 |
62062665 |
|
|
|
- Percentage of Shareholding |
45.86% |
46.16% |
45.86% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
21069010 |
21069010 |
21069010 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
28.76 |
28.76 |
28.76 |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
15.57 |
15.57 |
15.57 |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
52190487 |
51790887 |
52190487 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
71.24% |
71.08% |
71.08% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
38.57% |
38.27% |
38.27% |
|
Particulars |
Quarter Ended 30.09.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unresolved at the end of the
quarter |
Nil |
|
Particulars |
Quarter Ended 30.09.2015 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
26 |
|
Disposed of during the quarter |
25 |
|
Remaining unresolved at the end of the
quarter |
1 |
The above results were recommended by the Audit Committee and approved by the Board of Directors in the Board Meeting held on 13.11.2015.
The above results pertained to the Acrylic Fibre/Yarn manufacturing and trading
segment which is the only business segment of the Company in terms in AS-17 on segmental
reporting.
Previous year figures have been regrouped and rearranged wherever necessary to make them comparable with those of current period.
STANDALONE/CONSOLIDATED
STATEMENT ON ASSETS AND LIABILITIES
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
1353.222 |
|
(b) Reserves & Surplus |
(725.760) |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
627.462 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
173.233 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
|
(c) Other long term
liabilities |
276.014 |
|
(d) long-term provisions |
38.158 |
|
Total
Non-current Liabilities (3) |
487.405 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
173.276 |
|
(b) Trade payables |
1578.694 |
|
(c) Other current liabilities |
135.805 |
|
(d) Short-term provisions |
62.071 |
|
Total
Current Liabilities (4) |
1949.847 |
|
|
|
|
TOTAL |
3064.714 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
991.779 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
43.606 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
10.404 |
|
(e) Other Non-current assets |
0.0000 |
|
Total
Non-Current Assets |
1045.789 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
1331.110 |
|
(c) Trade receivables |
330.703 |
|
(d) Cash and cash equivalents |
81.182 |
|
(e) Short-term loans and
advances |
262.820 |
|
(f) Other current assets |
13.110 |
|
Total
Current Assets |
2018.925 |
|
|
|
|
TOTAL |
3064.714 |
FIXED ASSETS
- Land
- Building
- Plant and Equipments
- Furniture and Fixtures
- Vehicles
- Office Equipment
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.66.51 |
|
|
1 |
Rs.100.43 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
20 |
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.