MIRA INFORM REPORT

 

 

Report No. :

351990

Report Date :

03.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SWAN ENERGY LIMITED (w.e.f. 16.12.2008)

 

 

Formerly Known As :

SWAN MILLS LIMITED

 

 

Registered Office :

6, Feltham House, 2nd Floor, 10, J.N. Herdia Marg, Ballard Estate, Mumbai - 400 001, Maharashtra

Tel. No.:

91-22-40587354/ 40587300

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

22.02.1909

 

 

Com. Reg. No.:

11-000294

 

 

Capital Investment / Paid-up Capital :

Rs. 221.180 Million

 

 

CIN No.:

[Company Identification No.]

L17100MH1909PLC000294

 

 

IEC No.:

0306083698

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS37252F

 

 

PAN No.:

[Permanent Account No.]

AABCS7890Q

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The subject is engaged in developing real estate projects. (Registered Activity)

 

 

No. of Employees :

157 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company incorporated in the year 1909 having satisfactory track.

 

Available financial indicates sound financial risk profile marked by healthy net worth base along with comfortable liquidity position and fair profitability of the company.

 

The rating also takes into consideration subject long established track record of business operation.

 

 Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment.

 

In view of long track record and sound financial base, the company can be considered normal 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 – 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

CARE

Rating

Long Term Bank Facilities (BB+)

Rating Explanation

Moderate risk of default.

Date

April 07, 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 31-03-2015.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Arun Agarwal

Designation :

Finance Controller

Contact No.:

91-22-40587354

Date :

30.11.2015

 

 

LOCATIONS

 

Registered Office :

6, Feltham House, 2nd Floor, 10, J.N. Herdia Marg, Ballard Estate, Mumbai - 400 001, Maharashtra, India

Tel. No.:

91-22-40587354/ 40587300

Fax No.:

91-40587360

E-Mail :

arun@swan.co.in

swan@swan.co.in

Website :

www.swanenergy.com

www.swan.co.in

 

 

DIRECTORS

 

As on: 31.03.2015

 

Name :

Mr. Navinfbhai Chandulal Dave

Designation :

Chairman

Address :

39, Shanti Niketan, 95 A, Marine Drive, Mumbai – 400 002, Maharashtra, India

Date of Birth/Age :

25.10.1938

Date of Appointment :

16.11.1998

DIN No.:

01787259

 

 

Name :

Mr. Nikhil Vasantlal Merchant

Designation :

Managing Director

Address :

H-2, Breach Candy Apartment, Bullabhai Desai Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

06.07.1960

Qualification :

B.S. (Tex. Eng.) USA, DMTC MEP (IIM)

Experience :

27 Years

Date of Appointment :

24.09.2009

DIN No.:

00614790

 

 

Name :

Mr. Nagardas Hariram Panchal

Designation :

Director

Address :

12, Veer, 16, D. Tagore Road, Santacruz, Mumbai - 400 054, Maharashtra, India

Date of Birth/Age :

03.07.1925

Date of Appointment :

04.03.2004

DIN No.:

01787226

 

 

Name :

Mr. Shobhan Indravadan Diwanji

Designation :

Director

Address :

Akropolis B, Little Gib’s Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

18.08.1955

Date of Appointment :

22.12.2005

DIN No.:

01667803

 

 

Name :

Mr. Rajat Kumar Dasgupta

Designation :

Director

Address :

1064, Eternia, B Wing, 16th Floor, Hiranandani Gardens, Powai, Mumbai - 400 006. Maharashtra, India

Date of Birth/Age :

02.11.1936

Date of Appointment :

16.08.2007

DIN No.:

01725758

 

 

Name :

Mr. Pitamber Siroomal Teckchandani

Designation :

Director

Address :

39, Tarangiri Apartment, Twin Tower Lane, Prabhadevi, Mumbai - 400 025, Maharashtra, India

Date of Birth/Age :

07.02.1938

Date of Appointment :

22.12.2005

DIN No.:

00319820

 

 

Name :

Mrs. Surekha Oak Nagesh

Designation :

Director

Address :

A/204 Gautam Towers, Gokhale Road, Naupada, (West) Thane-400612, Maharashtra, India

Date of Appointment :

13.03.2015

DIN No.:

07122776

 

 

Name :

Mr. Paresh Vasantlal Merchant

Designation :

Executive Director

Address :

A-5, Snha Sadan, N. Gamadia Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

19.09.1963

Qualification :

B.Com., MEP (IIM)

Experience :

24 Years

Date of Appointment :

24.09.2009

DIN No.:

00660027

 

 

Name :

Mr. Rajkumar Sukhdevsinhji

Designation :

Additional Director

Address :

502, Shivala, Khatan Road, Colaba, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

06.08.1936

Date of Appointment :

15.11.2010

DIN No.:

00372612

 

 

Name :

Mrs. Padmanabhan Sugavanam

Designation :

Whole-Time Director

Address :

No.119, SMR Vinaycascades, Near Jagadish Nagar, Thimmarayappa Garden, Thippasandra Post,, Bangalore-560075, Karnataka, India

Date of Appointment :

24.09.2010

DIN No.:

03229120

 

 

Name :

Mr. Vilas Anant Gangan

Designation :

Additional Director

Address :

11, Silver Sand, Veer Savarkar Marg, Mahim, Mumbai – 400 016, Maharashtra, India

Date of Birth/Age :

01.12.1948

Date of Appointment :

29.09.2009

DIN No.:

00281984

 

 

KEY EXECUTIVES

 

Name :

Mr. Arun Agarwal

Designation :

Finance Controller

 

 

Name :

Mr. Chetan K. Selarka

Designation :

Chief Financial Officer

 

 

Name :

Mr. Arun S. Agarwal

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 30.09.2015

 

Category of Shareholder

Total No. of Shares

As a %

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

158413500

71.62

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

86500

0.04

http://www.bseindia.com/include/images/clear.gifOthers

86500

0.04

http://www.bseindia.com/include/images/clear.gifSub Total

158500000

71.66

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

158500000

71.66

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

934

0.00

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

1562069

0.75

http://www.bseindia.com/include/images/clear.gifInsurance Companies

5612790

2.54

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

21392274

9.67

http://www.bseindia.com/include/images/clear.gifSub Total

28568067

12.96

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

27364870

12.41

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

2699390

1.95

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

1388684

0.63

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

873989

0.40

http://www.bseindia.com/include/images/clear.gifNon-Resident Indians

29137

0.01

http://www.bseindia.com/include/images/clear.gifTrusts

1300

0.00

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

140002

0.06

http://www.bseindia.com/include/images/clear.gifClearing Members

703550

0.32

http://www.bseindia.com/include/images/clear.gifSub Total

32326933

15.38

Total Public shareholding (B)

60895000

28.34

Total (A)+(B)

219395000

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

The subject is engaged in developing real estate projects.

 

 

Products :

--

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

157 (Approximately)

 

 

Bankers :
  • Union Bank of India Limited, Industrial Finance Branch, C.U. Shah Chambers, Near Gujarat Vidyapith, Ashram Road, Ahmedabad - 380009, Gujarat, India
  • ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda-390015, Gujarat, India
  • Yes Bank
  • Dena Bank
  • Oriental Bank of Commerce

 

 

Bank Name

Not Divulged

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

From Banks / FI / NBFC (Secured)

400.000

22.974

Vehicle Loan

0.350

0.350

Short-term borrowings

 

 

Working Capital and Other Short Term Loans

 

 

From Banks/FI/NBFC (Secured)

578.719

549.551

Total

979.069

572.875

 

 

Note:

 

Term loan from banks include:

i) ICICI Bank loan: Rs. NIL (2013-2014: Rs. 16.500 Limited). Secured by unsold property at Mumbai, charge on scheduled receivables, extension of charge on the escrow account of property, exclusive charge on DSR account.

 

ii) Union Bank of India and Oriental Bank of Commerce: Rs. NIL (2013-2014: Rs. 647.400 Limited). Secured by mortgage of property at Ahmedabad for Textile project.

 

iii) J M Financial Products Limited: Rs. 400.000 Limited (2013-2014: Rs. NIL). Secured by mortgage of flats at Ashok Garden located at Sewari, Mumbai iv) Vehicle loan: Secured by hypothecation of Vehicles.

 

 

Working Capital and Other Short Term Loans Loan from banks/Financial Institutes and Others include:

 

i) Union Bank of India and Oriental Bank of Commerce Rs. 489.631 Limited (2013-2014: Rs. 299.967 Limited), which is secured against 1st pari passu charge on hypothication of Inventories and Book debts of the textiles division.

 

ii) Yes Bank Rs. NIL (2013-2014: Rs. 49.584 Limited), which is secured against subservient charge on the entire current assets of the textile division. Pledge of 845000 shares of Swan Energy Limited held by promoters/group companies.

iii) Dena Bank Rs. 52.520 (2013-2014: Rs. NIL), which is secured against 1st pari passu charge on hypothecation of Inventories and Book debts of the textile division.

 

iv) The Mehsana urban Co-op Limited Rs. 36.568 (2013-2014: Rs. NIL), which is secured against 1st pari passu charge on hypothecation of Inventories and Book debts of the textile division

 

v) Sicom loan: Rs. NIL (2013-2014: Rs. 200.000 Limited). Secured by pledge of Equity Shares of Swan Energy Limited held by the promoters/group company(s).

 

Banking Relations :

JM Financial Products Limited, 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India

 

                        

Auditors :

 

Name :

V.R. Renuka and Company

Chartered Accountants

Address :

414, Dattani Trade Centre, Chandavarkar Lane, Borivali (West), Mumbai – 400 092, Maharashtra, India

Mob No.:

91-9820316018

Tel No.:

91-22-2892-0170/ 28066928

Fax No.:

91-22-28904743

Email:

Vishnu_renuka@vsnl.net

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary:
  • Cardinal Energy And Infrastructure Private Limited
  • Pegasus Venture Private Limited
  • Swan LNG Private Limited

 

 

Enterprise over which Key Management Personnel is able to exercise significant influence
  • Ami Tech (India) Private Limited
  • Feltham Trading Private Limited
  • Good Earth Commodities (India) Private Limited
  • Dave Impex Private Limited
  • Dave Leasing and Holdings Private Limited
  • Sahajanand Soaps and Chemicals Private Limited
  • Swan International Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15,000

11% Cumulative Redeemable Share

Rs. 100/- each

Rs. 1.500 Million

10,000

11% Cumulative Preference Share

Rs. 100/- each

Rs. 1.000 Million

1,00,00,00,000

Equity Shares

Rs. 1/- each

Rs. 1000.000 Million

 

Total

 

Rs. 1002.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

22,11,80,000

Equity Shares

Rs. 1/- each

Rs. 221.180 Million

 

 

 

 

 

 

b) Reconciliation of the number of shares outstanding at the beginning and the end of the reporting period:

 

 

31.03.2015

 

No. of Shares held

Rs. in Million

Equity Shares of Rs. 1

At the beginning of the period

221,180,000

Rs. 221.180 Million

Issued during the period

--

--

 

 

 

Outstanding at the end of the period

221,180,000

Rs. 221.180 Million

 

The rights, preferences and restrictions including restrictions on the distribution of dividends and the repayment of capital:

 

c) Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held:

 

Name of Shareholders

31.03.2015

 

No. of Shares held

% of Holding

Dave Impex Private Limited

46,030,400

20.81

Swan Engitech Works Private Limited

38,402,858

17.36

Swan Realtors Private Limited

41,589,000

18.80

 

 

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

221.180

221.180

190.000

(b) Reserves & Surplus

4181.832

4173.862

1839.862

(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)

4403.012

4395.042

2029.862

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

400.350

23.324

444.920

(b) Deferred tax liabilities (Net)

67.253

64.383

53.875

(c) Other long term liabilities

4219.075

4168.575

6618.101

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

4686.678

4256.282

7116.896

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1029.577

892.406

896.646

(b) Trade payables

467.393

646.614

373.758

(c) Other current liabilities

318.093

1042.650

607.279

(d) Short-term provisions

327.187

312.571

452.708

Total Current Liabilities (4)

2142.250

2894.241

2330.391

 

 

 

 

TOTAL

11231.940

11545.565

11477.149

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

909.707

962.513

998.885

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

250.800

250.800

276.600

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

2860.760

3661.237

3970.311

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

4021.267

4874.550

5245.796

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

10.873

13.259

5.383

(b) Inventories

5555.895

4974.307

4545.263

(c) Trade receivables

572.974

658.283

429.486

(d) Cash and cash equivalents

164.342

143.769

219.575

(e) Short-term loans and advances

809.749

789.739

949.780

(f) Other current assets

96.840

91.658

81.866

Total Current Assets

7210.673

6671.015

6231.353

 

 

 

 

TOTAL

11231.940

11545.565

11477.149

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

3002.110

3186.782

2757.405

 

 

Other Income

121.078

140.706

116.219

 

 

TOTAL                                     (A)

3123.188

3327.488

2873.624

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

2966.727

2888.790

2361.507

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(468.036)

(330.338)

(308.121)

 

 

Employees benefits expense

84.891

70.982

55.777

 

 

Other expenses

223.291

279.549

234.270

 

 

TOTAL                                     (B)

2806.873

2908.983

2343.433

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

316.315

418.505

530.191

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

191.646

280.333

175.838

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

124.669

138.172

354.353

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

54.396

43.158

42.748

 

 

 

 

 

 

PROFIT / (LOSS)BEFORE TAX (E-F)               (G)

70.273

95.014

311.605

 

 

 

 

 

Less

TAX                                                                  (H)

22.370

29.518

106.274

 

 

 

 

 

 

PROFIT / (LOSS)AFTER TAX (G-H)                   (I)

47.903

65.496

205.331

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1246.785

1257.305

1107.179

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

37.200

0.000

 

 

Dividend Provision for Proposed Dividend (including tax)

39.932

38.816

55.205

 

BALANCE CARRIED TO THE B/S

1254.756

1246.785

1257.305

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

69.971

0.000

0.386

 

 

 

 

 

 

Value of Imports on CIF Basis

2.565

1.492

2.711

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.22

0.32

2.16

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

127.860

848.439

485.358

Cash generated from operations

455.861

(2117.526)

(1664.839)

Net Cash flows from operating activities

440.254

(2085.629)

(2189.506)

 

 

    QUARTERLY RESULTS

 

PARTICULARS

 

 

1 Quarter

2 Quarter

Unaudited

 

30.06.2015

30.09.2015

Revenue

 

720.900

957.090

Other Income

 

--

--

Total Income

 

720.900

957.090

Expenditure

 

(682.420)

(916.360)

Interest

 

(23.750)

(26.370)

PBDT

 

14.730

14.360

Depreciation

 

(14.020)

(12.660)

PBT

 

0.710

1.700

Tax

 

0.000

0.000

Net Profit

 

0.710

1.700

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

1.60

2.06

7.45

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

10.54

13.13

19.23

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.64

0.84

2.78

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.02

0.02

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.35

0.40

0.90

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.37

2.30

2.67

 

 

STOCK PRICES

 

Face Value

Rs.1.00/-

Market Value

Rs.69.20/-

 

 

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

190.000

221.180

221.180

Reserves & Surplus

1839.862

4173.862

4181.832

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

2029.862

4395.042

4403.012

 

 

 

 

long-term borrowings

444.920

23.324

400.350

Short term borrowings

896.646

892.406

1029.577

Current maturities of long-term debts

485.358

848.439

127.860

Total borrowings

1826.924

1764.169

1557.787

Debt/Equity ratio

0.900

0.401

0.354

 

 

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

2757.405

3186.782

3002.110

 

 

15.572

(5.795)

 

 

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

2757.405

3186.782

3002.110

Profit

205.331

65.496

47.903

 

7.45%

2.06%

1.60%

 

 

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

Yes

8

Designation of contact person

Yes

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

Yes

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

Yes

33

Market information

---

34

Payments terms

No 

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION

 

 

CASE DETAILS

 

BENCH: BOMBAY

 

LODGING NO.: ITXAL/1538/2013                                                                 FILING DATE: 23.09.2013

 

REG. NO.:  ITXA/2083/2013                                                                          REG. DATE: 25.10.2013

 

 

PETITIONER : THE COMMISSIONER OF INCOME TAX

RESPONDENT : SWAN ENERGY LIMITED

 

 

PENT. ADV.: MRS S.V. BHARUCH (0)

Resp. ADV: ATUL KARSANDAS JASANI (33)

 

 

DISTRICT: MUMBAI

 

 

 

BENCH:  DIVISION

 

 

 

STATUS: PRE-ADMISSION

CATEGORY: TAX (APPEAL)

 

 

NEXT DATE: 23.12.2015

STAGE: FOR ADMISSION

 

 

LAST CORAM: HON’BLE SHRI JUSTICE M.S. SANKLECHA

                          HON’BLE SHRI JUSTICE G.S. KULKARNI

UNDER SECTION: 260A

 

Act: Income Tax Act, 1961

 

                 

 

REVIEW OF OPERATIONS:

 

 

Inspire of the best efforts, the possession of ‘Tower D’ at the Kurla commercial project ‘Peninsula Techno park’ could not be handed over to the buyer this year due to certain legal hurdles, which now stands cleared. The Directors are hopeful that the possession shall be handed over to the buyer in the financial year 2015-16. The Company is planning to start construction on few of the properties in the South through its two subsidiary companies. Once commissioned, the projects are expected to fetch decent returns. The process of getting numerous regulatory clearances are on way for these and other properties and the company intends to expedite start of construction activities, once all requisite clearances are in place. The Process House of the Company at Ahmedabad has posted profit before tax of Rs. 88.297 Million Limited during the current financial year. Subsequent to receipt of major permissions, including environmental clearance, from the relevant authorities for the FSRU project at Jafrabad, Gujarat, Term Sheets have been signed with the Users of the Terminal. The Project is expected to be commissioned during the year 2018-19. On standalone basis, revenue from operations for the financial year 2014-15 was Rs. 3002.110 Million Limited as compared to Rs. 3186.782 Million Limited in the previous year. Earnings before interest, tax, depreciation and amortization (EBITDA) for the year was Rs. 316.314 Million Limited as compared to Rs. 418.505 Million Limited in the previous year. Profit after Tax (PAT) for the year was Rs. 47.902 Million Limited as compared to Rs. 65.496 Million Limited in the previous year. On consolidation basis, revenue from operations for the financial year 2014-15 was Rs. 3144.046 Million Limited as compared to Rs. 3328.718 Million Limited in the previous year. Earnings before interest, tax, depreciation and amortization (EBITDA) for the year was Rs. 450.931 Million Limited as compared to Rs. 523.641 Million Limited in the previous year. Profit after Tax (PAT) for the year was Rs. 30.163 Million Limited as compared to Rs. (4.260 Million) limited in the previous year

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

(I) INDUSTRY STRUCTURE AND DEVELOPMENTS:

 

The Company is a diversified player with a presence in Textile, Real Estate and Energy Sectors.

Textile:

 

During the year, the ‘Revenue from Operations’ is from the Textile sector only. The textile sector is expected to have decent growth in the coming years. The company intends to operate its plant at maximum feasible capacity. The Company is also exploring Asian export markets. These steps are likely to yield improved results in the years to come.

 

Real Estate:

 

The development and progress of the various Real estate projects in the South through 100% subsidiary companies was slow during the year because of various factors like delay in government clearances, low demand etc. However, during the year 2015-16, the Company is expecting to launch at least two projects, subject to receipt of required clearances.

 

Energy:

 

Final Environmental clearance for the Floating Storage cum Re-gasification Unit (FSRU) Project at Jafrabad has been received. Following this, Term Sheets have been signed with the Users of the Terminal. The Terminal will have an initial capacity of 5 MMTPA with a plan to expand the same to 10 MMTPA for which environmental approval exists. The Project is expected to be commissioned during 2018-19 and once operational, it will be first of its kind in India.

 

 

OUTLOOK:

 

The new government with its ‘Make in India’ slogan is driving the Indian Economy towards continued growth prospectus and is determined to take bold initiatives for overall socio-economic development. The company is well poised to reap the benefits in all the three sectors. The outlook of the management in all the three sectors is positive in spite of variety of adversity of factors.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Short-term borrowings

 

 

From other parties (Unsecured)

450.858

342.855

Total

450.858

342.855

 

 

INDEX OF CAHREGS:

S. NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10583985

10/07/2015

250,000,000.00

JM FINANCIAL PRODUCTS LIMITED

7TH FLOOR, CNERGY, APPASAHEB MARATHE MARG, PRABHADEVI, MUMBAI - 400025, MAHARASHTRA, INDIA

C60747664

2

10514458

22/07/2014

400,000,000.00

JM FINANCIAL PRODUCTS LIMITED

7TH FLOOR, CNERGY, APPASAHEB MARATHE MARG, PRABHADEVI, MUMBAI - 400025, MAHARASHTRA, INDIA

C16121394

3

10457305

03/04/2013

531,800,000.00

UNION BANK OF INDIA LIMITED

INDUSTRIAL FINANCE BRANCH, C.U. SHAH CHAMBERS, 
NEAR GUJARAT VIDYAPITH, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA

B76908581

4

10374012

16/08/2012

200,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA-390015, GUJARAT, INDIA

B57060956

5

10179545

09/09/2009

720,000,000.00

UNION BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, C USHAH CHAMBER, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA

A70464524

6

10179775

14/03/2015 *

991,717,913.00

UNION BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, C USHAH CHAMBER, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA

C52488129

* Date of charge modification

 

 

CONTINGENT LIABILITIES:

 

(Rs. in Million)

PARTICULARS

31.03.2015

Corporate guarantee

3391.000

 

 

FIXED ASSETS:

 

  • Land
  • Building
  • Computers
  • Plant and Machinery
  • Furniture and Equipment
  • Motor Vehicles

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS ON 30.09.2015

 

[RS. IN MILLION]

 

PARTICULARS

 

 

 

3 Months Ended

6 Months Ended

30.09.2015

[Unaudited]

30.06.2015

[Unaudited]

30.09.2015

[Unaudited]

Income from Operations

 

 

 

(a) Net sates/income from operations (Net of excise duty)

945.704

718.644

1664.347

(b) Other Operating Income

11.386

2.254

13.641

Total income from operations (net)

957.090

720.898

1677.988

Expenses

 

 

 

(a) Cost of materials consumed

1218.949

587.871

1806.819

(b) Purchases of stock-in trade

0.000

0.000

0.000

(c) Changes in inventories of finished goods. work-in-progress and stock in trade

(406.969)

19.768

(387.201)

(d) Employee benefits expense

22.456

21.283

43.739

(e) Depreciation and Amortization Expenses

12.660

14.020

26.681

(f) Other Expenses

65.465

48.139

113.604

(g)Foreign Exchange

16.459

5.356

21.816

Total expenses

929.020

696.437

1625.458

Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)

28.070

24.461

52.530

Other Income

0.000

0.000

0.000

Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)

28.070

24.461

52.530

Finance Costs

26.366

23.748

50.114

Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)

1.704

0.713

2.416

Exceptional items

0.000

0.000

0.000

Profit/ (Loss) from ordinary activities before tax (7+8)

1.704

0.713

2.416

Tax expenses

0.000

0.000

0.000

Net Profit / (Loss) from ordinary activities after tax (9-10)

1.704

0.713

2.416

Extraordinary item (net of tax expense)

0.000

0.000

0.000

Net Profit / (Loss) for the period (11-12)

1.704

0.713

2.416

Share of profit' (loss) of associates

- -

- -

- -

Minority Interest

- -

- -

- -

Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)

1.704

0.713

2.416

Paid up equity share capital (Face Value of Rs 10/-each)

221.180

221.180

221.180

Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year

-

-

-

Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):

-

-

- 

(a) Basic

0.01

0.00

0.01

(b) Diluted

0.01

0.00

0.01

 

 

 

 

PARTICULARS OF SHAREHOLDING

 

 

 

A. Public Shareholding

 

 

 

- Number of shares

62680000

62680000

62680000

- Percentage of shareholding

28.34

28.34

28.34

Promoters and Promoter group shareholding

 

 

 

a) Pledged / Encumbered

 

 

 

- Number of shares

36139000

24330000

36139000

- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)

22.80

15.35

22.80

- Percentage of shares (as a % of the total Share Capital of the Company)

16.34

11.00

16.34

b) Non Encumbered

 

 

 

- Number of shares

122361000

134170000

122361000

- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)

77.20

84.65

77.20

- Percentage of shares (as a % of the total Share Capital of the Company)

55.32

60.66

55.32

 

 

 

PARTICULARS

3 Months Ended 30.09.2015

B

Investor complaints (Nos.)

 

 

Pending at the beginning of the quarter

Nil

 

Received during the Quarter

1

 

Disposed of during the quarter

1

 

Remaining unresolved at the end of the quarter 

Nil

 

 

 

(RS. IN MILLION)

 

SOURCES OF FUNDS

 

30.09.2015

[Unaudited]

I.              EQUITY AND LIABILITIES

 

(1) Shareholders' Funds

 

(a) Share Capital

221.180

(b) Reserves & Surplus

4184.250

Total Shareholders’ Funds

4405.430

 

 

(2) Share Application Money Pending Allotment

0.000

 

 

(3) Non-Current Liabilities

 

(a) long-term borrowings

651.624

(b) Deferred tax liabilities (Net)

67.253

(c) Other long term liabilities

4219.565

(d) long-term provisions

0.000

Total Non-current Liabilities (3)

4938.442

 

 

(4) Current Liabilities

 

(a) Short term borrowings

1004.513

(b) Trade payables

1082.406

(c) Other current liabilities

700.477

(d) Short-term provisions

294.010

Total Current Liabilities (4)

3081.406

 

 

TOTAL

12425.278

 

 

II.            ASSETS

 

(1) Non-current assets

 

(a) Fixed Assets

888.908

(b) Non-current Investments

250.800

(c) Deferred tax assets (net)

0.000

(d)  Long-term Loan and Advances

2686.718

(e) Other Non-current assets

0.000

Total Non-Current Assets

3826.426

 

 

(2) Current assets

 

(a) Current investments

112.321

(b) Inventories

5950.611

(c) Trade receivables

868.299

(d) Cash and cash equivalents

170.518

(e) Short-term loans and advances

1398.617

(f) Other current assets

98.486

Total Current Assets

8598.852

 

 

TOTAL

12425.278

 

 

Note:

 

1. The above results have been reviewed by the Audit Committee and thereafter were approved by the Board of Directors at its meeting held on Tuesday, November 10, 2015.


2. The Statutory Auditors of the Company have carried out a Limited Review of the financial results of the Company for the Quarter ended September 30, 2015.


3. The Company operates in two segments namely, a) Textiles and b) Construction/others.


4. Provision for Taxation shall be made at the end of the year.


5. The figures for the previous period have been regrouped and/or rearranged, wherever considered necessary.

 

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime:

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws:

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards:

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report:         No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.66.52

UK Pound

1

Rs.100.43

Euro

1

Rs.70.44

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MTN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

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

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

47

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.