MIRA INFORM REPORT

 

 

Report No. :

353538

Report Date :

12.12.2015

 

IDENTIFICATION DETAILS

 

Name :

DHANLAXMI FABRICS LIMITED

 

 

Registered Office :

Manpada Road, Bhopar Village, Dombivli (East), Thane - 421204. Maharashtra

Tel. No.:

91-251-2870589/ 590/ 591

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

01.10.1992

 

 

Com. Reg. No.:

11-068861

 

 

Capital Investment / Paid-up Capital :

Rs. 85.811 Million

 

 

CIN No.:

[Company Identification No.]

L17120MH1992PLC068861

 

 

IEC No.:

0393005801

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCD1592N 

 

 

Legal Form :

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

 

 

Line of Business :

Processing of Textile and Power Generation.

 

 

No. of Employees :

300 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1992, having satisfactory track record.

 

The rating takes into consideration sound financial risk profile of the company marked by adequate base and comfortable gearing in FY15.

 

Further the company has reported significant increase in sales turnover and profit along with fair profit margin of nearly 2% in the year consideration.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

In view of long track record of business operations along with decent financial condition, the company can be considered for business dealings with 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

 

NOT AVAILABLE

 

 

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 PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Parab

Designation :

Accountant

Contact No.:

91-251-2870592

Date :

08.12.2015

 

 

LOCATIONS

 

Registered Office/ Factory 1 :

Manpada Road, Bhopar Village, Dombivli (East), Thane - 421204. Maharashtra, India

Tel. No.:

91-251-2870589/ 590/ 591/ 592

Fax No.:

91-251-2870545

E-Mail :

info@dlf.net.in

sharma@dlf.net.in

Website :

http://www.dfl.net.in

Location :

Owned

 

 

Corporate Office :

285, Princess Street, Jhawar House, 2nd Floor, Mumbai – 400002, Maharashtra, India

Tel. No.:

91-22-22008176/ 7/ 22084635

Fax No.:

91-22-22089558

 

 

Factory 2 :

Plot No.1, Dhairyashil Nane Tex. Park Cooperative Society Limited, Five Star MIDC, Kolhapur, Maharashtra, India

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Ramautar S. Jhawar

Designation :

Chairman

DIN No.:

00002907

 

 

Name :

Mr. Vinod S. Jhawar

Designation :

Managing Director

DIN No.:

00002903

 

 

Name :

Mr. Mahesh S. Jhawar

Designation :

Director

Date of Birth/Age :

26.04.1961

Qualification :

B. Com

Expertise in specific functional areas :

Textile Marketing

DIN No.:

00002908

Directorship in other Companies :

·         Dhanlaxmi Cotex Limited

·         Sohanlal Export Fabrics Private Limited

·         Dhanlaxmi Export Fabrics Private Limited

·         Western Chlorides and Chemical Private Limited

·         Dhanlaxmi Fabrics Limited

·         Jhawar Trade and Investments Private Limited

·         Semai Trading Private Limited

·         M R Share Broking Private Limited

·         V R M Share Broking Private Limited

·         Dhanesh Fabrics Private Limited

·         DFL Fabrics Private Limited

·         BEW Engineers and Works Private Limited

·         Dhanlaxmi Export Fabric LLP Limited

·         Ramavtar Trading Private Limited

 

 

Name :

Mr. N. C. Sharma

Designation :

Director

DIN No.:

00003178

 

 

Name :

Mr. Durgesh Kabra

Designation :

Director

DIN No.:

00017670

 

 

Name :

Mrs. Jayashree Iyer

Designation :

Director

DIN No.:

01520083

 

 

KEY EXECUTIVES

 

Name :

Mr. Parab

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

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.gifIndividuals / Hindu Undivided Family

2464981

28.73

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

2642525

30.79

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

1280000

14.92

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

1280000

14.92

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

6387506

74.44

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

 

 

Total shareholding of Promoter and Promoter Group (A)

6387506

74.44

(B) Public Shareholding

 

 

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

 

 

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

 

 

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

1563213

18.22

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

391367

4.56

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

238166

2.78

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

848

0.01

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

848

0.01

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

2193594

25.56

Total Public shareholding (B)

2193594

25.56

Total (A)+(B)

8581100

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

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

0

0.00

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

0

0.00

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

0

0.00

Total (A)+(B)+(C)

8581100

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Processing of Textile and Power Generation.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

 

Products :

Machinery

Countries :

·         Germany

·         Italy

 

 

Terms :

 

Selling :

L/C and Cheque

 

 

Purchasing :

L/C and Cheque

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Retailers, End Users and Corporate

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

300 (Approximately)

 

 

Bankers :

Bank Name:

Kotak Mahindra Bank Limited

Branch:

Station Road, Dombivli [East] Branch, Thane, Maharashtra, India

Person Name (with Designation):

Not Divulged

Contact Number:

91-251-6458430

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

No one is responding

 

·         The Shamrao Vithal Co-Operative Bank Limited

·         Axis Bank Limited

·         State Bank of India

 

 

Facilities :

SECURED LOANS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loan from Kotak Mahindra Bank

NA

59.823

Term Loan from The Shamrao Vithal Co-Op. Bank

NA

136.872

SHORT TERM BORROWINGS

 

 

Cash credit from Kotak Mahindra Bank

0.832

35.831

Cash credit from The Shamrao Vithal Co-Op. Bank Limited

39.256

38.053

 

 

 

Total

 

40.088

270.579

 

SHORT TERM BORROWINGS

Secured borrowing from Banks are secured by way of Hypothecation of stocks and book Debts and Personal guarantee of three Directors and Corporate Guarantee of Western Chlorides and Chemicals Private Limited subsidiary of the company.

 

 

 

 

Auditors :

 

Name :

S. G. Kabra and Company

Chartered Accountants

Address :

Wavell House, 1st Floor, 1st Dhobi Talao Lane, Mumbai – 400002, Maharashtra, India

Tel. No.:

91-22-22010708/ 22004533

Fax No.:

91-22-22001497

E-Mail :

info@sgkabra.com

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Companies :

·         Western Chlorides and Chemicals Private Limited

·         Dhanesh fabrics Private Limited

·         DFL Fabrics Private Limited

 

 

Associated Companies :

·         Dhanlaxmi Cotex Limited

·         Sohanlal Export fabrics Private Limited

·         Dhanlaxmi Export Fabrics Private Limited

·         Promtech Impex Private Limited

·         MR share Broking Private Limited

·         VRM Share Broking Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15,000,000

Equity Shares

Rs. 10/- each

Rs. 150.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8,581,100

Equity Shares

Rs. 10/- each

Rs. 85.811 Million

 

 

 

 

 

6021100 Equity Shares issued in the year 1994 at Face value of Rs.10/- each through Public issue.

2560000 Equity Shares issued on Preferential Allotment basis at premium of Rs. 35/- Per Share in the year 2008

There is no differential voting right all the Equity Shares are of equal voting right.

 

The details of Shareholders holding more than 5% Shares

 

Particulars

31.03.2015

 

No of Shares

%

Eskay Niryat Private Limited

12,80,000

14.92

Promtech Impex Private Limited

12,80,000

14.92

Jhawar Commodities Private Limited

14,57,446

16.98

Dhanlaxmi Export Fabrics Private Limited

4,38,000

5.10

Ramautar Sohanlal Jhawar

7,78,408

9.07

 

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

85.811

85.811

85.811

(b) Reserves & Surplus

302.869

287.875

269.817

(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)

388.680

373.686

355.628

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

180.258

200.035

41.764

(b) Deferred tax liabilities (Net)

54.214

62.370

49.030

(c) Other long term liabilities

3.468

3.468

2.152

(d) long-term provisions

54.670

41.917

34.793

Total Non-current Liabilities (3)

292.610

307.790

127.739

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

40.088

73.884

32.503

(b) Trade payables

133.995

152.783

79.339

(c) Other current liabilities

5.603

6.159

9.880

(d) Short-term provisions

8.922

8.825

7.783

Total Current Liabilities (4)

188.608

241.651

129.505

 

 

 

 

TOTAL

869.898

923.127

612.872

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

341.976

408.738

217.508

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

75.581

75.581

88.529

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

6.708

6.708

6.708

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

82.208

72.210

63.808

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

506.473

563.237

376.553

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

141.288

129.002

21.549

(c) Trade receivables

206.524

216.681

198.869

(d) Cash and cash equivalents

5.107

6.486

2.838

(e) Short-term loans and advances

10.506

7.721

13.063

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

363.425

359.890

236.319

 

 

 

 

TOTAL

869.898

923.127

612.872

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

783.727

630.604

570.845

 

 

Other Income

12.842

10.404

9.416

 

 

TOTAL                                     (A)

796.569

641.008

580.261

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

202.447

216.104

208.092

 

 

Purchases of Stock-in-Trade

341.747

246.095

159.451

 

 

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

(18.446)

(91.855)

(0.244)

 

 

Employees benefits expense

63.258

61.749

50.455

 

 

Other expenses

102.386

91.746

92.337

 

 

TOTAL                                     (B)

691.392

523.839

510.091

 

 

 

 

 

 

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

105.177

117.169

70.170

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

31.033

18.488

5.391

 

 

 

 

 

 

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

74.144

98.681

64.779

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

48.847

59.429

47.603

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

25.297

39.252

17.176

 

 

 

 

 

Less

TAX                                                                  (H)

6.448

21.194

5.270

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

18.849

18.058

11.906

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.20

2.10

1.39

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

(34.159)

(57.560)

(48.678)

 

 

 

 

Net Cash flow from (used in) operating activities

47.419

44.401

(0.027)

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2015

30.09.2015

Type

1st Quarter

2nd Quarter

Net Sales

209.420

218.450

Total Expenditure

175.740

184.480

PBIDT (Excl OI)

33.680

33.970

Other Income

3.360

1.480

Operating Profit

37.040

35.450

Interest

6.530

6.470

Exceptional Items

0.000

0.000

PBDT

30.510

28.980

Depreciation

12.120

12.120

Profit Before Tax

18.390

16.860

Tax

0.000

0.000

Provisions and contingencies

0.000

0.000

Profit After Tax

18.390

16.860

Extraordinary Items

0.000

0.000

Prior Period Expenses

0.000

0.000

Other Adjustments

0.000

0.000

Net Profit

18.390

16.860

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

2.41

2.86

2.09

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

13.42

18.58

12.29

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.21

4.67

3.32

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

0.11

0.05

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.57

0.73

0.21

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.93

1.49

1.82

 

 

STOCK PRICES

 

Face Value

Rs. 10/-

 

 

Market Value

Rs. 38.40/- (BSE)

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

85.811

85.811

85.811

Reserves & Surplus

269.817

287.875

302.869

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

355.628

373.686

388.680

 

 

 

 

Long-term borrowings

41.764

200.035

180.258

Short term borrowings

32.503

73.884

40.088

Total borrowings

74.267

273.919

220.346

Debt/Equity ratio

0.209

0.733

0.567

 

 

 

 

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

570.845

630.604

783.727

 

 

10.469

24.282

 

 

 

 

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

570.845

630.604

783.727

Profit

11.906

18.058

18.849

 

2.09%

2.86%

2.41%

 

 

 

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

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10426627

28/03/2013

209,500,000.00

THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED

4A-C, GAJANAN KRUPA, SANT NAMDEO PATH, OFF MANPADA RD, DOMBIVLI (EAST), THANE, MAHARASHTRA - 421201, INDIA

B75454744

2

10427557

28/03/2013

209,500,000.00

THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED

4A-C, GAJANAN KRUPA, SANT NAMDEO PATH, OFF MANPADA RD, DOMBIVLI (EAST), THANE, MAHARASHTRA - 421201, INDIA

B75722231

3

10423594

18/03/2013

41,250,000.00

ING VYSYA BANK LIMITED

RIDHI SIDHI BUILDING, MALYIA ROAD, OPP. BODAS,, MANGAL KALYALA, DOMBIVILI (E),, MUMBAI, MAHARASHTRA - 421201, INDIA

B74370727

4

10309989

13/08/2011

132,902,000.00

ING VYSYA BANK LIMITED

MITTAL TOWERS, A-WING, GROUND FLOOR, 210 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B22460448

5

10308278

18/03/2013 *

6,286,000.00

ING VYSYA BANK LIMITED

RIDHI SIDHI BUILDING, MALYIA ROAD, OPP. BODAS, MANGAL KALYALA, DOMBIVILI (E),, MUMBAI, MAHARASHTRA - 421201, INDIA

B74368648

6

10144416

18/03/2013 *

27,038,000.00

ING VYSYA BANK LIMITED

RIDHI SIDHI BUILDING, MALYIA ROAD, OPP. BODAS,, MANGAL KALYALA, DOMBIVILI (E),, MUMBAI, MAHARASHTRA - 421201, INDIA

B74803982

7

10103928

20/08/2010 *

65,000,000.00

ING VYSYA BANK LIMITED

MITTAL TOWERS A-WING GROUND FLOOR 210, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

A96232343

8

10103930

18/03/2013 *

9,848,000.00

ING VYSYA BANK LIMITED

RIDHI SIDHI BUILDING, MALYIA ROAD, OPP. BODAS, MANGAL KALYALA, DOMBIVILI (E), MUMBAI, MAHARASHTRA - 421201, INDIA

B74804360

9

80050754

13/02/2006

50,000,000.00

STATE BANK OF INDIA

FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

-

10

90241737

23/01/2006

19,000,000.00

ING VYSYA BANK LIMITED

MITTAL TOWERS, A WING NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

-

11

90145261

02/07/2004

55,000,000.00

ING VYSYA BANK LIMITED

MITTAL TOWER; A WING; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

-

12

90145073

02/07/2004 *

3,700,000.00

ING VYSYA BANK LIMITED

MITTAL TOWER; A WING; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

-

13

90141193

23/01/2006 *

15,000,000.00

ING VYSYA BANK LIMITED

MITTAL TOWERS, A WING NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

-

14

90144809

02/07/2004 *

15,000,000.00

ING VYSYA BANK LIMITED

MITTAL TOWER; A WING; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

From Promtech Impex Private Limited

NA

3.340

 

 

 

Total

 

NA

3.340

 

 

OPERATIONS:

 

For the financial year ended 31st March, 2015 the Revenue from operation of the Company increased substantially to Rs.783.727 Million as compared to Rs.630.604 Million in Previous Year. The Net Profit of the Company for the year is of Rs.18.849 Million as compared to previous year Net Profit of Rs.18.058 Million.

 

 

STATE OF AFFAIRS OF THE COMPANY:

 

In textile segment the company is having fabric process house and yarn dyeing unit at Dombivli district Thane and weaving unit at Ichalkaranji district Kolhapur. Fabric process house is fully equip with latest machinery to bleach, dye, printand finish all type of textile fabric. Yarn dyeing unit is also fully equip to bleach and dye the yarn required for fancy fabric.

 

Weaving unit is consisting of 36 airjet looms equip to produce 36 lacs mtr per year. In power segment the company has installed Wind turbine of 1.25 MW in Dhule Maharashtra and 2.00 MW in Nettur Tamilnadu.

 

 

FUTURE OUTLOOK:

 

Now a days the Readymade garments and online shopping trends is increasing in India due to this the demand of designer fancy fabrics will substantially increase the company is ready to take advantage of this increase demand of fancy fabric with the help of its weaving unit installed in Sep-2013 and capable to produce all type of grey fancy fabrics which can be process at its most modern process house.

 

The Directors are hopeful for better future

 

 

MANAGEMENT DISSCUSSION AND ANALYSIS REPORT

 

INDUSTRY STRUCTURE AND DEVELOPMENTS:

 

The Government of India is keenly interested in promoting the Brand “Made in India” in global market. As the textile industry is the second largest sector of economy in providing employment opportunities, the Government is committed to the growth and betterment of this sector.

 

The Government is also supporting this expansion mood by way of Textile Park Scheme, wherein the Government is providing capital subsidy for such park upto 40% on the total infrastructure facilities in Textile parks.

 

With the phasing out of Multi Fiber Agreement (MFA) from 1st January, 2005, which had imposed quota regime on Indian Textile Exports, it has opened the way for the most competitive developing countries to develop stronger clusters of textile. The infusion of fresh capital in this sector has been evidence by numerous companies setting up projects for spinning, weaving, processing, embroidery and garments and by way of various public issues of companies engaged in this line of business. The Companies are also expanding their line of operation by way of forward and backward integration of production facilities. The healthy capital market conditions, with series of ‘bull run’ on bourses, have boosted the dreams of Indian Textile industry to attain new heights in textile manufacturing and export.

 

In the liberalized post quota period, India has emerged as a major sourcing destination for buyers from all over the globe. As a measure of growing interest in the Indian textiles and clothing sector, a number of reputed houses opened their sourcing / liaison office in India. These include Marks and Spencer, Haggar Clothing, Kellwood, Little Label, Boules Trading Company, Castle, Alster International, Quest Apparel Inc., etc. Commercially the buoyant retailers across the world are looking for options of increasing their sourcing from the Indian markets. Indian manufacturers are also pro-actively working towards enhancing their capacities to fulfil this increased demand.

 

 

OUTLOOK:

 

The Company is proactively responding to the changing business environment and is confident of sustaining its market share by improving competitive position in the market. The overall business outlook for the Company is promising with improvement in overall economic environment. Efforts towards higher operational efficiencies shall continue.

 

The Company continues to examine the possibilities of expansion and will make the necessary investments when attractive opportunities arise.

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015

 

[RS. IN MILLION]

 

Particulars

Quarter Ended

Half Year Ended

 

30.09.2015

(Unaudited)

30.06.2015

(Unaudited)

30.09.2015

(Unaudited)

Income from Operations

 

 

 

Net Sales/ Income from Operations

209.472

207.797

417.269

Other Operating Income

8.974

1.625

10.599

Total Income from operations (Net)

218.446

209.422

427.868

 

 

 

 

Expenses

 

 

 

(a) Cost of material consumed

83.437

69.058

152.495

(b) Purchase of stock in trade

57.670

44.728

102.398

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

4.427

23.608

28.035

(d) Employee benefit expenses

17.331

16.642

33.973

(e) Depreciation and amortization expenses

12.122

12.122

24.244

(f) Other Expenses

21.600

21.702

43.302

Total Expenses

196.587

187.860

384.447

Profit from Operations before Other Income, Finance costs and Exceptional item

21.859

21.562

43.421

Other Income

1.475

3.359

4.834

Profit/ Loss from Ordinary Activities before Finance costs and Exceptional item

23.334

24.921

48.255

Finance costs

6.474

6.531

13.005

Profit/ Loss from Ordinary Activities after Finance costs but Exceptional item

16.860

18.390

35.250

Exceptional item

0.000

0.000

0.000

Profit/ Loss from Ordinary Activities before tax

16.860

18.390

35.250

Tax Expenses

 

 

 

- Current Tax

0.000

0.000

0.000

- Deferred Tax Liability/ Assets

0.000

0.000

0.000

Net Profit/ Loss from Ordinary Activities after tax

16.860

18.390

35.250

Extraordinary Items

0.000

0.000

0.000

Net Profit for the period

16.860

18.390

35.250

Paid- up Equity Share Capital

85.811

85.811

85.811

Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year

338.118

321.269

338.118

Basic and Diluted Earnings per share before extraordinary items for the period

1.96

2.14

4.11

Basic and Diluted Earnings per share after extraordinary items for the period

1.96

2.14

4.11

 

 

 

 

PARTICULARS OF SHAREHOLDING

 

 

 

1. Public shareholding

 

 

 

Number of Shares

2153594

2153594

2153594

Percentage of Shareholding

25.10

25.10

25.10

2. Promoters and promoter group shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of Shares

Nil

Nil

Nil

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

Nil

Nil

Nil

- Percentage of Shares (as a % of the Total Share Capital of the Company)

Nil

Nil

Nil

 

 

 

 

Non - encumbered

 

 

 

- Number of Shares

6427506

6427506

6427506

- Percentage of Shares

(as a % of the total shareholding of promoter and promoter group)

100%

100%

100%

- Percentage of Shares

(as a % of the total share capital of the company)

74.90%

74.90%

74.90%

 

 

 

Particulars

Quarter Ended 30.09.2015

B

Investor complaints (Nos.)

 

 

Pending at the beginning of the quarter

Nil

 

Received during the quarter

Nil

 

Disposed of during the quarter

Nil

 

Remaining unresolved at the end of the quarter

Nil

 

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

 

Particulars

30.09.2015

[Unaudited]

A. EQUITY AND LIABILITIES

 

1. Shareholders Funds

 

a] Share Capital

85.811

b] Reserves and Surplus

338.118

Sub-total – Shareholders’ funds

423.929

 

 

2. Non-current Liabilities

 

a] Long term Borrowings

162.775

b] Deferred Tax Liabilities

54.214

c] Other current liabilities

2.749

d] Long term provisions

54.699

Sub-total - Non-current Liabilities

274.437

 

 

3. Current Liabilities

 

a] Short term Borrowings

89.235

b] Trade Payables

161.337

c] Other Current Liabilities

6.406

d] Short Term Provision

11.010

Sub-total -  Current Liabilities

267.988

 

 

TOTAL -  EQUITY AND LIABILITIES

966.354

 

 

B ASSETS

 

1. Non-current assets

 

a] Fixed assets

394.057

b] Non-current investment

6.708

c] long Term loans and Advances

104.614

d] Other non-current assets

0.000

Sub-total – Non- current assets

505.379

 

 

2. CURRENT ASSETS

 

 

Current Investments
0.000

 

Inventories
113.230

 

Trade Receivables
275.474

 

Cash & Bank Balances
6.226

 

Short Term loans and advances
66.045

 

Other Current Assets
0.000

  Sub-total – Current Assets
460.975

 

 

TOTAL - ASSETS

966.354

 

 

SEGMENT – WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

Particulars

Quarter Ended

Half Year Ended

 

30.09.2015

(Unaudited)

30.06.2015

(Unaudited)

30.09.2015

(Unaudited)

1. Segment Revenue

 

 

 

Net Sales/ Income 

 

 

 

a. Textile Division 

215.104

208.224

423.328

b. Wind Power Division

3.342

1.198

4.540

Total

218.446

209.422

427.868

 

 

 

 

2. Segment Results

 

 

 

Profit/ (loss) before tax

 

 

 

a. Textile Division 

14.611

17.581

32.192

b. Wind Power Division

2.249

0.809

3.058

Total

16.860

18.390

35.250

 

 

 

 

3. Capital Employed

 

 

 

(Segment Assets – Segment Liabilities)

 

 

 

a. Textile Division 

595.690

588.936

595.690

b. Wind Power Division

41.269

44.122

41.269

Total

636.959

633.058

636.959

 

NOTES:

 

1.     The Unaudited result for the quarter ended Sept 30, 2015 have been reviewed by the Audit Committee and there alter approved by the Board of Director in their meeting held on Nov 05,2015.

2.     The activities of the Company relate to two segment i.e. Textile and Wind power generation. Due to the nature of business and common facilities for various segment a resalable allocation of capital employed to various segment is not currently practicable.

3.     The previous year/period figures have been regrouped/ rearranged, whenever necessary to confirm to current period classification.

4.     The limited review of above results for the quarter ended 30th Sep 2015 have been carried out by the Auditor In accordance with Clause 41 of the listing Agreement with the Stock Exchange.

5.     The provision for current tax and deferred tax Liability/ assets will be provided at the end of the year. 

Consolidated results represent the Combine result of Dhanlaxmi Fabrics Limited and Its subsidiary Companies Western Chlorides and Chemicals Private Limited, Dhanesh Fabrics Private Limited and DFI Fabrics Private Limited.

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

Bank Guarantees

4.834

4.623

Maharashtra State Electicity Distribution Co. Limited for Wheeling and Rewheeling Charges

7.466

7.466

Shri Dhairyasheel Mane Textile Park, Ichalkaranji Bills for Common Infrastructure & interest raised by park are under dispute as per M.O.U signed by the park. Legal case pending before Tribunal

52.896

52.896


FIXED ASSETS:

 

·         Land

·         Building

·         Plant & Machinery

·         Electrical Installation

·         Pipe Fitting

·         Furniture & Fixture

·         Laboratory Equipment

·         Office Equipment

·         Air Conditioner

·         Computer

·         Motor Vehicle

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

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

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

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

 

8]         Affiliation with Government :

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

 

9]         Compensation Package :

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

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

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

 

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

 

 

CONTRAVENTION

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs. 66.79

UK Pound

1

Rs. 101.10

Euro

1

Rs. 73.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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.