MIRA INFORM REPORT
|
Report No. : |
354409 |
|
Report Date : |
14.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
NAGREEKA EXPORTS LIMITED |
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|
|
|
Registered
Office : |
18, R.N. Mukherjee Road, 6th Floor, Kolkata – 700001, West
Bengal |
|
Tel No.: |
91-33-22108828 |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2015 |
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|
Date of
Incorporation : |
06.03.1989 |
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|
|
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Com. Reg. No.: |
21-046387 |
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Capital
Investment / Paid-up Capital : |
Rs.62.550 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18101WB1989PLC046387 |
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|
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TIN No.: |
Not Available |
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IEC No.: |
0289003598 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALN02503E |
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PAN No.: [Permanent Account No.] |
AAACN9999A |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacturing, Trading and export of cotton yarn and other various merchandise (Registered Activity). |
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No. of Employees
: |
868 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a part of Nagreeka group. It is involved in manufacturing and trading of textile products such as cotton yarn, knitted fabric, and dyed and bleached cotton yarn. Subject is an established company having satisfactory track record. For the financial year ended 2015, company has registered a sales turnover of Rs. 4725.266 million with profit of Rs. 50.503 million as compared to previous turnover (2014) of Rs. 6302.847 million along with a profit of Rs. 48.641 million. Rating takes into account of extensive industry experience of the promoters supported by geographically diverse customer base along with sound business profile of the company. Rating also takes into account of company's sound financial risk profile and above average debt protection metrics of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
15.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
15.10.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. K. N. Bansal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-33-22484922 |
LOCATIONS
|
Registered Office : |
18, R.N. Mukherjee Road, 6th Floor, Kolkata – 700001, West
Bengal, India |
|
Tel. No.: |
91-33-22108828 / 22484922 / 4943 |
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Fax No.: |
91-33-22481693 |
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E-Mail : |
vinodnagreeka.com |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Corporate Office 1 : |
7, Kala Bhavan 3, Mathew Road, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23670365 / 61447500 |
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Fax No.: |
91-22-23612579 / 23630475 |
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E-Mail : |
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Corporate Office 2 : |
21-22, Kala Bhavan, 3, |
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Tel. No.: |
91-22-23625977 / 61447500 / 23618873 |
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Factory 1 : |
Laxmi Tekdi, ssVillage Yavluji, Taluka Panhala, District – Kolhapur,
Maharashtra, India |
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Factory 2 : |
Plot No. T- 48, MIDC, Kagal - Hatkanangale, Five Star Industrial Area,
Village : Talandage, Taluka : Hatkanangale, District : Kolhapur, Maharashtra,
India |
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|
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Factory 3: |
C-26, Panaki Industrial Estate Site - 1, Kanpur - 208022, Uttar Pradesh, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Sushil Patwari |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
20.08.1954 |
|
Qualification : |
B. Com (H) |
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Date of Appointment : |
06.03.1989 |
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Name : |
Mr. Sunil Patwani |
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Designation : |
Vice Chairman and Managing Director |
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|
Name : |
Mr. Kailash Chandra Purohit |
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Designation : |
Whole – Time Director |
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Date of Birth/Age : |
18.06.1932 |
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Qualification : |
B. Tech |
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Date of Appointment : |
30.06.2001 |
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Name : |
Mr. Mohan Kishen Ogra |
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Designation : |
Director |
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Date of Birth/Age : |
15.09.1930 |
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Qualification : |
Graduate (Maths and Stastic) |
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Date of Appointment : |
30.06.2001 |
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|
|
|
Name : |
Mr. Bibhuti Charan Talukdar |
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Designation : |
Director |
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Name : |
Mr. Mahendra Patwari |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
15.03.1963 |
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Qualification : |
B. E. from IIT |
|
Date of Appointment : |
01.07.2004 |
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|
|
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Name : |
Mr. Rajendra Mahavirprasad Ruia |
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Designation : |
Director |
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|
Name : |
Mr. Mahabir Prasad Periwal |
|
Designation : |
Director |
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Date of Birth/Age : |
12.08.1944 |
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Qualification : |
Graduate |
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Date of Appointment : |
07.08.2008 |
|
|
|
|
Name : |
Ms. Surabhi Sanganeria |
|
Designation : |
Additional Director |
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Address: |
2 A, sRajhans, 6 Hastings Park Road, Kolkata - 700027, West Bengal, India |
|
Date of Appointment
: |
13.11.2014 |
|
DIN No.: |
06987772 |
KEY EXECUTIVES
|
Name : |
Mr. K. N. Bansal |
|
Designation : |
Chief Finance Officer |
|
Address |
3C, Ganapati Apartment, 51A, B.T. Road, Kolkata - 700050, West Bengal, India |
|
Date of
Appointment: |
29.05.2014 |
|
PAN No.: |
AEDPB5188B |
|
|
|
|
Name : |
Mr. Jitendra Tiwari |
|
Designation : |
Secretary |
|
Address |
188/48, Lake Gardens, Kolkata - 700045, West Bengal, India |
|
Date of Appointment: |
01/.09.1995 |
|
PAN No.: |
ABRPT2839G |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4472300 |
35.78 |
|
|
2105186 |
16.84 |
|
|
6577486 |
52.62 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6577486 |
52.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3300 |
0.03 |
|
|
300 |
0.00 |
|
|
300 |
0.00 |
|
|
500 |
0.00 |
|
|
4400 |
0.04 |
|
|
|
|
|
|
2250239 |
18.00 |
|
|
|
|
|
|
2447209 |
19.58 |
|
|
1014703 |
8.12 |
|
|
205663 |
1.65 |
|
|
859 |
0.01 |
|
|
204804 |
1.64 |
|
|
5917814 |
47.34 |
|
Total Public shareholding (B) |
5922214 |
47.38 |
|
Total (A)+(B) |
12499700 |
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) |
12499700 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing, Trading and export of cotton yarn and other various merchandise (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 : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
Not Available |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
868 (Approximately) |
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Bankers : |
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Facilities : |
NOTES Long Term
Borrowing Maturity Profile Term Loans from Bank i) Rupee Term loan from Canara Bank - Kolkata, Oriental Bank of Commerce – Kolkata and State Bank of Patiala – Mumbai is secured by (a) an equitable mortgage ranking pari passu inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its spinning unit premises at Village : Yavluj, District : Kolhapur, Maharashtra, India and (b) by way of hypothecation ranking pari passu inter-se of all movable properties of the company both present and future including movable machineries, spares, tools and accessories (save and except book debts) subject to prior charges created or to be created in favour of the Company's Bankers, on its stock of Raw Materials, finished goods, consumable stores, book debts and such other movables as may be specifically permitted by the institutions in writing, to secure borrowings for working capital requirements and (c) Personal guarantee of some of the Directors of the Company. ii) Working Capital Term Loan from Canara Bank, Overseas Branch, Kolkata is secured by way of : (a) hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharashtra, India and stock-in-trade at trading unit Kolkata, (b) Second charge on immovable properties of the company relating to above mentioned spinning unit, and (c) Personal guarantee of some of the Directors of the Company. iii) For the above loan a securitisation agreement entered in between the Company, AXIS Bank Limited and the above lenders. iv) Rupee Term loan from Canara Bank - Kolkata is secured by (a) an equitable mortgage ranking exclusive charges inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its Dying and Bleaching unit premises at Village : Kagal, District : Kolhapur, Maharashtra (b) all the existing securities for other regular limits will be available as co-lateral security on pari passu basis Short Term
Borrowing (i) Working Capital Loan from Canara Bank, Overseas Branch, Kolkata and Mumbai , Oriental Bank of Commerce, Overseas Branch, Kolkata, Allahabad Bank, Industrial Finance Branch, Kolkata and State Bank of Patiala - Commercial Branch, Mumbai are secured by way of : (a)First charge by way of hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharashtra, Dying and Bleaching unit premises at Village : Kagal, District : Kolhapur, Maharashtra and stock-in-trade at trading unit Kolkata & Mumbai, both present and future in a form and manner satisfactory to the bank, ranking paripasu with each other participating working capital banks. (b) Second charge on all the fixed assets of the company, both present and future ranking paripassu with each other participating working capital banks. (c) Personal guarantee of some of the Directors of the
Company. |
|
Auditors : |
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|
Name : |
Das and Prasad Chartered Accountants |
|
Address : |
4, |
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Memberships : |
-- |
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Collaborators : |
-- |
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Other Related
Parties: |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.5/- each |
Rs.150.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12510000 |
Equity Shares |
Rs.5/- each |
Rs.62.550
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12499700 |
Equity Shares |
Rs.5/- each |
Rs.62.498
Million |
|
|
Add : 10300 Equity Forfeited Shares |
|
Rs.0.052
Million |
|
|
Total |
|
Rs.62.550 Million |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
|
|
|
|
Shares Outstanding at April 1, 2014 |
12499700 |
62.498 |
|
Shares Outstanding at March 31, 2015 |
12499700 |
62.498 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mala Patwari |
891700 |
7.13% |
|
Sunil Patwari |
712000 |
5.70% |
|
Nagreeka Synthetics Private Limited |
940270 |
7.52% |
|
Agarwal Galvanising Private Limited |
815423 |
6.52% |
The Company has one class of equity share having a par value of Rs.5 per
share. Each shareholder is eligible for one vote per share held.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
62.550 |
62.550 |
62.550 |
|
(b) Reserves & Surplus |
925.486 |
876.328 |
834.999 |
|
(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) |
988.036 |
938.878 |
897.549 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
653.691 |
802.441 |
867.708 |
|
(b) Deferred tax liabilities
(Net) |
179.260 |
184.485 |
160.950 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
832.951 |
986.926 |
1028.658 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1227.376 |
1405.292 |
1131.966 |
|
(b) Trade payables |
237.582 |
226.055 |
224.460 |
|
(c) Other current liabilities |
111.870 |
186.451 |
114.822 |
|
(d) Short-term provisions |
13.885 |
36.383 |
26.155 |
|
Total
Current Liabilities (4) |
1590.713 |
1854.181 |
1497.403 |
|
|
|
|
|
|
TOTAL |
3411.700 |
3779.985 |
3423.610 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1292.367 |
1325.152 |
1362.275 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
21.953 |
16.452 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
142.434 |
142.434 |
142.434 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
40.983 |
32.828 |
38.580 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1497.737 |
1516.866 |
1543.289 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
713.918 |
939.341 |
826.455 |
|
(c) Trade receivables |
226.438 |
285.882 |
133.511 |
|
(d) Cash and cash equivalents |
14.824 |
19.191 |
23.354 |
|
(e) Short-term loans and
advances |
958.783 |
1018.705 |
897.001 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1913.963 |
2263.119 |
1880.321 |
|
|
|
|
|
|
TOTAL |
3411.700 |
3779.985 |
3423.610 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4725.266 |
6302.847 |
6418.391 |
|
|
|
Other Income |
58.689 |
46.425 |
30.275 |
|
|
|
TOTAL (A) |
4783.955 |
6349.272 |
6448.666 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1326.736 |
1512.509 |
1324.123 |
|
|
|
Purchases of Stock-in-Trade |
2195.939 |
3676.226 |
3828.515 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
80.865 |
(59.305) |
124.003 |
|
|
|
Employees benefits expense |
178.956 |
162.396 |
125.660 |
|
|
|
Other expenses |
684.323 |
658.793 |
699.294 |
|
|
|
TOTAL (B) |
4466.819 |
5950.619 |
6101.595 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) |
317.136 |
398.653 |
347.071 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
211.277 |
198.555 |
212.133 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) |
105.859 |
200.098 |
134.938 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.685 |
99.284 |
70.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
45.174 |
100.814 |
64.409 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(5.329) |
52.173 |
20.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
50.503 |
48.641 |
44.187 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
179.863 |
138.533 |
101.656 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
6.249 |
6.249 |
|
|
|
Income tax on Dividend |
0.000 |
1.062 |
1.062 |
|
|
BALANCE CARRIED
TO THE B/S |
230.364 |
179.863 |
138.533 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
3400.452 |
4806.197 |
3018.436 |
|
|
TOTAL EARNINGS |
3400.452 |
4806.197 |
3018.436 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
4.04 |
3.89 |
3.54 |
|
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 |
596.043 |
(103.545) |
118.301 |
|
Net Cash Flow from / (used in) Operating Activities |
577.415 |
(122.976) |
106.665 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1195.900 |
1233.300 |
|
Total Expenditure |
|
1131.030 |
1177.080 |
|
PBIDT (Excl OI) |
|
64.870 |
56.220 |
|
Other Income |
|
11.790 |
13.890 |
|
Operating Profit |
|
76.660 |
70.110 |
|
Interest |
|
48.880 |
45.240 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
27.780 |
24.870 |
|
Depreciation |
|
15.120 |
15.120 |
|
Profit Before Tax |
|
12.660 |
9.750 |
|
Tax |
|
NA |
NA |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
12.660 |
9.750 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
12.660 |
9.750 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.07 |
0.77 |
0.69 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.71 |
6.32 |
5.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.39 |
2.78 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.11 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.90 |
2.35 |
2.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.22 |
1.26 |
STOCK
PRICES
|
Face Value |
Rs.5/- |
|
Market Value |
Rs.29.00/- |
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 |
62.550 |
62.550 |
62.550 |
|
Reserves & Surplus |
834.999 |
876.328 |
925.486 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
897.549 |
938.878 |
988.036 |
|
|
|
|
|
|
long-term borrowings |
867.708 |
802.441 |
653.691 |
|
Short term borrowings |
1131.966 |
1405.292 |
1227.376 |
|
Total
borrowings |
1999.674 |
2207.733 |
1881.067 |
|
Debt/Equity
ratio |
2.228 |
2.351 |
1.904 |
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 |
6418.391 |
6302.847 |
4725.266 |
|
|
|
(1.800) |
(25.030) |
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 |
6418.391 |
6302.847 |
4725.266 |
|
Profit |
44.187 |
48.641 |
50.503 |
|
|
0.69% |
0.77% |
1.07% |
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) |
Yes |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
HIGH COURT OF CALCUTTA - ORIGINAL SIDE
|
COMPANY OVERVIEW:
The Company was incorporated on 6th March, 1989 under the laws of republic of India and has its registered office at Kolkata, West Bengal. The company is engaged in manufacturing and export of cotton yarn and other various merchandise. The shares of the company are listed in National Stock Exchange. Company has set up 100% export oriented unit with the state of art, Plant with manufacturing capacity of 55440 spindles at Kolhapur in Maharashtra. The company has also set up yarn dying and cotton bleaching plant at Kagal Kolhapur. The Company was also awarded International standard Organization certificate for export performance. The company's marketing network is spread over in various countries. The Company is also doing trading of cotton yarn and various commodities. The company is Merchant exporter also.
PERFORMANCE REVIEW
The Indian Textile Industry performed reasonably well during the fiscal year 2013-14 and was expected to continue the trend in the F.Y. 2014-15 also. However the Industry could not perform as expected due to numerous reasons. The major causes were export of cotton yarn to china dropped nearly 23% due to signifcant changes in Chinese Procurement policies. There was a sharp reduction in raw material prices in line with reduction in commodity prices globally. This created expectation of lower prices in the entire chain leading to reduced prices and volumes. Consequently, yarn prices also fell significantly leading to lower sales turnover. The Company being an Export Oriented spinning mill has to carry several months requirement of raw cotton for maintaining quality, thus incurring substantial value losses on such inventories impacting profitability of the company. Cost of Power, Salaries and Wages continued to rise during the year, the interest rates remained high thereby putting extreme pressure on margins.
During the financial year the company's total revenues sharply came down to Rs.4725.266 Million against Rs. 6302.847 Million in the previous year due to substantial reduction in exports of outsourced yarns for reasons mentioned above. The profit before tax is Rs. 45.174 Million against Rs. 100.814 Million in the previous year, a decrease of 55.19%.
The Company's yarn dyeing and fibre bleaching facility at kagal has found good market acceptance for its products and capacity utilisation is growing.
The Company is further proposing a garment unit, for supplying of readymade garments, at D-6, Roma Industrial Estate, Kanpur - 208001, Uttar Pradesh.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OUTLOOK
India’s Textile Industry plays a significant role in the economic development of the county. India’s Macro economic scenario remained gloomy during the intitial months of financial year 2014-15. There is considerable hope that new government will create an enviornment conducive to Business and Industry. The growth in global trade and concentration of trade in Asia will drive investments in Asian countries having strong supply base for textile and apparel products. India will have an advantage from the investment point of view due to its strong manufacturing competitiveness and presence of complete supply chain.
The global textile and apparel trade is expected to grow at 6% CAGR to US$ 1,180 billion by 2020 with apparel, fabric and yarn occupying the major share. The industry directly employs well over 170 million people worldwide, predominantly in Asia.
In 2014, the global fiber consumption was around 87 million tons of which India is 2nd largest grower of cotton fibre and also 2nd largest user of raw cotton after China.
Industry Structures
and Development
The Indian Textile Industry has a much coveted place in the overall industrial scenario of India. It contributes nearly 5% to GDP, 14.5% to industrial production and 12% to exports. India is just next to China as producer and exporter of raw cotton in the world.
The overall textile and garment exports are expected to reach $ 41 billion in 2014-2015 as against the target of $ 45 billion. The slippage is mainly because China, which accounts for over 70% of India's cotton and 40% of yarn supplies, has cut down on its purchases. Moreover, export demand from US & Europe continues to be sluggish.
Exports from the textile and clothing industry mainly consists of garment sector which accounts for around 40%, and spinning sector around 25%, remaining being shared by other sectors like manmade textiles, cotton, wool and woolen textiles, silk handloom products, handicrafts and coir products. After discontinuation of textiles export quota in year 2004, exports from this industry substantially increased from around USD 15 billion in 2005 to USD 41 billion in 2014-15. Similarly, India's share of textiles and clothing exports in the total world exports, which was below 3% in the year 2004 is almost touching 5% as of now.
It is expected that the percolation of the benefits of India's growing economy will cause sharp upward momentum of textile products in the country.
Outlook
The outlook for the textile industry in India is not very bright mainly because of economic crisis in Euro Zone, and weak demand from US and China.
The area under cotton in the coming cotton season is likely to drop by 7 - 10% due to violent fluctuations in the prices of cotton. However, if Monsoon is favourable and adequate rainfall is received at proper time, the crop is likely to be same as the previous year. As of now, the cotton has already been sown in the northern region and in other parts of the country and sowing will begin next month. As already explained, with adoption of better technology, availability of good quality seeds, the country will continue to produce adequate crop.
In the new Foreign Trade Policy 2015-20, while the government has introduced measures for improving ease of doing business and simplified procedures but some of the benefits available to the cotton yarn exports have been withdrawn, like Market Linked Focus Products and Focus Market Schemes. Industry bodies like FIEO and TEXPROCIL have taken up these issues with the concerned ministries for restoration of these benefits.
On the domestic front also India is poised for a healthy growth, in view of rising population, sustained increase in per capita income and disposable surplus, favourable demographic profile and changing lifestyle. Surveys carried out by Textiles Committee also corroborate this. Besides, Government of India is becoming increasingly sensitive to the needs of the textile industry and taking ameliorative measures in regard to debt restructuring scheme, extension of TUFS and TMC in the Twelfth Five Year Plan. Happily, new Government has announced that it will get necessary impetus for boosting exports of textiles. Another area is rapid growth of technical textiles for which Government has been providing encouraging support.
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10361339 |
07/06/2012 * |
584,400,000.00 |
CANARA BANK |
OVERSEAS BRANCH,
2/1 RUSSEL STREET, KOLKATA- 700071, WEST |
B42471334 |
|
2 |
10291360 |
14/05/2011 |
658,300,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, ATLANTA, FIRST FLOOR, NARIMAN POINT, MUMBAI- 400021, MAHARASHTRA, INDIA |
B14696447 |
|
3 |
10280260 |
26/03/2011 |
200,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, R. N. MUKHERJEE RO |
B10532141 |
|
4 |
10224705 |
14/05/2010 |
400,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, R. N. MUKHERJEE RO |
A87611406 |
|
5 |
10167712 |
30/06/2009 |
75,000,000.00 |
CANARA BANK |
OVERSEAS BRANCH,
2/1, RUSSEL STREET, KOLKATA- 700071, WES |
A66193087 |
|
6 |
10123576 |
19/10/2006 |
1,319,840,000.00 |
UTI BANK LIMITED |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
A05693890 |
|
7 |
10077469 |
15/05/2012 * |
3,284,500,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, BOMBAY
DYEING MILLS COMPOUND,, PANDUR |
B39648290 |
|
8 |
80014430 |
12/02/2015 * |
275,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, (LORD'S BUILDING), 7/1, LORD SINHA ROAD (GROUND FLOOR), KOLKATA- 700071, WEST BENGAL, INDIA |
C45716115 |
|
9 |
90254762 |
06/10/2005 |
150,000,000.00 |
STATE BANK OF PATIALA |
1ST FLOOR ; NARIMAN
POINT, MUMBAI- 4 |
- |
|
10 |
90254736 |
29/06/2009 * |
244,600,000.00 |
CANARA BANK |
OVERSEAS BRANCH,
2/1, RUSSEL STREET, KOLKATA- 700071, WES |
A66193012 |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON
30TH SEPTEMBER, 2015
(Rs.
In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Quarter Half Year Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1233.299 |
1195.900 |
2429.201 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
1233.299 |
1195.900 |
2429.201 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
468.595 |
297.918 |
766.513 |
|
b) Purchases of stock in trade |
587.005 |
469.979 |
1056.984 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(120.906) |
155.667 |
34.762 |
|
d) Employees benefit expenses |
46.759 |
38.768 |
85.528 |
|
e) Depreciation and amortization expenses |
15.118 |
15.124 |
30.242 |
|
f) Other expenditure |
195.623 |
168.696 |
364.319 |
|
Total expenses |
1192.195 |
1146.153 |
2338.349 |
|
3.
Profit from operations before other income and financial costs |
41.104 |
49.748 |
90.852 |
|
4. Other income |
13.889 |
11.786 |
25.675 |
|
5. Profit
from ordinary activities before finance costs |
54.993 |
61.534 |
116.527 |
|
6. Finance costs |
45.243 |
48.878 |
94.121 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
9.749 |
12.656 |
22.405 |
|
8. Exceptional
item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
9.749 |
12.656 |
22.405 |
|
10.Tax expenses |
0.000 |
0.000 |
0.000 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
9.749 |
12.656 |
22.405 |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
9.749 |
12.656 |
22.405 |
|
14.Paid-up equity share capital (Nominal
value Rs.5/- each) |
925.486 |
925.486 |
925.486 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share
(before extraordinary items) |
|
|
|
|
(a) Basic |
0.78 |
1.01 |
1.79 |
|
(b) Diluted |
0.78 |
1.01 |
1.79 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Quarter Half Year Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
5922214 |
5922214 |
5922214 |
|
- Percentage of shareholding |
47.38 |
47.38 |
47.38 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
6577486 |
6577486 |
6577486 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
52.62 |
52.62 |
52.62 |
|
Percentage of shares (as a % of total share capital of the
company) |
100 |
100 |
100 |
|
Particulars |
Quarter Ended 30.09.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the
quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES:
(Rs In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
62.550 |
|
(b) Reserves & Surplus |
947.891 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1010.441 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
601.549 |
|
(b) Deferred tax liabilities
(Net) |
179.260 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
0.000 |
|
Total
Non-current Liabilities (3) |
780.809 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
1288.275 |
|
(b) Trade payables |
279.765 |
|
(c) Other current liabilities |
91.718 |
|
(d) Short-term provisions |
8.613 |
|
Total
Current Liabilities (4) |
1668.371 |
|
|
|
|
TOTAL |
3459.621 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
1304.647 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
7.023 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
0.000 |
|
(c) Deferred tax assets (net) |
142.434 |
|
(d) Long-term Loan and Advances |
32.534 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
1486.638 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
869.582 |
|
(c) Trade receivables |
378.380 |
|
(d) Cash and cash equivalents |
16.858 |
|
(e) Short-term loans and
advances |
708.163 |
|
(f) Other current assets |
0.000 |
|
Total
Current Assets |
1972.983 |
|
|
|
|
TOTAL |
3459.621 |
NOTE:
- The above financial results have been reviewed by Audit Committee at its meeting held on November 14, 2015 and approved by the Board of Directors at its meeting held on the same day.
- Statutory Auditors of the Company have carried out the Limited review of the above financial results.
- Current Tax Provision will be considered at the end of the financial Year.
- Deferred Tax Liability / Assets as required under 'AS-22' issued by the Institute of Chartered Accountants of India will be considered at the end of the financial year.
- The Company has only one business segment i.e. Textiles and thus no further disclosure are required in accordance with accounting standard 17 on Segment reporting
- Previous period's figures have been rearranged/regrouped wherever necessary
FIXED
ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.78 |
|
UK Pound |
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.