MIRA INFORM REPORT
|
Report No. : |
354752 |
|
Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
DIGJAM LIMITED |
|
|
|
|
Formerly Known
As : |
BIRLA VXL LIMITED |
|
|
|
|
Registered
Office : |
Aerodrome Road, Jamnagar- 361006, Gujarat. |
|
Tel. No.: |
91-288-2712972/3 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
15.03.1948 |
|
|
|
|
Com. Reg. No.: |
04-000753 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.926.416 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17110GJ1948PLC000753 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacture
of Woollen/ Worsted Fabrics (Registered Activity) |
|
|
|
|
No. of Employees
: |
1020 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1948. For the financial year ended 2015, the company has incurred huge
losses which has eroded its net worth position. Further, the company has very low stake holder in stock exchange. Business is active. Payments are slow and delayed The company is can be considered for business dealings on safe and
secure 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: B |
|
Rating Explanation |
Risk-Prone-Credit-Quality and Carries Very High Credit Risk |
|
Date |
September 2015 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities : A4 |
|
Rating Explanation |
Minimal Degree of Safety and Very High Credit Risk |
|
Date |
September 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.
LOCATIONS
|
Registered Office / Mills: |
Aerodrome
Road, Jamnagar 361006, Gujarat, India |
|
Tel. No.: |
91-288-2712972/3 |
|
Mobile No.: |
Not
Available |
|
Fax No.: |
91-288-2712991 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing Office: |
53rd,
1st Floor, Gali Doman, Bagh Deewar, Fatehpuri, Chandni Chowk, Delhi – 110006, India Also
Located at
|
DIRECTORS
AS ON 31.03.2015
|
Name : |
Sri
Sidharth Birla |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Sri
Bharat Anand |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Smt.
Meenakshi Bangur |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Sri
G. Momen |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Sri
A. C. Mukherji |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Sri
S. Ragothaman |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Sri
C. L. Rathi |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Sri
C. Bhaskar |
|
Designation : |
Managing Director and Chief Executive Officer |
KEY EXECUTIVES
|
Name : |
Sri
G. K. Sureka |
|
Designation : |
Company Secretary and Executive Vice President |
|
|
|
|
Name : |
Sri
R. K. Kedia |
|
Designation : |
President and Chief Operating Officer |
|
|
|
|
Name : |
Sri
P. K. Das |
|
Designation : |
Vice President (Exports) |
|
|
|
|
Name : |
Sri
Ravinder Sharma |
|
Designation : |
Vice President (Sales & Marketing) |
|
|
|
|
Name : |
Sri
Satish Shah |
|
Designation : |
Asst. Vice President and Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As
a % of(A+B) |
||
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
|
|
|
|
87589 |
0.10 |
|
|
33590000 |
38.33 |
|
|
4887881 |
5.58 |
|
|
4887881 |
5.58 |
|
|
38565470 |
44.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
38565470 |
44.00 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
740 |
0.00 |
|
|
10184680 |
11.62 |
|
|
1234744 |
1.41 |
|
|
1233227 |
1.41 |
|
|
12653391 |
14.44 |
|
|
|
|
|
|
5017372 |
5.72 |
|
|
|
|
|
|
20137604 |
22.98 |
|
|
10769885 |
12.29 |
|
|
497899 |
0.57 |
|
|
263198 |
0.30 |
|
|
2020 |
0.00 |
|
|
71235 |
0.08 |
|
|
161446 |
0.18 |
|
|
36422760 |
41.56 |
|
Total Public shareholding (B) |
49076151 |
56.00 |
|
Total (A)+(B) |
87641621 |
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) |
87641621 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture
of Woollen/ Worsted Fabrics (Registered Activity) |
|
|
|
|
Products : |
Woollen/
Worsted Fabrics |
|
|
|
|
Brand Names : |
DIGJAM |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1020 (Approximately) |
||||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
M.S.
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Heritage’,
3rd Floor, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad 380 014,
Gujarat, India. |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Other related party : |
Xpro India Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Million |
|
2500000 |
Preference share |
Rs.100/- each |
Rs.250.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1250.000
Million |
Issued Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87651370 |
Equity Shares |
Rs.10/- each |
Rs.876.514
Million |
|
1000000 |
Preference share |
Rs.100/- each |
Rs.100.000
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 976.514 Million
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87641621 |
Equity Shares |
Rs.10/- each |
Rs.876.416
Million |
|
16286 |
Add: forfeited shares |
Rs.10/- each |
Rs.0.163
Million |
|
500000 |
Preference share |
Rs.100/- each |
Rs.50.000
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 926.579 Million
|
Reconciliation
of number of Shares
|
Particular |
Number |
Amount |
|
Number
of Shares at the beginning of the year |
87641621 |
87641621 |
|
Shares
issued and allotted during the year |
- |
- |
|
Number
of Shares at the end of the year |
87641621 |
87641621 |
|
|
|
|
|
Preference
Shares |
|
|
|
Number
of Shares at the beginning of the year |
- |
- |
|
Shares
allotted during the year |
500000 |
500000 |
|
Number
of Shares at the end of the year |
500000 |
500000 |
Shareholders
holding more than 5% shares in the Company
|
Particular |
Number of share
held |
% of Holding |
|
Central
India General Agents Limited |
16514000 |
18.84% |
|
ICICI
Bank Limited |
8763381 |
10.00% |
|
Birla
Holdings Limited |
7250000 |
8.27% |
|
Ipro
Capital Limited |
7000000 |
7.99% |
|
Sukriti
Education Society |
4809881 |
5.49% |
8%
Non- Convertible Redeemable Preference Shares
|
Particular |
Number of share
held |
% of Holding |
|
Central
India General Agents Limited |
500000 |
100.00% |
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 |
926.579 |
876.579 |
876.579 |
|
(b) Reserves &
Surplus |
(905.882) |
(754.895) |
(757.773) |
|
(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) |
20.697 |
121.684 |
118.806 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
77.070 |
53.645 |
218.363 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
20.428 |
19.706 |
20.237 |
|
(d) long-term provisions |
37.364 |
27.087 |
39.786 |
|
Total Non-current
Liabilities (3) |
134.862 |
100.438 |
278.386 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
444.349 |
525.800 |
489.909 |
|
(b) Trade payables |
356.643 |
347.935 |
343.241 |
|
(c) Other current
liabilities |
33.207 |
49.445 |
113.459 |
|
(d) Short-term provisions |
17.897 |
17.507 |
15.745 |
|
Total Current Liabilities
(4) |
852.096 |
940.687 |
962.354 |
|
|
|
|
|
|
TOTAL |
1007.655 |
1162.809 |
1359.546 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
326.787 |
365.156 |
391.706 |
|
(ii) Intangible Assets |
1.481 |
2.631 |
4.380 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
94.804 |
95.101 |
96.762 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
423.072 |
462.888 |
492.848 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
=0.000 |
0.000 |
|
(b) Inventories |
375.363 |
412.530 |
417.480 |
|
(c) Trade receivables |
160.321 |
239.468 |
251.683 |
|
(d) Cash and cash
equivalents |
20.890 |
17.825 |
11.804 |
|
(e) Short-term loans and
advances |
16.362 |
13.666 |
18.483 |
|
(f) Other current assets |
11.647 |
16.432 |
167.248 |
|
Total Current Assets |
584.583 |
699.921 |
866.698 |
|
|
|
|
|
|
TOTAL |
1007.655 |
1162.809 |
1359.546 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
1324.678 |
1501.823 |
1361.571 |
|
|
Other Income |
37.130 |
22.803 |
185.336 |
|
|
TOTAL (A) |
1361.808 |
1524.626 |
1546.907 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
463.150 |
514.578 |
465.854 |
|
|
Purchases of
Stock-in-Trade |
177.285 |
216.415 |
139.028 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
59.639 |
(18.160) |
25.961 |
|
|
Employees benefits
expense |
232.416 |
206.717 |
209.878 |
|
|
Other expenses |
411.773 |
435.384 |
469.654 |
|
|
TOTAL (B) |
1344.263 |
1354.934 |
1310.375 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
17.545 |
169.692 |
236.532 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
123.533 |
127.978 |
145.797 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(105.988) |
41.714 |
90.735 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.385 |
38.835 |
46.284 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
(146.373) |
2.879 |
44.451 |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
(146.373) |
2.879 |
44.451 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export
(including Deemed) of goods (on FOB basis) |
394.243 |
534.262 |
575.589 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
201.075 |
277.129 |
242.129 |
|
|
Store
& Spare parts (incl. Components) |
4.979 |
11.695 |
7.551 |
|
|
TOTAL IMPORTS |
206.054 |
288.824 |
249.68 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.10) |
(1.67) |
0.003 |
0.49 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.421 |
13.217 |
38.721 |
|
Cash generated from operations |
139.109 |
145.391 |
158.967 |
|
Net cash flows from (used in) operations |
138.781 |
145.595 |
158.989 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2015 (Unaudited |
30.09.2015 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
339.700 |
312.900 |
|
Total Expenditure |
334.300 |
316.200 |
|
PBIDT (Excel OI) |
5.400 |
(3.300) |
|
Other Income |
2.600 |
2.700 |
|
Operating Profit |
8.000 |
(0.600) |
|
Interest |
28.300 |
30.400 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
(20.300) |
(31.000) |
|
Depreciation |
7.400 |
7.400 |
|
Profit Before Tax |
(27.700) |
(38.400) |
|
Tax |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
(27.700) |
(38.400) |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
(27.700) |
(38.400) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(11.05) |
0.19 |
3.26 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1.32 |
11.30 |
17.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.53) |
0.25 |
3.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(7.07) |
0.02 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
25.21 |
4.87 |
6.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69 |
0.74 |
0.90 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.10.35/- |
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 |
876.579 |
876.579 |
926.579 |
|
Reserves & Surplus |
(757.773) |
(754.895) |
(905.8820 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
118.806 |
121.684 |
20.697 |
|
|
|
|
|
|
long-term borrowings |
218.363 |
53.645 |
77.070 |
|
Short term borrowings |
489.909 |
525.800 |
444.349 |
|
Current maturities of
long-term debts |
38.721 |
13.217 |
0.421 |
|
Total borrowings |
746.993 |
592.662 |
521.840 |
|
Debt/Equity ratio |
6.288 |
4.871 |
25.213 |
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 |
1361.571 |
1501.823 |
1324.678 |
|
|
|
10.301 |
(11.795) |
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 |
1361.571 |
1501.823 |
1324.678 |
|
Profit |
44.451 |
2.879 |
(146.373) |
|
|
3.26% |
0.19% |
(11.05%) |
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 |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW
OF KEY BUSINESS MATTERS
The Indian macro-economic
outlook is turning positive with a marked decline in inflation and a
comfortable external position helped by positive government policies and fall
in global crude oil prices. Changes adopted in GDP reporting based on an
updated base year, wider coverage of goods and services and the inclusion of
tax data showed a more robust economic performance than projected earlier, with
initial estimates for 2014-15 showing growth accelerated to 7.4% as industry
and service sectors expanded. GDP growth is projected at 7.8% in 2015-16 and
expected to further rise to 8.2% by 2016-17. Government efforts towards
regulating general inflation, a pro-investment attitude, improvement in fiscal
and current account deficit, and movement on resolving structural bottlenecks
are steps in the right direction. A global economic slowdown, barring some
positive signs in U.S.A., does however create stresses and increases
complexities in their economic environment. Challenges to economic prospects
include possible rise in oil prices, uncertain monsoons, and slow revival of
customer confidence. Despite improving fundamentals in, and continuing strong
potential, of their economy, the financial year was marked by generally weak
customer sentiment. Globally, the woollen textiles market also continued to be
depressed. Some traditionally strong U.S. businesses remained weak buyers due
to their own reorganisation/ restructuring. Increasing competition from
synthetic fabrics and cotton, and cheaper supplies from China, worked to
influence customer preference in their favour. A marked shift to ready-mades is
also impacting overall superior fabric demand at home. Wool and polyester
prices were soft during the year aided by a relatively stable rupee.
In these overall conditions
the Company could achieve a revenue from operations of Rs.1320.000 million
against Rs.1500.000 million last year. Domestic volumes were marginally lower.
Export sales were lower by 30% and were also impacted by the fall in the value
of the Euro, rendering some exports uneconomic. Average sales realisations
improved due to a richer wool product-mix. Costs and overheads were largely
controlled and operational efficiencies improved. The Company continues to take
steps to broaden its markets and take measures to improve operations, trim
overheads and strengthen liquidity.
OPERATIONS
The overall economic
environment continues to be challenging with persisting uncertainty as to a timeline
for full revival of consumer interest. In 2014-15, the Indian economy emerged
as one of the largest economies with falling oil prices, a healthy external
position, controlled inflation, the promise of sustained reforms supported by
increased ease of doing business. Yet, on the economic front, GDP growth,
consumer demand and investment plans did not fully reflect the general
exuberance; flagging industrial growth and a weak capex cycle remain the
downside to the economic outlook. Monthly industrial production estimates
indicate a modest upturn, with production of capital goods expanding after
three years, but consumer goods production generally reflect weak aggregate
demand. The textile industry remains one of the mainstays of the national
economy, and a significant contributor to Indian exports. The Woollen and
worsted textiles industry, however, increasingly faces challenges in the market
from changing consumption patterns driven by cheaper synthetic fabrics and
increased availability of cottons at lower prices. A slow recovery from the
economic slowdown in key export destinations, particularly Europe, and
corporate restructuring by a few major U.S. customers, and a continued increase
in the competitiveness of China compounded the situation and exports were also
impacted. The fallout of this overall scenario was reflected in their
performance. Production was lower at 2.470 million meters (2.970 million metres
in the previous year) and revenue from operations at Rs.1325.000 million was
12% lower (against Rs.15020.000 Millions in the previous year). Better
product-mix, helped the Company achieve higher sales realisation, but
operations, in the overall, and resulted in an earnings before interest and
depreciation of Rs.17.500 million against Rs.169.700 million in the previous
year. Finance costs were Rs.123.500 million (Rs.128.000 millions), Depreciation
was marginally higher Rs.40.400 million (Rs.38.800 millions) and accordingly
yielded a loss before tax of Rs.146.400 million against a profit of Rs.0.290 million
in the previous year. These results were achieved in the face of prevailing
recessionary conditions, increased costs and a competitive environment,
balanced by efforts towards cost control and productivity enhancements. The
believe that Their businesses are backed by necessary skills and expertise and
remain cautiously optimistic that performance and profitability will improve
with continuing momentum of operational improvements and the expected upturn in
the global and Indian economy and markets.
UNSECURED LOAN
(Rs. in million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Intercorporate
Deposits |
76.400 |
53.400 |
|
SHORT TERM
BORROWING |
|
|
|
Unsecured
Intercorporate Deposits |
59.900 |
47.400 |
|
Total |
136.300 |
100.800 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Service
Tax matters under appeal |
1.174 |
1.147 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10510524 |
01/05/2014 |
1,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI,
MAHARASHTRA- 400013, INDIA |
C12440517 |
|
2 |
10283764 |
29/12/2014 * |
822,000,000.00 |
UCO BANK |
DIGJAM BRANCH, AERODROME ROAD, JAMNAGAR, GUJARAT - 361006, INDIA |
C40437782 |
|
3 |
80061957 |
26/02/1996 |
75,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
JEEVAN DEEP, 3RD FLOR, 1, MIDDLETON STREET, CALCUTTA, WEST BENGAL-
700071, INDIA |
- |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2015
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months 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) |
308.800 |
351.800 |
642.300 |
|
b) Other operating income |
4.100 |
5.900 |
10.300 |
|
Total
income from Operations(net) |
312.900 |
357.700 |
652.600 |
|
2.Expenditure |
117.600 |
129.300 |
259.800 |
|
a) Cost of material consumed |
43.200 |
45.600 |
87.500 |
|
b) Purchases of stock in trade |
(15.300) |
2.400 |
(28.600) |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
53.700 |
54.800 |
112.400 |
|
d) Employees benefit expenses |
7.400 |
10.100 |
14.800 |
|
e) Depreciation and amortization expenses |
36.500 |
36.100 |
76.000 |
|
f) Other expenditure |
80.500 |
68.300 |
143.400 |
|
Total expenses |
323.600 |
346.600 |
665.300 |
|
3. Profit from operations before other income and
financial costs |
(10.700) |
11.100 |
(12.700) |
|
4. Other income |
2.700 |
5.900 |
5.300 |
|
5. Profit from ordinary activities before finance costs |
(8.000) |
17.000 |
(7.400) |
|
6. Finance costs |
30.400 |
30.200 |
58.700 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
(38.400) |
(13.200) |
(66.100) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
(38.400) |
(13.200) |
(66.100) |
|
10.Tax expenses |
0.000 |
0.000 |
0.000 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
(38.400) |
(13.200) |
(66.100) |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11+12) |
(38.400) |
(13.200) |
(66.100) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
876.600 |
876.600 |
876.600 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of previous
accounting year |
0.000 |
0.000 |
0.000 |
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
(0.43) |
(0.15) |
(0.75) |
|
(b) Diluted |
|
|
|
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
4907615156 |
49490151 |
4907615156 |
|
- Percentage of shareholding |
56.00% |
56.47% |
56.00% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
3600205 |
3600205 |
3600205 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
9.34% |
9.44% |
9.34% |
|
Percentage of shares (as a % of total share capital of the
company) |
4.11 |
|
4.11 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
34965265 |
34551265 |
34965265 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
90.66% |
90.56% |
90.66% |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
39.89% |
39.42% |
39.89% |
|
|
|
|
|
|
B.
Investor Complaints |
3
Months Ended |
|
|
|
|
30.09.2015 |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
6 |
|
|
|
Disposed of during the quarter |
6 |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
Note:
1. The Company operates in single business segment “Textiles” (as per Accounting Standard 17).
2. With regard to the qualification made by the Statutory Auditors in the
Financial Statements for the year ended March 31, 2015 - in respect of
reliability of capital advance of 881 lacs towards building, physical
possession of which has been arbitrary withheld by the developer management
considers the advance as good based on professional advice on chances of
recovery. NSE vide letter dated April 28, 2014 has advised that the
qualification be suitably rectified. The matter is sub-judice, the Company has
initiated appropriate steps based on professional advice.
3. The Board of Directors has approved the amalgamation of the Company with
DIGJAM Textiles Limited with effect from close of the business on June 30,
2015, in terms of proposed scheme of amalgamation, which is subject to relevant
approvals. Following receipt of the observation letters from BSE Limited and
National Stock Exchange of India Limited, the Company filed its application
before the Hon’ble High Court of Gujarat at Ahmadabad and the Court has on
November 2, 2015, inter alia, ordered for convening the meeting of the Equity
Shareholders of the Company on December 12, 2015 for
their approval to the Scheme.
4. Previous period’s figures have been regrouped and rearranged wherever
necessary.
5. The above results, subjected to limited review by the statutory auditors,
were reviewed and recommended by the Audit Committee, and approved by the Board
of Directors at their meetings held on November 3, 2015.
FIXED ASSETS
- Land
- Building
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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.66.65 |
|
UK Pound |
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
PRV |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
15 |
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.