MIRA INFORM REPORT
|
Report No. : |
355418 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
NAHAR INDUSTRIAL ENTERPRISES LIMITED (w.e.f. 1994) |
|
|
|
|
Formerly Known
As : |
OSWAL FATS AND OILS LIMITED |
|
|
|
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Registered
Office : |
Focal Point, Ludhiana – 141010, Punjab |
|
Tel. No.: |
91-161-2672590 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
27.09.1983 |
|
|
|
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Com. Reg. No.: |
16-018321 |
|
|
|
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Capital Investment
/ Paid-up Capital : |
Rs.400.342 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15143PB1983PLC018321 |
|
|
|
|
IEC No.: |
1288041560 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDN00400B / JLDN0758C |
|
|
|
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PAN No.: [Permanent Account No.] |
AACCN3563A |
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|
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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
: |
The company operates in two segments, Textile
and Sugar. It offers cotton, dyed cotton, spun, blended, polyester,
industrial, open end, open end slub, TFO, specialized, eli twist, core spun,
and vortex yarns. The company also provides various fabrics, including cotton
and cotton blends, GSM, woven vibrancy, yarns used, end use, indigo yarn dyed
shirting, performance, and specialty fabrics. In addition, it produces and
sells various types and grades of sugar and allied products. (From Indirect
source) |
|
|
|
|
No. of Employees
: |
11476 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 17000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is part of the Ludhiana based NAHAR GROUP. It was incorporated in September 1983 as Oswal Fats & Oils Limited and in the year 1994 name changed to present one. The company has started with manufacturing of fatty acid, toilet soaps and vanaspati ghee and it has over the years completely diversified into the textile business with limited presence in sugar business as well, both through capacity expansion and merger of the group companies. The company is presently primarily engaged in spinning, weaving and fabric processing activities. furthermore, company also has a sugar unit with a capacity of crushing 4,000 tons of sugarcane per day. The ratings also take into consideration the adverse financial metrics of the company as reflected by its loss making nature of operations, moderate capital structure and weak debt coverage metrics during FY 2015. The rating continues to be constrained by the vulnerability of the domestic spinning industry to the level of the export volumes, given the high export dependence along with high working capital intensity of operations and seasonal nature of cotton availability that requires stocking during the harvest season. The stocking requirement will continue to keep the leverage high and profitability vulnerable to volatility in the cotton prices. The rating also factors in the company’s susceptibility to the cyclicality in the spinning sector given the substantial fixed overheads and large scheduled debt repayments. Furthermore, during the investigation on the subject it was found that the subject company defaulted hefty amounts with 3 major banks i.e. ICICI Bank (Rs. 451.100 Millions), HDFC Bank (Rs. 84.500 Millions), Deutsche Bank (Rs. 494.600 Millions), which has an important replication on the rating. However, rating weakness is partially offset by operational and financial flexibility enjoyed by the company on account of being part of the Ludhiana (Punjab) based Nahar group marked by long track record of business operations in the textile business with an established market presence and distribution network. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealings with great caution. |
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 |
ICRA |
|
Rating |
Long-term Fund Based = A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
August 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short-term Non Fund Based = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
August 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
|
Bank |
Branch |
Quarter |
Borrower Name |
Directors Name |
Outstanding Amount (Rs. in million) |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
31.03.2010 |
Nahar Industrial Enterprises Limited |
Dinesh Gogna, Kamal Oswal, Dinesh Oswal |
494.600 |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
31.06.2010 |
Nahar Industrial Enterprises Limited |
Dinesh Gogna, Dinesh Oswal, Kamal Oswal |
494.600 |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
31.09.2010 |
Nahar Industrial Enterprises Limited |
Dinesh Oswal, Kamal Oswal, Dinesh Gogna |
494.600 |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
31.12.2010 |
Nahar Industrial Enterprises Limited |
Dinesh Gogna, Kamal Oswal, Dinesh Oswal |
494.600 |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
31.03.2011 |
Nahar Industrial Enterprises Limited |
Dinesh Oswal, Kamal Oswal, Dinesh Gogna |
494.600 |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
30.06.2011 |
Nahar Industrial Enterprises Limited |
Kamal Oswal, Dinesh Oswal, Dinesh Gogna |
494.600 |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
30.09.2011 |
Nahar Industrial Enterprises Limited |
Dinesh Gogna, Dinesh Oswal, Kamal Oswal |
494.600 |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
31.12.2011 |
Nahar Industrial Enterprises Limited |
Kamal Oswal, Dinesh Gogna, Dinesh Oswal |
494.600 |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
31.03.2015 |
Nahar Industrial Enterprises Limited |
Kamal Oswal, Dinesh Oswal, Dinesh Gogna |
494.600 |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
30.06.2015 |
Nahar Industrial Enterprises Limited |
Kamal Oswal, Dinesh Oswal, Dinesh Gogna |
494.600 |
|
DEUTSCHE BANK |
FORT BRANCH, MUMBAI |
30.09.2015 |
Nahar Industrial Enterprises Limited |
Kamal Oswal, Dinesh Oswal, Dinesh Gogna |
494.600 |
|
HDFC BANK LIMITED |
LUDHIANA |
30.09.2012 |
Nahar Industrial Enterprises Limited |
AMRIT SINGH SOHI, KANWAR SAIN |
84.500 |
|
HDFC BANK LIMITED |
LUDHIANA |
31.12.2012 |
Nahar Industrial Enterprises Limited |
NARAYAN DASS JAIN, YASH PAUL |
84.500 |
|
HDFC BANK LIMITED |
LUDHIANA |
31.03.2013 |
Nahar Industrial Enterprises Limited |
NARAYAN DASS JAIN, JAWAHAR LAL |
84.500 |
|
HDFC BANK LIMITED |
LUDHIANA |
30.06.2013 |
Nahar Industrial Enterprises Limited |
KAMAL OSWAL, HARBHAJAN KAUR |
84.500 |
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 DECLINED
Management Non Cooperative
LOCATIONS
|
Registered Office/ Administrative Office : |
Focal Point, Ludhiana – 141010, Punjab, India |
|
Tel. No.: |
91-161-2672590/ 592/ 591 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
91-161-2670596/ 2674072 |
|
E-Mail : |
|
|
Website : |
|
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Location : |
Owned |
|
|
|
|
|
Nagar Tower Industrial Area – A, Ludhiana – 141003, Punjab, India |
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Tel. No.: |
91-161-2600701 to 705 |
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Fax No.: |
91-161-2600709 / 2601956 |
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E-Mail : |
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Corporate Office 2 : |
G.T. Road, Sherpur, Ludhiana – 141003, Punjab, India |
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Tel. No.: |
91-161-2542501 to 07 |
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Fax No.: |
91-161-2542509 |
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E-Mail : |
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Factory 1 : |
Arham Spinning
Mills Village Udaipur / Khijuriwas, Bhiwadi, District Alwar, Rajasthan,
India |
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Factory 2 : |
Spinning Unit, Spinning Unit- II, Spinning Unit-III, Spinning Unit-IV Village Jalalpur, Chandigarh-Ambala Road, Lalru, District Mohali,
Punjab, India |
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|
|
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Factory 3 : |
Sambhav Spinning
Mills Industrial Focal Point, Phase VIII, Mundian Kalan, District Ludhiana,
Punjab, India |
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Factory 4 : |
Fabrics Unit Village Jalalpur, Chandigarh-Ambala Road, Lalru, District Mohali,
Punjab, India |
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Factory 5 : |
New Process and
Dyeing Village Jalalpur, Chandigarh-Ambala Road, Lalru, District Mohali,
Punjab, India |
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Factory 6 : |
Nahar Sugar Village Salana Jeon Singh Wala, Tehsil
Amloh, District Fatehgarh Sahib, Punjab, India |
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Factory 7 : |
Nahar Complex, P.O. Dappar, 21st Mile Stone,
Ambala-Chandigarh Road, Near Lalru, Mohali - 140506, Punjab, India |
|
Tel No.: |
91-1762-506503 / 506566 |
|
Fax No.: |
91-1762-506567 |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Harbhajan Kaur Bal |
|
Designation : |
Director |
|
Address : |
House No 2322, Phase 11, Mohali - 160065, Punjab, India |
|
Date of Appointment : |
30.06.2001 |
|
DIN No.: |
00008576 |
|
|
|
|
Name : |
Mr. Navdeep Sharma |
|
Designation : |
Director |
|
Address : |
200 - E, Kitchlu Nagar, Ludhiana - 141001, Punjab, India |
|
Date of Appointment : |
12.08.2015 |
|
DIN No.: |
00454285 |
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|
|
|
Name : |
Mr. Jawahar Lal Oswal |
|
Designation : |
Director |
|
Address : |
514, College Road, Civil Lines, Ludhiana - 141001, Punjab, India |
|
Date of Appointment : |
14.10.1991 |
|
DIN No.: |
00463866 |
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|
Name : |
Mr. Kamal Oswal |
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Designation : |
Managing Director |
|
Address : |
514, College Road, Civil Lines,, Ludhiana - 141001, Punjab, India |
|
Date of Appointment : |
27.09.83 |
|
DIN No.: |
00493213 |
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Name : |
Mr. Dinesh Gogna |
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Designation : |
Director |
|
Address : |
H.No.30-H, Bhai Randhir Singh Nagar, Ludhiana - 141001, Punjab, India |
|
Date of Appointment : |
07.12.2006 |
|
DIN No.: |
00498670 |
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|
|
|
Name : |
Mr. Dinesh Oswal |
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Designation : |
Director |
|
Address : |
514, College Road, Ludhiana - 141001, Punjab, India |
|
Date of Appointment : |
15.12.1988 |
|
DIN No.: |
00607290 |
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|
|
|
Name : |
Mr. Yash Paul Sachdeva |
|
Designation : |
Director |
|
Address : |
702-HJ, Bhai Randhir Singh Nagar, Ludhiana - 141012, Punjab, India |
|
Date of Appointment : |
31.07.2008 |
|
DIN No.: |
02012337 |
|
|
|
|
Name : |
Mr. Ajit Singh Chatha |
|
Designation : |
Director |
|
Address : |
House No 333, Sector 9-D, Chandigarh - 160009, Chandigarh, India |
|
Date of Appointment : |
27.03.2013 |
|
DIN No.: |
02289613 |
|
|
|
|
Name : |
Mr. Amrik Singh Sohi |
|
Designation : |
Director |
|
Address : |
H No.73-B, Rajguru Nagar, Ludhiana- 141012, Punjab, India |
|
Date of Appointment : |
12.08.2011 |
|
DIN No.: |
03575022 |
|
|
|
|
Name : |
Mr. Vijay Asdhir |
|
Designation : |
Director |
|
Address : |
1763, Phase- I, Urban Estate Dugri, Ludhiana - 141013, Punjab, India |
|
Date of Appointment : |
14.02.2015 |
|
DIN No.: |
06671174 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat Bhushan Gupta |
|
Designation : |
Chief Finance Officer |
|
Address : |
Plot No. 16, Shakti Vihar, Badi Haibowal, Ludhiana - 141001, Punjab, India |
|
Date of Appointment : |
11.08.2014 |
|
PAN No.: |
ABZPG5548F |
|
|
|
|
Name : |
Mr. Mukesh Sood |
|
Designation : |
Secretary |
|
Address : |
279-C, Bhai Randhir Singh Nagar, Ludhiana - 141012, Punjab, India |
|
Date of Appointment : |
01.04.2005 |
|
PAN No.: |
ADDPS6997E |
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 |
||
|
|
|
|
|
|
1324 |
0.00 |
|
|
27237877 |
68.38 |
|
|
27239201 |
68.38 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
27239201 |
68.38 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
18352 |
0.05 |
|
|
8635 |
0.02 |
|
|
169463 |
0.43 |
|
|
112 |
0.00 |
|
|
306585 |
0.77 |
|
|
306585 |
0.77 |
|
|
503147 |
1.26 |
|
|
|
|
|
|
480318 |
1.21 |
|
|
|
|
|
|
6417670 |
16.11 |
|
|
5194805 |
13.04 |
|
|
12092793 |
30.36 |
|
Total
Public shareholding (B) |
12595940 |
31.62 |
|
Total
(A)+(B) |
39835141 |
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) |
39835141 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company operates in two segments,
Textile and Sugar. It offers cotton, dyed cotton, spun, blended, polyester,
industrial, open end, open end slub, TFO, specialized, eli twist, core spun,
and vortex yarns. The company also provides various fabrics, including cotton
and cotton blends, GSM, woven vibrancy, yarns used, end use, indigo yarn dyed
shirting, performance, and specialty fabrics. In addition, it produces and
sells various types and grades of sugar and allied products. (From Indirect
source) |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
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Agencies Held : |
Not Divulged |
|
|
|
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Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
11476 (Approximately) |
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Bankers : |
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Facilities : |
Long Term
Borrowing: Term loan from IDBI Bank Limited, Canara Bank, State Bank of Patiala, State Bank of India, State Bank of Hyderabad, Allahabad Bank, Punjab National Bank, Axis Bank , State Bank of Mysore, Punjab and Sind Bank and Corporation Bank are secured by hypothecation as pari-passu first charge on whole of the immovable properties of the Company situated at Village Jalalpur, Chandigarh Ambala Road, Lalru, Distt. Mohali, Industrial Focal Point, Phase VIII, Village Mundian, Distt. Ludhiana, Village Jalaldiwal, Near Raikot, Distt. Ludhiana (Punjab), Village Udaipur / Khijuriwas, Bhiwadi, Distt. Alwar (Rajasthan), Focal Point Phase IV Ludhiana (Punjab) and Village Salana Jeon Singh Wala, Tehsil Amloh, Distt. Fatehgarh Sahib (Punab) including the Company's movable Plant and Machinery, Machinery Spares and other moveables both present and future and subject to the charge or charges created or to be created by the Company in favour of its Bankers on its movables and also personally guaranteed by some of the Directors of the Company. Short-Term
Borrowings Working Capital Borrowings are secured by hypothecation of stock of Raw Materials, Work-in-Progress, Finished Goods, Stores and Book Debts and further secured by 2nd charge on Fixed Assets of the Company and also personally guaranteed by some of the Directors of the Company |
|
Auditors : |
|
|
Name : |
Raj Gupta and Company Chartered Accountant |
|
Administrative
Office: |
549/10, |
|
E-Mail : |
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|
Website : |
|
|
|
|
|
Head Office : |
3049/1, Sector 38-D, Chandigarh – 160036, India |
|
Tel No.: |
91-161-2430089 |
|
Mobile No.: |
91-9815643637 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
|
|
|
|
|
Enterprises in
which Key Management Personnel and relative of such personnel is able to
exercise significant influence or control : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 650.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39,835,141 |
Equity Shares |
Rs. 10/-
each |
Rs. 398.351
Millions |
|
|
Add : Shares Forfeited Account (Amount originally paid up) |
|
Rs. 1.991
Million |
|
|
Total |
|
Rs. 400.342 Million |
Reconciliation of the
number of equity shares outstanding:
|
Particular |
As on 31.03.2013 |
|
At the beginning of the period |
39835141 |
|
Less : Shares Forfeited |
-- |
|
Outstanding at the end of period |
39835141 |
Terms/rights attached
to equity shares:
The company has only one class of Equity Shares having Face value of 10/- each. Each holder of equity share is entitled to only one vote per share.
Detail of
Shareholders holding more than 5%shares:
|
Shareholders |
Number |
% of holding |
|
Nahar Capital and Financial Services Limited |
9336745 |
23.44 |
|
J L Growth Fund Limited |
3421836 |
8.59 |
|
Nahar Poly Films Limited |
2708800 |
6.80 |
|
Vardhman Investments Limited |
2277955 |
5.72 |
|
Oswal Woollen Mills Limited |
2094819 |
5.26 |
|
Nagdevi Trading and Investment Company Limited |
2273625 |
5.71 |
|
Kovalam Investment and Trading Company Limited |
2068920 |
5.19 |
|
Ashish Dhawan |
2590124 |
6.50 |
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 |
400.342 |
400.342 |
400.342 |
|
(b) Reserves & Surplus |
5394.206 |
6009.118 |
5363.556 |
|
(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) |
5794.548 |
6409.460 |
5763.898 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4208.719 |
4735.785 |
5516.430 |
|
(b) Deferred tax liabilities
(Net) |
218.101 |
325.326 |
189.126 |
|
(c) Other long term
liabilities |
77.181 |
86.697 |
160.445 |
|
(d) long-term provisions |
57.101 |
24.690 |
34.864 |
|
Total
Non-current Liabilities (3) |
4561.102 |
5172.498 |
5900.865 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4093.391 |
4624.477 |
5089.751 |
|
(b) Trade payables |
1047.046 |
566.110 |
722.490 |
|
(c) Other current liabilities |
1912.720 |
2063.637 |
1718.939 |
|
(d) Short-term provisions |
73.345 |
112.642 |
106.173 |
|
Total
Current Liabilities (4) |
7126.502 |
7366.866 |
7637.353 |
|
|
|
|
|
|
TOTAL |
17482.152 |
18948.824 |
19302.116 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6130.208 |
7345.376 |
7663.857 |
|
(ii) Intangible Assets |
17.125 |
6.435 |
0.000 |
|
(iii) Capital work-in-progress |
398.702 |
342.774 |
124.305 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1383.441 |
1390.603 |
1390.598 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
114.012 |
110.715 |
124.374 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
8043.488 |
9195.903 |
9303.134 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
6396.778 |
6325.353 |
6765.201 |
|
(c) Trade receivables |
1741.818 |
2105.145 |
1696.489 |
|
(d) Cash and cash equivalents |
34.440 |
24.822 |
21.925 |
|
(e) Short-term loans and
advances |
223.440 |
359.144 |
633.590 |
|
(f) Other current assets |
1042.188 |
938.457 |
881.777 |
|
Total
Current Assets |
9438.664 |
9752.921 |
9998.982 |
|
|
|
|
|
|
TOTAL |
17482.152 |
18948.824 |
19302.116 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
18029.547 |
18495.141 |
17104.385 |
|
|
Other Income |
56.646 |
64.638 |
79.002 |
|
|
TOTAL
(A) |
18086.193 |
18559.779 |
17183.387 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
9656.627 |
10267.873 |
8719.351 |
|
|
Purchases of Stock-in-Trade |
56.110 |
43.894 |
171.239 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
305.159 |
(856.784) |
(64.847) |
|
|
Employees benefits expense |
1590.805 |
1413.051 |
1240.943 |
|
|
Other expenses |
4428.663 |
4379.187 |
4081.665 |
|
|
TOTAL
(B) |
16037.364 |
15247.221 |
14148.351 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
2048.829 |
3312.558 |
3035.036 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1048.793 |
1058.728 |
1310.262 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1000.036 |
2253.830 |
1724.774 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1352.406 |
1203.085 |
1104.826 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(352.370) |
1050.745 |
619.948 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(72.302) |
358.270 |
201.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(280.068) |
692.475 |
418.448 |
|
|
|
|
|
|
|
Add |
Transfer
from Contingent liability Reserve |
79.902 |
0.000 |
5.512 |
|
|
|
|
|
|
|
Less |
Depreciation
pursuant to enactment of schedule II of the Companies Act, 2013 |
334.844 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on Equity
Share |
0.000 |
39.835 |
39.835 |
|
|
Corporate Dividend Tax |
0.000 |
7.078 |
6.462 |
|
|
Total
(M) |
334.844 |
46.913 |
46.297 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
(535.010) |
645.562 |
377.663 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1871.806 |
2396.107 |
2497.498 |
|
|
Other |
0.000 |
0.000 |
9.028 |
|
|
TOTAL
EARNINGS |
1871.806 |
2396.107 |
2506.526 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
80.722 |
0.000 |
27.378 |
|
|
Capital Goods and Stores parts |
212.033 |
357.198 |
268.616 |
|
|
TOTAL
IMPORTS |
292.755 |
357.198 |
295.994 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(7.03) |
17.38 |
10.5 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
1428.376 |
1686.374 |
1379.387 |
|
Cash generated from operations |
2967.527 |
3347.035 |
1278.916 |
|
Net cash flow from operating activity |
2942.941 |
3100.377 |
1184.863 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
30.09.2015 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
4329.680 |
3873.200 |
|
Total Expenditure |
3823.010 |
3455.980 |
|
PBIDT (Excl OI) |
506.670 |
417.220 |
|
Other Income |
12.440 |
5.140 |
|
Operating Profit |
519.110 |
422.360 |
|
Interest |
223.190 |
185.240 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
295.920 |
237.120 |
|
Depreciation |
236.860 |
226.700 |
|
Profit Before Tax |
59.060 |
10.420 |
|
Tax |
20.000 |
-0.500 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
39.060 |
10.920 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
39.060 |
10.920 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(1.55) |
3.74 |
2.45 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.36 |
17.91 |
17.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.24) |
6.10 |
3.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06) |
0.16 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.68 |
1.72 |
2.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.32 |
1.31 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.55.90/- |
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 |
400.342 |
400.342 |
400.342 |
|
Reserves & Surplus |
5363.556 |
6009.118 |
5394.206 |
|
Net
worth |
5763.898 |
6409.460 |
5794.548 |
|
|
|
|
|
|
long-term borrowings |
5516.430 |
4735.785 |
4208.719 |
|
Short term borrowings |
5089.751 |
4624.477 |
4093.391 |
|
Current Maturities Of Long-Term Debts |
1379.387 |
1686.374 |
1428.376 |
|
Total
borrowings |
11985.568 |
11046.636 |
9730.486 |
|
Debt/Equity
ratio |
2.079 |
1.723 |
1.679 |
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 |
17104.385 |
18495.141 |
18029.547 |
|
|
|
8.131 |
(2.517) |
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 |
17104.385 |
18495.141 |
18029.547 |
|
Profit |
418.448 |
692.475 |
(280.068) |
|
|
2.45% |
3.74% |
(1.55%) |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 |
LITIGATION
DETAILS:
HIGH
COURT OF PUNJAB AND HARYANA
CHANDGARH
|
Case Details For Case CRM-31050-2012 |
||||
|
Diary Number |
829854 |
District |
LUDHIANA |
|
|
Category |
-- |
Main Case Detail |
CRR-1546-2012 |
|
|
Party Detail |
M/S DESIRE CLOTHING AND ANR. V/S NAHAR INDUSTRIAL ENTERPRISES LIMITED
AND ANR. |
|||
|
Advocate Name |
PREMJIT S. HUNDAL |
List Type |
||
|
Status |
PENDING |
Next date |
|
|
|
|
||||
|
Case Listing Details |
||||
|
No Listing Data Available |
||||
|
Judgment Details For Case: CRM-31050-2012 |
||||
|
Order Date |
Order Type |
Bench |
Judgment Link |
|
|
No Judgment/Order Found. |
||||
|
||||
PERFORMANCE REVIEW
In view of the Accounting Standard (AS) - 17 (Segment Reporting). The Company operates in two main segments i.e. Textile and Sugar.
i Textile : The textile division accounts for 93.30% of the total turnover of the company for the year ended 31st March, 2015. The Business wise performance of this segment is asunder:
a. Yarn: The Company has produced 69,890 MTs of yarn as against 70,595 MTs in the previous year.
b. Fabric: The Company has produced Rs. 70.233 Million meters of fabrics (both grey and processed) as against Rs. 72.878 Million meters in the previous year. The total turnover of this segment (Yarns and Fabrics) has decreased to Rs. 1666.850 Million as against Rs.17044.200 Million in the previous year.
ii. Sugar: The Company has produced 393,430 Qtls. Of sugar as against 412,720 Qtls. in the previous year. The total turnover of this segment is Rs. 1195.800 Million as against Rs.1216.600 Million in the previous year.
OVERALL PERFORMANCE
During the year the company has achieved operational income of Rs. 18074.000 Million as against Rs. 18545.700 Million. The company has earned Profit before finance cost, Depreciation and tax of Rs. 2048.800 Million as against Rs.3312.600 Million in the previous year. After providing for Finance Cost of Rs. 1048.800 Million (previous year Rs. 1058.700 Million), Depreciation of Rs. 1352.400 Million (previous year Rs. 1203.100 Million) and Tax Expenses of Rs. (72.300) Million (previous year Rs. 358.300 Million) (inclusive of Deferred Tax) the Profit/(Loss) for the year comes to Rs. (280.100) Million as against Rs. 692.500 Million in the previous year.
2014-15 was the challenging year for the Indian Textile industry. There was sluggish demand of the textile products both in the domestic as well as export market dueto steep decline in export of cotton yarn to China which hascreated excess supply in the domestic market and the pressure of finished goods was mounted at mills level, pushed the Companies to sell its products at lower prices which in turn affected the Company's financial performance.
The Sugar Unit of the Company had suffered a Cash Loss of Rs. 229.000 Million during the year in comparison to the Cash Profit of Rs. 40.200 Million earned during the previous year due to higher MSP of the Sugar Cane (basic Raw material) fixed by the Govt. Their company could not even recover its raw material cost in the realized value of the sugar.
Consequent to the enactment of the Companies Act, 2013 and its applicability for accounting periods commencing from 1st April, 2014, the Company has recalculated the remaining useful life of fixed assets in accordance with the provisions of Schedule-II of the Act. The depreciation and amortization expenses charged for the year ended 31st March, 2015 would have been lowered by ` 1,966.66 Lacs had the company continued with the previously prescribed depreciation rates as per Schedule XIV of the Companies Act, 1956.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT 2015
Overview of the
Economy
During FY 2014-15 global economies has not grown as expected. However Indian economy has shown some signs of recovery and grew by 7.4% (as per new method of estimating GDP) as compared to 6.9% in FY 2013-14. Indian economy in the coming years is expected to grow at a rapid pace due to substantial reduction in crude oil prices, reduced inflation, strong investor sentiment and with the new stable Government at the centre which is committed to several reforms. The Government envisages GDP growth to accelerate to 8% in Financial Year 2015-16 driven by strengthening macroeconomics fundamentals and implementation of policy reforms recently announced. In the absence of supporting global demand, the domestic market will need to drive economic growth in the coming years.
Industry Structure
/Development (Textiles)
The Indian textile and apparel industry (Textile Industry) has an overwhelming presence in the Indian economy. It plays an important role through its contribution to industrial output, employment generation and the export earnings of the country and meets out the basic needs of the people at large popularly pronounced as Roti, Kapada aur Makan. After agriculture, the Textile Industry is the second largest employment provider in the country. It is also an established fact that in any country which is on the path of growth from developing to developed countries, growth of textile industry becomes a priority. The textile and apparel industry has always been an important sector for the Government. Thus for the development and to keep it competitive, the Government has been supporting the textile industry through various policies initiatives from time to time.
Indian Government has taken various initiatives to give a further push to the textile industry which includes reducing India's dependence on US and EU markets. The Government, under the Focus Market Scheme, introduced duty credit scrip which the textile exporters can avail on export to 26 additional countries apart from existing destinations. 100% FDI is allowed in the Indian Textile Sector under the Automatic Route. In addition in 2013, the Indian Government signed MOUs with Governments of various countries such as Mauritius, Japan, Romania, Sri Lanka and Myanmar in order to provide boost to the Indian textile sector. The 'Make in India' campaign launched by the Government intends to provide a further boost to the Indian textile industry and enable it to achieve 20% growth in exports and sustain 12% growth rate in domestic market till 2024-25 as suggested by report of expert committee on Vision, Strategy and Action Plan for Indian Textiles and Apparel Sector. The campaign also focused on providing investment opportunities for foreign companies and entrepreneurs across the entire value chain.
As per the plan for 2012-17, the Integrated Skill Development Scheme aims to train over 26,75,000 people up to 2017,covering all sub sectors of the textile segment. In Budget 2015, a sum of Rs. 5 bn was allocated for developing textile mega-cluster and also allocated Rs. 100 mn to set up a Trade Facilitation Centre and a Crafts Museum to develop and promote handloom products. These factors combined with entrepreneurial ability and capability to build infrastructure will be key success factors for India's rise in global trade.
For the Textiles industry, the global focus is shifting from China to India on account of various factors i.e. increased labor cost, currency value and stability which is providing new place of opportunities as per the theory of "expected vacating places". The Government's positive steps are expected to help this shift and offer an excellent opportunity for increasing textile exports to the overseas markets. The developed countries including US, UK and Japan all are looking at India as suitable and reliable choice for their requirement of garments. This is a huge opportunity and it must be grabbed by the Indian Textile Industry so that it can increase its share in the global market.
The initiatives taken by the Indian Government to further boost the textile industry coupled with the recent developments in the global market are expected to widen the export markets for the textile exporters and also help in driving textile growth in the domestic market.
From the above it is evident that there are ample opportunities for the industry to increase its share in the domestic as well as global markets. Seeing the good prospects of growth of the Textile Industry, the Government of India through its National Textile Policy and National Textile vision document has set the target for Indian Textile and Apparel industry to $350 billion by 2025(domestic $200 billion and Export $150 billion).
Outlook
There is scope for growth in the Textile Industry as India's share in the global trade in textiles is weak, compared to other countries. The free trade environment is a good opportunity for Indian textile industry to increase its share in the global market. In the mid-long term, the Indian textile industry is expected to grow very strongly with growth being balanced from both domestic consumption as well as exports demand. The prospects of long-term growth in India remain strong as it brings a rare set of strengths: stable democratic Governments, capable private sector, huge consumer base, coupled with the availability of raw material and skills, India's growing young population and rising income have been a key determinant of demand growth. All of the above will create a huge market opportunity for companies to take long-term opportunity.
The company has positioned itself as one of the leading integrated textile player to reap the benefits of economies of scale and become globally competitive in terms of cost and quality. The management of the company is making all efforts to meet the prevailing concern by focusing its efforts on improving operational parameters and effective raw material procurement and marketing strategies to reduce the cost pressure. The Company keeps reviewing its strategy in the light of changes.
Industry
Structure/Development (Sugar)
The Indian sugar industry is characterized by the coexistence of private, co-operative and public sector. It is the second largest producer of Sugar in the World. It is the second largest agro based industry after textiles. The growth of sugar industry has powerful impact on the rural economy. The Indian sugar industry in the last few years has produced a surplus sugar over its domestic requirement. This is an outcome of a skewed cane pricing policy of the Government that has recklessly incentivized farmers to produce excess cane at prices far beyond what the industry can afford. The arbitrary fixing of cane prices by state Governments over and above the prices fixed by the Central Government (on the basis of recommendations made by Commission on Agricultural Costs and Prices) has virtually broken the back of sugar industry. The steep rise in sugar cane price year after year coupled with tumbling sugar prices has impacted the profitability of sugar Companies this year and are reflected in the financial performance of the Sugar Companies. Consequently, several sugar mills have been reeling under heavy losses; few have fallen sick and used their working capital facilities to fund these losses. They are no exception to the general phenomena now prevalent and faced by sugar industry. In the financial year 2014-15, the sugar segment of the Company has suffered cash loss of ` 22.90 crore which has affected the overall performance of the Company.
Outlook
The Central Government upon the recommendation of Dr. C. Rangarajan Committee scraped the levy obligation and dismantled the release mechanism. The Rangarajan Committee recommendations for the sugar industry mandating sugarcane prices to be linked to the realization of sugar and its by-products still awaits full implementation by the sugar producing States. The sugar sector has an important role in ensuring food and energy security in the country. It has tremendous opportunities to meet food, fuel and power needs. For this to happen, supportive policy regime is required both at the Central and State Government levels. At these high uneconomical rates, it is virtually impossible for the sugar industry to buy cane, crush them and manage to survive. One hopes that the Government will decisively intervene. The cane farmer cannot survive unless the sugar industry survives and is economically viable. Uneconomical cane pricing has led the sugar industry to the verge of closure. Sugar prices have now been hovering far below the cost of production. As a result, sugar industry is under pressure. The sugar industry is virtually under pressure and it requires a supportive policy from the Government.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans And Advances from Related Parties |
505.398 |
421.401 |
|
Total |
505.398 |
421.401 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10592289 |
27/08/2015 |
108,900,000.00 |
Punjab & Sind Bank |
Specialized Corporate Finance Branch, Bansal Complex, Dholewal Chowk,
G.T. Road, Ludhiana, Punjab |
C64831811 |
|
2 |
10554655 |
30/03/2015 * |
300,000,000.00 |
State Bank of Patiala |
Commercial Branch, Aarti Complex,, Miller Ganj, Ludhiana, Punjab -
141003, INDIA |
C49443484 |
|
3 |
10553833 |
30/03/2015 * |
300,000,000.00 |
State Bank of Hyderabad |
15/179, Sona Complex, G.T. Road, Miller Ganj, Ludhiana, Punjab -
141010, INDIA |
C49540669 |
|
4 |
10542622 |
30/03/2015 * |
230,000,000.00 |
Allahabad Bank |
Industrial Finance Branch, 165-Industrial Area-A, |
C50343417 |
|
5 |
10545873 |
26/12/2014 |
400,000,000.00 |
Punjab National Bank |
Industrial Area Branch,, Near Manju Cinema, Miller Ganj, Ludhiana,
Punjab - 141001, INDIA |
C41813932 |
|
6 |
10511273 |
30/03/2015 * |
825,000,000.00 |
State Bank of India |
Industrial Finance Branch, Golden Tower,, Dholewa |
C51121325 |
|
7 |
10486529 |
26/07/2014 * |
99,678,000.00 |
IDBI Bank Limited |
S.C.O. 126-128, Ist Floor,, Kalinga Tower, Feroze |
C14449425 |
|
8 |
10408509 |
06/06/2014 * |
250,000,000.00 |
IDBI Bank Limited |
S.C.O. 126-128, Kalinga Tower, Feroze Gandhi Market, Ludhiana, Punjab
- 141001, INDIA |
C06059679 |
|
9 |
10403559 |
06/06/2014 * |
400,000,000.00 |
State Bank of India |
IFB, Golden Tower, Dholewal Chowk, Ludhiana, Punjab - 141001, INDIA |
C07106065 |
|
10 |
10347326 |
06/06/2014 * |
300,000,000.00 |
State Bank of Patiala |
Commercial Branch, Aarti Complex, Miller Ganj, Ludhiana, Punjab -
141001, INDIA |
C06181556 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER 2015
(Rs. In Million)
|
|
|
Particulars |
quarter ended
30.09.2015 |
quarter ended
30.06.2015 |
Half year ended
30.09.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
3853.229 |
4307.381 |
8160.610 |
|
|
|
b) Other Operating Income |
19.975 |
22.300 |
8202.885 |
|
|
Total Income from
Operations (Net) |
3873.204 |
4329.681 |
8202.885 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
2076.215 |
1921.428 |
3997.643 |
|
|
b) |
Purchase of Stock-in-trade |
17.101 |
8.840 |
25.941 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(157.325) |
405.409 |
248.084 |
|
|
d) |
Employee benefit expenses |
443.596 |
407.401 |
850.997 |
|
|
e) |
Depreciation and amortization expense |
226.703 |
236.855 |
463.558 |
|
|
f) |
Power and Fuel |
617.883 |
599.730 |
1217.613 |
|
|
g) |
Other expenses |
458.515 |
480.208 |
938.723 |
|
|
Total Expenses |
3682.688 |
4059.871 |
7742.559 |
|
|
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
190.516 |
269.810 |
460.326 |
|
4 |
Other Income |
5.138 |
12.439 |
17.577 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
195.654 |
282.249 |
477.903 |
|
|
6 |
Finance Costs |
185.239 |
223.191 |
408.430 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
10.415 |
59.058 |
69.473 |
|
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
10.415 |
59.058 |
69.473 |
|
|
10 |
Tax Expense |
(0.005) |
20.000 |
19.500 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
10.915 |
39.058 |
49.973 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
398.351 |
398.351 |
398.351 |
|
|
13 |
Reserve excluding revaluation reserves |
|
|
|
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic & Diluted |
0.27 |
0.98 |
1.25 |
|
|
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
12595940 |
12609940 |
12595940 |
|
|
|
- No. of Shares |
31.62 |
31.66 |
31.62 |
|
|
|
- Percentage of Shareholding |
|
|
|
|
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 the promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
27239201 |
27225201 |
27239201 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
68.38% |
68.34% |
68.38% |
|
Particulars |
Quarter Ended 30.09.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
24 |
|
Disposed of during the quarter |
24 |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH SEPTEMBER
2015
(Rs. In Million)
|
Particulars |
quarter ended
30.09.2015 |
quarter ended
30.06.2015 |
Half year ended
30.09.2015 |
|
Particulars |
|||
|
Segment Revenue |
|
|
|
|
a)Textile |
3516.268 |
4087.432 |
7603.700 |
|
b) Sugar |
334.944 |
214.932 |
549.876 |
|
c) Others |
2.017 |
5.034 |
7.051 |
|
Total |
3853.229 |
4307.398 |
8160.627 |
|
Less: Inter Segment Revenue |
-- |
0.017 |
0.017 |
|
Net Sales/Income
from Operations |
3853.229 |
4307.381 |
8160.610 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit/(Loss) before Tax .Exceptional items and Interest |
|
|
|
|
from each segment |
|
|
|
|
a)Textile |
260.316 |
333.421 |
593.737 |
|
b) Sugar |
(61.758) |
(50.681) |
(112.439) |
|
c) Others |
(2.904) |
(0.491) |
(3.395) |
|
Total |
195.654 |
282.249 |
477.903 |
|
Less: i) Interest |
185.239 |
223.191 |
408.430 |
|
II) Exceptional Items |
-- |
-- |
-- |
|
Total Profit /
(Loss) before Tax |
10.415 |
59.058 |
69.473 |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
(Segment assets - Segment Liabilities) |
|
|
|
|
a)Textile |
8571.789 |
8753.965 |
8571.789 |
|
b) Sugar |
626.655 |
677.001 |
626.655 |
|
c) Other (unallocable) |
1800.100 |
1838.116 |
1800.100 |
|
Total |
10998.544 |
11269.082 |
10998.544 |
STATEMENT OF ASSETS ANS LIABILITIES AS ON 30TH SEPTEMBER
2015
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
(Half
Year ended) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
400.342 |
|
(b) Reserves & Surplus |
5444.179 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5844.521 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
3689.427 |
|
(b) Deferred tax liabilities
(Net) |
176.101 |
|
(c) Other long term
liabilities |
77.050 |
|
(d) long-term provisions |
57.101 |
|
Total
Non-current Liabilities (3) |
3999.679 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
2441.296 |
|
(b) Trade payables |
452.242 |
|
(c) Other current liabilities |
1789.957 |
|
(d) Short-term provisions |
60.471 |
|
Total
Current Liabilities (4) |
4743.966 |
|
|
|
|
TOTAL |
14588.166 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
6195.273 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
1383.441 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
113.982 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
7692.696 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
3773.767 |
|
(c) Trade receivables |
1771.728 |
|
(d) Cash and cash equivalents |
34.081 |
|
(e) Short-term loans and
advances |
413.731 |
|
(f) Other current assets |
902.163 |
|
Total
Current Assets |
6895.470 |
|
|
|
|
TOTAL |
14588.166 |
The above results were reviewed by the Audit Committee of Directors on 14th,November, 2015 and taken on record by the Board of Directors at its meeting held on14th November, 2015.
2. The above unaudited results have been reviewed by the Statutory Auditors as
per clause 41 of the listing agreement Tax expense includes current tax and
deferred tax.
3. Previous period's figures have been regrouped / rearranged whereever
considered necessary.
4. Join "Green Initiative in Corporate Governance" of Ministry of
Corporate Affairs by registering I updating your latest e-mail address with
Depository Participants (DP)
CONTINGENT
LIABILITIES:
a) Estimated amount of contracts remaining to be executed on capital account (net of advances/ Letter of credit issued) Rs.539.867 Million (Previous year Rs.101.003 Million).
b) Letter of Credits in favour of suppliers and others Rs. 69.498 Million (Previous year Rs. 86.881 Million).
c) Bank Guarantees in favour of suppliers and others Rs. 115.911 Million (Previous year Rs. 91.608 Million).
d) Sales tax demands against which the company has preferred appeals Rs. 6.717 Million (Previous year Rs. 6.717 Million).
e) Income tax demands against which the company has preferred appeals Rs. 64.683 Million (Previous year Rs. Nil Million).
f) The Central Excise Authorities have issued show cause notices to the Company for Rs. 81.944 Million on various matters under the Central Excise Rules (Previous year Rs. 80.952 Million). The Company has filed suitable replies with the concerned authorities.
g) The Company has executed bonds / legal undertakings for an aggregate amount of Rs. 868.130 Million (Previous year Rs. 816.157 Million) in favour of the President of India for fulfillment of its obligations under the rules made under Central Excise Act, 1944 and Customs Act, 1962.
h) Claims of Rs.352.540 Million (Previous year Rs. 48.649 Million) lodged against the company on various matters are not acknowledged as debts. The company has filed suitable replies with the concerned authorities.
FIXED ASSETS
- Leasehold Land
- Freehold Land
- Building
- Plant & Machinery
- Furniture & Fixtures
- Office Equipment
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.