MIRA INFORM REPORT
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Report No. : |
356739 |
|
Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MARAL OVERSEAS LIMITED |
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|
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Registered
Office : |
Maral Sarover V. and P.O. Khalbujurg,
Tahsil Kasrawad, Disctrict: Khargone, Madhya Pradesh – 541660 |
|
Tel. No.: |
91-7285-265401/265405 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
27.01.1989 |
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Com. Reg. No.: |
10-008255 |
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Capital
Investment / Paid-up Capital : |
Rs.723.620 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L17124MP1989PLC008255 |
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|
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IEC No.: |
0590023331 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCM0230B |
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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 and selling of cotton yarn,
fabrics and garments (cut and sewn knits, casual, fashion, active wear,
sleepwear, conventional, organic, Fairtrade, men’s, ladies, kids garments.
(From Indirect Sources) |
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|
|
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No. of Employees
: |
2265 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2833000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1989 and it is engaged in manufacturing
and selling of cotton yarn, fabrics and garments (cut and sewn knits, casual,
fashion, active wear, sleepwear, conventional, organic, Fairtrade, men’s,
ladies, kids garments. The company possesses average operational performance and it has maintain
average profit margin at 2.67% during the year under review. Ratings continue to be constrained by continuation of company under
the ambit of Corporate Debt Restructuring (CDR) forum, susceptibility of
company’s profitability margins to volatility in the raw material (mainly
cotton) and yarn prices and high repayments in the medium term on account of
the ballooning repayments schedule. Ratings also factor in the competition from China, Bangladesh and
other export destinations in the garment segment and the cyclical nature of
the textile industry. Furthermore, during our investigation on the subject it is found that
subject company defaulted hefty amounts with YES Bank, which has an important
replication on the rating. Payments are reported to be slow. 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 |
15.04.2015 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short- term Bank Facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
15.04.2015 |
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 / Factory 1 : |
Maral Sarover V. and P.O.
Khalbujurg, Tahsil Kasrawad, Disctrict: Khargone, Madhya Pradesh – 541660,
India |
|
Tel. No.: |
91-7285-265401/265405 |
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Fax No.: |
91-7285-265406 |
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E-Mail : |
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Website : |
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Corporate Office : |
Bhilwara Towers,
A-12, Sector-1, Noida-201301, Uttar Pradesh, India |
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Tel No.: |
91-120-4390000 |
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Fax No.: |
91-120-4390157/ 4277841/ 4277842 |
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Factory 2 : |
Noida Unit A-11, Hosiery Complex,
Phase - II (Extension), Noida-201305, Uttar Pradesh, India |
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Tel. No.: |
91-120-4519200 / 4737401 |
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Fax No.: |
91-120-4519201 |
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Factory 3 : |
C-126, Sector-63, Noida - 201 307, Uttar Pradesh, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Shekhar Agarwal |
|
Designation : |
Managing Director |
|
Address : |
7, Sadhana Enclave, New Delhi - 110017,
India |
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Date of Appointment : |
27.01.1989 |
|
DIN No.: |
00066113 |
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|
|
|
Name : |
Mr. Dharmendar Nath Davar |
|
Designation : |
Director |
|
Address : |
B5/82, Safdarjung Enclave, New Delhi
- 110029, India |
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Date of Appointment : |
28.09.2004 |
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DIN No.: |
00002008 |
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|
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|
Name : |
Ms. Priya Shankar Dasgupta |
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Designation : |
Director |
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Address : |
J-1810, Chittaranjan Park, New Delhi - 110019, India |
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Date of Appointment : |
28.09.2004 |
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DIN No.: |
00012552 |
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|
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Name : |
Mr. Kamal Gupta |
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Designation : |
Director |
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Address : |
N-23, Sector 11, Gautam Budh Nagar, Noida
- 201301, Uttar Pradesh, India |
|
Date of Appointment : |
13.07.1991 |
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DIN No.: |
00038490 |
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|
|
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Name : |
Mr. Ravi Jhunjhunwala |
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Designation : |
Director |
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Address : |
63, Friends Colony (East), New Delhi - 110065, India |
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Date of Appointment : |
27.11.1996 |
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DIN No.: |
00060972 |
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Name : |
Mr. Shantanu Agarwal |
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Designation : |
Director |
|
Address : |
7, Sadhana Enclave, New Delhi - 110017,
India |
|
Date of Appointment : |
22.04.2014 |
|
DIN No.: |
02314304 |
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|
|
|
Name : |
Ms. Archana Capoor |
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Designation : |
Additional Director |
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Address : |
C-221, Sfs,Sheikh Sarai, Phase I, New
Delhi - 110017, India |
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Date of Appointment : |
06.11.2015 |
|
DIN No.: |
01204170 |
KEY EXECUTIVES
|
Name : |
Mr. Pratap Singh Puri |
|
Designation : |
Chief Financial Officer |
|
Address : |
E-43, Sector-40, Noida - 201303, Uttar Pradesh, India |
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Date of Appointment : |
25.07.2014 |
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PAN No.: |
AGWPP9496K |
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|
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Name : |
Ms. Sweta Garg |
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Designation : |
Secretary |
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Address : |
B-64, Sector-27, Noida - 201301, Uttar Pradesh, India |
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Date of Appointment : |
31.03.2014 |
|
PAN No.: |
AWEPG3342H |
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 |
|
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(A)
Shareholding of Promoter and Promoter Group |
||
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|
|
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|
2817773 |
6.79 |
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|
28291556 |
68.16 |
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|
31109329 |
74.95 |
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|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
31109329 |
74.95 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
1000 |
0.00 |
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|
300 |
0.00 |
|
|
5800 |
0.01 |
|
|
7100 |
0.02 |
|
|
|
|
|
|
2388641 |
5.75 |
|
|
|
|
|
|
5433042 |
13.09 |
|
|
2482019 |
5.98 |
|
|
87869 |
0.21 |
|
|
13070 |
0.03 |
|
|
74599 |
0.18 |
|
|
200 |
0.00 |
|
|
10391571 |
25.04 |
|
Total
Public shareholding (B) |
10398671 |
25.05 |
|
Total
(A)+(B) |
41508000 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
41508000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and selling of cotton yarn,
fabrics and garments (cut and sewn knits, casual, fashion, active wear, sleepwear,
conventional, organic, Fairtrade, men’s, ladies, kids garments. (From
Indirect Sources) |
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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 : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2265 (Approximately) |
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Bankers : |
· Axis Bank Limited · Bank of Baroda · Canara Bank · Central Bank of India · Export-Import Bank of India · State Bank of Bikaner and Jaipur · State Bank of Hyderabad · State Bank of India · State Bank of Patiala · The Jammu and Kashmir Bank Limited · Union Bank of India Limited ·
Yes Bank Limited |
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Facilities : |
NOTES: Long Term
Borrowings: Term loans from both banks and financial institutions are secured by first mortgage and charge created / to be created on all the present and future immovable and movable properties (other than current assets) of the Company, ranking pari-passu, and second pari-passu charge on current assets of the Company. Forex derivative loss loan is secured by way of residual charge on the fixed assets and current assets of the Company. Term loans from both banks (except term loan from Central Bank of India Rs.216.300 Million and Union Bank of India Rs.320.000 Million) and financial institutions along with working capital facilities from banks, are secured by pledge of stipulated promoter’s equity shareholding, constituting 36% of the present equity capital, in favour of the lenders on pari-passu basis. Short Term Borrowings: Loans repayable on demand, comprise of working capital facilities from banks and are secured by way of hypothecation first charge, ranking pari-passu, on stocks of raw material, stock in process, finished goods, book debts / receivables and all current assets stored in the Company’s factory premises, at all plants and / or elsewhere including those in transit covered by documents of title thereto, local and export usance bills and second pari-passu charge on the entire movable and immovable assets of the Company (fixed assets), both present and future. Loans repayable on demand from banks, along with term loans from both banks (except term loan from Central Bank of India Rs.216.300 Million and Union Bank of India Rs.320.000 Million) and financial institutions are secured by pledge of stipulated promoter’s equity shareholding, constituting 36% of the present equity capital, in favour of the lenders on pari-passu basis. |
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Auditors : |
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|
Name : |
Doogar and Associates Chartered Accountants |
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Address : |
New Delhi, India |
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Name : |
Ashim and Associates |
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Address : |
New Delhi, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises in
respect of which the reporting enterprise is an associate : |
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Enterprises owned
or significantly influenced by key management personnel or their relatives |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44000000 |
Equity Shares |
Rs.10/- each |
Rs.440.000 Million |
|
3100000 |
Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.310.000 Million |
|
|
TOTAL
|
|
Rs.750.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41508000 |
Equity Shares |
Rs.10/- each
|
Rs.415.080
Million |
|
1885400 |
8% Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.188.540
Million |
|
1200000 |
3% Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.120.000
Million |
|
|
TOTAL
|
|
Rs.723.620 Million |
RECONCILIATION OF THE SHARES OUTSTANDING AT THE BEGINNING AND AT THE END
OF THE REPORTING PERIOD
|
PARTICULAR |
AS ON 31.03.2015 |
|
|
|
NO. OF SHARES |
RS. IN MILLIONS |
|
Equity Shares |
|
|
|
At the beginning of the period |
41508000 |
415.080 |
|
Issued during the period |
-- |
-- |
|
Bought back during the period |
-- |
-- |
|
Outstanding at the end of the period |
41508000 |
415.080 |
|
|
|
|
|
8 per cent Cumulative Redeemable Preference Shares |
|
|
|
At the beginning of the period |
1885400 |
188.540 |
|
Issued during the period |
-- |
-- |
|
Bought back during the period |
-- |
-- |
|
Outstanding at the end of the period |
1885400 |
188.540 |
|
|
|
|
|
3 per cent Cumulative Redeemable Preference Shares |
|
|
|
At the beginning of the period |
1200000 |
120.000 |
|
Issued during the period |
-- |
-- |
|
Bought back during the period |
-- |
-- |
|
Outstanding at the end of the period |
1200000 |
120.000 |
TERMS/RIGHTS
ATTACHED TO EQUITY SHARES
Company has only one
class of equity shares having a par value of Rs. 10/-. Each holder of equity
shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. The holder of equity shares is entitled to receive dividend only after
distribution of dividend to the holders of preference shares.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
TERMS/RIGHTS ATTACHED TO PREFERENCE SHARES
Company has only
one class of Cumulative Redeemable Preference Shares (CRPS) having a par value
of Rs. 100/. There are two series of CRPS, carrying differential dividend
coupon rates.
First series of
preference shares carrying a dividend coupon rate of 8%, allotted to the
various banks and financial institutions, pursuant to the Corporate Debt
Restructuring (‘CDR’) Package, are redeemable in four equal annual installments
from 2016 to 2019. Second series of preference shares carrying a dividend coupon
rate of 3%, allotted to promoters, against infusion of funds by them, pursuant
to the Corporate Debt Restructuring (‘CDR’) Package, are redeemable on 31st
March, 2019. The Company declares and pays dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
Each holder of
preference shares is entitled to one vote per share only on resolutions placed
before the company which directly affect the rights attached to preference
shares.
The holders of
preference shares are entitled to a preferential right of repayment of capital
on winding up vis-à-vis the holders of equity shares. The distribution will be
in proportion to the number of shares held by the shareholders.
DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2015 |
|
|
|
NO. OF SHARES HELD |
% HOLDING |
|
Equity Shares |
|
|
|
Agarwal Trademart Private Limited |
19760000 |
47.61 |
|
Essay Marketing Company Limited |
3356700 |
8.09 |
|
|
|
|
|
8 per cent Cumulative Redeemable Preference Shares |
|
|
|
IDBI Bank Limited |
94600 |
5.02 |
|
Indusind Bank Limited |
130900 |
6.94 |
|
Yes Bank Limited |
143000 |
7.58 |
|
State Bank of Hyderabad |
144100 |
7.64 |
|
Export-Import Bank of India |
103400 |
5.48 |
|
Central Bank of India |
328900 |
17.44 |
|
Axis Bank Limited |
425700 |
22.58 |
|
State Bank of India |
337700 |
17.91 |
|
|
108900 |
5.78 |
|
3 per cent Cumulative Redeemable Preference Shares |
|
|
|
Apeksha Vyapaar Private Limited |
475000 |
39.58 |
|
Ultramarine Impex Private Limited |
200000 |
16.67 |
|
Sita Nirman Private Limited |
200000 |
16.67 |
|
Pawanputra Trading Private Limited |
200000 |
16.67 |
|
Shantanu Agarwal |
125000 |
10.41 |
The aforesaid
disclosure is based upon percentages computed separately for each class &
series of shares outstanding, as at the Balance Sheet date. As per of the Company,
including its register of shareholders/members and other declarations received
from shareholders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownerships of shares.
The Company has
not allotted any fully paid up shares pursuant to contract(s) without payment
being received in cash nor has allotted any fully paid up shares by way of
bonus shares nor has bought back any class of shares during the period of five
years immediately preceding the Balance Sheet date.
The CDR package
grants a right to the various banks and financial institutions to convert 20%
of their debt outstanding beyond seven years from the date of CDR Letter i.e.
March 26, 2009 into equity shares, as per SEBI guidelines / loan covenants,
whichever is applicable.
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 |
723.620 |
723.620 |
723.620 |
|
(b) Reserves & Surplus |
267.899 |
144.843 |
(150.343) |
|
(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) |
991.519 |
868.463 |
573.277 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1106.059 |
1117.581 |
1276.894 |
|
(b) Deferred tax liabilities
(Net) |
25.557 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
5.303 |
5.177 |
4.192 |
|
(d) long-term provisions |
21.587 |
16.778 |
12.594 |
|
Total
Non-current Liabilities (3) |
1158.506 |
1139.536 |
1293.680 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
509.134 |
719.790 |
774.828 |
|
(b) Trade payables |
218.144 |
256.323 |
226.870 |
|
(c) Other current liabilities |
669.873 |
598.367 |
488.911 |
|
(d) Short-term provisions |
41.386 |
46.101 |
40.108 |
|
Total
Current Liabilities (4) |
1438.537 |
1620.581 |
1530.717 |
|
|
|
|
|
|
TOTAL |
3588.562 |
3628.580 |
3397.674 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1711.109 |
1642.466 |
1847.544 |
|
(ii) Intangible Assets |
3.461 |
4.273 |
6.115 |
|
(iii) Capital work-in-progress |
28.800 |
7.995 |
17.598 |
|
(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 |
87.551 |
48.330 |
46.894 |
|
(e) Other Non-current assets |
13.364 |
12.507 |
12.249 |
|
Total
Non-Current Assets |
1844.285 |
1715.571 |
1930.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.277 |
1.277 |
1.277 |
|
(b) Inventories |
973.833 |
1296.407 |
877.886 |
|
(c) Trade receivables |
434.657 |
350.225 |
363.152 |
|
(d) Cash and cash equivalents |
69.842 |
29.768 |
63.944 |
|
(e) Short-term loans and
advances |
72.995 |
59.577 |
58.574 |
|
(f) Other current assets |
191.673 |
175.755 |
102.441 |
|
Total
Current Assets |
1744.277 |
1913.009 |
1467.274 |
|
|
|
|
|
|
TOTAL |
3588.562 |
3628.580 |
3397.674 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
6484.295 |
6533.501 |
5588.923 |
|
|
Other Income |
148.183 |
71.700 |
86.075 |
|
|
TOTAL
(A) |
6632.478 |
6605.201 |
5674.998 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3863.087 |
3943.045 |
3279.036 |
|
|
Purchases of Stock-in-Trade |
72.378 |
44.878 |
40.838 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
33.885 |
(121.761) |
4.978 |
|
|
Employees benefits expense |
649.471 |
511.308 |
451.900 |
|
|
Other expenses |
1291.516 |
1348.722 |
1240.865 |
|
|
TOTAL
(B) |
5910.337 |
5726.192 |
5017.617 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
722.141 |
879.009 |
657.381 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
192.485 |
186.362 |
226.692 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
529.656 |
692.647 |
430.689 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
353.967 |
381.085 |
188.936 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
175.689 |
311.562 |
241.753 |
|
|
|
|
|
|
|
Less |
TAX (H) |
8.702 |
16.854 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
166.987 |
294.708 |
241.753 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
(641.062) |
(913.912) |
(1129.595) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Contribution to CSR |
1.010 |
0.000 |
0.000 |
|
|
Proposed dividend on
preference shares |
18.683 |
18.683 |
22.283 |
|
|
Tax on Dividend |
3.736 |
3.175 |
3.787 |
|
|
Total
(M) |
23.429 |
21.858 |
26.070 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
(497.504) |
(641.062) |
(913.912) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
FOB Value of Exports |
3601.992 |
3659.3 |
3412.423 |
|
|
Other (Freight Insurance, Claims, etc) |
36.506 |
49.105 |
59.194 |
|
|
TOTAL
EARNINGS |
3638.498 |
3708.405 |
3471.617 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
253.709 |
134.182 |
131.371 |
|
|
Components and Stores parts |
33.116 |
37.382 |
59.361 |
|
|
Capital Goods |
208.279 |
110.749 |
29.054 |
|
|
TOTAL
IMPORTS |
495.104 |
282.313 |
219.786 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
- Basic |
3.48 |
6.57 |
5.30 |
|
|
- Diluted |
1.17 |
1.80 |
1.45 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
393.239 |
324.802 |
282.353 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Cash from / (used in) Operating Activities |
892.799 |
624.472 |
383.489 |
|
Net Cash from / (used in) Operating Activities |
852.357 |
613.568 |
383.065 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
30.09.2015 |
|
Unaudited |
1ST Quarter |
2nd Quarter |
|
Net Sales |
1560.200 |
1593.700 |
|
Total Expenditure |
1416.100 |
1486.700 |
|
PBIDT (Excl OI) |
144.100 |
107.000 |
|
Other Income |
24.900 |
26.400 |
|
Operating Profit |
169.000 |
133.400 |
|
Interest |
54.800 |
46.200 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
114.200 |
87.200 |
|
Depreciation |
65.200 |
63.600 |
|
Profit Before Tax |
49.000 |
23.600 |
|
Tax |
17.900 |
(7.700) |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
31.100 |
31.300 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
31.100 |
31.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.58 |
4.51 |
4.33 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.14 |
13.45 |
11.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.94 |
8.61 |
7.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.36 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.03 |
2.49 |
4.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.18 |
0.96 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.35.00/- |
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 |
723.620 |
723.620 |
723.620 |
|
Reserves & Surplus |
(150.343) |
144.843 |
267.899 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
573.277 |
868.463 |
991.519 |
|
|
|
|
|
|
long-term borrowings |
1276.894 |
1117.581 |
1106.059 |
|
Short term borrowings |
774.828 |
719.790 |
509.134 |
|
Current Maturities of
Long-Term Debts |
282.353 |
324.802 |
393.239 |
|
Total
borrowings |
2334.075 |
2162.173 |
2008.432 |
|
Debt/Equity
ratio |
4.071 |
2.490 |
2.026 |
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 |
5588.923 |
6533.501 |
6484.295 |
|
|
|
16.901 |
(0.753) |
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 |
5588.923 |
6533.501 |
6484.295 |
|
Profit |
241.753 |
294.708 |
166.987 |
|
|
4.33% |
4.51% |
2.58% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 |
OPERATION
As a result of various improvement measures undertaken by the management in the past few years, the Company, during the year, recorded satisfactory turnover and profitability.
The Company achieved a Turnover of Rs.6484.200 Million for the year ended the 31st March, 2015 against Rs.6533.500 Million in the previous year, ended the 31st March, 2014. The Company achieved a net profit of Rs.166.900 Million against Rs.294.700 Million in the previous year.
During the period, the Company has been able to achieve production of 17877 MT of cotton yarn (17332 MT), 1526 MT of dyed yarn (1406 MT), 3625 MT of grey knitted fabric (3692 MT), 4804 MT of processed fabric (4737 MT) and 49.42 lac pieces of garments (53.35 lac pieces), without any expansion in capacity.
Industry Scenario
India’s textiles and clothing industry is one of the mainstays of the national economy. It is also one of the important sectors in India’s exports contributing nearly 13.25% to the country’s total exports basket. The textiles industry is labour intensive and is one of the largest employers, employing nearly 35 million people.
Government of India has taken various initiatives for the development of the textiles sector i.e 13 new textiles parks were approved which is estimated to bring in private sector investment of about Rs.32400.000 Million and generate direct employment for about 35,000 persons over the next three years. Further, with a vision to create friendly economy the government introduced several initiatives i.e. duty free entitlement to garment exporters, 24/7 customs clearance facility resulting in faster clearance of import and export cargo etc.
Over the past few years, India has achieved significant growth in cotton production. About a decade ago, India was barely self sufficient to meet its requirement of cotton from domestic production but is now poised to overtake China to become the world’s biggest producer of cotton this year. During 2014-15, the area under cotton cultivation in India has furthered increased to a record level of 125 lakh hectares. India Cotton Federation (IFC) estimates a record harvest of 40.000 million bales during 2014-15, a growth of about 8% over 37.500 million bales in 2013-14.
MANAGEMENT DISCUSSION
AND ANALYSIS
The emergence of India looms large among the few economies, with propitious economic outlook, amidst the mood of pessimism and uncertainties that engulf a number of advanced and emerging Economies. Indian economy appears to have now gone past the persistent inflation, economic slowdown, slackening domestic demand, external account imbalances and oscillating value of the rupee. Institutions like IMF and the World Bank have presented an optimistic growth outlook for India for the year 2015 and beyond with a macro-economic stability and the actions of the Government, coupled with the improved business sentiments in the country.
India had reached a “sweet spot” of lower deficits and high medium-term growth trajectory which in turn would help to attain the fundamental objectives of “wiping every tear from every eye” of the poor and vulnerable section of the society, while affording opportunities for increasingly young, middle-class, and aspirational India to realize its limitless potential. However, the potential headwinds to such promising prospects, emanate from factors like inadequate support from the global economy saddled with subdued demand conditions, particularly in Europe and Japan, recent slowdown in China, and, on the domestic front, from possible spill-overs of below normal agricultural growth and challenges relating to the massive requirements of skill creation and infrastructural upgradation.
The economic scenario presented by the new series (with 2011-12 as base year) reveals that there was perceptible improvement in some of the macro-aggregates of the economy in 2013-14, which got strengthened in 2014-15. The growth rate in GDP at constant (2011-12) market prices in 2012-13 was 5.1 per cent, which increased to 6.9 percent in 2013-14 and it is expected to further increase to 7.4 per cent in 2014-15. Further, the decline in inflation by over 6 percentage points since late 2013 and also reduction of current account deficit which has shrivelled from a peak of 6.7 per cent of GDP in the third quarter of 2012-13 to an estimated one per cent in the coming fiscal year has made India an attractive investment destination well above most other countries.
India’s textiles and clothing industry is one of the mainstays of the national economy. It is also one of the largest contributing sectors of India’s exports contributing nearly 13.25% of the country’s total exports basket. The textiles industry is labour intensive and is one of the largest employers. Textile industry has realized export earnings worth of 41.57 billion USD in 2013-14. The government has taken many initiatives for the development of the textile sector, and has stressed upon an economic vision based on increasing production, export and generating employment giving particular attention to generate productive employment opportunity for the youth, Inclusive and participative growth, Skill, Scale and Speed, Make in India brand, Zero defect - Zero Effect (on environment) and Adarsh Gram. Further, with a vision to create an export friendly economy the government introduced several initiatives such as Duty free entitlement to garment exporters for import of trimmings, embellishments and other specified items increased from 3% to 5%, 24/7 customs clearance facility at 13 airports and 14 sea ports resulting in faster clearance of import and export cargo and the proposal for imposing duty on branded items was dropped providing relief to the entire value chain.
The growth in the manufacturing sector was chiefly on account of robust growth in textiles, apparels and leather products, averaging 17.7 per cent during 2012-13 and 2013-14. Pursuant to vision, strategy and action plan for Indian textile and apparel sector submitted by the expert committee to the Ministry of Textiles, the suggestions are to achieve scale across the value chain, attract investment in the sector, skill, quality and productivity, reforming labour laws, structural shift with increasing value addition in India, diversification of exports in terms of products and markets, promoting Innovation and R&D, new approach towards handloom and handicrafts, partnership with State Government and reengineering of existing schemes and policies. With consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade
Businesses
Subject is one of the India’s largest vertically integrated textile Companies. Its conviction in leadership through quality and best business practices enables the Company to emerge as a reliable supplier of world-class products in the global market. During the year under review, the price of cotton fluctuated dramatically with the withdrawal of China from the world market.
During the financial year ended the 31st March, 2015, the Company achieved a Turnover of Rs.6484.300 Million against Rs.6533.500 Million in the previous year ended the 31st March, 2014 and the operating profit of the Company was Rs.722.200 Million against Rs.879.000 Million in the previous year.
During the year, the Company’s exports (FOB value) were to the tune of Rs.3602.000 Million and accounted for 55.55% of MOL’s turnover. The yarn business accounted for 48.04 % (Previous year 48.10%) while knitted fabric and garment business accounted for 25.30% (23.64 % ) and 17.15% (17.43%) respectively.
The Company tries to satisfy its customer in every possible manner.
The Company has undertaken various modernization programme at its Spinning and Garment segment for the smooth operations of its activities. Further, with the expansion of Dye house, the Company is in the process of purchasing additional Knitting Machines which involves a total cost of Rs.57.100 Million. Further, the Company in order to obtain uninterrupted and reliable power had decided to purchase power through open access through a 33KVA Dedicated Feeder line.
Segment Information
The Company is currently organized into three business operating segments: Yarn, Fabric and Textile Made-ups. The Company’s business segments offer different products and require different technology and marketing strategies
Yarn includes bought out yarn as well as production of cotton yarn over a wide range of counts, which besides being sold, is also used for further value addition in fabric. It also includes surplus captive and standby power. Fabric includes both bought out fabric as well as the value added activities relating to knitting, dyeing and processing. Textile Made-ups, comprise of made-ups made for renowned international brands.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
50.000 |
50.000 |
|
|
|
|
|
Total |
50.000 |
50.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10588082 |
05/08/2015 |
128,000,000.00 |
CENTRAL BANK OF
INDIA |
GROUND FLOOR
(RIGHT WING), LINK HOUSE, 3, BAHADUR |
C62604608 |
|
2 |
10530475 |
03/11/2014 |
155,000,000.00 |
UNION BANK OF
INDIA |
26/28-D,
CONNAUGHT PLACE, NEW DELHI, Delhi - 11000 |
C33148818 |
|
3 |
10530452 |
22/07/2015 * |
320,000,000.00 |
UNION BANK OF
INDIA |
26/28-D,
CONNAUGHT PLACE, NEW DELHI, Delhi - 11000 |
C61554549 |
|
4 |
10393425 |
19/06/2013 * |
240,800,000.00 |
CENTRAL BANK OF
INDIA |
GROUND FLOOR
(RIGHT WING), LINK HOUSE, 3, BAHADUR |
B79003851 |
|
5 |
10360737 |
11/06/2012 |
100,000,000.00 |
EXPORT-IMPORT BANK
OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21,, WORLD TRADE CENTR |
B41668609 |
|
6 |
10292962 |
10/05/2011 |
37,500,000.00 |
BANK OF BARODA |
16, SANSAD MARG,
NEW DELHI, Delhi - 110001, INDIA |
B15273014 |
|
7 |
10171009 |
02/07/2010 * |
657,300,000.00 |
STATE BANK OF
INDIA (Monitoring Institution) |
STATE BANK
BUILDING, MCLAU, 2ND FLOOR, SBI CHANDN |
A92221811 |
|
8 |
10129870 |
23/11/2009 * |
95,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
A75267724 |
|
9 |
10094386 |
20/11/2009 * |
39,500,000.00 |
State Bank of
Hyderabad |
16, Kundan House,
Nehru Place, New Delhi, Delhi - |
A75268219 |
|
10 |
10094264 |
20/11/2009 * |
55,500,000.00 |
AXIS BANK
LIMITED |
4/10, OPG HOUSE,
ASAF ALI ROAD, NEW DELHI, Delhi |
A76066273 |
*Date of charge modification
CONTINGENT LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Claims against the Company not acknowledged as debts |
1.404 |
1.300 |
|
Income tax matters in dispute |
39.264 |
7.264 |
|
Excise / customs / service tax matters in dispute |
40.021 |
31.104 |
|
Non Solar renewable energy obligations |
– |
10.850 |
|
Miscellaneous labour cases involving claims for reinstatement, back wages etc |
7.151 |
6.017 |
Note:
Based on legal advice, discussions with the solicitors, etc., the management believes that there is fair chance of decisions in the Company’s favour in respect of all the items listed at (a) to (e) above and hence no provision is considered necessary against the same. The management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company’s financial position and results of operations.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR 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 (net of excise duty) |
1541.400 |
1505.500 |
3046.900 |
|
|
|
b) Other Operating Income |
52.300 |
54.700 |
107.000 |
|
3 |
Total Income from
Operations (Net) |
1593.700 |
1560.200 |
3153.900 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
886.100 |
922.400 |
1808.500 |
|
|
b) |
Purchase of Stock-in-trade |
23.800 |
5.900 |
29.700 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
40.400 |
(27.400) |
13.000 |
|
|
d) |
Employee benefit expenses |
189.100 |
185.600 |
374.700 |
|
|
e) |
Depreciation and amortization expense |
63.600 |
65.200 |
128.800 |
|
|
f) |
Other expenses |
347.300 |
329.600 |
676.900 |
|
|
Total Expenses |
1550.300 |
1481.300 |
3031.600 |
|
|
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
43.400 |
78.900 |
122.300 |
|
4 |
Other Income |
26.400 |
24.900 |
51.300 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
69.800 |
103.800 |
173.600 |
|
|
6 |
Finance Costs |
46.200 |
54.800 |
101.000 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
23.600 |
49.000 |
72.600 |
|
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
23.600 |
49.000 |
72.600 |
|
|
10 |
Tax Expense |
(7.700) |
17.900 |
10.200 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
31.300 |
31.100 |
62.400 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
415.100 |
4151 |
4151 |
|
|
13 |
Reserve excluding revaluation reserves |
-- |
-- |
-- |
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic |
0.62 |
0.61 |
1.23 |
|
|
|
Diluted |
0.61 |
0.59 |
0.83 |
|
|
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
10398671 |
10398671 |
10398671 |
|
|
|
- Percentage of Shareholding |
25.05% |
25.05% |
25.05% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
14942880 |
14942880 |
14942880 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
48.035 |
48.035 |
48.035 |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
36.00% |
36.00% |
36.00% |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
16166449 |
16166449 |
16166449 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
51.97% |
51.97% |
51.97% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
38.95% |
38.95% |
38.95% |
|
Particulars |
Quarter Ended 30.09.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
Segment revenue |
|
|
|
|
Yarn |
1227.000 |
1143.400 |
2370.400 |
|
Fabric |
515.700 |
499.900 |
1015.600 |
|
Garment |
292.600 |
313.900 |
606.500 |
|
Total |
2035.300 |
1957.200 |
3992.500 |
|
Less: Inter segment revue |
441.600 |
397.000 |
838.600 |
|
Net sales/Income
from Operations |
1593.700 |
1560.200 |
3153.900 |
|
|
|
|
|
|
Segment results |
|
|
|
|
Profit/ (Loss) before interest and tax |
|
|
|
|
Yarn |
47.000 |
76.600 |
123.600 |
|
Fabric |
26.700 |
23.600 |
50.300 |
|
Garment |
0.700 |
5.000 |
5.700 |
|
Total |
74.400 |
105.200 |
179.600 |
|
Less: Finance cost |
45.700 |
52.100 |
97.800 |
|
Other un – allocable expenditure |
5.100 |
4.100 |
9.200 |
|
Profit before tax |
23.600 |
49.000 |
72.600 |
|
|
|
|
|
|
Capital employed |
|
|
|
|
Yarn |
1972.800 |
2368.400 |
1972.800 |
|
Fabric |
296.600 |
294.900 |
296.600 |
|
Garment |
155.200 |
184.200 |
155.200 |
|
Total |
2424.600 |
2847.500 |
2424.600 |
|
Other assets |
143.600 |
84.500 |
143.600 |
|
Total Capital
employed |
2568.200 |
2932.000 |
2568.200 |
NOTES:
The figures of the previous period / year have been regrouped / recast wherever considered necessary’.
The Auditors have conducted limited review of the financial results for the quarter ended 30thSeptember, 2015. The above Financial Results were reviewed by the Audit Committee and thereafter were approved and taken on record by the Board of Directors at its meetings held o6th November, 2015.
STATEMENT OF ASSETS ANS LIABILITIES AS ON 30TH SEPTEMBER
2015
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
(Half
Year ended) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
723.620 |
|
(b) Reserves & Surplus |
330.676 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1054.296 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
953.287 |
|
(b) Deferred tax liabilities
(Net) |
34.874 |
|
(c) Other long term
liabilities |
6.632 |
|
(d) long-term provisions |
22.024 |
|
Total
Non-current Liabilities (3) |
1016.817 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
185.175 |
|
(b) Trade payables |
202.461 |
|
(c) Other current liabilities |
684.902 |
|
(d) Short-term provisions |
19.290 |
|
Total
Current Liabilities (4) |
1091.828 |
|
|
|
|
TOTAL |
3162.941 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
1643.093 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
109.769 |
|
(e) Other Non-current assets |
11.582 |
|
Total
Non-Current Assets |
1764.444 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
1.277 |
|
(b) Inventories |
699.752 |
|
(c) Trade receivables |
460.867 |
|
(d) Cash and cash equivalents |
68.921 |
|
(e) Short-term loans and
advances |
59.428 |
|
(f) Other current assets |
108.252 |
|
Total
Current Assets |
1398.497 |
|
|
|
|
TOTAL |
3162.941 |
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Vehicle
- Furniture and
Office Equipment’s
- Livestock
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.66.13 |
|
|
1 |
Rs.98.69 |
|
Euro |
1 |
Rs.72.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.