MIRA INFORM REPORT
|
Report No. : |
309335 |
|
Report Date : |
24.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
NITIN SPINNERS LIMITED |
|
|
|
|
Registered
Office : |
16-17 K.M. Stone, Chittor Road, Hamirgarh, Bhilwara - 311001,
Rajasthan |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
15.10.1992 |
|
|
|
|
Com. Reg. No.: |
17-006987 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.458.339 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111RJ1992PLC006987 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHN01149B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN7529A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Cotton Yarn and Knitted Fabric. |
|
|
|
|
No. of Employees
: |
1549 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3760000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects company sound financial risk profile marked by
healthy networth and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB+” |
|
Rating Explanation |
Moderate degree of safety and carry moderate
credit risk. |
|
Date |
05.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A2+” |
|
Rating Explanation |
Strong degree of safety and carry low credit
risk. |
|
Date |
05.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-1482-286110)
LOCATIONS
|
Registered Office / Factory 1 : |
16-17 K.M. Stone, Chittor Road, Hamirgarh, Bhilwara - 311001,
Rajasthan, India |
|
Tel. No.: |
91-1482-286110-113 |
|
Fax No.: |
91-1482-286114/ 286117 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
E-2/3
, Ansa Indussstrial Estate, Saki Vihar Road, Saki Naka, Andheri (East),
Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-28470652, 28470653 |
|
Fax No.: |
91-22-28475207 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. R. L. Nolkha |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Dinesh Nolkha |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Bhagwan Ram |
|
Designation : |
Director |
|
Date of Birth : |
03.08.1933 |
|
Date of Appointment
: |
15.05.2001 |
|
Qualifications : |
Graduate from University of Paris and University of Paris and Georgetown, PG Diploma in Economics and Finance IAS (Rtd.) |
|
|
|
|
Name : |
Mr. Y. R. Shah |
|
Designation : |
Director |
|
Date of Birth : |
31.08.1942 |
|
Date of Appointment
: |
24.02.2005 |
|
Qualifications : |
B.E.(Text) |
|
|
|
|
Name : |
Mr. Nitin Nolkha |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. S. K. Chaturvedi (w.e.f. 29.06.2013) |
|
Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir Garg |
|
Designation : |
Company Secretary and General Manager (Legal) |
|
|
|
|
Name : |
Mr. P. Maheshwari |
|
Designation : |
Vice President (Finance) |
|
|
|
|
Name : |
Mr. Sandeep Kumar |
|
Designation : |
Vice President (Technical) |
|
|
|
|
Name : |
Mr. K. L. Pareek |
|
Designation : |
General Manager (P and A) |
|
|
|
|
Name : |
Mr. Ratnesh Kumar |
|
Designation : |
General Manager (Rotor Spinning) |
|
|
|
|
Name : |
Mr. Tarun Sahu |
|
Designation : |
General Manager (Engineering) |
|
|
|
|
Name : |
Mr. Umesh Toshniwal |
|
Designation : |
General Manager (Marketing) |
|
|
|
|
Name : |
Mr. S. S. Ranka |
|
Designation : |
General Manager (TPP) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
12533827 |
27.35 |
|
|
16700000 |
36.44 |
|
|
29233827 |
63.78 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
29233827 |
63.78 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
14245 |
0.03 |
|
|
14245 |
0.03 |
|
|
|
|
|
|
2133684 |
4.66 |
|
|
|
|
|
|
7921626 |
17.28 |
|
|
6087358 |
13.28 |
|
|
443205 |
0.97 |
|
|
73874 |
0.16 |
|
|
367831 |
0.80 |
|
|
1500 |
0.00 |
|
|
16585873 |
36.19 |
|
Total Public shareholding (B) |
16600118 |
36.22 |
|
Total (A)+(B) |
45833945 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
45833945 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Cotton Yarn and Knitted Fabric. |
|
|
|
|
Products : |
Cotton Yarn and Knitted Fabric |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
-- |
|
|
|
|
Terms : |
-- |
PRODUCTION STATUS (AS ON 31.03.2014)
|
Particulars |
Unit |
Installed
Capacity |
|
Rotors
|
(Nos.) |
2936 |
|
Spindles
|
(Nos.) |
77616 |
|
Knitted Fabric |
(No.
of M/c’s) |
31 |
|
Particulars |
Unit |
Production
/ Purchase |
|
A. Yarn |
|
|
|
Own Manufacturing* |
In Tons |
21621.987 |
|
Trading |
In Tons |
490.115 |
|
B.
Fabric |
In Tons |
2706.659 |
|
C.
job Works and Others |
|
|
|
Fabrics |
In Tons |
454.945 |
* Production includes 2675.591 Tons. (Previous Year
1896.224 Tons.) Transferred for captive consumption
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1549 (Approximately) |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Bankers : |
· Oriental Bank of Commerce · Punjab National Bank · State Bank of India · Indian Overseas Bank · UCO Bank · Bank of Baroda ·
IDBI Bank Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
LONG TERM
BORROWINGS 1. Security (a) Term Loans of Rs. 1338.549 Millions crores are secured by way of first charge on all immovable and movable fixed assets (both present and future) and second charge on current assets. The term loan of Rs. 283.125 Millions are secured by way of third charge on all immovable and movable fixed assets and current assets of the company. The term loans are also secured by personal guarantee of three directors (b) Vehicle Loan is secured by hypothecation of the specific vehicle 2. Terms of Repayment (a) Term loans of Rs. 91.066 Millions are repayable in 9 variable quarterly instalments upto 30th June 2016, Rs. 1481.323 millions in 19 variable quarterly instalments upto 31st December 2018 and Rs. 49.285 millions in 23 equal quarterly instalments upto 31st December 2019. (b) Vehicle loan of Rs. 1.438 Millions is repayable in 26 variable monthly instalments upto 7th May 2016, Rs. 2.228 millions in 27 variable monthly instalments upto 12th June 2016 and Rs. 11.71 Lacs in 36 variable monthly instalments upto 7th March 2017. SHORT TERM BORROWINGS The working capital loans are secured by way of
hypothecation (both present and future) of stocks of raw material / component
spares, stock in process, finished goods and book debts and a second charge
on all immovable properties (both present and future) of the company. The
working capital loans are also secured by personal guarantee of three
directors. |
|
|
|
|
Financial Institution : |
Daimler Financial Services India Private Limited, Unit 202, 2nd Floor, Campus 3B, Rmz Millennia, Business Park, No.143, Dr. M.G.R. Road, Perungudi, Chennai - 600096, Tamilnadu, India |
|
|
|
|
Auditors : |
|
|
Name : |
R. S. Dani and Company Chartered Accountants |
|
Address : |
Bhilwara, Rajasthan, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associate : |
Redial Trading and Investment Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46000000 |
Equity Shares |
Rs.10/- each |
Rs.460.000 Millions |
|
400000 |
Preference Shares |
Rs.100/- each |
Rs.40.000 Millions |
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45833945 |
Equity Shares |
Rs.10/- each |
Rs.458.339 Millions |
|
|
|
|
|
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholders |
31.03.2014 |
|
|
|
Number
of Shares |
% holding |
|
Redial
Trading and Investment Private Limited, India |
16682934 |
36.40% |
|
Prasham
Corporate Services (India) Private Limited, India |
-- |
-- |
|
Ratan
Lal Nolkha |
5515000 |
12.03% |
|
Dolphin
Carrier Private Limited, India |
-- |
-- |
The
reconciliation of the number of shares outstanding is set out below:
|
Particulars |
Number of Shares |
|
Equity Shares at the beginning of the year |
45833945 |
|
Add : Shares issued during the year |
-- |
|
Equity Shares at the end of the year |
45833945 |
The company has not issued, any shares pursuant to contract without payment being received in cash, bonus Share and has not bought back any shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
458.339 |
458.339 |
458.339 |
|
(b) Reserves & Surplus |
857.220 |
549.630 |
408.257 |
|
(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) |
1315.559 |
1007.969 |
866.596 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1307.059 |
1623.212 |
1836.830 |
|
(b) Deferred tax liabilities (Net) |
211.467 |
65.963 |
0.000 |
|
(c) Other long term
liabilities |
23.560 |
14.534 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
10.927 |
|
Total Non-current
Liabilities (3) |
1542.086 |
1703.709 |
1847.757 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
134.670 |
168.596 |
401.238 |
|
(b) Trade
payables |
106.993 |
53.982 |
40.608 |
|
(c) Other
current liabilities |
388.822 |
512.885 |
309.048 |
|
(d) Short-term
provisions |
51.717 |
10.145 |
7.736 |
|
Total Current
Liabilities (4) |
682.202 |
745.608 |
758.630 |
|
|
|
|
|
|
TOTAL |
3539.847 |
3457.286 |
3472.983 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1912.143 |
2129.852 |
2280.889 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
211.764 |
0.000 |
33.803 |
|
(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 |
2.422 |
|
(d) Long-term Loan and Advances |
299.765 |
65.034 |
47.628 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2423.672 |
2194.886 |
2364.742 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
706.984 |
818.970 |
771.240 |
|
(c) Trade
receivables |
248.931 |
280.397 |
185.015 |
|
(d) Cash and
cash equivalents |
0.637 |
2.759 |
0.847 |
|
(e)
Short-term loans and advances |
46.915 |
50.999 |
17.500 |
|
(f) Other
current assets |
112.708 |
109.275 |
133.639 |
|
Total
Current Assets |
1116.175 |
1262.400 |
1108.241 |
|
|
|
|
|
|
TOTAL |
3539.847 |
3457.286 |
3472.983 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4883.402 |
4460.536 |
4283.003 |
|
|
|
Other Income |
3.476 |
3.029 |
1.267 |
|
|
|
TOTAL |
4886.878 |
4463.565 |
4284.270 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2935.421 |
2495.843 |
2800.369 |
|
|
|
Purchases of Stock-in-Trade |
102.360 |
146.063 |
62.674 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(59.213) |
(1.895) |
104.282 |
|
|
|
Employees benefits expense |
246.021 |
199.360 |
164.949 |
|
|
|
Other expenses |
719.449 |
749.008 |
700.280 |
|
|
|
TOTAL |
3944.038 |
3588.379 |
3832.554 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
942.840 |
875.186 |
451.716 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
174.635 |
273.058 |
208.956 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
768.205 |
602.128 |
242.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
248.658 |
244.987 |
239.755 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
519.547 |
357.141 |
3.005 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
171.740 |
215.768 |
(0.026) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
347.807 |
141.373 |
3.031 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
218.575 |
77.202 |
74.171 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
35.618 |
0.000 |
0.000 |
|
|
|
Dividend |
34.375 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
5.842 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
490.547 |
218.575 |
77.202 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods at FOB value |
3161.991 |
3278.700 |
2798.433 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts including Packing Materials |
52.354 |
51.293 |
48.711 |
|
|
|
Raw Material |
138.136 |
225.809 |
4.268 |
|
|
|
Capital Goods |
24.185 |
48.632 |
18.781 |
|
|
TOTAL IMPORTS |
214.675 |
325.734 |
71.760 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
7.59 |
3.08 |
0.07 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1327.100 |
1358.500 |
1601.000 |
|
Total Expenditure |
1102.600 |
1150.000 |
1346.200 |
|
PBIDT (Excl OI) |
224.500 |
208.500 |
254.800 |
|
Other Income |
7.700 |
7.200 |
11.900 |
|
Operating Profit |
232.200 |
215.600 |
266.600 |
|
Interest |
49.600 |
45.500 |
56.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
182.600 |
170.100 |
210.200 |
|
Depreciation |
62.800 |
62.900 |
68.400 |
|
Profit Before Tax |
119.700 |
107.300 |
141.800 |
|
Tax |
32.100 |
13.400 |
36.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
87.700 |
93.900 |
105.000 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
87.700 |
93.900 |
105.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
7.12 |
3.17 |
0.07 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
19.31 |
19.62 |
10.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.61 |
10.33 |
0.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39 |
0.35 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.10 |
1.78 |
2.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64 |
1.69 |
1.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
458.339 |
458.339 |
458.339 |
|
Reserves & Surplus |
408.257 |
549.630 |
857.220 |
|
Net worth |
866.596 |
1007.969 |
1315.559 |
|
|
|
|
|
|
long-term borrowings |
1836.830 |
1623.212 |
1307.059 |
|
Short term borrowings |
401.238 |
168.596 |
134.670 |
|
Total borrowings |
2238.068 |
1791.808 |
1441.729 |
|
Debt/Equity ratio |
2.583 |
1.778 |
1.096 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
4283.003 |
4460.536 |
4883.402 |
|
|
|
4.145 |
9.480 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
4283.003 |
4460.536 |
4883.402 |
|
Profit |
3.031 |
141.373 |
347.807 |
|
|
0.07% |
3.17% |
7.12% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-------- |
|
22] |
Litigations that the firm / promoter involved in |
-------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-------- |
|
26] |
Buyer visit details |
-------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Million)
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Security Deposits |
0.435 |
0.485 |
|
|
|
|
|
Total |
0.435 |
0.485 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10510756 |
30/05/2014 |
550,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
C12884300 |
|
2 |
10509374 |
30/05/2014 |
750,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
C11556859 |
|
3 |
10508355 |
16/05/2014 |
500,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
C10805521 |
|
4 |
10508364 |
16/05/2014 |
500,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
C10808558 |
|
5 |
10508534 |
16/05/2014 |
500,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
C10941391 |
|
6 |
10508108 |
16/05/2014 |
525,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C10583870 |
|
7 |
10508352 |
16/05/2014 |
525,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
C10804219 |
|
8 |
10508368 |
16/05/2014 |
525,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
C10810604 |
|
9 |
10508359 |
16/05/2014 |
625,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE SENAPATI
BAPAT MARG, LOWER PAREL |
C10806966 |
|
10 |
10491148 |
10/03/2014 |
1,200,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
C03615176 |
|
11 |
10473519 |
24/06/2014 * |
2,000,000,000.00 |
PUNJAB NATIONA
BANK |
BHOPAL GANJ,
BHILWARA, RAJASTHAN - 311001, INDIA |
C09754854 |
|
12 |
10443047 |
09/07/2013 |
3,000,000.00 |
DAIMLER
FINANCIAL SERVICES INDIA PRIVATE LIMITED |
UNIT 202, 2ND
FLOOR, CAMPUS 3B,RMZ MILLENNIA, BUSINESS PARK, NO.143, DR. M.G.R. ROAD,
PERUNGUDI, CHENNAI, TAMILNADU - 600096, INDIA |
B82023581 |
|
13 |
10343563 |
24/06/2014 * |
45,000,000.00 |
INDIAN OVERSEAS
BANK |
1-5, AAKAR TOWER,,
OLD RTO ROAD, GANDHI NAGAR, BHILWARA, RAJASTHAN - 311001, INDIA |
C11679719 |
|
14 |
10342519 |
24/06/2014 * |
45,000,000.00 |
PUNJAB NATIONAL
BANK |
BHOPAL GANJ,
BHILWARA, RAJASTHAN - 311001, INDIA |
C09756099 |
|
15 |
10184525 |
12/10/2009 |
215,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A73099848 |
|
16 |
10167302 |
15/07/2009 |
65,000,000.00 |
PUNJAB NATIONAL
BANK |
BHOPAL GANJ,
BHILWARA, RAJASTHAN - 311001, INDIA |
A66114034 |
|
17 |
10165556 |
12/10/2009 * |
160,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A72522949 |
|
18 |
10106054 |
19/06/2008 |
220,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A39851340 |
|
19 |
10074418 |
22/07/2008 * |
350,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
PUR ROAD, BHILWARA, RAJASTHAN - 311001, INDIA |
A42506360 |
|
20 |
10036397 |
24/06/2014 * |
260,000,000.00 |
UCO BANK |
NAGORI GARDEN,
BHILWARA, RAJASTHAN - 311001, INDIA |
C09910928 |
|
21 |
10009866 |
24/06/2014 * |
50,000,000.00 |
BANK OF BARODA |
NAGORI GARDEN,
BHILWARA, RAJASTHAN - 311001, INDIA |
C10349470 |
|
22 |
10006965 |
24/06/2014 * |
500,000,000.00 |
STATE BANK OF
INDIA |
PALM COURT
BUILDING, 6TH FLOOR,, MEHRAULI ROAD,, |
C11611357 |
|
23 |
10004846 |
24/06/2014 * |
150,000,000.00 |
INDIAN OVERSEAS
BANK |
1-5, AAKAR
TOWER, OLD RTO ROAD, GANDHI NAGAR, BHILWARA, RAJASTHAN - 311001, INDIA |
C11677192 |
|
24 |
10004301 |
24/06/2014 * |
250,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
SHANTI BHAWAN, BHILWARA,
RAJASTHAN - 311001, INDIA |
C10317337 |
|
25 |
10003658 |
24/06/2014 * |
400,000,000.00 |
PUNJAB NATIONAL
BANK |
BHOPAL GANJ,
BHILWARA, RAJASTHAN - 311001, INDIA |
C09801911 |
|
26 |
80010865 |
24/06/2014 * |
40,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
SHANTI BHAWAN,
BHILWARA, RAJASTHAN - 311001, INDIA |
C10317816 |
|
27 |
80019915 |
24/06/2014 * |
60,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER, WTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C11054327 |
|
28 |
80010845 |
24/06/2014 * |
70,000,000.00 |
INDIAN OVERSEAS
BANK |
1-5, AAKAR
TOWER, OLD RTO ROAD, GANDHI NAGAR, BHILWARA, RAJASTHAN - 311001, INDIA |
C11676152 |
|
29 |
90113571 |
24/06/2014 * |
75,000,000.00 |
PUNJAB NATIONAL
BANK |
BHOPAL GANJ, BHILWARA,
RAJASTHAN - 311002, INDIA |
C09755513 |
|
30 |
80019916 |
24/09/2013 * |
1,140,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
SHANTI BHAWAN,
BHILWARA, RAJASTHAN - 311001, INDIA |
B86069655 |
|
31 |
90113552 |
19/07/2012 * |
190,000,000.00 |
PUNJAB NATIONAL
BANK |
BHOPAL GANJ,
BHILWARA, RAJASTHAN - 311001, INDIA |
B45373800 |
|
32 |
90113286 |
19/07/2012 * |
190,000,000.00 |
INDIAN OVERSEAS
BANK |
1-5, AAKAR
TOWER, OLD RTO ROAD, GANDHI NAGAR, BHILWARA, RAJASTHAN - 311001, INDIA |
B45411329 |
|
33 |
90113277 |
08/10/2013 * |
605,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
SHANTI BHAWAN,
BHILWARA, RAJASTHAN - 311001, INDIA |
B87734455 |
* Date of charge modification
OPERATIONAL REVIEW
This was a remarkable year for the Company as it has achieved highest ever turnover as well as profitability. During the year turnover has increased to Rs. 4883.400 millions from Rs. 4460.500 millions representing an increase of 9.48% over previous year. There is significant increase in the turnover of Knitted Fabric from Rs. 452.000 millions in the previous year to Rs. 701.500 millions during the current year registering an increase of 55.20% over the previous year. The export turnover marginally decreased from Rs. 3409.000 millions in the previous year to Rs. 3320.500 Millions in the current year. The export turnover constitutes 68% of the total turnover.
Stable cotton price, consistent demand of Cotton Yarn from Domestic as well as International markets and favorable foreign exchange rates resulted in increased operating profit (EBIDTA) from Rs 875.200 millions in previous year to Rs. 942.800 millions in current year registering an increase of 7.72% over previous year. The Company has achieved Net Profit (PAT) of Rs. 347.800 millions registering an increase of around 250% from Rs.141.400 millions in the previous year and Earning Per Share of Rs. 7.59 for current year against Rs. 3.08 in the previous year. The Board of Directors expect to repeat the same performance in the current Financial Year -2014 15
MANAGEMENT DISCUSSIONS AND ANALYSIS
INDUSTRY OUTLOOK
The Growth in GDP of their country during the year 2013-14 is pegged at 4.90%s as compared to the Growth rate of 4.50% in the year 2012-13 indicating that slowdown in their country has bottomed out. The Textile Sector comprising Cotton, Man-made Fibers, Jute, Sericulture & Silk Wool, Handlooms and handicrafts play a key role in the Indian economy by way of significant contribution to GDP, manufacturing output, employment generation and export earnings. The Cotton Textile sector continued to be largest sector with around 75% share of the total Indian Textile sector.
In the diverse economic and manufacturing activities of India, cotton growing, processing and trading occupy a predominant position and act as one of the strong competitive base for textile and clothing production. India is one of the largest producers and exporters of cotton and an influencing player in global cotton economy. A significant amount of cotton was being imported for spinning industry till 2004-05, a year later, India became a net exporter in cotton and holds this position till now after meeting the domestic requirement. India has occupied the 2nd slot in world’s cotton production, consumption and export. In the current season 2013-14 cotton crop is estimated at 375 lacs bales against 340 lacs bales during previous season. The Cotton Textile Industry performed well during the current year and production of Cotton Yarn in their country has increased by about 10% and Exports nearly 32%. The cotton prices remained stable during the year. Stable Cotton price, consistent demand of Cotton Yarn from Domestic as well as International Markets and favorasspble foreign exchange rates have resulted into a landmark year for the Cotton Spinning Industry and the company has also witnessed phenomenal growth in operating and cash margins.
CONTINGENT
LIABILITIES NOT PROVIDED FOR :
|
Particulars |
31.03.2014 (Rs. In Millions) |
31.03.2013 (Rs. In Millions) |
|
Disputed Liabilities not acknowledged as
debts |
|
|
|
- Cenvat, Service Tax and Custom Duty |
80.491 |
81.499 |
|
Guarantees |
|
|
|
- Outstanding Bank Guarantees |
31.559 |
12.959 |
|
Other money for which the company is contingently
liable |
|
|
|
- Bill Discounted with Bank |
466.793 |
421.032 |
UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31ST DECEMBER, 2014
(Rs. in Million)
|
Sr. No |
Particulars |
Quarter Ended |
Nine Months Ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
|
|
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
1600.235 |
1357.106 |
4283.707 |
|
|
|
b. Other Operating Income |
0.766 |
1.375 |
2.829 |
|
|
|
Total Income from
Operations (Net) |
1601.001 |
1358.481 |
4286.536 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
1024.603 |
914.432 |
2704.889 |
|
|
|
b. Purchase of Stock-in trade |
-- |
-- |
17.396 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(28.045) |
(59.428) |
(38.559) |
|
|
|
d. Employees Benefit Expenses |
93.233 |
75.387 |
237.849 |
|
|
|
e. Power and Fuel |
126.083 |
115.473 |
346.963 |
|
|
|
f. Depreciation and Amortisation Expenses |
68.423 |
62.850 |
194.108 |
|
|
|
g. Other expenses |
130.346 |
104.144 |
330.252 |
|
|
|
Total Expenses |
1414.643 |
1212.858 |
3792.898 |
|
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items |
186.358 |
145.623 |
493.638 |
|
|
4 |
Other Income |
11.858 |
7.157 |
26.685 |
|
|
5 |
Profit before
finance cost & exceptional items |
198.216 |
152.780 |
520.323 |
|
|
6 |
Finance Costs |
56.411 |
45.519 |
151.546 |
|
|
7 |
Profit after
finance costs & exceptional items |
141.805 |
107.261 |
368.777 |
|
|
8 |
Exceptional items |
-- |
-- |
-- |
|
|
9 |
Profit from
ordinary activities before tax |
141.805 |
107.261 |
368.777 |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
- Income Tax |
-- |
-- |
-- |
|
|
|
- Deferred Tax Charge/ (Credit) |
36.812 |
13.395 |
82.253 |
|
|
11 |
Net Profit from
ordinary activity after tax |
104.993 |
93.866 |
286.524 |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit for the
period |
104.993 |
93.866 |
286.524 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
458.339 |
458.339 |
458.339 |
|
|
15 |
Reserves excluding Revaluation Reserve |
|
|
|
|
|
16 |
(a) Basic and Diluted EPS not annualized (before extraordinary items) |
2.29 |
2.05 |
6.25 |
|
|
|
(b) Basis and Diluted EPS not annualized (After extraordinary items) |
2.29 |
2.05 |
6.25 |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
16600118 |
16600118 |
16600118 |
|
|
|
- Percentage of shareholding |
36.22 |
36.22 |
36.22 |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
-- |
-- |
-- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
29233827 |
29233827 |
29233827 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
63.78 |
63.78 |
63.78 |
|
NOTES:
1. (a) The expansion project for installation of 72480 Spindles and 18 knitting Machines has been implemented successfully ahead of schedule and commercial production
(b) The project has been completed at a cost of Rs. 2810.000 Millions against estimated project cost of Rs. 2860.000 Millions
(c) After completion of this project, the installed production capacity of the company has increased to 150096 Spindles, 2936 Rotors and 49 Knitting Machines.
2. The Provision of Current Tax is net of MAT credit entitlement.
3. No investor’s complaint was pending at the beginning and end of the quarter and one complaint received during the quarter was resolved
4. The company business activities falls within a single business segment (Textiles), in terms of accounting standard – 17 of ICAI.
5. The figures of previous year/quarter have been regrouped/rearranged, wherever required.
6. The above financial results have been approved by the audit committee and Board of Directors at their meeting held on 9th February, 2014. The statutory auditors have carried out “Limited Review” of the same.
FIXED ASSETS
- Freehold Land
- Buildings
- Plant and Machinery
- Electric Installation
- Furniture and Fixtures
- Office Equipment’s
- 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 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. 62.18 |
|
|
1 |
Rs. 95.71 |
|
Euro |
1 |
Rs. 70.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.