MIRA
INFORM REPORT
|
Report No. : |
303571 |
|
Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
EUROTEX INDUSTRIES AND EXPORTS LIMITED |
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|
|
|
Registered
Office : |
809, Raheja Chambers, 8th Floor,
213, Nariman Point, Mumbai – 400021, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
16.02.1987 |
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Com. Reg. No.: |
11-042598 |
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Capital
Investment / Paid-up Capital : |
Rs. 87.402 Millions |
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|
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CIN No.: [Company Identification
No.] |
L17120MH1987PLC042598 |
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IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05241F |
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PAN No.: [Permanent Account No.] |
AAACE1569M |
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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
: |
Manufacturer, Exporter and Trader of Raw Cotton, Yam and Fabric. |
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No. of Employees
: |
Information Declined by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s improved financial risk
profile marked by sound liquidity position and profit achieved from its
operational activities during 2014. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loan: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
April 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based limits: A3 |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
April 2014 |
RBI DEFAULTER’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTER’ 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.
LOCATIONS
|
Registered Office / Head Office: |
809, Raheja Chambers, 8th Floor,
213, Nariman Point, Mumbai – 400 021, |
|
Tel. No.: |
91-22-22041408 / 66301400 |
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Fax No.: |
91-22-22044139 / 22873774 |
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E-Mail : |
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Website : |
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Area: |
Owned |
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Factory : |
E-23 and E-1, MIDC, Gokul Shirgaon, Kolhapur - 416234, Maharashtra, India |
DIRECTORS
As on: 06.09.2014
|
Name : |
Mr. Krishan Kumar Patodia |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B. Sc. Textiles (Hons) |
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Date of Appointment : |
01.10.1988 |
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Name : |
Mr. Hariprasad Siotia |
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Designation : |
Director |
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Name : |
Mr. Gopal Patodia |
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Designation : |
Director |
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Name : |
Mr. Narayan Patodia |
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Designation : |
Managing Director |
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Name : |
Mr. Rajiv Patodia |
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Designation : |
Executive Director |
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Name : |
Mr. A. R. Garde |
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Designation : |
Director |
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Name : |
Mr. D. K. Patel |
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Designation : |
Director |
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Name : |
Mr. V. K. Gupta |
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Designation : |
Director |
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|
Name : |
Mr. Pratap Padamshi
Dundh |
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Designation : |
Director |
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Name : |
Mr. M. L Bagaria
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|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Rawat |
|
Designation : |
Company Secretary |
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Address: |
809, Raheja Chambers, 8th Floor, 213, Nariman Point, Mumbai – 400021, Maharashtra, India |
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|
|
|
Name : |
Mr. Girap |
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Designation : |
Vice President Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
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|
174935 |
2.00 |
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|
6036692 |
68.99 |
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|
0.00 |
0.00 |
|
|
6211627 |
70.99 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
6211627 |
70.99 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
7850 |
0.09 |
|
|
1180 |
0.01 |
|
|
44650 |
0.51 |
|
|
53680 |
0.61 |
|
|
|
|
|
|
168264 |
1.92 |
|
|
|
|
|
|
1764467 |
20.17 |
|
|
490890 |
5.61 |
|
|
60937 |
0.70 |
|
|
60937 |
0.70 |
|
|
2484558 |
28.40 |
|
Total Public
shareholding (B) |
2538238 |
29.01 |
|
Total (A)+(B) |
8749865 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
Total (A)+(B)+(C) |
8749865 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Trader of Raw Cotton, Yam and Fabric. |
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Products : |
·
Raw Cotton ·
Yam · Fabric |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Not Available |
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Countries : |
Not Available |
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Imports : |
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Products : |
Not Available |
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Countries : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by Management |
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Bankers : |
·
State Bank of India, Nairman
Point Branch, Jamnalal Bajaj
Road ·
Bank of India ·
IDBI Bank Limited ·
Export Import Bank of India ·
Punjab National Bank ·
State Bank of Patiala |
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Facilities : |
(Rs. In Millions)
Notes: 1. Term Loans in (a) (i) and (ii) above are secured by way of first mortgage on immovable properties of the Company, both present and future and a first charge by way of hypothecation of all movable properties of the Company (save and except book debts), both present and future, ranking pari passu interest, and second charge created on some immovable properties of the Company at Kolhapur, subject to prior charges created in respect of borrowings from banks. 2. Loans in (a)(iii) above are secured by way of hypothecation of Vehicles b) Purchased there against. 3. Maturity Profile and Rate of interest on Loans are Set out below: 4. Working Capital Facilities and non-fund limits of Rs.0.500 Million (Previous Year Rs.14.922 Millions) are secured by way of hypothecation of, both present and future, inventories and book debts as well as by way of mortgage of some immovable properties of the Company at Kolhapur and second charge created on Company’s immovable and other movable assets. The above Working Capital Facilities carries interest @ 9.70% p.a. to 17% p.a. (Previous Year 9.70% p.a. to 14.25% p.a.) |
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Auditors : |
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|
Name : |
Lodha and Company Chartered Accountants |
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Address : |
Mumbai,
Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
30000000 |
Preferences Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
Total |
|
Rs.400.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8749865 |
Equity Shares |
Rs.10/- each |
Rs.87.499
Millions |
|
|
Less: Allotment Money Receivable |
|
Rs.0.097
Million |
|
|
Total |
|
Rs.87.402 Millions |
Right of Equity
Shareholders
Company has only one class of equity shares of par value Rs.10. The holder of this equity share is entitled to one vote per share. In the event of liquidation of the company the holder of equity share will be entitled to receive any of the remaining assets of the company after distribution of the preferential payments. However, no such preferential amounts exist currently. The distribution will be in proportion to the nos. of equity shares held by the shareholders.
Reconciliation of
Shares outstanding at the beginning and at the end of the year
|
Particulars |
As on 31.03.2014 |
|
|
|
Numbers |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
8749865 |
87.500 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
8749865 |
87.500 |
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|
|
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|
Shareholders holding more than 5% Shareholding |
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|
Name of
Shareholder |
Shares held Holding |
No. of %of Shares
held Holding |
|
Patodia Syntex Limited |
3707272 |
42.37 |
|
PBMPolytex Limited |
2231980 |
25.51 |
Note: During previous five years, the company has not issued bonus shares/bought back shares/issued shares for consideration other than cash
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 |
87.402 |
87.402 |
87.402 |
|
(b) Reserves & Surplus |
605.698 |
555.803 |
574.474 |
|
(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) |
693.100 |
643.205 |
661.876 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
141.021 |
177.800 |
233.077 |
|
(b) Deferred tax liabilities (Net) |
133.565 |
135.710 |
159.724 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
274.586 |
313.510 |
392.801 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
428.116 |
537.512 |
423.337 |
|
(b) Trade payables |
348.649 |
285.332 |
330.770 |
|
(c) Other current
liabilities |
120.474 |
116.187 |
78.095 |
|
(d) Short-term provisions |
62.989 |
26.027 |
14.504 |
|
Total Current Liabilities (4) |
960.228 |
965.058 |
846.706 |
|
|
|
|
|
|
TOTAL |
1927.914 |
1921.773 |
1901.383 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
758.033 |
784.064 |
856.075 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
16.630 |
0.137 |
4.255 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
31.827 |
31.827 |
31.827 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.655 |
4.303 |
16.256 |
|
(e) Other Non-current assets |
73.342 |
59.178 |
68.337 |
|
Total Non-Current Assets |
891.487 |
879.509 |
976.750 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
742.978 |
762.871 |
600.895 |
|
(c) Trade receivables |
156.598 |
158.269 |
198.196 |
|
(d) Cash and cash
equivalents |
8.053 |
18.006 |
39.302 |
|
(e) Short-term loans and
advances |
7.912 |
8.696 |
20.583 |
|
(f) Other current assets |
120.886 |
94.422 |
65.657 |
|
Total Current Assets |
1036.427 |
1042.264 |
924.633 |
|
|
|
|
|
|
TOTAL |
1927.914 |
1921.773 |
1901.383 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
3442.948 |
2831.425 |
2575.489 |
|
|
|
Other Income |
4.731 |
4.204 |
227.609 |
|
|
|
TOTAL (A) |
3447.679 |
2835.629 |
2803.098 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material consumed |
1471.947 |
1135.360 |
1285.110 |
|
|
|
Purchase of stock-in-trade |
965.144 |
603.518 |
436.514 |
|
|
|
Manufacturing and operating costs |
458.536 |
478.241 |
423.583 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(87.378) |
124.247 |
97.556 |
|
|
|
Employee benefit expenses |
224.766 |
201.487 |
171.724 |
|
|
|
Amount Withdrawn from Revaluation Reserve |
(0.709) |
(0.709) |
(2.753) |
|
|
|
Other expenses |
125.015 |
106.998 |
93.156 |
|
|
|
TOTAL (B) |
3157.321 |
2649.142 |
2504.889 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
290.358 |
186.487 |
298.209 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
91.152 |
91.205 |
121.121 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
199.206 |
95.282 |
177.088 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
96.719 |
99.458 |
103.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
102.487 |
(4.176) |
74.083 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
46.765 |
13.785 |
(9.284) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
55.722 |
(17.961) |
83.367 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
115.831 |
133.793 |
50.426 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
166.435 |
115.831 |
133.793 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
2448.854 |
1745.629 |
1729.093 |
|
|
TOTAL EARNINGS |
2448.854 |
1745.629 |
1729.093 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
87.847 |
198.131 |
27.256 |
|
|
|
Stores & Spares |
9.548 |
12.697 |
17.827 |
|
|
|
Capital Goods |
36.823 |
0.000 |
6.717 |
|
|
TOTAL IMPORTS |
134.218 |
210.828 |
51.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.37 |
(2.05) |
9.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
1.62 |
(0.63) |
3.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
8.43 |
6.59 |
11.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.45 |
(0.22) |
3.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
(0.01) |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.82 |
1.11 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.08 |
1.09 |
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 |
87.402 |
87.402 |
87.402 |
|
Reserves & Surplus |
574.474 |
555.803 |
605.698 |
|
Net
worth |
661.876 |
643.205 |
693.100 |
|
|
|
|
|
|
long-term borrowings |
233.077 |
177.800 |
141.021 |
|
Short term borrowings |
423.337 |
537.512 |
428.116 |
|
Total
borrowings |
656.414 |
715.312 |
569.137 |
|
Debt/Equity
ratio |
0.992 |
1.112 |
0.821 |
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) |
|
Sales |
2575.489 |
2831.425 |
3442.948 |
|
|
|
9.937 |
21.598 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2575.489 |
2831.425 |
3442.948 |
|
Profit |
83.367 |
(17.961) |
55.722 |
|
|
3.24% |
(0.63%) |
1.62% |
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 Millions)
|
|
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Promoter’s Contribution |
0.300 |
0.300 |
|
Total |
0.300 |
0.300 |
OPERATIONS
During the year the turnover of the Company was Rs.3324.400 Millions as compared to Rs.2729.400 Millions in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The Company is having cotton spinning and knitted fabrics manufacturing unit. Textile is the oldest and most important industry with a high employment potential. The Textile Industry provides jobs for semi-skilled and Unskilled laborers, women in particular, on a large scale in the country.
Eurotex has a state of art modern spinning mills manufacturing and exporting cotton yarn all over the world.
SEGMENT OR
PRODUCTWISE PERFORMANCE:
The Company operates primarily in one business segment via cotton yarn and knitted fabric and has its production facilities and assets located in India. Hence segment-wise or product-wise performance is not given.
OUTLOOK, RISKS AND
CONCERN:
The Company has invested substantially in modernization and up gradation of its production facilities and the Company is poised to take maximum advantage of demand in quality goods in post quota regime.
The exchange rate fluctuations, power cost increase due to increase in oil prices and state grid power rates are the risks and the matters of concern and may adversely affect its profitability.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER, 2014
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Nine Months Ended |
||||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
616.378 |
681.592 |
1297.970 |
|
|
|
b. Other Operating Income |
21.654 |
34.908 |
56.562 |
|
|
|
Total Income from
Operations (Net) |
638.032 |
716.500 |
1354.532 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
388.133 |
379.937 |
768.070 |
|
|
|
b. Purchase of Stock-in trade |
82.274 |
131.309 |
213.583 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(30.376) |
(36.946) |
(67.322) |
|
|
|
d. Employees Benefit Expenses |
60.864 |
60.994 |
121.858 |
|
|
|
e.Power and fuel |
68.540 |
66.136 |
134.676 |
|
|
|
f. Depreciation and Amortisation Expenses |
11.517 |
11.594 |
23.111 |
|
|
|
g. Other expenses |
69.077 |
68.069 |
137.146 |
|
|
|
Total Expenses |
650.029 |
681.093 |
1331.122 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
(11.997) |
35.407 |
23.410 |
|
|
4 |
Other Income |
5.068 |
0.198 |
5.266 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
(6.929) |
35.605 |
28.676 |
|
|
6 |
Finance Costs |
21.441 |
25.984 |
47.425 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
|
|
|
|
|
8 |
Exceptional items |
(28.370) |
9.621 |
(18.749) |
|
|
9 |
Profit from
ordinary activities before tax |
(28.370) |
9.621 |
(18.749) |
|
|
10 |
Tax Expense |
2.089 |
3.482 |
1.393 |
|
|
11 |
Net Profit from
ordinary activity after tax |
26.281 |
6.139 |
20.142 |
|
|
12 |
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit After
Tax |
(26.281) |
6.139 |
20.142 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
87.402 |
87.402 |
87.402 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
(3.00) |
0.70 |
(2.30) |
|
|
|
Diluted EPS |
(3.00) |
0.70 |
(2.30) |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
2538238 |
2538238 |
2538238 |
|
|
|
- Percentage of shareholding |
29.01% |
29.01% |
29.01% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
6211627 |
6211627 |
6211627 |
|
|
|
- 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) |
70.99% |
70.99% |
70.99% |
|
|
|
|
|
|
|
|
|
|
PARTICULARS |
Quarter Ended 30.09.2014 |
|
||
|
|
Pending at the beginning of the quarter |
Nil |
|||
|
|
Received during the quarter |
11 |
|||
|
|
Disposed of during the quarter |
11 |
|||
|
|
Remaining unresolved at the end of the quarter |
Nil |
|||
Note : Other
Operating Income Includes :
|
1 |
Export Incentive |
18.752 |
12.377 |
25.464 |
31.129 |
39.577 |
85.390 |
|
2 |
Foreign Exchange Gain/Loss |
(2.374) |
21.764 |
(20.472 |
19.390 |
(32.328) |
12.052 |
|
3 |
Job Work Processing Charge received |
3.919 |
0.144 |
4.368 |
4.063 |
11.189 |
11.750 |
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
87.402 |
|
(b) Reserves & Surplus |
|
|
568.414 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
655.816 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
97.664 |
|
(b) Deferred tax liabilities (Net) |
|
|
126.321 |
|
Total Non-current Liabilities (3) |
|
|
223.985 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
319.364 |
|
(b) Trade payables |
|
|
253.490 |
|
(c) Other current
liabilities |
|
|
129.280 |
|
(d) Short-term provisions |
|
|
10.435 |
|
Total Current Liabilities (4) |
|
|
712.569 |
|
|
|
|
|
|
TOTAL |
|
|
1592.370 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
a)
Tangible
assets |
|
|
753.384 |
|
b)
Capital
work-in-progress |
|
|
0.608 |
|
c)
Non-current Investments |
|
|
31.827 |
|
d)
Long-term Loan and Advances |
|
|
4.933 |
|
e)
Other Non-current assets |
|
|
73.242 |
|
Total Non-Current Assets |
|
|
863.994 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(b) Inventories |
|
|
519.467 |
|
(c) Trade receivables |
|
|
90.854 |
|
(d) Cash and cash
equivalents |
|
|
19.090 |
|
(e) Short-term loans and
advances |
|
|
5.056 |
|
(f) Other current assets |
|
|
93.909 |
|
Total Current Assets |
|
|
728.376 |
|
|
|
|
|
|
TOTAL |
|
|
1592.370 |
Note:
1. The above financial results have been reviewed by the Audit Committee and were there after approved and taken on record at the Board of Directors in their meeting held on 3rd August 2013. The same were also reviewed by the statutory Auditors of the company.
2. Consequent to the enactment of the companies Act, 2013 (the Act) and its applicability for accounting periods commencing from 1st April, 2014, the company has realigned the remaining useful life of its fixed assets in accordance with the provisions prescribed under Schedule II to the Act. Consequently, in case of assets which have complete their useful life, the carrying value (net of residual value) as at 1st April, 2014, amounting to Rs. 167.74 lacs (net of Deferred Tax) has been adjusted to “Surplus in the Statement of “Profit and Loss” and in case of other assets the carrying value (net of residual value) is being depreciated over the revised remaining useful lives. Accordingly, the depreciation and amortization expense for the quarter and half year ended 30th September, 2014 is lower by Rs. 8.898 Millions and Rs. 18.965 Million respectively.
3. The Company has only single reportable business segment i.e. ‘Yarn Segment’ in terms of requirements of Accounting Standards 17 and has its operations/ assets located in India.
4. Previous periods’ figures have been regrouped / rearranged, wherever necessary to make them comparable to current quarter’s presentation.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10456074 |
21/02/2014 * |
33,200,000.00 |
Bank of India |
Mumbai Mid Corporate Branch, Bank of India, Bldg., |
C04885711 |
|
2 |
10349280 |
21/02/2014 * |
6,290,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR |
C04386496 |
|
3 |
10040821 |
21/02/2014 * |
137,500,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
C04076667 |
|
4 |
10041330 |
21/02/2014 * |
137,500,000.00 |
PUNJAB NATIONAL BANK |
Ilaco House,, Sir P. M. Road,, Fort Mumbai, Maharashtra - 400001, INDIA |
C00537316 |
|
5 |
80005242 |
21/02/2014 * |
35,000,000.00 |
State Bank of Patiala |
Commercial Branch, Atlanta Building,, Nariman Point,, Mumbai, Maharashtra - 400021, INDIA |
C04552105 |
|
6 |
80005239 |
21/02/2014 * |
75,000,000.00 |
State Bank of Patiala |
Commercial Branch, Atlanta Building,, Nariman Point,, Mumbai, Maharashtra - 400021, INDIA |
C04591780 |
|
7 |
80008055 |
21/02/2014 * |
695,000,000.00 |
State Bank of India |
OVERSEAS BRANCH, TEXTILE & CHEMICAL DIVISION,WO |
C05323290 |
* Date of charge modification
FIXED
ASSETS
v
Land Freehold
v
Land Leasehold
v
Buildings
v
Plant and
Machinery
v
Electrical
Installations
v
Office
Equipment
v
Furniture
and Fittings
v
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.61.76 |
|
|
1 |
Rs.94.01 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SPR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
RBI |
YES/NO |
NO |
|
EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.