MIRA INFORM REPORT
|
Report No. : |
303820 |
|
Report Date : |
27.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
FILATEX INDIA LIMITED (TR. CO. FROM DELHI) |
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|
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Registered
Office : |
Survey No.274, Demni Road, Dadra – 396191, Dadra and Nagar Haveli [U.T.] |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.08.1990 |
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Com. Reg. No.: |
54-000091 |
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Capital
Investment / Paid-up Capital : |
Rs. 282.400 Millions |
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|
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CIN No.: [Company Identification
No.] |
L17119DN1990PLC000091 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Manufacturing of Synthetic Yarns viz Polyester Partially
Oriented Yarns (POY), Polyester Filament Yarns, Textured Yarns, Polyester Chips,
Nylon Filament Yarns, Polypropylene Multi and Mono Filament Yarns and Narrow
fabrics. |
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|
|
|
No. of Employees
: |
1338 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company moderate track record. The rating is constrained on account of a loss incurred by the company
during FY 2014 However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some 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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BB |
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Rating Explanation |
Moderate risk of default. |
|
Date |
November 08, 2013 |
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Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A4 |
|
Rating Explanation |
Minimal degree of safety. It carry very high
credit risk. |
|
Date |
November 08, 2013 |
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.
LOCATIONS
|
Registered Office/ Factory 1 : |
Survey No.274, Demni Road, Dadra – 396191, Dadra and Nagar Haveli
[U.T.], India |
|
Tel. No.: |
91-260-2668343/ 2668510 |
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Fax No.: |
91-260-2668344 |
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E-Mail : |
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Website: |
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Corporate Office : |
43, Community Centre, New Friends Colony, |
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Tel. No.: |
91-11-26312503/ 26848633/ 26848644 |
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Fax No.: |
91-11-26849915 |
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E-Mail : |
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Factory 2 : |
Monofilament
Yarns Works A-2, Extension, Phase-II, District Gautam Budh Nagar, Noida – 201304,
Uttar Pradesh, India |
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Tel. No.: |
91-120-3043012/ 13/ 14 |
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Fax No.: |
91-120-3043016 |
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Factory 3 : |
Plot No. D-2/ 6, Jolva Village PCPIR, Dahej-2, Industrial Estate,
GIDC, District Bharuch – 392130, |
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2nd Floor, Shreya Shruti Building, Above State Bank of Indore, Ring
Road, Surat - 395003, Gujarat, India |
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Tel. No.: |
91-261-610783/610784/610785 |
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Fax No.: |
91-261-610796 |
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E-Mail : |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Madhu Sudhan Bhageria |
|
Designation : |
Vice Chairman and Managing Director |
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Address : |
42, Community Centre, New Friends Colony, New Delhi-110065, |
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Date of Birth/Age : |
55 Years |
|
Qualification : |
Commerce graduate from Shri Ram College of Commerce,
University of Delhi. |
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Experience : |
26 years of rich experience in polyester industry. |
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Date of Appointment : |
30.07.2003 |
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DIN: |
00021934 |
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Name : |
Mr. Purrshottam Bhaggeria |
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Designation : |
Joint Managing Director |
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Address : |
42, Community Centre, New Friends Colony, New Delhi-110065, |
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Date of Birth/Age : |
52 Years |
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Qualification : |
MBA, Cornell University, USA |
|
Experience : |
Promoter Director, Looking after Finance, Accounts, Legal and Secretarial |
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Date of Appointment : |
30.07.2003 |
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DIN: |
00017938 |
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Other Directorship: |
Helios Infrastructure and Projects Limited Toni Leathers Limited Animate Energy Limited Trilliant Hospitality Limited PHD Chamber of Commerce and Industry |
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Name : |
Mr. Madhav Bhageria |
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Designation : |
Joint Managing Director |
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Address : |
2nd Floor, Shreya Shruti Building, Above State Bank of Indorel,
Ring Road, Surat-395 003, Gujarat, India |
|
Date of Birth/Age : |
51 Years |
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Qualification : |
B.Com (Hons) from Hindu College, Delhi University, Delhi |
|
Experience : |
Promoter Director, Looking after day to day plants operations at Dahej and Dadra and marketing functions at Mumbai and Surat |
|
Date of Appointment : |
30.07.2003 |
|
DIN: |
00021953 |
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Name : |
Mr. Ashok Chauhan |
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Designation : |
Whole time Director |
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Age: |
62 Years |
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Date of Appointment : |
12.02.2014 |
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Qualification : |
MBA, B.E (Mech.) |
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Experience : |
Marketing, Project Management General Administration and formation of Business Plans, Risk Evaluation and Business Investment strategies |
|
DIN: |
00253049 |
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|
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Name : |
Mr. B B Tandon |
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Designation : |
Independent Director |
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Age: |
73 Years |
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Date of Appointment : |
12.04.2008 |
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Qualification : |
IAS and certified associate of the Indian Institute of Bankers. |
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Experience : |
Worked in various senior position with the Central and State Government and retired as Chief Election Commissioner |
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DIN: |
00740511 |
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Other Directorship: |
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Name : |
Mr. S C Parija |
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Designation : |
Independent Director |
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Age: |
73 Years |
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Date of Appointment : |
30.07.2003 |
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Qualification : |
M. Sc. (Fiscal Studies), Bath University, UK |
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Experience : |
Taxation & Former Finance Chairman Income Tax Settlement Commission |
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DIN: |
00363608 |
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Other Directorship: |
ARSS Infrastructure Projects Limited |
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|
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Name : |
Mr. S P Setia |
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Designation : |
Independent Director |
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Date of Birth/Age : |
72 Years |
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Date of Appointment : |
30.07.2003 |
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Qualification : |
B. Sc. (Hons.) |
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Experience : |
Technical Consultant |
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DIN: |
00255049 |
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Other Directorship: |
Amit Spinning Limited Trident Corporation Limited |
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|
|
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Name : |
Mrs. Pallavi Joshi Bakhru |
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Designation : |
Independent Director |
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Age: |
46 Years |
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Date of Appointment : |
20.09.2013 |
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Qualification : |
Chartered Accountant |
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Experience : |
Having more than 21 years of post-qualification experience in the field of taxation. Her area of expertise includes inbound and outbound structuring advisory (including regulatory compliance) for both Indian and overseas investors. She has specialization in cross border transactions, investment and business structuring, compliance, transaction advisory services, transfer pricing and indirect taxes. |
|
DIN: |
01526618 |
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Other Directorship: |
Hindustan Everest Tools Limited |
KEY EXECUTIVES
|
Name : |
Mr. Raman Kumar Jha |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
14700279 |
45.94 |
|
|
5325216 |
16.64 |
|
|
20025495 |
62.58 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
20025495 |
62.58 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
13400 |
0.04 |
|
|
100 |
0.00 |
|
|
2302500 |
7.20 |
|
|
2316000 |
7.24 |
|
|
|
|
|
|
4742856 |
14.82 |
|
|
|
|
|
|
1834574 |
5.73 |
|
|
2432515 |
7.60 |
|
|
648560 |
2.03 |
|
|
81055 |
0.25 |
|
|
46477 |
0.15 |
|
|
526 |
0.00 |
|
|
520502 |
1.63 |
|
|
9658505 |
30.18 |
|
Total Public shareholding (B) |
11974505 |
37.42 |
|
Total (A)+(B) |
32000000 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
32000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Synthetic Yarns viz Polyester Partially
Oriented Yarns (POY), Polyester Filament Yarns, Textured Yarns, Polyester Chips,
Nylon Filament Yarns, Polypropylene Multi and Mono Filament Yarns and Narrow
fabrics. |
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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 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1338 (Approximately) |
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Bankers : |
· Oriental Bank of Commerce · Punjab National Bank · Union Bank of India · State Bank of India |
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Facilities : |
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Finance Institute |
Siemens Financial Services Private Limited,
130, Pandurang Budhkar Marg,, Worli, Mumbai, Maharashtra - 400018, India |
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|
|
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Auditors : |
|
|
Name : |
Amod Agrawal And Associates Chartered Accountants |
|
Address : |
D-58, East of Kailash, New Delhi - 110025, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary Company: |
Filatex Synthetics Private Limited (Upto 16.12.2012) |
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|
Enterprises owned or significantly influenced by key managerial
personnel: |
Nouvelle Securities Private Limited SMC Yarns Private Limited Azimuth Investments Limited Hill Estate Private Limited Madhu Sudhan Bhageria (HUF) Purrshottam Bhaggeria (HUF) Madhav Bhageria (HUF) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Rs. 400.000 Millions
Issued, Subscribed & Paid-up Capital :Rs. 320.000
Millions
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28240000 |
Equity Shares |
Rs. 10/- each |
Rs. 282.400
Millions |
|
|
|
|
|
a. Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period
|
Equity shares |
31.03.2014 |
|
|
|
Nos. |
Rs. in Millions |
|
At the beginning of the year |
24000000 |
240.000 |
|
Add : Shares issued during the year |
4240000 |
42.400 |
|
Outstanding at the end of the period |
28240000 |
240.000 |
b. Terms / rights
attached to equity shares
The company has only one
class of equity shares having a par value of Rs.10/- per share. Each holder of
equity shares is entitled to one vote per share. The company declares and pays
dividend in Indian rupees.
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.
c. Issue of
convertible warrants and conversion into equity shares:
During the year the company had allotted 8,000,000 convertible warrants on preferential basis to the promoters others to be converted at the option of warrant holders in one or more tranches, within 18 months from the date of allotment (September 20, 2013) of warrants into equivalent number of fully paid equity shares of the company of the face value of Rs. 10/- each at an exercise price of Rs. 25/- per share (including premium of Rs. 15/- per share).
The company received Rs. 50.000 Millions as application money being 25% of the issue price from 8,000,000 warrant holders. It has further received Rs. 79.500 Millions towards balance amount of 75% of the issue price from the holders of 4,240,000 warrants for which the warrant holders exercised the option to convert them into equity shares. The company issued 4,240,000 equity shares of Rs. 10/- each at a premium of Rs. 15 per share on preferential basis upon conversion on February 12, 2014.
If the warrant holders fails to exercise the option as mentioned in (1) above, the right attached to the warrants shall expire and any amount paid on such warrants shall stand forfeited in accordance with chapter VII of SEBI (issue of capital and Disclosure Requirements), 2009
The proceeds of the same have been utilized for the intended purpose of meeting part project cost including over run.
e. Details of shareholders holding more than 5% shares in the company
|
Name Of Shareholders |
31.03.2014 |
|
Madhu Sudhan Bhageria 2462500 (previous year 1252500) equity shares of Rs.10/- each fully
paid |
8.72% |
|
Azimuth Investments Limited 3125000 (previous year 3125000) equity shares of Rs.10/- each fully
paid |
11.07% |
|
Nouvelle Securities Private Limited 1989016 (previous year 1989016) equity shares of Rs.10/- each fully
paid |
7.04% |
|
Purrshottam Bhaggeria 2080000 (Previous Year 865000) equity shares of Rs. 10/- each fully paid |
7.37% |
|
Madhav Bhaggeria 1925100 (Previous Year 710100) equity shares of Rs. 10/- each fully paid |
6.82% |
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 |
282.400 |
240.000 |
240.000 |
|
(b) Reserves & Surplus |
1238.303 |
1255.639 |
1218.135 |
|
(c) Money received against share warrants |
23.500 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1544.203 |
1495.639 |
1458.135 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2832.069 |
1838.048 |
1864.825 |
|
(b) Deferred tax liabilities (Net) |
122.671 |
160.130 |
147.489 |
|
(c)
Other long term liabilities |
1.951 |
1.869 |
1.766 |
|
(d)
long-term provisions |
27.082 |
26.293 |
19.102 |
|
Total
Non-current Liabilities (3) |
2983.773 |
2026.340 |
2033.182 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1307.261 |
1757.575 |
430.720 |
|
(b)
Trade payables |
1451.839 |
1410.411 |
108.878 |
|
(c)
Other current liabilities |
479.561 |
744.996 |
529.937 |
|
(d)
Short-term provisions |
6.265 |
11.271 |
31.748 |
|
Total
Current Liabilities (4) |
3244.926 |
3924.253 |
1101.283 |
|
|
|
|
|
|
TOTAL |
7772.902 |
7446.232 |
4592.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3986.096 |
3986.448 |
1768.857 |
|
(ii)
Intangible Assets |
1.913 |
2.574 |
1.374 |
|
(iii)
Capital work-in-progress |
5.943 |
38.487 |
1847.401 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.003 |
0.003 |
0.077 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
41.486 |
39.425 |
45.573 |
|
(e)
Other Non-current assets |
31.320 |
18.064 |
12.731 |
|
Total
Non-Current Assets |
4066.761 |
4085.001 |
3676.013 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
667.599 |
904.058 |
490.973 |
|
(c)
Trade receivables |
2143.710 |
1375.417 |
266.742 |
|
(d)
Cash and cash equivalents |
321.654 |
703.887 |
56.469 |
|
(e)
Short-term loans and advances |
259.212 |
208.531 |
96.594 |
|
(f)
Other current assets |
313.966 |
169.338 |
5.809 |
|
Total
Current Assets |
3706.141 |
3361.231 |
916.587 |
|
|
|
|
|
|
TOTAL |
7772.902 |
7446.232 |
4592.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation (net) |
17693.966 |
12317.996 |
4734.035 |
|
|
|
Other Income |
122.531 |
25.806 |
10.277 |
|
|
|
TOTAL (A) |
17816.497 |
12343.802 |
4744.312 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
13475.671 |
10395.447 |
3881.726 |
|
|
|
Purchases of traded goods |
2104.194 |
662.749 |
19.323 |
|
|
|
(Increase)/decrease in Inventories of finished goods and work in
progress |
158.938 |
(196.586) |
(24.311) |
|
|
|
Employee Benefits expense |
317.451 |
264.360 |
144.091 |
|
|
|
Other Expenses |
1215.601 |
742.347 |
388.965 |
|
|
|
TOTAL (B) |
17271.855 |
11868.317 |
4409.794 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
544.642 |
475.485 |
334.518 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
400.302 |
225.681 |
44.971 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
144.340 |
249.804 |
289.547 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
259.304 |
211.109 |
95.161 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(114.964) |
38.695 |
194.386 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(34.027) |
15.138 |
57.377 |
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS)
AFTER TAX (G-H) (I) |
(80.937) |
23.557 |
137.009 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (J) |
511.972 |
474.468 |
365.351 |
|
|
|
|
|
|
|
|
|
Less: |
APPROPRIATIONS |
|
|
|
|
|
|
Proposed dividend on equity shares (previous year Re 1/-
per share) |
0.000 |
0.000 |
24.000 |
|
|
|
Tax on proposed equity dividend written back |
0.000 |
(1.947) |
0.000 |
|
|
|
Tax on proposed equity dividend |
0.000 |
0.000 |
3.892 |
|
|
|
Proposed dividend on equity shares written back |
0.000 |
(12.000) |
0.000 |
|
|
|
BALANCE
CARRIED TO THE B/S |
431.035 |
511.972 |
474.468 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export of Goods (excluding deemed exports) |
591.227 |
164.241 |
116.020 |
|
|
|
TOTAL EARNINGS IN FOREIGN CURRENCY |
591.227 |
164.241 |
116.020 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7007.251 |
3825.670 |
266.311 |
|
|
|
Capital Goods |
12.490 |
8.549 |
1181.362 |
|
|
|
Consumable/Spares |
13.408 |
11.248 |
6.593 |
|
|
TOTAL IMPORTS |
7033.149 |
3845.467 |
1454.266 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
(3.30) |
0.98 |
6.19 |
|
|
|
Diluted
|
(3.30)
|
0.98 |
6.19 |
|
QUARTERLY RESULTS
|
Particular |
|
Quarterly 1 |
Quarterly II |
|
|
|
30.06.2014 |
30.09.2014 |
|
Revenue |
|
4825.000 |
4368.800 |
|
Other Income |
|
25.500 |
23.300 |
|
Total Income |
|
4850.500 |
4392.100 |
|
Expenditure |
|
(4611.200) |
(4163.400) |
|
Interest |
|
(140.300) |
(135.000) |
|
PBDT |
|
99.000 |
93.700 |
|
Depreciation |
|
(51.400) |
(52.900) |
|
PBT |
|
47.600 |
40.800 |
|
Tax |
|
(16.000) |
(13.400) |
|
Net Profit |
|
31.600 |
27.400 |
|
Equity |
|
320.000 |
282.400 |
|
EPS |
|
10.700 |
9.700 |
|
CEPS |
|
25.900 |
28.400 |
|
OPM % |
|
4.96% |
5.23 |
|
NPM % |
|
0.65% |
0.63% |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.46) |
0.19 |
2.89 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.08 |
3.86 |
7.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.48) |
0.52 |
7.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07) |
0.03 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.68 |
2.40 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
0.86 |
0.83 |
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 |
240.000 |
240.000 |
282.400 |
|
Reserves & Surplus |
1218.135 |
1255.639 |
1238.303 |
|
Money received against share warrants |
0.000 |
0.000 |
23.500 |
|
Net worth |
1458.135 |
1495.639 |
1544.203 |
|
|
|
|
|
|
long-term borrowings |
1864.825 |
1838.048 |
2832.069 |
|
Short term borrowings |
430.720 |
1757.575 |
1307.261 |
|
Total borrowings |
2295.545 |
3595.623 |
4139.330 |
|
Debt/Equity ratio |
1.574 |
2.404 |
2.681 |
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 |
4734.035 |
12317.996 |
17693.966 |
|
|
|
160.201 |
43.643 |
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 |
4734.035 |
12317.996 |
17693.966 |
|
Profit |
137.009 |
23.557 |
(80.937) |
|
|
2.89% |
0.19% |
(0.46%) |
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 |
Yes |
|
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 |
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
|
Particular |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
From body corporates |
672.500 |
200.000 |
|
|
|
|
|
Total |
672.500 |
200.000 |
|
Note: from
body corporates carry interest @ 9% p.a. and are payable after three years
from the date of receipt. |
||
OPERATIONS:
During the year, the
Company achieved turnover of Rs. 17694.000 Millions as compared to Rs.
12318.000 Millions in the previous year resulting in an increase of 44%. During
the year, the Company has incurred net loss of Rs. 80.900 Millions as compared
to net profit of Rs. 23.600 Millions in the previous year. Increase in turnover
is due to commissioning of plant for polyester poly condensation and POY at
GIDC, Dahej. The decrease in Net Profit is due to sluggish demand on account of
slowdown in economy, adverse fluctuation in foreign exchange rates, higher
finance cost & depreciation.
DISCUSSION
ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
During the year, the
Company achieved turnover of Rs. 17694.000 Millions as compared to Rs.
12318.000 Millions in the previous year resulting in an increase of 44%. The
Operating profit increased from Rs. 475.400 to 544.600 lakhs, an increase of
14.5%. The finance cost is Rs. 400.300 Millions as compared to Rs. 225.700
Millions resulting in an increase of 77% over the last year mainly due to
higher interest cost upon conversion of Foreign Currency Loans to Rupee Term
Loans. The depreciation is Rs. 259.300 Millions as compared to Rs. 211.100
Millions. Increase in turnover is due to increase in capacity utilization of
Dahej Unit. The decrease in Net Profit is due to reduction on profit margins
and sluggish demand on account of adverse fluctuations in foreign exchange
rates, higher finance cost & depreciation.
MANAGEMENT’S
DISCUSSION AND ANALYSIS:
DISCLAIMER
STATEMENT:
Certain statements in this
report on Management Discussion and Analysis may be forward looking statements
and have been issued in terms of the applicable laws and regulations. These
statements are based on certain assumptions and expectations of future events.
Actual results could however differ materially from those expressed in the
statements or implied due to the influence of external and internal factors,
which are beyond the control of the Company. The Company assumes no
responsibility in respect of forward-looking statements, which may be amended
or modified in future on the basis of subsequent developments, information or
events.
INDUSTRY
STRUCTURE & DEVELOPMENT:
The global economy has improved
slowly in financial year 2013-14, but it has not recovered to the extent it was
anticipated. Several European economies experienced slow down/recession due to
high unemployment, banking, Emergency rescue efforts, fiscal tightening and
sluggish growth. The financial crisis of Eurozone nations is weakening the
strength of the economic bloc and adversely impacting global economic growth.
However, the US economy showed signs of recovery, mainly on account of
manufacturing growth and prudent policy initiatives. Global textile fiber
industry is expected to grow to 105 MMT by 2020. Of this, polyester is likely
to account for over
68% of global demand. India
is poised to strengthen its global foothold with polyester production share
rising to 10% of global volume from the current 8%. With supplies likely to
remain above incremental demand, utilization Rates are expected to remain under
pressure in the medium term. India continues to be one of the world’s largest
producers of textiles and garments. Abundant availability of raw materials such
as cotton, wool, silk and jute as well as skilled workforce have made the
country a competitive sourcing hub. It is, now, the world’s second largest
producer of textiles and garments. The Indian textiles industry accounts for
about 24 per cent of the world’s spindle capacity and 8 per cent of global
rotor capacity. The potential size of the Indian textiles and apparel industry
is expected to reach US$ 223 billion by 2021, according to a report by Market
research Company.
The textiles industry
continues to make a major contribution to the national economy in terms of
direct and indirect employment generation and net foreign exchange earnings.
The sector contributes about 14% to industrial production, 4-5 % to the gross
domestic product (GDP), and 27% to the country’s foreign exchange inflows. It
provides direct employment to over 45 million people. The textiles sector has
maintained its position as the second largest provider of employment, the first
being the “Agriculture”. Thus, the growth and al round development of this
industry has a direct bearing on the improvement of the India’s economy. The
Indian textiles industry is set for strong growth, buoyed by strong domestic
consumption as well as export demand. India’s per capita consumption has
gradually moved up to 5 kg, however, it is still low as against around 11 kg
all over the world. The gap in per capita and a large population base
definitely projects a stable growth in demand.
Man Made Fiber industry
continues to grow at a rapid pace. India has successfully placed its innovative
range of MMF textiles in almost all the countries across the globe. From a
novelty /specialty fiber, MMF now has become cost effective and is gradually
replacing the cotton and other fibers. Amongst the MMF options, the polyester
fiber
Growth is outpacing every
other fiber. MMF production recorded an increase of 10% and filament yarn
production grew by 6% in the month of February 2014. MMF production increased
by about 4% during the period from April 2013–February 2014. As far as domestic
scenario is concerned, signs for PFY are very encouraging. As per CRISIL
Research Report on Man Made Fiber, the Polyester Filament Yarn (PFY) forms
around 57% of the total Indian manmade textile production and about 27% of
total textile production. India’s all fiber textile mill consumption is likely
to grow at a 5.2% CAGR between 2013 and 2020 to 12.3 MMT. The CAGR growth for
the demands for PFY and PSF (Polyester Staple Fiber) are expected to be 8.6%
and 5.4%, respectively. Polyester is likely to account for a major share of
around 60% of the incremental domestic fiber demand between 2013 and 2020. As
per Technopak (Market Research Company) projections, India’s total textile and
apparel market size (domestic and export), estimated at $ 89 billion in 2011,
is projected to grow at a 9% CAGR to reach $ 221 billion by 2021. The domestic
textile and apparel market size was $ 58 billion in 2011 and is projected to
grow to $ 141 billion by 2021. The key growth segments are technical textiles
which is likely to see a 10% CAGR, followed by 9% in apparels and 8% in home
textiles.
The long term growth and
development of this industry is fairly secured because of low base per capita
consumption of textile fabric in India as compared to developed countries. In a
growing economy with high population, it gets additional support. In the short
term, volatility in crude oil prices may impact the growth of the industry. The
profit margins of the industry which had eroded in last two years mainly due to
addition of large capacity of Polyester POY now are on recovery though the
market is still sluggish during some months. In the year’s ahead relatively
easier availability of raw materials, growing local and international demand
and improved cost competitiveness of Indian manufacturers vis-ŕ-vis their
global competitors will result in strong growth in the PFY industry.
OPPORTUINITIES
& CHALLENGES:
Opportunities
- Urbanization and increased income are driving the demand in
downstream industry
- Emerging non-apparel applications of fiber
- Price competitiveness of PFY vis-ŕ-vis cotton yarns
- Low Per capita consumption of Polyester in India vis-ŕ-vis
International standards
- Increasing impact of rural consumers in the domestic consumption
/economy which spins off a major opportunity
- Growth in the Polyester industry.
- Fast changes in fashion design, growing exports of textiles
Challenges:
- Unfavourable and Extreme Exchange rate fluctuation
- High interest rates
- Inconsistent and volatile raw material supply
- Inadequate domestic production of raw
materials
COMPANY
OUTLOOK:
The Company’s plant at
Dahej produced around 86000 ton of POY and around 77000 tons of PET chips out
of which 19000 tons were for captive consumption. Total production at Dadra
unit was 38304 tons as against estimated 39000 tons. Noida unit output was 715
tons. Dahej plant improved its capacity utilization from 70 % to 75% on YOY
basis. Dadra plant improved its capacity utilization from 68 % to 89% on YOY
basis Gradually truncated operations led to Noida Plant capacity reduce from
83% to 43% The company has finalized its plans to improve the capacity
utilization as well as add greater value to the bottom line. On the drawing
boards are the final plans for adding 2 X 100 TPD PSF lines, which will add
72000 TPA capacity. Another line of semi dull FDY of capacity 24000 TPA will be
installed. Technology options and selection, investment estimates and financial
projections have been completed. These two investments will add value and
increase EBITDA to around 6% p.a.
RISKS
AND CONCERNS:
- The Company perceives the following main business risks:
- Unfavorable Exchange rate fluctuation
- Overcapacity of domestic PFY industry
- Volatility in crude oil prices and adverse effect on RM prices
- Adhoc fiscal policies leading to International competition
- High cost and poor quality of grid power supply
- Anti dumping duty proposed on imported
PTA.
INTERNAL
CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has comprehensive
systems of internal controls to safeguard the Company’s assets against the loss
from unauthorized uses and ensure proper authorization of financial
transactions. The system is designed to provide a high degree of assurance
regarding the effectiveness and efficiency of operations, reliability of
financial controls and compliance with applicable laws and regulations. The
Company has an elaborate budgetary control system and actual performance, which
is constantly monitored by the Management. It has well defined organization
structure, authority levels and internal guidelines and rules. The internal
control system ensures that the financial and other are reliable for preparing
financial statements and other data and for maintaining proper records of assets.
The Company has appointed a firm of Chartered Accountants as the Internal
Auditor to conduct operations and systems audit in accordance with audit plans
adopted by the Audit committee. Internal Auditors, as part of their assignment,
evaluate and assess the adequacy and effectiveness of internal control measures
and compliance with policies, plans and statutory requirements. The Internal
Audit Reports are reviewed by the Audit Committee and on its recommendation,
appropriate actions are initiated by the Management.
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10387600 |
28/09/2012 |
40,000,000.00 |
SIEMENS FINANCIAL
SERVICES PRIVATE LIMITED |
130, PANDURANG
BUDHKAR MARG,, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B62385992 |
|
2 |
10307527 |
30/08/2011 |
1,812,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B21113154 |
|
3 |
10308943 |
27/08/2011 |
224,400,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE
BRANCH, TRADE HOUSE, RING ROAD, SURAT, GUJARAT - 395002, INDIA |
B22010979 |
|
4 |
10269163 |
22/12/2010 |
25,000,000.00 |
ORIENTAL BANK
OF COMMERCE |
IFB, H-15,,
CONNAUGHT PLACE,, NEW DELHI, DELHI - |
B05870894 |
|
5 |
10112089 |
29/05/2008 |
590,000.00 |
PUNJAB NATIONAL
BANK |
ECE HOUSE, NEW
DELHI, DELHI - 110001, INDIA |
A41644980 |
|
6 |
90100921 |
04/08/2006 * |
35,000,000.00 |
ORIENTAL BANK
OF COMMERCE |
INDUSTRIAL
FINANCE BRANCH, H-15 CONNAUGHT CIRCUS, |
- |
|
7 |
90098727 |
23/03/2005 * |
245,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, DEFENCE COLONY, NEW DELHI, DELHI - 110024, INDIA |
- |
|
8 |
80012456 |
05/11/2014 * |
6,514,100,000.00 |
UNION BANK OF
INDIA |
M-11, IST
FLOOR, MIDDLE CIRCLE, CONNAUGHT CIRCUS, |
C33006347 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
Letters
of Credits |
277.995 |
|
Unexpired
Bank Guarantees |
|
|
Excise
/ Custom duty |
140.467 |
|
Sales
Tax demand |
0.080 |
|
Income Tax demand on account of : |
|
|
Penalty
for the period AY 2001-02 to 2005-06 |
3.337 |
|
Additions
for AY 2008-09 |
0.220 |
|
Claims
against the company not acknowledged as
debts |
25.195 |
|
Amount
of duty saved on import of plant & machinery |
166.658 |
|
TOTAL |
613.952 |
FIXED ASSETS:
FIXED ASSETS:
Tangible Assets
· Land (free hold)
· Land (Lease Hold)
· Building Factory
· Building Non Factory
· Plant and Machinery
· Furniture and Fittings
· Vehicles
· Office Equipments
· Computer
Intangible assets
· Software
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 records 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.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.