MIRA INFORM REPORT
|
Report No. : |
305401 |
|
Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHARAJA SHREE UMAID MILLS LIMITED |
|
|
|
|
Registered
Office : |
Krishna, 7th Floor, Room No. 706, 224, A.J.C Bose Road, Kolkata-700017,
West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
12.08.1939 |
|
|
|
|
Com. Reg. No.: |
21-128650 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 259.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17124WB1939PLC128650 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Yarn Fabric |
|
|
|
|
No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and well established company having the track. Financial position of the company appears to be strong and healthy. Management of the company seems to be well experienced and
knowledgeable businessmen. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. The company can be considered 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 – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit limits BBB |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk |
|
Date |
January 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term loans A3+ |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk |
|
Date |
January 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.
INFORMATION PARTED BY
|
Name : |
Mr. Ankit |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-29-32220286 |
|
Date : |
27.01.2015 |
LOCATIONS
|
Registered Office : |
Krishna, 7th Floor, Room No. 706, 224, A.J.C Bose Road, Kolkata-700017,
West Bengal, India |
|
Tel. No.: |
91-33-22230016 |
|
Fax No.: |
91-33-22231569 |
|
E-Mail : |
|
|
|
|
|
Head Office / Factory: |
Jodhpur Road, Pali – 306 401 (Rajasthan) |
|
Tel. No.: |
91-2932-220286/288 |
|
Fax No.: |
91-2932-221333 |
|
E-Mail : |
|
|
|
|
|
Mumbai Branch Office : |
Shreeniwas House, Hazarimal Somani Marg, Fort , Mumbai – 400001 (India) |
|
Tel. No.: |
91-22-22075031/8856 |
|
Fax No.: |
91-22-22077654 |
|
E-Mail : |
|
|
|
|
|
Delhi Branch Office: |
109,Oriental House,19 Community Centre, Yusuf Sarai,New Delhi –110049 (India) |
|
Tel. No.: |
91-11-26517102 |
|
Fax No.: |
91-11-26517102 |
|
E-Mail : |
|
|
|
|
|
Mumbai Marketing Office: |
B-39,41-43, Solaris-1, Opp. L&T Gate No.6, Saki Vihar Road, Andheri - (East) Mumbai – 400072 (India) |
|
Tel. No.: |
91-22-28475551 |
|
Fax No.: |
91-22-28755552 |
|
E-Mail : |
DIRECTORS
As on 10.09.2014
|
Name : |
Mr. L N Bangur |
|
Designation : |
Chairman cum Managing Director |
|
Date of Birth/Age : |
26.08.1949 |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Mrs. Alka Bangur |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.11.1954 |
|
Qualification : |
M.B.A |
|
|
|
|
Name : |
Mr. Yogesh Bangur |
|
Designation : |
Director (CA & S) |
|
Date of Birth/Age : |
08.11.1983 |
|
Qualification : |
M. Sc in Programme and Project Management |
|
|
|
|
Name : |
Mr. SS Kothari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Chandravadan Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amitav Kothari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. GR Agarwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.08.1945 |
|
Qualification : |
B. Sc. B. Text, M. Tech, PGDBM |
KEY EXECUTIVES
|
Name : |
Mr. Pradip Kumar Ojha |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. S. Sridhar |
|
Designation : |
Chief Financial Officer |
|
|
|
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 |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4086180 |
15.76 |
|
|
15305220 |
59.05 |
|
|
19391400 |
74.81 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
19391400 |
74.81 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
5170223 |
19.95 |
|
|
|
|
|
|
963280 |
3.72 |
|
|
314526 |
1.21 |
|
|
80571 |
0.31 |
|
|
79288 |
0.31 |
|
|
1283 |
0.00 |
|
|
6528600 |
25.19 |
|
Total Public shareholding (B) |
6528600 |
25.19 |
|
Total (A)+(B) |
25920000 |
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) |
25920000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Yarn Fabric |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Product : |
Finished goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Product : |
Raw Materials |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Not Available |
|
|
|
|
Purchasing : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
450 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Notes : 1. Term loans are secured
by first pari passu charge on immoveable assets i.e. factory land &
building situated at Pali, and moveable fixed assets (including wind mills
installed in the state of Rajasthan) of the Pali Establishment Unit of the
company i.e. the Textile Unit and the Power Generation Unit of the company at
Pali. 2. Terms of
repayment are given below: a) Loan taken from
IDBI Bank Limited is repayable in quarterly installments of Rs.13.438
Millions each. b) Loan taken from
ICICI Bank Limited is repayable in quarterly installments of Rs.6.250
Millions each. c) Loan taken from
State Bank of Bikaner and Jaipur under RTUFS is repayable in quarterly
installments of Rs.37.500 Millions each. d) Loan taken from
IDBI Bank Limited (Wind PGU) is repayable in monthly installments of Rs.6.428
Millions each. e) Loan taken from
ICICI Bank Limited Wind PGU) is repayable in quarterly installments of
Rs.9.999 Millions each. f) Loan taken from
State Bank of Bikaner & Jaipur under RRTUFS is repayable in quarterly
installment of Rs.56.250 Millions each commencing from 01.10.2015. |
|
Auditors : |
|
|
Name : |
M/S BD Gargieya and Company Chartered Accountant |
|
Address : |
1st Floor, Bhagat Bawan, MI Road, Jaipur |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Significant
Influence : |
Shree Krishna Agency company Limited |
|
|
|
|
Subsidiaries : |
MSUM Texfab Limited |
CAPITAL STRUCTURE
As on 10.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160000 |
Equity Shares |
Rs.10/- each |
Rs.1.600
Millions |
|
25760000 |
Bonus Shares out of Reserves |
Rs.10/- each |
Rs.257.600
Millions |
|
|
Total |
|
Rs.259.200 Millions |
Note :
1.Equity shareholders’
holding more than 5% of equity shares along with the number of equity shares
held is given hereunder :
|
|
Year
ended 31 March 2014 |
Year
ended 31 March 2013 |
||
|
|
Number |
Percentage |
Number |
Percentage |
|
Placid Limited |
8647420 |
33.36 |
8422420 |
32.49 |
|
M.B. Commercial Company Limited |
2820000 |
10.88 |
2820000 |
10.88 |
|
Sh. Lakshmi Niwas Bangur |
1760457 |
6.79 |
1760457 |
6.79 |
|
Amalgamated Development Limited |
1652000 |
6.37 |
1652000 |
6.37 |
2. The reconciliation
of the number of shares outstanding is set out below:
|
|
Year
ended 31 March 2014 |
Year
ended 31 March 2013 |
|
|
No. of shares |
No. of shares |
|
Equity Shares at the beginning of the year |
2,59,20,000 |
2,59,20,000 |
|
Add: Bonus shares issued out of reserves during the year |
-- |
-- |
|
Balance at the end of the year |
2,59,20,000 |
2,59,20,000 |
LISTING DETAILS:
|
Subject Stock
Code : |
BSE : 530059 NSE : --- ISIN: INE087D01013 |
|
Stock Exchange Place : |
The Stock Exchange, Mumbai |
|
Listed Date : |
Not Available |
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 |
259.200 |
259.200 |
259.200 |
|
(b) Reserves & Surplus |
1799.587 |
1632.839 |
6776.609 |
|
(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) |
2058.787 |
1892.039 |
7035.809 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1312.147 |
1356.056 |
363.099 |
|
(b) Deferred tax liabilities (Net) |
270.849 |
252.153 |
116.725 |
|
(c) Other long term
liabilities |
533.437 |
531.237 |
42.701 |
|
(d) long-term
provisions |
120.893 |
203.352 |
207.076 |
|
Total Non-current
Liabilities (3) |
2237.326 |
2342.798 |
729.601 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
731.529 |
383.969 |
657.939 |
|
(b) Trade
payables |
78.017 |
93.656 |
53.754 |
|
(c) Other
current liabilities |
599.427 |
461.452 |
509.654 |
|
(d) Short-term
provisions |
46.932 |
89.497 |
161.952 |
|
Total Current
Liabilities (4) |
1455.905 |
1028.574 |
1383.299 |
|
|
|
|
|
|
TOTAL |
5752.018 |
5263.411 |
9148.709 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2988.715 |
2815.722 |
1816.581 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
9.647 |
192.602 |
180.051 |
|
(iv)
Intangible assets under development |
14.817 |
6.968 |
0.000 |
|
(b) Non-current Investments |
24.703 |
24.703 |
1075.751 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
433.141 |
340.468 |
3085.723 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3471.023 |
3380.463 |
6158.106 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
927.562 |
|
(b) Inventories |
1344.923 |
944.071 |
1034.284 |
|
(c) Trade
receivables |
596.162 |
560.111 |
431.240 |
|
(d) Cash
and cash equivalents |
57.594 |
56.324 |
360.290 |
|
(e)
Short-term loans and advances |
280.179 |
321.643 |
229.624 |
|
(f) Other
current assets |
2.137 |
0.799 |
7.603 |
|
Total
Current Assets |
2280.995 |
1882.948 |
2990.603 |
|
|
|
|
|
|
TOTAL |
5752.018 |
5263.411 |
9148.709 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4769.464 |
5104.498 |
4252.120 |
|
|
|
Other Income |
16.304 |
5.842 |
196.968 |
|
|
|
TOTAL (A) |
4785.768 |
5110.340 |
4449.088 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3031.918 |
2948.953 |
3187.490 |
|
|
|
Purchase of Traded Goods |
108.763 |
239.545 |
110.720 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(195.876) |
44.611 |
(66.071) |
|
|
|
Manufacturing Expenses |
648.225 |
641.394 |
561.121 |
|
|
|
Employee benefits expense |
365.907 |
302.764 |
276.937 |
|
|
|
Administrative, Selling and Other Expenses |
143.412 |
140.455 |
101.085 |
|
|
|
Exceptional Items |
(95.459) |
0.000 |
(5013.328) |
|
|
|
TOTAL (B) |
4006.890 |
4317.722 |
-842.046 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
778.878 |
792.618 |
5291.134 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
220.155 |
100.286 |
22.035 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
558.723 |
692.332 |
5269.099 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
298.037 |
210.092 |
117.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
260.686 |
482.240 |
5151.929 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
63.613 |
155.402 |
1061.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
197.073 |
326.838 |
4090.360 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
917.157 |
4892.728 |
1453.030 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
50.000 |
500.000 |
|
|
|
Dividend |
4.405 |
11.013 |
21.024 |
|
|
|
Transfer to KVL |
0.000 |
4176.596 |
0.000 |
|
|
|
Tax on Dividend |
25.920 |
64.800 |
129.638 |
|
|
BALANCE CARRIED
TO THE B/S |
1083.905 |
917.157 |
4892.728 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
563.398 |
565.447 |
342.963 |
|
|
TOTAL EARNINGS |
563.398 |
565.447 |
342.963 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
24.654 |
43.949 |
30.562 |
|
|
|
Capital Goods |
12.254 |
415.745 |
23.556 |
|
|
TOTAL IMPORTS |
36.908 |
459.694 |
54.118 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic and Diluted |
8.13 |
12.61 |
2.64 |
|
|
|
Basic and Diluted |
7.60 |
12.61 |
157.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.13 |
6.40 |
96.20 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
16.33 |
15.53 |
124.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.57 |
9.57 |
65.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.25 |
0.73 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.99 |
0.92 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57 |
1.83 |
2.16 |
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 |
259.200 |
259.200 |
259.200 |
|
Reserves & Surplus |
6776.609 |
1632.839 |
1799.587 |
|
Net
worth |
7035.809 |
1892.039 |
2058.787 |
|
|
|
|
|
|
long-term borrowings |
363.099 |
1356.056 |
1312.147 |
|
Short term borrowings |
657.939 |
383.969 |
731.529 |
|
Total
borrowings |
1021.038 |
1740.025 |
2043.676 |
|
Debt/Equity
ratio |
0.145 |
0.920 |
0.993 |
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 |
4252.120 |
5104.498 |
4769.464 |
|
|
|
20.046 |
(6.564) |
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 |
4252.120 |
5104.498 |
4769.464 |
|
Profit |
4090.360 |
326.838 |
197.073 |
|
|
96.20% |
6.40% |
4.13% |
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) |
Yes |
|
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 |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Short Term
Borrowing |
|
|
|
Rupee Loans From Banks |
200.000 |
50.000 |
|
Total |
200.000 |
50.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10374858 |
31/12/2012 * |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B65703944 |
|
2 |
10374129 |
31/12/2012 * |
540,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
B65860447 |
|
3 |
10252918 |
26/06/2014 * |
2,050,000,000.00 |
STATE BANK OF BIKANER and JAIPUR |
BHAGAT KI KOTHI BRANCH, BHAGAT KI KOTHI, JODHPUR, |
C12135075 |
|
4 |
10244328 |
08/07/2014 * |
100,000,000.00 |
BANK OF BARODA |
NEAR TOWN HALL, SURAJ POLE, PALI, Rajasthan - 306401, INDIA |
C22366223 |
|
5 |
10203408 |
31/12/2012 * |
309,700,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B66588237 |
|
6 |
10186109 |
06/01/2010 * |
200,000,000.00 |
THE BANK OF RAJASTHAN LIMITED |
JAIN MARKET, PALI, Rajasthan - 306401, INDIA |
A78050952 |
|
7 |
10154158 |
12/12/2009 * |
250,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A74997982 |
|
8 |
10042695 |
24/03/2007 * |
430,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
A07224801 |
* Date of charge modification
BUSINESS:
During the year, the Company’s turnover was marginally lower by 6 % compared to turnover for the year ended March 31, 2013. New 96 loom Airjet Fabrics plant which was commissioned in late 2013 had satisfactorily run for full 12 months of current year. During the year Fabric Processing plant was commissioned & sale of processed fabrics had commenced. The market response has been positive with large fabric consumers expressing interests in our new Product. Poplin Fabrics continued to receive overwhelming market support.
NEW
BUSINESS DEVELOPMENT
Apart from commissioning of New Fabric Processing Plant, modernisation of existing Processing Plant of Poplin with enhanced capacity in the form Continuous Bleaching Range (CBR) was pursued. The company had successfully commissioned Zero Discharge Effluent Treatment Plant meeting environment norms.
MANAGEMENT
DISCUSSION AND ANALYSIS:
After achieving unprecedented growth of over 9 percent for three successive years between 2005-06 and 2007-08 and recovering swiftly from the global financial crisis of 2008-09, the Indian economy has been going through challenging times that culminated in lower than 5 per cent growth of GDP at factor cost at constant prices for two consecutive years, i.e. 2012-13 and 2013-14. Sub-5 per cent GDP growth for two years in succession was last witnessed a quarter of a century ago in 1986-87 and 1987-88. India’s growth declined from an average of 8.3 percent per annum during 2004-05 to 2011-12 to an average of 4.6 per cent in 2012-13 and 2013-14. Average growth in the emerging markets and developing economies including China declined from 6.8 per cent to 4.9 per cent in this period (calendar-year basis). What is particularly worrisomeis the slowdown in manufacturing growth that averaged 0.2 per cent per annum in 2012-13 and 2013-14. In addition to the growth slowdown, inflation continued to pose significant challenges. Although average wholesale price index (WPI) inflation declined in 2013-14 to 6.0 per cent vis- à-vis 8.9 percent in 2011-12 and 7.4 per cent in 2012-13, it is still above comfort levels. Moreover, WPI inflation in food articles that averaged 12.2 per cent annually in the five years ending 2013-14, was significantly higher than non-food inflation. Fortunately, the upward trend of inflation that played a part in slowdown in growth, savings, investment, and consumption, appears to have subsided. The external sector witnessed a remarkable turnaround after the first quarter of 2013-14, and the year ended with a CAD of 1.7 per cent of GDP as against 4.7 per cent in 2012-13. After plummeting to 68.36 to a US dollar on 28 August 2013, triggered by the expected taper of quantitative easing in the United States, the rupee gradually strengthened and the year ended with the exchange rate averaging 61 per US dollar in March 2014, owing to measures taken by the government and the Reserve Bank of India (RBI). Foreign exchange reserves increased by nearly US$ 40 billion from US$ 275 billion in early September 2013 to US$ 314.9 billion on 20 June 2014. These developments on external account have generated some optimism that the Indian economy is better prepared to confront the challenges of global policy reversals, including tapering of quantitative easing in the US. Improvement is also observed on the fiscal front, with the fiscal deficit declining from 5.7 per cent of GDP in 2011-12 to 4.9 per cent in 2012-13 and 4.5 per cent in 2013-14. Much of this improvement has been achieved by reduction in expenditure rather than from increased revenue. Nevertheless, the corrections in fiscal and current account deficits augur well for macroeconomic stabilization.
The improvements in the twin deficits would, no doubt, feed into a higher growth in 2014-15, but the pace of recovery may be gradual. After reaching a low of 4.4 per cent during the last two quarters (Q3 and Q4) of 2012-13, growth inched up to 4.7 per cent in Q1 of 2013-14 and further to 5.2 per cent in Q2 of 2013-14, only to decline to 4.6 per cent in the next two quarters. The fact that this happened despite a gradual recovery in the global economy indicates the importance of addressing the domestic structural constraints that have engendered an undulating and gradual recovery. The descent into the present phase of sub-5 per cent growth has been rather sharp. The interplay of structural constraints alongside delays in project implementation, subdued domestic sentiments, and an uncertain global milieu led to general growth slowdown while rendering macroeconomic stabilization particularly challenging. Inflation also remained at elevated levels. These factors triggered risk-aversion and injected considerable uncertainty in investment activity. The current macroeconomic situation precludes fiscal stimulus to kick-start activity.
Similarly, the task of monetary policy calibration for growth revival has been made difficult by persistent inflation and further complicated by uncertainty in international financial conditions and, until recently, by rupee depreciation. Targeted measures by the government and RBI have improved the external economic situation significantly, even as India remains exposed to risk on/off sentiments of investors and to policy shifts in advanced economies. Regaining growth momentum requires restoration of domestic macroeconomic balance and enhancing efficiency. To this end, the emphasis of policy would have to remain on fiscal consolidation and removal of structural constraints. Though some measures have been initiated to this end, reversion to a growth rate of around 7-8 per cent can only occur beyond the ongoing and the next fiscal.
OPERATIONAL PERFORMANCE FOR THE YEAR
During the year, the Company commissioned its plan for partial modernisation of its spinning production capacity and expansion of existing fabric weaving and processing capacities.
FIXED ASSETS
- Land
- Buildings
- Plant and Machinery
- Electric Installation
- Furniture and Fixtures
- Equipments
- Vehicles
- Software
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER,
2014
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
(Unaudited) |
||
|
1. |
Income from
Operations |
|
|
|
|
|
a)
Net Sales/ Income from Operations |
1289.500 |
1207.300 |
2496.800 |
|
|
b)
Other Operating Income |
-- |
-- |
-- |
|
|
Total Income
From Operations |
1289.500 |
1207.300 |
2496.800 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
850.900 |
793.200 |
1644.100 |
|
|
Purchase of Stock In Trade |
9.400 |
16.600 |
26.000 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
-4.100 |
-11.500 |
-15.600 |
|
|
Employee Benefits Expenses |
112.300 |
94.000 |
206.300 |
|
|
Depreciation and Amortization Expenses |
70.400 |
56.800 |
127.200 |
|
|
Freight and distribution expenses |
142.900 |
131.000 |
273.900 |
|
|
Other Expenses |
114.500 |
88.400 |
202.900 |
|
|
Total |
1296.300 |
1168.500 |
2464.800 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
(6.800) |
38.800 |
3.500 |
|
|
|
|
|
|
|
4. |
Other Income |
1.300 |
2.200 |
3.500 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
(5.500) |
41.000 |
35.500 |
|
|
|
|
|
|
|
6. |
Financial Cost |
38.600 |
71.100 |
109.700 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
(44.100) |
(30.100) |
(74.200) |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
(44.100) |
(30.100) |
(74.200) |
|
|
|
|
|
|
|
10. |
Tax Expense |
(9.000) |
0.400 |
30.300 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
(35.100) |
(29.700) |
67.000 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
(35.100) |
(29.700) |
67.000 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
259.200 |
259.200 |
259.200 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
Basic |
(1.35) |
(1.15) |
(2.50) |
|
|
Diluted |
(1.35) |
(1.15) |
(2.50) |
|
|
|
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
6528600 |
6528600 |
6528600 |
|
|
- Percentage of Shareholding |
25.19% |
25.19% |
25.19% |
|
|
|
|
|
|
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
19391400 |
19391400 |
19391400 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
74.81% |
74.81% |
74.81% |
|
Particulars
|
Quarter Ended 30.09.2014 |
|
INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
(Rs. In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Year
Ended (
Unaudited) |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
a.
Information about Primary Business Segments |
|
|
|
|
1.
Segment Revenue |
|
|
|
|
Textile |
1265.400 |
1190.800 |
2456.200 |
|
Wind |
24.100 |
16.500 |
40.600 |
|
Un allocated |
-- |
-- |
-- |
|
Net
Sales |
1289.500 |
1207.300 |
2496.800 |
|
|
|
|
|
|
2. Segment
Result |
|
|
|
|
Textile |
(19.100) |
35.300 |
16.200 |
|
Wind |
13.600 |
5.700 |
19.300 |
|
Un allocated |
-- |
-- |
-- |
|
Total |
(5.500) |
41.000 |
35.500 |
|
|
|
|
|
|
Less
: Interest |
38.600 |
71.100 |
109.700 |
|
Other Unallocable Expenses
(Income)-Net |
-- |
-- |
-- |
|
Extraordinary Items – Expenses/
(Income) |
-- |
-- |
-- |
|
Total
Profit |
(44.100) |
(30.100) |
(74.200) |
|
|
|
|
|
|
3. Capital Employed (Segment Assets-Segment Liabilities) |
|
|
|
|
Textile |
3721.500 |
3709.600 |
3721.500 |
|
Wind |
300.500 |
334.400 |
300.500 |
|
Un allocated |
80.700 |
25.200 |
80.700 |
|
Total |
4102.700 |
4069.200 |
4102.700 |
Note :
The above Unaudited Financial
results have been reviewed by the Audit Committee and approved and taken on
record by the Board of Directors at its meeting held today after Limited Review
by the Statutory Auditors.
2. The Company has two business segments i.e.
Textile and Wind PGU.
3. In Compliance to Ministry of Corporate
Affairs (MCA) Letter dated July 17, 2014, Mr. L N Bangur, Chairman &
Managing Director has refunded on September 16, 2014 an amount of Rs. 5.304
Millions to the Company on account of remuneration received for the financial
year 2011-2012. MCA's letter is in the context of excess Managerial
remuneration paid by Andhra Pradesh Paper Mills Limited (APPM) to its Managing
Director & Executive Director and provided an option to Mr. L. N. Bangur,
erstwhile Executive Chapman of APPM, to refund the excess amount of Rs. 5.304
Millions either to APPM or to the Company.
4. Pursuant to the Companies Act, 2013
("the Act") becoming effective from 1st April 2014, the Company has
recomputed the depreciation for the quarter and six months ended September 30,
2014 based on the remaining useful lives of the assets as per Schedule II to
the Act. The depreciation charged for the quarter and six months ended
September 30, 2014 is lower by Rs. 11.100 Millions and Rs. 22.700 Millions
respectively. Deprecition charged for the quarter ended September 30, 2014
includes Rs. 5.700 Millions pertaining to previous quarter ended June 30, 2014.
5. The Company has applied to BSE Limited and
The Calcutta Stock Exchange Limited for obtaining the In-principle approval for
delisting of equity shares of the company in accordance with the Securities and
Exchange Board of India (Delisting of Equity Shares) Regulations, 2009.
6. Figures for the previous periods have been
regrouped/rearranged wherever considered necessary to make them comparable.
STATEMENT OF ASSETS AND LIABILITIES
|
PARTICULARS |
30.09.2014 Unaudited |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
259.200 |
|
Reserve &
surplus |
1733.600 |
|
Sub-total - Shareholders' funds |
1992.800 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
1264.600 |
|
Deferred Tax
liabilities |
260.900 |
|
Other current
liabilities |
532.700 |
|
Long term
provisions |
122.000 |
|
Sub-total - Non-current liabilities |
2180.200 |
|
Current
liabilities |
|
|
Short term
borrowings |
499.400 |
|
Trade payables |
106.200 |
|
Other current
liabilities |
589.600 |
|
Short term
provisions |
19.900 |
|
Sub-total - Current liabilities |
1215.100 |
|
Total - Equity & Liabilities |
5388.100 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
3125.000 |
|
Non-current
investment |
24.700 |
|
Long term loans
& advances |
119.600 |
|
Sub-total - Non-current Assets |
3269.300 |
|
Current assets |
|
|
Current
Investments |
0.000 |
|
Inventories |
842.300 |
|
Trade
receivables |
602.800 |
|
Cash & bank
balances |
16.500 |
|
Short term loans
& advances |
654.900 |
|
Other current
assets |
2.300 |
|
Sub-total - Current Assets |
2118.800 |
|
Total – Assets |
5388.100 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
6 |
|
--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 |
|
53 |
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.