MIRA INFORM REPORT

 

 

Report No. :

325102

Report Date :

01.06.2015

 

IDENTIFICATION DETAILS

 

Name :

GARDEN SILK MILLS LIMITED

 

 

Registered Office :

1st Floor, Tulsi Krupa Arcade, Near Aai Mata Chowk, Puna - Kumbharia  Road, Dumbhal, Surat – 395010, Gujarat

Tel. No. :

91-261-2311197

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.07.1979

 

 

Com. Reg. No.:

04-003463

 

 

Capital Investment / Paid-up Capital :

Rs. 146.198 Million

 

 

CIN No.:

[Company Identification No.]

L17111GJ1979PLC003463

 

 

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 Exchanges.

 

 

Line of Business :

Designs, Manufactures, and Sells Textile Prints, Fabrics, and Textile Intermediates

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having moderate track record.

 

The rating is constrained on account of continuous losses incurred by the company. Rating also takes into consideration huge external borrowing taken by the company which may act as a threat to its liquidity.

 

However, trade relations are reported as fair. Business is active. Payments 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities (B) (Suspended) 

Rating Explanation

High risk of default.

Date

October 15, 2014

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities (A4) (Suspended) 

Rating Explanation

Minimal degree of safety. It carry very high credit risk

Date

October 15, 2014

 

Reason for Suspended:

The company has not furnished the information required to carry out rating

 

 

RBI DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAILTERS’ 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 DENIED

 

Management Non Co- operative (91-22-22873117)

 

 

LOCATIONS

 

Registered Office :

1st Floor, Tulsi Krupa Arcade, Near Aai Mata Chowk, Puna - Kumbharia  Road, Dumbhal, Surat – 395010, Gujarat, India

Tel. No.:

91-261-2311197 / 2311615

Fax No.:

91-261-2311029

E-Mail :

sharedepartment@gardenvareli.com

Website :

http://www.gardenvareli.com

 

 

Corporate Office :

Manek Mahal, 90, Veer Nariman Road, Churchgate, Mumbai – 400020, Maharashtra, India

Tel. No.:

91-22-22873117-19

Fax No.:

91-22-22048112

 

 

Factory 1 :

Vareli Complex, Village Vareli, Taluka Palsana, Dist. Surat – 394327, Gujarat, India

Tel. No.:

91-2622-271241-47

 

 

Factory 2 :

Village Jolwa, Taluka Palsana, Dist. Surat – 394305, Gujarat, India

Tel. No.:

91-2622-271287-89

 

 

Factory 3 :

Garden Silk Mills Complex, Sahara Gate, Surat – 395010, Gujarat India

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Praful Amichand Shah

Designation :

Managing Director

Address :

Dr. Amichand Shah’s Wadi, Rampura Tunki, Surat – 395003, Gujarat, India

Date of Birth/Age :

14.12.1938

Date of Appointment :

01.09.2013

DIN No. :

00218143

 

 

Name :

Mr. Alok Praful Shah

Designation :

Whole-time Director

Address :

Dr. Amichand Shah’s Wadi, Rampura Tunki, Surat – 395003, Gujarat, India

Date of Birth/Age :

11.09.1970

Date of Appointment :

01.11.2014

DIN No. :

00218180

 

 

Name :

Mr. Sanjay Suresh Shah

Designation :

Whole-time Director

Address :

At and Post Antroli, Taluka Palsana, Dist. Surat, Gujarat, India

Date of Birth/Age :

19.02.1956

Date of Appointment :

19.02.1990

DIN No. :

00024004

 

 

Name :

Mr. Suhail Praful Shah

Designation :

Whole-time Director

Address :

Dr. Amichand Shah’s Wadi, Rampura Tunki, Surat – 395003, Gujarat, India

Date of Birth/Age :

01.09.1974

Date of Appointment :

01.12.2012

DIN No. :

00719002

 

 

Name :

Mr. Rajen Prakash Shah

Designation :

Director

Address :

13/A – 266, ‘Ami’ Bungalow, Umra Police Lane, Athwalines, Surat – 395007, Gujarat, India

Date of Birth/Age :

12.04.1951

Date of Appointment :

19.02.1990

DIN No. :

00023974

 

 

Name :

Mr. Arunchandra Navnitlal Jariwala

Designation :

Director

Address :

901, Shree Apartments, Makkai Pool, Nanpura, Surat – 395007, Gujarat, India

Date of Birth/Age :

05.08.1931

Date of Appointment :

18.07.1988

DIN No. :

00024008

 

 

Name :

Mr. Jitendra Purshottamdas Shah

Designation :

Director

Address :

28., Amrapalas Bungalow, Ramdev Nagar Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

12.06.1933

Date of Appointment :

12.07.1987

DIN No. :

00156453

 

 

Name :

Mr. Yatish Chandrakant Parekh

Designation :

Director

Address :

Sunayan Bungalow No. 2, Adarsh Society, Athwalines, Surat – 395007, Gujarat, India

Date of Birth/Age :

30.11.1951

Date of Appointment :

19.10.2001

DIN No. :

00168488

 

 

Name :

Mr. Madanlal Uttamram Lankapati

Designation :

Director

Address :

97, Siglap Road, Singapore 455889

Date of Birth/Age :

29.04.1931

Date of Appointment :

16.09.2002

DIN No. :

00051429

 

 

Name :

Mr. Harish Chandra Mishra

Designation :

Nominee Director

Address :

Flat No. 41, Antariksha C.H.S., K.G. Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

29.05.1953

Date of Appointment :

20.06.2013

DIN No. :

03111520

 

 

KEY EXECUTIVES

 

Name :

Kamlesh Balvantrai Vyas

Designation :

Company Secretary

Address :

201, Poonam Palace, Opposite Umra Pokice Station, Athwalines, Surat – 395001, Gujarat, India

Date of Birth/Age :

27.05.1960

Date of Appointment :

21.11.1996

PAN No.:

AARPV5514F

 

 

 

 

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

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

6373683

15.88

http://www.bseindia.com/include/images/clear.gifBodies Corporate

11897666

29.65

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

4334921

10.80

http://www.bseindia.com/include/images/clear.gifPartnership Firms

4334921

10.80

http://www.bseindia.com/include/images/clear.gifSub Total

22606270

56.33

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

22606270

56.33

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

12100

0.03

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

1290

0.00

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

16215

0.04

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

29605

0.07

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

5281043

13.16

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

5991733

14.93

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

2169869

5.41

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

4054145

10.10

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

4006357

9.98

http://www.bseindia.com/include/images/clear.gifClearing Members

47098

0.12

http://www.bseindia.com/include/images/clear.gifOCBs/Trust

690

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

17496790

43.60

Total Public shareholding (B)

17526395

43.67

Total (A)+(B)

40132665

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

40132665

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Designs, Manufactures, and Sells Textile Prints, Fabrics, and Textile Intermediates

 

 

Products :
  • Textile Prints
  • Fabrics
  • Textile Intermediates

 

 

Brand Names :

Not Available 

 

 

Agencies Held :

Not Available 

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: Not Available

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :
  • Bank of Baroda
  • Allahabad Bank
  • State Bank of India
  • Bank of India
  • State Bank of Patiala
  • Corporation Bank
  • Union Bank of India
  • IDBI Bank Limited
  • Indian Overseas Bank
  • Export Import Bank of India
  • Life Insurance Corporation of India
  • State Bank of Travancore
  • Indian Bank
  • Landesbank Baden-Wurttemberg

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Term Loans from banks

 

 

Rupee Loans

10995.035

10920.308

Foreign Currency Loans

562.535

852.282

Rupee Term Loans from financial institutions

219.679

224.702

SHORT TERM BORROWINGS

 

 

Loan repayable on demand

 

 

Cash Credit Facilities

641.965

432.703

Buyers Credit

0.000

334.465

Total

12419.214

12764.460

 

Note :

Long-Term Borrowings:

 

a)     Term Loans from Banks and Financial Institutions are secured by first mortgage on pari passu basis on all immovable properties (except those specifically excluded by lenders, of Rupee Term Loans as per Note (b) below), both present and future and first charge by way of hypothecation of all movables (except book debts) both present and future subject to prior charges created/to be created in favour of Bankers for working capital borrowings.

 

b)    Of the Rupee Term Loans from banks:

 

  1. Loans from Bank of India to the extent of Rs.  25.000 Million (Previous year Rs. 24.543 Million) are secured by hypothecation of specific machinery of Fully Drawn Yarn (FDY) Project at Jolwa.

 

  1. Loans from Bank of India to the extent of Rs. 119.111 Million (Previous year Rs. 118.574 Million) are secured by hypothecation of specific Building and machinery of Texturising plant and Draw Twisting plant at Jolwa.

 

  1. Term loans from ICICI Bank, Kotak Mahindra Prime Limited and Axis Bank Ltd. aggregating to Rs. 11.603 Million (Previous year Rs. 13.988 Million) under vehicle finance scheme are secured by an exclusive charge by way of hypothecation of specific vehicles purchased under the arrangements.

 

  1. Housing Loan of Rs. 64.321 Million (Previous year Rs. 71.392 Million) from ICICI Bank is secured by hypothecation of residential flat at Mumbai.

 

  1. Loans from Corporation Bank to the extent of Rs. 364.000 Million (Previous Year Rs. 364.000 Million) are secured by hypothecation of movable fixed assets of Specific Continuous Polymerisation Project at Jolwa.

 

  1. Loan from Union Bank of India to the extent of Rs. 524.890 Million (Previous Year Rs. 524.890 Million) is secured by hypothecation of specific machinery of Coal Based Thermal Power Project at Jolwa.

 

c)     During the year 2011-12, the Company had entered into an arrangement with lenders to realign its principal debt repayment schedule and has secured the consent of lenders to spread its term loan repayment over a period of 8 years, after a moratorium of 2 years.

 

d)    As on the Balance Sheet date, the payment of interest for the month of February 14 and March 14, aggregating to Rs. 137.177 Million to various lender banks / institutions were unpaid.

 

Short-Term Borrowings:

 

Cash Credit facilities are part of Working Capital facilities availed from Consortium of Banks and are secured with hypothecation by way of first pari passu charge on all company’s current assets and by way of second pari passu charge on immovable and all movable properties (excluding current assets) of the Company. Rate of Interest on Cash Credit facilities ranged between11.50% to 11.80%.

 

Buyers’ Credit is secured by Letter of Comfort (LOC) / Undertaking (LOU) which is a part of Working Capital facilities issued by the banks. Rate of Interest on Buyers’ Credit facility is ranging between 100-120 bps above the Libor at the relevant time.

 

 

 

Auditors :

 

Name :

Natvarlal Vepari and Company

Chartered Accountants

 

 

Memberships :

Not Divulged

 

 

Collaborators :

Not Divulged

 

 

Group Company :
  • Surat Textile Mills Limited

 

 

Relatives of Key management personnel and their enterprises where transactions have taken place. :
  • Armorax Business Centre Private Limited
  • Como Textile Private Limited
  • Sorrento Textile Private Limited
  • Amalfi Textile Private Limited
  • Tissue Textile (India) Private Limited

 

 

CAPITAL STRUCTURE

 

After  30.07.2014

 

Authorised Capital : Rs. 600.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 420.825 Million

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000000

Equity Shares

Rs.10/- each

Rs.500.000 Million

10000000

Preference Shares

Rs.10/- each

Rs.100.000 Million

 

Total

 

Rs. 600.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

40132665

Equity Shares

Rs.10/- each

Rs. 401.327 Million

1487147

0.001% Optionally Convertible Cumulative

Preference Shares

Rs.10/- each

Rs. 14.871 Million

 

Total

 

Rs. 416.198 Million

 

Note :

 

As per the terms of issue and in accordance with the provisions of SEBI (ICDR) Regulation, 2009, the management committee of Board of Directors of the Company at its meeting held on 23rd September, 2013 allotted 1487147 OCCPS of Rs. 10/- each at a premium of Rs. 37.07 each in favour of Praful Amichand Shah, Partner of M/s. Isha Enterprises, the promoter and/or promoter group of the Company.

 

The OCCPS shall be converted into Equity Shares, partially or fully, in one or more tranches, at the sole option of the OCCPS holder but not in any case later than 18 (eighteen) months from the date of allotment.

 

As per the terms of issue and in accordance with the provisions of SEBI (ICDR) Regulation, 2009, consequent to the rights of conversion exercised by the warrant holders, the Board of Directors of the Company at its meeting held on 19th March, 2014 allotted 1842105 equity shares of `10/- each at a premium of Rs. 28/- per share in favour of Praful Amichand Shah, Partner of M/s. Isha Enterprises, the promoter and/or promoter group of the Company.

 

 

Reconciliation of Equity Shares outstanding

 

 

As at 31st March, 2014

 

No of Shares

Rs. In Million

Balance at the beginning of the year

38290560

382.906

Shares issued during the year

1842105

18.421

Outstanding at the end of the year

40132665

401.327

 

 

Reconciliation of 0.001% Optionally Convertible Cumulative Preference Shares (OCCPS) outstanding

 

 

As at 31st March, 2014

 

No of OCCPS

Rs. In Million

Balance at the beginning of the year

0

0.000

OCCPS issued during the year

1487147

14.871

Outstanding at the end of the year

1487147

14.871

 

 

Shareholders holding more than 5% of Paid-up Equity Share Capital

 

 

As at 31st March, 2014

 

No of Shares

% of holding

Introscope Properties Private Limited

7231996

18.02

Shri Praful A. Shah (Indl.)

2059036

5.13

Tissue Textiles (India) Private Limited

0

0.00

IL and FS Trust Co. Limited

2561433

6.38

M/s. Rayben Investments

2492816

6.21

M/s. Palomar Textiles Limited

3930872

9.79

 

Shareholders holding more than 5% of Paid-up 0.001% Optionally Convertible Cumulative Preference Shares

(OCCPS) Capital

 

 

As at 31st March, 2014

 

No of Shares

% of holding

Shri Praful A. Shah - (Partner of Isha Enterprises)

1487147

100.00

 

 

Rights, Preferences and Restrictions attached to Shares

 

Equity Shares:

 

The Company has two class of shares referred to as Equity Shares and Optionally Convertible Cumulative Preference Shares (OCCPS), having a par value of Rs.10/- each. Each equity shareholders is entitled to one vote per share held. The dividend as and when proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

OCCPS holder shall have option to apply for and obtain allotment, from time to time, not later than 18 (eighteen) months from the date of allotment of OCCPS, of such number of fully paid-up equity shares of the face value of Rs. 10/- each (“Equity Shares”) against conversion of the OCCPS in such manner and on such price, terms and conditions as determined by the Board, such that the total issue size of the preferential allotment does not exceed an aggregate value of Rs. 70.000 Million (including, premium if any, on such Equity Shares), in accordance with the provisions of Chapter VII of the SEBI (ICDR) Regulations or other provisions of the law as may be prevailing at that time.

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

416.198

382.906

382.906

(b) Reserves & Surplus

2185.000

3522.768

4529.754

(c) Money received against share warrants

0.000

70.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

70.000

0.000

Total Shareholders’ Funds (1) + (2)

2601.198

4045.674

4912.660

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

11888.668

12109.398

9499.324

(b) Deferred tax liabilities (Net)

0.000

373.042

874.790

(c) Other long term liabilities

75.887

72.668

73.284

(d) long-term provisions

52.953

54.015

46.233

Total Non-current Liabilities (3)

12017.508

12609.123

10493.631

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

641.965

767.570

3123.786

(b) Trade payables

3586.796

4251.425

3364.976

(c) Other current liabilities

1334.914

625.548

1007.298

(d) Short-term provisions

94.732

177.791

167.301

Total Current Liabilities (4)

5658.407

5822.334

7663.361

 

 

 

 

TOTAL

20277.113

22477.131

23069.652

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

12406.318

12619.332

13192.510

(ii) Intangible Assets

11.315

17.342

25.907

(iii) Capital work-in-progress

467.508

868.238

732.945

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

135.702

135.702

135.403

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

659.042

805.791

950.534

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

13679.885

14446.405

15037.299

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3200.701

4432.495

4887.433

(c) Trade receivables

1460.276

2037.307

1428.158

(d) Cash and cash equivalents

319.735

314.946

361.671

(e) Short-term loans and advances

1465.482

1029.538

1099.171

(f) Other current assets

151.034

216.440

255.920

Total Current Assets

6597.228

8030.726

8032.353

 

 

 

 

TOTAL

20277.113

22477.131

23069.652

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

30666.245

36972.457

35064.945

 

Other Income

146.478

65.193

212.286

 

TOTAL (A)

30812.723

37037.650

35277.231

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

23247.338

29590.190

27264.598

 

Purchases of Stock-in-Trade

147.537

161.642

245.907

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

946.781

(24.298)

403.493

 

Employees benefits expense

859.739

869.724

844.176

 

Other expenses

4944.462

5524.375

5298.590

 

TOTAL (B)

30145.857

36121.633

34056.764

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

666.866

916.017

1220.467

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

1582.187

1489.309

1539.543

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

(915.321)

(573.292)

(319.076)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

923.658

935.442

861.449

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

(1838.979)

(1508.734)

(1180.525)

 

 

 

 

 

Less

TAX (H)

(394.502)

(501.748)

(391.730)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

(1444.477)

(1006.986)

(788.795)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

3359.104

3927.422

3851.604

 

TOTAL EARNINGS

3359.104

3927.422

3851.604

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

4577.195

5692.026

5985.585

 

Components and Stores parts

1187.813

1031.099

501.987

 

Capital Goods

27.117

8.539

239.897

 

TOTAL IMPORTS

5792.125

6731.664

6727.469

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(37.66)

26.30

(20.60)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

1007.619

415.014

598.458

Cash generated from operations

1166.893

1718.618

2842.612

 

 

KEY RATIOS

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

Net Profit Margin

(PAT / Sales)

(%)

(4.71)

(2.72)

(2.25)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

2.17

2.48

3.48

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(9.35)

(7.03)

(5.32)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.71)

(0.37)

(0.24)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

4.82

3.18

2.57

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.17

1.38

1.05

 

 

 

 

 

 

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

382.906

382.906

416.198

Reserves & Surplus

4529.754

3522.768

2185.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

4912.660

3905.674

2601.198

 

 

 

 

long-term borrowings

9499.324

12109.398

11888.668

Short term borrowings

3123.786

767.570

641.965

Current Maturities of Long Term Debt

598.458

415.014

1007.619

Total borrowings

13221.568

13291.982

13538.252

Debt/Equity ratio

2.691

3.403

5.205

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

35064.945

36972.457

30666.245

 

 

5.440

(17.057)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

35064.945

36972.457

30666.245

Profit

(788.795)

(1006.986)

(1444.477)

 

(2.25%)

(2.72%)

(4.71%)

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

 

LITIGATION DETAILS:

 

HIGH COURT OF GUJARAT

 

CIVIL APPLICATION (FOR INTERIM RELIEF) No. 5866 of 2015

In SPECIAL CIVIL APPLICATION / 10354 / 2013 ( PENDING )

 

Status : PENDING

( Converted from : C/CAST/5063/2015 )

CCIN No : 001003201505866

 

 

Last Listing Date:

08/05/2015

Coram

HONOURABLE MR.JUSTICE N.V.ANJARIA

 

S.NO.

Name of the Petitioner

Advocate On Record

1

VIRBHADRA GAURANG NAYAK

DR YOGESH A SHELAT for: Applicant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondant

Advocate On Record

1
2

GARDEN SILK MILLS LTD
INDUSTRIAL COURT

MR.VARUN K.PATEL for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

Presented On

: 21/04/2015

Registered On

: 07/05/2015

Bench Category

: -

District

: SURAT

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 0 times

StageName

: FOR REMOVAL OF OFFICE OBJECTIONS

 

 

Office Objection

Filing Stage
Filing Stage
Filing Stage
Filing Stage
Filing Stage
Filing Stage

·         WHETHER DULY SIGNED AND AFFIRMED AFFIDAVIT IN SUPPORT IS FILED ?

·         WHETHER VAKALATNAMA SIGNED BY ALL PETITIONERS/ APPELLANTS & ACCEPTEDBY ADVOCATE

·         WHETHER NAMES AND DESIGNATIONS AND FULL ADDRESS OF ALL PARTIES ARE GIVEN ?

·         WHETHER PAGING IS DONE ?

·         WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ?

·         WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ?

 

Classification

·         SJ - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - VACATING STAY / INTERIM RELIEF - IN SPECIAL CIVIL APPLICATION

Act

·         CIVIL PROCEDURE CODE, 1908

 

 

Lower Court Details

 

S.No.

LowerCourt CaseDetail

LowerCourtName

JudgeName

Judgmentdate

1

APPLICATION FOR TERMINATION/8/2010

LABOUR COURT, SURAT CITY

-

29/09/2012

 

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

21/04/2015

VAKALATNAMA FILED IN MAIN MATTER

DR YOGESH A SHELAT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

DR YOGESH A SHELAT(6846) for P:1

2

21/04/2015

ADVANCE COPY OF PETITION

MR.VARUN K.PATEL ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR.VARUN K.PATEL(3802) for R:1

3

21/04/2015

MEMO OF PETITION/APPEAL/SUIT

DR YOGESH A SHELAT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

DR YOGESH A SHELAT(6846), for P:1

 

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

08/05/2015

19

68

FOR REMOVAL OF OFFICE OBJECTIONS

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

 

REVIEW OF OPERATIONS

 

The year 2013-14 witnessed a severe slowdown coming after FY13 which was itself a difficult year for the Indian economy. This downturn continued to affect the polyester industry as well.

 

The net turnover of the Company for the year 2013-14 declined 17.06% at Rs.30666.200 Million as compared to Rs.36972.500 Million in the previous year. The Company achieved total sale of yarn at Rs.19009.000 Million as compared Rs.18656.000 Million in the previous year. The sales of chips were at Rs.11728.900 Million, a major decline of about 39% compared with the previous year. The sale of fabrics improved marginally from Rs.2013.700 Million in the previous year to Rs.2150.000 Million in the year 2013-14. The income from export sales for the year declined 6.7% at Rs.3980.000 Million as compared to Rs.4265.900 Million in the previous year.

 

Continuous backward integration by PFY producers towards polyester chips production in order to reduce the cost of yarn production has deeply affected the merchant sales of existing polyester chips manufacturers. The Company being the largest textile-grade polyester chips manufacturer in India, witnessed a steep volume decline of 23.8% CAGR over FY12-14.

 

 

The main reasons for higher decline in the Company’s chips volumes vis a vis industry can be attributed to: (1) entry of new suppliers of chips; and (2) continuation of disadvantageous taxation policies like: (a) 2% VAT credit reversal for goods sale out of Gujarat utilizing inputs procured within Gujarat (b) Availability of 2% CST exemption on domestic sale outside Gujarat for competitors situated in Silvassa – Daman areas and (c) delay in introduction of GST.

 

These tax related disadvantages also extend to Company’s POY and FDY segments in which the Company was able to maintain its position. These segments were less affected owing to the premium position of the Company’s products. In fact, in terms of utilization levels, they were among the highest in the industry. Chips segment, in which margins and differentiation is low, was most affected.

 

These tax disadvantages are temporary. They further expect removal of VAT credit reversal and introduction of GST in the next 1-2 years time.

 

Owing to large capacity additions the demand-supply gap worsened across chips and PFY segments in FY13 and FY14 compared even with FY12 which itself was a challenging year. If one includes the capacities of producers who have recently shut capacities, utilization levels are at around 65%.

 

The Company continued to be the leader in draw-warped and draw-twisted yarns in the world. They are India’s largest sized-yarn producer and the country’s premium seller of fully drawn yarn, the fastest growing segment of the PFY industry.

 

Their weaving and finishing (dyed and printed fabric) divisions continue to be at the forefront of design innovation in India. The sheer varieties of designs generated are unparalleled in the industry.

 

In their finished (dyed and/or printed) fabric division they continued to emphasise naturals via the introduction of new cottons, 100% viscose filament, bemberg as well as blended varieties like poly-viscose and poly-cotton fabrics. Various new sized yarn-based saree varieties have been introduced. They have also introduced a host of new embroidery and other value-added varieties especially for party-wear and wedding-wear.

 

During the year, the Company’s 21 MW Thermal Captive Power Plant (CPP) became fully operational at its Jolwa Plant. This reduces dependence on high-cost furnace oil and gas-based power.

 

 

OVERVIEW OF ECONOMY

 

The global efforts to revive the economy have begun showing results in many countries. As per IMF WEO Outlook 2014, Global economy would grow at 3.6% in 2014 and 3.9% in 2015 up from 3.3% in 2013. Advanced economies are expected to grow at around 2.2 % with United States leading the lot.

 

Emerging Economies are expected to grow at 5% in 2014 and a little above 5% in the next year from a 4.7% growth in 2013.

 

Indian Economy is likely to draw strength from the improving global outlook.

 

India’s economic growth stayed below 5 per cent for the second year in a row at 4.7 per cent in 2013-14, lower than the 4.9 per cent projected in advance estimates, pulled down by manufacturing, mining, construction and logistics output. The 2013-14 performance is a shade better than 4.5 per cent growth of 2012-13, a ten year low.

 

Manufacturing, the biggest constituent of Indian industry, shrank 0.7 per cent in 2013-14 against 1.1 per cent growth in the previous year.

 

As per IMF projections, the growth of ~5.5% can be expected if conditions like stronger global growth, improving export competitiveness, a positive result of recent policy changes come into play.

 

The Reserve Bank expects economic growth of between 5 and 6% in the current financial year even as uncertainty over the monsoon clouds the forecast for agriculture.

 

 

BUSINESS OUTLOOK

 

The financial year 2014-15 is expected to start optimistically, with a gross domestic product growth of 5.2 per cent in Q1 FY15 as some of the current macroeconomic numbers bring hope that the recovery for the Indian economy is under way.

 

The growth in PFY industry which has resumed in FY14 is expected to significantly gain steam in FY15. The CAGR for PFY in India over the next 10 years is projected to be around 8-10 % p.a. Global growth of PFY is also expected to far exceed global GDP growth. Going by the above, it appears that in a couple of years demand growth will catch-up with industry supply and healthy margins will return.

 

The increased polymerization capacities has forced lower production among chips-based PFY spinners. Supply of chips has also correspondingly been increased. Yet the demand-supply gap will be somewhat narrowed this year and is expected to be improved further in the next few years. Moreover, demand of Polyester chips will be continued from few customized and specialized yarn manufacturers and is expected to grow rapidly from polyester film manufacturers.

 

Globally, the demand-supply gap is projected to balance out after 2016-17. With no material new expansions expected, global margins are expected to continually improve over the next 3-4 years.

 

Asia is the largest consumer of PFY contributing about 90% of overall global demand. China and India contribute about 74% and 10% of the global demand respectively.

 

Middle East was seen slowly moving up in capacity building. Within Asia, it was only China and India that expanded their capacities.

 

The new government is reform-minded and is expected to improve India’s macro indicators.

 

If the new government focuses on the promised key priorities and executes well, it will spur investment demand, increase consumer confidence and spending, improve productivity and thus growth as well. Its intention to greatly improve the nation’s infrastructure and increase competition in coal mining are significant steps in the right direction.

 

The RBI’s policy indicates its willingness to provide impetus to growth by freeing lending resources and also moving towards a more accommodative stance if disinflationary forces bring inflation under control.

 

The new foreign trade policy is expected to focus on ways to boost India’s exports and reduce dependence on imports. India being part of WTO can not only think in terms of its exports promotion without equally supporting imports substitution. Therefore, the focus of the new policy would be to vigorously promote both exports and imports with significantly substantial focus on exports.

 

Apparel exports are growing strongly owing to the relatively weak rupee. This will have a positive impact on PFY demand. It is widely expected that in future the growth of PFY demand and production will be faster in India than in China which is faced with grave challenges of manpower unavailability and a strong and strengthening currency. India on the other hand is expected to see working-age population grow at the rate of 12 million a year.

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Term Loans from foreign banks

111.419

112.106

 

 

 

SHORT TERM BORROWINGS

 

 

Inter Corporate Deposits

0.000

0.402

Total

111.419

112.508

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10567924

10/04/2015

323,300,000.00

IDBI BANK LIMITED

IDBI TOWER, WTC COMPLEX, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA

C52713104

2

10558752

09/03/2015

823,300,000.00

BANK OF BARODA

SURAT MAIN BR., BHAGATALAO, SURAT, GUJARAT - 395003, INDIA

C48851919

3

10541026

24/12/2014

3,021,200,000.00

BANK OF BARODA

BHAGA TALAO MAIN BR., BHAGA TALAO, SURAT, GUJARAT - 395003, INDIA

C39218789

4

10382049

27/09/2012 *

125,500,000.00

ALLAHABAD BANK

NANPURA BRANCH, NANPURA, SURAT, GUJARAT - 395001, INDIA

B60435864

5

10382054

27/09/2012 *

352,900,000.00

ALLAHABAD BANK

NANPURA BRANCH, NANPURA, SURAT, GUJARAT - 395001, INDIA

B60425568

6

10382058

27/09/2012 *

407,000,000.00

ALLAHABAD BANK

NANPURA BRANCH, NANPURA, SURAT, GUJARAT - 395001, INDIA

B60426277

7

10381093

26/09/2012 *

64,600,000.00

BANK OF INDIA

SURAT MID CORPORATE BRANCH, BOI BLDG, 1ST FLOOR, 
NEAR BSNL OFFFICE, GHOD DOD ROAD, SURAT, GUJARAT - 395001, INDIA

B60459625

8

10381067

26/09/2012 *

189,700,000.00

BANK OF INDIA

SURAT MID CORPORATE BRANCH, BOI BLDG, 1ST FLOOR, 
NEAR BSNL OFFFICE, GHOD DOD ROAD, SURAT, GUJARAT - 395001, INDIA

B60460581

9

10380405

26/09/2012 *

1,185,500,000.00

BANK OF BARODA

BHAGATALAV, KANPITH,, SURAT, GUJARAT - 395003, INDIA

B60949351

10

10377379

26/09/2012 *

11,800,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA

B61281697

* Date of charge modification

 

 

CONTINGENT LIABILITIES:

 

  1. Disputed liabilities for Excise Duty not acknowledged as debts Rs. 5026.432 Million (Previous Year Rs. 4179.684 Million).

 

  1. Disputed liabilities for Gujarat Sales Tax not acknowledged as debts Rs. 7.051 Million (Previous Year Rs. 7.051 Million).

 

  1. Counter-guarantees to Banks against guarantees issued to third parties Rs. 2.402 Million (Previous year Rs. 6.175 Million).

 

  1. Foreign bills Discounted with Banks Rs. 290.243 Million (Previous Year Rs. 554.504 Million).

 

 

 

 

 

 

 

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2014

 

 

Particulars

 

Three months ended

Year ended

31.12.2014

30.09.2014

31.12.2014

Unaudited

Unaudited

Unaudited

1

Income from Operations

 

 

 

 

Gross Sales / Income from operations

6865.139

7585.662

22103.270

 

Less : Excise Duty on Sales

483.390

508.655

1571.143

 

Total income from operations (net)

6381.749

7077.007

20532.127

2

Expenses

 

 

 

 

(a) Cost of materials consumed

5007.121

5269.880

15308.854

 

(b) Purchases of stock-in trade

52.556

210.072

353.175

 

(c) Changes in inventories of finished goods. work-in-progress and stock in trade

(157.420)

(323.829)

(379.308)

 

(d) Employee benefits expense

261.786

318.629

820.515

 

(e) Depreciation and Anmortisation Expenses

175.740

183.265

623.540

 

(f) Other Expenses

1134.102

1284.171

3667.363

 

Total expenses

6473.885

6942.188

20394.139

3

Profit/ (Loss) from operations before other Income, finance costs and exceptional Items

(92.136)

134.819

137.988

4

Other Income

(0.067)

8.261

33.187

5

Profit/ (Loss) from operations before other income, finance costs and exceptional items

(92.203)

143.080

171.175

6

Finance Costs

456.579

453.433

1357.650

7

Profit/ (Loss) from ordinary activities before tax

(548.782)

(310.353)

(1186.475)

8

Tax expenses

0.000

0.000

0.000

9

Net Profit / (Loss) for the period

(548.782)

(310.353)

(1186.475)

10

Paid up equity share capital (Face Value of Rs10/-

each)

401.327

401.327

401.327

11

Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year

--

--

--

12

Earnings per share of Rs.10/- each  Basic  and  Diluted  (not annualised):

(13.67)

(7.73)

(29.56)

 

 

 

 

 

A

PARTICULARS OF SHAREHOLDING

 

 

 

1

Public Shareholding

 

 

 

 

- Number of shares

17526395

17526395

17526395

 

- Percentage of shareholding

43.67

43.67

43.67

2

Promoters and Promoter group shareholding

 

 

 

 

a) Pledged / Encumbered

 

 

 

 

- Number of shares

0

0

0

 

- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)

0.00

0.00

0.00

 

- Percentage of shares (as a % of the total Share Capital of the Company)

0.00

0.00

0.00

 

b) Non Encumbered

 

 

 

 

- Number of shares

22606270

22606270

22606270

 

- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)

100.00

100.00

100.00

 

- Percentage of shares (as a % of the total Share Capital of the Company)

56.33

56.33

56.33

 

 

 

 

B

INVESTOR COMPLAINTS

3 Months Ended

31.12.2014

 

 

Pending at the beginning of the quarter

0

 

 

Received during the quarter

42

 

 

Disposed of during the quarter

42

 

 

Remaining unresolved at the end of the quarter

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:

 

1. Previous period's / year's figures are regrouped / restated wherever necessary, to confirm to current period's presentation.

2. a. The Company has opted to publish Consolidated Financial Results from the quarter ended September 30, 2014. The Company had no subsidiary in the earlier period.



b. These financial results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on February 11, 2015. The Statutory Auditors of the Company have carried out a "Limited Review" of the results for the quarter ended December 31, 2014.

 

c. Key number of Standalone Financial Results of the Company are as under:

 

 

(Rs. in Million)

Particular

Three Months Ended

Nine Months Ended

Year Ended

31.12.2014

30.09.2014

31.12.2013

31.12.2014

31.12.2013

31.03.2014

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

Total Operating Income

6381.749

7077.007

7590.124

20532.127

22695.343

30666.245

Profit / (Loss) before Tax

(548.782)

(310.353)

(590.149)

(1186.475)

(1265.937)

(1838.979)

Net Profit / (Loss) after Tax

(548.782)

(310.353)

(415.099)

(1186.475)

(871.435)

(1444.477)

 


d. During the quarter, the Company has set up a Wholly Owned Subsidiary, namely Garden Exim Pte. Ltd., at Republic of Singapore.



3. The Company does not have any Exceptional or Extraordinary item to report for the above periods.

4. The Company has unabsorbed depreciation and carried forward losses under Tax laws. In absence of virtual certainty of sufficient future taxable income, net deferred tax assets has not been recognized by way of prudence in accordance with Accounting Standard (AS) 22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.



5. Pursuant to the Companies Act, 2013, (the 'Act'), the Company had during the quarter ended June 30, 2014 revised depreciation rate on certain fixed assets as per the useful life specified in Schedule II of the Act or as re-assessed by the Company. As a result of the above depreciation charged for the quarter ended December 31, 2014, is lower by Rs. 63.946 Million. Based on the transitional provisions as per Note 7(b) of Schedule II, an amount of Rs. 27.293 Million has been recognized in the opening balance of retained earnings.

6. As the Company's business activity falls within a single primary business segment viz. 'Textiles', the disclosure requirement of Accounting Standards (AS) 17 on "Segment Reporting" notified by the Company (Accounting Standards) Rules, 2006 are not applicable.



7. During the quarter, the Company continued to exercise the option under paragraph 46A of Accounting Standard 11 relating to "The effects of changes in Foreign Exchange Rates" as notified by the Ministry of Corporate Affairs on December 29, 2011. Consequently, the Foreign Exchange Loss incurred on Long Term Foreign Currency Monetary Items amounting to Rs. 4.482 Million for the quarter ended December 31, 2014 has been capitalized and added to the cost of depreciable respective fixed assets. Total amount capitalized upto December 31, 2014 is Rs. 162.080 Million and out of which Rs. 140.092 Million remains unamortized as at December 31, 2014.

 

 

FIXED ASSETS

 

  • Freehold Land
  • Building
  • Plant and Machinery
  • Furniture and Equipments
  • Office Equipments
  • Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 63.76

UK Pound

1

Rs. 97.80

Euro

1

Rs. 69.91

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

TRU

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

0

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

28

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.