MIRA INFORM REPORT

 

 

Report No. :

324812

Report Date :

02.06.2015

 

IDENTIFICATION DETAILS

 

Name :

RAJVIR INDUSTRIES LIMITED

 

 

Registered Office :

1st Floor, Surya Towers, 105, S P Road, Secunderabad-500003, Andhra Pradesh

Tel. No.:

91-40-66225555/27845628/27845650

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.09.2004

 

 

Com. Reg. No.:

36-044053

 

 

Capital Investment / Paid-up Capital :

Rs. 125.350 Million

 

 

CIN No.:

[Company Identification No.]

L17116TG2004PLC044053

 

 

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 :

Manufacturer, Exporter of Yarns Threads.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 1100000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist 

 

 

Comments :

Subject is an established company having moderate track record.

 

The company has incurred a loss from its operations during 2014.

 

The rating also takes into consideration modest financial risk profile, volatile raw material prices and intense competition risk profile, volatile raw material prices and intense competition in the spinning segment.

 

However, trade relation are fair. Business is active. Payment terms are reported as slow but correct.

 

In view of promoters significant experience, the subject can be considered for business dealings with great 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

CRISIL

Rating

Long Term Rating = B

Rating Explanation

Have Risk Prone Credit Quality and Carries Very High Credit Risk

Date

02.12.2014

 

 

Rating Agency Name

CRISIL

Rating

Short Term Rating=A4

Rating Explanation

Have Minimal Degree of Safety and Carry Very High Credit Risk

Date

02.12.2014

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

 

INFORMATION DENIED BY

 

Management non co-operative  (91-40-66225555)

 

 

LOCATIONS

 

Registered Office :

1st Floor, Surya Towers, 105, Sarder Patel Road, Secunderabad - 500003, Andhra Pradesh, India  

Tel. No.:

91-40-66225555 / 27845628 / 27845650

Fax No.:

91-40-27840656

E-Mail :

rajvir@rajvirindustrieslimited.com

Website :

www.rajvirindustrieslimited.com

 

 

Factory 1 :

Mahabubnagar Plant

 

Pillalamarri Road, Mahabubnagar-509002, Telangana, India

 

 

Factory 2 :

Dyeing Plant

 

Edira Village, Mahabubnagar-509002, Telangana, India

 

 

Factory 3 :

Tandur Plant

 

Gopannapally (Village), Tandur Mandal, Ranga Reddy District– 501141, Telangana, India

 

 

Sales Depot :

No.37, Susai Puram Sowdambika Towers, Ground Floor, Tirpur – 641 604, Tamilnadu, India

 

 

Address for correspondence :

3, Sagar Society, Road No.2, Banjara Hills Hyderabad-500034, Telangana, India

Tel. No.:

91-40-23545913/14/15

Fax No.:

91-40-23553214

E-Mail :

xlfield@rediffmail.com

Website :

www.xlsoftech.com

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Upender Kumar Agarwal

Designation :

Chairman

Date of Birth/Age :

38 Years

 

 

Name :

Mr. Ritesh Kumar Agarwal

Designation :

Managing Director

Qualification :

Graduate

 

 

Name :

Mr. K.C Reddy

Designation :

Non-Executive Director

Qualification :

Graduate

 

 

Name :

Mr. Vijay Kumar Gupta

Designation :

Non-Executive Director

Date of Birth/Age :

43 Years

Qualification :

Graduate

 

 

KEY EXECUTIVES

 

Name :

Mr. Ramesh A.

Designation :

Company Secretary

 

 

Name :

Mr. I Shiv Kumar

Designation :

Chef Executive Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category of Shareholder

No. of Shares

% of Holding

(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

2073859

68.33

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

2073859

68.33

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

 

 

Total shareholding of Promoter and Promoter Group (A)

2073859

68.33

(B) Public Shareholding

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

 

 

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

700

0.02

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

22907

0.75

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

23607

0.78

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

 

 

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

149902

4.94

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

541882

17.85

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

232732

7.67

http://www.bseindia.com/include/images/clear.gifQualified Foreign Investor

12598

0.42

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

417

0.01

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

417

0.01

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

937531

30.89

Total Public shareholding (B)

961138

31.67

Total (A)+(B)

3034997

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)

3034997

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter of Yarns Threads.

 

 

Products :

Yarns Threads

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

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

Maximum Limit Dealt :

Not Divulged

Experience :

 

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

 

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • IDBI Trusteeship Services Limited
  • State Bank of India
  • State Bank of Hyderabad
  • State Bank of Mysore
  • State Bank of Bikaner and Jaipur
  • Axis Bank Limited
  • Central Bank of India
  • ICICI Bank Ltd

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term loans from Banks

 

 

Loans from Banks

208.690

350.404

Hire Purchase Loans - Banks

1.719

1.690

 

 

 

Note :

 

(a) State Bank of India Term Loan carrying @16% interest and principle to be repaid in 24 quarterly installments upto June 2016.

 

The term loan is secured by mortgage of present and future movable and immovable assets of the company situated at Mahaboobnagar unit on Pari Passu basis and guaranteed by one Director of Company.

 

(b) State Bank of Hyderabad Term Loans carrying @13.45% and @13.95% interest and principle to be repaid in 19 quarterly installments upto June 2016. The Loans are secured by mortgage of present and future movable and immovable assets of the company situated at Tandur unit on Pari Passu basis and guaranteed by one Director of the Company.

 

(c) State Bank of Bikenere and Jaipur Term Loans carrying @14.25% and @15.25% interest and principle to be repaid in 25 quarterly installments upto

December 2015. The Loans are secured by mortgage of present and future movable and immovable assets of the company situated at Tandur unit on Pari Passu basis and guaranteed by one Director of the Company.

 

(d) Term Loan from Axis Bank Limited carrying @14.75% interest and principle to be repaid in 32 quarterly installments upto June 2016. The term loan is secured by mortgage of present and future movable and immovable assets of the company situated at Tandur Unit on Pari Passu basis and second Pari Passu charge on entire fixed assets of Mahboobnagar Unit of the Company both present and future and guaranteed by two Directors of the

Company.

 

(e) Term Loan from ICICI Bank carrying @16.75% interest and principle tobe repaid in 34 quarterly installments upto June 2018. The Loan of ICICI Bank Limited is secured on Pari Passu basis of factory land & buildings of Mahboobnagar Unit present and future, and factory land and buildings of dyeing plant at Yedira Village of Mahboobnagar district and second Pari Passu charge on fixed assets of Tandur Unit.

 

(f) Working Capital Term Loan from Central Bank of India carrying @15.5% interest and principle to be repaid in 32 quarterly installments upto July 2016. The loan of Central Bank of India is secured by Pari Passu second charge on fixed assets of both Tandur and Mahboob Nagar Units and personal guarantee of two Directors of the Company.

 

(g) Short term corporate loan from State Bank of India carrying @16.1% interest and principle to be repaid in 12 quarterly installments upto March

2016. The loan is secured by extension of first charge on current assets along with working capital bankers of the consortium.

 

(h) Short term corporate loan from State Bank of Hyderabad carrying @15.7% interest and principle to be repaid in 12 quarterly installments upto July 2016. The loan is secured by extension of first charge on current assets along with working capital bankers of the consortium.

 

(i) Current maturities of Term Loans include Rs. 43.653 Million installments over due as on the date of Balance Sheet, of which since paid Rs. 39.403 Million.

 

Short-term borrowings

 

 

From Banks - Secured

772.420

668.836

Total

982.829

1020.930

Note:

 

All Working Capital Loans from Banks carrying interest @ 14% to 17% are secured by hypothecation of stocks of raw materials, yarn, stock in- process, stores and spares, book debts and Second Charge on the present and future immovable properties of the company on pari-passu basis and further guaranteed by two directors of the Company.

 

Auditors :

 

Name :

S. Daga and Company

Chartered Accountants

Address :

403, Paigah Plaza, Basheerbagh, Hyderabad- 500 063.

PAN N Income-tax PAN of auditor or auditor's firm :

 

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4500000

Equity Shares

Rs.10/- each

Rs.45.000 Million

950000

Preference Shares

Rs.100/- each

Rs.95.000 Million

 

Total

 

Rs.140.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3034997

Equity Shares

Rs.10/- each

Rs.30.350 Million

950000

Preference Shares

Rs.100/- each

Rs.95.000 Million

 

Total

 

Rs.125.350 Million

 

a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Particulars

No. of Shares

Equity Shares

 

At the beginning of the period

3034997

Issued during the period

0.0000

Outstanding at the end of period

3034997

12% Redeemable Non-convertible cumulative Preference shares

 

At the beginning of the period

950000

Issued during the period

0.000

Outstanding at the end of period

950000

 

 

b) Terms/rights attached to equity shares:

 

The Company has one class of Equity Shares of face value `10 per share. Each holder of Equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in ensuing Annual General Meeting.

 

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) Terms/rights attached to 12% Redeemable Non Convertible Cumulative Preference shares

 

(i)  Entitled to receive dividend @ 12% per annum

(ii)  6,50,000 Shares issued on 17.10.2011 Redeemable on 16th January, 2025

(iii) 3,00,000 Shares issued on 14.11.2012 Redeemable on 15th February, 2025

(iv) The RNCCPS shall have right to attend the General meetings of the company and vote on the Resolutions directly affecting their interest or where the dividence are in arrears for not less than two years on the date of the meeting, on all resolutions at every meeting of the Company.

(v) In winding up, the RNCCPS holders of the said shares shall be entitled to preferential right of return of the amount paid up on the shares, together with arrears of cumulative preference dividend due as on the date of winding up, but shall not have any further right or claim over the surplus profits or assets of the Company.

 

d) Details of Equity and Redeemable Preference Shareholders holding more than 5% of Shares along with No. of Shares held at the beginning and at the end of the reporting period are as given below:

 

Shareholders holding more than 5 percent of the aggregate shares of the Company:

 

Particulars

As at 31.03.2014

%

Equity Shares

 

 

U.K. Agarwa

164628

5.42

Ritesh K Agarwal

441164

14.50

U.K.Agarwal (Family Trust)

421135

13.80

U.K.Agarwal (HUF)

285439

9.41

Viraj Agarwal

282911

9.32

Usha Agarwal

212223

6.99

Arti Agarwal

214859

7.08

12% Redeemable Non-convertible cumulative Preference shares

 

 

Ritesh K Agarwal

415000

43.68

U.K.Agarwal

365000

38.42

U.K.Agarwal (Family Trust)

100000

10.53

U.K.Agarwal (HUF)

70000

7.37

 

 

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

125.350

125.350

95.350

(b) Reserves & Surplus

264.286

454.405

409.636

(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)

389.636

579.755

504.986

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

373.859

506.031

702.320

(b) Deferred tax liabilities (Net)

29.142

126.882

119.842

(c) Other long term liabilities

54.628

58.802

273.847

(d) long-term provisions

4.176

4.451

3.349

Total Non-current Liabilities (3)

461.805

696.166

1099.358

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

786.220

683.836

708.590

(b) Trade payables

527.413

762.643

361.108

(c) Other current liabilities

471.189

412.941

385.947

(d) Short-term provisions

7.466

5.290

0.425

Total Current Liabilities (4)

1792.288

1864.710

1456.070

 

 

 

 

TOTAL

2643.729

3140.631

3060.414

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1574.470

1686.543

1784.766

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

3.132

2.020

1.604

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

83.037

82.922

76.938

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1660.639

1771.485

1863.308

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

535.970

900.969

817.106

(c) Trade receivables

88.980

225.534

185.954

(d) Cash and cash equivalents

48.078

56.084

69.222

(e) Short-term loans and advances

40.402

39.176

31.651

(f) Other current assets

269.660

147.383

93.173

Total Current Assets

983.090

1369.146

1197.106

 

 

 

 

TOTAL

2643.729

3140.631

3060.414

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Revenue from Operations

1991.997

2883.969

3017.598

 

Other Income

144.484

28.674

24.975

 

TOTAL (A)                                    

2136.481

2912.643

3042.573

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1094.082

1664.408

1861.503

 

Purchases of Stock-in-Trade

32.392

0.000

144.728

 

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

254.674

(108.703)

(132.731)

 

Employees benefits expense

189.422

245.128

225.337

 

Exceptional Items

0.000

0.000

86.018

 

Other expenses

497.376

685.153

556.816

 

TOTAL (B)

2067.946

2485.986

2741.671

 

 

 

 

 

Less

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

68.535

426.657

300.902

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

237.326

255.795

293.106

 

 

 

 

 

 

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

(168.791)

170.862

7.796

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

119.070

119.052

121.880

 

 

 

 

 

 

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

(287.861)

51.810

(114.084)

 

 

 

 

 

Less

TAX (H)

(97.741)

7.040

(18.717)

 

 

 

 

 

 

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

(190.120)

44.770

(95.367)

 

 

 

 

 

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

472.777

769.206

710.905

 

Freign Travelling

1.098

20.980

2.404

 

Export Commission

5.636

4.767

5.030

 

TOTAL EARNINGS

479.511

794.953

718.339

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

104.834

120.824

168.201

 

Components and Stores parts

1.016

0.647

1.880

 

Plant and Machinery

0.000

4.213

6.339

 

TOTAL IMPORTS

105.850

125.684

176.420

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(62.64)

14.75

(31.42)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

309.809

231.950

290.016

Cash generated from operations

271.792

362.837

540.869

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(9.54)

1.55

(3.16)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

3.44

14.79

9.97

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(10.90)

1.65

(3.73)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.74)

0.09

(0.23)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

3.77

2.45

3.37

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.55

0.73

0.82

 

 

STOCK PRICES

 

Face Value

Rs.10/-

Market Value

Rs.42.35/-

 

 

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

95.350

125.350

125.350

Reserves & Surplus

409.636

454.405

264.286

Net worth

504.986

579.755

389.636

 

 

 

 

long-term borrowings

702.320

506.031

373.859

Short term borrowings

708.590

683.836

786.220

Current Maturities of Long-Term Debts

290.016

231.950

309.809

Total borrowings

1700.926

1421.817

1469.888

Debt/Equity ratio

3.368

2.452

3.772

 

 

 

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

3017.598

2883.969

1991.997

 

 

(4.428)

(30.929)

 

 

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

3017.598

2883.969

1991.997

Profit

(95.367)

44.770

(190.120)

 

(3.16%)

1.55%

(9.54%)

 

 

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

Yes

8

Designation of contact person

Yes

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

No

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

 

 

CASE DATAILS

 

CCCA 238 : 2010                              CCCASR 12054 / 2010                                              CASE IS:PENDING

PETITIONER                                                                                   RESPONDENT

M/S.RAGI AND RAGI ENTERPRISES, SECBAD                         VS M/S. RAJVIR INDUSTRIES LTD., SECBAD

PET. ADV.: MADHAVA RAO                                                            RESP.ADV.:

SUBJECT: Bank Matters                                                                  DISTRICT: HYDERABAD

 

FILING DATE: 08.10.2010                                  POSTING STAGE: FOR ADMISSION

REG.DATE:     29.12.2010                                  LISTING DATE: 31.12.2010                            STATUS: ……

 

HON; BLE JUDGE(S):

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term loans from Banks

 

 

From Directors

1.726

0.695

Loans from related parties

9.338

9.184

Others

103.668

67.024

Deferred payment liabilities - Sales Tax

48.719

77.034

Note:

Unsecured Loans from Directors, their relatives and others are long term loans and carrying rate of interest @8% per annum to @12% per annum

 

 

 

Short-term borrowings

 

 

Fixed Deposits from Public- Unsecured

13.800

15.000

Total

177.251

168.937

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10539564

23/04/2015 *

1,862,100,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, Maker Tower E, Cuffe Parade, Colaba, Mumbai, 
Maharashtra - 400005, INDIA

C52394806

2

10439150

29/06/2013

60,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD,, SOMA 
JIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA

B80488737

3

10312359

30/01/2013 *

210,000,000.00

IDBI BANK LIMITED

115, ANNA SALAI, P.B.NO.805,SAIDAPET, CHENNAI, Ta 
mil Nadu - 600015, INDIA

B71091185

4

10273213

27/04/2013 *

65,600,000.00

CENTRAL BANK OF INDIA

CORPORATE FINANCE BRANCH, BANK STREET, KOTI, HYDE 
RABAD, Andhra Pradesh - 500095, INDIA

B75752634

5

10185837

23/03/2011 *

160,000,000.00

STATE BANK OF HYDERABAD

COMMERCIAL BRANCH,, S P ROAD,, SECUNDERABAD, Andhra Pradesh - 500003, INDIA

B09873993

6

10183659

09/10/2009

156,000,000.00

STATE BANK OF MYSORE

SECUNDERABAD BRANCH,, S P ROAD,, SECUNDERABAD, Andhra Pradesh - 500003, INDIA

A72041197

7

10140496

09/10/2009 *

780,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD,, SOMA 
JIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA

A73177503

8

10119533

11/08/2008

230,000,000.00

The Bank of Rajasthan Limited

59/1/2/1, Kaushalya Estate Lane, Karkhana Road, Secunderabad, Andhra Pradesh - 500009, INDIA

A44477396

9

10017967

28/12/2007 *

500,000,000.00

AXIS BANK LIMITED

6-3-879/B, PULLAREDDY BUILDINGS,, GREEN LANDS ROA 
D, BEGUMPET, HYDERABAD, Andhra Pradesh - 500016, INDIA

A31411184

10

10016570

18/02/2008 *

110,000,000.00

IDBI Bank Limited

115, ANNA SALAI, SAIDPET, CHENNAI, Tamil Nadu - 6 
00015, INDIA

A58619925

 

 

OPERATIONS

 

During the year under review, the Company achieved a Turnover of Rs.2136.481 Million and Net Loss of Rs. 190.120 Million as against Turnover of Rs. 2912.643 Million and Net Profit of Rs. 44.740 Million in the previous year.

 

A detail analysis of future outlook and financial performance of the company is given in the management and analysis report which is elsewhere given in this report.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INTRODUCTION

 

India is 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 sourcing hub. It is 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 Technopak Advisors.

 

OUTLOOK

 

The textiles industry has made 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 per cent to industrial production, 4 per cent to the gross domestic product (GDP), and 27 per cent to the country’s foreign exchange inflows. It provides direct employment to over 45 million people. The textiles sector is the second largest provider of employment after agriculture. Thus, the growth and all round development of this industry has a direct bearing on the improvement of India’s economy.

 

The Company while concentrating on increasing its export earnings is also trying to boost its revenue in the domestic market through large garment exporters with its range of fashionable and trendy yarns.

 

The Company has even been recognized by one of the best retailers of the UK market, M/s. Marks & Spencer for producing large volumes of yarn with sustainable cotton i.e. a variety of cotton produced with use of optimal resources namely Better Cotton Initiative.

 

The Company continues to participate in important fashion exhibitions worldwide to showcase its fancy yarn production and improve its export revenue.

 

 

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Letters of credit

0.000

4.789

Bank Guarantees

61.000

171.197

In respect of Bills Discounted & outstanding

66.823

204.121

In respect of suits filed but not acknowledged as debt

2.680

2.680

 

e) Other commitments :

 

Company remains exposed to liability towards fuel surcharge adjustment, which are notified by Power Distribution Companies of Andhra Pradesh pertaining to earlier years, which are being adjusted in future tariff payable for consumption. Accordingly charges are accounted in the year payment / bill raised for the same.

 

 

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2014

 

Standalone statement of profit and loss

                                                                                                                                  (Rs. In Million)

Sr.

No

 

 

Particulars

Standalone

Quarter Ended

Nine Month Ended

31.12.2014

3 Months ended

30.09.2014

3 months 2014

31.03.2015

 

Unaudited

Unaudited

Audited

1

Income From Operations

 

 

 

 

a. Net Sales/ Income from  Operations

(Net of Excise Duty)

253.108

217.218

999.561

 

b. Other Operating Income

2.958

4.845

17.046

 

Total Income from Operations (Net)

256.066

222.063

1016.607

2

Expenditure

 

 

 

 

a. Cost of material Consumed

153.438

126.223

531.462

 

b. Purchase of Stock-in trade

0.000

0.000

0.000

 

c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade

(52.056)

(50.166)

(114.803)

 

d. Employees Benefit Expenses

42.319

43.002

152.940

 

f. Depreciation and Amortization Expenses

25.463

25.451

101.797

 

g. Power and Fuel

41.843

27.882

141.382

 

h. Other expenses

55.278

39.180

168.618

 

Total Expenses

266.285

211.572

981.396

3

Profit from Operations before Other Income, Interest and Exceptional Items

(10.219)

10.491

35.211

4

Other Income

3.930

3.312

12.030

5

Profit from ordinary activities before finance cost & exceptional items

(6.289)

13.803

47.241

 

Finance costs

55.964

52.917

211.761

 

Profit from ordinary activities after finance cost & exceptional items

(62.253)

(39.114)

(164.520)

9

Exceptional items

0.000

0.000

0.000

10

Profit from ordinary activities before tax

(62.253)

(39.114)

(164.520)

11

Tax Expense

 

 

 

 

Deferred tax liability (Deferred tax assets)

(16.480)

(9.756)

(48.076)

12

Net profit from ordinary Activities after tax

(45.773)

(29.358)

(116.444)

13

Extra Ordinary Items (Net of tax expenses)

0.000

0.000

0.000

14

Net Profit After Tax

(45.773)

(29.358)

(116.444)

15

Paid-up equity share capital (face value of Rs.10 per share)

30.350

30.350

30.350

16

Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year

0.000

0.000

138.431

17

Earning Per Share (of Rs.10 each) (not annualized)

 

 

 

 

Before extraordinary items

 

 

 

 

Basic EPS 

(15.08)

(9.67)

(38.37)

 

Diluted EPS

(15.08)

(9.67)

(38.37)

 

 

 

 

 

A

PARTICULARS OF SHAREHOLDING

 

 

 

17

Public Shareholding

 

 

 

 

- No. of shares

961138

961138

961138

 

- Percentage of shareholding

31.67%

31.67%

31.67%

18

Promoter & Promoter Group Shareholding

 

 

 

 

a) Pledged/Encumbered

 

 

 

 

- No. of shares

597092

597092

597092

 

- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)

28.79%

28.79%

23.79%

 

- Percentage of shareholding (as a % of the total share capital of the company)

19.67%

19.67%

19.67%

 

b) Non-encumbered

 

 

 

 

- No. of shares

1476767

1476767

1476767

 

- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)

71.21%

71.21%

71.21%

 

- Percentage of shareholding (as a % of the total share capital of the company)

48.66%

48.66%

48.66%

 

 

FIXED ASSETS

 

  • Freehold Land
  • Buildings
  • Plant and Machinery
  • Furniture and Fixtures
  • Office Equipment
  • Vehicles
  • Revalued Plant and machinery

 

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.63.60

UK Pound

1

Rs.97.26

Euro

1

Rs.69.62

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RSM

 

 

Report Prepared by :

SUJ

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

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.