MIRA INFORM REPORT
|
Report No. : |
326863 |
|
Report Date : |
11.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
NSL TEXTILES LIMITED (w.e.f.24.09.2008) |
|
|
|
|
Formerly Known
As : |
JAYAVENKATRAMA INDUSTRIES LIMITED JAYAVENKATRAMA SUGAR AND POWER LIMITED |
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|
|
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Registered
Office : |
'EMGEE House', 3rd Floor, 4th Lane, Chandramouli Nagar, Ring Road, Guntur - 522007, Andhra Pradesh |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
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|
Date of
Incorporation : |
12.02.2002 |
|
|
|
|
Com. Reg. No.: |
01-038489 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1031.063
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15429AP2002PLC038489 |
|
|
|
|
TIN No.: |
28220170325 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDJ00614F |
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|
|
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PAN No.: [Permanent Account No.] |
AABCJ1299A |
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|
|
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Textiles. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 7700000 |
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|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Borrowings recorded by the company are huge and increasing which may
further act as a threat to the liquidity position of the company. However, company has achieved a fair profitability during FY 2014 Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. The subject can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 = BB |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial
obligations |
|
Date |
January 07, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
January 07, 2015 |
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
31-03-2013.
INFORMATION DECLINED
Management non cooperative (91-40-30514444)
LOCATIONS
|
Registered Office : |
'EMGEE House', 3rd Floor, 4th Lane, Chandramouli Nagar, Ring Road, Guntur - 522007, Andhra Pradesh, India |
|
Tel. No.: |
91-40-30514452 |
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Fax No.: |
91-40-30514350 |
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E-Mail : |
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Website : |
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Corporate Office : |
NSL Icon, 4th
Floor, 8-2-684/2/A, Road No 12, Banjara
Hills, Hyderabad-500034, Telangana,
India |
|
Tel No.: |
91-40-30514444 |
|
|
|
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Factory 1 : |
Edlapadu Mandal and Post, Edlapadu, Near Chilakaluripet, Guntur –
522233, Andhra Pradesh, India |
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Factory 2 : |
Inkollu Village and Mandal, District Prakasam – 523167, Andhra
Pradesh, India |
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Factory 3 : |
Survey No. 237, Kommunu Road, Rangannagudam Post, Hanuman Junction,
District Krishna, Andhra Pradesh, India |
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Factory 4 : |
Survey Nos. 371-379, Kunchalavaripalem Village, Cherukupali Mandal,
District Guntur, Andhra Pradesh, India |
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Factory 5 : |
Opposite Indira Gandhi Live Stock Research Centre, Thondur Mandal,
Pulivendula, Cuddapah Post, Andhra Pradesh, India |
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Factory 6 : |
Survey No. 253, Budampadu Village, Guntur Rural Mandal, District
Guntur – 522017, Andhra Pradesh, India |
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Factory 7 : |
Textile Park, Phase 3, IDA, Pashamylam, Patancheru, District Medak –
502307, Andhra Pradesh, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mandava Rao Prabhakara |
|
Designation : |
Director |
|
Address : |
H. No. 8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
19.01.1959 |
|
Qualification : |
M. Sc (Agricultural) |
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Date of Appointment : |
12.02.2002 |
|
PAN No.: |
ACVPM9483A |
|
DIN No.: |
00009650 |
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|
|
Name : |
Apparao Chigurupati |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. A-704, Vertex Sadguru Krupa, Nizampet Road, Kukapally, Hyderabad-500085, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.07.1948 |
|
Qualification : |
B.Com, Fellow Member of Institute of Insurance |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
AAJPC8469Q |
|
DIN No.: |
00011095 |
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|
|
|
Name : |
Mr. Ajay Kumar Paturi |
|
Designation : |
Whole-time director |
|
Address : |
1-4-210/49 to 51, Prathampuri, ECIL, Hyderabad - 520062, Andhra Pradesh, India |
|
Date of Birth/Age : |
17.09.1952 |
|
Qualification : |
B. Tech in Textile Technology |
|
Date of Appointment : |
01.07.2011 |
|
PAN No.: |
AGQPP1192C |
|
DIN No.: |
00053029 |
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|
|
|
Name : |
Mandava Ashapriya |
|
Designation : |
Director |
|
Address : |
H. No.8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
19.09.1962 |
|
Qualification : |
Post-Graduation in Home Science |
|
Date of Appointment : |
12.02.2002 |
|
PAN No.: |
AFWPM9031Q |
|
DIN No.: |
01199936 |
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|
|
|
Name : |
Mr. Prabal Ranjan Roy |
|
Designation : |
Director |
|
Address : |
36, Amaltas Bungalow, Bodakdev, Ahmedabad-380054, Gujarat, India |
|
Date of Birth/Age : |
11.07.1941 |
|
Qualification : |
PhD in Textile |
|
Date of Appointment : |
28.12.2009 |
|
DIN No.: |
00514330 |
|
|
|
|
Name : |
Mandava Venkatram Chowdary |
|
Designation : |
Whole-time director |
|
Address : |
H. No.8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
30.11.1987 |
|
Qualification : |
Bachelor of Business Administration |
|
Date of Appointment : |
05.09.2011 |
|
PAN No.: |
AJZPC5236E |
|
DIN No.: |
03567730 |
|
|
|
|
Name : |
Mr. Anand Ramanna |
|
Designation : |
Director |
|
Address : |
Flat No.0-1,15th Floor, Cuffe Castle, Cuff Parade, Colaba, Mumbai-400005, Maharashtra, India |
|
Date of Birth/Age : |
05.11.1933 |
|
Qualification : |
Textile Technology Graduate |
|
Date of Appointment : |
25.09.2009 |
|
DIN No.: |
00040325 |
|
|
|
|
Name : |
Mr. Gopalakrishna Muddusetty |
|
Designation : |
Director |
|
Address : |
Bhramara, 12-2-823A/23, Santoshnagar, Mehdipathnam, Hyderabad – 500028, Andhra Pradesh, India |
|
Date of Birth/Age : |
12.01.1939 |
|
Qualification : |
IAS Officer (Retd) |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
00088454 |
|
|
|
|
Name : |
Mr. Anil Chandra Gupta |
|
Designation : |
Director |
|
Address : |
24, Krishi Nagar, P.O. Manovikas Nagar, Hashmatpet Road, Secunderabad – 500009, Andhra Pradesh, India |
|
Date of Birth/Age : |
16.09.1943 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
29.07.2013 |
|
DIN No.: |
06363513 |
KEY EXECUTIVES
|
Name : |
Kunapareddy Raghavaiah Naidu |
|
Designation : |
Secretary |
|
Address : |
16-74, Ashok Nagar, Krishna District, Tiruvuru – 521235, Andhra Pradesh, India |
|
Date of Birth/Age : |
08.05.1987 |
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Date of Appointment : |
22.06.2011 |
|
PAN No.: |
BCLPK1395N |
|
|
|
|
Name : |
Mr. Updeep Singh |
|
Designation : |
Chief Operating Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
M. Prabhakar Rao |
11663512 |
11.31 |
|
Mandava Holdings Private Limited, India |
68368394 |
66.31 |
|
M. Asha Priya |
2947515 |
2.86 |
|
M. Venkatram Choudary |
12473 |
0.01 |
|
Mandava Cold Storage Private Limited, India |
2500000 |
2.42 |
|
APMS Investment Fund Limited, Mauritius |
10000000 |
9.70 |
|
Dover Finance Limited, Mauritius |
3420000 |
3.32 |
|
Krishna Prasad |
4194444 |
4.07 |
|
|
|
|
|
Total |
103106338 |
100.00 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
17.09 |
|
Bodies
corporate |
68.73 |
|
Directors
or relatives of directors |
14.18 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Textiles. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of Hyderabad Overseas Branch, 6-3-652, "Kautilya", Somajiguda, Hyderabad - 500082, Andhra Pradesh, India · Canara Bank Prime Corporate Branch, Shankarnarayana Building, No. 25, M G Road, Bangalore - 560001, Karnataka, India · State Bank of India (Lead Bank) Mid Corporate Group, Speeialised Commercial Branch, Kannavari Thota, Guntur - 522004, Andhra Pradesh, India · State Bank of Mysore |
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Facilities : |
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Financial Institution : |
· SBICAP Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai - 400005,
Maharashtra, India |
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Auditors : |
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|
Name : |
Mastanaiah and Company Chartered Accountants |
|
Address : |
11/1, Arundelpet, Guntur - 522002, Andhra Pradesh, India |
|
Tel. No.: |
91-863-2233761 |
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E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AADFM5561H |
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Cost Auditors : |
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|
Name : |
Narasimha Murthy and Company Cost Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
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|
Holding Company : |
Mandava Holdings Private Limited [U74120AP2008PTC074522] |
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Subsidiary Company : |
·
Sree Anantha Lakshmi Textiles Private Limited
[U18100AP1982PTC003448] ·
Sree Venkataraya Cotton Mills Private Limited
[U17110AP1995PTC021407] ·
Portrait Properties Private Limited [U70102TG2006PTC050288] |
|
|
|
|
Fellow Subsidiary Company : |
·
Nuziveedu Seeds Limited [U74120AP2008PLC074583] ·
NSL Sugars Limited [U15429KA1999PLC026121] ·
NSL Estates Private Limited
[U70102AP2007PTC054777] ·
NSL Cotton Corporation Private Limited
[U17121AP2007PTC054034] ·
NCC Narsinh Cotton Private Limited
[U17121MH2007PTC173124] ·
NCC Radhakrishna Cotton Private Limited
[U17121MH2007PTC172490] ·
NCC Santosh Fibers Private Limited
[U17111MH2007PTC172496] ·
NCC Shri Cotton Private Limited
[U17200MH2007PTC173157] ·
NCC Abhinandan Cotton Private Limited ·
NCC Jay Laxmi Fibres Private Limited ·
NCC Usha Ginning Mills Private Limited [U17121AP2007PTC054726] ·
NCC Venkateswara Cotton Fibers Private Limited
[U01405AP2007PTC054727] ·
Yaaganti Seeds Private Limited
[U01112AP1996PTC025622] ·
Pravardhan Seeds Private Limited
[U01119AP2008PTC061514] ·
Prabhat Agri Biotech Limited [U01112AP1992PLC014346] ·
Asian Agri Genetics Limited
[U73200AP2004PLC042560] ·
Fortune Hybrid Seeds Limited
[U01119AP2004PLC042741] ·
NSL Krishnaveni Sugars Limited
[U15421AP2006PLC050837] ·
NSL Sugars (Tungabhadra) Limited
[U40102KA1983PLC058128] ·
NSL Energy Ventures Private Limited
[U40101AP2008PTC057010] · NSL Renewable Power Private Limited [U40109DL1985PTC114839] |
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|
|
|
Enterprises over which individuals owning controlling interest,
relatives of such individuals exercise significant influence : |
Solar Semiconductor Power Company (India) Private Limited
[U40300AP2010PTC070092] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
173,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1730.000 Million |
|
400,000 |
Preference Shares |
Rs. 100/- each |
Rs. 40.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1770.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103,106,338 |
Equity Shares |
Rs. 10/- each |
Rs. 1031.063
Million |
|
|
|
|
|
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 |
1031.063 |
1031.063 |
1026.263 |
|
(b) Reserves & Surplus |
1570.503 |
1308.431 |
1776.356 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
(3) Deferred Government Grants
|
97.598 |
96.492 |
97.822 |
|
Total
Shareholders’ Funds (1) + (2) |
2699.164 |
2435.986 |
2900.441 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9982.741 |
9433.327 |
6987.043 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
527.725 |
587.332 |
1.500 |
|
(d)
long-term provisions |
28.047 |
20.613 |
15.021 |
|
Total
Non-current Liabilities (3) |
10538.513 |
10041.272 |
7003.564 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3474.676 |
2459.764 |
3402.548 |
|
(b)
Trade payables |
1044.205 |
1170.024 |
1105.348 |
|
(c)
Other current liabilities |
1122.053 |
490.486 |
1552.858 |
|
(d)
Short-term provisions |
0.789 |
1.024 |
0.428 |
|
Total
Current Liabilities (4) |
5641.723 |
4121.298 |
6061.182 |
|
|
|
|
|
|
TOTAL |
18879.400 |
16598.556 |
15965.187 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
11216.785 |
11313.970 |
10359.641 |
|
(ii)
Intangible Assets |
17.392 |
22.208 |
19.761 |
|
(iii)
Capital work-in-progress |
39.164 |
44.139 |
1293.784 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
84.595 |
92.280 |
19.136 |
|
(c) Deferred tax assets
(net) |
265.412 |
231.171 |
298.708 |
|
(d) Long-term Loan
and Advances |
436.636 |
400.875 |
343.961 |
|
(e)
Other Non-current assets |
91.987 |
70.897 |
16.661 |
|
Total
Non-Current Assets |
12151.971 |
12175.540 |
12351.652 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.070 |
|
(b)
Inventories |
3005.319 |
2018.355 |
1633.451 |
|
(c)
Trade receivables |
1587.248 |
964.981 |
747.111 |
|
(d)
Cash and cash equivalents |
341.827 |
49.384 |
289.971 |
|
(e)
Short-term loans and advances |
1678.646 |
1279.453 |
902.437 |
|
(f)
Other current assets |
114.389 |
110.843 |
40.495 |
|
Total
Current Assets |
6727.429 |
4423.016 |
3613.535 |
|
|
|
|
|
|
TOTAL |
18879.400 |
16598.556 |
15965.187 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
9872.744 |
8332.792 |
6990.056 |
|
|
|
Other Income |
80.666 |
90.690 |
587.021 |
|
|
|
TOTAL (A) |
9953.410 |
8423.482 |
7577.077 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5103.060 |
4490.520 |
4793.034 |
|
|
|
Purchases of Stock-in-Trade |
85.970 |
42.613 |
102.526 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(308.118) |
(77.637) |
67.598 |
|
|
|
Employees benefits expense |
745.858 |
630.065 |
584.582 |
|
|
|
Other expenses |
2374.159 |
2181.946 |
1601.333 |
|
|
|
TOTAL (B) |
8000.929 |
7267.507 |
7149.073 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1952.481 |
1155.975 |
428.004 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1090.037 |
982.677 |
1055.437 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
862.444 |
173.298 |
(627.433) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
617.586 |
589.578 |
526.708 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
244.858 |
(416.280) |
(1154.141) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(29.432) |
67.537 |
(354.025) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
274.290 |
(483.817) |
(800.116) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB Basis] |
2006.782 |
1505.077 |
811.230 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
68.285 |
171.891 |
321.244 |
|
|
|
Components and spare parts |
84.510 |
38.265 |
42.215 |
|
|
|
Capital Goods |
240.332 |
36.578 |
768.188 |
|
|
TOTAL IMPORTS |
393.127 |
246.734 |
1131.647 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
2.66 |
(4.70) |
(7.96) |
|
|
|
Diluted
|
2.66 |
(4.70) |
(7.96) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
860.410 |
190.723 |
1268.440 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.78 |
(5.81) |
(11.45) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
19.78 |
13.87 |
6.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.32 |
(2.56) |
(8.04) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
(0.17) |
(0.40) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.30 |
4.96 |
4.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.07 |
0.60 |
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 |
1026.263 |
1031.063 |
1031.063 |
|
Reserves & Surplus |
1776.356 |
1308.431 |
1570.503 |
|
Deferred Government Grants |
97.822 |
96.492 |
97.598 |
|
Net
worth |
2900.441 |
2435.986 |
2699.164 |
|
|
|
|
|
|
long-term borrowings |
6987.043 |
9433.327 |
9982.741 |
|
Short term borrowings |
3402.548 |
2459.764 |
3474.676 |
|
Current maturities of
long-term debts |
1268.440 |
190.723 |
860.410 |
|
Total
borrowings |
11658.031 |
12083.814 |
14317.827 |
|
Debt/Equity ratio |
3.582 |
4.882 |
4.986 |
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 |
6990.056 |
8332.792 |
9872.744 |
|
|
|
19.209 |
18.481 |
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 |
6990.056 |
8332.792 |
9872.744 |
|
Profit |
(800.116) |
(483.817) |
274.290 |
|
|
(11.45%) |
(5.81%) |
2.78% |
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 |
Yes |
|
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 |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10438187 |
21/06/2013 |
13,195,250,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B80185325 |
|
2 |
10417216 |
30/03/2013 |
720,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING, NO.25, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B72444961 |
|
3 |
10376665 |
18/08/2012 |
8,480,000,000.00 |
CANARA BANK (LEAD BANK) |
PRIME CORPORATE BRANCH, NO.25, SHANKARANARAYANA BUILDINGS, M. G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B58178898 |
|
4 |
10374820 |
18/08/2012 |
3,063,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
MID CORPORATE GROUP, SPEEIALISED COMMERCIAL BRANCH, KANNAVARI THOTA, GUNTUR, ANDHRA PRADESH - 522004, INDIA |
B57417438 |
|
5 |
10266943 |
11/01/2011 |
1,000,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARNARAYANA BLDG., NO.25, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B05649207 |
|
6 |
10064262 |
22/08/2007 * |
2,650,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, 5-10-194, CHAKRAPANI E |
A22665707 |
|
7 |
10035650 |
30/03/2011 * |
7,262,700,000.00 |
STATE BANK OF INDIA |
SPECIALISED COMMERCIAL BRANCH, KANNAVARITHOTA, GUNTUR, ANDHRA PRADESH - 522004, INDIA |
B09101528 |
|
8 |
90260188 |
22/02/2005 |
127,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, GUNTUR, ANDHRA PRADESH, INDIA |
- |
|
9 |
90259070 |
21/03/2011 * |
4,441,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED COMMERCIAL BRANCH, (MID CORPORATE GROUP) KANNAVARITHOTA, GUNTUR, ANDHRA PRADESH - 522004, INDIA |
B11397791 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Debentures |
2178.000 |
2450.000 |
|
Deferred payment liabilities |
17.793 |
25.023 |
|
SHORT TERM BORROWINGS |
|
|
|
Intercorporate deposits |
281.720 |
173.212 |
|
Other Loans and advances |
97.418 |
96.057 |
|
|
|
|
|
Total |
2574.931 |
2744.292 |
NATURE OF OPERATIONS
The Company is engaged in textile manufacturing with
capacities spread over seven locations encompassing ginning, spinning, weaving,
processing and garmenting operations.
REVIEW OF
OPERATIONS
The Company achieved 1.68 lakh qtls. of cotton lint (PY 2.42 lakh
qtls.), 2.57 lakh qtls. (PY 2.25 lakh qtls.) of cotton yarn, 0.30 lakh qtls. of
dyed yarn (PY 0.26 lakh qtls.), 403.07 lakh mtrs. (PY 282.03 lakh mtrs.) of
grey fabric, 165.22 lakh mtrs. Of finished fabric (PY 131.26 lakh mtrs.) and
0.95 lakh pcs. of garments (PY 7.72 lakh pcs.), including job work production,
during the financial year 2013-14 and sold 1.76lakh qtls. (PY 1.83 lakh qtls.)
of cotton yarn, 240.66lakh mtrs. (PY144.94 mtrs.) of grey fabric, 147.56 lakh
mtrs. of finished fabric (PY 123.07lakh mtrs.) and 6.68lakh pcs. of garments
(PY 6.72 lakh pcs.) including retail sales.
Due to various adverse factors that came in the way initially in setting
up the Processing Plant and subsequent setbacks suffered in stabilizing the
Weaving and Processing operations including violent fluctuations in cotton and
yarn prices, your Company incurred huge losses till FY 2012-13, forcing the
Company even to opt for CDR. Against this backdrop, the stakeholders would be
delighted to note that your Company staged a smart come back during FY 2013-14
by achieving a PAT of Rs. 274.300 Million., due to improved efficiencies
coupled with better market conditions. The results would have been far better
but for the purchase of power from IEX at a higher price and also the FSA
charges paid to the extent of 20.24Crs. Related to the previous periods of FY
09-10, 10-11, 11-12 and 12-13.
The outlook for FY 2014-15 appears, however, more promising for the
Company given the comfort zone it has been able to reach by now and the
prospect of achieving higher efficiency and productivity levels during the year
owing to the sustained and concerted efforts from all concerned.
The Company is in the process of getting more corporate orders, thus
reducing reliance on trade business orders especially in fabric division. The
company is expected to receive more export orders for fabric and garments from
countries like Sri Lanka and Europian markets during FY 14-15 which will result
in better realizations. The Company improved a lot in terms of its export
business during FY 13-14 by realizing foreign exchange earnings of over
Rs.2006.700 Million as against Rs. 1510.000 Million during previous FY 12-13
which would be bettered during 2014-15. The following expansion activities
would also help usher in better results.
EXPANSION
ACTIVITIES
The ongoing expansion of Yarn Dyeing Capacity with smaller vessel
configuration, debottlenecking in Spinning, Weaving and processing activities
for optimum utilization of current capacities was completed to a major extent
during 2013-14. The balancing equipment for product mix improvements in
spinning along with specialized spinning attachments viz., Slub, Lycra etc. and
up-gradation of ETP for removing current limitations on processed fabric
production are expected to be operational by end of June, 2014. These value
adding equipments would do a world of good for improving productivities.
INDUSTRY SCENARIO
AND OUTLOOK
The textiles sector plays a pivotal role in the Indian industry through
its contribution to industrial output, employment generation, and the export
earnings. Currently, it contributes about 11%to industrial production, 4%to
Manufacturing Sector, 5.2%to the GDP and 12%to the country's export earnings.
India is the world's second largest producer of textiles and garments. Indian
textile industry accounts for about 4per cent of the world’s spindle capacity
and eight per cent of global rotor capacity. India's competitive advantage in
textile trade lies in its multi-fibre raw material base together with a strong
production base across the entire textile value chain enabling it to produce a
variety of products for varying consumer needs and preferences. Shifting of
production base especially of spinning and weaving segments to developing
countries, opens up wide opportunities for India with global retailers
preferring single point service provided by integrated
OUTLOOK
Abundant availability of raw materials such as cotton, wool, silk and
jute and skilled workforce have made India a sourcing hub. The size of Indian
textile and apparel market stood at US$ 89billion in 2011 and is expected to
touch US$ 223 billion by 2021. Exports grew to US$ 33.3billion in FY12 from US$
17.6billion in FY06, registering a compound annual growth rate (CAGR) of
11.2per cent. Cotton yarn production increased by about 10 per cent during
April 2013, February 2014. Blended and 100 per net non-cotton yarn production
increased by 8 per cent during the period April 2013, February 2014. Cloth
production by mill sector registered a growth of 6 per cent during April 2013,
February 2014. Textiles exports stood at
US$ 28.53billion during April 2013, January 2014 as compared to US$ 24.90billion
during the corresponding period of the previous year, registering a growth of
14.58per cent. Garment exports from India is expected to touch US$ 60 billion
over the ext. three years. The Government of India has promoted a number of
export promotion policies for the textiles sector. It has also allowed 100per
cent FDI in the Indian textiles sector under automatic route. Efforts are being
made to igna Free Trade Agreement between India and the European Union. The
reduction in tariff shall make India’s exports and Garments in particular, more
competitive in the European markets.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Guarantees outstanding |
8.316 |
15.916 |
|
Custom and excise
duty liability in case of non fulfilment of export obligation pertaining to
EPCG Authorisations and Advance License for import of capital goods and raw
material at concessional rate of customs duty and refund of excise duty on
domestic purchase of capital goods |
996.762 |
1193.959 |
|
Bills receivable discounted |
497.787 |
224.807 |
|
Claims not
acknowledged as debt as per details below |
|
|
|
i. Demand from
ESI authorities towards recovery of ESI dues pertaining to the period when the
Unit was under occupation of the previous employers. The Company has
contested the demand before the Employees Insurance Court and Chairman,
Industrial Tribunal at Hyderabad and obtained a stay order. An amount of
Rs.0.033 Million was deposited with the Court and Rs.0.136 Million debited
towards recovery proceeding. The aggregate amount has been shown as Amounts
paid under protest under Long-term loans and advances. |
0.099 |
0.099 |
|
ii. Demand from Provident
Fund Authorities towards recovery of provident fund dues and liquidated
damages pertaining to the period when the Unit was under occupation by the
previous employers. The Company has contested the demand in a petition before
the Hon'ble High Court of Andhra Pradesh and the Court has granted stay till
further order. The Liquidator in the matter of The Chilakaluripet Cotton
Growers Cooperative Spinning Mills Limited, the previous employer, has also
filed an undertaking before the Hon'ble High Court to pay the Provident Fund
dues. |
2.703 |
2.703 |
|
iii. Demand from
ESI authorities towards damages for the wage period June 2000 to October 2003
of which an amount of Rs.1.445 Million pertains to the period when the Unit
was under occupation of the previous employers. The Company has contested the
demand before the Employees Insurance Court and Chairman, Industrial Tribunal
at Hyderabad and obtained a stay order. An amount of Rs.0.381 Million, being
25% of the amount demanded, was deposited with the ESI authorities and shown
as Amounts paid under protest under Long-term loans and advances. |
1.521 |
1.521 |
|
iv. Demand
towards Non Agricultural Land Assessment Tax and Water Royalty from Mandal Revenue
Inspector, Inkollu Mandal, Prakasam District pertaining to dues of the period
during which the Unit was under occupation by previous owners. As the Unit
was purchased by the Company free of encumbrances, the Company has contested
the demand in a writ petition before the Hon'ble High Court of Andhra
Pradesh. An amount of Rs.1.600 Million was deposited with the Tahsildar,
Inkollu Mandal for obtaining interim injunction and is shown as Amounts paid
under protest under Long-term loans and advances. |
3.161 |
3.161 |
|
v. Demand from
Eastern Power Distribution Company of A.P. Limited towards electricity
consumed during the period February to April 2009 at the Company's Power
Plant at Uppalguptam even though there was a net export of power to the grid
during that period from the power plant. The Company has paid the amount
under protest and shown as Amounts paid under protest under Long-term loans
and advances. |
0.015 |
0.015 |
|
vi. Demand from
Southern Power Distribution Company of Andhra Pradesh Limited towards Fuel
Surcharge Adjustment. The Company had contested the demand in a writ petition
before the Hon'ble High Court of Andhra Pradesh and received a favourable
ruling. An amount of Rs.0.243 Million was paid against this demand and has
been shown as Amounts paid under protest under Long-term loans and advances. |
0.680 |
0.680 |
|
vii. Demand from
ESI authorities towards ESI contribution when the Unit was not under ESI
coverage. The Company has contested the demand before the Employees Insurance
Court and Chairman, Industrial Tribunal at Hyderabad and obtained stay order.
An amount of Rs.0.716 Million, being 30% of the amount demanded, was
deposited with the ESI authorities and shown as Amounts paid under protest
under Long-term loans and advances. |
2.387 |
2.387 |
|
viii. Demand
from Joint Commissioner of Labour towards cess on construction works. The
Company has paid an amount of Rs.0.050 Million under protest and the same is
shown as Amounts paid under protest under Long-term loans and advances. |
2.635 |
2.635 |
|
ix. Maintenance
fee in respect of SAP Enterprise Support Services which are under negotiation
as services were not rendered as per the service contract. |
|
0.000 |
|
x. Fuel
surcharge Adjustment (FSA) for the quarter October 2012 to December 2012
proposed to be levied by the Southern Power Distribution Company of
Andhra Pradesh Limited in term of Andhra Pradesh Electricity Regulatory
Commission's Order dated 23.04.13 has not been provided for as the Company is
in the process of contesting the levy in a writ petition before the Hon'ble
High Court of Andhra Pradesh. |
90.645 |
15.863 |
|
xi. Private
power wheeled under Transmission and Wheeling Agreements and power purchased
from exchange against open access granted have been also billed by the Southern
Power Distribution Company of Andhra Pradesh Limited (SPDCL) in their
invoices for the period December 2012 to March 2013. The same have not been
paid or provide for and representation made to the Chairman and Managing
Director, SPDCL for revision of the invoices to that extent. |
0.000 |
391.164 |
|
|
|
|
|
Total |
1606.711 |
1854.910 |
|
NOTE: The Company does
not expect any reimbursements in respect of the above contingent liabilities.
It is not practicable to estimate the timing of the cash outflows, if any, in
respect of matters pending appellate proceedings. In respect of other matters
the cash outflows, if any, could generally occur in the next four years being
the period over which validity of the guarantees / letters of credit extends.
The Management believes that the ultimate outcome of appellate proceedings
will not have a material adverse effect on the Company's financial position
and result of operations. |
||
FIXED ASSETS:
·
Land
·
Buildings
·
Office building
·
Factory building
·
Plant and equipment
·
Factory equipments
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
Livestock
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.88 |
|
|
1 |
Rs. 98.47 |
|
Euro |
1 |
Rs. 72.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.