MIRA INFORM REPORT

 

 

Report No. :

310868

Report Date :

11.03.2015

 

IDENTIFICATION DETAILS

 

Name :

UNIWORTH LIMITED

 

 

Registered Office :

“GREEN ACRES” 2, Nazar Ali Lane, Flat- 4A, Kolkata - 700 019, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.08.1988

 

 

Com. Reg. No.:

044984

 

 

Capital Investment / Paid-up Capital :

Rs. 399.862 Million

 

 

CIN No.:

[Company Identification No.]

L17299WB1988PLC044984

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALW00795E

 

 

PAN No.:

[Permanent Account No.]

AAACW2805Q

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Trading and Manufacturing all wool and polywool worsted fabrics.

 

 

No. of Employees :

2500 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Sick Company

 

 

Payment Behaviour :

Slow and Delayed

 

 

Litigation :

Clear

 

 

Comments :

Subject is a company referred to the Board for Industrial and Financial Reconstruction vide order dated 06.01.2010 as case no 270/2004.

 

The company has incurred huge accumulated losses over the years which has eroded the net worth of the company.

 

However, business is active as per status shown in the registrar of companies. Payment terms are slow and delayed.

 

The company can be considered for business dealings on fully safe and secured trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

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

 

 

INFORMATION PARTED BY

 

Name :

Ms. Seema

Designation :

Account Assistant

Contact No.:

91-7104-265321

Date :

04.03.2014

 

 

LOCATIONS

 

Registered Office :

“GREEN ACRES” 2, Nazar Ali Lane, Flat- 4A, Kolkata - 700 019, West Bengal, India

Tel. No.:

91-33-40061301 / 8444012233

Fax No.:

91-33-2280-3620

E-Mail :

uniworthlimited@gmail.com

Website :

www.uniworth.om

 

 

Factory 1 :

923, 945, Urla Growth Centre Raipur - 492221, Chattisgarh, India 

Tel. No.:

91-771-2324271 / 75

Fax No.:

91-771-2323257

 

 

Factory 2 :

Amriti Malda, West Bengal, India

 

 

Factory 3 :

B-129, M.I.D.C. Butibori, Nagpur – 441122, Maharashtra, India

Tel. No.:

91-7104-265321 / 24

Fax No.:

91-7104-265309

 

 

DIRECTORS

 

Name :

Sripad Narayan Shenwai

Designation :

Executive Director

Date of Appointment :

26.09.2014

DIN No.:

01716415

 

 

Name :

Kishore Jhunjhunwala

Designation :

Director

Date of Appointment :

31.12.2004

DIN No.:

00035091

 

 

Name :

Silpi Chakraborty

Designation :

Director

Date of Appointment :

26.09.2014

DIN No.:

06923695

 

 

Name :

Sanjeev Saxena

Designation :

- MPSIDC Nominee

 

 

KEY EXECUTIVES

 

AUDIT COMMITTEE
  • Kishore Jhunjhunwala
  • Silpi Chakraborty
  • Sripad Narayan Shenwai

 

 

SHAREHOLDING PATTERN

 

As on 31.12.2014

 

CATEGORY OF SHAREHOLDER

No. of Shares

Percentage 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

4338861

12.77

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

1767679

5.20

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

6106540

17.97

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

 

 

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

6924975

20.38

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

6924975

20.38

Total shareholding of Promoter and Promoter Group (A)

13031515

38.34

(B) Public Shareholding

 

 

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

 

 

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

23230

0.07

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

28032

0.08

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

750000

2.21

http://www.bseindia.com/include/images/clear.gifInsurance Companies

52153

0.15

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

4300

0.01

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

857715

2.52

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

 

 

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

803001

2.36

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

17624827

51.86

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

1532211

4.51

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

136974

0.40

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

101763

0.30

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

35018

0.10

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

193

0.00

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

20097013

59.13

Total Public shareholding (B)

20954728

61.66

Total (A)+(B)

33986243

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)

33986243

0.00

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Name of Shareholders

No. of Shares

Percentage of Holding

R B Properties Private Limited

3,65,854

1.08

Uniworth Securities Limited

1,400

0.00

Uniworth Textiles Limited

12,60,250

3.71

Uniworth Services Private Limited

1,40,175

0.41

Aviante International Limited

69,24,975

20.38

Aman Lohia

11,51,025

3.39

Meena Lohia

13,74,250

4.04

Megha Lohia

12,18,068

3.58

Meena Lohia

5,95,518

1.75

Total

1,30,31,515

38.34

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Name of Shareholders

No. of Shares

Percentage of Holding

Madhya Pradesh State Industrial Development Corporation Limited

750000

2.21

Total

750000

2.21

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trading and Manufacturing all wool and polywool worsted fabrics.

 

 

Products :
  • Wool Fabrics
  • Polywool Worsted Fabrics

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Wool and Polywool Worsted Fabrics

Countries :

Dubai

 

 

Imports :

 

Products :

Wool

Countries :
  • Australia
  • UK

 

 

Terms :

 

Selling :

Cash and Credit (30/60/90 Days)

 

 

Purchasing :

Cash and Credit (30/60/90 Days)

 

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 :

2500 (Approximately)

 

 

Bankers :
  • ABN Amro Bank
  • Allahabad Bank
  • Bank Of America
  • Centurion Bank Limited
  • Deutsche Bank
  • HDFC Bank Limited
  • The Federal Bank Limited
  • State Bank of mysore
  • State Bank of India
  • United Bank of India
  • Axis Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Bonds / Debentures

 

 

4050990 12.5% Non Convertible Part-C Debentures of Rs.50/- each (Previous Year 4050990 Non Convertible Part-C Debentures of Rs. 50/- each)

190.062

190.123

Less : Unpaid Matured Debentures

190.062

190.123

Note :

 

Terms of repayment :

Non-Convertible Part - C of the Debentures of Rs.50 each, Redeemable at par, as per the terms of the issue, in three equal instalments on 23.4.1999, 23.4.2000 & 23.4.2001.

 

Security :

The debentures together with interest etc., are secured by first mortgage and charge on all the company’s immovable and movable assets, both present and future and charge on current assets subject to prior charge created /to be created thereon in favour of the Company’s Bankers for securing borrowings for Working Capital Requirements in the ordinary course of business.The mortgage and charge referred to above shall rank pari passu with the mortgages and charges created / to be created in favour of the Financial Institutions.

Term Loan :

 

 

From Banks/Financial Institutions

 

 

Rupee Loan

1893.181

1893.181

Foreign Currency Loan

1053.602

958.626

Note :

 

Terms of Repayment :

As per original agreement all the Term Loans have Become due for repayment.However, the company’s negotiation with term lender’s for the re-scheduling/restructuring is in process.

 

Nature of Security :

The Term Loan from Financial Institutions/Banks are secured / to be secured by a first mortgage and charge on all the Company’s immovable and moveable assets of the Company both present and future and charge on current assets subject to prior charge created and/or to be created thereon to secure borrowings for Working Capital Requirements in the ordinary course of bussiness. The mortgage and charge referred to above shall rank pari passu interse.

 

 

 

SHORT TERM BORROWINGS

 

 

Loan Repayble on Demand

 

 

From Banks

 

 

Packing Credit

659.787

659.787

Foreign Bill Discount

1311.299

1311.299

Note :

 

Nature Security :

The Working Capital from banks are secured / to be secured by first charge by way of hypothecation on the Company’s stocks of Raw Materials, Consumables stores, Semi-finished and Finished Goods and book debts, present and future and Second and sub-servient mortgage and charge created / to be created on the company’s immovable and movable assets, present and future subject to first mortgage and charge created / to be created thereon in favour of lenders of Term Loans and Debentures.

Total

4917.869

4822.893

 

Auditors :

 

Name :

S. S. Kothari and Company 

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates :
  • Uniworth Textile Limited
  • Uniworth Power Limited
  • Uniworth Apparel Limited
  • Aviante International Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

40000000

Equity Shares

Rs.10/- each

Rs.400.000 Million

9000000

13% Non Convertible Cumulative Redeemable Preference Shares

Rs.100/- each

Rs.900.000 Million

 

Total

 

Rs.1300.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

33986243

Equity Shares

Rs.10/- each

Rs.339.862 Million

600000

Preference Shares

Rs.100/- each

Rs.60.000 Million

 

Total

 

Rs.399.862 Million

 

 

Reconciliation of the number of Equity Shares Outstanding

 

Particulars

2013-14

Nos

Number of Shares outstanding at the beginning of the year

33986243

Number of Shares outstanding at the end of the year

33986243

 

 

Reconciliation of the number of Preferance Shares Outstanding

 

Particulars

2013-14

Nos

Number of Shares outstanding at the beginning of the year

600000

Number of Shares outstanding at the end of the year

600000

 

 

Shares in the Company held by each Shareholders holding more than 5% Shares

 

Name of Shareholders

Number of Shares held Nos

% of Share held

Aviante International Limited

6924975

20.38

 

 

Rights, Preferances and Restrictions attached to Shares Issued

 

Each Equity Shareholder holding shares of Rs. 10/- each is eligible for one vote per share held and is entitled to dividend when proposed by the Board of Directors subject to the approval of the sharesholders in the Annual General Meeting. Each Equity Shares holders is entitled to participate in repayament of Capital on liqudation after all secured creditors have been paid.

 

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

399.862

399.862

399.862

(b) Reserves & Surplus

(9086.744)

(8634.462)

(7857.785)

(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)

(8686.882)

(8234.600)

(7457.923)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

2946.783

2851.807

2985.297

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

214.963

204.211

177.450

(d) long-term provisions

909.815

900.709

901.618

Total Non-current Liabilities (3)

4071.561

3956.727

4064.365

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2888.676

2888.677

2888.700

(b) Trade payables

3114.249

2955.351

2773.717

(c) Other current liabilities

7081.527

6573.846

5829.056

(d) Short-term provisions

2.397

5.323

9.791

Total Current Liabilities (4)

13086.849

12423.197

11501.264

 

 

 

 

TOTAL

8471.528

8145.324

8107.706

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

420.957

462.737

516.278

(ii) Intangible Assets

0.000

0.000

 

(iii) Capital work-in-progress

7.774

10.118

0.000

(iv) Intangible assets under development

0.000

0.000

9.709

(b) Non-current Investments

300.067

300.067

300.067

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

76.112

75.130

88.120

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

804.910

848.052

914.174

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

398.178

372.110

373.939

(c) Trade receivables

6042.724

5711.495

5603.540

(d) Cash and cash equivalents

15.446

23.893

25.568

(e) Short-term loans and advances

615.433

594.937

595.648

(f) Other current assets

594.837

594.837

594.837

Total Current Assets

7666.618

7297.272

7193.532

 

 

 

 

TOTAL

8471.528

8145.324

8107.706

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

1155.975

1613.843

1554.947

 

Other Income

235.313

12.306

94.553

 

TOTAL

1391.288

1626.149

1649.500

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

724.694

1104.867

969.561

 

Purchases of Stock-in-Trade

0.313

21.402

3.848

 

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

(8.299)

18.574

(23.360)

 

Employees benefits expense

139.783

117.231

107.999

 

Other expenses

406.500

548.281

511.326

 

TOTAL

1262.991

1810.355

1569.374

 

 

 

 

 

Less

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

128.297

(184.206)

80.126

 

 

 

 

 

Less

FINANCIAL EXPENSES

536.116

536.116

536.116

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(407.819)

(720.322)

(455.990)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

42.824

56.355

55.851

 

 

 

 

 

 

EXTRA ORDINARY ITEMS

1.639

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(452.282)

(776.677)

(511.841)

 

 

 

 

 

Less

TAX

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(452.282)

(8776.677)

(511.841)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(9133.538)

(8356.861)

 NA

 

 

 

 

 

 

Balance Carried to the B/S

(9585.820)

(9133.538)

NA

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

77.602

247.140

664.957

 

TOTAL EARNINGS

77.602

247.140

664.957

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

130.998

250.454

29.400

 

Components and Stores parts

20.704

27.401

27.401

 

Capital Goods

0.000

0.000

0.000

 

TOTAL IMPORTS

151.702

277.855

56.801

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(13.31)

(22.85)

(15.06)

 

Expected Sales (2014-2015) : Rs.1500.000 Million

 

The above information has been parted by Ms. Seema (Account Assistant).

 

 

QUARTERLY RESULTS

 

Particulars (Rs. In Million)

Jun 2014

Sep 2014

Dec 2014

UnAudited

UnAudited

UnAudited

UnAudited

Net Sales

294.800

348.800

362.400

Total Expenditure

236.200

445.800

324.400

PBIDT (Excl OI)

58.600

(97.000)

38.000

Other Income

88.900

26.600

19.800

Operating Profit

147.500

(70.500)

57.800

Interest

133.800

133.800

154.900

Exceptional Items

0.000

0.000

0.000

PBDT

13.700

(204.300)

(97.000)

Depreciation

10.600

10.700

10.700

Profit Before Tax

3.100

(215.000)

(107.700)

Tax

0.000

0.000

0.000

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

3.100

(215.000)

(107.700)

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

3.100

(215.000)

(107.700)

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Net Profit Margin

PAT / Sales

(%)

(39.13)

(48.13)

(32.92)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

11.10

(11.41)

5.15

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(5.54)

(9.91)

(6.56)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.05

0.09

0.07

 

 

 

 

 

Debt Equity Ratio

(Total Debts/Networth)

 

(0.67)

(0.70)

(0.79)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.59

0.59

0.63

 

 

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

399.862

399.862

399.862

Reserves & Surplus

(7857.785)

(8634.462)

(9086.744)

Net worth

(7457.923)

(8234.600)

(8686.882)

 

 

 

 

long-term borrowings

2985.297

2851.807

2946.783

Short term borrowings

2888.700

2888.677

2888.676

Total borrowings

5873.997

5740.484

5835.459

Debt/Equity ratio

(0.788)

(0.697)

(0.672)

 

 

 

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

1554.947

1613.843

1155.975

 

 

3.788

(28.371)

 

 

 

 

 

 

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

1554.947

1613.843

1155.975

Profit

(511.841)

(776.677)

(452.282)

 

(32.92%)

(48.13%)

(39.13%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG TERM DEBTS = NOT AVAILABLE

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

No

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

----------------------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------------------

26]

Buyer visit details

----------------------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

OPERATIONS AND MANAGEMENT DISCUSSION AND ANALYSIS :

 

During the year , total revenue decreased to Rs. 1391.300 Million as against Rs. 1626.100 Million in the previous year. This was due to paucity of working capital inspite of further narrowing down the working capital cycle to avail maximum rotation of funds. There was a cash profit to the tune of Rs 132.000 Million as against a cash loss of Rs. 178.100 Million before interest and Depreciation in the previous year. Overall performance of the textile industry in India continued to be under pressure due to increased prices of raw materials and other resources. Income from Silk Division improved during the current year.

 

BUSINESS OUTLOOK :

 

 Demand for textile products have been on the fall for the higher end products like wool rich products due to global recession and have been the reason for not so encouraging top line. Coupled with this, sporadic fiscal instability in certain global markets was a cause of concern. Although, the demand for the same has started showing some improving trends and hence the company is optimistic and continuing its vigorous efforts in domestic as well as in foreign market.

 

PROCESS OF RESTRUCTURING :

 

 Under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), ARCIL had taken over possession of the secured assets of the Company's plants and appointed Indoworth India Limited as the Custodian of such assets. The Company's business continued throughout the year as usual. However, the matter is subjudice in various suits before the Calcutta High Court and other Forums, and necessary adjustments in the financial statements, if required, would be made upon final adjudication of proceedings.

 

INDUSTRY STRUCTURE & DEVELOPMENT

 

 Indian Textiles Industry is one of the leading textile industries in the world. Overall performance of the textile industry in India continued to be under pressure due to increased prices of raw materials and other resources. The fast growing retail apparel industry in the organized sector with multiple and strong Brands in every sphere of fabric and clothings, have further increased the importance and demand for textiles products and quality yarns in particular.

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

80035082

05/03/2006

264,326,522.00

INDOWORTH INDIA LIMITED

B-130/1 MIDC INDUSTRIAL AREA BUTIBORI, NAGPUR, Maharashtra - 441601, INDIA

-

2

80035070

05/03/2006

1,381,021,224.00

MERINO YARNS LIMITED

70 PLOVER ROAD, LINDLEY, HUDDERSFIELD, HUDDERSFIELD, - HD33HR, UNITED KINGDOM

-

3

90256009

29/03/2004 *

1,511,600,000.00

ICICI BANK LIMITED

C-23; G- BLOCK ; BANNDRA KURLA COMPLEX, MUMBAI, Ma 
harashtra - 400051, INDIA

-

4

90252775

29/03/2004 *

100,000,000.00

INDUSTRIAL DEVLOPMENT BANK OF INDIA

IDBI TOWER; CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA

-

5

90253862

09/08/2004 *

2,907,000,000.00

STATE BANK OF INDIA

ICI HOUSE; 34 JL NEHRU ROAD;, KOLKATA, West Bengal - 700071, INDIA

-

6

90253834

25/09/1998

100,000,000.00

THE INDUSTRIAL CREDIT INVESTMENT CORPORTION OF IND 
IA LIMITED

163; BACKBAY RECLATION ;, MUMBAI, Maharashtra - 400020, INDIA

-

7

90253803

23/03/2013 *

100,000,000.00

India SME Asset Reconstruction Company Limited

SME Development Centre, C-11, G- Block, Bandra- Kurla Complex, Bandra (East), Mumbai, Maharashtra - 
400051, INDIA

B75532770

8

90253800

24/03/1998 *

60,000,000.00

INDUSTRIAL DEVLOPMENT BANK OF INDIA

IDBI TOWER; CUFFE PARADE; COLABA, MUMBAI, Maharashtra - 400005, INDIA

-

9

90255869

29/03/2004 *

60,000,000.00

INDUSTRIAL DEVLOPMENT BANK OF INDIA

IDBI TOWER; CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA

-

10

90255852

09/08/2004 *

20,000,000.00

STATE BANK OF INDIA

CO. ACCOUNTS GROUP BRANCH, 24 J. NEHRU ROAD, KOLKATA, West Bengal - 700071, INDIA

-

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

SHORT TERM BORROWINGS

 

 

Book Overdraft From Banks

917.455

917.455

Deposit :

 

 

Others

0.135

0.136

Total

917.590

917.591

 

 

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

 

 (Rs. In Million)

Particulars

Quarter

Ended

Quarter

Ended

Nine Month Ended

 

31.12.2014

30.09.2014

31.12.2014

 

UNAUDITED

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

362.353

348.751

1005.943

b) Other operating income

0.000

0.000

0.000

Total income from Operations(net)

362.353

348.751

1005.943

2.Expenditure

 

 

 

a) Cost of material consumed

192.299

240.589

590.581

b) Purchases of stock in trade

0.000

0.000

0.000

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

29.356

22.674

11.908

d) Employees benefit expenses

41.228

39.615

116.971

e) Depreciation and amortization expenses

10.666

10.726

31.995

f) Other expenditure

61.476

111.516

253.153

Total expenses

335.025

425.120

1004.608

3. Profit from operations before other income & financial costs

27.328

(76.369)

1.335

4. Other income

19.836

26.586

135.300

5. Profit from ordinary activities before finance costs

47.164

(49.783)

136.635

6. Finance costs

154.869

165.205

456.231

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

(107.705)

(214.988)

(319.596)

8. Exceptional Items

0.000

0.000

0.000

9. Profit from ordinary activities before tax Expense:

(107.705)

(214.988)

(319.596)

10.Tax expenses

0.000

0.000

0.000

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

(107.705)

(107.705)

(319.596)

12.Extraordinary Items (net of tax expense)

0.000

0.000

0.000

13.Net Profit / (Loss) for the period (11 -12)

(107.705)

(107.705)

(319.596)

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

339.862

339.862

339.862

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

---

---

---

16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

(a) Basic and diluted

(3.17)

(6.33)

(9.40)

ii)Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

(a) Basic and diluted

(3.17)

(6.33)

(9.40)

 

 

 

 

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

20954728

20954728

20954728

- Percentage of shareholding

61.66%

61.66%

61.66%

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

---

---

---

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

---

---

---

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

---

---

---

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

13031515

13031515

13031515

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

100.00%

100.00%

100.00%

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

38.34%

38.34%

38.34%

 

B. Investor Complaints

 

 

Pending at the beginning of the quarter

Nil

 

Receiving during the quarter

5

 

Disposed of during the quarter

4

 

Remaining unreserved at the end of the quarter

1

 

 

 

SEGMENT REPORT FOR THE NINE MONTH ENDED 31.12.2014

 

Particulars

Quarter Ended

( Unaudited)

Nine Month Ended

( Unaudited)

 

 

31.12.2014

30.09.2014

31.12.2014

a. Segment Revenue

 

 

 
  1. Segment-Wool

216.487

208.088

571.912
  1. Segment-Silk

145.866

140.663

434.031
  1. Others

0.000

0.000

0.000

Total

362.353

348.751

1005.943

Less : Inter Segment Revenue

0.000

0.000

0.000

 

 

 

 

Net Sales/ Income operations

362.353

348.751

1005.943

b.Segment Result (Profit)(+)/Loss(-) before tax and interest from each segment)

 

 

 
  1. Segment-Wool

30.809

(63.592)

90.437
  1. Segment-Silk

16.440

13.748

45.996
  1. Others

0.000

0.000

0.000

Total

47.249

(49.844)

136.433

Less :

 

 

 

Interest (Net)

154.869

165.205

456.231

Add: Other un-allocable expenditure net off un-allocable income

(0.085)

0.061

0.202

Total Profit/(Loss) before Tax

(107.705)

(214.988)

(319.596)

c.Capital Employed (Segment assets less segment liabilities)

 

 

 
  1. Segment-Wool

300.100

(300.100)

(300.100)
  1. Segment-Silk

0.000

0.000

0.000
  1. Others

0.000

0.000

0.000
  1. Unallocable assets and Liabilities

300.100

300.100

300.100

Total

600.200

0.000

0.000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note :

 

  1. The Financial Results are prepared as per applicable accounting standards notified under companies (Accounting Standard) Rules, 2006.

 

  1. As per the provision of new Companies Act, 2013 (the Act) the company has not applied the new rates of depreciation based upon the useful life of assets specified in part “C” of schedule II of the Act, being not mandatorily applicable during the year.

 

  1. Previous Quarter/Years figures have been re-arranged/re-grouped wherever necessary.

 

  1. The above results have been taken on at a meeting of the Directors held on 11th February, 2015.

 

  1. The above results is as per Clause 41 of the Listing agreement.

 

  1. The interest provided during the year has been made on contract rates (Restructuring Scheme under approval).

 

 

FIXED ASSETS

 

  • Free Hold Land
  • Lease Hold Land
  • Building
  • Plant and Machinery
  • Electrical Installation
  • Vehicle
  • Furniture and Fixtures

 

 

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 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.62.69

UK Pound

1

Rs.94.54

Euro

1

Rs.67.65

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

1

OPERATING SCALE

1~10

1

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILITY

1~10

1

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

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

 

11

 

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.