MIRA INFORM REPORT
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Report No. : |
312507 |
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Report Date : |
16.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHIVA TEXYARN LIMITED |
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Registered
Office : |
252, Mettupalayam Road, Coimbatore - 641043, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.05.1980 |
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Com. Reg. No.: |
18-000945 |
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Capital
Investment / Paid-up Capital : |
Rs.216.045 Million |
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CIN No.: [Company Identification
No.] |
L65921TZ1980PLC000945 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS03662B |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing and marketing of Cotton Yarn and Other Value
Added Textiles Products viz. Coated and Laminated Fabrics and also Generation
of Wind Power. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a part of Bannari Amman Group. It is an established company having a satisfactory track record. However, general financial position is good. Subject gets good support
from its group companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
24.09.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
24.09.2014 |
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.
LOCATIONS
|
Registered Office : |
252, Mettupalayam Road, Coimbatore - 641043, Tamilnadu, India |
|
Tel. No.: |
91-422-2435555 |
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Fax No.: |
91-422-2454757 / 2434446 |
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E-Mail : |
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Website : |
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Factory 1 : |
Spinning Unit – I Velvarkttai Village, Dindigul District, Trichy National Highway 45,
Vedasandur Taluka, Dindigul - 624803, Tamilnadu, India |
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Tel. No.: |
91-4551-238560 |
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Fax No.: |
91-4551-238220 |
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Factory 2 : |
Spinning Unit –
II / Knitting Unit/ Lamination Division
and Garment Unit Kodangipalayam Village, Karadivavi Road, Paruvai (PO),
Karanampettai, Palladam – 641658, Tamilnadu, India |
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Factory 3 : |
Coating Division Sathy Main road, Kunnathur Village, Ganesapuram Post,
Coimbatore – 641107, Tamilnadu, India |
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Factory 4 : |
Processing Division E-16, P-11, SIPCOT, Perundurai, Erode – 638052, Tamilnadu, India |
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Wind Mills |
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Factory 5 : |
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Factory 6 : |
Gudimangalam,
Athukinathupatti and |
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Factory 7 : |
Sanganeri,
Tirunelveli District, |
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Bangalore Office: |
Royal
Corner, 1st Floor, Door No: 1, 2, Flat No.101, Lalbagh Road, |
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Mumbai Office : |
No.121, 5th Floor Partima Building, Road No. 5, Hindu
Colony, Dadar (East), Mumbai, Maharashtra, India |
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New Delhi Offices: |
· 7A/67, Ground Floor, WEA, Karol Bagh, New Delhi – 110005, India · 1109, 11th Floor, Antrish Bhawan, 22, Kasturba Gandhi Marg, Cannught Place, New Delhi – 110001, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. S V Alagappan |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
72 Years |
|
Qualification : |
B.Com., B.L |
|
Experience : |
32 Years |
|
Date of Appointment : |
28.5.1980 |
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Name : |
Mr. S V Arumugam |
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Designation : |
Director |
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|
Name : |
Mr. S K Sundararaman |
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Designation : |
Executive Director |
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Date of Birth/Age : |
39 Years |
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Qualification : |
M B A |
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Experience : |
15 Years |
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Date of Appointment : |
15.05.2006 |
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|
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|
Name : |
Mr. K N V Ramani |
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Designation : |
Director |
|
Date of Birth/Age : |
82 Years |
|
Qualification : |
M.A., B.L. |
|
Experience : |
A renowned Corporate Lawyer, has more than 55 years of specialization in Companies Act, Taxation, Labour law etc. |
|
Date of Appointment : |
26.05.2008 |
|
Other Directorship : |
· Sri Kannapiran Mills Limited · Sri Chamundeswari Sugars Limited · K G Denim Limited · LGB Forge Limited · Bannari Amman Spinning Mills Limited · K P R Mill Limited · Sree Sankara College Association · Srinidhi Investment Advisors Private Limited |
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|
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|
Name : |
Mr. C S K Prabhu |
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Designation : |
Director |
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Date of Birth/Age : |
61 Years |
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Qualification : |
B.Com., FCA |
|
Experience : |
He has more than 35 years of experience in Audit Profession |
|
Date of Appointment : |
26.05.2008 |
|
Other Directorship : |
· Bannari Amman Spinning Mills Limited · Super Spinning Mills Limited · Kakatiya Textiles Limited · Scientific Fertiliser Company Private Limited · P N R Housing Limited |
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|
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|
Name : |
Mr. S Palaniswami |
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Designation : |
Director |
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Date of Birth/Age : |
70 years |
|
Qualification : |
B.E Electrical Engineering |
|
Experience : |
He has more than 35 years of experience in the field of Vertical Transportation Elevators, Escalators and allied products. |
|
Date of Appoinment : |
28.12.2005 |
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Other Directorship : |
Bannari Amman Spinning Mills Limited |
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|
|
|
Name : |
Mr. K R Thillainathan |
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Designation : |
Director |
|
Date of Birth/Age : |
60 Years |
|
Qualification : |
MBBS |
|
Experience : |
He has more than 35 years of experience in Medical Profession |
|
Date of Appoinment : |
28.12.2005 |
|
Other Directorship : |
Bannari Amman Spinning Mills Limited |
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|
|
|
Name : |
Mr. S. Marusamy |
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Designation : |
Director |
|
Date of Birth/Age : |
69 years |
|
Experience : |
He has more than 35 years of experience in agro processing and transport agency business. |
|
Date of Appointment : |
28.12.2005 |
KEY EXECUTIVES
|
Name : |
Mrs. M Shyamala |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
597350 |
2.76 |
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|
15592444 |
72.17 |
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|
16189794 |
74.94 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16189794 |
74.94 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1200 |
0.01 |
|
|
1200 |
0.01 |
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|
|
|
|
|
310658 |
1.44 |
|
|
|
|
|
|
3098461 |
14.34 |
|
|
1763792 |
8.16 |
|
|
240616 |
1.11 |
|
|
41388 |
0.19 |
|
|
73450 |
0.34 |
|
|
121595 |
0.56 |
|
|
4183 |
0.02 |
|
|
5413527 |
25.06 |
|
Total
Public shareholding (B) |
5414727 |
25.06 |
|
Total
(A)+(B) |
21604521 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
21604521 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing of Cotton Yarn and Other Value
Added Textiles Products viz. Coated and Laminated Fabrics and also Generation
of Wind Power. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· Canara Bank · Indian Overseas Bank · ICICI Bank Limited · UCO Bank · State Bank of Hyderabad · Bank of Maharashtra · Bank of Baroda · Allahabad Bank |
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Facilities : |
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Auditors : |
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Name : |
V K S Aiyer and Company Chartered Accountants |
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Address : |
Coimbatore – 641011, Tamilnadu, India |
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Internal Auditors : |
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|
Name : |
Srivatsan and Gita Chartered Accountants |
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Address : |
Coimbatore - 641018, Tamilnadu, India |
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Cost Auditor : |
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Name : |
Sri M Nagarajan Cost Accountant |
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Address : |
Coimbatore – 641018, Tamilnadu, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates : |
· Anamallais Agencies Private Limited · Anamallais Automobiles Private Limited · Annamallai Retreading Company Private Limited · Bannari Amman Flour Mill Limited · Bannari Amman Spinning Mills Limited · Sakthi Murugan Transports Limited · Shiva Cargo Movers Limited · Shiva Distilleries Limited · Vedanayagam Hospital Limited · Sundar Ram Enterprise Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21604521 |
Equity Shares |
Rs.10/- each |
Rs.216.045 Million |
Reconciliation of
the number of shares
|
Equity Shares |
31.03.2014 |
|
Opening balance (Equity shares @ Rs. 10/- each) |
|
|
- Number of shares |
21604521 |
|
- Amount of shares |
216.045 |
|
|
|
|
Closing balance (Equity shares @ Rs. 10/- each) |
|
|
- Number of shares |
21604521 |
|
- Amount of shares |
216.045 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
31.03.2014 |
|
Equity shares : |
|
|
(a) Vedanayagam Hospital Limited |
|
|
- Number of shares |
10110667 |
|
- % of holding |
46.80% |
|
|
|
|
(b) Annamallai Retreading Company Private Limited |
|
|
- Number of shares |
5083577 |
|
- % of holding |
23.53% |
Rights, Preferences and restrictions attaching to each class of shares including restrictions on distribution of dividends and repayments of Capital
The Company has only one class of equity shares having par value of Rs.10/- each; each equity share carries one vote; the shares carry equal right with respect to payment of dividend and repayment of capital in any event.
Terms of any securities convertible into Equity/Preference Shares issued along with earliest date of conversion in descending order starting from earliest such date : Not applicable
Shares reserved for issue under option and Contract / Commitments for the sale of shares / disinvestment including terms and amounts: Not applicable
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 |
216.045 |
216.045 |
216.045 |
|
(b) Reserves & Surplus |
1230.474 |
1052.179 |
859.589 |
|
(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) |
1446.519 |
1268.224 |
1075.634 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1295.606 |
1432.244 |
1780.498 |
|
(b) Deferred tax liabilities (Net) |
404.106 |
313.767 |
222.870 |
|
(c) Other long term
liabilities |
3.034 |
2.927 |
3.145 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1702.746 |
1748.938 |
2006.513 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1226.878 |
438.023 |
711.217 |
|
(b) Trade
payables |
479.337 |
441.664 |
231.713 |
|
(c) Other
current liabilities |
443.890 |
456.663 |
452.548 |
|
(d) Short-term
provisions |
39.061 |
51.162 |
5.854 |
|
Total Current
Liabilities (4) |
2189.166 |
1387.512 |
1401.332 |
|
|
|
|
|
|
TOTAL |
5338.431 |
4404.674 |
4483.479 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2971.435 |
2988.842 |
2980.238 |
|
(ii)
Intangible Assets |
2.521 |
3.792 |
2.326 |
|
(iii)
Capital work-in-progress |
10.208 |
80.047 |
100.591 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
19.601 |
13.402 |
14.621 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
274.846 |
213.858 |
162.635 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3278.611 |
3299.941 |
3260.411 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1296.914 |
434.962 |
697.165 |
|
(c) Trade
receivables |
427.893 |
343.621 |
272.784 |
|
(d) Cash
and cash equivalents |
193.335 |
195.958 |
103.553 |
|
(e)
Short-term loans and advances |
66.651 |
62.781 |
57.043 |
|
(f) Other
current assets |
75.027 |
67.411 |
92.523 |
|
Total
Current Assets |
2059.820 |
1104.733 |
1223.068 |
|
|
|
|
|
|
TOTAL |
5338.431 |
4404.674 |
4483.479 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5044.666 |
4191.553 |
3319.477 |
|
|
|
Other Income |
11.204 |
12.266 |
16.163 |
|
|
|
TOTAL (A) |
5055.870 |
4203.819 |
3335.640 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3307.951 |
2523.807 |
2355.684 |
|
|
|
Purchases of Stock-in-Trade |
97.174 |
21.560 |
108.883 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(68.005) |
85.428 |
157.553 |
|
|
|
Employees benefits expense |
210.371 |
138.696 |
94.738 |
|
|
|
Other expenses |
773.109 |
706.871 |
435.790 |
|
|
|
Exceptional Items |
0.000 |
(47.520) |
2.402 |
|
|
|
TOTAL (B) |
4320.600 |
3428.842 |
3155.050 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
735.270 |
774.977 |
180.590 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
234.854 |
267.735 |
279.875 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
500.416 |
507.242 |
(99.285) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
200.874 |
191.697 |
187.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
299.542 |
315.545 |
(286.317) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
90.915 |
92.624 |
(92.082) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
208.627 |
222.921 |
(194.235) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.129 |
(161.461) |
32.774 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend proposed to be distributed to equity shareholders |
25.925 |
25.925 |
0.000 |
|
|
|
Tax on proposed dividend |
4.406 |
4.406 |
0.000 |
|
|
|
Transfer to General reserve |
150.000 |
15.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
44.425 |
16.129 |
(161.461) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1312.872 |
950.600 |
1074.460 |
|
|
TOTAL EARNINGS |
1312.872 |
950.600 |
1074.460 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
221.881 |
313.625 |
6.097 |
|
|
|
Components and Spare Parts |
24.578 |
16.436 |
9.860 |
|
|
|
Capital Goods |
31.199 |
73.885 |
0.000 |
|
|
TOTAL IMPORTS |
277.658 |
403.946 |
15.950 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.66 |
10.32 |
(8.99) |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12..2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1153.300 |
1148.200 |
1220.700 |
|
Total Expenditure |
950.500 |
1038.100 |
1111.400 |
|
PBIDT (Excl OI) |
202.800 |
110.200 |
109.400 |
|
Other Income |
2.300 |
2.200 |
1.900 |
|
Operating Profit |
205.000 |
112.400 |
111.300 |
|
Interest |
72.900 |
64.000 |
58.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
132.100 |
48.400 |
52.700 |
|
Depreciation |
37.600 |
38.700 |
38.500 |
|
Profit Before Tax |
94.500 |
09.700 |
14.200 |
|
Tax |
45.500 |
(7.800) |
(1.300) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
49.000 |
17.600 |
15.500 |
|
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 |
49.000 |
17.600 |
15.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.14 |
5.32 |
(5.85) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.58 |
18.49 |
5.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.64 |
7.32 |
-6.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.25 |
-0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.74 |
1.47 |
2.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.80 |
0.87 |
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 |
216.045 |
216.045 |
216.045 |
|
Reserves & Surplus |
859.589 |
1052.179 |
1230.474 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1075.634 |
1268.224 |
1446.519 |
|
|
|
|
|
|
long-term borrowings |
1780.498 |
1432.244 |
1295.606 |
|
Short term borrowings |
711.217 |
438.023 |
1226.878 |
|
Total
borrowings |
2491.715 |
1870.267 |
2522.484 |
|
Debt/Equity
ratio |
2.317 |
1.475 |
1.744 |
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 |
3,319.477 |
4,191.553 |
5,044.666 |
|
|
|
26.271 |
20.353 |
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
|
3,319.477 |
4,191.553 |
5,044.666 |
|
Profit |
(194.235) |
222.921 |
208.627 |
|
|
(5.85%) |
5.32% |
4.14% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
CHENNAI COURT
|
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
12.500 |
12.500 |
|
Total |
12.500 |
12.500 |
REVIEW OF OPERATIONS
During the year, the textile spinning units together in aggregate produced 18858.80 tonnes (17068.66 tonnes) of yarn, of which 834.40 tonnes (3433.07 tonnes) was used to produce knitted fabrics. The textile spinning units, in aggregate sold 17853.59 tonnes (13923.87 tonnes) of yarn and 846.04 tonnes (3456.94 tonnes) as knitted fabrics. Further, during the year under review, the Company exported waste cotton for 973.40 tonnes (1118.37 tonnes).
The Wind Mills, with an installed capacity of 28.795 MW generated 417.99 lakh units of Wind Electricity as against
476.80 lakh units in the last year. The entire power generation by Wind Mills was utilized for captive consumption at the textile mills. During the year, generation from windmills was severely affected due to non evacuation of Wind power by TANGEDCO resulting in loss of generation of about 101.29 Lakh units, depressing the revenue and profits by about 557.07 Lakhs.
The Directors report that the performance of the textile spinning units during the year was satisfactory as there was stability in Cotton (raw material) and Yarn prices for most part of the year. The emphasis is to produce more value added Yarn by installing Compact systems/Slub attachments for which investments are being made. The restriction and control measures of Tamil Nadu Electricity Generation and Distribution Company (TANGEDCO) continued in the year. However the Company could achieve maximum utilization and productivity, by making alternate arrangements of procuring private power.
The Company also focused more on production of technical textile products such as coated and laminated fabrics, intended for use in the field of defence, medical and other industrial applications, as its core area. In order to move up the value chain, the Company established a processing unit at SIPCOT, Perundurai in the financial year 2012-13, to carry out dyeing/printing operations. The overall sales turnover of the Company from all divisions aggregated to 4924.410 Million (4113.932 Million) of which exports amounted to 1353.627 Million (931.874 Million), the exports contributing 27.49% (22.65%) of the overall sales of the Company.
PROSPECTS FOR THE
CURRENT YEAR 2013-14
With moderation in cotton prices and stable demand for yarn in both domestic and export markets with adequate velocity, the prospect for spinning units may continue to be satisfactory. The contribution from Windmills on overall performance of the textile mills is dependent on availability of Wind of adequate velocity and arrangements by TANGEDCO for evacuation of wind power.
The contribution from Technical Textile products will increase significantly in the coming years and it is also expected that the processing unit operations will stabilise in the years to come.
MANAGEMENT DISCUSSION
AND ANALYSIS
COMPANY'S BUSINESS
The Company's principal line of business is manufacturing and marketing of Cotton Yarn and other value added textiles products viz. Coated and Laminated fabrics. The Company has two spinning units viz. Unit I near Dindigul with an installed capacity of 39072 spindles and unit II near Coimbatore with an installed capacity of 50400 spindles both aggregating to 89472 spindles, Knitting and Garment units near Coimbatore, Processing unit at SIPCOT, Perundurai for dyeing/printing activities and 80 Windmills with an installed capacity of 28.795 MW.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Indian Textiles and Clothing Industry is one of the major sectors of Indian economy and accounts for 4% of Country's GDP, contributes 14% to total Industrial Production and nearly 17% of the total export earnings are contributed by Textile sector. It is the second largest employment provider after Agriculture and provides direct employment to over 35 million people. Thus the growth and all round development of this Industry has a direct bearing on the improvement of the economy of the Country.
The Indian textile industry is set for strong growth, buoyed by both strong domestic consumption as well as export
demand. Abundant availability of raw materials such as cotton, wool, silk and jute and skilled workforce has made
India a sourcing hub. Due to policy measures initiated by the Government in the recent past, the Indian textiles industry is in a stronger position than it was in the last six decades. The industry which was growing at 3-4 percent during the last six decades has now accelerated to an annual growth rate of 8-9 per cent in value terms. The Government has also allowed 100 per cent FDI in the sector through the automatic route.
OUTLOOK
The outlook for the Textile industry continues to be robust, positive with both raw material and finished goods prices remaining stable and demand being moderate. The potential size of the Indian textile and apparel industry is expected to reach US$ 221 billion by 2021, according to Technopak's Textile and Apparel Compendium 2012.Garment exports from India is expected to touch US$ 60 billion over the next 3 years, with the help of government support according to Apparel Export Promotion Council (AEPC).
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
|
|
|
Income from
Operations: |
|
|
Net Sales/ Income from Operations |
1134.193 |
|
Other operating Income |
19.094 |
|
Total Income from
operations |
1153.287 |
|
Expenditure |
|
|
a) Cost of Materials consumed |
855.346 |
|
b) Purchases of Stock in trade |
-- |
|
c) Changes in Inventories of Finished goods/WIP/Stock in Trade |
(184.153) |
|
d) Employees benefit expenses |
56.217 |
|
e) Posr and Fuel |
74.281 |
|
f) Depreciation and Amortisation expenses |
37.592 |
|
g) Other Expenditure |
148.848 |
|
Total |
988.131 |
|
Profit/(Loss) from
operations before other Income, Finance costs & Exceptional items (1-2) |
165.156 |
|
Other Income |
2.263 |
|
Profit/(Loss) before
Finance costs and exceptional items (3+4) |
167.419 |
|
Finance costs |
72.925 |
|
Profit/(Loss) after
Finance costs but before exceptional items (5-6) |
94.494 |
|
Add : Exceptional items |
-- |
|
a) Prior year income/ (expenses) |
-- |
|
Profit/(Loss) from
ordinary activities before Tax (7+8) |
94.494 |
|
Tax expense |
45.466 |
|
Net Profit/(Loss)
from ordinary activities after Tax(9-10) |
49.028 |
|
Extraordinary items (net of Tax expenses) |
-- |
|
Net Profit/(Loss)
for the period (11+12) |
49.028 |
|
Paid up Equity Share Capital (Face value Rs 10/- each) |
216.045 |
|
Reserves excluding Revaluation Reserves (as per Balance Sheet of previous Accounting Year) |
-- |
|
Earnings per Share
before extraordinary items(of Rs.10 each) |
|
|
Basic and Diluted |
2.27 |
|
Earnings per Share
after extraordinary items(of Rs.10 each) |
|
|
Basic and Diluted |
2.27 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
Public Shareholding |
|
|
- No of Shares |
5414727 |
|
- Percentage of Shareholding |
25.06% |
|
Promoters and
promoter group shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of shares |
-- |
|
- Percentage of shares (as a % of the total shareholding of promoter & promoter group) |
-- |
|
Percentage of shares (as a % of the total share capital of the Company) |
-- |
|
b) Non-Encumbered |
|
|
Number of shares |
16189794 |
|
Percentage of shares (as a % of the total shareholding of promoter & promoter group) |
100.00% |
|
Percentage of shares (as a % of the total share capital of the Company) |
74.94% |
|
|
|
|
INVESTOR COMPLAINTS
(NOS.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Resolved during the quarter |
Nil |
|
Pending at the close of the quarter |
Nil |
Note
- The above results were reviewed by the Audit Committee of Directors and taken on record by the Board of Directors at their meeting held on August 14, 2014. Statutory Auditors have carried out limited review of the above quarterly results.
- Effective April 01, 2014, the Company has adopted revised depreciation rates based on effective useful life of depreciable assets in accordance with Part C of Schedule II to Companies Act, 2013, consequently the impact on Statement of profit and Loss for the current quarter ended June 30, 2014 is decrease in depreciation charge by Rs. 13.774 Million and increase in deferred tax by Rs.4.469 Million.
- The Company's business relates to single segment only i.e. Textiles and hence no segment reporting is given.
- The figures of last quarter of the financial year 2013-14 are the
balancing figures between audited figures in respect of full financial
year and the published year to date figures upto the 3rd
quarter of the year.
- Previous year/period figures have been regrouped and rearranged
wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10514801 |
07/04/2014 * |
200,000,000.00 |
ICICI BANK LIMITED |
CHERAN PLAZA I FLOOR, 1090, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
C21757190 |
|
2 |
10472452 |
07/02/2014 * |
200,000,000.00 |
ICICI BANK LIMITED |
CHERAN PLAZA, I FLOOR, 1090, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B96440680 |
|
3 |
10407781 |
27/02/2013 |
200,000,000.00 |
ICICI BANK LIMITED |
CHERAN PLAZA, I FLOOR, 1090, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B69531143 |
|
4 |
10374713 |
25/07/2012 |
2,400,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B57372294 |
|
5 |
10261572 |
25/07/2013 * |
350,000,000.00 |
ALLAHABAD BANK |
98 MECRICAR ROAD, R.S. PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA |
B81245227 |
|
6 |
10203399 |
17/02/2010 |
150,000,000.00 |
IDBI BANK LIMITED |
72, MAYFLOWER, 'E' CASTLE, DR BALASUNDARAM ROAD, ATT COLONY, COIMBATORE, TAMILNADU - 641018, INDIA |
A79866133 |
|
7 |
10199730 |
30/05/2013 * |
170,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, 166, T V SAMY, ROAD (WEST), R S PURAM, COIMBATORE, TAMILNADU - 641002, INDIA |
B79608881 |
|
8 |
10177451 |
07/02/2014 * |
550,000,000.00 |
BANK OF BARODA |
COIMBATORE MAIN BRANCH, 82, BANK ROAD, GROUND FLOOR, COIMBATORE, TAMILNADU - 641018, INDIA |
C01179258 |
|
9 |
10134463 |
25/07/2013 * |
901,200,000.00 |
INDIAN OVERSEAS BANK |
125, D.B ROAD, R S PURAM BRANCH, COIMBATORE, TAMILNADU - 641002, INDIA |
B81841678 |
|
10 |
10089414 |
06/10/2011 * |
120,000,000.00 |
BANK OF MAHARASHTRA |
783, OPPANAKARA STREET,
COIMBATORE, TAMILNADU - |
B24902017 |
|
11 |
10051125 |
30/05/2013 * |
800,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, 166, T V SAMY, ROAD (WEST), R S PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA |
B79676193 |
|
12 |
10043423 |
30/05/2013 * |
600,000,000.00 |
STATE BANK OF HYDERABAD |
MAIN BRANCH, UNITED INDIA BULIDING, AVINASHI ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B79710356 |
|
13 |
10032833 |
30/05/2013 * |
152,500,000.00 |
UCO BANK |
1524/1287, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B79872529 |
|
14 |
10029112 |
30/05/2013 * |
800,000,000.00 |
INDIAN OVERSEAS BANK |
PARK SQUARE BRANCH, UPPILIPALAYM, COIMBATORE, TAMILNADU - 641018, INDIA |
B79708566 |
|
15 |
90009318 |
07/02/2005 |
30,000,000.00 |
INDIAN OVERSEAS BANK |
R. S. PURAM, COIMBATORE, TAMILNADU - 641002, INDIA |
- |
|
16 |
90009299 |
18/12/2004 |
222,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH; 166, WEST T. V. SAMY ROAD, COIMBATORE, TAMILNADU - 641002, INDIA |
- |
|
17 |
90009286 |
25/10/2004 |
55,000,000.00 |
ICICI BANK LIMITED |
LANDMARK, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
- |
|
18 |
90009224 |
17/06/2004 |
222,000,000.00 |
INDIAN OVERSEAS BANK |
R. S. PURAM BRANCH, COIMBATORE, TAMIL NADU - 641002, INDIA |
- |
|
19 |
90009060 |
01/03/2003 |
30,000,000.00 |
INDIAN OVERSEAS BANK |
R. S. PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA |
- |
|
20 |
90008853 |
10/03/2004 * |
81,750,000.00 |
CANARA BANK |
HEAD QUARTER ROAD BRANCH, COIMBATORE, TAMIL NADU - 641018, INDIA |
- |
|
21 |
90327155 |
08/09/2001 * |
81,750,000.00 |
CANARA BANK |
HEAD QUARTERS ROAD BRANCH, COIMBATORE, TAMILNADU - 641018, INDIA |
- |
|
22 |
80022375 |
07/02/2014 * |
375,500,000.00 |
CANARA BANK |
HEAD QUARTERS ROAD BRANCH, COIMBATORE, TAMILNADU - 641018, INDIA |
C00760942 |
|
23 |
80022376 |
07/02/2014 * |
325,500,000.00 |
INDIAN OVERSEAS BANK |
R S PURAM BRANCH, 125, D B ROAD, R S PURAM, COIMBATORE, TAMILNADU - 641002, INDIA |
C00742296 |
|
24 |
90008298 |
20/09/1995 * |
40,000,000.00 |
THE KARUR VYSYA BANK LTD. |
SUKRAVARPET BRANCH, COIMBATORE, TAMILNADU, INDIA |
- |
|
25 |
90007936 |
26/11/2001 * |
10,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
249-A; EAST THIRUVENKATASAMY ROAD, R. S. PURAM, COIMBATORE, TAMILNADU - 641002, INDIA |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.57 |
|
UK Pound |
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.65.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
47 |
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.