MIRA INFORM REPORT
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Report No. : |
321111 |
|
Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
NANDAN DENIM LIMITED |
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Formerly Known
as : |
NANDAN EXIM LIMITED |
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Registered
Office : |
Survey No. 198/1, 203/2, Saijpur-Gopalpur, Pirana Road, Piplej, Ahmedabad – 382405, Gujarat |
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Tel. No.: |
91-79-26734660 / 2 / 3 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.08.1994 |
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Com. Reg. No.: |
04-022719 |
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Capital
Investment / Paid-up Capital : |
Rs. 455.491 Million |
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CIN No.: [Company Identification
No.] |
L51909GJ1994PLC022719 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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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, Trading and Export of Textile Products. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CIRSIL |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
29.12.2014 |
|
Rating Agency Name |
CIRSIL |
|
Rating |
Short Term Rating = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
29.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Ms. Purvee D. Roy |
|
Designation : |
Finance Controller |
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Contact No.: |
91-79-26734660 |
|
Date : |
04.05.2015 |
LOCATIONS
|
Registered Office / Plant : |
Survey No. 198/1, 203/2, Saijpur-Gopalpur, Pirana Road, Piplej, Ahmedabad – 382405, Gujarat, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Corporate Office : |
Chiripal House”, Shivranjani Cross Roads,Satellite, Ahmedabad – 380015, Gujarat, India |
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Tel. No.: |
91-79-26734660 / 2 / 3 |
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Fax No.: |
91-79-26768656 |
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E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Vedprakash D. Chiripal |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Brijmohan D. Chiripal |
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Designation : |
Managing Director |
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Date of Birth : |
15.07.1961 |
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Qualification : |
B.E. (Chemical) |
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|
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|
Name : |
Mr. T.S. Bhattacharya |
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Designation : |
Director |
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|
Name : |
Mr. Ambalal C. Patel |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Purvee D. Roy |
|
Designation : |
Company Secretary/ Finance Controller |
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|
|
|
Name : |
Mr. Deepak J. Chiripal |
|
Designation : |
Chief Executive Officer |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5534302 |
12.15 |
|
|
22224418 |
48.79 |
|
|
27758720 |
60.94 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
27758720 |
60.94 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
16253 |
0.04 |
|
|
5500 |
0.01 |
|
|
1409062 |
3.09 |
|
|
1430815 |
3.14 |
|
|
|
|
|
|
3366317 |
7.39 |
|
|
|
|
|
|
7120319 |
15.63 |
|
|
3407005 |
7.48 |
|
|
2465880 |
5.41 |
|
|
2465880 |
5.41 |
|
|
16359521 |
35.92 |
|
Total Public shareholding (B) |
17790336 |
39.06 |
|
Total (A)+(B) |
45549056 |
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) |
45549056 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total |
|||
|
1 |
Chiripal Industries Limited |
1,18,44,270 |
26.00 |
8.78 |
|
2 |
Chiripal Exim LLP |
71,65,556 |
15.73 |
8.87 |
|
3 |
Brij Mohan D Chiripal |
27,80,000 |
6.10 |
0.00 |
|
4 |
Devkinandan Corporation LLP |
29,67,592 |
6.52 |
0.00 |
|
5 |
Urmiladevi J Agarwal |
6,31,802 |
1.39 |
1.38 |
|
6 |
JyotiPrasad D Agarwal |
6,30,000 |
1.38 |
1.38 |
|
7 |
JayPrakash D Agarwal |
6,30,000 |
1.38 |
1.38 |
|
8 |
Nishi J Agarwal |
4,80,000 |
1.05 |
1.05 |
|
9 |
Vedprakash Devkinandan Chiripal |
2,52,500 |
0.55 |
0.00 |
|
10 |
Chiripal Textile Mills Private Limited |
2,47,000 |
0.54 |
0.00 |
|
11 |
Deepak J Agrawal |
1,30,000 |
0.29 |
0.29 |
|
|
Total |
2,77,58,720 |
60.94 |
23.14 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Monil Chiripal |
1623398 |
3.56 |
|
|
|
2 |
New Leaina Investments Limited |
895000 |
1.96 |
|
|
|
3 |
Hexa International Private Limited |
813041 |
1.78 |
|
|
|
4 |
Dolly Khanna |
506754 |
1.11 |
|
|
|
5 |
Orange Mauritius Investments Limited |
500000 |
1.10 |
|
|
|
6 |
Manuj Chiripal |
638820 |
1.40 |
|
|
|
7 |
Bhavana Textiles Private Limited |
488432 |
1.07 |
|
|
|
|
Total |
5465445 |
12.00 |
|
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Trading and Export of Textile Products. |
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Products : |
Not Divulged |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
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Facilities : |
SECURED
LOAN (Rs.
In Million)
Notes : LONG TERM
BORROWINGS Security: *,** Term Loans &
Buyers Credit arrangements under Consortium finance are secured by first
charge on the entire Fixed Assets of the
company both present and future, second charge on Book Debts, Stock and other
Current Assets of the Company and also further guaranted by personal
guarantee of promoter directors. *** Corporate Loan
is secured by subservient charge on fixed and current assets of the company
and also by way of pledge of equity shares of the company belonging to
directors and personal guarantee of promoter directors. **** Vehicle Loans are secured by Hypothication of Vehicles. Interest: * Term Loans carry
an interest rate which shall be State Bank of India rate or the base rate of
the respective rupee lender plus the spread,which ever is higher, payable on
monthly basis. ** Buyers Credit
arrangements for a period upto 180 days carry an interest rate ranging
between in case of 6ML Libor+48 basis points to 6ML Libor+200 basis points. *** Corporate Loan
carry an interest rate 13.50 % p. a. payable on monthly basis. **** Borrowing from
related party do not carry any Interest. ***** Vehicle Loans carry an interest rate ranging between 10.38% to 12.96%
p.a. Repayment: * Term Loans (including Buyer’s Credit arrangements) are repayable in
Quarterly installments as follows:- (Rs.
In Million)
** Buyers Credit
arrangements are available for 180 days/360 Days with roll over option upto 3
years from date of sanction and on the completion of the same, it will be converted
into Term Loans. *** Corporate Loans is repayable in Monthly installments as follows:- (Rs.
In Million)
**** Borrowing from related
parties to be repaid of F.Y. 2015-16. ***** Vehicle Loans are repayable in following schedule in monthly
installments as follows:-
SHORT TERM
BORROWINGS Security : @ Working Capital
loans under consortium finance are secured by first charge on Book Debts,
Stocks and other Current Assets and second charge on all the Fixed Assets
both present and future of the Company and also further guaranted by some of
the Directors. |
|
Auditors : |
|
|
Name : |
J.T. Shah and Company Chartered Accountants |
|
Address : |
201/202, Lalita Complex, Nr. Mithakhali Cross Roads, Navrangpura, Ahmedabad - 380 009, Gujarat, India |
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Tel. No.: |
91-79-26444420 / 30 / 40 |
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Fax No.: |
91-79-26560440 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Related Parties with whom transactions have taken place during the
year : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45549056 |
Equity Shares |
Rs.10/- each |
Rs. 455.491
Million |
|
|
|
|
|
Refer Note Number 37 for details of basic and diluted shares
The company has only one class of shares referred to as equity shares having face value of Rs.10/-. Each holder of one share is entitled to one vote per share.
During the year ended on 31st March, 2014, the Company has recommended Dividend of Rs. 0.60/- (P.Y. Rs. 1.20/-) per share as distributions to Equity Share holders. An interim dividend of Rs. 0.60/- per share was declared at the meeting of the Board of Directors held on 4th February, 2014 and the same has been paid (P.Y. Rs. Nil).
The Company declares and pays dividends in Indian Rupees. The Final dividend proposed by the Board of Director is subject to the approval of shareholders in ensuing Annual General Meeting.
No Shares has been reserved for issue under options or contracts/commitments for the shares/disinvestment.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder.
The details of shareholders holding more than 5% shares as at 31/03/2014
and 31/03/2013 is set out below.
|
Name of Shareholder |
As at 31/03/2014 |
|
|
|
No. of Shares |
% held |
|
Chiripal Industries Limited |
11844270 |
26.00% |
|
Chiripal Exim LLP |
7008979 |
15.39% |
|
Brijmohan D. Chiripal |
2780000 |
6.10% |
The Reconciliation of the number of shares outstanding and the amount of
share capital as at 31/03/2014 & 31/03/2013
is set out below
|
Name of Shareholder |
As at 31/03/2014 |
|
|
|
No. of Shares |
Amount (Rs. In Million) |
|
Shares at the beginning of Face Value of Rs. 10 |
45549056 |
455.491 |
|
Addition in Number Equity Shares of Rs.10 |
Nil |
Nil |
|
Deduction in Number of Equity Shares of Rs.10 |
Nil |
Nil |
|
Shares at the end of Face Value of Rs. 10 |
45549056 |
455.491 |
Aggregate No.of 151830188 Shares of Face Value of Rs.1 were (Now reduced
to 15183019 Shares of Rs.10) issued in the year 2006-07 as Bonus.
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 |
455.491 |
455.491 |
455.491 |
|
(b) Reserves & Surplus |
1709.571 |
1380.421 |
1133.837 |
|
(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) |
2165.062 |
1835.912 |
1589.328 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2807.045 |
2650.862 |
1869.067 |
|
(b) Deferred tax liabilities (Net) |
215.708 |
175.167 |
202.713 |
|
(c) Other long term
liabilities |
0.000 |
0.242 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3022.753 |
2826.271 |
2071.780 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1078.315 |
1003.890 |
672.687 |
|
(b) Trade
payables |
576.354 |
458.043 |
344.735 |
|
(c) Other
current liabilities |
1009.023 |
585.898 |
518.340 |
|
(d) Short-term
provisions |
65.523 |
64.367 |
62.828 |
|
Total Current
Liabilities (4) |
2729.215 |
2112.198 |
1598.590 |
|
|
|
|
|
|
TOTAL |
7917.030 |
6774.381 |
5259.698 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4521.469 |
3408.172 |
3007.205 |
|
(ii)
Intangible Assets |
2.015 |
3.772 |
6.561 |
|
(iii)
Capital work-in-progress |
0.000 |
540.615 |
46.678 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
41.636 |
3.676 |
2.778 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5.830 |
144.123 |
149.073 |
|
(e) Other
Non-current assets |
117.453 |
30.150 |
46.285 |
|
Total Non-Current
Assets |
4688.403 |
4130.508 |
3258.580 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1385.042 |
1197.609 |
984.155 |
|
(c) Trade
receivables |
1214.164 |
911.750 |
694.740 |
|
(d) Cash
and cash equivalents |
260.727 |
199.281 |
155.015 |
|
(e)
Short-term loans and advances |
368.694 |
335.233 |
167.208 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3228.627 |
2643.873 |
2001.118 |
|
|
|
|
|
|
TOTAL |
7917.030 |
6774.381 |
5259.698 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8937.520 |
7031.208 |
5738.387 |
|
|
|
Other Income |
39.893 |
15.265 |
5.424 |
|
|
|
TOTAL (A) |
8977.413 |
7046.473 |
5743.811 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4776.442 |
4634.349 |
3440.978 |
|
|
|
Purchases of Stock-in-Trade |
1593.852 |
620.370 |
578.740 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(121.746) |
(375.856) |
70.566 |
|
|
|
Employees benefits expense |
310.399 |
254.425 |
192.261 |
|
|
|
Other expenses |
1051.793 |
828.788 |
629.976 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
(42.751) |
|
|
|
TOTAL (B) |
7610.740 |
5962.076 |
4869.770 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1366.673 |
1084.397 |
874.041 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
320.305 |
317.627 |
278.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1046.368 |
766.770 |
595.622 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
497.271 |
409.174 |
332.589 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
549.097 |
357.596 |
263.033 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
155.999 |
47.064 |
75.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
393.098 |
310.532 |
187.933 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
310.500 |
1.879 |
128.454 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
27.300 |
0.000 |
0.000 |
|
|
|
Proposed Final Dividend (12% i.e.Rs. 1.20/- per share) |
27.300 |
54.700 |
45.500 |
|
|
|
Corporate Dividend Tax (including cess and surcharge) |
9.300 |
9.300 |
7.400 |
|
|
|
General Reserve |
53.300 |
43.300 |
4.700 |
|
|
BALANCE CARRIED
TO THE B/S |
393.100 |
310.500 |
57.600 |
|
|
|
|
|
|
1.879 |
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
720.869 |
773.109 |
552.108 |
|
|
TOTAL EARNINGS |
720.869 |
773.109 |
552.108 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
417.323 |
144.455 |
98.588 |
|
|
|
Trading Goods |
164.373 |
0.000 |
39.001 |
|
|
|
Stores & Spares |
17.361 |
1.326 |
18.248 |
|
|
|
Capital Goods |
342.083 |
604.749 |
244.046 |
|
|
TOTAL IMPORTS |
941.140 |
750.530 |
399.883 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.63 |
6.82 |
4.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.40 |
4.42 |
3.28 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
15.29 |
15.42 |
15.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.97 |
5.74 |
5.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.19 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.79 |
1.99 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.25 |
1.25 |
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 |
455.491 |
455.491 |
455.491 |
|
Reserves & Surplus |
1133.837 |
1380.421 |
1709.571 |
|
Net
worth |
1589.328 |
1835.912 |
2165.062 |
|
|
|
|
|
|
long-term borrowings |
1869.067 |
2650.862 |
2807.045 |
|
Short term borrowings |
672.687 |
1003.890 |
1078.315 |
|
Total
borrowings |
2541.754 |
3654.752 |
3885.360 |
|
Debt/Equity
ratio |
1.599 |
1.991 |
1.795 |
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 |
5738.387 |
7031.208 |
8937.520 |
|
|
|
22.529 |
27.112 |
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 |
5738.387 |
7031.208 |
8937.520 |
|
Profit |
187.933 |
310.532 |
393.098 |
|
|
3.28% |
4.42% |
4.40% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS: 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 |
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 |
---------------------- |
|
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 |
Yes |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Borrowing from related parties |
85.850 |
0.000 |
|
Total |
85.850 |
0.000 |
PERFORMANCE:
For the financial
year ended March 31, 2014, the Company has recorded a good revenue and margin
performance.
During the year
the Company has achieved a turnover of Rs. 8937.500 Million as against Rs.
7031.200 Million for the previous financial year registering a rise of 27%. The
Profit Before Tax (after interest and depreciation charges) during the year was
Rs. 5491.000 Million as compared to previous years figure of Rs. 357.600
Million. The Net Profit during the year 2013-14 was Rs. 393.100 Million as compared
to previous year figure of Rs. 310.500 Million which shows the increase of 27%.
The Company is implementing the expansion projects by increasing its production
capacity continuously in order to grab the increase in demand for the denim
fabrics in the domestic and international market and thereby increasing its
volume and activities in its field. Further the Company has targeted to achieve
high volume in the terms of quantity and value and also adding the capacity to
improve its performance and thereby its share in the market. The Company
expects to achieve very excellent performance during the current year.
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW OF THE ECONOMY
The last financial
year witnessed the impact of the corrective measures initiated at international
economies to bring back the respective economies to their normal situation. The
signals, as we read, are indicating a gradual recovery but for the political
instability that has been caused in certain parts of the Middle-East Asia
having cascading effect across the economies. The US economy has sent some very
strong signals to re-establish US Dollar as undisputed leader of international
monetary transactions. The most happening economy of China has shown some
fatigue whereas other Asian economies are breathing at ease to their recovery
route.
Under the
challenging economic scenario, the Indian economy went for the process of
electing leader of democratic set-up. The possible change over in the electoral
process coupled with hesitant in-take by the international economies led to a
lower than expected growth of GDP at sub-5%. With commodity prices staying at
high levels and food inflation recording new higher levels, to deter the
consumer sentiments for potential buoyancy, the manufacturing corporate
entities have remained under pressure. The ease expected from the monetary
policy has been staggered and no immediate boosting measures worth its impact
were launched that could provide impetus to the growth of the national economy.
INDIAN TEXTILE INDUSTRY
Indian textiles
industry with its contribution of 14% to industrial production, 16% to total
product exports and being the largest generator of direct and indirect
employment remains a sector with huge potential upside. In fact, the country is
the second biggest textiles manufacturer in the world.
During 2013-14,
Indian textiles and clothing exports increased by 14% over the previous year.
Textile Upgradation Funds Scheme (TUFS) launched by the Government of India was
competitively complemented by select State Governments to encourage value
addition and growth. The effect of such State policies would be visible in near
future where one can expect larger textile cluster formation across the states.
The Indian textile
industry derives its strength in the international arena with specialization in
cotton based products. Internationally, textile industry is significantly
centred for the man-made fibre products that has its own weaknesses. Cotton has
been placed as a mark of comfort, hygiene and an elite class product. With the
second largest production of cotton, continuous support through MSP mechanism
to further enhance production of cotton in India, the Indian textile industry
would continue to cement its position in international textile trade.
The growing young
middle-class population is a source of great potential and provides immense
opportunities to spur growth in the industry going forward. Cotton, emerging as
a trendy wear and multiple applications in daily life, provides the requisite
impetus to the domestic industry.
INDIAN DENIM INDUSTRY
Acceptance of
denim as a fabric has registered perhaps the highest growth over the years in
Indian textile scenario. While metro cities have led the growth in the past,
with the larger potential penetration in tier-II and tier-III towns, the growth
is expected to explode. The market is estimated to grow at CAGR above 15% over
the base figure of USD 1.20 billion in 2011 till 2015.
While denim story
started elsewhere in the world as workwear, it started as a fashion statement
of youth in India. It reflected the fashion statement, style quotient and
comfort wear anywhere for the youth. With more than 70% of Indian population
aging around 26 years and the median age remaining under 30 years even after 10
years, huge potential exist for denim, a fabric with the target Indian age
bracket of 14-40 years.
Current share of
male segment within denim wear is almost 75-80% with the female gender catching
up faster than the growth registered in the male segment. The young generation,
either gender, has accepted denim as “normal” wear rather than a “functional”
wear.
Current domestic
market is dominated by metro cities that account for almost two-third of
consumption while having got less than 10% of national population. With ever
expanding retail network of distribution and higher per capita income at
disposal of the tier-II and tier-III towns, the denim availability would
register requisite improvement leading to higher penetration. Multiple
price-point strategy of branded jeans is further fueling the growth. With
affordable availability of better fabrics to erstwhile deprive 90% of the
Indian population, the segment is bound to register phenomenal growth.
The Indian denim
apparel market has grown from Rs.72 bn in FY2011 to Rs.108 bn in FY2013 and is
expected to expand to Rs.132 bn in FY2017. The Indian denim apparel market has
been growing at a CAGR of 14%-15% which has fast outpaced the global denim
apparel market growing at a CAGR of 3%-5%. The domestic denim apparel market
has witnessed faster growth visŕ- vis export in terms of volume over a period
of five years FY2009-FY2013.
In addition, India
is the fourth largest exporter of denim fabrics in the world after China,
Pakistan and Turkey. World trade in denim fabric averaged 670,000 tonnes over
the past one decade, while in value terms, it fluctuated between $3 bn and $3.5
bn. India accounts for 5% of this trade. Of the total denim fabric produced in
India, about 25%-30% (~200 MMPA) is exported. In recent times, fabrics exported
from China have become costlier than those from India owing to multiple reasons
including the Cotton Policy and Yuan disparity apart from the ever rising cost
of power and manpower.
Owing to these
factors, denim fabric manufactured in China costs $2.6-$2.65/metre compared
with ~$2.5/metre in India, making India a more lucrative destination for
international buyers. Geopolitical instability of Pakistan, another major denim
fabric exporter, has also worked in India’s favour. Additionally, the emergence
of Bangladesh, which imports bulk of its denim fabric from India, as a favoured
destination for RMG manufacturing has boosted India’s exports. Owing to these
factors, India’s share in the world trade of denim fabric is expected to
improve, benefitting domestic players.
COTTON
Cotton is the key
raw material used for manufacturing denim fabric. It is a seasonal commodity
and production is heavily dependent on monsoon. India, under a normal monsoon
condition remains a major source of cotton to the national consumers as well as
International market. With production of cotton having stabilized around 37-38
million bales and domestic consumption to the tune of 30 million bales, the
country is prepared to take advantage of any volatility in the commodity
market. Any volatility in cotton market impacts the yarn manufacturers the most
whereas the value added manufacturers are reasonably hedged due to the market
conditions, i.e. non-commoditised product.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10522640 |
03/09/2014 |
250,000,000.00 |
KARNATAKA BANK
LIMITED |
KANKANADY,
MANGALORE, KARNATAKA - 575002, INDIA |
C23228661 |
|
2 |
10503676 |
22/05/2014 |
250,000,000.00 |
LAKSHMI VILAS
BANK LIMITED |
1ST FLOOR, BLUE
STAR COMPLEX, OPP. RAJIV GANDHI |
C07004112 |
|
3 |
10493756 |
29/03/2014 |
200,000,000.00 |
DENA BANK |
2ND FLOOR, DENA
LAXMI BUILDING, ASHRAM ROAD, AHME |
C04370664 |
|
4 |
10382173 |
28/05/2013 * |
450,000,000.00 |
UNITED BANK OF
INDIA |
AHMEDABAD
BRANCH, UNITED BANK OF INDIA BUILDING, |
B77660694 |
|
5 |
10379608 |
28/08/2012 |
798,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, NEAR GUJARAT VIDYAPEET |
B59333054 |
|
6 |
10355796 |
23/04/2012 |
250,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
103, ABHISHREE
COMPLEX, OPP. STAR BAZAR, SATELLIT |
B39636790 |
|
7 |
10356070 |
23/04/2012 |
250,000,000.00 |
STATE BANK OF BIKANER
AND JAIPUR |
103, ABHISHREE
COMPLEX, OPP. STAR BAZAR, SATELLIT |
B39733365 |
|
8 |
10344273 |
21/05/2013 * |
499,000,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
SHOP NO. 16,GROUND
FLOOR,SHANGRILA ARCADE, PRALH |
B77487148 |
|
9 |
10327696 |
17/12/2011 |
440,000,000.00 |
CENTRAL BANK OF
INDIA |
MID CORPORATE
FINANCE BRANCH, LALDARWAJA, AHMEDA |
B29262326 |
|
10 |
10076671 |
26/10/2007 |
50,000,000.00 |
INDUSIND BANK
LIMITED. |
2401 GEN
THIMMAYYAROAD CANTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
A27422294 |
|
11 |
10024185 |
18/10/2006 |
40,000,000.00 |
SYNDICATE BANK |
NAVRANGPURA,
AHMEDABAD, GUJARAT - 380009, INDIA |
A06017990 |
|
12 |
10024128 |
18/10/2006 |
92,600,000.00 |
SYNDICATE BANK |
NAVRANGPURA
BRANCH, AHMEDABAD, GUJARAT - 380009, INDIA |
A06018238 |
|
13 |
10022083 |
22/06/2013 * |
4,932,600,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNT GROUP BRANCH, 58, SHRIMALI SOCI |
B80398878 |
|
14 |
90100069 |
05/07/2005 |
34,500,000.00 |
UCO BANK |
ASHRAM ROAD BRANCH,
AHEMADABAD, GUJARAT, INDIA |
- |
|
15 |
90102392 |
11/08/2004 |
124,300,000.00 |
ORIENTAL BANK OF
COMMERCE |
ASHRAM ROAD,
AHMEDABAD, GUJARAT, INDIA |
- |
|
16 |
90099828 |
27/06/2014 * |
1,799,500,000.00 |
PNB INVESTMENT
SERVICES LIMITED |
CIRCLE OFFICE,
6TH FLOOR, GUJARAT BHAVAN, NEAR M. |
C12782504 |
|
17 |
90100998 |
27/06/2014 * |
6,101,600,000.00 |
PNB INVESTMENT
SERVICES LIMITED |
CIRCLE OFFICE, 6TH
FLOOR, GUJARAT BHAVAN, NEAR M. |
C11383536 |
|
18 |
90099782 |
15/01/2007 * |
689,500,000.00 |
STATE BANK OF
INDIA |
CORPORATE FINANCE
BRANCH, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
19 |
90099677 |
14/07/2003 |
42,707,000.00 |
UCO BANK |
INDUSTRIAL
FINANCE BRANCH; UCO BHAVAN, ASHRAM ROAD, AHEMADABAD, GUJARAT - 380009, INDIA |
- |
|
20 |
90098940 |
26/09/2003 * |
4,500,000.00 |
UCO BANK |
INDUSTRIAL
FINANCE BRANCH, UCO BHAVAN. NEAR SANYA |
- |
* Date of charge modification
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 31st December,
2014
Standalone statement of profit and loss
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Six Month Ended |
||||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
2775.957 |
2769.420 |
8182.262 |
|
|
|
b. Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
|
Total Income from
Operations (Net) |
2775.957 |
2769.420 |
8182.262 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
1842.738 |
2053.214 |
5780.218 |
|
|
|
b. Purchase of Stock-in trade |
28.533 |
34.651 |
101.392 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
20.907 |
(193.790) |
(263.415) |
|
|
|
d. Employees Benefit Expenses |
127.651 |
107.788 |
322.721 |
|
|
|
e. Depreciation and Amortisation Expenses |
153.128 |
152.806 |
458.190 |
|
|
|
f. Other expenses |
319.727 |
327.844 |
962.355 |
|
|
|
Total Expenses |
2492.684 |
2482.514 |
7361.461 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
283.273 |
286.907 |
820.801 |
|
|
4 |
Other Income |
12.693 |
5.311 |
26.446 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
295.966 |
292.218 |
847.247 |
|
|
6 |
Finance Costs |
93.142 |
103.761 |
296.256 |
|
|
7 |
Profit from ordinary
activities after finance costs & exceptional items |
202.824 |
188.456 |
550.991 |
|
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit from
ordinary activities before tax |
202.824 |
188.456 |
550.991 |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
- Income Tax |
91.562 |
51.038 |
176.387 |
|
|
|
- Deferred Tax |
(15.103) |
17.836 |
13.931 |
|
|
11 |
Net Profit from
ordinary activity after tax |
126.365 |
119.582 |
360.673 |
|
|
12 |
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit After
Tax |
126.365 |
119.582 |
360.673 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
4554.91 |
4554.91 |
4554.91 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
2038.270 |
1943.879 |
2038.270 |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
2.77 |
2.63 |
7.92 |
|
|
|
Diluted EPS |
2.77 |
2.63 |
7.92 |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
18100362 |
18781803 |
18100362 |
|
|
|
- Percentage of shareholding |
39.74% |
41.23% |
39.74% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
17990000 |
19490000 |
17990000 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
65.54% |
72.81% |
65.54% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
39.49% |
42.79% |
39.49% |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
9458694 |
7277253 |
9458694 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
34.46% |
27.19% |
34.46% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
20.77% |
15.98% |
20.77% |
|
|
|
Particulars |
Quarter ended 31.12.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
8 |
|
|
Disposed off during the quarter |
8 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
1. The Limited review of above unaudited financial results as required under Clause 41 of the Listing Agreement has been carried out by the Statutory Auditors.
2. The above results have been reviewed by the Audit Committee and approved by
the Board of Directors at their respective meetings held on February 03, 2015.
3. The Company has only one business segment i.e. Textiles, Hence, segment wise
reporting is not applicable.
4. During the quarter and nine months ended December 2014, 15,00,000 pledged
shares were released by the Company.
5. The Board of Directors have declared an Interim Dividend of 6% (Re. 0.60 per
equity share of face value of Rs. 10/- each fully paid up) to those
shareholders whose names will appear on the register of members as on February
13, 2015, being the record date for payment of dividend for the financial year
2014-15.
6. The Board of Directors have considered and approved, subject to approval of
shareholders of the Company and receipt of relevant approvals from regulatory
authorities, the issue of convertible warrants of an amount not exceeding Rs.
1000.000 Million on preferential basis to select group of investors (Promoter
and / or Non- Promoter) to raise funds for expansion project amount to Rs.
6120.000 Million.
7. Figures of the previous quarter/ year have been regrouped wherever
necessary.
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 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. 63.51 |
|
|
1 |
Rs. 95.96 |
|
Euro |
1 |
Rs. 70.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.