MIRA INFORM REPORT
|
Report No. : |
303706.2 |
|
Report Date : |
14.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SARLA PERFORMANCE FIBERS LIMITED |
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Formerly Known
As : |
SARLA POLYESTER LIMITED |
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Registered
Office : |
Survey No.59/1/4, Amli, Piparia Industrial Estate, Silvassa, Dadar
Nagar Haveli - 396230, Daman and Diu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.11.1993 |
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Com. Reg. No.: |
56-000056 |
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Capital
Investment / Paid-up Capital : |
Rs.69.503 Million |
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CIN No.: [Company Identification
No.] |
L31909DN1993PLC000056 |
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IEC No.: |
Not Available |
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TIN No.: |
27100917707C |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCS1322B |
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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 of Yarn and Generation of Wind Power. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Not Available |
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Comments : |
Subject is an established company having fine track. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment terms
are reported to be regular and as per commitments. The company can be considered normal for 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 |
ICRA |
|
Rating |
Short Term Find Based Limits = A2 |
|
Rating Explanation |
Have strong degree of safety and carry low credit
risk. |
|
Date |
March 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
Management Non Co-Operative (91-22-22834116)
LOCATIONS
|
Registered Office/ Plant 1 : |
Survey No.59/1/4, Amli, Piparia Industrial Estate, Silvassa, Dadar
Nagar Haveli - 396230, Daman and Diu |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
304, Arcadia, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22834116 / 40322786 |
|
Fax No.: |
91-22-22851728 |
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Plant 2 : |
Survey No. 64/2/3/4, Amli, Piparia Industrial Estate, Silvassa, Dadar
Nagar Haveli – 396230, India |
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Plant 3 : |
Shed No. A1/48, 100 Shed Area, GIDC, Vapi – 369195, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Madhusudhan Jhunjunwala |
|
Designation : |
Chairman and Whole-time Director |
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|
Name : |
Mr. Krushna Kumar Jhunjunwala |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Arun Vaid |
|
Designation : |
Director |
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|
Name : |
Mr. Jigar Shah |
|
Designation : |
Director |
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|
Name : |
Mr. Anil Kumar Jain |
|
Designation : |
Director (upto 20th June 2013) |
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|
Name : |
Mrs. Lalita Persad Aggarwal |
|
Designation : |
Director (with effect from 1st November 2013) |
KEY EXECUTIVES
|
Name : |
Mr. Mahendra Sheth |
|
Designation : |
Chief Financial
Officer and Company Secretary: |
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|
Audit Committee : |
|
|
Name : |
Mr. Arun Vaid |
|
Designation : |
Chairman |
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|
Name : |
Mr. Madhusudan Jhunjhunwala |
|
Designation : |
Member |
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|
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|
Name : |
Mr. Jigar A Shah |
|
Designation : |
Member |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
3327095 |
47.87 |
|
|
1290646 |
18.57 |
|
|
4617741 |
66.44 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
4617741 |
66.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2000 |
0.03 |
|
|
50 |
0.00 |
|
|
4000 |
0.06 |
|
|
6050 |
0.09 |
|
|
|
|
|
|
430559 |
6.19 |
|
|
|
|
|
|
771154 |
11.10 |
|
|
979034 |
14.09 |
|
|
145762 |
2.10 |
|
|
144626 |
2.08 |
|
|
1136 |
0.02 |
|
|
2326509 |
33.47 |
|
Total Public shareholding (B) |
2332559 |
33.56 |
|
Total (A)+(B) |
6950300 |
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) |
6950300 |
100.00 |
%2014-May-2015_files/image016.gif){kind=small}
%2014-May-2015_files/image017.gif){kind=small}
%2014-May-2015_files/image018.gif){kind=small}
%2014-May-2015_files/image020.gif)
Shareholding of securities (including
shares, warrants, convertible securities) of persons belonging to the category
Promoter and Promoter Group
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Madhusudan Jhunjhunwala |
194500 |
2.80 |
|
Krishnakumar Jhunjhunwala |
130000 |
1.87 |
|
Vrinda K Jhunjhunwala |
64700 |
0.93 |
|
Sarladevi M Jhunjhunwala |
388400 |
5.59 |
|
Satidham Industries Private
Limited |
1272288 |
18.31 |
|
Hindustan Cotton Co - Through
its partner |
2116479 |
30.45 |
|
Krishnakumar and Sons HUF -
Through its Karta |
32500 |
0.47 |
|
Madhusudan Jhunjhunwala HUF |
400516 |
5.76 |
|
Sarla Estate Developers Private
Limited |
18358 |
0.26 |
|
Total |
4617741 |
66.44 |
(*) The term encumbrance has the
same meaning as assigned to it in regulation 28(3) of the SAST Regulations,
2011.
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
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Anil Kumar Goel |
340000 |
4.89 |
|
Dalal & Broacha Stock
Broking Private Limited |
330000 |
4.75 |
|
Seema Goel |
100000 |
1.44 |
|
Vipul Priyankant Dalal |
85050 |
1.22 |
|
Total |
855050 |
12.30 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Yarn and Generation of Wind Power. |
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Products : |
Yarn |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS - NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Notes : Short Term
Borrowings (All the above working capital facilities are secured against all the current assets (present and future) of the company). (These facilities are further secured by first charge on the fixed assets of the company except Wind Turbine Generator). (These facilities are further secured by personal
guarantee of Managing Director.) |
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Banking Relations
: |
-- |
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|
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Auditors : |
|
|
Name : |
Sundarlal, Desai and Kanodia Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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Membership : |
-- |
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Associates : |
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Joint Ventures of Subsidiary Company : |
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Subsidiary Companies : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6950300 |
Equity Shares |
Rs.10/- each |
Rs.69.503 Million |
Terms/rights attached to Equity Shares:
The company has only one class of equity shares having par value of Rs.10. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.
During the year ended 31st March 2014, the amount of per share dividend recognised as distributions to equity shareholders was Rs.7.50 (31st March 2013 Rs.6.00)
In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
6950300 |
|
Shares issued during the year |
-- |
|
Shares
outstanding at the end of the year |
6950300 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of Shareholder
|
Number
of Shares |
|
Hindustan Cotton
Company - Through its partners |
2116479 |
|
Satidham
Industries Private Limited |
1241053 |
|
Sarladevi Jhunjhunwala |
388400 |
|
Madhusudan Jhunjhunwala (HUF) |
406528s |
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 |
69.503 |
69.503 |
69.503 |
|
(b) Reserves & Surplus |
1,161.188 |
992.757 |
846.464 |
|
(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) |
1,230.691 |
1,062.260 |
915.967 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
193.647 |
281.337 |
76.799 |
|
(b) Deferred tax liabilities (Net) |
150.488 |
139.973 |
112.264 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
344.135 |
421.310 |
189.063 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
719.633 |
678.604 |
524.990 |
|
(b) Trade
payables |
86.276 |
53.660 |
125.504 |
|
(c) Other
current liabilities |
221.182 |
195.732 |
147.569 |
|
(d) Short-term
provisions |
65.176 |
52.246 |
43.175 |
|
Total Current
Liabilities (4) |
1,092.267 |
980.242 |
841.238 |
|
|
|
|
|
|
TOTAL |
2,667.093 |
2,463.812 |
1,946.268 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,015.097 |
943.294 |
742.544 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
8.782 |
97.525 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
77.972 |
23.813 |
18.322 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
96.614 |
36.509 |
79.593 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1,198.465 |
1,101.141 |
840.459 |
|
|
|
|
|
|
(2) Foreign Currency Monetary Item Translation Difference Account |
24.674 |
3.893 |
0.000 |
|
|
|
|
|
|
(3)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
28.187 |
14.632 |
|
(b)
Inventories |
408.638 |
455.320 |
383.048 |
|
(c) Trade
receivables |
613.574 |
537.247 |
476.905 |
|
(d) Cash and
cash equivalents |
315.489 |
206.699 |
113.982 |
|
(e)
Short-term loans and advances |
72.819 |
97.581 |
98.811 |
|
(f) Other
current assets |
33.434 |
33.744 |
18.431 |
|
Total
Current Assets |
1,443.954 |
1,358.778 |
1,105.809 |
|
|
|
|
|
|
TOTAL |
2,667.093 |
2,463.812 |
1,946.268 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
2,460.590 |
2,335.40 |
1,820.57 |
|
|
|
|
Other Income |
78.389 |
7.903 |
12.397 |
|
|
|
|
TOTAL (A) |
2,538.979 |
2,343.301 |
1,832.969 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
1,271.859 |
1,158.50 |
1,011.87 |
|
|
|
|
Purchase of Stock-in-trade |
130.776 |
117.339 |
77.005 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
24.077 |
(31.488) |
(77.390) |
|
|
|
|
Employee Benefits Expenses |
61.919 |
49.413 |
41.747 |
|
|
|
|
Other Expenses |
595.294 |
661.006 |
527.388 |
|
|
|
|
TOTAL (B) |
2,083.925 |
1,954.766 |
1,580.617 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATIO AND AMORTISATION (A-B) (C) |
455.054 |
388.535 |
252.352 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
38.889 |
43.108 |
26.969 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
416.165 |
345.427 |
225.383 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
93.598 |
80.272 |
70.415 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
322.567 |
265.155 |
154.968 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
99.915 |
70.393 |
45.716 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
222.652 |
194.762 |
109.252 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
595.913 |
479.618 |
440.755 |
||
|
|
|
|
|
|
||
|
Add |
Excess provision for Dividend distribution tax written back |
6.765 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
150.000 |
30.000 |
30.000 |
|
|
|
|
Dividend |
52.127 |
41.702 |
34.751 |
|
|
|
|
Tax on Dividend |
8.859 |
6.765 |
5.638 |
|
|
|
BALANCE CARRIED
TO THE B/S |
614.344 |
595.913 |
479.618 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
1484.717 |
1372.756 |
1039.897 |
|
|
|
TOTAL EARNINGS |
1484.717 |
1372.756 |
1039.897 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Capital Goods |
4.327 |
83.252 |
30.990 |
|
|
|
|
Raw Materials |
725.424 |
611.321 |
615.589 |
|
|
|
|
Trading Goods |
99.895 |
115.624 |
38.892 |
|
|
|
|
Stores & Spares |
35.049 |
32.898 |
19.122 |
|
|
|
TOTAL IMPORTS |
864.695s |
843.095 |
704.593 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
32.03 |
28.02 |
15.72 |
||
QUARTERLY RESULTS
(Rs.
In Million)
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
700.200 |
698.000 |
|
Total Expenditure |
|
599.700 |
575.600 |
|
PBIDT (Excl OI) |
|
100.500 |
122.400 |
|
Other Income |
|
9.500 |
49.800 |
|
Operating Profit |
|
110.000 |
172.200 |
|
Interest |
|
6.200 |
7.000 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
103.800 |
165.200 |
|
Depreciation |
|
25.100 |
25.700 |
|
Profit Before Tax |
|
78.700 |
139.500 |
|
Tax |
|
26.100 |
33.600 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
52.600 |
105.900 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
52.600 |
105.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
9.05 |
8.34 |
6.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.49 |
16.64 |
13.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.62 |
11.34 |
8.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.25 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74 |
0.90 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.39 |
1.31 |
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 |
69.503 |
69.503 |
69.503 |
|
Reserves & Surplus |
846.464 |
992.757 |
1161.188 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
915.967 |
1062.260 |
1230.691 |
|
|
|
|
|
|
long-term borrowings |
76.799 |
281.337 |
193.647 |
|
Short term borrowings |
524.990 |
678.604 |
719.633 |
|
Total
borrowings |
601.789 |
959.941 |
913.280 |
|
Debt/Equity
ratio |
0.657 |
0.904 |
0.742 |
%2014-May-2015_files/image022.gif)
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 |
1,820.572 |
2,335.398 |
2,460.590 |
|
|
|
28.278 |
5.361 |
%2014-May-2015_files/image024.gif)
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
|
1,820.572 |
2,335.398 |
2,460.590 |
|
Profit |
109.252 |
194.762 |
222.652 |
|
|
6.00% |
8.34% |
9.05% |
%2014-May-2015_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Million
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
107.290 |
70.387 |
26.829 |
|
Total |
107.290 |
70.387 |
26.829 |
|
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 |
INTRODUCTION
Subject believes in
fair business and corporate practices while dealing with the shareholders,
employees, customers, creditors, lenders and others. The Company always aims to
build trust with shareholders, employees, customers, suppliers and diverse
stakeholders and to meet the expectation of various elements of corporate
environment. The Company also believes in transparent and fair corporate
actions with adequate disclosure and total accountability.
Subject has been
discharging its statutory obligations and duties and has always complied with
the statutory and regulatory requirements. Given below are the company’s
corporate governance policies and practices in accordance with the provisions
of Clause 49 of the Listing Agreement.
OPERATIONS
During the year
the sales of the Company were Rs.2460.591 Million as against Rs.2335.398
Million in 2012-13 registering an annual growth of 5.36%. The FOB value of
exports Rs.1484.714 Million compared to Rs.1492.228 Million
MANAGEMENT
DISCUSSION & ANALYSIS
This section of
the Directors' Report has been included in adherence to the spirit enunciated
in the Code of Corporate Governance approved by the Securities and Exchange
Board of India. Shareholders are cautioned that certain data and information
external to the Company is included in this section.
Though these data
and information are based on sources believed to be reliable, no representation
is made on their accuracy or comprehensiveness. Further, though utmost care has
been taken to ensure that the opinions expressed by the management herein
contain their perceptions on most of the important trends having a material
impact on the Company's operations, no representation is made that the
following presents an exhaustive coverage on and of all issues related to the
same. The opinions expressed by the management may contain certain forward
looking statements in the current scenario, which is extremely dynamic and
increasingly fraught with risk and uncertainties.
Actual results,
performances, achievements or sequence of events may be materially different
from the views expressed herein.
Shareholders are
hence cautioned not to place undue reliance on these statements, and are
advised to conduct their own investigation and analysis of the information
contained or referred to in this section before taking any action with regard
to their own specific objectives. Further, the discussion following herein
reflects the perceptions on major issues as on date and the opinions expressed
here are subject to change without notice. The company undertakes no obligation
to publicly update or revise any of the opinions or forward-looking statements
expressed in this section, consequent to new information, future events, or
otherwise.
BUSINESS OVERVIEW:
Subject is a leading
exporter of Regular as well as High Tenacity Polyester and Nylon Yarns. It
started operations 20 years ago as a commodity manufacturer of Man Made Fiber
but transformed into a high value added yarn maker in the past decade. It has
an installed capacity of 11,900 tons per annum for manufacturing yarns in
Silvassa and 3200 tons per annum for a Dyeing unit at Vapi. In December 2013,
SPFL launched its yarns in the US market through its 100% subsidiary Sarlaflex
Inc., by setting up a 30 tons per day POY plant in Walterboro, South Carolina
in the US. The company's emphasis has been to focus on niche end user
applications, higher value added yarns to leading global apparel brands and
companies. The company exports to over 50 countries. SPFL also owns 7.25 MW of
wind turbines in Gujarat and Maharashtra. Our plant load factor for the fiscal
year 2014 ranged between 23% and 25%.
OUTLOOK:
The prospects for
outsourcing of polyester/nylon yarns remain healthy. This is because of
1) Increased
capacity in India and US locations and
2) Stable INR vs
USD.
While we remain
optimistic about future growth, the revenue increase of 5.36% and earnings
increase of 22% in FY14 were exceptional. We expect margin to remain flat at
consolidated level in FY15, due to increase in operating expenditure, interest
cost and depreciation on account of the new facility at US. The full reflection
of the US plant will be felt in FY15 and FY16.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2014
(Rs. In Million)
|
Particulars |
Quarter
Ended |
Quarter
Ended |
Half Year Ended |
|
|
(
Unaudited) |
(
Unaudited) |
(
Unaudited) |
|
|
30.06.2014 |
30.09.2014 |
30.09.2014 |
|
1. Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
698.034 |
700.152 |
1398.186 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total income from Operations(net) |
698.034 |
700.152 |
1398.186 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
313.456 |
329.029 |
642.485 |
|
b) Purchases of stock in trade |
94.636 |
99.160 |
193.796 |
|
c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(11.825) |
(5.047) |
(16.872) |
|
d) Employees benefit expenses |
15.443 |
17.739 |
33.182 |
|
e) Depreciation and amortization expenses |
25.719 |
25.122 |
50.841 |
|
f) Other expenditure |
163.874 |
158.805 |
322.679 |
|
Total expenses |
601.303 |
624.808 |
1226.111 |
|
3. Profit from operations before other income and financial costs |
96.731 |
75.344 |
172.075 |
|
4. Other income |
49.780 |
9.486 |
59.266 |
|
5. Profit from ordinary activities before finance costs |
146.511 |
84.830 |
231.341 |
|
6. Finance costs |
7.026 |
6.165 |
13.191 |
|
7. Net profit/(loss) from ordinary activities after finance costs but
before exceptional items |
139.485 |
78.665 |
218.150 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax Expense: |
139.485 |
78.665 |
218.150 |
|
10.Tax expenses |
33.580 |
26.100 |
59.680 |
|
11.Net Profit / (Loss) from ordinary activities after tax (9-10) |
105.905 |
52.565 |
158.470 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
105.905 |
52.565 |
158.470 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
|
|
|
|
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 |
15.24 |
7.56 |
22.80 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
15.24 |
7.56 |
22.80 |
|
Particulars |
Quarter Ended |
Quarter Ended |
Half Year Ended |
|
|
( Unaudited) |
( Unaudited) |
( Unaudited) |
|
|
30.06.2014 |
30.09.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
2,332,559 |
2,321,868 |
2,321,868 |
|
- Percentage of shareholding |
33.56% |
33.41% |
33.56% |
|
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 |
4 ,617,741 |
4,628,432 |
4,617,741 |
|
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) |
66.44% |
66.59% |
66.44% |
Notes:
- The financial results were reviewed by the Audit Committee and approved by the Board of Directors of the company in their meeting held on 05th November, 2014
- The Statutory Auditors have carried out a limited review of the results for the quarter ended 30th September, 2014, as required by Clause 41 of the listing agreement
- Details of investor complaints - Opening Nil, Received during the quarter - 2, Resolved - 2 and Closing balance - Nil.
- The consolidated financial results represents those of Sarla Performance Fibers Limited and its wholly owned subsidiaries, namely Sarlaflex, Inc USA (Unaudited) and Sarla Overseas Holdings Limited, BVI (SOHL) (Unaudited). The company SOHL has commercial disputes with its JV partners in Savitex S.A. De C.V. & MRK S.A. De C.V., resulting into the matter being referred to the appropriate judicial authority in Honduras. The matter being subjudice, the financial performance of both the JV's are not taken in to consideration while preparing the Consolidated Financial Results for the quarter ended 30.09.2014 & 30.09.2013 & Financial results of Sarla Tekstil, Turkey have also not been considered as same has not been received. Therefore the figures of current period are not comparable with previous period. All these accounts are considered herein in Indian Currencies.
- The useful life of the fixed assets has to be determined in accordance with the Schedule II of the Companies Act 2013, effective from April 1, 2014. However the company has provided the depreciation as per the Schedule XIV of the Companies Act 1956 & impact in depreciation due to change in useful life could not be quantified and will be done at the year end.
- Previous periods figures have been regrouped / reclassified wherever necessary to conform with the current period's presentation.
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2014
(Rs. In Million) ‘
|
Particulars |
Quarter
Ended |
Quarter
Ended |
Half
Year Ended |
|
|
(
Unaudited) |
(
Unaudited) |
(
Unaudited) |
|
|
30.06.2014 |
30.09.2014 |
30.09.2014 |
|
1.
Segment Revenues (Net) |
|
|
|
|
(a). Yarn |
679.426 |
685.089 |
1364.515 |
|
- Within India |
312.769 |
326.857 |
639.626 |
|
- Outside India |
366.657 |
358.232 |
724.889 |
|
|
|
|
|
|
(b). Wind Power |
18.608 |
15.063 |
33.671 |
|
Net Sales/Income From Operations |
698.034 |
700.152 |
1398.186 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
(a). Yarn |
136.574 |
77.724 |
214.298 |
|
(b) Wind Power |
9.937 |
7.106 |
17.043 |
|
Less : Finance cost
(Unallocable) |
7.026 |
6.165 |
13.191 |
|
Total Profit Before Tax |
139.485 |
78.665 |
218.150 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(a). Yarn |
1274.819 |
1164.932 |
1274.819 |
|
(b). Wind Power |
114.342 |
118.324 |
114.342 |
|
Total |
1389.161 |
1283.256 |
1389.161 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
|
|
(b) Reserves & Surplus |
|
|
69.503 |
|
(c) Money
received against share warrants |
|
|
1,319.658 |
|
|
|
|
0.000 |
|
(2) Share Application money pending
allotment |
|
|
|
|
Total Shareholders’
Funds (1) + (2) |
|
|
0.000 |
|
|
|
|
1,389.161 |
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
|
|
(b) Deferred tax liabilities (Net) |
|
|
137.486 |
|
(c) Other long term
liabilities |
|
|
146.387 |
|
(d) long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
0.000 |
|
|
|
|
283.873 |
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
|
|
(b) Trade
payables |
|
|
830.813 |
|
(c) Other
current liabilities |
|
|
74.259 |
|
(d) Short-term
provisions |
|
|
295.999 |
|
Total Current
Liabilities (4) |
|
|
13.049 |
|
|
|
|
1,214.120 |
|
TOTAL |
|
|
|
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
|
|
996.479 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
77.972 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
263.471 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
1,337.922 |
|
|
|
|
|
|
(2) Foreign Currency Monetary Item Translation Difference
Account |
|
|
28.207 |
|
|
|
|
|
|
(3)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
467.849 |
|
(c) Trade
receivables |
|
|
607.991 |
|
(d) Cash
and cash equivalents |
|
|
330.782 |
|
(e)
Short-term loans and advances |
|
|
86.205 |
|
(f) Other
current assets |
|
|
28.198 |
|
Total
Current Assets |
|
|
1,549.232 |
|
|
|
|
|
|
TOTAL |
|
|
2,887.154 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10491025 |
28/02/2014 |
484,000,000.00 |
Sbicap Trustee Company Limited |
202 Maker Tower 'E', Cuff Parade, Mumbai, Mumbai, Maharashtra - 400005, India |
C03568193 |
|
2 |
10367968 |
20/06/2012 |
110,000,000.00 |
Standard Chartered Bank |
Narain Manzil, 23, Barakhamba Road,, New Delhi, Delhi - 110001, India |
B44667467 |
|
3 |
10360604 |
11/05/2012 |
159,000,000.00 |
DBS Bank Limited |
221, Fort House, 3rd Floor, D.N.Road, Fort, Mumbai, Maharashtra - 400001, India |
B41619735 |
|
4 |
10343079 |
28/02/2014 * |
1,625,000,000.00 |
SSSBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade,, Colaba,, Mumbai, Maharashtra - 400005, India |
B97786602 |
|
5 |
10281541 |
08/12/2011 * |
90,120,600.00 |
Standard Chartered Bank |
Narain Manzil, 23,, Barakhamba Road, Delhi, Delhi- 110001, India |
B28927267 |
|
6 |
10204046 |
10/02/2010 |
35,000,000.00 |
Andhra Bank |
9/15, M. P. Marg, Queens Road,, Opera House,, Mumbai, Maharashtra - 400004, India |
A79711149 |
|
7 |
90099548 |
16/06/2009 * |
651,100,000.00 |
Andhra Bank |
9/15, M.P. Marg, Queens Road,, Opera House,, Mumbai, Maharashtra - 400004, India |
A65168809 |
*Date of modification Charges
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 records 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.64.19 |
|
UK Pound |
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
65 |
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 |
|
S |
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.