MIRA INFORM REPORT
|
Report No. : |
324033 |
|
Report Date : |
29.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE LAKSHMI MILLS COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Old No. 1100, New No. 686, Avanashi Road, Papanickenpalayam, Coimbatore
– 641037, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.04.1910 |
|
|
|
|
Com. Reg. No.: |
18-000093 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.69.555 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111TZ1910PLC000093 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBT03088B CMBT03037G |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Yarn and Trading in Cloth and Garments. |
|
|
|
|
No. of Employees
: |
2050 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 3800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during FY 2014 however,
networth of the company is satisfactory. General financial position of the
company is normal and acceptable for business dealing. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities=BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
20.10.2014 |
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 : |
Mr. Kanappan |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-422-4333700 |
|
Date : |
26.05.2015 |
LOCATIONS
|
Registered Office : |
Old No. 1100, New No. 686, Avanashi Road, Papanickenpalayam,
Coimbatore – 641037, Tamilnadu, India |
|
Tel. No.: |
91-422-2215461 to 2215465 / 4333700 |
|
Fax No.: |
91-422-2216508 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Lakshmipuram P.O., Kovilpatti, Tamilnadu, India |
|
|
|
|
Factory 2: |
Kuppuswamy Naidupuram, Palladam, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. S. Pathy |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. R. Santharam |
|
Designation : |
Vice Chairman |
|
Date of Birth/Age : |
21.03.1937 |
|
|
|
|
Name : |
Mr. V. Jagannathan |
|
Designation : |
Director |
|
Date of Birth/Age : |
09.03.1932 |
|
|
|
|
Name : |
Mr. D. Rajendran |
|
Designation : |
Director |
|
Date of Birth/Age : |
17.12.1948 |
|
|
|
|
Name : |
Mr. Satish Ajmera |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.10.1944 |
|
|
|
|
Name : |
Mr. V.S. Velayutham |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.06.1948 |
|
|
|
|
Name : |
Mr. Sanjay Jayavarthanavelu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Aditya Krishna Pathy |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. N. Singaravel |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
250676 |
36.04 |
|
|
154588 |
22.23 |
|
|
405264 |
58.27 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
405264 |
58.27 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
40 |
0.01 |
|
|
265 |
0.04 |
|
|
5107 |
0.73 |
|
|
37600 |
5.41 |
|
|
20 |
0.00 |
|
|
20 |
0.00 |
|
|
43032 |
6.19 |
|
|
|
|
|
|
55754 |
8.02 |
|
|
|
|
|
|
150795 |
21.68 |
|
|
28365 |
4.08 |
|
|
12340 |
1.77 |
|
|
382 |
0.05 |
|
|
570 |
0.08 |
|
|
4501 |
0.65 |
|
|
844 |
0.12 |
|
|
6043 |
0.87 |
|
|
247254 |
35.55 |
|
Total Public shareholding (B) |
290286 |
41.73 |
|
Total (A)+(B) |
695550 |
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) |
695550 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Yarn and Trading in Cloth and Garments. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
-- |
|
|
|
|
Terms : |
-- |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
-- |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
-- |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
2050 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Subbachar and Srinivasan Chartered Accountants |
|
|
|
|
Membership : |
-- |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
695550 |
Equity Shares |
Rs.100/- each |
Rs.69.555 Million |
|
|
|
|
|
|
Equity shareholders holding more than 5% Equity shares |
Number of Shares |
% holding |
|
Lakshmi Machine Works Limited |
26916 |
3.87 |
|
Lakshmi Card Clothing Mfg. Co. Private Limited |
41681 |
5.99 |
|
Coimbatore Lakshmi Cotton Press Private Limited |
64880 |
9.33 |
|
Life Insurance Corporation of India |
37600 |
5.41 |
|
S. Pathy |
104559 |
15.03 |
|
Aditya Krishna Pathy |
63095 |
9.07 |
|
Total |
338731 |
|
|
|
|
|
|
Number of Equity Shares at the beginning of the period |
695550 |
|
|
Number of Equity Shares at the end of the period |
695550 |
|
The company has issued only one class of Equity Share having par value of Rs.100/- each. Each holder of Equity share is entitled to one vote per share. The Company declares dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval by the shareholders at the Annual General Meeting.
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 |
69.555 |
69.555 |
69.555 |
|
(b) Reserves & Surplus |
1251.841 |
1170.052 |
1069.319 |
|
(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) |
1321.396 |
1239.607 |
1138.874 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
205.053 |
219.092 |
391.204 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
12.054 |
10.628 |
4.736 |
|
(d) long-term
provisions |
33.260 |
28.714 |
24.085 |
|
Total Non-current
Liabilities (3) |
250.367 |
258.434 |
420.025 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
355.136 |
333.655 |
385.655 |
|
(b) Trade
payables |
245.412 |
182.280 |
98.702 |
|
(c) Other
current liabilities |
204.236 |
251.576 |
244.238 |
|
(d) Short-term
provisions |
28.688 |
11.552 |
1.800 |
|
Total Current
Liabilities (4) |
833.472 |
779.063 |
730.395 |
|
|
|
|
|
|
TOTAL |
2405.235 |
2277.104 |
2289.294 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
446.164 |
405.831 |
641.112 |
|
(ii)
Intangible Assets |
1.299 |
0.552 |
0.919 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
17.089 |
17.422 |
17.755 |
|
(c) Deferred tax assets (net) |
210.885 |
194.754 |
133.874 |
|
(d) Long-term Loan and Advances |
65.186 |
68.182 |
53.157 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
740.623 |
686.741 |
846.817 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1361.077 |
1281.638 |
1166.560 |
|
(c) Trade
receivables |
240.687 |
228.227 |
131.751 |
|
(d) Cash
and cash equivalents |
39.843 |
22.713 |
81.187 |
|
(e)
Short-term loans and advances |
3.727 |
5.711 |
6.089 |
|
(f) Other
current assets |
19.278 |
52.074 |
56.890 |
|
Total
Current Assets |
1664.612 |
1590.363 |
1442.477 |
|
|
|
|
|
|
TOTAL |
2405.235 |
2277.104 |
2289.294 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
2180.057 |
1638.913 |
1494.238 |
|
|
|
Other Income |
41.393 |
75.292 |
85.397 |
|
|
|
TOTAL |
2221.450 |
1714.205 |
1579.635 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Materials Consumed |
1091.629 |
742.100 |
625.999 |
|
|
|
Purchases of Stock-in-Trade |
186.851 |
127.840 |
272.765 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(53.492) |
(78.224) |
134.499 |
|
|
|
Employees benefits expense |
270.080 |
224.071 |
189.439 |
|
|
|
Power and Fuel Charges |
313.967 |
312.255 |
0.000 |
|
|
|
Exceptional Items |
(73.114) |
(11.703) |
0.000 |
|
|
|
Other expenses |
229.035 |
155.450 |
345.085 |
|
|
|
TOTAL |
1964.956 |
1471.789 |
1567.787 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
256.494 |
242.416 |
11.848 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
106.609 |
137.915 |
137.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION
|
149.885 |
104.501 |
(126.007) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
50.876 |
54.568 |
65.335 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
99.009 |
49.933 |
(191.342) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.014 |
(60.566) |
(59.590) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
93.995 |
110.499 |
(131.752 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
34.935 |
(62.798) |
68.954 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
3.000 |
0.000 |
|
|
|
Dividend |
10.433 |
8.347 |
0.000 |
|
|
|
Tax on Dividend |
1.773 |
1.419 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
111.724 |
34.935 |
(62.798) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Cloth |
144.935 |
123.990 |
290.397 |
|
|
|
Yarn |
22.162 |
3.217 |
15.433 |
|
|
TOTAL EARNINGS |
167.097 |
127.207 |
305.830 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.341 |
0.000 |
|
|
|
Components & Spares |
30.618 |
0.497 |
0.000 |
|
|
TOTAL IMPORTS |
30.618 |
0.838 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Before exceptional
items |
30.02 |
142.04 |
(189.42) |
|
|
|
After exceptional
items |
135.14 |
158.87 |
(189.42) |
|
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 |
|
|
|
|
Term loans from Banks |
92.781 |
149.168 |
160.537 |
|
Fixed Deposit - Others |
15.802 |
15.967 |
2.882 |
|
Fixed Deposit - Directors |
0.300 |
0.000 |
0.000 |
|
Interest accrued but not due on borrowings |
0.979 |
1.005 |
1.030 |
|
Interest accrued and due on borrowings |
0.000 |
0.249 |
6.822 |
|
Unpaid dividends - Covered by IEPF |
1.135 |
1.169 |
1.652 |
|
Matured deposits not paid due to disputes among claimants |
0.000 |
1.505 |
1.505 |
|
TOTAL |
110.997 |
169.063 |
174.428 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
QUARTERLY RESULTS
(Rs.
In Million)
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
565.700 |
595.400 |
503.700 |
|
Total Expenditure |
524.600 |
555.300 |
460.900 |
|
PBIDT (Excluding Other
Income) |
41.100 |
40.100 |
42.900 |
|
Other Income |
07.400 |
27.900 |
9.800 |
|
Operating Profit |
48.400 |
68.000 |
52.700 |
|
Interest |
24.400 |
26.400 |
26.800 |
|
Exceptional Items |
0.000 |
(1.100) |
(0.100) |
|
PBDT |
24.100 |
40.600 |
25.700 |
|
Depreciation |
17.000 |
18.000 |
18.200 |
|
Profit Before Tax |
07.000 |
22.600 |
7.600 |
|
Tax |
01.000 |
01.000 |
1.000 |
|
Profit After Tax |
06.000 |
21.600 |
6.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
4.31 |
6.74 |
(8.82) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.77 |
14.79 |
0.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.55 |
2.42 |
(8.95) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.04 |
(0.17) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.51 |
0.58 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00 |
2.04 |
1.97 |
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 |
69.555 |
69.555 |
69.555 |
|
Reserves & Surplus |
1069.319 |
1170.052 |
1251.841 |
|
Net
worth |
1138.874 |
1239.607 |
1321.396 |
|
|
|
|
|
|
long-term borrowings |
391.204 |
219.092 |
205.053 |
|
Short term borrowings |
385.655 |
333.655 |
355.136 |
|
|
174.428 |
169.063 |
110.997 |
|
Total
borrowings |
951.287 |
721.810 |
671.186 |
|
Debt/Equity
ratio |
0.835 |
0.582 |
0.508 |
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 |
1494.238 |
1638.913 |
2180.057 |
|
|
|
9.682 |
33.018 |
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
|
1494.238 |
1638.913 |
2180.057 |
|
Profit |
(131.752) |
110.499 |
93.995 |
|
|
(8.82%) |
6.74% |
4.31% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS
There was a marginal increase of 2736 spindles in Palladam Unit bringing the total number of spindles operated to 0.133 Million.
The operational performance of the Company during the year was satisfactory.
Thanks to the provision of separate electrical feeder lines in both the units during the year. Loss of utilization due to power shortage was overcome and that capacity utilization improved tremendously. The average utilization for the year was over 94%. This improved utilization had resulted in increased value of production of over 29% compared to the previous year.
Subject continued to outsource fabrics both for exports and domestic markets. Export of yarn and fabrics accounted for over Rs.210.000 Million as against Rs.136.400 Million of previous year. The increase was around 50% over previous year’s performance.
Overall, the operational results of the Company improved considerably during the year and thanks for optimum capacity utilization, improved market conditions and increased exports.
DISCUSSIONS ON FINANCIAL PERFORMANCE WITH
RESPECT TO OPERATIONAL PERFORMANCE
The Net Sales during the year was Rs.2180.057 Million and Subject earned a Net Profit of Rs.93.995 Million
CURRENT INDUSTRIAL TREND AND FUTURE
PROSPECTS
Textile industry as a whole saw a better year in 2013-14, thanks to the availability of raw materials both in manmade fibres and cotton.
However due to general sluggishness in the manufacturing sector, much progress could not be made during the year. The Prospects for the textile industry looks promising provided we are able to compete in the highly competitive market.
OUTLOOK
Indian Textile Industry can look forward for robust growth in the years ahead. India is endowed with adequate quantity of raw materials both in cotton and manmade fibres. With a large reservoir of well qualified technicians and managerial personnel, it should be possible to take bigger share in the world market.
Our country reported to have attained No.2 status in the textile trade in the World – next to China. Plenty of opportunities are there to surge forward. One has to take right steps to move forward for further growth and consolidation. Subject will proceed in the right direction in the years ahead.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
Thanks to availability of abundant quantities of Cotton as well as man-made fibres within the country, Indian Textile Industry has got a tremendous future to grow and expand to improve the Indian Economy. Textile Industry provides immense opportunities to provide large scale employment. It has got great potential to earn the much needed foreign exchange in a bigger way.
The Textile Industry therefore needs to draw up a road map to expand its capacities in all segments, targeting to increase its exports in the years ahead. Further domestic segment is also growing in a faster way and to this extent textile industry needs to address this area too.
Indian Textile Industry therefore needs to target to grow faster in all segments in the next few years not only to increase exports but also to cater to the ever growing domestic market.
SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE
Operations of the Company are under one broad segment – textile intermediary products and hence no further analysis is required.
OUTLOOK
Future looks quite bright for all the segments of the textile industry provided a long term approach is made.
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
Fixed Deposits - Directors |
0.000 |
0.300 |
|
Fixed Deposits - Others |
0.000 |
0.055 |
|
|
|
|
|
Total |
0.000 |
0.355 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED 31.12.2014
(Rs. In Million)
|
|
Particulars |
Quarter
ended |
Nine Months ended |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
Unaudited |
||
|
1 |
Income |
|
|
|
|
|
a) Net Sales / Income from
operations |
496.757 |
589.442 |
1644.291 |
|
b) Other Operating Income |
6.971 |
5.953 |
20.495 |
|
|
Total Income from operations (Net) |
503.728 |
595.395 |
1664.786 |
|
|
2 |
Expenses |
|
|
|
|
|
a) Cost of Material Consumed |
244.328 |
291.312 |
807.701 |
|
|
b) Purchase of Stock-in-trade |
12.177 |
85.837 |
119.176 |
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(9.247) |
(40.507) |
(18.080) |
|
|
d) Employee benefits expense |
77.534 |
77.223 |
224.733 |
|
e) Depreciation and Amortization expense |
18.163 |
17.956 |
53.152 |
|
|
|
f) Power & Fuel |
80.467 |
78.763 |
233.203 |
|
|
g) Other Expenses |
55.589 |
62.629 |
173.985 |
|
|
Total Expenses |
479.011 |
573.213 |
1593.870 |
|
3 |
Profit/(Loss) from Operations before Other Income, finance
costs and Exceptional Items |
24.717 |
22.182 |
70.916 |
|
4 |
Other Income |
9.780 |
27.886 |
45.046 |
|
5 |
Profit / Loss from Ordinary activities before finance
costs and Exceptional Items |
34.497 |
50.068 |
115.962 |
|
6 |
Finance Costs |
26.804 |
26.396 |
77.566 |
|
7 |
Profit/(Loss) from ordinary activities after Finance costs
but before Exceptional Items |
7.693 |
23.672 |
38.396 |
|
8 |
Exceptional Items (Net) |
(0.120) |
(1.075) |
(1.195) |
|
9 |
Profit / (Loss) from Ordinary Activities before tax |
7.573 |
22.597 |
37.201 |
|
10 |
Tax expense |
1.000 |
1.000 |
3.000 |
|
11 |
Net Profit/(Loss) from Ordinary Activities after tax |
6.573 |
21.597 |
34.201 |
|
12 |
Extraordinary Items (Net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit/(Loss) for the period |
6.573 |
21.597 |
34.201 |
|
14 |
Paid up Equity Share Capital |
69.555 |
69.555 |
69.555 |
|
15 |
Reserves Excluding Revaluation Reserves as per Balance
sheet of previous accounting year |
|
|
|
|
16 |
Earnings per Share(before extraordinary items) (of Rs.100
each) |
|
|
|
|
a) Basic |
9.45 |
31.05 |
49.17 |
|
|
|
b) Diluted |
9.45 |
31.05 |
49.17 |
|
17 |
Earnings per Share (after extraordinary items) (of Rs.100
each) |
|
|
|
|
a) Basic |
9.45 |
31.05 |
49.17 |
|
|
|
b) Diluted |
9.45 |
31.05 |
49.17 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHARE HOLDING |
|
|
|
|
1 |
Public Share Holding |
|
|
|
|
|
- Number of Shares |
291825 |
293626 |
291825 |
|
|
- Percentage of Shareholding |
41.96% |
42.21% |
41.96% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
- |
- |
- |
|
|
- Percentage of Shares ( as a % of total shareholding of
promoter and promoter group) |
- |
- |
- |
|
|
- Percentage of Shares ( as a % of total share capital of
the Company) |
- |
- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
403725 |
401924 |
403725 |
|
|
- Percentage of Shares ( as a % of total shareholding of
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares ( as a
% of total share capital of the Company) |
58.04% |
57.79% |
58.04% |
NOTES:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 11th February 2015. Statutory Auditors have carried out a limited review of the above results.
2. As per the requirements of the provisions of Schedule II of the Companies Act, 2013, the management has adopted the useful lives as per Part C of said Schedule II, with effect from 1st April 2014 for all its fixed assets. As a result of this, depreciation for the quarter and Nine months ended 31st December 2014 is higher by Rs. 45.98 lakhs and Rs.124.47 lakhs respectively. In accordance with the transitional provisions of the said Schedule II, a sum of Rs.34.56 lakhs [net of deferred tax of Rs.16.60 lakhs] is recognised in the opening retained earnings i.e. surplus in statement of profit and loss, pertaining to assets whose balance useful life as on 1st April 2014 is NIL.
3. Exceptional item for the quarter / nine months ended 31st December 2014 represents payments under Voluntary Retirement 5cheme opted by employees.
4. The operations of Company are under single broad segment "Textile Intermediary Products" which constitute one single primary segment.
5. Figures for the previous quarters/year have been regrouped/rearranged wherever necessary to correspond with current year figures.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10532926 |
29/10/2014 |
4,575,000.00 |
Canara Bank |
Mid Corporate Branch, 16 & 18 Arokiaswamy Road East, Rs Puram, Coimbatore, Tamil Nadu - 641002, India |
C34658815 |
|
2 |
10459561 |
03/07/2014 * |
95,000,000.00 |
Indian Overseas Bank |
Park Square Branch, 1027 Avinashi Road,, Near Voc Ground, Uppilipalayam, Coimbatore, Tamil Nadu - 641018, India |
C13257886 |
|
3 |
10010779 |
06/08/2014 * |
421,300,000.00 |
Central Bank of India |
14/15, Variety Hall Road, Coimbatore, Tamil Nadu - 641001, India |
C36958718 |
|
4 |
10004341 |
13/10/2014 * |
802,000,000.00 |
Canara Bank |
Mid
Corporate Branch, 16 & 18 Arokiaswamy Road Ea |
C32852501 |
|
5 |
90008394 |
15/06/1996 * |
90,000,000.00 |
Central Bank of India |
Chander Kumhi Nariman, Point, Mumbai, Tamil Nadu - 400021, India |
- |
|
6 |
90008278 |
30/12/1996 * |
90,000,000.00 |
Central Bank of India |
Chandermukhi Nariman Point, Mumbai, Tamil Nadu - 400021, India |
- |
|
7 |
90008060 |
04/12/1992 * |
72,160,000.00 |
Central Bank of India |
Chander Mukhi Nariman Point, Mumbai, Tamil Nadu - 400021, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Electrical Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computer Equipments
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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.63.90 |
|
UK Pound |
1 |
Rs.98.16 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
REK |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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.