MIRA INFORM REPORT
|
Report No. : |
348224 |
|
Report Date : |
04.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
NAGREEKA EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
18, R.N. Mukherjee Road, 6th Floor, Kolkata – 700001, West
Bengal |
|
Tel No.: |
91-33-22108828 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
06.03.1989 |
|
|
|
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Com. Reg. No.: |
21-046387 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.62.550 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18101WB1989PLC046387 |
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|
|
|
TIN No.: |
Not Available |
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|
IEC No.: |
0289003598 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALN02503E |
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|
|
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PAN No.: [Permanent Account No.] |
AAACN9999A |
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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
: |
Subject is engaged in manufacturing, exporting and suppling of textile
products such as Cotton Fiber, Yarns, Dyed Yarns, Knit fabrics, woven fabrics
and garments. |
|
|
|
|
No. of Employees
: |
868 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit: |
USD 2823000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a part of Nagreeka group. It is involved in manufacturing and trading of textile products such as cotton yarn, knitted fabric, and dyed and bleached cotton yarn. Subject is an established company having satisfactory track record. For the financial year ended 2015, company has registered a sales turnover of Rs. 4725.266 million with profit of Rs. 50.503 million as compared to previous turnover (2014) of Rs. 6302.847 million along with a profit of Rs. 48.641 million. Rating takes into account of extensive industry experience of the promoters supported by geographically diverse customer base along with sound business profile of the company. Rating also takes into account of company's sound financial risk profile and above average debt protection metrics of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
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 = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
15.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
15.10.2014 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. K. N. Bansal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-33-22484922 |
LOCATIONS
|
Registered Office : |
18, R.N. Mukherjee Road, 6th Floor, Kolkata – 700001, West
Bengal, India |
|
Tel. No.: |
91-33-22108828 / 22484922 / 4943 |
|
Fax No.: |
91-33-22481693 |
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E-Mail : |
vinodnagreeka.com |
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Website : |
|
|
Location : |
Owned |
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Locality : |
Commercial |
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Corporate Office 1 : |
7, Kala Bhavan 3, Mathew Road, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23670365 / 61447500 |
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Fax No.: |
91-22-23612579 / 23630475 |
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E-Mail : |
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Corporate Office 2 : |
21-22, Kala Bhavan, 3, |
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Tel. No.: |
91-22-23625977 / 61447500 / 23618873 |
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Factory 1 : |
Laxmi Tekdi, ssVillage Yavluji, Taluka Panhala, District – Kolhapur, Maharashtra,
India |
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Factory 2 : |
Plot No. T- 48, MIDC, Kagal - Hatkanangale, Five Star Industrial Area,
Village : Talandage, Taluka : Hatkanangale, District : Kolhapur, Maharashtra,
India |
|
|
|
|
Factory 3: |
C-26, Panaki Industrial Estate Site - 1, Kanpur - 208022, Uttar Pradesh, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Sushil Patwari |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
20.08.1954 |
|
Qualification : |
B. Com (H) |
|
Date of Appointment : |
06.03.1989 |
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|
|
|
Name : |
Mr. Sunil Patwani |
|
Designation : |
Vice Chairman and Managing Director |
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|
|
|
Name : |
Mr. Kailash Chandra Purohit |
|
Designation : |
Whole – time Director |
|
Date of Birth/Age : |
18.06.1932 |
|
Qualification : |
B. Tech |
|
Date of Appointment : |
30.06.2001 |
|
|
|
|
Name : |
Mr. Mohan Kishen Ogra |
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Designation : |
Director |
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Date of Birth/Age : |
15.09.1930 |
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Qualification : |
Graduate (Maths and Stastic) |
|
Date of Appointment : |
30.06.2001 |
|
|
|
|
Name : |
Mr. Bibhuti Charan Talukdar |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Mahendra Patwari |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
15.03.1963 |
|
Qualification : |
B. E. from IIT |
|
Date of Appointment : |
01.07.2004 |
|
|
|
|
Name : |
Mr. Rajendra Mahavirprasad Ruia |
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Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahabir Prasad Periwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.08.1944 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
07.08.2008 |
|
|
|
|
Name : |
Ms. Surabhi Sanganeria |
|
Designation : |
Additional Director |
|
Address: |
2 A, sRajhans, 6 Hastings Park Road, Kolkata - 700027, West Bengal, India |
|
Date of Appointment
: |
13.11.2014 |
|
DIN No.: |
06987772 |
KEY EXECUTIVES
|
Name : |
Mr. K. N. Bansal |
|
Designation : |
Chief Finance Officer |
|
Address |
3C, Ganapati Apartment, 51A, B.T. Road, Kolkata - 700050, West Bengal, India |
|
Date of
Appointment: |
29.05.2014 |
|
PAN No.: |
AEDPB5188B |
|
|
|
|
Name : |
Mr. Jitendra Tiwari |
|
Designation : |
Secretary |
|
Address |
188/48, Lake Gardens, Kolkata - 700045, West Bengal, India |
|
Date of Appointment: |
01/.09.1995 |
|
PAN No.: |
ABRPT2839G |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4472300 |
35.78 |
|
|
2105186 |
16.84 |
|
|
6577486 |
52.62 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6577486 |
52.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3300 |
0.03 |
|
|
300 |
0.00 |
|
|
300 |
0.00 |
|
|
500 |
0.00 |
|
|
4400 |
0.04 |
|
|
|
|
|
|
2250239 |
18.00 |
|
|
|
|
|
|
2447209 |
19.58 |
|
|
1014703 |
8.12 |
|
|
205663 |
1.65 |
|
|
859 |
0.01 |
|
|
204804 |
1.64 |
|
|
5917814 |
47.34 |
|
Total Public shareholding (B) |
5922214 |
47.38 |
|
Total (A)+(B) |
12499700 |
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) |
12499700 |
0.00 |
s
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing, exporting and suppling of textile
products such as Cotton Fiber, Yarns, Dyed Yarns, Knit fabrics, woven fabrics
and garments. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
Not Available |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
868 (Approximately) |
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Bankers : |
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Facilities : |
NOTES Long Term
Borrowing Maturity Profile Term Loans from Bank i) Rupee Term loan from Canara Bank - Kolkata, Oriental Bank of Commerce – Kolkata and State Bank of Patiala – Mumbai is secured by (a) an equitable mortgage ranking pari passu inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its spinning unit premises at Village : Yavluj, District : Kolhapur, Maharashtra, India and (b) by way of hypothecation ranking pari passu inter-se of all movable properties of the company both present and future including movable machineries, spares, tools and accessories (save and except book debts) subject to prior charges created or to be created in favour of the Company's Bankers, on its stock of Raw Materials, finished goods, consumable stores, book debts and such other movables as may be specifically permitted by the institutions in writing, to secure borrowings for working capital requirements and (c) Personal guarantee of some of the Directors of the Company. ii) Working Capital Term Loan from Canara Bank, Overseas Branch, Kolkata is secured by way of : (a) hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharashtra, India and stock-in-trade at trading unit Kolkata, (b) Second charge on immovable properties of the company relating to above mentioned spinning unit, and (c) Personal guarantee of some of the Directors of the Company. iii) For the above loan a securitisation agreement entered in between the Company, AXIS Bank Limited and the above lenders. iv) Rupee Term loan from Canara Bank - Kolkata is secured by (a) an equitable mortgage ranking exclusive charges inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its Dying and Bleaching unit premises at Village : Kagal, District : Kolhapur, Maharashtra (b) all the existing securities for other regular limits will be available as co-lateral security on pari passu basis Short Term
Borrowing (i) Working Capital Loan from Canara Bank, Overseas Branch, Kolkata and Mumbai , Oriental Bank of Commerce, Overseas Branch, Kolkata, Allahabad Bank, Industrial Finance Branch, Kolkata and State Bank of Patiala - Commercial Branch, Mumbai are secured by way of : (a)First charge by way of hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharashtra, Dying and Bleaching unit premises at Village : Kagal, District : Kolhapur, Maharashtra and stock-in-trade at trading unit Kolkata & Mumbai, both present and future in a form and manner satisfactory to the bank, ranking paripasu with each other participating working capital banks. (b) Second charge on all the fixed assets of the company, both present and future ranking paripassu with each other participating working capital banks. (c) Personal guarantee of some of the Directors of the
Company. |
|
Auditors : |
|
|
Name : |
Das and Prasad Chartered Accountants |
|
Address : |
4, |
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|
|
|
Memberships : |
-- |
|
|
|
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Collaborators : |
-- |
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|
|
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Other Related
Parties: |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.5/- each |
Rs.150.000 Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12510000 |
Equity Shares |
Rs.5/- each |
Rs.62.550 Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12499700 |
Equity Shares |
Rs.5/- each |
Rs.62.498 Million |
|
|
Add : 10300 Equity Forfeited Shares |
|
Rs.0.052 Million |
|
|
Total |
|
Rs.62.550 Million |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
|
|
|
|
Shares Outstanding at April 1, 2014 |
12499700 |
62.498 |
|
Shares Outstanding at March 31, 2015 |
12499700 |
62.498 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mala Patwari |
891700 |
7.13% |
|
Sunil Patwari |
712000 |
5.70% |
|
Nagreeka Synthetics Private Limited |
940270 |
7.52% |
|
Agarwal Galvanising Private Limited |
815423 |
6.52% |
The Company has one class of equity share having a par value of Rs.5 per
share. Each shareholder is eligible for one vote per share held.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
62.550 |
62.550 |
62.550 |
|
(b) Reserves & Surplus |
925.486 |
876.328 |
834.999 |
|
(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) |
988.036 |
938.878 |
897.549 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
653.691 |
802.441 |
867.708 |
|
(b) Deferred tax liabilities
(Net) |
179.260 |
184.485 |
160.950 |
|
(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) |
832.951 |
986.926 |
1028.658 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1227.376 |
1405.292 |
1131.966 |
|
(b) Trade payables |
237.582 |
226.055 |
224.460 |
|
(c) Other current liabilities |
111.870 |
186.451 |
114.822 |
|
(d) Short-term provisions |
13.885 |
36.383 |
26.155 |
|
Total
Current Liabilities (4) |
1590.713 |
1854.181 |
1497.403 |
|
|
|
|
|
|
TOTAL |
3411.700 |
3779.985 |
3423.610 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1292.367 |
1325.152 |
1362.275 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
21.953 |
16.452 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
142.434 |
142.434 |
142.434 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
40.983 |
32.828 |
38.580 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1497.737 |
1516.866 |
1543.289 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
713.918 |
939.341 |
826.455 |
|
(c) Trade receivables |
226.438 |
285.882 |
133.511 |
|
(d) Cash and cash equivalents |
14.824 |
19.191 |
23.354 |
|
(e) Short-term loans and
advances |
958.783 |
1018.705 |
897.001 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1913.963 |
2263.119 |
1880.321 |
|
|
|
|
|
|
TOTAL |
3411.700 |
3779.985 |
3423.610 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4725.266 |
6302.847 |
6418.391 |
|
|
|
Other Income |
58.689 |
46.425 |
30.275 |
|
|
|
TOTAL (A) |
4783.955 |
6349.272 |
6448.666 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1326.736 |
1512.509 |
1324.123 |
|
|
|
Purchases of Stock-in-Trade |
2195.939 |
3676.226 |
3828.515 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
80.865 |
(59.305) |
124.003 |
|
|
|
Employees benefits expense |
178.956 |
162.396 |
125.660 |
|
|
|
Other expenses |
684.323 |
658.793 |
699.294 |
|
|
|
TOTAL (B) |
4466.819 |
5950.619 |
6101.595 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) |
317.136 |
398.653 |
347.071 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
211.277 |
198.555 |
212.133 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) |
105.859 |
200.098 |
134.938 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.685 |
99.284 |
70.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
45.174 |
100.814 |
64.409 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(5.329) |
52.173 |
20.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
50.503 |
48.641 |
44.187 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
179.863 |
138.533 |
101.656 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
6.249 |
6.249 |
|
|
|
Income tax on Dividend |
0.000 |
1.062 |
1.062 |
|
|
BALANCE CARRIED
TO THE B/S |
230.364 |
179.863 |
138.533 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
3400.452 |
4806.197 |
3018.436 |
|
|
TOTAL EARNINGS |
3400.452 |
4806.197 |
3018.436 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
4.04 |
3.89 |
3.54 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
(103.545) |
118.301 |
|
Net Cash Flow from / (used in) Operating Activities |
NA |
(122.976) |
106.665 |
QUARTERLY
RESULTS
|
Particulars |
|
|
30.06.2015 (Unaudited) |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
1195.900 |
|
Total Expenditure |
|
|
1131.030 |
|
PBIDT (Excl OI) |
|
|
64.870 |
|
Other Income |
|
|
11.790 |
|
Operating Profit |
|
|
76.660 |
|
Interest |
|
|
48.880 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
27.780 |
|
Depreciation |
|
|
15.120 |
|
Profit Before Tax |
|
|
12.660 |
|
Tax |
|
|
NA |
|
Provisions and
contingencies |
|
|
NA |
|
Profit After Tax |
|
|
12.660 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
12.660 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.07 |
0.77 |
0.69 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.71 |
6.32 |
5.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.39 |
2.78 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.11 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.90 |
2.35 |
2.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.22 |
1.26 |
STOCK
PRICES
|
Face Value |
Rs.5/- |
|
Market Value |
Rs.26.55/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
62.550 |
62.550 |
62.550 |
|
Reserves & Surplus |
834.999 |
876.328 |
925.486 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
897.549 |
938.878 |
988.036 |
|
|
|
|
|
|
long-term borrowings |
867.708 |
802.441 |
653.691 |
|
Short term borrowings |
1131.966 |
1405.292 |
1227.376 |
|
Total
borrowings |
1999.674 |
2207.733 |
1881.067 |
|
Debt/Equity
ratio |
2.228 |
2.351 |
1.904 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6418.391 |
6302.847 |
4725.266 |
|
|
|
(1.800) |
(25.030) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6418.391 |
6302.847 |
4725.266 |
|
Profit |
44.187 |
48.641 |
50.503 |
|
|
0.69% |
0.77% |
1.07% |
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) |
Yes |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
HIGH COURT OF CALCUTTA - ORIGINAL SIDE
|
PERFORMANCE REVIEW
The Indian Textile Industry performed reasonably well during the fiscal year 2013-14 and was expected to continue the trend in the F.Y. 2014-15 also. However the Industry could not perform as expected due to numerous reasons. The major causes were export of cotton yarn to china dropped nearly 23% due to signifcant changes in Chinese Procurement policies. There was a sharp reduction in raw material prices in line with reduction in commodity prices globally. This created expectation of lower prices in the entire chain leading to reduced prices and volumes. Consequently, yarn prices also fell significantly leading to lower sales turnover. Your Company being an Export Oriented spinning mill has to carry several months requirement of raw cotton for maintaining quality, thus incurring substantial value losses on such inventories impacting profitability of the company. Cost of Power, Salaries and Wages continued to rise during the year, the interest rates remained high thereby putting extreme pressure on margins.
During the financial year under review the company's total revenues sharply came down to Rs.4725.266 Million against Rs. 6302.847 Million in the previous year due to substantial reduction in exports of outsourced yarns for reasons mentioned above. The profit before tax is Rs. 45.174 Million against Rs. 100.814 Million in the previous year, a decrease of 55.19%.
The Company's yarn dyeing and fibre bleaching facility at kagal has found good market acceptance for its products and capacity utilisation is growing.
The Company is further proposing a garment unit, for supplying of readymade garments, at D-6, Roma Industrial Estate, Kanpur - 208001, Uttar Pradesh.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OUTLOOK
The outlook of the global economic particularly US and Europe is now positive. There are signs of improvement in these economies. The emerging economies of Asia are also expected to fare better in the future.
The recent general election in India has given us a new Government enjoying a clear mandate. There is hope and expectation of strong policy initiatives and significantly better governance. There is optimism in the air.
The new Government still has to tackle challenges presented by stubborn current account deficit, fiscal deficit, growing import bills on account of essentials, such as crude oil, edible oils etc.
There is need to boost growth in manufacturing.
Textiles being one of the major industries with the
contribution of 14% to the industrial production, 4% to the GDP and 11% to
exports, we expect it to receive favourable attention of the new Government.
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10361339 |
07/06/2012 * |
584,400,000.00 |
CANARA BANK |
OVERSEAS BRANCH,
2/1 RUSSEL STREET, KOLKATA- 700071, WEST |
B42471334 |
|
2 |
10291360 |
14/05/2011 |
658,300,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, ATLANTA, FIRST FLOOR, NARIMAN POINT, MUMBAI- 400021, MAHARASHTRA, INDIA |
B14696447 |
|
3 |
10280260 |
26/03/2011 |
200,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, R. N. MUKHERJEE RO |
B10532141 |
|
4 |
10224705 |
14/05/2010 |
400,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, R. N. MUKHERJEE RO |
A87611406 |
|
5 |
10167712 |
30/06/2009 |
75,000,000.00 |
CANARA BANK |
OVERSEAS BRANCH,
2/1, RUSSEL STREET, KOLKATA- 700071, WES |
A66193087 |
|
6 |
10123576 |
19/10/2006 |
1,319,840,000.00 |
UTI BANK LIMITED |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
A05693890 |
|
7 |
10077469 |
15/05/2012 * |
3,284,500,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, BOMBAY
DYEING MILLS COMPOUND,, PANDUR |
B39648290 |
|
8 |
80014430 |
12/02/2015 * |
275,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, (LORD'S BUILDING), 7/1, LORD SINHA ROAD (GROUND FLOOR), KOLKATA- 700071, WEST BENGAL, INDIA |
C45716115 |
|
9 |
90254762 |
06/10/2005 |
150,000,000.00 |
STATE BANK OF PATIALA |
1ST FLOOR ; NARIMAN
POINT, MUMBAI- 4 |
- |
|
10 |
90254736 |
29/06/2009 * |
244,600,000.00 |
CANARA BANK |
OVERSEAS BRANCH,
2/1, RUSSEL STREET, KOLKATA- 700071, WES |
A66193012 |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30TH
JUNE, 2015
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
|
|
30.06.2015 |
|
|
|
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
1195.900 |
|
b) Other operating income |
0.000 |
|
Total
income from Operations(net) |
1195.900 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
155.667 |
|
b) Purchases of stock in trade |
297.918 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
469.979 |
|
d) Employees benefit expenses |
38.768 |
|
e) Depreciation and amortization expenses |
15.124 |
|
f) Other expenditure |
168.696 |
|
Total expenses |
1146.153 |
|
3. Profit from operations before other income and
financial costs |
49.748 |
|
4. Other income |
11.786 |
|
5. Profit from ordinary activities before finance costs |
61.534 |
|
6. Finance costs |
48.878 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
12.656 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
12.656 |
|
10.Tax expenses |
0.00 |
|
11.Net Profit / (Loss) from ordinary activities after
tax (9-10) |
12.656 |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
12.656 |
|
14.Paid-up equity share capital (Nominal
value Rs.5/- each) |
925.486 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
|
16.i) Earnings per share
(before extraordinary items) |
|
|
(a) Basic |
1.01 |
|
(b) Diluted |
1.01 |
|
Particulars
|
Quarter Ended ( Unaudited) |
|
|
30.06.2015 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
5922214 |
|
- Percentage of shareholding |
47.38 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
6577486 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
52.62 |
|
Percentage of shares (as a % of total share capital of the
company) |
100 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Receiving during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unreserved at the end of the quarter |
NIL |
NOTE:
- The above financial results have been reviewed by Audit Committee at its meeting held on August 12, 2015 and approved by the Board of Directors at its meeting held on the same day.
- The Statutory Auditors of the Company have carried out the Limited review of the above financial results.
- Provision for Income Tax for the quarter under review was not mode in view of MAT credit available for adjustment to final tax liability and deffered tax provision will be made at year end.
- The Company has only one business segment i.e. Textiles and thus no further disclosure are required in accordance with accounting standard 17 on Segment reporting
- Previous period's figures have been rearranged/regrouped wherever necessary
FIXED
ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.48 |
|
UK Pound |
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.72.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
43 |
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.