MIRA INFORM REPORT
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Report No. : |
349167 |
|
Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MANDHANA INDUSTRIES LIMITED |
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|
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Registered
Office : |
Plot No. C-3, MIDC, Tarapur Industrial Area, Boisar - 401506, |
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Tel. No.: |
91-2525-605706/272426 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
25.07.1984 |
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Com. Reg. No.: |
11-033553 |
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Capital
Investment / Paid-up Capital : |
Rs. 331.239 Million |
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CIN No.: [Company Identification
No.] |
L17120MH1984PLC033553 |
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IEC No.: |
0391156390 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCM6615M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and selling of textiles and garments. |
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No. of Employees
: |
5175 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1984 having
good track. Available financial indicates company sound financial risk profile marked
by healthy net worth base with fair liquidity and decent profit margin of the
company. The rating further takes into consideration favorable gap between
trade payables and trade receivables. The rating also takes into consideration rich experience of its
promoters and strong operating efficiency of the company. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. In view of long track record and sound financial base, 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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : A |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
14.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A1 |
|
Rating Explanation |
Very strong degree of safety degree of safety and carry lowest credit
risk. |
|
Date |
14.10.2014 |
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 DENIED BY
|
Name : |
Mr. Nayan |
|
Designation : |
Vice President Finance |
|
Contact No.: |
91-22-43539266 |
|
Date : |
07.11.2015 |
LOCATIONS
|
Registered Office : |
Plot No. C-3, MIDC, Tarapur Industrial Area, Boisar - 401506,
Maharashtra, India |
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Tel. No.: |
91-2525-605706/272426 |
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Fax No.: |
91-22-43539358 |
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E-Mail : |
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Website : |
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Corporate Office : |
205-214, Peninsula Centre, Dr. S. S. Rao Road, Parel,
Mumbai-400012, Maharashtra, India |
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Tel. No.: |
91-22-43539191/ 43539200/ 30409191 |
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Fax No.: |
91-22-43539216/ 43539217/ 43539218 |
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E-Mail : |
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Branch Office 1 : |
26/A, Peenya ll Phase, Peenya Industrial Area, Near NTTF
Bus Stop, Bengaluru- 560 058, Karnataka, India |
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Branch Office 2 : |
508-509, Ansal Tower, 38, Nehru Place, New Delhi - 110
019, India |
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Factory 1 : |
Mandhana Dyeing (A
Division of Mandhana Industries Limited) Plot No. E-25, MIDC, Tarapur Industrial Area, District Palghar – 401 506, Maharashtra, India |
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Factory 2 : |
MANDHANA WEAVING HOUSE (A Division of Mandhana Industries Limited) Plot No. E-33, MIDC, Tarapur Industrial Area, District Palghar – 401 506, Maharashtra, India |
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Factory 3 : |
MANDHANA INDUSTRIES
LIMITED (Garment Division) Plot No. E-132, MIDC, Tarapur Industrial Area, District Palghar – 401 506, Maharashtra, India |
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Factory 4 : |
MANDHANA INDUSTRIES
LIMITED Baramati Hi-Tech
Textile Park Limited, Plot No.17-20, Plot no.E-1/2, MIDC Industrial Area, Baramati – 413 133, Maharashtra, India |
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Factory 5 : |
MANDHANA INDUSTRIES
LIMITED (Garment Division) No. 26/A, Peenya ll Phase, Peenya Industrial Area, Near NTTF Bus Stop, Bengaluru – 560 058, Karnataka, India |
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Factory 6 : |
MANDHANA WEAVING
HOUSE (Shirting Division) (A Division of Mandhana Industries Limited) Plot No. C-2, MIDC, Tarapur Industrial Area, District Palghar – 401 506, Maharashtra, India |
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Factory 7 : |
MANDHANA DYEING – UNIT II (A Division of Mandhana Industries Limited) Plot No. C-3, MIDC, Tarapur Industrial Area, District Palghar – 401 506, Maharashtra, India |
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Factory 8 : |
(Garment Division) B Wing, Ganpati Baug, T. J. Road, Sewree (West), Mumbai – 400 015, Maharashtra, India |
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Factory 9 : |
(Garment Division) Plot no.31, Survey no.161, Laggare Village, Yeshwanthpura, Hobli, Bengaluru North Taluka, Bengaluru – 560 058, Karnataka, India |
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Factory 10 : |
(Garment Division) No.21-D, 2nd Phase, Peenya Industrial Area, Bengaluru –
560 058, Karnataka, India |
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Factory 11 : |
(Garment Division) Unit no. 36/2, Maruti Plaza, Madanayakanahalli, Dasanapura, Hobli, Tumkur Road, Bengaluru – 562 123, Karnataka, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Manish B. Mandhana |
|
Designation : |
Managing Director |
|
Address : |
22/23, Mount Uniique, 62-A, Peddar Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1968 |
|
Date of Appointment : |
30.09.1995 |
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DIN No.: |
00025449 |
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Name : |
Mr. Purshottam. C. Mandhana |
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Designation : |
Managing Director |
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Address : |
23, Mount Unique, 62-A, Peddar Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
06.07.1955 |
|
Date of Appointment : |
01.10.1993 |
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PAN No.: |
AATPM6913H |
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DIN No.: |
00025633 |
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|
|
|
Name : |
Mr. Biharilal C. Mandhana |
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Designation : |
Whole-time director |
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Address : |
31,Mount Uniique, 62-A, Peddar Road, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
25.09.1945 |
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Date of Appointment : |
25.07.1984 |
|
DIN No.: |
00025605 |
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Name : |
Mr. Khurshed Meherwanji Thanawalla |
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Designation : |
Director |
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Address : |
Khatau Bungalow, 6 Manav Mandir Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
24.12.1942 |
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Date of Appointment : |
04.12.2007 |
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DIN No.: |
00201749 |
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|
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Name : |
Mr. Ghyanendra Nath Bajpai |
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Designation : |
Director |
|
Address : |
131, Shaan Apartments, K D Marg, Prabhadevi, Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
06.07.1942 |
|
Date of Appointment : |
16.05.2007 |
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DIN No.: |
00946138 |
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|
|
Name : |
Mr. Dilip Ganesh Karnik |
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Designation : |
Director |
|
Address : |
1102, Shivajinagar, Pune - 411016, Maharashtra, India |
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Date of Birth/Age : |
10.05.1950 |
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Date of Appointment : |
05.11.2012 |
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DIN No.: |
06419513 |
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Name : |
Mrs. Sangeeta Manish Mandhana |
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Designation : |
Director |
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Address : |
22/23, Mount Uniique, 62-A, Peddar Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
05.08.2014 |
|
DIN No.: |
06934972 |
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|
|
|
Name : |
Mr. Prashant Khatau Asher |
|
Designation : |
Director |
|
Address : |
32, Mody Street, Fort, Mumbai-400001, Maharashtra, India |
|
Date of Appointment : |
03.11.2014 |
|
DIN No.: |
00274409 |
KEY EXECUTIVES
|
Name : |
Mr. Vinay Sampat |
|
Designation : |
Vice President – Legal & Company Secretary |
|
Address : |
301/302 Anand Villa, Buddha Mandir Road, Opposite St. Xaviers Playground, Parel, Mumbai - 400012, Maharashtra, India |
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Date of Birth/Age : |
25.11.1969 |
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Date of Appointment : |
07.03.2008 |
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PAN No.: |
AIRPS1553K |
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|
|
Name : |
Mr. Nayan |
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Designation : |
Vice President Finance |
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Audit Committee : |
· Mr. Khurshed M. Thanawalla · Mr. Ghyanendra Nath Bajpai · Mr. Dilip G. Karnik · Mr. Prashant K. Asher ·
Mr. Purushottam C. Mandhana |
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|
|
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Nomination and
Remuneration Committee : |
· Mr. Khurshed M. Thanawalla · Mr. Ghyanendra Nath Bajpai · Mr. Dilip G. Karnik ·
Mr. Prashant K. Asher |
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|
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Stakeholders’
Relationship Committee : |
· Mr. Khurshed M. Thanawalla · Mr. Dilip G. Karnik ·
Mr. Manish B. Mandhana |
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Management
Committee : |
· Mr. Purushottam C. Mandhana · Mr. Biharilal C. Mandhana ·
Mr. Manish B. Mandhana |
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|
|
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CSR Committee : |
· Mr. Dilip G. Karnik · Mr. Ghyanendra Nath Bajpai · Mr. Khurshed M. Thanawalla ·
Mr. Purushottam C. Mandhana |
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Management Team : |
· Mr. Mohan Reddy [President - Operations (Garment)] · Mr. Saharsh Daga [Sr. Vice President – Finance] · Mr. Priyavrat P. Mandhana [Vice President - Corporate Affairs] · Mr. Nayan Kambli Vice President – [Finance and Corporate Affairs] · Mr. Pushpendra Tyagi [Vice President - Marketing (Fabric Division)] · Mr. Ritesh Bhardwaj [Vice President – Commercial] · Ms. Varsha Raghuram [Vice President - Merchandising and Business Development] · Mr. Gopal Shah [Vice President - Marketing (Export Division)] · Mr. Mahendra Kumar Oza [Vice President - Commercial (Garment)] · Mr. Nileshkumar Modi [Vice President – Weaving] · Mr. Prasad R.V.R. [Vice President - Apparel Production] · Mr. Datar Malpani [Associate Vice President – Accounts] · Mr. Arvind Shikarkhane [Project Head (Technical)] ·
Mr. Rahul Anand [Creative Head – Design] |
|
|
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Retail Team : |
· Ms. Purvi Joshi (Vice President - International Business and Sourcing) · Mr. Kunal Mehta (Vice President - Business Development and Marketing) ·
Mr. Jagdish Pamwani (Vice President – Sales) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Percentage of Total No of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
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|
22288498 |
67.29 |
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|
1497783 |
4.52 |
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|
23786281 |
71.81 |
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|
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|
Total shareholding of Promoter and Promoter Group (A) |
23786281 |
71.81 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
144 |
0.00 |
|
|
635640 |
1.92 |
|
|
1074768 |
3.24 |
|
|
193418 |
0.58 |
|
|
1903970 |
5.75 |
|
|
|
|
|
|
5654542 |
17.07 |
|
|
|
|
|
|
518543 |
1.57 |
|
|
756038 |
2.28 |
|
|
504539 |
1.52 |
|
|
16597 |
0.05 |
|
|
185396 |
0.56 |
|
|
282546 |
0.85 |
|
|
20000 |
0.06 |
|
|
7433662 |
22.44 |
|
Total Public shareholding (B) |
9337632 |
28.19 |
|
Total (A)+(B) |
33123913 |
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) |
33123913 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling of textiles 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 : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
5175 (Approximately) |
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Bankers : |
· Bank of Baroda · State Bank of Patiala · Allahabad Bank · Punjab National Bank ·
Indian Bank · The Saraswat Co-Op. Bank Limited · Bank of India · Axis Bank Limited · HDFC Bank Limited ·
Karur Vysya Bank ·
Corporation Bank, Mid Corporate Branch, Veena
Chambers, 21, Dalal Street, Fort, Mumbai- 400023, Maharashtra, India ·
State Bank of India, IFB Andheri, 102, Natraj,
194 Sir, M. V. Road, Andheri (East), Mumbai- 400069, Maharashtra, India |
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Facilities : |
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Auditors : |
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|
Name : |
Vishal H. Shah and Associates Chartered Accountants |
|
Address : |
A/
302 Kailas Esplanadeopp Shreyas Cinema LBS Marg Ghatkopar (West), Mumbai- 400086,
Maharashtra, India |
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Tel. No.: |
91-22-32516269 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAFPS8525D |
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Memberships : |
-- |
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Collaborators : |
-- |
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Entities over which
key Management Personnel and their relatives are able To exercise significant
influence : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49990000 |
Equity Shares |
Rs.10/- each |
Rs. 499.000 Million |
|
10000 |
Preference shares |
Rs.10/- each |
Rs. 0.100 Million |
|
|
Total
|
|
Rs. 500.000 Million
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33123913 |
Equity Shares |
Rs.10/- each |
Rs. 331.239
Million |
|
|
|
|
|
The Company has only one class of equity shares having at par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.
Disclosure pursuant
to Note no. 6(A)(g) of Part I of Schedule VI to the Companies Act, 1956
|
Name of Shareholder |
As at 31st March, 2015 |
|
|
|
No. of Shares held |
% of Holding |
|
Priyavrat P. Mandhana Jt. Purushottam C. Mandhana |
3,613,140 |
10.91 |
|
Purushuttam C. Mandhana (HUF) |
3,214,000 |
9.70 |
|
Manish B. Mandhana Jt. Sangeeta M. Mandhana |
2,210,454 |
6.67 |
|
Purushottam C. Mandhana Jt. Prema P. Mandhana |
2,093,081 |
6.32 |
|
Prema P. Mandhana Jt. Prema P. Mandhana |
2,075,734 |
6.27 |
|
Sudha B. Mandhana Jt. Prema P. Mandhana |
2,085,970 |
6.30 |
|
Biharilal C. Mandhana Jt. Prema P. Mandhana |
1,682,000 |
5.08 |
|
|
16,974,379 |
|
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 |
331.239 |
331.239 |
331.239 |
|
(b) Reserves & Surplus |
5638.435 |
4903.744 |
4388.827 |
|
(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) |
5969.674 |
5234.983 |
4720.066 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2648.838 |
3840.109 |
3913.659 |
|
(b) Deferred tax liabilities (Net) |
819.424 |
808.823 |
728.680 |
|
(c) Other long term
liabilities |
2.675 |
2.670 |
4.491 |
|
(d) long-term
provisions |
9.550 |
6.271 |
12.582 |
|
Total Non-current
Liabilities (3) |
3480.487 |
4657.873 |
4659.412 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5001.135 |
4498.264 |
4014.357 |
|
(b) Trade
payables |
1114.191 |
912.019 |
892.960 |
|
(c) Other
current liabilities |
1462.131 |
1125.177 |
770.793 |
|
(d) Short-term
provisions |
431.415 |
310.426 |
166.836 |
|
Total Current
Liabilities (4) |
8008.872 |
6845.886 |
5844.946 |
|
|
|
|
|
|
TOTAL |
17459.033 |
16738.742 |
15224.424 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5706.562 |
5468.252 |
5460.434 |
|
(ii)
Intangible Assets |
6.977 |
6.923 |
9.193 |
|
(iii)
Capital work-in-progress |
0.000 |
181.244 |
102.340 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
475.794 |
678.423 |
713.560 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
6189.333 |
6334.842 |
6285.527 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.026 |
7.897 |
6.656 |
|
(b)
Inventories |
5557.915 |
5383.853 |
4967.577 |
|
(c) Trade
receivables |
4560.158 |
3899.050 |
2739.676 |
|
(d) Cash
and cash equivalents |
118.011 |
108.086 |
224.468 |
|
(e)
Short-term loans and advances |
697.248 |
587.613 |
691.911 |
|
(f) Other
current assets |
336.342 |
417.401 |
308.609 |
|
Total
Current Assets |
11269.700 |
10403.900 |
8938.897 |
|
|
|
|
|
|
TOTAL |
17459.033 |
16738.742 |
15224.424 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16849.775 |
15179.376 |
13630.636 |
|
|
|
Other Income |
74.831 |
(30.151) |
(45.462) |
|
|
|
TOTAL |
16924.606 |
15149.225 |
13585.174 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6899.660 |
5621.634 |
7660.444 |
|
|
|
Cost of goods Traded |
4503.884 |
4265.690 |
3006.348 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(370.406) |
(129.546) |
(1589.762) |
|
|
|
Manufacturing and Operating Costs |
1473.240 |
1544.362 |
1429.278 |
|
|
|
Employees benefits expense |
889.903 |
766.187 |
665.121 |
|
|
|
Other expenses |
747.015 |
707.174 |
483.821 |
|
|
|
TOTAL |
14143.296 |
12775.501 |
11655.250 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2781.310 |
2373.724 |
1929.924 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1077.588 |
969.721 |
705.932 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1703.722 |
1404.003 |
1223.992 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
399.963 |
291.871 |
262.421 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1303.759 |
1112.132 |
961.571 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
460.357 |
409.389 |
306.182 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT
FOR THE YEAR |
843.402 |
702.743 |
655.389 |
|
|
|
|
|
|
|
|
|
|
Income Tax paid for earlier Year |
12.542 |
110.317 |
2.007 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
830.860 |
592.426 |
653.382 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3154.984 |
2745.065 |
2423.678 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
80.000 |
80.000 |
80.000 |
|
|
|
Trasitional Provision for Depreciation as per Schedule II of the Companies Act 2013 (Net of Deffered Tax) |
16.432 |
0.000 |
0.000 |
|
|
|
Transfer to Debentures Redemption Reserve |
0.000 |
25.000 |
175.000 |
|
|
|
Proposed Dividends (Inclusive of Dividend Distribution Tax) |
79.737 |
77.507 |
76.995 |
|
|
BALANCE CARRIED
TO THE B/S |
3809.675 |
3154.984 |
2745.065 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
2147.549 |
2604.406 |
2419.258 |
|
|
TOTAL EARNINGS |
2147.549 |
2604.406 |
2419.258 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Auxiliary Material, Yarn, Garment and Accessory |
95.080 |
120.804 |
57.175 |
|
|
|
Capital Goods |
103.335 |
29.269 |
79.082 |
|
|
TOTAL IMPORTS |
198.415 |
150.073 |
136.257 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
25.08 |
17.89 |
19.73 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
1263.586 |
1002.858 |
654.264 |
|
Cash generated from operations |
2189.836 |
799.202 |
35.507 |
|
Net cash flows from (used in) operation |
1856.035 |
502.666 |
(133.480) |
QUARTERLY RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
5056.290 |
3507.760 |
|
Total Expenditure |
|
4236.970 |
2891.140 |
|
PBIDT (Excl OI) |
|
819.320 |
616.620 |
|
Other Income |
|
29.900 |
12.020 |
|
Operating Profit |
|
849.220 |
628.640 |
|
Interest |
|
301.080 |
293.450 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
548.140 |
335.190 |
|
Depreciation |
|
108.930 |
106.170 |
|
Profit Before Tax |
|
439.210 |
229.020 |
|
Tax |
|
159.160 |
77.760 |
|
Provisions and
contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
280.050 |
151.260 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
280.050 |
151.260 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.93 |
3.90 |
4.79 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.51 |
15.64 |
14.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.47 |
6.72 |
6.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.21 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.49 |
1.78 |
1.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.52 |
1.53 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.267.80 |
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 |
331.239 |
331.239 |
331.239 |
|
Reserves & Surplus |
4388.827 |
4903.744 |
5638.435 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4720.066 |
5234.983 |
5969.674 |
|
|
|
|
|
|
long-term borrowings |
3913.659 |
3840.109 |
2648.838 |
|
Short term borrowings |
4014.357 |
4498.264 |
5001.135 |
|
Current maturities of
long-term debts |
654.264 |
1002.858 |
1263.586 |
|
Total
borrowings |
8582.280 |
9341.231 |
8913.559 |
|
Debt/Equity
ratio |
1.818 |
1.784 |
1.493 |
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 |
13630.636 |
15179.376 |
16849.775 |
|
|
|
11.362 |
11.004 |
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 |
13630.636 |
15179.376 |
16849.775 |
|
Profit/ (Loss) |
653.382 |
592.426 |
830.860 |
|
|
4.79% |
3.90% |
4.93% |
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 |
Yes |
|
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 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10596103 |
23/09/2015 |
150,000,000.00 |
Corporation Bank |
Mid Corporate Branch, Veena Chambers, 21, Dalal Street, Fort,, Mumbai,
Maharashtra - 400023, INDIA |
C66782681 |
|
2 |
10569916 |
08/04/2015 |
200,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R.Kamani Marg, Ballard Estate,,
Mumbai, Maharashtra - 400001, INDIA |
C53898938 |
|
3 |
10549235 |
12/02/2015 |
900,000,000.00 |
State Bank of India |
IFB Andheri, 102, Natraj, 194 Sir, M.V.Road, Andheri (E), Mumbai,
Maharashtra - 400069, INDIA |
C43692318 |
|
4 |
10529468 |
08/11/2014 |
250,000,000.00 |
Bank of Baroda |
Corporate Financial Services Branch, 3, Walchand Hirachand Marg,
Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C32476939 |
|
5 |
10491351 |
14/03/2014 |
110,000,000.00 |
Indian Overseas Bank |
Fort Branch,
Tamarind House,, 30 & 32, Tanarind Lane, Mumbai, Maharashtra - 400023,
INDIA |
C04065603 |
|
6 |
10493364 |
13/03/2014 |
2,000,000,000.00 |
Allahabad Bank |
Industrial Finance Branch, Allahabad Bank Building , 2nd Floor, 37,
Mumbai Samachar Marg Branch, Fort, Mumbai, Maharashtra - 400012, INDIA |
C04258018 |
|
7 |
10479864 |
29/01/2014 |
500,000,000.00 |
Union Bank of India |
Industrial Finance Branch, 1st Floor,, Union Bank |
B97313282 |
|
8 |
10476577 |
02/01/2014 |
320,000,000.00 |
Bank of Baroda |
Corporate Financial Services Branch,, 3, Walchand Hirachand Marg,
Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA |
B95927745 |
|
9 |
10469924 |
23/12/2013 |
310,300,000.00 |
Karur Vysya Bank Limited |
Kamanwal Chambers, Sir P.M. Road, Fort, Mumbai, Maharashtra -
400001, INDIA |
B93414654 |
|
10 |
10452434 |
10/09/2013 |
250,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R.Kamani Marg, Ballard Estate,
Mumbai, Maharashtra - 400001, INDIA |
B86415411 |
* Date of charge modification
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
From Others |
0.000 |
30.000 |
|
|
|
|
|
Total |
0.000 |
30.000 |
COMPANY PERFORMANCE
AND BUSINESS OVERVIEW
During the year, the textiles and garments segment grew at a balanced rate of 9.94% and 10.79%, which resulted in your company achieving sales of Rs.16849.775 Million, reflecting a growth of approximately 11.00% over the last fiscal. EBIDTA margin increased to 16.06% vis-à-vis 15.84% due to sustained expansion of Brand “Being Human” in the product sales mix and therefore garment segment rising faster than textiles. The net profit for the year increased from Rs.702.743 Million last year to Rs. 843.402 Million this year replicating steady growth of 4.63% from last year to 5.01% in the current year. The margins for both the segments have become more competitive.
The management has taken several measures to ensure better management of working capital, monitoring of project performance on continuous basis and completion of projects as per schedule to avoid cost and time over run. A detailed discussion of operations for the year ended 31st March, 2015 is provided in the Management Discussion and Analysis Report, which is presented in a separate section forming part of this Annual Report
SIGNIFICANT EVENTS
DURING THE FINANCIAL YEAR 2014-15
With a view to unlock the valuation of the Company’s Retail Operation segment, the Board of Directors of the Company at its meeting held on 22nd November, 2014 decided to demerge its retail business of brand ‘Being Human’ (“the Retail Business”) into a separate company viz. Mandhana Retail Ventures Limited (“MRVL”), to be listed post demerger, subject to sanction of the High Court of judicature at Bombay / National Company Law Tribunal and other statutory/regulatory authority(ies) as may be required. It has decided to transfer the Retail Business along with all its assets and liabilities into MRVL. It has been further decided to transfer all the properties, assets, liabilities etc. of the Retail Business at the value appearing in its books of accounts immediately before the demerger. Appointed Date of demerger has been proposed to be 1st April, 2014. The Company has filed draft Scheme of Arrangement/Demerger along with all the required documents with BSE Limited and National Stock Exchange of India Limited. It is further proposed that shareholders of the Company shall receive 2 equity shares of MRVL for every 3 equity shares held in the Company in accordance with the valuations determined by the Valuation Expert.
MANAGEMENT DISCUSSION
AND ANALYSIS
Economic overview
Global growth in 2014 was a modest 3.4%, primarily due to a pickup in growth in advanced economies.
Developing countries, which erstwhile, were an engine of global growth, following the financial crisis, faced a difficult economic environment. As a result, growth in emerging and developing economies slowed. Despite the slowdown, emerging market and developing economies accounted for three-fourths of global growth in 2014.
Headline inflation has declined in advanced economies, reflecting the decline in oil prices, softer prices for other commodities, and a weakening of demand in a number of countries already experiencing below-target inflation, such as the euro area and Japan.
With regard to emerging markets, lower prices for oil and
other commodities contributed to reductions in inflation through 2014, with the
notable exception of countries suffering sizeable exchange rate depreciations,
such as Russia.
There is confidence of a revival in global economic outlook in the coming years though this is not supported by economic fundamentals. Driven by higher economic growth in the advance economies and constrained by moderate growth in emerging markets especially in China, the global economic environment can, at best, be termed as stable. Estimates suggest that overall, global growth will reach 3.5% in 2015 and 3.8% in 2016.
Indian economy
The full-year GDP growth for the fiscal year ending March 2015 settled at 7.3%, up from 6.9% in 2013-14, a tad lower than an official estimate of 7.4% (figures calculated as per the new series of national accounts with base year of 2011-12). This growth was due to improvement in the performance of both services as well as manufacturing sectors. The Gross Value Added (GVA), a new concept introduced by CSO to measure the economic activity, rose by 7.2% in 2014-15 compared to 6.6% in the previous fiscal. The economy remained relatively unshackled of factors generally associated with an economic slowdown.
Average Wholesale Price Index (WPI) inflation declined in 2014- 15 to 3.4% (April-December) vis-à-vis 8.9% in 2013-14, as fuel witnessed a sharp decline in prices. Food price inflation also moderated to 4.8% during April-December 2014 as compared to 9.4% in 2013-14. Average retail inflation, measured by Consumer Price Index (CPI), moderated to 6.3% in 2014-15 (April-December) from 9.5% in 2013-14. The country’s current account deficit (CAD) narrowed sharply to 1.3% of GDP, in 2014-15 primarily on account of a lower trade gap.
One of the heartening features has been the emergence of India as a large economy with a promising outlook, amidst the mood of pessimism and uncertainties that continue to persist in a number of advanced and emerging economies. The Reserve Bank of India has projected India’s GDP growth for 2015-16 at 7.6%. The International Monetary Fund forecast India’s growth to strengthen from 7.2% in 2014 to 7.5% in both 2015 and 2016.
TEXTILE AND APPAREL
SECTOR
Global textile and
apparel scenario
The global textile and apparel trade was worth US$773 billion in 2013, and is expected to grow at a CAGR of 5% over the next decade. China dominates global textile and apparel exports with a 40% share of made-ups, 37% of apparel, and 39% of fabric – a report by Teknopak The report also noted that India, Bangladesh, Vietnam, Turkey, and Pakistan, are the other major textile and apparel exporters. The global fabric trade was worth US$137 billion in 2013, while the global apparel trade was worth $428 billion. The US, EU, and Japan remain key apparel importers.
Contingent
Liabilities not provided for in respect of: (As on 31.03.2015)
a) Export invoices backed by letter of credit purchased by the bank amounting to Rs.57.708 Million (Previous year Rs.90.943 Million).
b) Sales invoices Discounted with the bank amounting to Rs.6.513 Million. (Previous Year Rs.24.259 Million).
c) Claim against the Company not acknowledged as debts in respect of disputed Income Tax demand amounting to Rs.7.509 Million (Previous Year Rs.373.70 Million) (Interest thereon not ascertainable at present.).
d) Claim against the Company not acknowledged as debts in respect of Central Excise dues amounting to Rs.29.058 Million. (Previous Year Rs.29.058 Million) (Interest thereon not ascertainable at present.).
e) Bank guarantee given to Sales Tax , MSEB and Custom
Department of Rs.37.415 Million. (Previous Year Rs.43.111 Million)
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON 30.09.2015
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
||
|
Quarter Ended |
Half Year Ended |
|||
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
5056.294 |
3507.762 |
8564.056 |
|
|
b. Other Operating Income |
-- |
-- |
-- |
|
|
Total Income from
Operations (Net) |
5056.294 |
3507.762 |
8564.056 |
|
2 |
Expenditure |
|
|
|
|
|
a. Cost of material Consumed |
1913.934 |
1380.828 |
3294.762 |
|
|
b. Purchase of Stock-in trade |
922.364 |
545.768 |
1468.132 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
496.019 |
167.908 |
663.927 |
|
|
d. Employees Benefit Expenses |
277.954 |
259.941 |
537.895 |
|
|
e. Job Work Charges |
402.189 |
343.435 |
745.625 |
|
|
f. Depreciation and Amortisation Expenses |
108.931 |
106.170 |
215.102 |
|
|
g. Other expenses |
224.514 |
193.261 |
417.775 |
|
|
Total Expenses |
4345.905 |
2997.311 |
7343.218 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
710.390 |
510.450 |
1220.840 |
|
4 |
Other Income |
29.895 |
12.021 |
41.916 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
740.285 |
522.472 |
1262.756 |
|
6 |
Finance Costs |
301.075 |
293.447 |
594.523 |
|
7 |
Exchange Difference Loss / (Gain) (Net) |
--- |
--- |
--- |
|
8 |
Profit from
ordinary activities after finance costs & exceptional items |
439.210 |
229.024 |
668.233 |
|
9 |
Exceptional items |
--- |
--- |
--- |
|
10 |
Profit from
ordinary activities before tax |
439.210 |
229.024 |
668.233 |
|
11 |
Tax Expense |
|
|
|
|
|
- Current Tax |
155.211 |
81.758 |
236.969 |
|
|
- Deferred Tax |
(2.959) |
(3.992) |
(6.951) |
|
12 |
Net Profit from
ordinary activity after tax |
286.957 |
151.257 |
438.214 |
|
13 |
Income Tax paid for earlier Year |
6.907 |
-- |
-- |
|
14 |
Net Profit After
Tax |
280.050 |
151.257 |
438.214 |
|
15 |
Paid-up equity share capital (face value of Rs.10 per share) |
331.239 |
331.239 |
331.239 |
|
16 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
5884.743 |
5599.691 |
5884.743 |
|
|
Debenture Redemption Reserve |
185.000 |
190.000 |
185.000 |
|
17 |
Earning Per Share (of Rs.10 each) (not annualized) |
8.45 |
4.57 |
13.23 |
|
|
Debt Equity Ratio |
0.58 |
064 |
0.58 |
|
|
Debt Service Coverage Ratio (DSCR) |
1.28 |
0.92 |
1.10 |
|
|
Interest Service Coverage Ratio (ISCR) |
2.46 |
1.78 |
2.12 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
- No. of shares |
9337632 |
9567514 |
9337632 |
|
|
- Percentage of shareholding |
28.19% |
28.88% |
28.19 |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- No. of shares |
10376040 |
10926040 |
10376040 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
43.62% |
46.38% |
43.62% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
31.32% |
32.99% |
31.32% |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
13410241 |
12630359 |
13410241 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
56.38% |
53.62% |
56.38% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
40.49% |
38.13% |
40.49% |
|
|
Particulars |
Half
year ended 30.09.2015 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
|
Received
during the quarter |
Nil |
|
|
|
Disposed
during the quarter |
Nil |
|
|
|
Remaining
unresolved at the end of the quarter |
Nil |
Note
1. The above Unaudited Financial Results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at their meeting held on 13th August, 2015.
2. The Statutory Auditors have carried out a Limited Review of the results for
the quarter ended 30th June, 2015.
3. Previous period figures have been regrouped/rearranged, wherever necessary.
STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2015
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
331.239 |
|
(b) Reserves & Surplus |
5638.435 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5969.674 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
2648.838 |
|
(b) Deferred tax liabilities
(Net) |
819.424 |
|
(c) Other long term
liabilities |
2.675 |
|
(d) long-term provisions |
9.550 |
|
Total
Non-current Liabilities (3) |
3480.487 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
5001.135 |
|
(b) Trade payables |
1114.191 |
|
(c) Other current liabilities |
1462.131 |
|
(d) Short-term provisions |
431.415 |
|
Total
Current Liabilities (4) |
8008.872 |
|
|
|
|
TOTAL |
17459.033 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
5713.539 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(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 |
475.794 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
6189.333 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.026 |
|
(b) Inventories |
5557.915 |
|
(c) Trade receivables |
4560.158 |
|
(d) Cash and cash equivalents |
118.011 |
|
(e) Short-term loans and
advances |
697.248 |
|
(f) Other current assets |
336.342 |
|
Total
Current Assets |
11269.700 |
|
|
|
|
TOTAL |
17459.033 |
FIXED ASSETS
- Land
- Building
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.66.29 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
53 |
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.