MIRA INFORM REPORT
|
Report No. : |
348765 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
BANG OVERSEAS LIMITED |
|
|
|
|
Registered
Office : |
Masjid Manor, 16 Homi Modi Street, Fort, Mumbai – 400023, Maharashtra |
|
Tel. No.: |
91-22-66607965 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
01.06.1992 |
|
|
|
|
Com. Reg. No.: |
11-067013 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.135.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51900MH1992PLC067013 |
|
|
|
|
IEC No.: |
0392021536 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB2777M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
Manufacturer of Readymade Garments and Trading of Fabrics. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject was promoted in 1992 as a private limited company by Mr.
Venugopal Bang and Mr. Brijgopal Bang. The company trades in fabrics and manufactures
readymade garments. It was reconstituted as a public limited company in 2005.
The company’s manufacturing facilities are located in Bengaluru (Karnataka).
It is based in Mumbai (Maharashtra), undertakes trading of premium cotton
fabric. It has moderate track record. The company is continuously incurring a losses from its operations.
Short term borrowing of the company is increasing as compared to previous
year. However, the company possesses a decent profile marked by adequate
networth base along with fair liquidity. The rating also takes into consideration management’s extensive
experience in the fabric and readymade garment business, and its moderate
capital structure. Trade relations are reported as fair. Business is active. Payment are reported
to be slow but correct. The company can be considered for business dealings with some caution.
|
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 |
CRISIL |
|
Rating |
Long term rating = BB- |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
January 13, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4+ |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
January 13, 2015 |
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 DECLINED
Management Non-Cooperative (Tel NO.:91-22-66607965)
LOCATIONS
|
Registered Office : |
Masjid Manor, 16 Homi Modi Street, Fort, Mumbai – 400023, Maharashtra,
India |
|
Tel. No.: |
91-22-22043496 |
|
Fax No.: |
91-22-22810379 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
405/406, Kewal Industrial
Estate, Senapati Bapat Marg, Lower Parel, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-66607965 / 67 |
|
Fax No.: |
91-22-66607970 |
|
|
|
|
Manufacturing
Units : |
19/2, 9th Main, Basavapura Village,
BegurHobli, Electronic City Post, Bangalore – 560100, Karnataka, India
1941/ A and 2011, Gramathana
Kacharakanahalli, Hennur Main Road, Bangalore – 560084, Karnataka, India |
|
|
|
|
Warehouses : |
1)
Rajlaxmi Commercial Complex, Gala No. O
-10/11/12, Mane Farm House, Opposite Durgesh Park, Kalher Village, Bhiwandi –
421302, Maharashtra, India 2)
Reunion Clothing Company, Plot No.: Z-5, Phase
II, VSEZ, Dauvvada, Visakhapatnam – 530046, Andhra Pradesh, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Brijgopal Balaram Bang |
|
Designation : |
Managing Director |
|
Address : |
9, Arun Bldg., 3rd Floor,, 34, Narayan Dabholkar Road,, Mumbai, 400006, Maharashtra, India |
|
Date of Appointment : |
01.12.2006 |
|
DIN No.: |
00112203 |
|
|
|
|
Name : |
Mr. Raghvendra Venugopal Bang |
|
Designation : |
Whole-Time Director |
|
Address : |
Bang Bhavan, Plot No. 122, Hindu Colony No. 5, Sir Bhalchandra Road, Mumbai - 400014, Maharashtra, India |
|
Date of Appointment : |
14.02.2013 |
|
DIN No.: |
00356811 |
|
|
|
|
Name : |
Mr. Purshottam Bang |
|
Designation : |
Whole-Time Director |
|
Address : |
No.353 1st Floor 37th Cross, 9th Main 5th Block Jayanagar, Bangalore, 560041, Karnataka, India |
|
Date of Appointment : |
14.02.2013 |
|
DIN No.: |
02544947 |
|
|
|
|
Name : |
Mr. Vijay Dattatraya Ajgaonkar |
|
Designation : |
Director |
|
Address : |
A-10, Aparna, Veera Desai Road, Andheri, Mumbai - 400058, Maharashtra, India |
|
Date of Appointment : |
04.02.2005 |
|
DIN No.: |
00065102 |
|
|
|
|
Name : |
Mr. Subrata Kumar Dey |
|
Designation : |
Director |
|
Address : |
H-1405 Great Estern Gardens, LBS Marg, Kanjurmarg (West), Mumbai -400078, Maharashtra, India |
|
Date of Appointment : |
14.02.2013 |
|
DIN No.: |
03533584 |
|
|
|
|
Name : |
Ms. Swati Sahukara |
|
Designation : |
Director |
|
Address : |
A-2/24, Shree Vishramyog CHS Ltd, Near Don Bosco School, L.T Road, Borivali West, Mumbai - 400091, Maharashtra, India |
|
Date of Appointment : |
02.02.2015 |
|
DIN No.: |
06801137 |
KEY EXECUTIVES
|
Name : |
Mr. Jaydas Tulshiram Dighe |
|
Designation : |
Chief Finance Officer |
|
Address : |
1/8, Anand Bhuvan Society, Indira Nagar, Kangurmarg (East), Mumbai - 400042, Maharashtra, India |
|
Date of Appointment : |
30.05.2014 |
|
PAN No.: |
AHKPD7328M |
|
|
|
|
Name : |
Mr. Hemali Gohil |
|
Designation : |
Secretary |
|
Address : |
65/71, Hajikasim Bldg, 2nd Kumbharwada, 3rd Floor, Room No. 48, Mumbai - 400004, Maharashtra, India |
|
Date of Appointment : |
22.09.2014 |
|
PAN No.: |
AXXPG7218E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a
% of (A+B) |
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
9854588 |
72.67 |
|
|
41780 |
0.31 |
|
|
9896368 |
72.98 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
9896368 |
72.98 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
1440944 |
10.63 |
|
|
|
|
|
|
1676489 |
12.36 |
|
|
526374 |
3.88 |
|
|
19825 |
0.15 |
|
|
19219 |
0.14 |
|
|
606 |
0.00 |
|
|
3663632 |
27.02 |
|
Total
Public shareholding (B) |
3663632 |
27.02 |
|
Total
(A)+(B) |
13560000 |
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) |
13560000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Readymade Garments and Trading of Fabrics. |
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|
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
|
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Rajendra K Gupta and Associates Chartered Accountants |
|
Qualification : |
B.com, F.C.A |
|
Address : |
Room No.3, Kshipra Society, Akurli Cross Road No.1, Kandivali (East),
Mumbai – 400101, Maharashtra, India |
|
E-Mail : |
|
|
|
|
|
Secretarial
Auditors : |
|
|
Name : |
Kothari H. and Associates Practicing Company Secrétaries |
|
Address : |
208, 2nd Floor, BSE Building, Dalal Street, Fort, Mumbai - 400 001, Maharashtra, India |
|
Tel No.: |
91-22-22721831 |
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Email Id : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
Enterprises where control exists. Subsidiaries : |
|
|
|
|
|
Enterprises owned
or significantly influenced by key management perosnnel or their relatives |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13560000 |
Equity Shares |
Rs.10/- each |
Rs.135.600
Million |
|
|
|
|
|
Terms/rights attached
to Equity Shares
The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.
Reconciliation of
Issued Share Capital
|
Particulars |
No. of Shares |
Rs. In Millions |
|
Equity shares outstanding at beginning of year |
13560000 |
135.600 |
|
Add: Issued During the year |
--- |
--- |
|
Less: Brought Back During the year |
--- |
--- |
|
Equity shares outstanding at end of year |
13560000 |
135.600 |
Shareholders holding more
than 5% of shares in the company
|
Particulars |
No. of Shares |
% of Shares |
|
Mr. Venugopal Bang |
2056600 |
15.17% |
|
Mr. Brijgopal Bang |
1521000 |
11.22% |
|
Mr. Krishna Kumar Bang |
1301700 |
9.60% |
|
Mr. Ramanuj Das Bang |
774600 |
5.71% |
|
Mr. Raghvendra Bang |
689600 |
5.09% |
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 |
135.600 |
135.600 |
135.600 |
|
(b) Reserves & Surplus |
453.021 |
506.214 |
668.245 |
|
(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) |
588.621 |
641.814 |
803.845 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5.910 |
1.791 |
2.927 |
|
(b) Deferred tax liabilities
(Net) |
14.582 |
17.622 |
18.591 |
|
(c) Other long term
liabilities |
6.321 |
1.319 |
3.819 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
26.813 |
20.732 |
25.337 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
374.588 |
665.046 |
596.012 |
|
(b) Trade payables |
235.111 |
116.481 |
89.934 |
|
(c) Other current liabilities |
43.584 |
16.077 |
9.957 |
|
(d) Short-term provisions |
16.524 |
13.978 |
10.423 |
|
Total
Current Liabilities (4) |
669.807 |
811.582 |
706.326 |
|
|
|
|
|
|
TOTAL |
1285.241 |
1474.128 |
1535.508 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
194.130 |
203.070 |
175.688 |
|
(ii) Intangible Assets |
1.885 |
2.372 |
1.849 |
|
(iii) Capital work-in-progress |
1.368 |
100.704 |
100.147 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
134.080 |
33.376 |
31.988 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
70.746 |
66.391 |
78.091 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
402.209 |
405.913 |
387.763 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
299.196 |
325.017 |
188.601 |
|
(c) Trade receivables |
372.825 |
472.150 |
740.325 |
|
(d) Cash and cash equivalents |
108.696 |
141.110 |
97.935 |
|
(e) Short-term loans and
advances |
101.856 |
117.356 |
113.933 |
|
(f) Other current assets |
0.459 |
12.582 |
6.951 |
|
Total
Current Assets |
883.032 |
1068.215 |
1147.745 |
|
|
|
|
|
|
TOTAL |
1285.241 |
1474.128 |
1535.508 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
1277.206 |
1626.533 |
2358.868 |
|
|
Other Operating Revenue |
11.648 |
7.222 |
7.059 |
|
|
Other Income |
27.841 |
31.157 |
37.385 |
|
|
TOTAL
(A) |
1316.695 |
1664.912 |
2403.312 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
173.462 |
147.033 |
140.525 |
|
|
Purchases of Stock-in-Trade |
815.211 |
1295.646 |
1874.980 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
25.792 |
(127.087) |
26.180 |
|
|
Employees benefits expense |
169.702 |
147.898 |
123.606 |
|
|
Other expenses |
113.904 |
303.212 |
146.801 |
|
|
TOTAL
(B) |
1298.071 |
1766.702 |
2312.092 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
18.624 |
(101.790) |
91.220 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.479 |
48.660 |
47.409 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(29.855) |
(150.450) |
43.811 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
26.406 |
12.429 |
12.491 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(56.261) |
(162.879) |
31.320 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(3.068) |
(0.848) |
21.165 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(53.193) |
(162.031) |
10.155 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
218.297 |
265.012 |
1098.140 |
|
|
Freight |
|
|
|
|
|
Insurance |
|
|
|
|
|
TOTAL
EARNINGS |
218.297 |
265.012 |
1098.140 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1.842 |
2.522 |
1.628 |
|
|
Trade Goods |
629.316 |
1446.086 |
1108.915 |
|
|
Capital Goods |
0.000 |
0.000 |
0.000 |
|
|
TOTAL
IMPORTS |
631.158 |
1448.608 |
1110.543 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(3.92) |
(11.95) |
0.75 |
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 |
303.769 |
22.776 |
(147.276) |
|
Net cash flow from operating activity |
298.724 |
13.824 |
(156.358) |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
|
Audited / Unaudited |
Unaudited |
|
Net Sales |
307.430 |
|
Total Expenditure |
294.520 |
|
PBIDT (Excl OI) |
12.910 |
|
Other Income |
8.250 |
|
Operating Profit |
21.160 |
|
Interest |
13.270 |
|
Exceptional Items |
NA |
|
PBDT |
7.890 |
|
Depreciation |
5.180 |
|
Profit Before Tax |
2.710 |
|
Tax |
NA |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
2.710 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
2.710 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(4.16) |
(9.96) |
0.43 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1.46 |
(6.26) |
3.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.89) |
(12.15) |
2.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10) |
(0.25) |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.65 |
1.04 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.32 |
1.62 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.12.54/- |
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 |
135.600 |
135.600 |
135.600 |
|
Reserves & Surplus |
668.245 |
506.214 |
453.021 |
|
Net
worth |
803.845 |
641.814 |
588.621 |
|
|
|
|
|
|
long-term borrowings |
2.927 |
1.791 |
5.910 |
|
Short term borrowings |
596.012 |
665.046 |
374.588 |
|
Total
borrowings |
598.939 |
666.837 |
380.498 |
|
Debt/Equity
ratio |
0.745 |
1.039 |
0.646 |
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 |
2358.868 |
1626.533 |
1277.206 |
|
|
|
(31.046) |
(21.477) |
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 |
2358.868 |
1626.533 |
1277.206 |
|
Profit |
10.155 |
(162.031) |
(53.193) |
|
|
0.43% |
(9.96%) |
(4.16%) |
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 |
No |
|
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 |
PERFORMANCE REVIEW
During the year, the Company has achieved revenue of Rs. 1288.854 Million as against Rs. 1633.755 Million in previous year. The Company has incurred a Net loss after tax of Rs. 53.194 Million as against Net loss after tax of Rs. 162.031 Million for the corresponding previous financial year. Due to adverse market conditions, the turnover of the company has been decreased. The Directors are hopeful for better sales realisation and profit in the next year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
India's Textiles and Garments industry, which accounts for 14% of India's total industrial production and 4% of India's GDP, is considered as one of the significant contributor to the national economy. After witnessing challenges during the year 2013 and for most part of 2014 given unfavorable economic conditions, the Indian textiles and garments sector has seen reversal of trends in second half of 2014. With domestic and global economic conditions gradually improving along with the focused efforts made by Ministry of Textiles, Indian textiles and garments sector is set for growth, buoyed by revival in domestic consumption and export demand.
Improved demand from the US market, rising cost of labour in China would provide boost to the Indian textile exports
In dollar terms, the total value of textile products exported from India touched US $35.4 bn in FY14, which was 12% higher compared to FY13. The US has been the primary market for Indian textile exporters and accounts for the major share of India's textile and garments exports. As per the US Dept. of Commerce's Office of Textiles and Apparel (OTEXA), Indian textile and apparel exports to the US have risen nearly 7% during Jan – Oct 2014 as compared to the previous corresponding period. During the same period, textile/apparel exports of China to the US increased by 1.5%.
India's growth in textile and apparel exports can largely be attributed to the steady growth in demand from the US market. In addition to this, others factors that are contributing to India's textile growth story are:
• Continuing slowdown in the Chinese textile exports to the US due to rising labour costs and power shortages • Non-compliance of textiles units in Bangladesh to the global safety standards
• Labour unrest in Cambodia's textile plant High cost of credit in Vietnam Appreciation of Indonesian currency during January, 2014
All these factors combined together are expected to enable India to significantly turnaround its textile industry. Also, with economic scenario in the US gradually improving, the demand for textile products is expected to improve further. This would help in the growth of India's textile exports.
INDIAN APPAREL RETAIL
MARKET
The Indian retail market, estimated at US$ 500 billion in 2012, is expected to demonstrate a robust growth rate of 13% p.a. over the coming years to become US$ 1.3 trillion by 2020 (Source: IBEF Retail Sector Report). Apparel retail market's share out of this is 8%, which puts the market size at approx. US$ 40 billion in 2012.
The overall consumption growth story of India, driven by favourable demographic trends and rising income level fuelling consumerism, is expected to continue to gain momentum. In addition, favourable government policies to boost investor confidence are increasing investments in organised retail. Currently, organised retail's penetration in India is only 8%, which is expected to increase to 20% by 2020.
Indian Apparel market has demonstrated resilience and growth in an environment characterized by slow economic growth. This trend is further strengthened by demographic dividend of India, i.e. young consuming age group. By 2020, India will have 64% of the population in working age group, making it the world's youngest emerging economy. This young consuming class has new aspirations and is more open to experimenting with fashion brands and modern designs.
Purchase behaviour of consumers is also going through a significant change. Fashion today is heavily influenced by global social media, international fashion icons, increasing disposable income and rising confidence level. This is leading the shift from need-based purchasing to aspiration-based purchasing, and fast adoption of international fashion statements.
Further, favourable policy environment (e.g. the decision to allow Foreign Direct Investment (FDI) in multi-brand retail), has boosted investor confidence and opened doors for many international retailers to enter India. The apparel retail industry is expected to benefit from better product designs, while improving business performance learning from global best practices. The policy also requires investment in backend infrastructure and substantial local sourcing of products. Businesses with strong local expertise and vertical-integrated set-up in textiles and apparel, like your company, are expected to benefit from this.
FINANCIAL OVERVIEW
Sales
Stand Alone: During the year, the Company achieved revenue of Rs. 1288.854 Million as against Rs. 1633.755 Million in previous year.
Earnings Before
Interest, Depreciation & Tax (EBIDT)
Stand Alone: During the financial year, the EBIDT was Rs. 18.624 Million as against EBIDT of Rs. 83.234 Million for the corresponding previous financial year.
Net Loss after Tax
Stand Alone: During the financial year, Company has incurred a Netloss after tax of Rs. 53.194 Million as against Net Loss after tax of Rs.162.031 Million for the corresponding previous financial year.
OUTLOOK
In the mid-long term, the Indian textile industry is expected to grow very strongly with growth being balanced from both domestic auditors are invited to attend the Audit Committee meetings.
The Company also has an internal audit system which is conducted by an Independent firm of Chartered Accountants viz. Vishal Khade and Co., so as to cover various operations on continuous basis and regularly monitor the Internal Control Systems and their Implementation. Summarized Internal Audit Observations/Reports are reviewed by the Audit Committee on a regular basis. The finance and accounts functions of the Company are well staffed with qualified and experienced members.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans
repayable on demand |
|
|
|
from Promoters and Promoter group |
209.006 |
200.504 |
|
from Directors |
17.909 |
24.327 |
|
from related party |
5.604 |
5.058 |
|
Total |
232.519 |
229.889 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10563152 |
31/12/2014 |
6,425,000.00 |
BMW India Financial Services Private Limited |
TOWER C, 14TH FLOOR, BUILDING NO. 10, DLF CYBER CITY, PHASE-II,
GURGAON, Haryana - 122002, INDIA |
C50739580 |
|
2 |
10334528 |
12/01/2012 |
150,000,000.00 |
Oriental Bank of Commerce |
Palace Corner Building,, #209/01, Upper Palace Or |
B31661846 |
|
3 |
10251251 |
22/10/2013 * |
570,000,000.00 |
BANK OF INDIA |
SAKINAKA CORPORATE BANKING BR, SAGAR TECH PLAZA, B, ANDHERI-KURLA RD, SAKINAKA
JUNCTION, ANDHERI EAST, MUMBAI, Maharashtra - 400072, INDIA |
B89219687 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
|
|
Particulars |
quarter ended
30.06.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
Sales/Income from Operations (Gross) |
305.549 |
|
|
|
b) Other Operating Income |
1.886 |
|
|
Total Income from
Operations (Net) |
307.434 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
33.115 |
|
|
b) |
Purchase of Stock-in-trade |
133.993 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
61.206 |
|
|
d) |
Employee benefit expenses |
45.672 |
|
|
e) |
Depreciation and amortization expense |
5.179 |
|
|
f) |
Other expenses |
20.532 |
|
|
Total Expenses |
299.696 |
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
7.739 |
|
4 |
Other Income |
8.250 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
15.988 |
|
|
6 |
Finance Costs |
13.274 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
2.714 |
|
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
2.714 |
|
|
10 |
Tax Expense |
-- |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
2.714 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
135.600 |
|
|
13 |
Reserve excluding revaluation reserves |
|
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic & Diluted |
0.20 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
3663632 |
|
|
|
- Percentage of Shareholding |
27.02 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
Nil |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
Nil |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
Nil |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
9896368 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
72.98% |
|
Particulars |
Quarter Ended 30.06.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 14 August, 2015.
2. The figures of the quarter ended 31 March 2015 are the balancing figures
between audited figures in respect of full financial year and published year to
date figures up to the third quarter of the respective financial year.
3. Tax Expenses doesn't includes deferred tax. Deferred Tax will be provided
annually.
4. Basic & Diluted earnings per share has been calculated in accordance
with the Accounting Standard 20 issued by ICAI.
5. The Company operates in a single segment ; manufacture of readymade garments
and trading of fabrics.
6. Previous period figures have been regrouped, re-arranged and re-classified
wherever necessary to conform to current period's classification.
7. The statutory auditors have carried out a Limited Review of result for the 3
months ended 30th June, 2015.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
(a)
Claims against Company not acknowledged as debts: |
|
|
|
Income Tax Matters |
24.674 |
24.674 |
|
Others* |
1.797 |
1.644 |
|
(b) Bank
Guarantees |
39.442 |
21.765 |
|
(c) Other
Liabilities |
|
|
|
Letter of credit |
56.367 |
48.473 |
|
Export Obligation |
35.860 |
37.420 |
|
Sales Tax declaration forms |
8.776 |
7.418 |
|
Stand by Letter of credit |
25.600 |
25.600 |
|
Note : * A supplier has filed a Civil Suit with City Civil Court Bangalore against the Company for recovery of disputed outstanding amounting to Rs. 1.797 MillionThe future profitability of Company may get affected based on outcome of this case. |
||
FIXED ASSETS
- Land
- Building
- Factory Building
- Office Equipment
- Computer Systems
- Plant & Machinery
- Furniture & Fixture
- Motor Vehicles
- Leasehold improvements
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
31 |
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.