MIRA INFORM REPORT
|
Report No. : |
349335 |
|
Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHEKHAWATI POLY-YARN LIMITED (w.e.f 19.04.2010) |
|
|
|
|
Formerly Known
As: |
SHEKHAWATI POLY-YARN PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
Plot No. 185/1, Naroli Village, Near Kanadi Phatak, Naroli, Dadra and
Nagar Haveli – 396 235 (Union Territory) |
|
Tel. No.: |
91-22-61162500 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation
: |
05.11.1990 |
|
|
|
|
Com. Reg. No.: |
54-000440 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 220.111 Million |
|
|
|
|
CIN No.: [Company
Identification No.] |
L17120DN1990PLC000440 |
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|
|
|
IEC No.: |
0394060857 |
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|
|
|
TAN No.: [Tax Deduction
and Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCS5224N |
|
|
|
|
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 principally engaged in the manufacturing of Texturising
Yarn, Twisting Yarn and Knitted Fabrics |
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|
|
|
No. of Employees
: |
469 (Approximately) |
RATING and COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company incorporated in the year 1990,
engaged in the business of manufacturing and exporting of polyester
texturized yarn, twisted yarn and knitted fabrics. It has satisfactory track. As per financial of the year 2015, company possesses good operational
performance with decent profit margin of 2.02% recorded in the books. Further, rating considers company’s acceptable financial risk profile
supported by adequate net worth base, comfortable liquidity position and
favourable gap between trade payables to its receivables. Moreover, rating also considers company’s long track record of
business operations and its experienced management team in textile industry. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. In view of aforesaid, company can be considered for business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
04.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank Facilities =A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
04.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 (91-22-61162500)
LOCATIONS
|
Registered Office/Unit III: |
Plot No. 185/1, Naroli Village, Near Kanadi Phatak, Naroli, Dadra and
Nagar Haveli – 396 235 (Union Territory), India |
|
Tel. No.: |
91-260-2650666 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
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Corporate Office : |
Express Zone 'A' Wing, Unit No. 1102/1103, Patel Vatika, Off Western
Express Highway, Malad (East), Mumbai- 400 097, Maharashtra, India |
|
|
|
|
Unit I : |
Plot No. 20, Sheetal Industrial Estate, Demeni Road, Dadra, Dadra and Nagar
Haveli – 396 191 (Union Territory), India |
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Tel. No.: |
91-260-3209439 |
|
Fax No.: |
91-260-2668186 |
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E-Mail : |
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Unit II : |
Plot No. 44, Government Industrial Estate, Masat, Samarvani, Dadra and
Nagar Haveli – 396 230 (Union Territory), India |
|
Tel. No.: |
91-260-2633377 |
|
Fax No.: |
91-260-3209499/ 3263866 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Mukesh Ramniranjan Ruia |
|
Designation : |
Managing Director |
|
Address: |
Flat No. 2102, Laksha Chandi Heights, B - Wing, Krishna Vatika,
Gokuldham, Goregaon (East), Mumbai - 400063, Maharashtra, India |
|
Date of Birth/Age : |
01.02.1972 |
|
Qualification : |
B.Com, Diploma in Computer by NIIT and Course of Import – Export from
“The Indo American Society”. |
|
Date of Appointment : |
02.03.2010 |
|
Expertise in specific functional area : |
Mr. Mukesh Ruia has a rich experience of over 24 years in the Textile
Industries. |
|
DIN No.: |
003720 |
|
|
|
|
Name : |
Mr. Ravi Jogi |
|
Address: |
Flat No.102, Blue Bell, Vasant Valley, Film City, Road, Dindoshi,
Malad East, Mumbai, 400097, Maharashtra, India |
|
Designation : |
Whole Time Director |
|
Date of Appointment : |
10.08.2013 |
|
DIN No.: |
06646110 |
|
|
|
|
Name : |
Mr. Sanjay Jogi |
|
Designation : |
Director |
|
Address: |
Flat No.102, Blue Bell, Vasant Valley, Film City, Road, Dindoshi,
Malad (East), Mumbai - 400097, Maharashtra, India |
|
Date of Birth/Age : |
28.12.1965 |
|
Qualification : |
S.S.C. |
|
Date of Appointment : |
10.08.2013 |
|
Expertise in specific functional area : |
Mr. Sanjay Jogi has a rich experience of over 20 years in the Textile
Industry. |
|
DIN No.: |
02949921 |
|
|
|
|
Name : |
Mr. Sushil Poddar |
|
Designation : |
Independent Director |
|
Address: |
307,Ganga Building, Rani Sati Marg, Malad (East), Mumbai - 400097,
Maharashtra, India |
|
Date of Birth/Age : |
15.09.1943 |
|
Qualification : |
B.Com, LLB |
|
Date of Appointment : |
06.08.2011 |
|
Expertise in specific functional area : |
Mr. Sushil Poddar has a good knowledge in the field of procuring of
Raw material and purchase department in the Textile Industries. |
|
DIN No.: |
03605830 |
|
|
|
|
Name : |
Ms. Jyoti Rajendra Thakkar |
|
Designation : |
Director |
|
Address: |
53/528, MHB Colony, Mahavir Nagar, Off. Link Road, Dhanukar Wadi,
Kandivali (West), Mumbai - 400067, Maharashtra, India |
|
Date of Appointment : |
30.05.2015 |
|
DIN No.: |
07197307 |
|
|
|
|
Name : |
Ms. Swati Sahukara |
|
Designation : |
Director |
|
Address: |
A-2/24, Shree Vishramyog Cooperative Housing Society, Near Don Bosco
School, L.T Road, Borivali (West), Mumbai - 400091, Maharashtra, India |
|
Date of Appointment : |
Director |
|
DIN No.: |
06801137 |
KEY EXECUTIVES
|
|
|
|
Name : |
Ms. Meena Ashish Aga |
|
Designation : |
Secretary |
|
Address: |
402 - 1/B- Wing, Green Meadows, Lokhandwala Township, Kandivali
(East), Mumbai - 400101, Maharashtra, India |
|
Date of Appointment : |
01.10.2012 |
|
PAN No.: |
AIYPA4999C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
53625000 |
24.36 |
|
|
46706765 |
21.22 |
|
|
100331765 |
45.58 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
100331765 |
45.58 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
81923359 |
37.22 |
|
|
|
|
|
|
13864516 |
6.30 |
|
|
23555764 |
10.70 |
|
|
435266 |
0.20 |
|
|
167001 |
0.08 |
|
|
268265 |
0.12 |
|
|
119778905 |
54.42 |
|
Total Public shareholding (B) |
119778905 |
54.42 |
|
Total (A)+(B) |
220110670 |
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) |
220110670 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is principally engaged in the manufacturing of Texturising
Yarn, Twisting Yarn and Knitted Fabrics |
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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 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
469 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Note: LONG TERM
BORROWING Term loans from State Bank of India :
(i).Paripassu mortgage charge on Land and
Building, Plant and Machinery, Furniture and Fixtures, Office Equipments and
all other fixed assets situated at factory building located at Unit III,
Village Naroli, Silvassa, DandN Haveli (UT). (ii).First exclusive equitable mortgage on
Land and Building(3000 sq mtrs), Plant and Machinery, Furniture and Fixtures
etc at factory located at unit II, Masat, Silvassa, Dandn Haveli (UT).The
loan is also collaterally secured by, (i) Second Charge on pari-passu basis
over entire current assets of the company.(ii).Exclusive first charge on
office situated at Goregaon (E). (iii). First exclusive assignment on SBI
Life Policy of 25.00 Million. Term loan from
other banks :
Vehicle Loan
(Secured) ·
Vehicle Loan amounting to 0.413 Million was
availed during the financial year 2009-10 and carries interest @ 8.67% p.a.
The loan is repayable in 60 monthly installments along with interest starting
from Oct 2010.The loan is secured by first charge on the vehicle specifically
financed out of the loan. SHORT TERM
BORROWING Working Capital Loans (secured) includes : Cash credit from State Bank of India amounting to
630.206 Million (P.Y. 488.923 Million) including standbyline of credit of
40.000 Million (P.Y. Nil) and is secured primarily by first hypothecation
charge on entire stocks, stores and spares and receivables of the company on
pari passu basis with Working Capital consortium member. The loan is
collaterally secured by extension of second equitable mortgage/ hypothecation
charge on pari passu basis with working capital consortium member (Axis Bank)
on entire fixed assets L&B at Unit III, Village Naroli, Silvassa, D&N
Haveli (UT); Extension of second equitable mortgage/ hypothecation charge on
pari passu basis with working capital consortium member (Axis Bank) on entire
fixed assets L&B at Unit II, Village Masat, Silvassa, D&N Haveli (UT)
and First Mortgage/hypothetication on office situated at Goregaon (E)
exclusive for SBI. First exclusive assignment on SBI life policy of 2.500 Million. Cash credit from Axis Bank amounting to 19.794
Million is secured by first parripassu charge over entire current assets of
the company, present and future with other working capital consortium lenders
and second parripassu charge over the entire fixed assets (movable and
immovable) of the company present, future with other working capital lenders
under the consortium located at Unit III, village Naroli, Silvassa, D&N
Haveli (UT) and Unit II, Village Masat, Silvassa, D&N Haveli (UT). The cash
credit is repayable on demand and carries interest @Base Rate + 1.75% p.a. |
|
Auditors : |
|
|
Name : |
S G C O and Company Chartered Accountant |
|
Address: |
4A, Kaledonia-HDIL, 2nd Floor, Sahar Road, Near Andher
Station, Andheri (East), Mumbai |
|
Tel No.: |
91-22-66256363 |
|
Fax No.: |
91-22-66256364 |
|
Email: |
info@sgco.co.in |
|
Website: |
www.sgco.co.in |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprise over which the key managerial
personnel and their relatives have significant influence: |
·
Ruia Rayons
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28,00,00,000 |
Equity Shares |
Rs. 1/- each |
Rs. 280.000 Million |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22,01,10,670 |
Equity Shares |
Rs. 1/- each |
Rs. 220.111
Million |
|
|
|
|
|
During the year, the Company has increased its Authorised Share Capital from
2800.00 lacs (divided into 28,00,00,000 equity shares of face value 1/- each)
to 4000.00 lacs (divided into 40,00,00,000 equity shares of the face value 1/-
per share) vide resolution passed through postal ballot u/s. 110 of the
Companies Act, 2013 on 2 December, 2014.
a) Reconciliation
of the number of equity shares outstanding at the beginning and at the end of
the reporting period
|
Particulars |
As at March 31,
2015 |
|
|
Numbers of
Shares |
Rs. In Million |
|
|
Face value per share |
|
1 |
|
Shares outstanding at the beginning of the year |
220,110,670 |
220.111 |
|
Shares outstanding at the end of the year |
220,110,670 |
220.111 |
b) Terms/rights attached to equity shares
The Company has one class of equity shares having a par value of 1 per share.
Each holder of equity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares
will be entitled to receive remaining assets of the Company, after distribution
of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.
Aggregate number
of bonus shares issued, share issued for consideration other than cash and
shares bought back during the period of five years immediately preceeding the
reporting date
|
Particular |
31.03.2015 |
|
Equity shares alloted as fully paid bonus shares by capitalisation of
securities premium |
5,772,165 |
|
Equity shares alloted as fully paid up pursuant to contracts for
consideration other than cash |
- |
|
Equity Shares bought back by the Company |
- |
Details of
shareholders holding more than 5% shares in the company
|
Name of
Shareholder |
31.03.2015 |
|
|
Number of Equity shares held |
Percentage |
|
|
Mukesh Ramniranjan Ruia |
31,320,000 |
14.23% |
|
SKI Buildcon Private Limited |
31,000,000 |
14.08% |
|
Altius Buildcon Private Limited |
15,249,255 |
6.93% |
|
Madhukar Sheth |
8,969,446 |
4.07% |
|
Shrey Mukesh Ruja |
14,800,000 |
6.72% |
|
Amax Network Private Limited |
11,200,949 |
5.09% |
|
Gajanand Infracon Private Limited |
12,839,049 |
5.83% |
|
Yash Infracon Private Limited |
14,175,490 |
6.44% |
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 |
220.111 |
220.111 |
220.111 |
|
(b) Reserves and Surplus |
587.235 |
516.128 |
445.621 |
|
(c) Money
received against share warrants |
328.139 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1135.485 |
736.239 |
665.732 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
668.287 |
651.950 |
638.047 |
|
(b) Deferred tax liabilities (Net) |
84.374 |
80.227 |
72.153 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
15.000 |
|
(d) long-term
provisions |
1.243 |
1.639 |
1.047 |
|
Total Non-current
Liabilities (3) |
753.904 |
733.816 |
726.247 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
649.999 |
500.813 |
365.220 |
|
(b) Trade
payables |
345.416 |
82.445 |
119.093 |
|
(c) Other
current liabilities |
196.080 |
169.173 |
145.421 |
|
(d) Short-term
provisions |
25.631 |
21.470 |
11.413 |
|
Total Current
Liabilities (4) |
1217.126 |
773.901 |
641.147 |
|
|
|
|
|
|
TOTAL |
3106.515 |
2243.956 |
2033.126 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1275.747 |
978.321 |
1080.163 |
|
(ii)
Intangible Assets |
0.000 |
21.655 |
23.116 |
|
(iii)
Capital work-in-progress |
0.000 |
100.011 |
81.389 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
10.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
241.698 |
31.550 |
44.525 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1517.445 |
1141.537 |
1229.193 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
159.171 |
142.823 |
96.703 |
|
(c) Trade
receivables |
860.196 |
653.345 |
425.429 |
|
(d) Cash
and cash equivalents |
40.874 |
19.801 |
18.057 |
|
(e)
Short-term loans and advances |
461.961 |
193.915 |
197.418 |
|
(f) Other
current assets |
66.868 |
92.535 |
66.326 |
|
Total
Current Assets |
1589.070 |
1102.419 |
803.933 |
|
|
|
|
|
|
TOTAL |
3106.515 |
2243.956 |
2033.126 |
PROFIT
and LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3542.569 |
3518.836 |
2397.974 |
|
|
|
Other Income |
23.404 |
3.242 |
7.548 |
|
|
|
TOTAL |
3565.973 |
3522.078 |
2405.522 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2952.634 |
2837.586 |
1855.494 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(33.564) |
(17.998) |
8.152 |
|
|
|
Employees benefits expense |
66.391 |
74.456 |
56.440 |
|
|
|
Other expenses |
232.245 |
285.908 |
200.922 |
|
|
|
TOTAL |
3217.706 |
3179.952 |
2121.008 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
348.267 |
342.126 |
284.514 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
131.828 |
127.491 |
118.571 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
216.439 |
214.635 |
165.943 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
99.300 |
106.561 |
99.567 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
117.139 |
108.074 |
66.376 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
45.510 |
37.569 |
21.227 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
71.629 |
70.505 |
45.149 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
243.831 |
173.326 |
128.177 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
315.460 |
243.831 |
173.326 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
435.721 |
647.092 |
158.713 |
|
|
TOTAL EARNINGS |
435.721 |
647.092 |
158.713 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
182.064 |
77.695 |
2.701 |
|
|
TOTAL IMPORTS |
182.064 |
77.695 |
2.701 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.33 |
0.32 |
0.21 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
132.877 |
126.256 |
113.579 |
|
Cash Generated from Operations |
146.955 |
9.597 |
284.999 |
|
Net Cash from operating activities |
124.050 |
(3.498) |
277.727 |
QUARTERLY
RESULTS
(Rs.
In Million)
|
PARTICULARS |
|
30.06.2015 (Unaudited) 1st
Quarter |
30.09.2015 (Unaudited) 2nd
Quarter |
|
Net Sales |
|
468.390 |
1126.10 |
|
Total Expenditure |
|
585.720 |
1028.920 |
|
PBIDT (Excl OI) |
|
(117.330) |
97.180 |
|
Other Income |
|
1.210 |
3.260 |
|
Operating Profit |
|
(116.120) |
100.440 |
|
Interest |
|
42.160 |
40.280 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(158.280) |
60.160 |
|
Depreciation |
|
26.370 |
26.270 |
|
Profit Before Tax |
|
(184.650) |
33.890 |
|
Tax |
|
(2.420) |
10.320 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(182.230) |
23.570 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(182.230) |
23.570 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.02 |
2.00 |
1.88 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.83 |
9.72 |
11.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.77 |
5.06 |
3.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.15 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.28 |
1.74 |
1.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.42 |
1.25 |
STOCK
PRICES
|
Face Value |
Rs. 1.00/- |
|
Market Value |
Rs. 2.12/- |
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 |
220.111 |
220.111 |
220.111 |
|
Reserves & Surplus |
445.621 |
516.128 |
587.235 |
|
Money received against share
warrants |
0.000 |
0.000 |
328.139 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
665.732 |
736.239 |
1135.485 |
|
|
|
|
|
|
long-term borrowings |
638.047 |
651.950 |
668.287 |
|
Short term borrowings |
365.220 |
500.813 |
649.999 |
|
Current maturities of
long-term debts |
113.579 |
126.256 |
132.877 |
|
Total
borrowings |
1116.846 |
1279.019 |
1451.163 |
|
Debt/Equity
ratio |
1.678 |
1.737 |
1.278 |
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 |
2397.974 |
3518.836 |
3542.569 |
|
|
|
46.742 |
0.674 |
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 |
2397.974 |
3518.836 |
3542.569 |
|
Profit |
45.149 |
70.505 |
71.629 |
|
|
1.88% |
2.00% |
2.02% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
--- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
----- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
----- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
----- |
|
33 |
Market information |
----- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India (BSE & NSE). The Company is principally engaged in the manufacturing of Texturising Yarn, Twisting Yarn and Knitted Fabrics. The Company caters to both domestic and international markets.
MANAGEMENT DISCUSSION
AND ANALYSIS
Management Discussion and Analysis mainly comprises of the statements which inter alia involve predictions and projections based on perceptions and may, therefore, attract certain risks and uncertainties. It is the sum total of the Company’s expectations, beliefs, estimates and projections which may be forward looking within the meaning of applicable securities, laws and regulations. The actual result could differ materially from those expressed herein specifically or impliedly.
The important factors that could make a difference to the
Company’s operations include availability and cost of raw material, cyclical
demand and pricing in the Company’s principal markets, changes in government
regulations, tax regimes, economics developments within India and countries in
which the Company conducts business, India’s Free Trade Agreements with other
countries, prevailing exchange rate of INR against other currencies,
availability of skilled and unskilled workforce and other incidental factors.
The shareholders are cautioned to use this in conjunction with the Company’s
financial statements.
OVERALL REVIEW
The Company’s Aggressive marketing efforts, relentless focus on efficiency improvement, accentuating on quality and cost control measures contributed towards improved performance during the year. The Indian Textile industries have an overwhelming presence in economic life of India. Textile industry is also the largest in the country in terms of employment generation. The Indian Textile Industry has a great presence in the economy of the country by way of contribution to industrial output, employment generation and the export earning of the country. The Close Linkage of the industry to agriculture and the ancient culture, and traditions of the country make the Indian textile sector unique in comparison with the textile industry of other countries. The growth figures of the last few years have made the entire textile industry brim with unprecedented confidence and optimism. These growth targets envisaged a fundamental shift in the textile scenario and have taken a route of a very rapid growth. The Indian textile industry plays a vital role in the Indian economy by contributing to GDP, generating employment and earning foreign exchange. The worldwide trade of textiles and clothing has boosted up the GDP of India to a great extent as this sector has brought in a huge amount of revenue in the country. During the year 2014-2015 under review the profitability of the Company was higher as compared to that of the previous years.
INDUSTRIAL STRUCTURE
AND DEVELOPMENT
The textile industry has witnessed steady growth in the recent past with the friendly policies announced by the Government.The industry has undergone drastic changes over the decades, particularly after the introduction of Technology Up-gradation Funds (TUFs) scheme by the Government of India and majority of the textile companies have modernized /renovated their plants in order to provide quality products and meet the global standards. Indian Textile Industry has gone through the metamorphosis from being a 'cottage industry' to the state of supremacy: On the Way of deeper integration with world economy and expansion in domestic economy, the industry picked up the momentum. Most of the existing and new units commenced process of expansion and modernization to cater to the increasing market demands. However, due to the global slowdown, the industry suffered heavily with reduced exports and domestic demand. The Government of India, recognizing the potential of the Indian Textile Industry has taken several measures over the years to improve the industry's cost competitiveness. Continuing the same trend the government in the last Union Budget has introduced certain fiscal and monetary relief measures in the wake of the global economic slowdown to provide relief to the domestic industry including textiles industry.
OUTLOOK
We expect the textile segments to turn favorably and based
on the various factors like macro economy condition, the Company is hopeful of
significantly improved financial performance in the coming year and hope to
provide booming results in the forth coming years. Total export of the Company
for the year 2014-15 was 459.077 Million.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER,
2015
Standalone statement of profit and loss
(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) |
458.131 |
1122.523 |
1580.654 |
|
|
|
b. Other Operating Income |
10.262 |
3.581 |
13.843 |
|
|
|
Total Income from
Operations (Net) |
468.392 |
1126.104 |
1594.497 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
495.901 |
914.327 |
1410.228 |
|
|
|
b. Purchase of Stock-in trade |
- |
- |
- |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(1.890) |
33.235 |
31.344 |
|
|
|
d. Employees Benefit Expenses |
22.013 |
16.258 |
38.272 |
|
|
|
e. Depreciation and Amortisation Expenses |
26.369 |
26.265 |
52.634 |
|
|
|
f. Other expenses |
69.701 |
65.106 |
134.807 |
|
|
|
Total Expenses |
612.094 |
1055.191 |
1667.285 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
(143.701) |
70.914 |
(72.788) |
|
|
4 |
Other Income |
1.212 |
3.261 |
4.473 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
(142.490) |
74.175 |
(68.315) |
|
|
6 |
Finance Costs |
42.157 |
40.280 |
82.437 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
(184.647) |
33.895 |
(150.752) |
|
|
8 |
Exceptional items |
- |
- |
- |
|
|
9 |
Profit from ordinary
activities before tax |
(184.647) |
33.895 |
(150.752) |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
- Income Tax |
- |
- |
- |
|
|
|
- Deferred Tax |
7.827 |
0.084 |
7.912 |
|
|
11 |
Net Profit from
ordinary activity after tax |
(182.230) |
23.567 |
(158.663) |
|
|
12 |
Extraordinary Items |
- |
- |
- |
|
|
13 |
Net Profit After
Tax |
(182.230) |
23.567 |
(158.663) |
|
|
14 |
Paid-up equity share capital (face value of Rs.1each per share) |
220.111 |
220.111 |
220.111 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
- |
- |
- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
(0.83) |
0.11 |
(0.72) |
|
|
|
Diluted EPS |
(0.83) |
0.11 |
(0.72) |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
119778905 |
119778905 |
119778905 |
|
|
|
- Percentage of shareholding |
54.42% |
54.42% |
54.42% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
100331765 |
100331765 |
100331765 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
45.58% |
45.58% |
45.58% |
|
|
|
Particulars |
Quarter ended 30.09.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10588589 |
05/08/2015 |
30,000,000.00 |
AXIS BANK
LIMITED |
3RD FLOOR, OPPOSITE
SAMARTHESHWAR TEMPLE, LAW GARDEN, ELLISBRIDGE, AHMEDABAD- 380006,
GUJARAT, INDIA |
C62616909 |
|
2 |
10539895 |
08/12/2014 |
1,100,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, THE ARCADE, 1ST FLOOR,, |
C38796199 |
|
3 |
10325065 |
27/12/2011 * |
450,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI- 400005,
MAHARASHTRA, INDIA |
B63189435 |
|
4 |
10332674 |
27/12/2011 * |
50,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI- 400005,
MAHARASHTRA, INDIA |
B63189757 |
|
5 |
10007685 |
27/03/2006 |
66,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, 'THE ARCADE', 2ND FLOOR |
A00733865 |
|
6 |
80002918 |
08/12/2014 * |
2,950,000,000.00 |
STATE BANK OF
INDIA & OTHERS |
INDUSTRIAL FINANCE
BRANCH, 2ND FLOOR, THE ARCADE, |
C38797361 |
|
7 |
90156015 |
02/05/2000 * |
20,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, CUFFE PARADE, MUMBAI- 400005, |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from Companies |
0.000 |
10.000 |
|
Loan from Related Parties |
0.000 |
181.000 |
|
Total |
0.000 |
191.000 |
|
Note:
Loan from Companies (Unsecured) Loan from a Company amounting to Nil
(P.Y 100.00 lacs) was obtained during the year 2013-14 and carries @ 12% p.a. Loan from Related Parties (Unsecured) Loan from Related Parties amounting to
Nil (P.Y. 1810.00 lacs) was obtained during the year 2013-14 and was interest
free. |
||
FIXED ASSETS
- Land –
Freehold
- Buildings
- Plant and
Equipment
- Furniture and
Fixture
- Computers
- Electrical
Installations
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.13 |
|
UK Pound |
1 |
Rs. 100.55 |
|
Euro |
1 |
Rs. 71.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
49 |
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 and 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.