MIRA INFORM REPORT
|
Report No. : |
349640 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SPENTA INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
Plot No 13, 14, 15, 16 Dewan Industrial Estate, Village Navali,
Palghar (West) Thane – 401404 Maharashtra |
|
Tel. No.: |
91-2525-254932/250056/250620 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
25.07.1986 |
|
|
|
|
Com. Reg. No.: |
11-040482 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.31.119 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28129MH1986PLC040482 |
|
|
|
|
IEC No.: |
0392070481 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS17243C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS5965P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and exporting of Cotton Socks. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 540000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
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Litigation : |
Clear |
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|
|
Comments : |
Subject was incorporated on 25th July, 1986. It is engaged
into business of manufacturing and exporting of cotton socks. It has satisfactory
track record. The company possesses a decent profile marked by adequate net worth
base along with fair liquidity, moderate gearing and good profitability.
Trade relation are fair. Business is active. Payments are recorded as usually
correct. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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.: 91-2525.250056)
LOCATIONS
|
Registered Office / Factory : |
Plot No 13, 14, 15, 16 Dewan Industrial Estate, Village Navali,
Palghar (West) Thane – 401404 Maharashtra, India |
|
Tel. No.: |
91-2525-254932/250056/250620 |
|
Mobile No.: |
91-9323221887 (Mr. Sandeep Gadodia) |
|
Fax No.: |
91-2525-254932 Extension. 113 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Administrative Office : |
87, Mahendra Chambers, 2nd
Floor 134/136, Dr. D.N. Road, Mumbai-400001, Maharashtra, India |
|
Tel. No.: |
91.22-22076396/22076397 |
|
Fax No.: |
91-22-22074378 |
|
Email : |
|
|
Website : |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Sanjay Shyamsunder Gadodia |
|
Designation : |
Whole-Time Director |
|
Address : |
Vijay Mahal 2nd Floor, 12,Walkeshwar Road, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
10.04.1992 |
|
DIN No.: |
00203433 |
|
|
|
|
Name : |
Mr. Danny Firoze Hansotia |
|
Designation : |
Managing Director |
|
Address : |
5/A, Balmoral Hall, Mount Mary Hill Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
10.04.1992 |
|
DIN No.: |
00203497 |
|
|
|
|
Name : |
Mr. Gaurav Vijairaj Samdaria |
|
Designation : |
Director |
|
Address : |
1302, Orchid, Campcola Compound, 18, B.G.Kher Road, Worli, Mumbai - 400018, Maharashtra, India |
|
Date of Appointment : |
13.02.2014 |
|
DIN No.: |
06797334 |
|
|
|
|
Name : |
Ms. Sunita Misri |
|
Designation : |
Director |
|
Address : |
30, Nalanda Society, Vikas Puri, New Delhi - 110018, India |
|
Date of Appointment : |
13.08.2015 |
|
DIN No.: |
06926975 |
KEY EXECUTIVES
|
Name : |
Mr. Danny Firoze Hansotia |
|
Designation : |
Chief Financial Officer |
|
Address : |
5/A, Balmoral Hall, Mount Mary Hill Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
29.05.2014 |
|
PAN No.: |
AAAPH3781M |
|
|
|
|
Name : |
Mr. Sanjay Shyamsunder Gadodia |
|
Designation : |
Chief Executive Officer |
|
Address : |
Vijay Mahal 2nd Floor,, 12,Walkeshwar Road, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
29.05.2014 |
|
PAN No.: |
AEZPG7671J |
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 |
||
|
|
|
|
|
|
1780817 |
64.42 |
|
|
1600 |
0.06 |
|
|
1782417 |
64.48 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
1782417 |
64.48 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
12201 |
0.44 |
|
|
|
|
|
|
613806 |
22.20 |
|
|
285143 |
10.32 |
|
|
70759 |
2.56 |
|
|
52883 |
1.91 |
|
|
3537 |
0.13 |
|
|
14339 |
0.52 |
|
|
981909 |
35.52 |
|
Total
Public shareholding (B) |
981909 |
35.52 |
|
Total
(A)+(B) |
2764326 |
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) |
2764326 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and exporting of Cotton Socks. |
|
|
|
|
Products : |
Cotton Socks |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
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|
Agencies Held : |
Not Divulged |
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|
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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
|
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 : |
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|
Name : |
A.R. Parikh and Company Chartered Accountants |
|
Address : |
321, Parekah Market, 3rd Floor, Opera House, Mumbai –
400004, |
|
E-Mail : |
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|
|
|
|
Secretarial
Auditor : |
HS Associates Company Secretaries |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
|
Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
Group Companies : |
· Carnival Properties Private Limited · Juvenile Trading Private Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2764326 |
Equity Shares |
Rs.10/- each |
Rs.27.643
Million |
|
|
|
|
|
A)
Reconciliation of equity shares and amounts
outstanding
|
Particulars |
As at March 31,
2015 |
|
|
|
No. of Shares |
Amount in Million |
|
At the beginning of the year |
3111900 |
31.113 |
|
Add: Allotment money received |
0.000 |
0.005 |
|
Less: Shares cancelled on buy back of equity
Shares |
(0.348) |
(3.476) |
|
At the end of the year |
2.764 |
27.643 |
B)
Term / right attached to equity shares
The company has
only one class of equity shares having a par value of Rs. 10/-. The equity shares
have rights, preference and restriction which are in accordance provisions of
low, in particular the companies Act, 1956
C)
Details of shareholders holding more than 5% shares
in the company
|
Particulars |
As at March 31,
2015 |
|
|
|
No. of Shares Held |
% age Holding |
|
At the beginning of the year |
3111900 |
31.113 |
|
Add: Allotment money received |
0.000 |
0.005 |
|
Less: Shares cancelled on buy back of equity
Shares |
(0.348) |
(3.476) |
|
At the end of the year |
2.764 |
27.643 |
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 |
27.643 |
31.113 |
31.114 |
|
(b) Reserves & Surplus |
161.238 |
160.027 |
145.347 |
|
(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) |
188.881 |
191.140 |
176.461 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7.510 |
11.805 |
15.077 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.120 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.999 |
3.955 |
68.881 |
|
Total
Non-current Liabilities (3) |
11.509 |
15.880 |
83.958 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
24.368 |
15.802 |
19.847 |
|
(b) Trade payables |
36.322 |
35.701 |
33.822 |
|
(c) Other current liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Short-term provisions |
4.598 |
0.890 |
0.806 |
|
Total
Current Liabilities (4) |
65.288 |
52.393 |
54.475 |
|
|
|
|
|
|
TOTAL |
265.678 |
259.413 |
314.894 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
56.449 |
63.235 |
76.877 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
7.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10.000 |
10.000 |
12.148 |
|
(c) Deferred tax assets (net) |
3.543 |
0.000 |
1.010 |
|
(d) Long-term Loan and Advances |
6.082 |
3.847 |
68.549 |
|
(e) Other Non-current assets |
0.146 |
0.199 |
0.252 |
|
Total
Non-Current Assets |
76.220 |
84.281 |
158.836 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.148 |
2.148 |
0.000 |
|
(b) Inventories |
58.616 |
45.777 |
43.854 |
|
(c) Trade receivables |
55.544 |
64.180 |
63.969 |
|
(d) Cash and cash equivalents |
62.517 |
54.066 |
39.876 |
|
(e) Short-term loans and
advances |
3.521 |
2.074 |
1.567 |
|
(f) Other current assets |
7.112 |
6.857 |
6.792 |
|
Total
Current Assets |
189.458 |
175.102 |
156.058 |
|
|
|
|
|
|
TOTAL |
265.678 |
259.383 |
314.894 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
355.560 |
376.345 |
279.628 |
|
|
Other Income |
5.720 |
4.034 |
4.464 |
|
|
TOTAL
(A) |
361.280 |
380.379 |
284.092 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
192.101 |
194.872 |
151.501 |
|
|
Purchases of Stock-in-Trade |
62.456 |
70.092 |
41.382 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(4.871) |
3.378 |
(10.097) |
|
|
Employees benefits expense |
22.712 |
20.322 |
19.772 |
|
|
Power and Fuel |
14.774 |
14.915 |
0.000 |
|
|
Other expenses |
26.518 |
24.754 |
34.886 |
|
|
TOTAL
(B) |
313.690 |
328.333 |
237.444 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
47.590 |
52.046 |
46.648 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.468 |
7.917 |
7.102 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.122 |
44.129 |
39.546 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
22.164 |
17.319 |
16.950 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
17.958 |
26.810 |
22.596 |
|
|
|
|
|
|
|
Less |
TAX (H) |
5.437 |
12.130 |
8.826 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
12.521 |
14.680 |
13.770 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
158.027 |
143.347 |
129.577 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
3.041 |
0.000 |
|
|
|
DDT on proposed Equity
Dividend |
0.622 |
0.000 |
|
|
|
Capital redemption reserve on
buy back of shares |
7.647 |
0.000 |
|
|
|
Total
(M) |
11.310 |
0.000 |
NA |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
159.238 |
158.027 |
143.347 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B.
Value of Exports |
|
|
|
|
|
Travelling |
0.000 |
0.288 |
0.492 |
|
|
Advance for Spares and
Consumable |
0.051 |
0.284 |
0.025 |
|
|
Plant and Machinery |
5.027 |
0.000 |
9.819 |
|
|
Spares and Consumable |
0.969 |
1.318 |
0.992 |
|
|
TOTAL
EARNINGS |
6.047 |
1.890 |
11.328 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Plant and Machinery |
6.289 |
0.000 |
9.819 |
|
|
Spares and Consumable |
1.174 |
1.564 |
0.797 |
|
|
TOTAL
IMPORTS |
7.463 |
1.564 |
10.616 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.53 |
4.72 |
4.42 |
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 |
37.634 |
48.236 |
32.244 |
|
Net cash flow from operating activity |
27.549 |
37.194 |
22.915 |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
September 2015 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
101.750 |
82.790 |
|
Total Expenditure |
86.270 |
71.720 |
|
PBIDT (Excl OI) |
15.480 |
11.070 |
|
Other Income |
1.120 |
1.460 |
|
Operating Profit |
16.600 |
12.530 |
|
Interest |
2.040 |
2.750 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
14.560 |
9.780 |
|
Depreciation |
3.010 |
2.120 |
|
Profit Before Tax |
11.550 |
7.660 |
|
Tax |
2.220 |
3.570 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
9.330 |
4.090 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
9.330 |
4.090 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.52 |
3.90 |
4.92 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.38 |
13.83 |
16.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.12 |
11.06 |
7.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17 |
0.14 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90 |
3.34 |
2.86 |
STOCK
PRICES
|
Face Value |
Rs.10- |
|
Market Value |
Rs.118.90/- |
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 |
31.114 |
31.113 |
27.643 |
|
Reserves & Surplus |
145.347 |
160.027 |
161.238 |
|
Net
worth |
176.461 |
191.140 |
188.881 |
|
|
|
|
|
|
long-term borrowings |
15.077 |
11.805 |
7.510 |
|
Short term borrowings |
19.847 |
15.802 |
24.368 |
|
Total
borrowings |
34.924 |
27.607 |
31.878 |
|
Debt/Equity
ratio |
0.198 |
0.144 |
0.169 |
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 |
279.628 |
376.345 |
355.560 |
|
|
|
34.588 |
(5.523) |
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 |
279.628 |
376.345 |
355.560 |
|
Profit |
13.770 |
14.680 |
12.521 |
|
|
4.92% |
3.90% |
3.52% |
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 |
No |
|
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 |
BACKGROUND
DETAILS:
Mr. Sanjay Godadia has been associated with the company since 10th
April, 1992 and he is a Promoter Director of the Company. He was appointed as a
Whole Time Director of the Company with effect from 1st July, 2003
from then the Company has been taking the advantage of this guidance and
supervision.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
- INDUSTRY
STRUCTURE AND DEVELOPMENT
The socks and accessories market in India has grown tremendously over
the past 6 years. This has led to various opportunities as well and created a
huge market for accessories in India. Metros have the largest business
potential at the moments, because of the increasing demand of products
influenced by global trends and styles as well as the global brand penetration
in the Indian fashion industry. The next wave of growth in this industry will
be seen in the tier I and II markets; where brands have achieved significant
awareness but limited availability. The sock and accessories being the
unorganized and fragmented sector the entire Industry size and figures cannot
be estimated. Although, Indian socks and accessories market is till customizing
and nurturing, socks are graduating from a simple accessory to a more
sophistication products largely supported by continued innovations.
- OUTLOOK
The Business will continue to focus on increasing the premium and
fashion quotient of its offerings on the basis of a deep understanding of
consumer preferences and delivering products of world-class quality. Further
investments are being made in to enhance reach and accessibility to its target
audience, enhancing product vitality, improving supply chain responsiveness and
delivering superior customer service to delight the customer with better
quality product.
Expectations are high, prospects are bright, but capitalizing on the new
emerging opportunities will be a challenge for the sock manufacturing
Companies. The Company’s Socks Division is optimistic of growth through
continued network expansion and innovation.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Fixed Deposits from Shareholder |
0.000 |
1.000 |
|
From Directors |
0.000 |
2.648 |
|
From Others |
0.000 |
2.598 |
|
Total |
0.000 |
6.246 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10591698 |
17/08/2015 |
27,014,000.00 |
DCB BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati
Bapat Marg, Lower Parel, Mumbai, |
C64573413 |
|
2 |
10583444 |
15/07/2015 |
5,000,000.00 |
DCB BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati
Bapat Marg, Lower Parel, Mumbai, |
C60524030 |
|
3 |
10518663 |
25/08/2014 |
7,200,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
52/60; MAHATMA GANDHI ROAD, FORT,, MUMBAI, Maharas |
C19226034 |
|
4 |
10367751 |
27/01/2015 * |
3,931,000.00 |
DCB BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati
Bapat Marg, Lower Parel, Mumbai, |
C42455360 |
|
5 |
10279148 |
24/05/2012 * |
17,500,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati
Bapat Marg, Lower Parel, Mumbai, |
B43776376 |
|
6 |
10279028 |
27/01/2015 * |
45,000,000.00 |
DCB BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati
Bapat Marg, Lower Parel, Mumbai, |
C42456343 |
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) |
101.754 |
|
|
|
b) Other Operating Income |
-- |
|
|
Total Income from
Operations (Net) |
101.754 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
52.003 |
|
|
b) |
Purchase of Stock-in-trade |
16.064 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
0.862 |
|
|
d) |
Employee benefit expenses |
6.114 |
|
|
e) |
Depreciation and amortization expense |
3.007 |
|
|
f) |
Power Cost |
3.746 |
|
|
g) |
Other expenses |
7.492 |
|
|
Total Expenses |
89.288 |
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
12.467 |
|
4 |
Other Income |
1.120 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
13.587 |
|
|
6 |
Finance Costs |
2.037 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
11.550 |
|
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
11.550 |
|
|
10 |
Tax Expense |
2.217 |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax |
9.333 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
27.643 |
|
|
13 |
Reserve excluding revaluation reserves |
-- |
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic & Diluted |
3.38 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
1098273 |
|
|
|
- Percentage of Shareholding |
39.73% |
|
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 |
1666053 |
|
|
|
- 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) |
60.27% |
|
Particulars |
Quarter Ended 30.06.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
The above results for the quarter ended 30 June, 2015 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 14th August, 2015.
2. The Statutory Auditors of the Company have carried out a "Limited
Review" of the above unaudited results.
3. As the Company's business activity falls within a single segment i.e. Manufacturing
of Socks, disclosure requirements of Accounting Standard - 17, "Segment
reporting notified under the Companies (Accounting Standards) Rules, 2006 are
not applicable.
4. Pursuant to notification of Schedule II to the Companies Act 2013 with effect
from April 01, 2014, depreciation for the quarter ended 30 June, 2015 has been
provided on the basis of the estimated economic lives or useful lives of fixed
assets as prescribed in Schedule II except in case of plant and machinery where
depreciation has been provided on triple shift basis and life of the asset has
been estimated at 10 years for New Machinery and 7 years for Second Hand
Machinery.
5. Excess Depreciation provided in previous year to the extent of Rs. 23.74
lacs has now been reversed and credited to Reserves account.
6. Figures for previous year / period have been regrouped / rearranged wherever
considered necessary, to conform to the classification for the current quarter
/ year.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
i)
Claims against the company not acknowledgement as
debts |
|
|
|
a) Income tax matters disputed in appeal |
7.446 |
7.446 |
|
ii)
Bank Guarantee |
|
|
|
a) Guarantee issued to various government departments and the company is hopeful
to meet its obligations |
1.871 |
1.871 |
FIXED ASSETS
- Free Hold
Land
- Building and
Civil Work
- Old Factory
Shed
- New factory
Shed
- Plant and
Machinery
- Office
Equipment
- Computer
- Furniture and
Fixture
- Vehicles
- Flat at
Palghar
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.66.16 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.