MIRA INFORM REPORT
|
Report No. : |
350836 |
|
Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDO RAMA SYNTHETICS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
A 31, MIDC Industrial Area, Butibori, Nagpur – 441112, Maharashtra |
|
Tel. No.: |
91-7104-663000/ 01 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
28.04.1986 |
|
|
|
|
Com. Reg. No.: |
11-166615 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.1518.200 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17124MH1986PLC166615 |
|
|
|
|
IEC No.: |
0588000914 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLI00021A |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACI1530L |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is a manufacturer of Polyester Filament Yarn (PFY),
Polyester Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips, and also
engaged in power generation, which is used primarily for captive consumption. |
|
|
|
|
No. of Employees
: |
1514 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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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 is a well-established and second largest polyester producer in India having satisfactory track. The ratings take into consideration the established track record and market position along with several technical collaborations with companies like DuPont of USA, Toyobo of Japan, Zimmer AG of Germany and more. However, the company possesses a moderate financial profile marked by an acceptable net worth base along with highly accrued trade payables in FY15. Management has marginal increase In its sales revenue whereas has reported a loss from its operations in FY14 and FY15. However, the rating takes into consideration, the various initiative undertaken by the management, in order to bring the business operation on track. Trade relation are fair. Business is active. Payment terms are reported as slow but correct. In view of established track record of two decades and experienced promoters, the subject 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank
facilities = BBB- |
|
Rating Explanation |
Moderate degree of
safety and moderate credit risk. |
|
Date |
March 12, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank
facilities = A3 |
|
Rating Explanation |
Moderate degree of
safety and higher credit risk. |
|
Date |
March 12, 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 PARTED BY
|
Name : |
Mr. Shrikant |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-7104-663000 |
|
Date : |
25.11.2015 |
LOCATIONS
|
Registered Office / Manufacturing
Complex : |
A 31, MIDC Industrial Area, Butibori, Nagpur – 441112, Maharashtra, India |
|
Tel. No.: |
91-7104-663000/ 01 |
|
Fax No.: |
91-7104-663200 |
|
E-Mail : |
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|
Website : |
|
|
|
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|
Corporate Office : |
20th Floor, DLF Square, DLF Phase II, NH 8, Gurgaon – 122002, Haryana, India |
|
Tel. No.: |
91-124-4997000 / 4997015 |
|
Fax No.: |
91-124-4997070 |
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E-Mail : |
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|
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|
Marketing Offices : |
Located At :
|
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Mohan Lal Lohia |
|
Designation : |
Chairman Emeritus |
|
Address : |
Ocean Tower 2, 37th Floor, 75 Soi Sukumvit 19 Asoke Road, Klongtoey, Bangkok, Thailand |
|
|
|
|
Name : |
Mr. Om Prakash Lohia |
|
Designation : |
Chairman and Managing Director |
|
Address : |
R-69, GK-I, New Delhi – 110048, India |
|
Date of Birth / Age : |
65 Years |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Mr. Vishal Lohia |
|
Designation : |
Whole-time Director |
|
Address : |
R-69, Greater Kailash Part-1, New Delhi – 110048, India |
|
Date of Birth / Age : |
37 Years |
|
Qualification : |
Bachelors’ Degree in Finance and Economics, United States of America |
|
|
|
|
Name : |
Mr. Anant Kishore |
|
Designation : |
Whole-time Director and CEO |
|
Date of Birth / Age : |
67 Years |
|
Qualification : |
B.SC., Chem. Engineering, PGDB and IM |
|
|
|
|
Name : |
Mr. Ashok Kumar Ladha |
|
Designation : |
Non-executive Independent Director |
|
Address : |
8th Floor, Birla Tower, 25, B.K. Road, New Delhi – 110001, India |
|
|
|
|
Name : |
Dr. Arvind Pandalai |
|
Designation : |
Non-executive Independent Director |
|
Address : |
B-260, Ganpat Andalkar Block, Asiad Village, Khel Gaon Marg, New Delhi – 110049, India |
|
|
|
|
Name : |
Suman Jyoti Khaitan |
|
Designation : |
Non-executive Independent Director |
|
|
|
|
Name : |
Ranjana Agarwal |
|
Designation : |
Non-executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Jayant K Sood |
|
Designation : |
Company Secretary and Head Corporate |
|
|
|
|
Corporate
Executives : |
|
|
Name : |
Mr. Anant Kishore |
|
Designation : |
Whole-time Director and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Sanjeev Aggarwal |
|
Designation : |
President and Chief Financial Officer |
|
Date of Birth / Age : |
48 Years |
|
Qualification : |
B.Com., CA |
|
|
|
|
Name : |
Mr. Mukul Dixit |
|
Designation : |
President and Site Head |
|
|
|
|
Name : |
Mr. Arvind Gupta |
|
Designation : |
Marketing Head |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
53288568 |
37.65 |
|
|
4329204 |
3.06 |
|
|
57617772 |
40.71 |
|
|
|
|
|
|
961724 |
0.68 |
|
|
43288057 |
30.59 |
|
|
44249781 |
31.26 |
|
Total shareholding of
Promoter and Promoter Group (A) |
101867553 |
71.98 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
10556 |
0.01 |
|
|
2252106 |
1.59 |
|
|
4006850 |
2.83 |
|
|
14184884 |
10.02 |
|
|
20454396 |
14.45 |
|
|
|
|
|
|
2714668 |
1.92 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
7883920 |
5.57 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
8611145 |
6.08 |
|
|
19209733 |
13.57 |
|
Total Public
shareholding (B) |
39664129 |
28.02 |
|
Total (A)+(B) |
141531682 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
10290560 |
0.00 |
|
|
10290560 |
0.00 |
|
Total (A)+(B)+(C) |
151822242 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Subject is a manufacturer of Polyester Filament Yarn
(PFY), Polyester Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips, and
also engaged in power generation, which is used primarily for captive
consumption. |
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Products / Services : |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
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 : |
1514 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Wholly owned
subsidiaries : |
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Enterprises over
which key management personnel or their relatives have significant influence
: |
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Enterprises having
significant influence : |
Brookgrange Investments Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185000000 |
Equity Shares |
Rs.10/- each |
Rs.1850.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151822242 |
Equity Shares |
Rs.10/- each |
Rs.1518.200 Million |
During the current year and in the previous year, there have been no movements in the number of outstanding equity shares.
The Company has only one class of equity shares, having a par value of Rs.10 per share. Each shareholder is eligible to one vote per share held, except for shares held against Global Depository Receipts (GDR). The dividend proposed, if any, by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Shares in the Company held by each shareholder holding more than 5% shares (also refer to note 4 below) are as under:-
|
Name of the
Shareholder |
As at 31 March 2015 |
|
|
No. of Shares |
Percentage held |
|
|
Brookgrange Investments Limited |
43288057 |
28.51 |
|
Mr. Om Prakash Lohia (Chairman and Managing Director) |
35378350 |
23.30 |
|
Mrs. Urmila Lohia |
15855314 |
10.44 |
|
APMS Investment Fund Limited (Formerly known as Mavi Investment Limited) |
12652175 |
8.33 |
|
Total |
107173896 |
70.58 |
Above equity shares of Rs.10 each include 10290560 equity shares
(representing 6.78% of total number of shares), outstanding against 1286320
Global Depository Receipts (GDR), each GDR comprising 8 underlying fully paid
up equity shares of Rs.10 each [previous year 10291360 equity shares
(representing 6.78% of total number of shares), outstanding against 1286420
GDRs]. Since, the same are held by depository, details of individual
beneficiaries is not available with the Company.
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 |
1518.200 |
1518.200 |
1518.200 |
|
(b) Reserves &
Surplus |
4020.900 |
4418.900 |
4566.300 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
203.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
5539.100 |
5937.100 |
6287.500 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1077.000 |
1728.400 |
1475.700 |
|
(b) Deferred tax
liabilities (Net) |
1729.600 |
1860.300 |
2070.900 |
|
(c) Other long term
liabilities |
6.400 |
8.300 |
8.400 |
|
(d) long-term provisions |
199.000 |
181.400 |
149.300 |
|
Total Non-current
Liabilities (3) |
3012.000 |
3778.400 |
3704.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2049.400 |
2458.500 |
3427.200 |
|
(b) Trade payables |
5428.500 |
5306.500 |
5360.300 |
|
(c) Other current
liabilities |
1240.100 |
1481.400 |
1341.200 |
|
(d) Short-term provisions |
211.300 |
204.300 |
278.500 |
|
Total Current Liabilities
(4) |
8929.300 |
9450.700 |
10407.200 |
|
|
|
|
|
|
TOTAL |
17480.400 |
19166.200 |
20399.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9385.600 |
10592.900 |
11720.800 |
|
(ii) Intangible Assets |
0.500 |
4.300 |
9.400 |
|
(iii) Capital
work-in-progress |
32.200 |
1.700 |
26.500 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
398.500 |
369.900 |
369.900 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1232.300 |
1198.200 |
805.100 |
|
(e) Other Non-current
assets |
80.500 |
76.100 |
196.100 |
|
Total Non-Current Assets |
11129.600 |
12243.100 |
13127.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
42.800 |
41.900 |
103.000 |
|
(b) Inventories |
2734.800 |
2936.100 |
3036.000 |
|
(c) Trade receivables |
1150.000 |
1117.900 |
875.300 |
|
(d) Cash and cash
equivalents |
556.800 |
429.400 |
369.400 |
|
(e) Short-term loans and
advances |
696.000 |
807.800 |
1399.600 |
|
(f) Other current assets |
1170.400 |
1590.000 |
1487.900 |
|
Total Current Assets |
6350.800 |
6923.100 |
7271.200 |
|
|
|
|
|
|
TOTAL |
17480.400 |
19166.200 |
20399.000 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
27613.800 |
26374.500 |
29101.300 |
|
|
Other Income |
98.100 |
2356.800 |
2407.800 |
|
|
TOTAL |
27711.900 |
28731.300 |
31509.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
21928.400 |
21250.700 |
24266.200 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
4.600 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(398.400) |
905.700 |
84.600 |
|
|
Employees benefits
expense |
920.900 |
844.100 |
812.400 |
|
|
Other expenses |
3938.500 |
3284.900 |
3516.800 |
|
|
TOTAL |
26389.400 |
26285.400 |
28684.600 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1322.500 |
2445.900 |
2824.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
433.800 |
352.300 |
445.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
888.700 |
2093.600 |
2379.400 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1171.600 |
1351.200 |
1579.900 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE EXCEPTIONAL
ITEMS AND TAX |
(282.900) |
742.400 |
799.500 |
|
Less/ Add |
Exceptional Items |
|
|
|
|
|
Foreign exchange
fluctuation gain / (Loss) |
(150.200) |
995.100 |
392.600 |
|
|
Loss on account of write
down of inventories |
207.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(340.200) |
(252.700) |
406.900 |
|
|
|
|
|
|
|
Less |
TAX |
(124.900) |
(170.900) |
(5.700) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(215.300) |
(81.800) |
412.600 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1822.500 |
2081.900 |
1846.900 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on
Equity Shares |
151.800 |
151.800 |
151.800 |
|
|
Corporate Tax on Proposed
Dividend |
30.900 |
25.800 |
25.800 |
|
|
Total |
182.700 |
177.600 |
177.600 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
1424.500 |
1822.500 |
2081.900 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5967.200 |
6856.200 |
7498.600 |
|
|
Dividend |
5.200 |
28.800 |
104.600 |
|
|
Sale of current
investments (Gross consideration) |
9.200 |
2418.600 |
2080.700 |
|
|
TOTAL EARNINGS |
5981.600 |
9303.600 |
9683.900 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
13312.900 |
16258.400 |
14991.600 |
|
|
Packing material |
2.600 |
0.000 |
1.500 |
|
|
Stores and spares |
39.800 |
90.600 |
61.500 |
|
|
Capital Goods |
22.300 |
5.200 |
36.600 |
|
|
TOTAL IMPORTS |
13377.600 |
16354.200 |
15091.200 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(1.42) |
(0.54) |
2.72 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
599.000 |
923.300 |
757.500 |
|
Cash generated from operations |
1824.500 |
(897.600) |
(208.900) |
|
Net cash flow used in operating activities |
1819.400 |
(925.500) |
(272.200) |
QUARTERLY RESULTS
|
Particulars (Unaudited) |
30.06.2015 |
30.09.2015 |
|
1st
Quarter |
2nd
Quarter |
|
|
Net Sales |
6424.800 |
6322.100 |
|
Total Expenditure |
6099.300 |
6235.900 |
|
PBIDT (Excl OI) |
325.500 |
86.200 |
|
Other Income |
15.200 |
12.800 |
|
Operating Profit |
340.700 |
99.000 |
|
Interest |
105.800 |
137.800 |
|
Exceptional Items |
32.700 |
(360.300) |
|
PBDT |
267.600 |
(399.100) |
|
Depreciation |
202.700 |
190.900 |
|
Profit Before Tax |
64.900 |
(590.000) |
|
Tax |
15.800 |
(151.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
49.100 |
(439.000) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
49.100 |
(439.000) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(0.78) |
(0.31) |
1.42 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
4.79 |
9.27 |
9.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.00) |
(1.34) |
2.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06) |
(0.04) |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.67 |
0.86 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71 |
0.73 |
0.70 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.31.05 /- (BSE) |
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 |
1518.200 |
1518.200 |
1518.200 |
|
Reserves & Surplus |
4566.300 |
4418.900 |
4020.900 |
|
Net worth |
6084.500 |
5937.100 |
5539.100 |
|
|
|
|
|
|
long-term borrowings |
1475.700 |
1728.400 |
1077.000 |
|
Short term borrowings |
3427.200 |
2458.500 |
2049.400 |
|
Current Maturities of
Long Term Debt |
757.500 |
923.300 |
599.000 |
|
Total borrowings |
5660.400 |
5110.200 |
3725.400 |
|
Debt/Equity ratio |
0.930 |
0.861 |
0.673 |
%20LIMITED%20-%20350836%2028-Nov-2015_files/image020.gif)
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 |
29101.300 |
26374.500 |
27613.800 |
|
|
|
(9.370) |
4.699 |
%20LIMITED%20-%20350836%2028-Nov-2015_files/image022.gif)
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 |
29101.300 |
26374.500 |
27613.800 |
|
Profit |
412.600 |
(81.800) |
(215.300) |
|
|
1.42% |
(0.31%) |
(0.78%) |
%20LIMITED%20-%20350836%2028-Nov-2015_files/image024.gif)
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10600306 |
06/10/2015 |
200,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, RED FORT CAPITAL PARSVNATH TOWER, BHAI VEER SINGH MARG, NEAR GOLE MARKET, NEW DELHI - 110001, INDIA |
C69011971 |
|
2 |
10578665 |
06/07/2015 |
300,000,000.00 |
ORIENTAL BANK OF COMMERCE |
LARGE CORPORATE BRANCH,
GF AND FF, HARSHA BHAWAN, CO |
C58278003 |
|
3 |
10577112 |
08/06/2015 |
700,000,000.00 |
STATE BANK OF INDIA |
5, SAI COMPLEX,
BHARAT NAGAR, AMRAVATI ROAD, POST |
C57559858 |
|
4 |
10468964 |
03/01/2014 |
250,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH , TRAVANCORE PALACE, K.G MARG, NEW DELHI - 110001, INDIA |
B93028843 |
|
5 |
10341105 |
20/01/2012 |
240,000,000.00 |
ORIENTAL BANK OF COMMERCE |
E-BLOCK, HARSHA BHAWAN, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B34538363 |
|
6 |
10062641 |
23/07/2015 * |
750,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH,,
TRAVANCORE HOUSE, K.G MARG, |
C60664026 |
|
7 |
90210703 |
19/12/2006 * |
952,496,718.75 |
IKB DEUTSCHE INDUSTRIEBANK AG |
WILHELM-BOTZKES-STR.1,
40474 DUSSELDORF., FEDERAL |
- |
|
8 |
80016712 |
19/12/2006 * |
222,343,000.00 |
IKB DEUTSCHE INDUSTRIEBANK AG |
WILHELM-BOTZKES-STR.1,
40474 DUSSELDORF., FEDERAL |
- |
|
9 |
80016714 |
19/12/2006 * |
1,742,755,000.00 |
IKB DEUTSCHE INDUSTRIEBANK AG |
WILHELM-BOTZKES-STR.1,
40474 DUSSELDORF., FEDERAL |
- |
|
10 |
90209638 |
30/07/2012 * |
750,000,000.00 |
PUNJAB NATIONAL BANK |
15-17, LARGE
CORPORATE BRANCH, TOLSTOY HOUSE, |
B56385412 |
* Date of charge modification
GENERAL INFORMATION
Subject is a manufacturer of Polyester Filament Yarn (PFY),
Polyester Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips. The Company
is also engaged in power generation, which is used primarily for captive
consumption. The Company’s manufacturing facilities are located at Butibori,
Nagpur.
OPERATIONAL AND
FINANCIAL REVIEW
During 2014-15, they achieved Rs.27089.000 Million turnover (Rs.25926.300 Million in 2013-14), on account of focused marketing efforts and better outreach to customers nationally and internationally. Their operational EBIDTA stood at Rs.1224.400 Million against Rs.89.100 Million in 2013-14 and a net loss of Rs.215.300 Million against Rs.81.800 Million in 2013-14. Their earnings per share stood at Rs. (1.42) and book value per share at Rs.36.48 as on 31 March 2015.
The year 2014-15, was one of the most challenging years in the recent past as the polyester industry saw several challenges. First, crude prices saw a sharp decline during the year, which triggered reduction in prices for Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG) (key raw materials for polyester manufacturing) prices. This resulted in significant inventory losses. Second, the government levied Anti-Dumping Duty on PTA imports, which resulted in an increase in raw material cost. Third, demand for polyester was subdued in the global markets.
In the adverse environment the Company remained resilient. The Company focused on widening product basket, expanding market reach, cost optimisation, growing portfolio of specialty products and elevating people potential. As a result, the company has creating a more robust business model.
The demand for man-made fibres is showing signs of improvement and they are hopeful that the demand for polyester will see revival. Polyester demand will be driven by its growing relevance in daily life across home textiles, apparel, automotive, furnishing fabrics, technical textile and non-woven segments.
Moving ahead, with rising demand in the domestic and
international markets, we are hopeful that they will be able to enhance their
production capacity and grow business volumes and value-added products.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMY
The global economy is set for a modest growth of 3.5% in 2015, as against 3.4% in 2014, and IMF forecasts global growth to rise moderately to 3.8% in 2016. The US economy is poised to grow strongly, exceeding expectations on account of domestic demand, supported by the upward trend in the US economy in 2014. The UK is well on its way to recovery.
Lower oil prices in 2014-15 brought substantial savings into government coffers, and gave an opportunity to reform energy subsidies and taxes in both oil exporting and importing nations. In oil importing nations, the savings from the removal of general energy subsidies is expected to increase public infrastructure spending, for many emerging economies.
INDIAN ECONOMY
In 2014-15, Indian economy grew at 7.3% (GDP at market prices). The falling oil prices has aided in lower current account deficit and inflation. With fiscal deficit at below 4%, and current account deficit at 1.6% of GDP, India’s macroeconomic fundamentals are healthy.
Indian economy has gained momentum following pro-economic reforms, initiated by the new government. The reforms include deregulation of diesel prices, direct transfer of cooking gas subsidy, hiking FDI cap in Defence and insurance, ordinance on coal and telecom spectrum allocation.
GLOBAL TRADE SCENARIO
Slow and uneven recovery in major developed countries and moderated growth in developing countries have led to sluggish trade growth in the past few years. World trade is estimated to have expanded by 3.4% in 2014, still well below pre-crisis trends. In the forecast period, trade growth is expected to pick up moderately along with improvement in global output, rising to 4.5% in 2015 and 4.9% in 2016.
TEXTILE INDUSTRY
SCENARIO
Global textile
industry
The Global textile and clothing industry is estimated to register a growth of 4-5% in 2014-15. The growth could have been stronger, but subdued Q4 led to lower estimated growth. India is expected to achieve around USD 39 billion. The slowdown in exports to China and following commodity prices impacted the world exports.
Indian textile
industry
The Indian textile industry may touch USD 500 billion by 2025. The domestic market is projected to go up from USD 68 billion in 2013 to USD 315 billion in 2025, and the export market is projected to grow from USD 40 billion to USD 185 billion in 2025. The segments contributing in the growth is likely to be from technical textiles and apparels. India has a potential to double its market share in global trade from 5% to 10% by 2025, as per the study of Wazir Advisors.
FIBRE INDUSTRY
SCENARIO
Global fibre industry
The year 2014 is estimated to see a growth of 4.7% from 85 million tonnes to 89 million tonnes in cotton and manmade fibres. The manmade fibre is estimated to grow from 60 million tonnes to 63 million tonnes, a growth of 4.9%. The manmade fibre current share is around 68% in 2014, up from 54% in 2000. The polyester fibre is estimated to grow by 3.7% from 43.7 million tonnes to 45.3 million tonnes as per the data from PCI.
- Cotton
Cotton fibre’s global production is estimated at 26.3 million tonnes in 2014-15, whereas consumption is at 91% of the production, at 24.1 million tonnes. The production remained flat as per the latest estimates of ICAC, but consumption is estimated to be up by 2% from 2013-14.
- Manmade fibre
Manmade fibre accounts for 71% of the total global fibre production, as per the estimates of The Fibre Year, ICAC and PCI.
Indian fibre industry
India’s fibre production for the year 2014-15 is estimated at 11.0 million tonnes. The production of cotton fibre is down by 2% to 6.63 million tonnes. As per CAB estimates, 2014-15 is likely to produce 390 lakh bales, against 398 lakh bales crop in 2013-14. The polyester fibre production is up by 7.0%, from 3.60 million tonnes in 2013-14 to 3.85 million in 2014-15. The production of viscose and acrylic fibre is likely to remain flat.
On the demand side, the demand of all fibre up from 8.5
million tonnes in 2013-14 to estimated 9.2 million tonnes, registering a growth
of 8.2%. The cotton fibre estimated up by 5.0% (305 lakh bales in 2014-15,
against 291 lakh bales in 2013-14). The polyester fibres up from 3.2 million
tonne to estimated 3.6 million tonnes in 2014-15. Polyester fibre continues to
lead the growth in domestic market. India continued to be dominated by cotton
and polyester, both accounting 95% of the domestic demand.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER / SIX MONTHS ENDED 30 SEPTEMBER
2015
(Rs. In Million)
|
Particulars |
Quarter ended 30.09.2015 |
Quarter ended 30.06.2015 |
Six Months ended 30.09.2015 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income
from operations |
|
|
|
|
Net sales/ Income from operation (net of excise duty) |
6096.800 |
6279.200 |
12376.000 |
|
Other operating income |
225.300 |
145.600 |
370.900 |
|
Total
income from Operations(net) |
6322.100 |
6424.800 |
12746.900 |
|
Expenditure |
|
|
|
|
Cost of material consumed |
5040.000 |
5549.400 |
10589.400 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
97.900 |
(723.300) |
(625.400) |
|
Employees benefit expenses |
259.300 |
275.500 |
534.800 |
|
Other expenditure |
838.700 |
997.700 |
1836.400 |
|
Total expenses before depreciation and amortization,
finance costs and exceptional items |
6235.900 |
6099.300 |
12335.200 |
|
Profit/ (Loss)
from operations before depreciation and amortisation, other income, finance
costs and exceptional items |
86.200 |
325.500 |
411.700 |
|
Depreciation and amortization expenses |
190.900 |
202.700 |
393.600 |
|
Total
expenses after depreciation and amortisation but before finance costs and
exceptional items |
6426.800 |
6302.000 |
12728.800 |
|
Profit
/ (Loss) from
operations before other income and financial costs |
(104.700) |
122.800 |
18.100 |
|
Other income |
12.800 |
15.200 |
28.000 |
|
Profit / (Loss)
from ordinary activities before finance costs |
(91.900) |
138.000 |
46.100 |
|
Finance costs |
137.800 |
105.800 |
243.600 |
|
Profit / (Loss)
from ordinary activities after finance costs but before exceptional items |
(229.700) |
32.200 |
(197.500) |
|
Exceptional Items |
|
|
|
|
- Foreign Exchange Fluctuation (loss) / gain |
(100.700) |
32.700 |
(68.000) |
|
- Inventory losses |
(259.600) |
0.000 |
(259.600) |
|
Profit from
ordinary activities before tax Expense |
(590.000) |
64.900 |
(525.100) |
|
Tax expenses |
(151.000) |
15.800 |
(135.200) |
|
Net Profit / (Loss)
from ordinary activities after tax |
(439.000) |
49.100 |
(389.900) |
|
Paid-up equity share capital (Nominal value Rs.10/- per share) |
1518.200 |
1518.200 |
1518.200 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
--- |
--- |
|
Earnings per share for the period (Rs. Per share of 10/- each) |
|
|
|
|
Basic and diluted |
(2.89) |
0.32 |
(2.57) |
|
A.
Particulars of shareholding |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
49954689 |
49954689 |
49954689 |
|
- Percentage of shareholding |
32.90 |
32.90 |
32.90 |
|
2.
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
--- |
--- |
--- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
--- |
--- |
--- |
|
Percentage of shares (as a % of total share capital of the
company) |
--- |
--- |
--- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
101867553 |
101867553 |
101867553 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
67.10 |
67.10 |
67.10 |
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
--- |
|
|
Receiving during the quarter |
|
8 |
|
|
Disposed of during the quarter |
|
8 |
|
|
Remaining unreserved at the end of the quarter |
|
--- |
|
Note:
- The Audit Committee reviewed the above results. The Board of Directors, at their meeting held on 14 November 2015, have approved the above results.
- The Company’s business activity falls within a single primary business segment viz. ‘Polyester’.
- The Company’s business comprises of Polyester products, which has linkage with crude oil prices and are also subject to foreign exchange fluctuations. In the last few years, due to volatility in crude oil prices and foreign exchange fluctuations, the Company’s realized margin has been lower than expected. Based on the projected business plan, value added products and investment in balancing equipment, the Company believes that the profitability will improve over the next few years. The Company is confident that the MAT credit entitlement carried at the end of the period is fully recoverable and there are no indications of impairment of asset.
- Exceptional items :
a) Inventory losses amounting to Rs.259.600 Million which includes loss of Rs.46.200 Million (previous year Rs.207.500 Million) on account of write down of closing inventories, calculated on month to month basis, incurred by the Company due to crash in global crude oil prices and consequently impacting raw material prices, i.e., of PTA and MEG during the quarter and six months ended 30 September 2015. The loss incurred has been primarily due to the timing difference in the prices at which material has been purchased and sold.
b) Due to significant volatility in the foreign currency vis-a-vis local currency, the Company has considered the foreign exchange fluctuation as an exceptional item in the financial results.
- The Company has made an early application, since the year 2010-11, of Accounting Standard 30 “Financial Instruments- Recognition and Measurement”, issued by the Institute of Chartered Accountants of India, for accounting of forward exchange contracts taken for highly probable/forecast transactions, which are not covered by Accounting Standard-11. However, during the quarter and six months ended 30 September 2015, no provision has been made for loss of Rs.135.900 Million and Rs.252.400 Million respectively in relation to accounting of forward exchange contracts taken for highly probable/forecast transactions, which is not in line with the above policies, as the management believes that such fluctuation is temporary in nature.
- During the quarter and six months ended 30 September 2015, the Company has recognised interest of Rs. 94.900 Million on the insurance claim lodged by the Company with its insurance company for the loss of certain assets and loss suffered due to business interruption under loss of profit policy relating to a fire incidence at its plant in 2007-08 under ‘other operating income’. As legally advised, the Company is of the view that the amounts recognised are fully recoverable.
- The Company has considered it appropriate to include interest for the quarter and six months ended 30 September 2015 of Rs.39.600 Million and Rs.59.500 Million respectively (corresponding quarter and six months of previous year Rs.30.300 Million and Rs.62.000 Million respectively), received from customers as ‘other operating income’, which was considered as ‘other income’ earlier.
- Tax expense includes current tax, minimum alternate tax and deferred tax charge / (credit).
- The Statutory Auditors of the Company have carried out a Limited Review of the financial results for the quarter and six months ended 30 September 2015 and the review report has been issued subject to item 6 and 7 above. The review report of statutory auditors is being filed with BSE Limited and National Stock Exchange of India Limited.
- Previous period figures have been regrouped / recast, wherever necessary, to make them comparable.
FIXED ASSETS
- Land
- Buildings
- Leasehold Improvements
- Plant and Equipment
- furniture and Fixtures
- Vehicles
- Office Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.67 |
|
Euro |
1 |
Rs.70.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--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 |
|
42 |
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.