MIRA INFORM REPORT
|
Report No. : |
343601 |
|
Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHARAJA SHREE UMAID MILLS LIMITED |
|
|
|
|
Registered
Office : |
Krishna, 7th Floor, Room No. 706, 224, A.J.C Bose Road,
Kolkata-700017, West Bengal |
|
Tel. No.: |
91-33-22230016 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
12.08.1939 |
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|
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Com. Reg. No.: |
21-128650 |
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Capital
Investment / Paid-up Capital : |
Rs. 259.200 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17124WB1939PLC128650 |
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|
|
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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|
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Line of Business
: |
Manufacturer of Cotton Yarns and Cotton Fabrics and its
also engaged in Wind Power Generation. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4900000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1939 and is the flagship company
of I.N. Bangur Group. It is primarily engaged into manufacturing of cotton
yarns. It is and old and well established company having satisfactory track
record. The company has incurred loss from its operations during FY2015.
However, the company possesses a decent profile marked by fair networth base
along with fair liquidity. The rating also takes into consideration the company’s long operating
history in the textile business, and its strong presence in poplin fabric
market. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The 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.
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 |
ICRA |
|
Rating |
Cash Credit Limits = BBB- |
|
Rating Explanation |
Have moderate degree of safety and Carry
moderate credit risk |
|
Date |
January 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Loan = A3 |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk |
|
Date |
January 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.
LOCATIONS
|
Registered Office : |
Krishna, 7th Floor, Room No. 706, 224, A.J.C Bose Road,
Kolkata-700017, West Bengal, India |
|
Tel. No.: |
91-33-22230016 |
|
Fax No.: |
91-33-22231569 |
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E-Mail : |
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|
Website : |
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Head Office/ Works : |
Jodhpur Road, Pali – 306 401, Rajasthan, India |
|
Tel. No.: |
91-2932-220286/288 |
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Fax No.: |
91-2932-221333 |
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E-Mail : |
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Mumbai Branch Office : |
Shreeniwas House, Hazarimal Somani Marg, Fort , Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22075031/8856 |
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Fax No.: |
91-22-22077654 |
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E-Mail : |
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Delhi Branch Office: |
109, Oriental House, 19 Community Centre, Yusuf Sarai, New Delhi –110049, India |
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Tel. No.: |
91-11-26517102 |
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Fax No.: |
91-11-26517102 |
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E-Mail : |
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Mumbai Marketing Office: |
B-39,41-43, Solaris-1, Opp. L & T Gate No. 6, Saki Vihar Road, Andheri - (East) Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-28475551 |
|
Fax No.: |
91-22-28755552 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Lakshmi Niwas Bangur |
|
Designation : |
Chairman and Managing Director |
|
Address : |
7, Munshi Premchand Sarani (Formerly Known As, St. George's Gate Road), Hastings, Kolkata - 700022, West Bengal, India |
|
Date of Appointment : |
10.09.2014 |
|
DIN No.: |
00012617 |
|
Name : |
Mrs. Alka Devi Bangur |
|
Designation : |
Director |
|
Address : |
7, Munshi Premchand Sarani (Formerly Known As, St. George's Gate Road), Hastings, Kolkata - 700022, West Bengal, India |
|
Date of Appointment : |
30.11.1996 |
|
DIN No.: |
00012894
|
|
Name : |
Mr. Yogesh Bangur |
|
Designation : |
Director (Corporate Affairs and Strategy) |
|
Address : |
7, Munshi Premchand Sarani (Formerly Known, As St. George's Gate Road), Hastings, Kolkata - 700022, West Bengal, India |
|
Date of Birth/Age : |
08.11.1983 (31 Years) |
|
Qualification : |
MSc. In Programme and Project |
|
Date of Appointment : |
03.08.2015 |
|
DIN No.: |
02018075 |
|
Name : |
Mr. Swapan Nath |
|
Designation : |
Executive Director and Chief Financial Officer |
|
Address : |
405, Samrajya - 4, N.H - 8,, Royal Residency, Gokul Vihar, Vapi - 396191, Gujarat, India |
|
Date of Birth/Age : |
18.11.1961 (53 years) |
|
Qualification : |
Bachelor’s of Science Degree in Textile Technology from University
of Calcutta and Fellow of the Textile Institute in Manchester, UK since 2004 |
|
Date of Appointment : |
10.09.2014 |
|
DIN No.: |
00806810
|
|
Name : |
Mr. Chandravadan Desai |
|
Designation : |
Independent Director |
|
Address : |
2, Rowland Road, Calcutta - 700020, West Bengal, India |
|
Date of Appointment : |
10.09.2014 |
|
DIN No.: |
00105382 |
|
Name : |
Mr. Amitav Kothari |
|
Designation : |
Independent Director |
|
Address : |
26B, Camac Street, 8E, Neelkanth Building, Kolkata - 700016, West Bengal, India |
|
Date of Appointment : |
10.09.2014 |
|
DIN No.: |
01097705
|
|
Name : |
Mr. Rajiv Kapasi |
|
Designation : |
Independent Director |
|
Address : |
G-66, Second Floor, South City - II, Gurgaon - 122018, Haryana, India |
|
Date of Birth/Age : |
06.01.1975 (40 Years) |
|
Qualification : |
B. COM, C.A. |
|
Date of Appointment : |
30.10.2014 |
|
DIN No.: |
02208714 |
|
Name : |
Mr. S. S. Kothari |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. S. Sridhar |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat # 202, Pratyusha Prestige, Shalivahana Nagar, Srinagar Colony, Hyderabad - 500073, Telangana, India |
|
PAN No.: |
AASPS8806N |
|
|
|
|
Name : |
Mr. Pradip Kumar Ojha |
|
Designation : |
Company Secretary |
|
Address : |
T.D.Enclave, C-5, 2nd Floor, 407, M. I. D. Road, Parnasree, Kolkata - 700060, West Bengal, India |
|
PAN No.: |
AAJPO8513F |
AUDIT COMMITTEE:
|
Name of the Members
: |
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STAKEHOLDERS
RELATIONSHIP COMMITTEE:
|
Name of the Members
: |
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NOMINATION AND
REMUNERATION COMMITTEE:
|
Name of the
Members : |
|
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
As a % of
(A+B+C) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4086180 |
15.76 |
|
|
15305220 |
59.05 |
|
|
19391400 |
74.81 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
19391400 |
74.81 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
5170223 |
19.95 |
|
|
|
|
|
|
963280 |
3.72 |
|
|
314526 |
1.21 |
|
|
80571 |
0.31 |
|
|
79288 |
0.31 |
|
|
1283 |
0.00 |
|
|
6528600 |
25.19 |
|
Total Public shareholding (B) |
6528600 |
25.19 |
|
Total (A)+(B) |
25920000 |
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) |
25920000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarns and Cotton Fabrics and its
also engaged in Wind Power Generation.. |
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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 Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS AS ON 31.03.2015:
|
Quantitative
Information |
31.03.2015 |
||
|
|
Spindles |
Rotors |
Looms |
|
Licensed Capacity |
Not Available |
Not Available |
Not Available |
|
Installed capacity |
1,09,344 |
2,256 |
566 |
|
Production
UoM |
|
|
|
|
32,700 |
||
|
21,561 |
||
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
NOTE : LONG TERM BORROWING : 1. Term loans are
secured by first pari passu charge on immoveable assets i.e. factory land
& building situated at Pali, and moveable fixed assets (including wind
mills installed in the state of Rajasthan) of the Pali Establishment Unit of
the company i.e. the Textile Unit and the Power Generation Unit of the
company at Pali. 2. Terms of
repayment are given below: a)
Loan taken from IDBI Bank Limited is repayable in
quarterly installments of Rs. 13.438 Million each. b)
Loan taken from ICICI Bank Limited is repayable
in quarterly installments of Rs. 6.250 Million each. c)
Loan taken from State Bank of Bikaner and Jaipur
under RTUFS is repayable in quarterly installments of Rs. 37.500 Million
each. d)
Loan taken from IDBI Bank Limited (Wind PGU) is
repayable in monthly installments of Rs. 6.428 Million each. e)
Loan taken from ICICI Bank Limited (Wind PGU) is
repayable in quarterly installments of Rs. 9.999 Million each. f)
Loan taken from State Bank of Bikaner and Jaipur
under RRTUFS is repayable in quarterly installment of Rs. 56.250 Million
each. SHORT TERM BORROWING : Working
Capital Loans are secured by first pari passu charge on present and future
stock of raw materials, stock-in-process, finished goods, stores and spares,
book debts, etc., and second pari passu charge on the Fixed Assets of the
Pali Establishment i.e.the Textile Unit and the Power Generation Unit of the
company situated at Pali. |
|
Statutory
Auditor : |
BD Gargieya and Company Chartered Accountants |
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|
Address : |
1st Floor, Bhagat Bawan, MI Road, Jaipur, Rajasthan, India |
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Internal Auditors : |
KPMG |
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|
Address : |
Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Banglore – 560071, West Bengal, India |
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Collaborators : |
Not Available |
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Membership : |
Not Available |
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Holding : |
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Subsidiary : |
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Significant
Influence : |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.600 Million |
|
25760000 |
Equity Shares of Rs. 10/- each issued as Bonus Shares
out of Reserves |
Rs. 10/- each |
Rs. 257.600 Million |
|
25920000 |
Total |
Rs. 259.200
Million |
The reconciliation of the number of shares
outstanding is set out below:
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
2,59,20,000 |
|
Shares issued during the year |
-- |
|
Shares outstanding
at the end of the year |
2,59,20,000 |
Equity
shareholders’ holding more than 5% of equity shares along with the number of
equity shares held is given here under:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Placid Limited |
17511550 |
67.56 |
|
M. B. Commercial
Company Limited |
2820000 |
10.88 |
|
Lakshmi Niwas Bangur |
5457 |
0.02 |
|
Amalgamated Development Limited |
1652000 |
6.37 |
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 |
259.200 |
259.200 |
259.200 |
|
(b) Reserves & Surplus |
1,456.052 |
1,799.587 |
1,632.839 |
|
(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) |
1,715.252 |
2,058.787 |
1,892.039 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,320.741 |
1,312.147 |
1,356.056 |
|
(b) Deferred tax liabilities (Net) |
275.474 |
270.849 |
252.153 |
|
(c) Other long term
liabilities |
520.359 |
533.437 |
531.237 |
|
(d) long-term provisions |
111.638 |
120.893 |
203.352 |
|
Total Non-current
Liabilities (3) |
2,228.212 |
2,237.326 |
2,342.798 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
906.513 |
731.529 |
383.969 |
|
(b) Trade
payables |
68.485 |
78.017 |
93.656 |
|
(c) Other
current liabilities |
838.307 |
599.427 |
461.452 |
|
(d) Short-term
provisions |
27.715 |
46.932 |
89.497 |
|
Total Current
Liabilities (4) |
1,841.020 |
1,455.905 |
1,028.574 |
|
|
|
|
|
|
TOTAL |
5,784.484 |
5,752.018 |
5,263.411 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3,062.046 |
2,988.715 |
2,815.722 |
|
(ii)
Intangible Assets |
11.639 |
14.817 |
0.000 |
|
(iii) Capital
work-in-progress |
486.832 |
9.647 |
192.602 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
6.968 |
|
(b) Non-current Investments |
24.203 |
24.703 |
24.703 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
286.151 |
354.781 |
340.468 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3,870.871 |
3,392.663 |
3,380.463 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
998.863 |
1,344.923 |
944.071 |
|
(c) Trade
receivables |
503.279 |
596.162 |
560.111 |
|
(d) Cash
and cash equivalents |
34.875 |
57.594 |
56.324 |
|
(e)
Short-term loans and advances |
371.413 |
358.539 |
321.643 |
|
(f) Other
current assets |
5.183 |
2.137 |
0.799 |
|
Total
Current Assets |
1,913.613 |
2,359.355 |
1,882.948 |
|
|
|
|
|
|
TOTAL |
5,784.484 |
5,752.018 |
5,263.411 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
4832.641 |
4769.464 |
5104.498 |
|
|
Other Income |
43.535 |
16.304 |
5.842 |
|
|
TOTAL |
4876.176 |
4785.768 |
5110.340 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3032.983 |
3031.918 |
2948.953 |
|
|
Purchases of
Stock-in-Trade |
32.291 |
108.763 |
239.545 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
125.848 |
(195.876) |
44.611 |
|
|
Manufacturing Expenses |
0.000 |
0.000 |
641.394 |
|
|
Employees benefits
expense |
471.187 |
365.907 |
302.764 |
|
|
Other expenses |
1055.531 |
792.210 |
140.455 |
|
|
Exceptional Items |
(11.094) |
(95.459) |
0.000 |
|
|
Extraordinary Items |
0.000 |
13.649 |
0.000 |
|
|
TOTAL |
4706.746 |
4021.112 |
4317.722 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
169.430 |
764.656 |
792.618 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
249.252 |
220.155 |
100.286 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(79.822) |
544.501 |
692.332 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
257.365 |
298.037 |
210.092 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(337.187) |
246.464 |
482.240 |
|
|
|
|
|
|
|
Less |
TAX |
4.625 |
49.391 |
155.402 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(341.812) |
197.073 |
326.838 |
|
|
|
|
|
|
|
|
TOTAL EARNINGS IN FOREIGN
CURRENCY |
334.373 |
563.398 |
565.447 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.112 |
0.000 |
0.000 |
|
|
Components and Stores
parts |
63.512 |
24.654 |
43.949 |
|
|
Capital Goods |
295.187 |
12.254 |
415.745 |
|
|
TOTAL IMPORTS |
358.811 |
36.908 |
459.694 |
|
|
|
|
|
|
|
|
EARNINGS / (LOSS) PER
SHARE (RS.) |
13.19 |
8.13 |
12.61 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
454.408 |
345.893 |
313.750 |
|
Cash generated from operations |
797.215 |
308.349 |
3780.902 |
|
Cash generated from (Used) operations |
NA |
NA |
NA |
|
Cash generated from (Used) Operating Activities |
654.119 |
192.626 |
3688.073 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(7.07) |
4.13 |
6.40 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.51 |
16.03 |
15.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.39) |
4.31 |
9.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20) |
0.12 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.30 |
0.99 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.62 |
1.83 |
STOCK
PRICES
|
Face Value |
Rs. 10/- |
|
Market Value |
Not Listed |
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 |
259.200 |
259.200 |
259.200 |
|
Reserves & Surplus |
1632.839 |
1799.587 |
1456.052 |
|
Net
worth |
1892.039 |
2058.787 |
1715.252 |
|
|
|
|
|
|
long-term borrowings |
1356.056 |
1312.147 |
1320.741 |
|
Short term borrowings |
383.969 |
731.529 |
906.513 |
|
Current Maturities of Long term debt |
313.750 |
345.893 |
454.408 |
|
Total
borrowings |
2053.775 |
2389.569 |
2681.662 |
|
Debt/Equity
ratio |
1.085 |
1.161 |
1.563 |
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 |
5104.498 |
4769.464 |
4832.641 |
|
|
|
(6.564) |
1.325 |
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
|
5104.498 |
4769.464 |
4832.641 |
|
Profit |
326.838 |
197.073 |
(341.812) |
|
|
6.40% |
4.13% |
(7.07%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS:
The Company’s turnover was marginally higher compared to
previous Financial Year. Fabric Processing Plant commissioned during 2013-14
could not operate consistently throughout the year due to operational
bottlenecks. However, efforts are being made for producing and selling for more
value added product i.e. Lycra and Linen to fetch better Unit Value Realisation
(UVR). The project expansion of existing Poplin segment was completed in the
month of March, 2015 by installing 72 Toyota make Airjet Looms. This is a
Strategic investment and will help in modernising our Poplin Weaving Plants and
resulting in better quality of Fabrics and lower value and manufacturing cost.
OUTLOOK:
The Company’s performance during the year was not satisfactory.
It incurred Cash Loss of Rs. 90.900 Million and Net Loss of Rs. 341.800 Million
in the year 2014-15 as against Cash Profit of Rs. 462.700 Million and Net
Profit of Rs. 197.100 Million for the year 2013-14. The main reason of such
adverse performance was higher cost of manufacturing, poor UVR and low plant
performance due to lesser availability of skilled manpower. The Peach finish
machine and imported washing range has also been installed during the year in
the Suiting and Shirting segment to offer better products to our customers.
Likewise, old machines, which were in production from ages and causing
production troubles in the old processing section for poplin manufacturing,
have also been replaced during the year to enhance the overall productivity
with better operational efficiency in addition to installation of 20 TPH
fluidised bed combustion steam boiler.
With all major investments on modernisation of Poplin plant,
Debottlenecking of Fabric Processing Plants completed, the company is in a position
to manufacture as per the rated capacity and sell quality fabrics (Both Poplin
and Suiting and Shirting) and substantially improve its performance.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
SHORT-TERM
BORROWINGS: |
|
|
|
From Banks |
|
|
|
Rupee Loans |
420.887 |
200.000 |
|
Total |
420.887 |
200.000 |
CONTINGENT
LIABILITIES AND COMMITMENTS:
|
Particulars |
As at March 31, 2015 (Rs. In Million) |
|
Contingent
Liabilities: |
|
|
Bank Guarantees outstanding |
1.089 |
|
Claims against the
Company (in dispute) not acknowledged as
debts in respect of: |
|
|
(i) Labour & Industrial Matters |
0.288 |
|
(ii) Income-tax matters* |
133.730 |
|
(iii) Entry Tax matters |
-- |
|
(iv) Service Tax matters |
9.078 |
|
(v) Electricity Duty& other cess, etc |
75.592 |
|
(vi) VAT matters |
22.811 |
|
|
|
|
Commitments: |
|
|
Estimated amount of contracts on Capital Accounts remaining to be executed and not provided for (net of advances) |
56.604 |
|
Total |
299.192 |
All the above matters when concluded are unlikely, in the
opinion of the management, to result in any material liability and consequent effect
on the results of operations and/or financial position of the Company.
*Note:
Taxes amounting to Rs. 113.200 Million (included above) are
disputed before the appropriate authorities. Out of this amount of Rs 113.200
Million, Rs 68.500 Million pertains to erstwhile Investment Division since
demerged & forms part of Kiran Vyapar Limited. In the event the final
outcome of the same is adverse and required to be paid, in accordance with the
Scheme sanctioned by the Hon’ble High Court at Calcutta, the same will be
recoverable from Kiran Vyapar Limited.
COMMITMENTS:
a) The company has export obligation of Rs. 1250.600 Million (USD 20.062 Million) [Previous Year: Rs. 1411.900 Million] to be fulfilled over a period of next 5 years. Additionally average export obligations of Rs. 781.700 Million are to be fulfilled yearly during next five years against Import licenses taken for import of capital goods under Export Promotion Capital Goods (EPCG) Scheme.
b) The Company has entered into derivative contracts during the year in the nature of Forward Contracts for hedging currency risk. The Forward Contracts outstanding as on 31st March 2015 amount to Rs. 20.331 Million (USD 0.240 Million & EURO 0.071 Million) (Previous Year: Rs 42.137 Million).
INDEX OF CHARGES:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10374858 |
31/12/2012 * |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
B65703944 |
|
2 |
10374129 |
31/12/2012 * |
540,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400005, INDIA |
B65860447 |
|
3 |
10252918 |
26/06/2014 * |
2,050,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
BHAGAT KI KOTHI BRANCH, BHAGAT KI KOTHI,
JODHPUR, |
C12135075 |
|
4 |
10244328 |
08/07/2014 * |
100,000,000.00 |
BANK OF BARODA |
NEAR TOWN HALL, SURAJ POLE, PALI, RAJASTHAN
- 306401, INDIA |
C22366223 |
|
5 |
10203408 |
31/12/2012 * |
309,700,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
B66588237 |
|
6 |
10186109 |
06/01/2010 * |
200,000,000.00 |
THE BANK OF RAJASTHAN LIMITED |
JAIN MARKET, PALI, RAJASTHAN - 306401,
INDIA |
A78050952 |
|
7 |
10154158 |
12/12/2009 * |
250,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400005, INDIA |
A74997982 |
|
8 |
10042695 |
24/03/2007 * |
430,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA
LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400005, INDIA |
A07224801 |
*Date of modification Charges
FIXED ASSETS:
Tangible Assets
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
·
Electric Installation
·
Equipments
Intangible Assets
- Software (ERP)
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial
owners, controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.26 |
|
|
1 |
Rs. 99.53 |
|
Euro |
1 |
Rs. 73.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
|
41 |
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.