MIRA INFORM REPORT
|
Report No. : |
345393 |
|
Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SANGAM (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Atun Chittorgarh Road, Bhilwara – 311001, Rajasthan |
|
Tel. No.: |
91-1482-3040107 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
29.12.1984 |
|
|
|
|
Com. Reg. No.: |
17-003173 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.394.215 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17118RJ1984PLC003173 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Synthetic and blended dyed/grey spun yarn, cotton yarn and fabrics. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Sangam Group” of companies, Rajasthan. It is a
well-established company having a satisfactory track record. The rating on company reflects the promoter’s extensive experience in
the yarn and fabric industry. The rating also factor in a comfortable
financial risk profile because of a moderate net worth, low gearing, and
adequate debt protection metrics. Rating further derive strength company’s products are well received in
the market along with decent profitability margin recorded at 3.48% during
year under review. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered normal 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 |
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 DENIED BY
|
Name : |
Mr. R.S. Sangani |
|
Designation : |
V.P. Commercial |
|
Contact No.: |
91-1482-3040107 |
|
Date : |
14.10.2015 |
LOCATIONS
|
Registered Office / Weaving
Unit ( Fabrics) and Sangam Processors : |
Atun Chittorgarh Road, Bhilwara – 311001, Rajasthan, India |
|
Tel. No.: |
91-1482-304000 / 304188 / 267150 |
|
Fax No.: |
91-1482-304120 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Principal and Head Office / Corporate Office : |
B/306-309, Dynasty Business Park, A. K. Road, J. B. Nagar,
Andheri (East), Mumbai - 400059, Maharashtra, India |
|
Tel. No.: |
91-22-61115222 |
|
Fax No.: |
91-22-28227865 |
|
E-Mail : |
|
|
|
|
|
Spinning Unit I / Denim Unit
: |
Spinning Unit (PV Dyed Yarn) Village Biliya, Chittorgarh Road, Bhilwara - 311001,
Rajasthan, India |
|
Tel. No.: |
91-1482-249071 / 75 |
|
Fax No.: |
91-1482-249077 |
|
E-Mail : |
|
|
|
|
|
Spinning Unit II : |
Spinning Unit (PV
Dyed/Cotton/Knitting) Village Sareri, 91, Km Stone, N.H No. 79, Bhilwara - 311024,
Rajasthan, India |
|
Tel. No.: |
91-1483-236981 / 84 |
|
Fax No.: |
91-1483-236985 |
|
E-Mail : |
|
|
|
|
|
Weaving and Processing : |
Village Atun, Chittorgarh Road, Bhilwara - 311001,
Rajasthan, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Shri Niwas Modani |
|
Designation : |
Managing Director and CEO |
|
Address : |
B-81, Shstri Nagar, Bhilwara, 311001, Rajasthan, India |
|
Date of Appointment : |
30.04.2014 |
|
|
|
|
Name : |
Mr. Vinod Kumar Sodani |
|
Designation : |
Whole-time director |
|
Address : |
B-389, Shastri Nagar, Bhilwara - 311001, Rajasthan, India |
|
Date of Appointment : |
21.12.2006 |
|
DIN No.: |
00403740 |
|
|
|
|
Name : |
Mr. Achintya Karati |
|
Designation : |
Director |
|
Address : |
29/203, East End Apartments, Mayur Vihar Phase - I Extension, Delhi - 110096, Delhi, India |
|
Date of Appointment : |
26.12.2004 |
|
DIN No.: |
00024412 |
|
|
|
|
Name : |
Mr. Ramawatar Jaju |
|
Designation : |
Director |
|
Address : |
Adarsh, 37/1 South Tukoganj, Indore - 452001, Madhya Pradesh, India |
|
Date of Appointment : |
30.09.1999 |
|
DIN No.: |
00083218 |
|
|
|
|
Name : |
Mr. Tapan Kumar Mukhopadhyay |
|
Designation : |
Director |
|
Address : |
204, 2nd Floor, The Salvation Apt, NM kale marg, Dadar (West), Mumbai, 400028, Maharashtra, India |
|
Date of Appointment : |
00239251 |
|
DIN No.: |
07.02.2011 |
|
|
|
|
Name : |
Ms. Seema Srivastava |
|
Designation : |
Additional director |
|
Address : |
402, Malaxmi Heights, Plot 62-66, Sector-20, Kalamboli, Navi Mumbai, Mumbai - 410218, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
07142986 |
|
|
|
|
Name : |
Mr. Ram Pal Soni |
|
Designation : |
Director |
|
Address : |
01,Main Sector, Shstri Nagar, Bhilwara, 311001, Rajasthan, India |
|
Date of Appointment : |
31.12.1984 |
|
DIN No.: |
00401439 |
KEY EXECUTIVES
|
Name : |
Mr. R.S. Sangani |
|
Designation : |
V.P. Commercial |
|
|
|
|
Name : |
Mr. Shri Niwas Modani |
|
Designation : |
Managing Director and CEO |
|
Address : |
B-81, Shstri Nagar, Bhilwara, 311001, Rajasthan, India |
|
Date of Appointment : |
30.04.2014 |
|
PAN No.: |
AEEPM7708P |
|
|
|
|
Name : |
Mr. Anil Jain |
|
Designation : |
Company Secretary |
|
Address : |
B-142, R.K.Colony, Bhilwara, 311001, Rajasthan, India |
|
Date of Appointment : |
08.07.2004 |
|
PAN No.: |
AAVPJ3532D |
|
|
|
|
MANAGEMENT TEAM |
|
|
Name : |
Anurag
Soni |
|
Designation : |
Chief
Business Strategist |
|
|
|
|
Name : |
Pranal Modani |
|
Designation : |
Chief, Business Development |
|
|
|
|
Name : |
Anil
Jain |
|
Designation : |
Chief
Finance Officer and Company Secretary |
|
|
|
|
Name : |
J. P. Agarwa |
|
Designation : |
President |
|
|
|
|
Name : |
S.
K. Pandey |
|
Designation : |
Jt.
President (Works – Spinning Unit-II) |
|
|
|
|
Name : |
Anil
Sharma |
|
Designation : |
President
(Works - Processing) |
|
|
|
|
Name : |
Sanjeev
Joshi |
|
Designation : |
President
(Domestic Marketing - Fabric) |
|
|
|
|
Name : |
L.
L. Soni |
|
Designation : |
Jt.
President (Finance and Investor Relations) |
|
|
|
|
Name : |
K.
M. Rathi |
|
Designation : |
Jt.
President (Commercial) |
|
|
|
|
Name : |
S.
K. Bagela |
|
Designation : |
Executive
Vice President (Technical - Spinning Unit-I) |
|
|
|
|
Name : |
Sunil
Rathi |
|
Designation : |
Executive
Vice President (Denim) |
|
|
|
|
Name : |
K.
M. Rathi |
|
Designation : |
Jt.
President (Commercial) |
|
|
|
|
Name : |
P.
R. Khator |
|
Designation : |
Sr.
Vice President (Commercial) |
|
|
|
|
Name : |
Lalit
Jain |
|
Designation : |
Sr.
Vice President (Accounts) |
|
|
|
|
Name : |
M.
Bhanu Pratap |
|
Designation : |
Sr.
Vice President (TPP) |
|
|
|
|
Name : |
Mr.
Ravi Taparia |
|
Designation : |
Sr.
Vice President (Export Marketing - Yarn) |
|
|
|
|
Name : |
Mr.
Bhim Singh Kushwah |
|
Designation : |
Sr. Vice President (Personnel & Administration) |
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 |
||
|
|
|
|
|
|
3169433 |
8.04 |
|
|
15497693 |
39.31 |
|
|
18667126 |
47.35 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
18667126 |
47.35 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
50165 |
0.13 |
|
|
1541435 |
3.91 |
|
|
1181127 |
3.00 |
|
|
2772727 |
7.03 |
|
|
|
|
|
|
13054291 |
33.11 |
|
|
|
|
|
|
1814273 |
4.60 |
|
|
1505928 |
3.82 |
|
|
1607214 |
4.08 |
|
|
48686 |
0.12 |
|
|
428710 |
1.09 |
|
|
1129818 |
2.87 |
|
|
17981706 |
45.61 |
|
Total
Public shareholding (B) |
20754433 |
52.65 |
|
Total
(A)+(B) |
39421559 |
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) |
39421559 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Synthetic and blended dyed/grey spun yarn, cotton yarn and fabrics. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
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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Auditor 1 : |
|
|
Name : |
R Kabra and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Auditor 2 : |
|
|
Name : |
B L Chordia and Company Chartered Accountants |
|
Address : |
Bhilwara, Rajasthan, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate Company :
|
|
|
|
|
|
Joint Venture : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64000000 |
Equity Shares |
Rs.10/- each |
Rs.640.000 Million |
|
18500000 |
Non - Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.185.000 Million |
|
|
Total |
|
Rs.825.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39421559 |
Equity Shares |
Rs.10/- each |
Rs.394.200 Million |
Out of
above Shares 1250062 Equity shares of Rs.10/- each at par were issued pursuant
to scheme of amalgamation in earlier years without payment being received
in cash.
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
Shares outstanding at the beginning of the year |
39421559 |
394.200 |
|
Shares issued during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
39421559 |
394.200 |
Details of equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
As on 31.03.2015 |
|
|
|
Number
of Shares |
% holding |
|
Nidhi Mercantiles Limited |
4898833 |
12.43 |
|
Mentor Capital Limited (formerly known as Pacific Corporate Services Limited) |
7730104 |
19.62 |
|
Sangam Business Credit Limited |
3155793 |
8.01 |
|
Sangam Fincap Limited |
2216145 |
5.62 |
|
Hawamahal Finance Private Limited |
2335500 |
5.92 |
|
Total |
20336375 |
51.59 |
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 |
394.200 |
394.200 |
394.200 |
|
(b) Reserves & Surplus |
3322.800 |
2920.100 |
2584.300 |
|
(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) |
3717.000 |
3314.300 |
2978.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2577.800 |
2758.600 |
3448.600 |
|
(b) Deferred tax liabilities
(Net) |
403.500 |
449.600 |
476.100 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
2981.300 |
3208.200 |
3924.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2769.300 |
2217.800 |
2195.700 |
|
(b) Trade payables |
750.500 |
707.000 |
644.400 |
|
(c) Other current liabilities |
1428.300 |
1429.700 |
1486.900 |
|
(d) Short-term provisions |
119.700 |
94.300 |
80.600 |
|
Total
Current Liabilities (4) |
5067.800 |
4448.800 |
4407.600 |
|
|
|
|
|
|
TOTAL |
11766.100 |
10971.300 |
11310.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5622.000 |
5371.600 |
5828.000 |
|
(ii) Intangible Assets |
5.400 |
4.500 |
4.400 |
|
(iii) Capital work-in-progress |
29.500 |
137.700 |
84.100 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
58.500 |
78.500 |
78.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
145.100 |
170.100 |
115.800 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
5860.500 |
5762.400 |
6110.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2650.900 |
2337.300 |
2135.500 |
|
(c) Trade receivables |
2517.100 |
2008.500 |
1754.600 |
|
(d) Cash and cash equivalents |
39.100 |
32.800 |
81.700 |
|
(e) Short-term loans and
advances |
577.200 |
626.800 |
1066.900 |
|
(f) Other current assets |
121.300 |
203.500 |
161.300 |
|
Total
Current Assets |
5905.600 |
5208.900 |
5200.000 |
|
|
|
|
|
|
TOTAL |
11766.100 |
10971.300 |
11310.800 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
14686.600 |
14326.100 |
14788.400 |
|
|
Other Income |
110.200 |
131.000 |
125.600 |
|
|
TOTAL
(A) |
14796.800 |
14457.100 |
14914.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
8306.400 |
8272.700 |
8343.400 |
|
|
Purchases of Stock-in-Trade |
247.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(73.700) |
(111.200) |
(168.400) |
|
|
Employees benefits expense |
1186.200 |
1052.500 |
942.200 |
|
|
Provision for Doubtful Debts /
Advance |
3.500 |
3.000 |
4.500 |
|
|
Toll Contract Fee |
0.000 |
564.500 |
881.700 |
|
|
Power and fuel |
1555.200 |
1385.800 |
1426.400 |
|
|
Other expenses |
1374.400 |
1274.500 |
1279.400 |
|
|
TOTAL
(B) |
12599.000 |
12441.800 |
12709.200 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2197.800 |
2015.300 |
2204.800 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
672.200 |
660.600 |
686.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1525.600 |
1354.700 |
1518.100 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
804.000 |
743.200 |
769.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
721.600 |
611.500 |
748.300 |
|
|
|
|
|
|
|
Less |
TAX (H) |
205.900 |
206.500 |
235.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
515.700 |
405.000 |
513.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
785.800 |
750.000 |
592.300 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
300.000 |
|
|
Proposed Dividend |
78.800 |
59.200 |
47.300 |
|
|
Tax on Dividend |
16.000 |
10.000 |
8.000 |
|
|
Total
(M) |
394.800 |
369.200 |
355.300 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
906.700 |
785.800 |
750.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3247.200 |
3377.400 |
2952.600 |
|
|
TOTAL
EARNINGS |
3247.200 |
3377.400 |
2952.600 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
142.000 |
61.500 |
106.600 |
|
|
Components and Stores parts |
43.900 |
39.400 |
62.900 |
|
|
Capital Goods |
323.600 |
54.400 |
15.600 |
|
|
TOTAL
IMPORTS |
509.500 |
155.300 |
185.100 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
13.08 |
10.27 |
13.01 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
821.000 |
942.300 |
993.700 |
|
Cash generated from operations |
1602.800 |
1832.900 |
1698.300 |
|
Net cash flow from operating activity |
1360.200 |
1626.000 |
1552.900 |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
|
Audited / Unaudited |
Unaudited |
|
Net Sales |
3666.100 |
|
Total Expenditure |
3047.300 |
|
PBIDT (Excl OI) |
618.800 |
|
Other Income |
21.100 |
|
Operating Profit |
639.900 |
|
Interest |
175.500 |
|
Exceptional Items |
NA |
|
PBDT |
464.400 |
|
Depreciation |
203.700 |
|
Profit Before Tax |
260.700 |
|
Tax |
88.700 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
172.000 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
172.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.51 |
2.83 |
3.47 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
14.96 |
14.07 |
14.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.18 |
5.69 |
6.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.18 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.66 |
1.79 |
2.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.17 |
1.18 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.281.00/- |
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 |
394.200 |
394.200 |
394.200 |
|
Reserves & Surplus |
2584.300 |
2920.100 |
3322.800 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2978.500 |
3314.300 |
3717.000 |
|
|
|
|
|
|
long-term borrowings |
3448.600 |
2758.600 |
2577.800 |
|
Short term borrowings |
2195.700 |
2217.800 |
2769.300 |
|
Current Maturities Of
Long-Term Debts |
993.700 |
942.300 |
821.000 |
|
Total
borrowings |
6638.000 |
5918.700 |
6168.100 |
|
Debt/Equity
ratio |
2.229 |
1.786 |
1.659 |
%20LIMITED%20-%20345393%2017-Oct-2015_files/image007.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 |
14788.400 |
14326.100 |
14686.600 |
|
|
|
(3.126) |
2.516 |
%20LIMITED%20-%20345393%2017-Oct-2015_files/image008.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 |
14788.400 |
14326.100 |
14686.600 |
|
Profit |
513.000 |
405.000 |
515.700 |
|
|
3.47% |
2.83% |
3.51% |
%20LIMITED%20-%20345393%2017-Oct-2015_files/image009.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 |
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 |
OPERATIONAL RESULTS
The company’s performance during the financial year can be considered satisfactory despite adverse market conditions. Turnover was Rs.14686.600 Million as against Rs.14326.100 Million of previous year, Net Profit increased to Rs.515.700 Million compared Rs.405.000 Million in the previous financial year ended 31 March 2014. Exports was lower than the last year from Rs.3423.400 Million to Rs.3302.700 Million for the year.
MANAGEMENT DISCUSSION
& ANALYSIS
Economic Overview
2014-15 was a challenging year for the global economy. Oil prices once trading at $115 per barrel witnessed a sharp dip to 50% levels by December 2014. The estimates indicate no mid-term threat towards rising prices. However, the low crude prices failed to enthuse confidence in the global economy owing to the various challenges across multiple economies. While the Eurozone grappled with its currency crisis, with inflation rising in Greece and Spain. The slowdown began to take shape in China, with the government deciding to ditch the “growth at all cost” strategy employed since 2008 and took initiatives to control credit flow. This started to hurt the Germans, as the orders of machines were impacted. The US started to show results on which still remains a long road to recovery. However, speculations continue to thrive on the rise of bank rates buy the Central Bank, in wake of the economic upturn. However, now with the weaker outlook on Europe and China, and the potential impact on US Dollar, the rate rise may be further delayed.
Indian economy
Year 2014-15 can be termed as a euphoric year of contrasts. The national elections of 2014 set the tone in terms of uprising of a single largest party in years. The mandate along with the bleak economic situation led people to believe that growth will be brisk and therefore various business optimism indices reflected the optimism. However, the road to recovery is always steeper than the fall. While the equity markets rose, both in terms of election results and business confidence; the reality continued to bear the brunt of heightened optimism. With the oil prices also coming down, the investment cycles from the corporates remain stagnant. Moreover, while the plans are being made and the grounds being laid to kick-start investment programs in infrastructure sector; the current scenario is demonstrating the signs of impatience. While indigenous programs like Make in India and Swacch Bharat Abhiyaan have also been initiated; the predictions signal a timeline of two years for the optimism to ferment into economic growth.
The Government is now focused on simplifying processes and attracting more investments from the Indian diaspora outside country along with global companies. The Government also focused on removing policy bottlenecks to simplify documentation and processes to initiate business activities. The Union Budget announced measures to restart the infrastructure creation and prior to that the coal blocks allocations were completed successfully. Given the large consumer economy and favourable demographic indicators, the country is attractively poised to reignite its economic machinery.
India is the second most economically confident nation due to the improved performance by the industry and services sectors, according to a recent report by global research company, Ipsos, called Ipsos Economic Pulse of the World. India needs to revitalize the investment cycle and fast-track structural reforms to speed up growth, the report says.
OUTLOOK
According IMF World Economic Outlook April, 2015, India ranks seventh globally in terms of GDP at current prices and is expected to grow at 7.5 per cent in 2016.
India’s economy has witnessed a significant economic growth in the recent past, growing by 7.3 per cent in 2015 as against 6.9 per cent in 2014. The size of the Indian economy is estimated to be at Rs.129.57 trillion (US$ 1.99 trillion) for the year 2014 compared to Rs.118.23 trillion (US$ 1.82 trillion) in 2013. The steps taken by the government in recent times have shown positive results as India’s gross domestic product (GDP) at factor cost at constant (2011-12) prices 2014-15 is Rs.106.4 trillion (US$ 1.64 trillion), as against Rs.99.21 trillion (US$ 1.53 trillion) in 2013-14, registering a growth rate of 7.2 per cent. The economic activities which witnessed significant growth were ‘financing, insurance, real estate and business services’ at 11.5 per cent and ‘trade, hotels, transport, communication services’ at 10.7 per cent.
COMPANY OVERVIEW
Sangam, the flagship company of Sangam group, is a leading manufacturer of PV yarn in India. Sangam was promoted as a fabric manufacturing unit, under the name of Arun Synthetics Private Limited, by Mr. R.P. Soni and Mr. S.N. Modani. The company took a strategic decision to backward integrate and forayed into spinning in 1995 by installing 17,280 spindles for manufacturing PV dyed yarn. The company is also present in the Indian synthetic blended fabric and denim segments with brands such as Sangam Suitings and Sangam Denim. The company‘s client base includes Raymond, RSWM, Banswara Syntex, Donear, Siyaram and Grasim. It has a network of 100 dealers and 1,000 retailers across India. Sangam’s manufacturing facilities are located in Bhilwara, Rajasthan. As of FY15, the company has a spinning capacity of 211,296 spindles and 3,128 rotors; weaving capacity of 437 looms; and processing capacity of 53 mn meters P.A.
FINANCIAL PERFORMANCE
Sangam registered a 2.5% increase in net revenues, from Rs.14326.100 Million in 2013-14 to Rs.14686.600 Million in 2014-15. The company reported a net profit of Rs. 515.700 Million, accounting for an increase of 27.3% against Rs.405.000 Million in 2013-14. This was mainly owing to efficiency and productivity measures taken in the earlier years coupled with improved market share for company’s denim product line. The EBIDTA of the company also improved by 11.1% to Rs.2173.900 Million in 2014-15 against Rs. 1957.400 Million in 2013-14. The company has managed to reduce the debt burden during the year under review; the impact of which is going to be visible in the coming year. In addition, the company also forayed into branded seamless garment segment at the end of the year under review. This segment offers a huge potential, given the company’s robust and integrated business model coupled with high demand in the woman intimate wear as well as active wear segments
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10591826 |
27/08/2015 |
675,000,000.00 |
Punjab National Bank |
MID Corporate Branch, Chamber Bhawan, M.I. Road, |
C64622269 |
|
2 |
10572467 |
18/05/2015 |
4,339,200,000.00 |
State Bank of India |
Industrial Finance Branch, Jawahar Vyapar Bhawan, |
C55203434 |
|
3 |
10522111 |
03/09/2014 |
2,659,200,000.00 |
STATE BANK OF INDIA |
Industrial Finance Branch, 1, Tolstoy Marg, New Delhi, Delhi - 110001,
INDIA |
C22564199 |
|
4 |
10519751 |
18/03/2015 * |
570,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTE |
C48167852 |
|
5 |
10473788 |
03/09/2014 * |
325,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, Floor 21, World Trade Center |
C21860150 |
|
6 |
10344811 |
06/03/2012 |
4,479,200,000.00 |
State Bank of India |
Industrial Finance Branch, Jawahar Vyapar Bhawan, |
B35985555 |
|
7 |
10320324 |
21/08/2012 * |
120,000,000.00 |
State Bank of Bikaner and Jaipur |
Bhopal Ganj, Bhilwara, Rajasthan - 311001, INDIA |
B58006073 |
|
8 |
10295177 |
14/12/2011 * |
1,000,000,000.00 |
State Bank of Bikaner and Jaipur |
Bhopal Ganj, Bhilwara, Rajasthan - 311001, INDIA |
B29286663 |
|
9 |
10294474 |
14/12/2011 * |
350,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building,, Floor 21, World Trade Centr |
B28906543 |
|
10 |
10218404 |
04/02/2011 * |
230,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maha |
B07502800 |
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) |
3649.300 |
|
|
|
b) Other Operating Income |
16.800 |
|
|
Total Income from
Operations (Net) |
3666.100 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
1962.500 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(18.300) |
|
|
c) |
Employee benefit expenses |
330.900 |
|
|
d) |
Depreciation and amortization expense |
203.700 |
|
|
e) |
Power and Fuel |
403.800 |
|
|
f) |
Other expenses |
368.400 |
|
|
Total Expenses |
3251.000 |
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
415.100 |
|
4 |
Other Income |
21.000 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
436.200 |
|
|
6 |
Finance Costs |
175.500 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
260.700 |
|
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
260.700 |
|
|
10 |
Tax Expense |
88.700 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
172.000 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
394.200 |
|
|
13 |
Reserve excluding revaluation reserves |
|
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic & Diluted |
4.36 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
20754433 |
|
|
|
- Percentage of Shareholding |
52.65 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
|
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
--- |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
18667126 |
|
|
|
- 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) |
47.35 |
|
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 |
- The above results were reviewed by the Audit Committee of the Board and thereafter were approved by the Board of Directors in their meeting held on August 04, 2015. The Statutory Auditors have carried out a limited review of the above financial results.
2. The Company operates mainly in one segment i.e. Textiles.
3. The company is executing an expansion project having outlay of Rs. 198.00 Crore being part funded by Term Loans of Rs. 157.50 Crores and balance from internal accurals. The project envisages installation of 26736 Spindles on P/V Dyed yarns, 74 Imported Airjet Shuttleless Weaving Machines, One Denim Line and 2 MW Solar Power Plant.
4. The figures of the previous period
have been re-grouped / re-arranged and / or recast wherever found necessary.
CONTINGENT LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
A. Disputed
liabilities not acknowledged as debts |
|
|
|
Demand for income tax |
2.900 |
2.100 |
|
B. Guarantees |
|
|
|
Outstanding Bank Guarantees |
136.900 |
20.200 |
|
C. Other Money for
which the company is contingently liable |
|
|
|
(i) Liability in respect of bills discounted with Banks (including third party bills discounting) |
0.000 |
3.700 |
|
(ii) Stamp Duty case with respect to the merger of SPBL & Sangam (India) Limited pending with Rajasthan High Court, Jodhpur. |
10.900 |
10.900 |
|
(iii) Sales Tax case pending with Tax Board, Ajmer and Dy. Comm. Appeal. The Demand raised for input tax credit not reversed properly. |
16.700 |
7.200 |
|
(iv) AVVNL case (Power Factor matter) pending with Rajasthan High Court, Jodhpur.] Company has provided fully. |
0.000 |
0.000 |
|
(v) Various cases pending with Central Excise & Service Tax (Nett of amount fully provided) |
1.100 |
1.500 |
|
(vi) Case pending with Rajasthan High Court, Jodhpur under Electricity Act, 2003 |
2.000 |
2.000 |
|
(vii) Entry Tax case pending with Rajasthan High Court, Jodhpur. Entry Tax Levied by State Govt. which is challenged by us due to this Law is against the Constitution, However company has provided the demand amount fully. The Company is contingently liable to the Interest and Penalty, the amount for which is currently uncertained. |
0.000 |
0.000 |
|
(viii) Disputes on the various tolls for which company is contingently liable |
46.400 |
46.400 |
|
(ix) Sales Tax case pending with CTO, Bhilwara. The demand raised for VAT with RIPS Incentive on export. |
34.100 |
0.000 |
FIXED ASSETS
Tangible Assets:
Own Assets:
- Freehold Land
- Factory Building
- Office Building
- Plant & Machinery
- Wind Power Machines
- Electric Installation
- Water Supply Installation
- Furniture & Fixture
- Vehicle
- Office Equipment
- Computer
Leased Assets:
- Leasehold Land
Intangible Assets
- Computer software
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.64.96 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.