MIRA INFORM REPORT
|
Report No. : |
346354 |
|
Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
LUX INDUSTRIES LIMITED [w.e.f.24.10.2007] |
|
|
|
|
Formerly Known
As : |
LUX
HOSIERY INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
39, Kali Krishna Tagore Street, Kolkata – 700007, West Bengal |
|
Tel. No.: |
91-33-40402121/ 22598155 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
21.07.1995 |
|
|
|
|
Com. Reg. No.: |
21-073053 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 612.998
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17309WB1995PLC073053 |
|
|
|
|
IEC No.: |
0203008472 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALL01355E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL5023B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. [Listed on Calcutta Stock Exchange Association Limited
and Ahmedabad Stock Exchange] |
|
|
|
|
Line of Business
: |
Manufacturing
and Selling of Knitwear’s. |
|
|
|
|
No. of Employees
: |
593 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5369000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having fine track record. It is a
part of LUX group. The rating takes into consideration established position of the
company in hosiery industry with strong brand image and wide range of
products along with long track record and rich experience of promoters. Shares of the company are listed on Calcutta Stock Exchange
Association Limited and Ahmedabad Stock exchange. Further, the rating factor in strong financial risk profile of the
company marked by strong capital structure along with decent growth in its
revenue base in FY15. Further the company has reported decent growth in its
profit margin in the year under consideration. Overall financials of the company appears to be strong and healthy. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. In view of aforesaid, the company can be considered for business
dealings with 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 = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
July 15, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
July 15, 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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-33-40402121]
LOCATIONS
|
Registered Office : |
39, Kali Krishna Tagore Street, Kolkata – 700007, West Bengal, India |
|
Tel. No.: |
91-33-40402121/ 22598155 |
|
Fax No.: |
91-33-40012001 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
P.S. Srijan Tech Park, DN-52, Sector-V, 10th Floor, Salt Lake City, Kolkata – 700091, West Bengal, India |
|
Tel. No.: |
91-33-40402121 |
|
Fax No.: |
91-33-40012001 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
S. F. 473/1B1, Avinashi Lingam Palayam, Palangarai Village, Avinashi (T.K.), Coimbatore – 641654, Tamilnadu, India |
|
|
|
|
Factory 2 : |
Sankrail Industrial Park, Jalan Complex, Kendwa, Howrah, West Bengal, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Ashok Kumar Todi |
|
Designation : |
Chairman |
|
Address : |
39, Kali Krishna Tagore Street, Kolkata – 700007, West Bengal, India |
|
Date of Birth/Age : |
17.09.1958 |
|
Date of Appointment : |
21.07.1995 |
|
PAN No.: |
ABRPT5626R |
|
DIN No.: |
00053599 |
|
|
|
|
Name : |
Mr. Pradip Kumar Todi |
|
Designation : |
Managing Director |
|
Address : |
39, Kali Krishna Tagore Street, Kolkata – 700007, West Bengal, India |
|
Date of Birth/Age : |
16.07.1962 |
|
Date of Appointment : |
21.07.1995 |
|
PAN No.: |
ABTPT2696K |
|
DIN No.: |
00246268 |
|
|
|
|
Name : |
Mrs. Prabha Devi Todi |
|
Designation : |
Director |
|
Address : |
39, Kali Krishna Tagore Street, Kolkata – 700007, West Bengal, India |
|
Date of Appointment : |
11.02.2015 |
|
PAN No.: |
ABPPT9496H |
|
DIN No.: |
00246219 |
|
|
|
|
Name : |
Mr. Nandanandan Mishra |
|
Designation : |
Director |
|
Address : |
Flat D-053, Belvedere Park, DLF Phase III, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
20.10.1942 |
|
Date of Appointment : |
31.07.2007 |
|
DIN No.: |
00031342 |
|
|
|
|
Name : |
Mr. Kamal Kishore Agrawal |
|
Designation : |
Director |
|
Address : |
18/2B, Sarat Bose Road, 69, Ballygunge, Kolkata - 700020, West Bengal, India |
|
Date of Birth/Age : |
24.12.1950 |
|
Date of Appointment : |
10.03.2008 |
|
DIN No.: |
01433255 |
|
|
|
|
Name : |
Mr. Snehasish Ganguly |
|
Designation : |
Director |
|
Address : |
2/6, Biren Roy Road East, Kolkata - 700008, West Bengal, India |
|
Date of Birth/Age : |
11.06.1967 |
|
Date of Appointment : |
10.10.2003 |
|
DIN No.: |
01739432 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Agrawal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 26.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
11.62 |
|
Directors
or relatives of directors |
73.71 |
|
Other
top fifty shareholders |
8.02 |
|
Others
|
6.65 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Selling of Knitwear’s. |
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Products : |
|
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Brand Names : |
· Lux Venus · Lux Classic · Lux Karishma · Lux Scozi Big shot · Lux Inferno · Lux Cotts Wool · Lux Mozze etc. |
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Agencies Held : |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
593 (Approximately) |
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Bankers : |
· Allahabad Bank 57, Park Street, Kolkata - 700016, West Bengal, India · State Bank of India Industrial Finance Branch, 11; Dr. U. N. Brahmachari Street, Kolkata - 700017, West Bengal, India ·
State Bank of India Overseas Branch,
Strand Road, Kolkata, West Bengal, India ·
Corporation Bank HB Sarani Branch, Kolkata,
West Bengal, India ·
Canara Bank Lower Circular
Road Branch, Kolkata, West Bengal, India ·
Central Bank of India N S Road Branch, Kolkata,
West Bengal, India |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sanjay Modi and Company Chartered Accountants |
|
Address : |
46, Bipin Behari Ganguly Street, 1st Floor, Room No. 9, Kolkata – 700012, West Bengal, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates
controlled by Director/Relatives : |
· Biswnath Hosiery Mills Limited · Todi Hosiery Limited · Rotex Intertrade Private Limited [U51109WB1995PTC068662] · Chitragupta Sale and Services Private Limited [U51909WB1995PTC069322] · Holly Field Traders Private Limited [U51109WB1995PTC069608] · Ebell Fashions Private Limited [U25191WB1997PTC084787] · Jaytee Exports · P.G. Infometic Private Limited [U72200WB2008PTC125727] |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 Million |
|
5600000 |
Preference Shares |
Rs. 100/- each |
Rs. 560.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 650.000
Million |
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5547500 |
Equity Shares |
Rs. 10/- each |
Rs. 55.475 Million
|
|
5600000 |
Preference Shares |
Rs. 100/- each |
Rs. 560.000
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 615.475 Million |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5050600 |
Equity Shares |
Rs. 10/- each |
Rs. 50.506
Million |
|
496900 |
Add : Forfeited Shares |
|
Rs. 2.492
Million |
|
5600000 |
Preference Shares |
Rs. 100/- each |
Rs. 560.000
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 612.998 Million |
Reconciliation
of number of shares outstanding
|
Equity
Shares at the beginning of the year |
5050600 |
52.998 |
|
|
|
|
|
Equity
Shares at the closing of the year |
5050600 |
52.998 |
Reconciliation
of number of shares outstanding
|
Particulars |
31.03.2015 |
|
|
|
Numbers |
(Rs. in Million) |
|
Preference
Shares at the beginning of the year |
0 |
0.000 |
|
Preference
Shares at the closing of the year |
5600000 |
560.000 |
Rights,
Preference and Restrictions attached to Equity and Preference shares
The Company has equity shares
with a par value of Rs.10/- per share. Each holder of equity shares is entitled
to one vote per share held. The Company declares and pays dividends in Indian
rupees. The dividend proposed by the Board of Directs is subject to the
approval of the shareholders in the ensuing general meeting.
In the event of liquidation
of the Company, the holders of equity shares are entitled to receive the
remaining assets of the Company, after meeting all liabilities and distribution
of all preferential amounts, in proportion to their shareholding. The company
has issued Non Convertible Redeemable Preference Shares by converting unsecured
loan of promoters group as per terms of sanction of financial assistance by the
State Bank of India. The holders of these shares are entitled to a dividend of
0.25%.
Preference shares carry a
preferential right as to dividend over equity share holders. The preference
share holders shall not carry any voting rights. Such preference shares shall
be redeemed at a premium within twenty years from the date of allotments. In
the event of liquidation, preference shareholders have a preferential right
over equity share holders to be repaid to the extent of capital paid-up and
dividend arrear on such shares.
Equity
shareholders holding more than 5% shares of the company
|
Name of the shareholders |
31.03.2015 |
|
|
|
Numbers |
% |
|
Prabha
Devi Todi |
1009000 |
19.97 |
|
Pradip
Kumar Todi |
806500 |
15.97 |
|
Ashok
Kumar Todi |
656000 |
12.99 |
|
Bimla
Devi Todi |
701000 |
13.88 |
|
Shobha
Devi Todi |
550500 |
10.90 |
Preference
shareholders holding more than 5% shares of the company
|
Name of the shareholders |
31.03.2015 |
|
|
|
Numbers |
% |
|
Biswanath
Hosiery Mills Limited |
1500000 |
26.79 |
|
Rotex
Intertrade Private Limited |
1500000 |
26.79 |
|
Chitragupta
Sales and Services Private Limited |
1500000 |
26.79 |
|
Hollyfield
Traders Private Limited |
1100000 |
19.64 |
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 |
612.998 |
52.998 |
52.998 |
|
(b) Reserves & Surplus |
1266.342 |
855.000 |
558.956 |
|
(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) |
1879.340 |
907.998 |
611.954 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
685.955 |
1086.197 |
418.981 |
|
(b) Deferred tax liabilities (Net) |
11.809 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
9.662 |
8.068 |
6.204 |
|
Total
Non-current Liabilities (3) |
707.426 |
1094.265 |
425.185 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2103.974 |
1281.042 |
1423.745 |
|
(b)
Trade payables |
969.842 |
819.913 |
1213.151 |
|
(c)
Other current liabilities |
221.727 |
198.156 |
119.789 |
|
(d)
Short-term provisions |
37.868 |
18.568 |
13.527 |
|
Total
Current Liabilities (4) |
3333.411 |
2317.679 |
2770.212 |
|
|
|
|
|
|
TOTAL |
5920.177 |
4319.942 |
3807.351 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
372.988 |
316.802 |
267.830 |
|
(ii)
Intangible Assets |
0.775 |
0.660 |
2.117 |
|
(iii)
Capital work-in-progress |
526.263 |
204.442 |
175.874 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.845 |
2.481 |
2.481 |
|
(c) Deferred tax assets
(net) |
0.000 |
12.324 |
7.346 |
|
(d) Long-term Loan
and Advances |
29.914 |
54.803 |
50.156 |
|
(e)
Other Non-current assets |
8.765 |
7.150 |
6.650 |
|
Total
Non-Current Assets |
939.550 |
598.662 |
512.454 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1888.782 |
1478.264 |
1930.554 |
|
(c)
Trade receivables |
2412.812 |
1913.043 |
1181.821 |
|
(d)
Cash and cash equivalents |
413.677 |
151.047 |
44.574 |
|
(e)
Short-term loans and advances |
265.356 |
178.926 |
137.948 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
4980.627 |
3721.280 |
3294.897 |
|
|
|
|
|
|
TOTAL |
5920.177 |
4319.942 |
3807.351 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
9089.644 |
8706.337 |
6918.060 |
|
|
|
Other Income |
1.706 |
5.058 |
0.847 |
|
|
|
TOTAL (A) |
9091.350 |
8711.395 |
6918.907 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5078.092 |
4266.279 |
4445.933 |
|
|
|
Purchases of Stock-in-Trade |
199.341 |
119.281 |
167.687 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(478.015) |
545.442 |
(822.138) |
|
|
|
Employees benefits expense |
134.493 |
120.540 |
71.102 |
|
|
|
Other expenses |
3343.251 |
2959.517 |
2607.921 |
|
|
|
TOTAL (B) |
8277.162 |
8011.059 |
6470.505 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
814.188 |
700.336 |
448.402 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
176.434 |
174.257 |
106.698 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
637.754 |
526.079 |
341.704 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
(42.170) |
57.266 |
44.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
679.924 |
468.813 |
297.157 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
227.633 |
155.041 |
93.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
452.291 |
313.772 |
203.467 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Direct Export of goods at FOB value |
1137.860 |
1121.379 |
801.911 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
3.251 |
0.000 |
|
|
|
Capital Goods |
24.904 |
36.472 |
63.624 |
|
|
TOTAL IMPORTS |
24.904 |
39.723 |
63.624 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
89.55 |
62.13 |
40.28 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturity of long term Debt |
74.640 |
7.940 |
7.940 |
|
|
|
|
|
|
Cash generated from operations |
13.677 |
61.977 |
NA |
|
|
|
|
|
|
Net Cash from operating activities
|
(189.825) |
(98.169) |
(402.116) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.98 |
3.60 |
2.94 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.96 |
8.04 |
6.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.61 |
11.43 |
8.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.52 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.52 |
2.62 |
3.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49 |
1.61 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
52.998 |
52.998 |
612.998 |
|
Reserves & Surplus |
558.956 |
855.000 |
1266.342 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
611.954 |
907.998 |
1879.340 |
|
|
|
|
|
|
Long-term borrowings |
418.981 |
1086.197 |
685.955 |
|
Short term borrowings |
1423.745 |
1281.042 |
2103.974 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
7.940 |
7.940 |
74.640 |
|
Total
borrowings |
1850.666 |
2375.179 |
2864.569 |
|
Debt/Equity ratio |
3.024 |
2.616 |
1.524 |
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 |
6918.060 |
8706.337 |
9089.644 |
|
|
|
25.849 |
4.403 |
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 |
6918.060 |
8706.337 |
9089.644 |
|
Profit |
203.467 |
313.772 |
452.291 |
|
|
2.94% |
3.60% |
4.98% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10551233 |
24/01/2015 |
300,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
KOLKATA, SAMRIDDHI BHAVAN, BLOCK - A, 1, STRAND ROAD, KOLKATA, WEST
BENGAL - 70000 |
C44649895 |
|
2 |
10519808 |
09/08/2014 * |
500,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
KOLKATA, SAMRIDDHI BHAVAN, BLOCK - A, 1, STRAND ROAD, KOLKATA, WEST
BENGAL - 70000 |
C21329479 |
|
3 |
10495124 |
04/08/2015 * |
700,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING
BRANCH,, 21, H.B. SARANI, CENTRE POINT,, KOLKATA, WEST BENGAL - 700001, INDIA |
C62962691 |
|
4 |
10464284 |
08/05/2015 * |
3,519,800,000.00 |
ALLAHABAD BANK
(MORTGAGEE) |
PARK STREET
BRANCH, 57, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
C58808080 |
|
5 |
10464282 |
08/05/2015 * |
3,415,000,000.00 |
ALLAHABAD BANK
(LEAD BANK) |
PARK STREET BRANCH,
57, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
C58807827 |
|
6 |
10463394 |
21/01/2014 * |
1,000,000,000.00 |
CANARA BANK |
LOWER CIRCULAR
ROAD BRANCH,, 9, LALA LAJPAT RAI S |
B94469095 |
|
7 |
10385629 |
26/10/2012 |
560,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE FINANCE
BRANCH, KOLKATA, 33, N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B61782744 |
|
8 |
10281416 |
17/03/2011 |
200,000,000.00 |
ALLAHABAD BANK |
57, PARK STREET,
KOLKATA, WEST BENGAL - 700016, INDIA |
B10862969 |
|
9 |
90247882 |
29/11/2014 * |
1,519,800,000.00 |
ALLAHABAD BANK |
PARK STREET
BRANCH, 57, PARK STREET,, KOLKATA, WEST BENGAL - 700016, INDIA |
C37632221 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
From Body Corporate |
77.291 |
967.908 |
|
From Directors |
464.428 |
117.448 |
|
|
|
|
|
Total |
541.719 |
1085.356 |
NATURE OF OPERATION
Subject
is engaged in the business of manufacturing and sale of knitwear’s. The
Manufacturing units of the company are located in Kolkata (West Bengal) and
Tirupur, in the state of Tamilnadu. The Company is a public Limited company and
its share is listed on the Kolkata and Ahmedabad stock Exchanges in India.
RESULTS OF OPERATIONS
During
the year, the Company achieved a gross income of Rs. 9091.350 Million as
against Rs. 8711.395 Million for the corresponding period of the previous year.
The
Company’s profit before depreciation, interest, tax amounts to Rs 814.188
Million as compared to Rs.700.336 Million in the previous year, The Company has
achieved Profit before Tax of Rs 679.924 Million as against Rs. 466.813 Million
The Net Profit after tax is Rs 452.291 Million as against Rs. 313.772 Million
for the previous year.
The
financial year 2014-15 was a significant year for the Company in terms of growth
in profitability. The net profit during the year has grown around by 44.15%
over the previous financial year.
CHANGES IN SHARE CAPITAL
During
the Financial Year 2014-15, the share capital of the Company has been increased
from 52.998 Million to 612.998 Million pursuant to allotment of 56,00,000 Non
Convertible Redeemable Preference Shares of Rs 100 each in lieu of conversion
of unsecured loan of company.
MANAGEMENT DISCUSSION AND ANALYSIS
FINANCIAL REVIEW
The
net profit during the year has grown around by 44.15% over the previous
financial year.
OVERVIEW OF THE ECONOMY
In
2014, world economy continued its recovery from the recession in the last
decade; the global growth of 3.4% showed a continued path to improvement taking
into account growth of 3.4% in 2013. India’s economy also showed a continued
cyclical upswing; in FY 2014-15, India’s GDP grew by 7.2%, as compared to 6.9%
in FY14. While these higher numbers partially reflect the change in base year
used for calculation of GDP, the overall growth demonstrates a strong recovery.
Due to record-low oil prices and focus on fiscal policy by the new Government
at the centre, inflation has eased. It has also allowed easing of interest
rates. Strong investor sentiment and record FII inflows have helped stabilize
the currency.
However,
deadlock in the parliament on key reforms and the prospect of taxation under
MAT has led to short-term jitters in the market. Lack of pickup in credit
growth due to high banking NPAs is a worrying sign. While the markets have
reached record levels, showing great optimism, it remains to be seen whether it
will be seen in the performance of industry sector.
Looking
ahead, the outlook for FY 2015-16 appears optimistic. Policy initiatives,
pick-up in investments and continued low oil prices are likely to continue the
momentum. While a lot will depend on the ability of the Government to drive 2nd
generation reforms and remove structural bottle-necks, the intent and continued
support to industrial growth in the country is unquestioned.
In
FY 2014-15, India is likely to accelerate GDP growth rate to 7%-7.5%. The
increase in growth rate is expected to be contributed majorly by the industrial
sector. Unclogging of domestic policy logjam as well as improvement in private
consumption demand is likely to drive the growth. Though addressing supply-side
constraints (e.g. in mining, power, and steel sectors) will be the key to
continue this momentum and achieve the increase in growth rate. The prospects
of long-term growth in India remain strong. India brings to the table a rare
set of strengths: A long standing tradition of stable democratic governments,
capable private sector, huge consumer base and restless entrepreneurs. Given
India’s demographic transition, the country will still be a relatively young
nation 20 years from now. This is likely to generate significant volumes of
savings and investment over the coming years. All of the above will create a
huge market opportunity for companies who are willing to take long-term bets on
the Indian consumer.
INDIAN TEXTILE INDUSTRY
Indian
Textiles Industry has an overwhelming presence in the economic life of the
country. Apart from providing one of the basic necessities of life, the textile
industry also plays a pivotal role through its contribution to industrial
output, employment generation and export earnings of the country. It
contributes about 4% of India’s GDP, 14% to India’s industrial production and
13% to the country’s export earnings and 27% of the foreign exchange inflows.
Textile Industry provides employment to 45 million people, which makes it the
2nd largest employment provider in the country after Agriculture. Globally,
India has the 2nd largest textile manufacturing capacity; the Indian textiles
industry accounts for about 24 per cent of the world’s spindle capacity and
eight per cent of global rotor capacity. It is now the 2nd largest textile
exporter in the world. The size of the Indian textiles and apparel industry is
expected to reach USD 223 billion by 2021. While Indian textile industry has
strong presence across the value chain, manufacturing value chain is
unbalanced. India is 2nd largest producer of man-made staple fibre. With 50
million spindles, India is one of the world’s leading and most cost efficient
producer of the spun yarn. While it has 2nd largest no. of looms globally, the
organized mill sector contributes only 5%. India needs to upgrade its loom as
well as processing machinery. They are 7th largest apparel exporter in the world
with a share of 3.7% of the total apparel trade The Indian textile industry is
set for strong growth, buoyed by both strong domestic consumption as well as
export demand. The total Indian textile and apparel market size, was estimated
to be USD 108 billion in 2013, of which domestic consumption was USD 68 million
and exports constituted USD 40 billion. The sector is projected to grow over
the next 10 years at a CAGR of 9-10%, to reach nearly USD 200 billion by 2020.
TEXTILE OUTLOOK
In
the mid-long term, the Indian textile industry is expected to grow very
strongly with growth being balanced from both domestic consumption as well as
exports demand. In the near-term, domestic demand is expected to grow strongly
with the revival of the overall economy and improvement in purchasing power of
Indian consumers. On the exports front, there are both opportunities and
threats. Opportunities include the weak currency and decreasing cost
competitiveness of China that are likely to give positive impetus to the Indian
exports. At the same time, factors like structural impediments to industrial
growth, volatile foreign exchange.
INDIAN APPAREL RETAIL MARKET
The
Indian retail market, estimated at US$ ~500 billion in 2012, is expected to
demonstrate a robust growth rate of 13% p.a. over the coming years to become
US$ ~1.3 trillion by 2020. Apparel retail market’s share out of this is ~8%,
which puts the market size at approx. US$ 40 billion in 2012. The overall
consumption growth story of India, driven by favourable demographic trends and
rising income level fuelling consumerism, is expected to continue to gain
momentum. In addition, favourable government policies to boost investor
confidence are increasing investments in organised retail. Currently, organised
retail’s penetration in India is only 7%, which is expected to increase to ~18%
by 2016.
Rise
of E-commerce retailing (also known as ‘E-tailing’) is another dominant force
adding momentum to apparel retail market growth. In terms of size, India’s online
retail industry is currently small compared to both organized and overall
(organised + unorganised) retail in the country. They expect the industry’s
revenues to more than double to around 18 per cent of organized retail by 2016
from around 8 per cent in 2013. Yet, its share of the overall retail (organized
+ unorganized) pie will be just over 1 per cent. That compares with 9-10% in
the US and UK and around 4-5% in China. Rapid percolation of technology
enablers, i.e. increased adoption of smart phones, tablets and laptops and
speedily increasing online consumer base are the drivers of this growth.
FUTURE OUTLOOK
The
company has done well in the domestic market and the premium segment ONN is
also gaining momentum both in the national and international markets, the
target for the company in forth coming years is to clock turnover of
Rs.12000.000 Million with an export target of Rs.1500.000 Million. The company
is setting up a manufacturing unit at Dankuni West Bengal and expect the unit
to start production in the Coming Year. On the whole the outlook for the
company continues to remain positive.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Contingent Liabilities
not provided for in respect of: |
|
|
|
(i) Guarantee given: |
|
|
|
(a) to W.B. Sales Tax Department by the company’s banker for which counter guarantees have been given by the company |
0.250 |
0.250 |
|
(b) to Commissioner of Customs, Kolkata |
0.140 |
0.140 |
|
(c) to Commissioner of Customs, Kolkata |
0.485 |
0.485 |
|
(d) to Sales Tax Department, Roorkee |
0.015 |
0.015 |
|
(e) to Sales Tax Department, Ahmedabad |
0.020 |
0.020 |
|
(f) to Sales Tax Department, Indore |
0.015 |
0.015 |
|
(g) to Commissioner of Customs, Kolkata |
0.038 |
0.038 |
|
(h) to Commissioner of Customs, Kolkata |
0.061 |
0.061 |
|
(i) to Commissioner of Customs, Kolkata |
0.012 |
0.012 |
|
(j) to WBSEB, Kolkata |
0.141 |
0.141 |
|
(ii) Sales Tax Penalty for F.Y. 2004-05 under appeal with Assistant Commissioner, Pollachi* |
12.296 |
12.296 |
|
(iii) Sales tax penalty for F.Y 2003-04 under appeal with Kolkata High Court |
3.084 |
3.084 |
|
(iv) Sales tax penalty for F.Y 2004-05 under appeal with Kolkata High Court |
1.917 |
1.917 |
|
(v) Sales tax and penalty for F.Y 2009-10 under appeal with Assistant Commissioner of Commercial Taxes Avinashi |
11.700 |
11.700 |
|
(vi) Sales tax and penalty for F.Y 2010-11 under appeal with Assistant Commissioner of Commercial Taxes Avinashi |
0.517 |
0.517 |
|
(vii) Sales tax and penalty for F.Y 2011-12 under appeal with Assistant Commissioner of Commercial Taxes Avinashi |
0.326 |
0.326 |
|
(viii) Excise Duty and penalty for F.Y 2011-12 under appeal with Customs, Excise and service Tax Appellate Tribunal |
10.051 |
10.051 |
|
(ix) Sales Tax (VAT) for the F.Y 2009-10 under appeal with senior joint commissioner, sales tax, Kolkata north circle |
0.000 |
1.906 |
|
(x) Central sales tax for the F.Y 2009-10 under appeal with senior joint commissioner, sales tax, Kolkata north circle |
0.000 |
0.721 |
|
(xi) Sales Tax (VAT) for the F.Y 2010-11 under appeal with senior joint commissioner, sales tax, Kolkata north circle |
0.000 |
0.187 |
|
(xii) Central sales tax for the F.Y 2010-11 under appeal with senior joint commissioner, sales tax, Kolkata north circle |
0.000 |
1.218 |
|
(xiii) Service tax and penalty for F.Y 2007-08 to 2011-12 under appeal with Customs, Excise and service Tax Appellate Tribunal |
13.622 |
13.622 |
|
(xiv) Excise Duty and penalty for F.Y 2012-13 under appeal with Customs, Excise and service Tax Appellate Tribunal |
4.779 |
0.000 |
|
* The Company has been advised by competent legal
professional that the said demand and Penalty is likely to be reversed,
accordingly no provision has been made in the accounts. |
||
FIXED ASSETS:
Tangible Assets
· Land
· Building
· Plant and Equipments
· Office Equipments
· Furniture and Fixture
· Vehicles
Intangible Assets
· Computer Software
· Website Development
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. 99.73 |
|
Euro |
1 |
Rs. 71.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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.