MIRA INFORM REPORT
|
Report No. : |
338502 |
|
Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SURYAJYOTI SPINNING MILLS LIMITED |
|
|
|
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Registered
Office : |
Burgul Village, Farooqnagar Mandal, Mahabubnagar District
- 509 202, Telangana |
|
Tel. No.: |
91-8548-255246 / 255217 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
23.05.1983 |
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Com. Reg. No.: |
36-003961 |
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Capital
Investment / Paid-up Capital : |
Rs. 383.847 Million |
|
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|
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CIN No.: [Company Identification
No.] |
L18100TG1983PLC003961 |
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IEC No.: |
Not Available |
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TIN No.: |
36120110738 |
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CST No.: |
BGT/02/01/2275/16.02.1990 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS07402D |
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|
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PAN No.: [Permanent Account No.] |
AADCS0822L |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Textile and Yarn Fabrics. |
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No. of Employees
: |
1800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1983 having
a moderate track record. The rating reflects company modest financial risk profile marked by
continuous losses incurred by the company which has resulted into deterioration
of reserves. Further, the rating takes into consideration huge borrowings recorded
by the company and unfavorable gap between trade payable and trade
receivables. However, trade relations are reported as fair. Business is active. Payments
terms are reported to be slow. The company can be considered for business dealings with great
caution. |
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 (B-) |
|
Rating Explanation |
High risk of default |
|
Date |
January 12, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities (A4) |
|
Rating Explanation |
Minimal degree of safety and very High credit risk |
|
Date |
January 12, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
Management non-cooperative (91-40-27810086)
LOCATIONS
|
Registered Office / Factory 1 : |
Burgul Village, Farooqnagar Mandal, Mahabubnagar District
- 509 202, Telangana, India |
|
Tel. No.: |
91-8548-255246 / 255217 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
7th Floor, Surya Towers, 105, Sardar Patel Road, Secunderabad – 500 003, Telangana, India |
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Tel. No.: |
91-40-27810086 / 27898842 / 27814265 |
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Fax No.: |
91-40-27846837 |
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E-Mail : |
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Factory 2 : |
Makthal Village Makthal – Narayanpet Road, Mahabubnagar District - 509 208, Telangana, India |
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Factory 3 : |
Rajapur Village Balanagar Mandal, Mahabubnagar District - 509 202, Telangana, India |
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Factory 4 : |
Kucherkal Village Balanagar Mandal, Mahabubnagar District - 509 202, Telangana, India |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Ravinder Kumar Agarwal |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. K. Harishchandra Prasad |
|
Designation : |
Director |
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Name : |
Mr. Sanjeev Mitla |
|
Designation : |
Director |
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|
Name : |
Sri. R. Surender Reddy |
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Designation : |
Director |
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Name : |
Mr. Arun Kumar Agarwal |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. M. Bala Guravaiah |
|
Designation : |
Vice President (Finance) |
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|
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|
Name : |
Mr. Y. Srinivasulu Raju |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on: 30.06.2015
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
8111397 |
41.27 |
|
|
8111397 |
41.27 |
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|
|
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Total shareholding of Promoter and Promoter Group (A) |
8111397 |
41.27 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
637500 |
3.24 |
|
|
1036608 |
5.27 |
|
|
1674108 |
8.52 |
|
|
|
|
|
|
718572 |
3.66 |
|
|
|
|
|
|
4714448 |
23.98 |
|
|
4395573 |
22.36 |
|
|
42066 |
0.21 |
|
|
32266 |
0.16 |
|
|
5000 |
0.03 |
|
|
4800 |
0.02 |
|
|
9870659 |
50.22 |
|
Total Public shareholding (B) |
11544767 |
58.73 |
|
Total (A)+(B) |
19656164 |
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) |
19656164 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Textile and Yarn Fabrics. |
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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 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 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1800 (Approximately) |
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Bankers : |
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Facilities : |
1. The Loans referred at (a) to (d), (h) to (j), (k) above are secured by mortgage of (present and future) movable and immovable properties of the Company on first charge pari passu basis and guaranteed by two Directors of the Company in their personal capacities. 2. The Loan referred at (c) and (b) above is secured by mortgage of the fixed assets created by virtue of proposed term loan for the present movable and immovable properties of the Company on first charge pari passu basis and Pledge of 5,00,000 shares from the Promoters on Pari passu basis. 3. The Loan referred to in (i) above is secured by hypothecation of specified plant and machinery as per the scheme and guaranteed by two Directors of the Company. 4. The Loan referred to in (ii)-(a) are secured by Second charge on block assets of the company on pari passu basis with other banks holding second charge. 5. The company had availed interest free Sales Tax Deferment Loan from Government of Andhra Pradesh on Burgul unit Original and availing on Burgul unit Expansion Scheme. The Sales Tax Deferment loan shown under Unsecured Loans under Schedule 4 indicates sales tax collected under deferral scheme and is payable at the end of 10th year in respect of Burgul unit original and is payable at the end of 14th year in respect of Burgul unit expansion. 6. All Working Capital
Loans are secured by hypothecation of stocks of raw materials, yarn, fabric,
stock-in-process, stores and spares and book debts and by a second mortgage
over the (present and future) movable and immovable properties of the Company
on pari-passu basis and further guaranteed by two Directors of the Company in
their personal capacities. |
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Auditors : |
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|
Name : |
Brahmayya and Company Chartered Accountants |
|
Address : |
Flat No. 403 and 404, Golden Green Apartments, Irrum Manzil Colony, Hyderabad – 500 082, Andhra Pradesh, India |
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Cost Auditor |
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Name : |
S.G. Ramakrishna and Company |
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Address : |
1-1-524/A, Flat B – 4, Damodar Kripa, Gandhi Nagar, Hyderabad – 500080, Andhra Pradesh, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises in which
relatives of Key Management Personnel are Interested : (As on 31.03.2014) |
· Suryalakshmi Cotton Mills Limited ·
Suryavanshi Spinning Mills Limited |
CAPITAL STRUCTURE
As on: 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 383.847
Million
As on: 30.09.2014
Authorised Capital : Rs. 450.000 Million
Issued, Subscribed & Paid-up Capital : Rs.352.986
Million
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
|
2000000 |
10% Cumulative Redeemable Preference shares |
Rs.100/- each |
Rs.200.000 Million |
|
|
Total |
|
Rs.450.000 Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19926209 |
Equity Shares |
Rs.10/- each |
Rs.199.262 Million |
|
1564250 |
10% Cumulative Redeemable Preference shares |
Rs.100/- each |
Rs.156.425 Million |
|
|
Total |
|
Rs.355.687 Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19656164 |
Equity Shares |
Rs.10/- each |
Rs.196.562 Million |
|
1564250 |
10% Cumulative Redeemable Preference shares |
Rs.100/- each |
Rs.156.425 Million |
|
|
Forfeited Shares : |
|
Rs.0.160 Million |
|
|
Total |
|
Rs.353.147 Million |
Disclosure pursuant
to Note no. 6(A)(d) of Part I of Schedule VI to the Companies Act, 1956
|
PARTICULARS |
Equity Shares |
Preference Shares |
|
Shares outstanding at the beginning of the year |
19656164 |
1564250 |
|
Shares Issued during the year |
-- |
-- |
|
Shares redeemed / bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
19656164 |
1564250 |
Details of Share Holders
: Shares Holding more than 5% of Shares in the Company
|
Name of Sharehol |
No. of Shares held |
% of Holding |
|
Ravinder Kumar Agarwal |
2231086 |
11.35 |
|
Arun Kumar Agarwal |
2125600 |
10.81 |
|
Neha Agarwal |
1365500 |
6.95 |
|
Pietro Valenti |
1291355 |
6.57 |
|
Vijaylatha Jain |
1248900 |
6.35 |
|
Mavi Investment Fund Limited |
1036608 |
5.27 |
Details of Non
Convertible Cumulative Redeemable Preference Shares are as under :
|
Nature |
Amount (Rs.) |
Date of Issue |
Date of Redemption |
|
10% Cumulative Redeemable Preference Shares of Rs.100/- Each |
564.25 |
30-Mar-2011 |
29-Mar-2021 |
|
- Do - |
1000.00 |
09-Nov-2012 |
08-Nov-2022 |
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 |
383.847 |
353.147 |
353.147 |
|
(b) Reserves & Surplus |
352.716 |
448.072 |
568.883 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
30.700 |
16.400 |
|
Total Shareholders’ Funds (1) + (2) |
736.563 |
831.919 |
938.430 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1163.941 |
1692.514 |
1740.700 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
19.501 |
|
(c) Other long term
liabilities |
242.119 |
0.000 |
0.000 |
|
(d) long-term
provisions |
15.859 |
11.275 |
9.242 |
|
Total Non-current Liabilities
(3) |
1421.919 |
1703.789 |
1769.443 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1253.332 |
1197.804 |
1131.452 |
|
(b) Trade
payables |
568.362 |
517.865 |
465.259 |
|
(c) Other
current liabilities |
557.211 |
444.076 |
385.366 |
|
(d) Short-term
provisions |
37.885 |
28.812 |
27.878 |
|
Total Current
Liabilities (4) |
2416.790 |
2188.557 |
2009.955 |
|
|
|
|
|
|
TOTAL |
4575.272 |
4724.265 |
4717.828 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2307.232 |
2446.097 |
2565.072 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
1.016 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2.076 |
2.076 |
2.076 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
49.562 |
53.962 |
52.285 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2358.870 |
2503.151 |
2619.433 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1266.261 |
1142.598 |
967.411 |
|
(c) Trade
receivables |
488.221 |
536.057 |
542.314 |
|
(d) Cash
and cash equivalents |
22.831 |
30.673 |
30.469 |
|
(e)
Short-term loans and advances |
181.024 |
188.261 |
289.689 |
|
(f) Other
current assets |
258.065 |
323.525 |
268.512 |
|
Total Current
Assets |
2216.402 |
2221.114 |
2098.395 |
|
|
|
|
|
|
TOTAL |
4575.272 |
4724.265 |
4717.828 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4187.500 |
4610.963 |
4080.990 |
|
|
|
Other Income |
10.300 |
88.834 |
88.489 |
|
|
|
TOTAL (A) |
4197.800 |
4699.797 |
4169.479 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2415.000 |
2933.290 |
2556.251 |
|
|
|
Purchases of Stock-in-Trade |
158.200 |
68.156 |
163.801 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(114.200) |
(200.656) |
(140.356) |
|
|
|
Employees benefits expense |
307.800 |
292.850 |
259.983 |
|
|
|
Other expenses |
961.200 |
1159.159 |
1004.133 |
|
|
|
Exceptional Item |
(51.900) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
3676.100 |
4252.799 |
3843.812 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
521.700 |
446.998 |
325.667 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
447.000 |
375.842 |
325.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
74.700 |
71.156 |
0.593 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
161.800 |
211.468 |
201.917 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(87.100) |
(140.312) |
(201.324) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(19.501) |
(60.397) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(87.100) |
(120.811) |
(140.927) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
264.200 |
405.100 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
143.389 |
264.173 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
1800.524 |
1647.646 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
0.000 |
84.753 |
|
|
|
Stores & Spares |
|
21.842 |
9.952 |
|
|
|
Plant and Machinery |
|
0.000 |
78.317 |
|
|
TOTAL IMPORTS |
NA |
21.842 |
173.022 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(LOSS) Per Share (Rs.) |
(4.43) |
(6.15) |
(7.17) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
175.168 |
117.193 |
|
Cash generated from operations |
NA |
367.740 |
375.715 |
|
Net Cash inflow/(Outflow) in the Course of Operating
Activities |
NA |
368.553 |
326.651 |
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.
Million) |
|
|
|
Jun 2015 |
|
Audited / UnAudited |
|
|
|
UnAudited |
|
Net Sales |
|
|
|
917.200 |
|
Total Expenditure |
|
|
|
821.000 |
|
PBIDT (Excl OI) |
|
|
|
96.200 |
|
Other Income |
|
|
|
2.100 |
|
Operating Profit |
|
|
|
98.300 |
|
Interest |
|
|
|
86.900 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
11.400 |
|
Depreciation |
|
|
|
39.500 |
|
Profit Before Tax |
|
|
|
(28.100) |
|
Tax |
|
|
|
0.000 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
(28.100) |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
(28.100) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(2.08) |
(2.62) |
(3.45) |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
12.46 |
9.69 |
7.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.90) |
(2.97) |
(4.27) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12) |
(0.17) |
(0.21) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.28 |
3.68 |
3.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
1.01 |
1.04 |
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 |
353.147 |
353.147 |
383.847 |
|
Reserves & Surplus |
568.883 |
448.072 |
352.716 |
|
Share Application money pending allotment |
16.400 |
30.700 |
0.000 |
|
Net
worth |
938.430 |
831.919 |
736.563 |
|
|
|
|
|
|
long-term borrowings |
1740.700 |
1692.514 |
1163.941 |
|
Short term borrowings |
1131.452 |
1197.804 |
1253.332 |
|
Total
borrowings |
2872.152 |
2890.318 |
2417.273 |
|
Debt/Equity
ratio |
3.061 |
3.474 |
3.282 |
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 |
4080.990 |
4610.963 |
4187.500 |
|
|
|
12.986 |
(9.184) |
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 |
4080.990 |
4610.963 |
4187.500 |
|
Profit |
(140.927) |
(120.811) |
(87.100) |
|
|
(3.45%) |
(2.62%) |
(2.08%) |
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 |
No |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
As on 31.03.2015 |
As on 31.03.2014 |
|
|
(Rs. In Million) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Other loan term
borrowings |
|
|
|
Unsecure Loan from Promoter |
|
33.600 |
|
Unsecure Loan from Corporate Bodies |
|
82.000 |
|
Foreign Currency convertible Bonds |
|
132.270 |
|
Deferred Sales Tax Liability |
|
89.680 |
|
Other liabilities |
|
47.580 |
|
Total |
NA |
385.130 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10438501 |
21/08/2014 * |
3,110,800,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA, MUM |
C18992222 |
|
2 |
10339049 |
22/02/2012 |
120,000,000.00 |
IDBI Bank Limited |
# 5-9-89/1 & 2,, Chapel Road, Hyderabad, Andhra Pradesh - 500001,
INDIA |
B33638701 |
|
3 |
10332767 |
05/01/2012 |
385,000,000.00 |
State Bank of Hyderabad |
Commercial Branch,, Surya Towers,, Secunderabad, |
B30913842 |
|
4 |
10177662 |
26/08/2011 * |
545,462,000.00 |
Indian Overseas Bank |
1-2-61 & 62,, Parklane,, Secunderabad, Andhra Pradesh - 500003,
INDIA |
B21690094 |
|
5 |
10144779 |
12/06/2009 * |
120,000,000.00 |
IDBI Bank Limited |
IDBI BANK LTD, # 5-9-89/1&2, CHAPEL ROAD, HYDERABAD, Andhra
Pradesh - 500001, INDIA |
A66714494 |
|
6 |
10064658 |
23/02/2008 * |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
A34039867 |
|
7 |
10066461 |
10/11/2007 * |
744,000,000.00 |
State Bank of India |
Industrial Finance Branch, 1st Floor,, Navabharat |
A26195511 |
|
8 |
80013432 |
08/11/2007 * |
350,000,000.00 |
State Bank of India |
Industrial Finance Branch, 1st Floor,, Navabharat |
A26654103 |
|
9 |
90124442 |
29/06/2012 * |
2,248,800,000.00 |
State Bank of India |
Industrial Finance Branch, Rajbhavan Road, Somajiguda, Hyderabad,
Andhra Pradesh - 500082, INDIA |
B44050912 |
MANAGEMENT DISCUSSION
AND ANALYSIS (As on 31.03.2014)
INDUSTRY REVIEW
In spite of the adverse market conditions prevailing in the businesses in which the Company operates, the overall performance of the Company during the year has marginally improved compared to that of the previous year. The global economic outlook remained uncertain and challenging with a growth of about three per cent in 2013. There were many reasons for this sluggishness including weak recovery in the US and Europe and a general economic slowdown in emerging economies like China and India. During much of 2013-14, there was no turnaround in the domestic economy in either consumption or investment as was reflected by the downward trend in both the capital and consumer goods segments. The high borrowing cost to combat inflation, coupled with lower consumption, low investment in infrastructure and other sectors of the economy were responsible for this, although agriculture and allied businesses had shown some improvement. Foreign Institutional Investors (FIIs) were record buyers of Indian debt instruments in the quarter ended March 2014, reflecting increased confidence in India's long-term economic prospects although growth is yet to show any definite signs of emerging from a slump. The Rupee has recently strengthened against the US Dollar which might adversely affect exports from India. It is expected that the economy should grow in the coming years and the demand for and prices of textile products should improve which will enable the Company to regain better performance.
OPERATIONAL AND
FINANCIAL PERFORMANCE
During the current financial year the Company had produced 16,063 MTs of yarn and 10.694 Million meters of fabric as against 14,672 MTs of yarn and 10.307 Million meters of fabric in 2012-13. The Company’s Net sales for the financial year 2013-14 stood at Rs. 4611.000 Million when compared to Rs. 4081.000 Million for the financial year 2012-13 and net loss was Rs. 120.800 Million during the year 2013-14, when compared with a net loss of Rs.140.900 Million during the year 2012-13. During the FY 2013-14 the FOB value of exports was Rs. 1800.500 Million when compared with the exports of Rs. 1647.600 Million during the previous year.
OUTLOOK
The performance of the yarn Division remained fairly stable. Since April, 2014, the yarn market is depressed but it is hoped that it should improve in the current year. The industry needs a consistent policy on export of cotton and yarn. The domestic organized apparel category, which had witnessed slowdown in sales, is expected to bounce back with 15 per cent growth, according to projections by the Clothing Manufacturers Association of India. With the relief in excise there had been a surge in demand which tapered off due to uncertain economic conditions. The past few months have been difficult for multi-brand retailers but now with a new stable Government, it is expected that the organized apparel industry to record 15-20 per cent growth in the festival season. After the removal of 10 per cent excise duty on branded apparel, the category has witnessed 10- 12 per cent growth in 2013. The domestic apparel industry is estimated at Rs. 20.000 lakh Million of which unstitched garments such as sarees and dhotis comprise Rs. 500000.000 Million. The organized retail sector is smaller at Rs. 400000.000 Million. The textile industry is fully geared to make fresh investments and modernise. But what it seeks from the Centre is a stable policy on the lines of Satyam Committee recommendations (report submitted in 1999), say industry experts. The last textile policy was released about a decade back and since then, the industry had undergone a sea change, Chairman of the Southern India Mills Association (SIMA), T Rajkumar, said, "They are seeking a stable and comprehensive policy. They have appealed to the Union Government to review the draft recommendations of the Ajay Shankar committee and announce an integrated textile policy soon and create a level-playing field for all the sectors in a global environment." The new policy should be in line with the present era of development, should not be sectoral, but quite comprehensive. Further, various issues relating to the Technology Up gradation Fund Scheme will have to be addressed immediately to ensure that all the beneficiaries receive the benefits and make all the sectors of the textile value chain competitive. The industry has, in the last five years, suffered quite a bit because the Government had unnecessarily complicated the procedures and systems of the scheme. In spite of such bottlenecks, the industry managed to grow, but could have achieved 9-10 per cent growth if only the systems and procedures were consistent and not tinkered every now and then.
REPORT ON CORPORATE
GOVERNANCE
Brief Statement on
Company's Philosophy on Code of Corporate Governance.
The Company believes that good corporate governance practices should be enshrined in all activities of the Company. This would ensure efficient conduct of the affairs of the Company and help the Company to achieve its goal of maximizing value for all its stakeholders. The Company will continue to focus its resources, strengths and strategies to achieve its vision, while upholding the core values of transparency, integrity, honesty and accountability, which are fundamental to the Company. The Company has a strong legacy of fair, transparent and ethical governance practices. The Company's corporate governance philosophy has been further strengthened through the Code of conduct and the Code of Conduct for Prevention of Insider Trading. The Company is in compliance with the requirements of the guidelines on Corporate Governance stipulated under clause 49 of the Listing Agreement with the Stock Exchanges.
FIXED ASSETS:
- Land
- Buildings
- Plant and
Equipment
- Plant and
Machinery
- Diesel
Generator Sets
- Testing
Equipment
- Water Works
- Furniture and
Fixtures
- Vehicles
- Data
Processing Equipment
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 judgment or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.16 |
|
|
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.