MIRA INFORM REPORT
|
Report No. : |
342181 |
|
Report Date : |
24.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
KARTIK TEXTILES |
|
|
|
|
Registered
Office : |
Gala No 3, Survey No 197, Hissa No 1, Mouje Sonale, Taluka Bhiwandi,
Thane – 421302, Maharashtra |
|
Mobile No.: |
91-9158749067 [Mr. Santosh Bholanath Maurya] |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Year of Establishment
: |
May 2012 |
|
|
|
|
Capital
Investment : |
Rs. 10.757 Million |
|
|
|
|
PAN No.: [Permanent Account No.] |
BDCPM4809F |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Manufacturer of Fabrics. |
|
|
|
|
No. of Employees
: |
10 (2 in Office and 8 in Factory) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established in the year 2012 as proprietorship concern and
it is the manufacturer of fabrics. It has satisfactory track record. Mr. Santosh Bholanath Maurya, (Proprietor) has provided all
information of the subject to us. The concern’s overall financial position seems to be good with decent
profit margins and favorable liquidity profile for the year 2015. Trade relations are fair. Business is active. Payments are reported to
be usually correct. The concern can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
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 PARTED BY
|
Name : |
Mr. Santosh Bholanath Maurya |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9158749067 |
|
Date : |
23.09.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Gala No 3, Survey No 197, Hissa No 1, Mouje Sonale, Taluka Bhiwandi,
Thane – 421302, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9158749067 [Mr. Santosh Bholanath Maurya] |
|
Fax No.: |
Not Available |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Santosh Bholanath Mourya |
|
Designation : |
Proprietor |
|
Address : |
377/2, Sona Devi Building, Pipeline, Kalyan Road, Bhiwandi, Thane, Maharashtra,
India |
|
Date of Birth/Age : |
02.08.1986 |
|
Qualification : |
HSC |
|
Experience : |
5 Years |
|
PAN No.: |
BDCPM4809F |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fabrics. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Credit [90 Days] |
|
|
|
|
Purchasing : |
Credit [60 Days] |
PRODUCTION
DETAILS:
PRODUCTS
|
INSTALLED
CAPACITY |
ACTUAL
PRODUCTION |
|
|
|
|
|
Grey / Fabric Clothes |
3,60,000 mtrs |
3,25,000 mtrs |
GENERAL INFORMATION
|
Suppliers : |
· Deepak Tex Mr. Bhamre Seth [91-9158749067] · S V Tex 91-8411950519 · Ganesh Tex Mr. Prashantbhai [91-9273828499] |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Wholesalers and End Users
· Laxmi Tex Mr. Mahendra Seth [91-9373770577] · Om Sai Tex Mr. Deepak [91-7798872728] · Pooja Tex Mr. Sunilbhai [91-9112116780] |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
10 (2 in Office and 8 in Factory) (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
-- |
||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
I Nagindas and Company Chartered Accountants |
|
Address : |
Kandivali (East), Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2015
|
Capital Investment : |
|
|
Owned : |
Rs. 10.757 Million |
|
Borrowed : |
-- |
|
Total : |
Rs. 10.757 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor Capital |
10.757 |
7.830 |
1.125 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.757 |
7.830 |
1.125 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10.757 |
7.830 |
1.125 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.699 |
5.396 |
0.051 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.931
|
0.884 |
0.447 |
|
|
Sundry Debtors |
3.032
|
1.806 |
0.630 |
|
|
Cash & Bank Balances |
0.125
|
0.122 |
0.016 |
|
|
Other Current Assets |
0.055
|
0.150 |
0.106 |
|
|
Loans & Advances |
0.000
|
0.116 |
0.026 |
|
Total
Current Assets |
5.143
|
3.078 |
1.225 |
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.717
|
0.305 |
0.110 |
|
|
Other Current Liabilities |
0.130
|
0.185 |
0.015 |
|
|
Provisions |
0.238
|
0.154 |
0.026 |
|
Total
Current Liabilities |
1.085
|
0.644 |
0.151 |
|
|
Net Current Assets |
4.058
|
2.434 |
1.074 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10.757 |
7.830 |
1.125 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
20.410 |
8.536 |
4.588 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
20.410 |
8.536 |
4.588 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods sold |
16.689 |
6.480 |
3.532 |
|
|
|
Lorry and Freight charges |
0.142 |
0.095 |
0.053 |
|
|
|
Sizing charges |
0.215 |
0.040 |
0.059 |
|
|
|
Labour Expenses |
0.203 |
0.074 |
0.048 |
|
|
|
Power and Fuel |
0.362 |
0.188 |
0.161 |
|
|
|
Salary and Wages |
0.099 |
0.069 |
0.033 |
|
|
|
Beam drawing charges |
0.102 |
0.030 |
0.015 |
|
|
|
Commission |
0.295 |
0.070 |
0.024 |
|
|
|
Conveyance |
0.109 |
0.036 |
0.030 |
|
|
|
Misc. Expenses |
0.116 |
0.021 |
0.023 |
|
|
|
Other Expenses |
0.257 |
0.237 |
0.392 |
|
|
|
TOTAL |
18.589 |
7.340 |
4.370 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE DEPRECIATION AND AMORTISATION |
1.821 |
1.196 |
0.218 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.185 |
0.955 |
0.013 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
0.636 |
0.241 |
0.205 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.12
|
2.82 |
4.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.37
|
2.84 |
16.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.03 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.74
|
4.78 |
8.11 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
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) |
|
Proprietors Capital |
1.125 |
7.830 |
10.757 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1.125 |
7.830 |
10.757 |
|
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
0.000 |
|
Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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 |
4.588 |
8.536 |
20.410 |
|
|
|
86.051 |
139.105 |
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 |
4.588 |
8.536 |
20.410 |
|
Profit |
0.205 |
0.241 |
0.636 |
|
|
4.47% |
2.82% |
3.12% |
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 |
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 |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
------------------------------------------------------------------------------------------------------------------------------
CALCULATION OF DSCR
(RS. IN MILLION)
|
PARTICULARS |
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
Average DSCR |
|
|
|
|
|
|
|
|
|
|
|
PAT |
0.672 |
1.113 |
1.376 |
2.957 |
3.809 |
4.289 |
4.475 |
8.191 |
|
|
|
|
|
|
|
|
|
|
|
Interest on TL |
1.604 |
2.706 |
2.468 |
2.074 |
1.559 |
1.030 |
0.000 |
11.441 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
5.413 |
4.601 |
3.911 |
3.850 |
3.272 |
2.782 |
2.365 |
26.194 |
|
|
|
|
|
|
|
|
|
|
|
Total A |
7.689 |
8.421 |
7.755 |
8.880 |
8.641 |
8.101 |
6.839 |
45.826 |
|
|
|
|
|
|
|
|
|
|
|
Term Loan Instalment |
0.000 |
1.200 |
2.600 |
3.800 |
4.200 |
4.333 |
4.400 |
22.000 |
|
|
|
|
|
|
|
|
|
|
|
Interest on TL |
1.604 |
2.706 |
2.468 |
2.074 |
1.559 |
1.030 |
0.000 |
11.441 |
|
|
|
|
|
|
|
|
|
|
|
Total B |
1.604 |
3.906 |
5.068 |
5.874 |
5.759 |
5.363 |
4.400 |
33.441 |
|
|
|
|
|
|
|
|
|
|
|
DSCR |
4.79 |
2.16 |
1.53 |
1.51 |
1.50 |
1.51 |
1.55 |
1.37 |
------------------------------------------------------------------------------------------------------------------------------
ASSESSMENT OF WORKING CAPITAL REQUIREMENTS
OPERATING STATEMENT
(RS. IN MILLION)
|
SR. NO. |
PARTICULARS |
Projected 2015-16 |
Projected 2016-17 |
Projected 2017-18 |
Projected 2018-19 |
Projected 2019-20 |
|
|
|
|
|
|
|
|
|
1 |
Gross
Sales |
50.000 |
78.000 |
88.000 |
103.000 |
120.000 |
|
|
i)
Domestic Sales |
50.000 |
78.000 |
88.000 |
103.000 |
120.000 |
|
|
ii)
Export Sales |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
iii)
Other Operating Income |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
2 |
Less
: Excise Duty |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
3 |
Net Sales |
50.000 |
78.000 |
88.000 |
103.000 |
120.000 |
|
|
|
|
|
|
|
|
|
4 |
%age
rise(+) or fall (-) in net sales |
145% |
56% |
13% |
17% |
17% |
|
|
|
|
|
|
|
|
|
5 |
Cost
of Sales |
|
|
|
|
|
|
|
I)
Raw Material Consumed (incl. stores and other items used in process of mfg.) |
41.218 |
66.887 |
75.687 |
88.612 |
105.912 |
|
|
Opening
stock of Raw Material |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Add
Purchases |
41.218 |
66.887 |
75.687 |
88.612 |
105.912 |
|
|
Less
: Closing Stock of Raw Material |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
ii)
Other spares/stores |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
a)
Imported |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
b)
Indigenous |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
iii)
Power and Fuel |
0.415 |
0.448 |
0.560 |
0.650 |
0.700 |
|
|
|
|
|
|
|
|
|
|
iv)
Direct labour (factory wages and labour) |
0.260 |
0.399 |
0.450 |
0.500 |
0.550 |
|
|
|
|
|
|
|
|
|
|
v)
Other manufacturing/direct expenses |
0.450 |
0.568 |
0.690 |
0.720 |
0.760 |
|
|
|
|
|
|
|
|
|
|
vi)
Depreciation (on assets for mfg.) |
5.413 |
4.601 |
3.911 |
3.850 |
3.272 |
|
|
|
|
|
|
|
|
|
|
vii)
SUB-TOTAL |
47.756 |
72.903 |
81.298 |
94.332 |
111.194 |
|
|
|
|
|
|
|
|
|
|
viii)
Add : Opening stock-in-process |
0.730 |
1.860 |
2.520 |
3.200 |
3.700 |
|
|
|
|
|
|
|
|
|
|
Sub-Total |
48.486 |
74.763 |
83.818 |
97.532 |
114.894 |
|
|
|
|
|
|
|
|
|
|
ix)
Deduct : Closing stock-in-process |
1.860 |
2.520 |
3.200 |
3.700 |
4.400 |
|
|
|
|
|
|
|
|
|
|
x)
Cost of Production |
46.626 |
72.243 |
80.618 |
93.832 |
110.494 |
|
|
|
|
|
|
|
|
|
|
xi)
Add : Opening stock of finished goods |
1.201 |
2.050 |
3.100 |
3.600 |
4.100 |
|
|
|
|
|
|
|
|
|
|
Add: Purchase of finished goods |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Sub-Total |
47.827 |
74.293 |
83.718 |
97.432 |
114.594 |
|
|
|
|
|
|
|
|
|
|
xii)
Deduct : Closing stock of finished goods |
2.050 |
3.100 |
3.600 |
4.100 |
4.900 |
|
|
|
|
|
|
|
|
|
|
xiii)
SUB TOTAL (Total cost of sales) |
45.777 |
71.193 |
80.118 |
93.332 |
109.694 |
|
|
|
|
|
|
|
|
|
6 |
Selling,
general and admns. Expenses (incl. depr. of assets which are not used for
mfg.) |
1.250 |
1.850 |
2.900 |
3.500 |
3.800 |
|
|
|
|
|
|
|
|
|
7 |
SUB
TOTAL |
47.027 |
73.043 |
83.018 |
96.832 |
113.494 |
|
|
|
|
|
|
|
|
|
8 |
Operating
profit before interest |
2.973 |
4.957 |
4.982 |
6.168 |
6.506 |
|
|
|
|
|
|
|
|
|
9 |
Total
Interest expense |
2.301 |
3.844 |
3.605 |
3.211 |
2.697 |
|
|
Other
Interest Exp. |
0.150 |
0.200 |
0.200 |
0.200 |
0.200 |
|
|
Interest
on CC |
0.547 |
0.938 |
0.938 |
0.938 |
0.938 |
|
|
Interest
on Term Loan (Business Loan) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Interest
on other Term Loan |
1.604 |
2.706 |
2.468 |
2.074 |
1.559 |
|
|
|
|
|
|
|
|
|
10 |
Operating
profit after interest |
0.672 |
1.113 |
1.376 |
2.957 |
3.809 |
|
|
|
|
|
|
|
|
|
11 |
I)
Add : Other non-operating income |
|
|
|
|
|
|
|
a)
Duty draw-back etc. |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Dividend
on Investment |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
b)
Others (Bank Interest, FDR interest, Foreign currency fluctuation and
Interest on post office deposit) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Sub
Total (income) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
ii)
Deduct other non-operating expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
a)
Transfer to export business reserve |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
b)
Others/ Directors' remuneration |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Sub-Total
(expenses) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
iii)
Net of other non-operating income/expenses (net of 11(I) and (ii)) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
12 |
Profit
before Tax / Loss |
0.672 |
1.113 |
1.376 |
2.957 |
3.809 |
|
|
|
|
|
|
|
|
|
13 |
Provision
for Taxation |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
14 |
Net
Profit / Loss |
0.672 |
1.113 |
1.376 |
2.957 |
3.809 |
|
|
|
|
|
|
|
|
|
15 |
a)
Equity dividend |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
b)
Dividend rate |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
16 |
Retained
profit |
0.672 |
1.113 |
1.376 |
2.957 |
3.809 |
|
|
|
|
|
|
|
|
|
17 |
Retained
profit / Net profit (%) |
100% |
100% |
100% |
100% |
100% |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS OF BALANCE SHEET
(RS. IN MILLION)
|
SR. NO. |
PARTICULARS |
Projected 2015-16 |
Projected 2016-17 |
Projected 2017-18 |
Projected 2018-19 |
Projected 2019-20 |
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
1 |
Short-term
borrowing from banks (incl. bill purchased / discounted and excess borrowing
placed on repayment basis |
|
|
|
|
|
|
|
I)
From applicant bank |
7.000 |
7.500 |
7.500 |
7.500 |
7.500 |
|
|
ii)
From other banks |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
iii)
(of which BP and BD) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
TOTAL
BANK BORROWINGS |
7.000 |
7.500 |
7.500 |
7.500 |
7.500 |
|
|
|
|
|
|
|
|
|
2 |
Short-term borrowing from others |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
3 |
Sundry
creditors (Trade) |
0.650 |
0.900 |
1.000 |
1.300 |
1.200 |
|
|
|
|
|
|
|
|
|
4 |
Advance
payment from customers |
0.150 |
0.300 |
0.200 |
0.200 |
0.200 |
|
|
|
|
|
|
|
|
|
5 |
Provision
for taxation |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
6 |
Dividend
payable |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
7 |
Other
statutory liabilities (due within one yr) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
8 |
Instalments
of term loans (due within one year) Business Loan |
1.200 |
2.600 |
3.800 |
4.200 |
4.333 |
|
|
Instalments of term loans (due within one year) other than business
loan |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
9 |
Other
current liabilities and provisions due within one year |
0.100 |
0.350 |
0.200 |
0.200 |
0.150 |
|
|
I)
Inter-corporate deposits/ Loan |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
ii)Others |
0.100 |
0.350 |
0.200 |
0.200 |
0.150 |
|
|
|
|
|
|
|
|
|
10 |
TOTAL
CURRENT LIABILITIES |
2.100 |
4.150 |
5.200 |
5.900 |
5.883 |
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
9.100 |
11.650 |
12.700 |
13.400 |
13.383 |
|
11 |
Debentures
(not maturing within one year) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
12 |
Redeemable
preference share (redeemable after one year)/Other Unsecured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Term
Loans (excl. instalments payable within 1 yr.) Business Term Loan |
20.800 |
18.200 |
14.400 |
10.200 |
5.867 |
|
|
|
|
|
|
|
|
|
13 |
Term Loans (excl. instalments payable within 1 yr.) other than
business loan |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
14 |
Deferred
Payment Credits (excl. instalments due within 1 year) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
15 |
Term
Deposits (repayable after 1 year) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
16 |
Unsecured
Loans (Quasi) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
17 |
TOTAL
TERM LIABILITIES |
20.800 |
18.200 |
14.400 |
10.200 |
5.867 |
|
|
|
|
|
|
|
|
|
18 |
TOTAL
OUTSIDE LIABILITIES (10+17) |
29.900 |
29.850 |
27.100 |
23.600 |
19.250 |
|
|
|
|
|
|
|
|
|
|
NET
WORTH |
|
|
|
|
|
|
19 |
Equity
Share Capital |
16.217 |
16.859 |
18.235 |
21.735 |
25.544 |
|
|
|
|
|
|
|
|
|
20 |
Share
Premium Account |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
21 |
A)
General reserve |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
B)
Development rebate reserve / Investment allowance reserve |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
22 |
Infusion
of capital/Share Application money |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
23 |
Surplus
/ deficit in PandL a/c |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
24 |
NET
WORTH |
16.217 |
16.859 |
18.235 |
21.735 |
25.544 |
|
|
profit
of share/investment in group ac. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
TOTAL
LIABILITIES (18+24) |
46.117 |
46.709 |
45.336 |
45.336 |
44.794 |
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
26 |
Cash and Bank Balances |
0.215 |
0.250 |
0.250 |
0.250 |
0.375 |
|
|
|
|
|
|
|
|
|
27 |
Investments (other than long term) |
|
|
|
|
|
|
|
i) Govt. and other trustee securities |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
ii) Fixed Deposits with banks |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
28 |
I) Receivables other than deferred and exports
(incl. bill purchase / disc.) |
8.585 |
13.205 |
14.962 |
15.222 |
16.318 |
|
|
ii) Export receivables (incl. Bills purchased and
discounted |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
29 |
Instalment of deferred receivables |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
30 |
Inventory |
4.260 |
5.620 |
6.800 |
7.800 |
9.300 |
|
|
I) Raw materials (incl. stores and other items
used in the process of manufacturing |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
a) Imported |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
b) Indigenous |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
ii) Stock-in-process |
1.860 |
2.520 |
3.200 |
3.700 |
4.400 |
|
|
|
|
|
|
|
|
|
|
iii) Finished Goods |
2.050 |
3.100 |
3.600 |
4.100 |
4.900 |
|
|
|
|
|
|
|
|
|
|
iv) Other consumables stores and spares |
0.350 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
31 |
Advance to suppliers |
0.580 |
0.600 |
0.200 |
0.200 |
0.200 |
|
|
|
|
|
|
|
|
|
32 |
Advance payment of taxes |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
33 |
Other current assets |
0.950 |
0.950 |
0.950 |
0.040 |
0.050 |
|
|
|
|
|
|
|
|
|
34 |
TOTAL
CURRENT ASSETS |
14.590 |
20.625 |
23.162 |
23.512 |
26.243 |
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS |
|
|
|
|
|
|
35 |
Gross block (land and building, machinery,
work-in-progress |
36.099 |
30.686 |
26.084 |
25.673 |
21.823 |
|
|
|
|
|
|
|
|
|
36 |
Depreciation till date |
5.413 |
4.601 |
3.911 |
3.850 |
3.272 |
|
|
|
|
|
|
|
|
|
37 |
Net
Block |
30.686 |
26.084 |
22.173 |
21.823 |
18.551 |
|
|
|
|
|
|
|
|
|
|
OTHER
NON CURRENT ASSETS |
|
|
|
|
|
|
38 |
Investments / book-debts / advance deposits which are
non-current assets |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
i) a) Investments in subsidiaries/ affiliate |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
b) Others
(Invest. + Deposits) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
c) Fixed Deposit
with BOI |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
ii) Advance to suppliers of capital goods |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
iii) Deferred receivables (maturing after 1 year) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
39 |
Other non consumable stores and spares |
0.841 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
40 |
Other non-current assets (int. suspense) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
41 |
TOTAL
NON-CURRENT ASSETS |
0.841 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
42 |
Intangible assets (Goodwill patents, Pre-expenses,
bad and doubtful debts) Accumulated losses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
43 |
TOTAL
ASSETS |
46.117 |
46.709 |
45.335 |
45.335 |
44.794 |
|
|
|
|
|
|
|
|
|
44 |
ADJ TANGIBLE NET WORTH |
16.217 |
16.859 |
18.235 |
21.735 |
25.544 |
|
|
|
|
|
|
|
|
|
45 |
NET WORKING CAPITAL |
5.490 |
8.975 |
10.462 |
10.112 |
12.860 |
|
|
|
|
|
|
|
|
|
46 |
CURRENT RATIO |
1.60 |
1.77 |
1.82 |
1.75 |
1.96 |
|
|
|
|
|
|
|
|
|
51 |
TOTAL OUTSIDE LIABILITIES/ TNW |
1.84 |
1.77 |
1.49 |
1.09 |
0.75 |
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION OF MAXIMUM PERMISSIBLE BANK
FINANCE FOR WORKING CAPITAL
(RS. IN MILLION)
(Limits above Rs. 5 Crore / Operating cycle > 90 days)
|
SR. NO. |
PARTICULARS |
Projected 2015-16 |
Projected 2016-17 |
Projected 2017-18 |
Projected 2018-19 |
Projected 2019-20 |
|
|
WORKING
CAPITAL ASSESSMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Total
Current Assets |
14.590 |
20.625 |
23.162 |
23.512 |
26.243 |
|
|
|
|
|
|
|
|
|
2 |
Other
CL (other than bank borrowing) |
2.100 |
4.150 |
5.200 |
5.900 |
5.883 |
|
|
|
|
|
|
|
|
|
3 |
WCG |
12.490 |
16.475 |
17.962 |
17.612 |
17.612 |
|
|
|
|
|
|
|
|
|
4 |
Minimum
stipulated NWC (25% of WCG / 25% of total CA as the case may be) |
3.648 |
5.156 |
5.791 |
5.878 |
6.561 |
|
|
|
|
|
|
|
|
|
5 |
Actual
/ projected NWC |
5.490 |
8.975 |
10.462 |
10.112 |
12.860 |
|
|
|
|
|
|
|
|
|
6 |
Item
3 minus Item 4 |
8.843 |
11.319 |
12.172 |
11.734 |
13.799 |
|
|
|
|
|
|
|
|
|
7 |
Item
3 minus Item 5 |
7.000 |
7.500 |
7.500 |
7.500 |
7.500 |
|
|
|
|
|
|
|
|
|
8 |
MPBF
(Item 6 or 7 whichever is lower) |
7.000 |
7.500 |
7.500 |
7.500 |
7.500 |
|
|
|
|
|
|
|
|
|
9 |
Excess
borrowing representing shortfall in NWC (4-5) |
0.000 |
0.100 |
0.200 |
0.300 |
0.400 |
TURN-OVER METHOD
(Limits below Rs. 5 Crore /Operating cycle
<=90 days)
|
SR. NO. |
PARTICULARS |
Projected 2015-16 |
Projected 2016-17 |
Projected 2017-18 |
Projected 2018-19 |
Projected 2019-20 |
|
|
WORKING
CAPITAL ASSESSMENT |
|
|
|
|
|
|
1 |
Gross
Sales |
50.000 |
78.000 |
88.000 |
103.000 |
120.000 |
|
|
|
|
|
|
|
|
|
2 |
25%
of gross sales |
12.500 |
19.500 |
22.000 |
25.750 |
30.000 |
|
|
|
|
|
|
|
|
|
3 |
5%
of gross sales |
2.500 |
3.900 |
4.400 |
5.150 |
6.000 |
|
|
|
|
|
|
|
|
|
4 |
Actual
/ projected NWC |
5.490 |
8.975 |
10.462 |
10.112 |
12.860 |
|
|
|
|
|
|
|
|
|
6 |
Item
2 minus Item 3 |
10.000 |
15.600 |
17.600 |
20.600 |
24.000 |
|
|
|
|
|
|
|
|
|
7 |
Item
2 minus Item 4 |
7.010 |
10.525 |
11.538 |
15.638 |
17.140 |
|
|
|
|
|
|
|
|
|
8 |
Permissible
bank finance (Item 5 or 6, whichever is lower) |
7.010 |
10.525 |
11.538 |
15.638 |
17.140 |
------------------------------------------------------------------------------------------------------------------------------
FINANCIAL POSITION
(RS. IN MILLION)
|
SR. NO. |
PARTICULARS |
Projected 2015-16 |
Projected 2016-17 |
Projected 2017-18 |
Projected 2018-19 |
Projected 2019-20 |
|
|
|
|
|
|
|
|
|
a) |
Paid
up Capital : |
16.217 |
16.859 |
18.235 |
21.735 |
25.544 |
|
|
-
Equity |
16.217 |
16.859 |
18.235 |
21.735 |
25.544 |
|
|
-
Preference Share |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
-
Share Premium Account |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
-
Reserves and surplus |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
-
Infusion of capital/Share Application money |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
-
Surplus / deficit in PandL a/c |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
b) |
Tangible
Net worth |
16.217 |
16.859 |
18.235 |
21.735 |
25.544 |
|
|
|
|
|
|
|
|
|
c) |
Investment
in cos. |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
d) |
Adjusted
TNW |
16.217 |
16.859 |
18.235 |
21.735 |
25.544 |
|
|
|
|
|
|
|
|
|
e) |
Quasi Capital |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
f) |
Medium and Long term loans |
20.800 |
18.200 |
14.400 |
10.200 |
5.867 |
|
|
|
|
|
|
|
|
|
g) |
Capital
Employed *(total funds employed) |
37.017 |
35.059 |
32.635 |
31.935 |
31.411 |
|
|
|
|
|
|
|
|
|
h) |
Net
Block |
30.686 |
26.084 |
22.173 |
21.823 |
18.551 |
|
|
|
|
|
|
|
|
|
i) |
Net
Sales : Domestic |
50.000 |
78.000 |
88.000 |
103.000 |
120.000 |
|
|
Exports |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Total |
50.000 |
78.000 |
88.000 |
103.000 |
120.000 |
|
|
|
|
|
|
|
|
|
j) |
Other
Income |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
k) |
Depreciation |
5.413 |
4.601 |
3.911 |
3.850 |
3.272 |
|
|
|
|
|
|
|
|
|
l) |
EBIDTA |
8.386 |
9.558 |
8.893 |
10.018 |
9.778 |
|
|
|
|
|
|
|
|
|
m) |
Interest
on TL |
1.604 |
2.706 |
2.468 |
2.074 |
1.559 |
|
|
Total
Interest |
2.301 |
3.844 |
3.605 |
3.211 |
2.697 |
|
|
|
|
|
|
|
|
|
n) |
Gross
Profit/Loss |
6.085 |
5.714 |
5.288 |
6.807 |
7.081 |
|
|
|
|
|
|
|
|
|
o) |
Net
Profit/Loss |
0.672 |
1.113 |
1.376 |
2.957 |
3.809 |
|
|
|
|
|
|
|
|
|
p) |
Cash
Accruals (n+j) |
6.085 |
5.714 |
5.288 |
6.807 |
7.081 |
|
|
|
|
|
|
|
|
|
q) |
Net
Profit / Capital Employed (%) |
1.81% |
3.17% |
4.22% |
9.26% |
12.13% |
|
|
|
|
|
|
|
|
|
r) |
Current
Assets |
14.590 |
20.625 |
23.162 |
23.512 |
26.243 |
|
|
|
|
|
|
|
|
|
s) |
Current
Liabilities |
9.100 |
11.650 |
12.700 |
13.400 |
13.383 |
|
|
NWC (r-s) |
5.490 |
8.975 |
10.462 |
10.112 |
12.860 |
|
|
|
|
|
|
|
|
|
|
RATIOS
: |
|
|
|
|
|
|
t) |
Current
Ratio |
1.60 |
1.77 |
1.82 |
1.75 |
1.96 |
|
|
|
|
|
|
|
|
|
u) |
Debt/Equity
: |
|
|
|
|
|
|
|
Total
Term Liab./TNW |
1.28 |
1.08 |
0.79 |
0.47 |
0.23 |
|
|
Total
Outside Liab./TNW |
1.84 |
1.77 |
1.49 |
1.09 |
0.75 |
|
|
|
|
|
|
|
|
|
v) |
Profitability
%: PAT/Net Sales |
1.34% |
1.43% |
1.56% |
2.87% |
3.17% |
|
|
|
|
|
|
|
|
|
w) |
DSCR a) Company as a whole |
4.79 |
2.16 |
1.53 |
1.51 |
1.50 |
|
|
b) For specific TL |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
x) |
Interest
Coverage |
3.64 |
2.49 |
2.47 |
3.12 |
3.63 |
|
|
|
|
|
|
|
|
|
y) |
Inventory
+ Receivables/ Sales |
25.69% |
24.13% |
24.73% |
22.35% |
21.35% |
|
|
|
|
|
|
|
|
|
z) |
Debt
quasi equity ratio Final |
1.84 |
1.77 |
1.49 |
1.09 |
0.75 |
------------------------------------------------------------------------------------------------------------------------------
PROJECT REPORT
INTRODUCTION ON
INDIAN TEXTILE INDUSTRY
CURRENT SCENARIO
India is the one of the world's largest
producers of textiles and garments. Abundant availability of raw materials such
as cotton, wool, silk and jute as well as skilled workforce have made the
country a sourcing hub. It is the world's second largest producer of textiles
and garments. The Indian textiles industry accounts for about 24 per cent of
the world’s spindle capacity and 8 per cent of global rotor capacity. The
potential size of the Indian textiles and apparel industry is expected to reach
US$ 223 billion by 2021, according to a report by Technopak Advisors. The
Central Government announced its revised textiles policy in the year 2000.
Thereby an opportunity has been given for taking necessary measures to develop
the textile sector in the country, and for the States to expand/develop
industries affiliated to manufacturing of textiles. In order to avail benefits
of the Central Government’s policy, some other States of the Country have
announced independent policies for their State. The aim of the policy is to
attract a total investment of Rs. 400000.000 Million in the sector for the
purpose of adding value to 45 lakh surplus cotton bales produced in the State.
The textiles industry has made a major
contribution to the national economy in terms of direct and indirect employment
generation and net foreign exchange earnings. The sector contributes about 14
per cent to industrial production, 4 per cent to the gross domestic product
(GDP), and 27 per cent to the country's foreign exchange inflows. It provides
direct employment to over 45 million people. The textiles sector is the second
largest provider of employment after agriculture. Thus, the growth and all
round development of this industry has a direct bearing on the improvement of
the India’s economy.
INVESTMENTS
The textiles sector has witnessed a spurt in
investment during the last five years. The industry (including dyed and
printed) attracted foreign direct investment (FDI) worth Rs 67109.400 Million
(US$ 1.11 billion) during April 2000 to February 2014.
Some of the major investments in the Indian textiles industry are as
follows:
Private Equity (PE) firm Everstone plans to
invest Rs 1000.000 Million (US$ 16.62 million) for an undisclosed minority
stake in the fashion label of designer Ritu Kumar.
Raymond’s ‘Complete Man’ plans to enter the developed
markets in the US, Europe and East Asia as the textile company seeks to expand
the network of its Made to Measure (MTM) stores. With plans to invest around Rs
2000.000 Million (US$ 33.24 million), the company is looking for partners to
help it grow its overseas business.
Arvind Limited has picked up the 49 per cent
stake held by the Murjani Group in Calvin Klein in India. With this, Arvind and
PVH Corp are expected to drive Calvin Klein's business in the country.
American apparel-maker, Tommy Hilfiger plans
to add 500 stores in India over the next five years as part of their expansion
spree. Currently, Tommy Hilfiger operates 58 franchisee outlets and over 60
shop-in-shops in other department stores.
GOVERNMENT
INITIATIVES
The Government of India has promoted a number
of export promotion policies for the textiles sector. It has also allowed 100
per cent FDI in the Indian textiles sector under automatic route.
Some of initiatives taken by the government to further promote the
industry are as under:
The government has taken a lot of initiatives
for the welfare and development of the weavers and the handloom sector. Under
revival, reform and restructuring (RRR) package, financial assistance to the
tune of Rs 10190.000 Million (US$ 169.66 million) has been approved and the
Indian government has released Rs 7410.000 Million (US$ 123.42 million).
Encouraged by turnaround in textiles exports,
the Government of India plans to set up a US$ 60 billion target for the current
financial year, a jump of over 30 per cent from the previous financial year.
The Cabinet Committee on Economic Affairs
(CCEA) has approved an Integrated Processing Development Scheme (IPDS) with a
corpus of Rs 5000.000 Million (US$ 83.28 million) to make textiles processing
units more environment-friendly and globally competitive.
The Government of India plans to set up a Rs
1000.000 Million (US$ 16.62 million) venture capital fund to provide equity
support to start-ups in the textiles sector, in order to encourage innovative
ideas in this export intensive sector.
The Government of India has allotted Rs
7000.000 Million (US$ 116.60 million) in the 12th Five Year Plan for the
development of technical textiles. In 2012–13, the technical textiles industry
reached Rs 7.48 trillion (US$ 124.60 billion) at an annual growth rate of 3.5
per cent.
ROAD AHEAD
The Indian textiles industry is set for
strong growth, buoyed by both strong domestic consumption as well as export
demand. The industry is expected to reach US$ 220 billion by 2020, according to
estimates by Alok Industries Limited.
For the textiles industry, the proposed hike
in FDI limit in multi-brand retail will bring in more players, thereby
providing more options to consumers. It will also bring in greater investments
along the entire value chain – from agricultural production to final
manufactured goods.
With consumerism and disposable income on the
rise, the retail sector has experienced a rapid growth in the past decade with several
international players such as Marks and Spencer, Guess and Next having entered
the Indian market. The organised apparel segment is expected to grow at a
compound annual growth rate (CAGR) of more than 13 per cent over a 10-year
period.
ABOUT THE FIRM
BRIEF BACKGROUND
Subject was established in the year 2014 by Mr. MORIYA SANTOSH KUMAR
BHOLANATH. Currently the firm has its manufacturing unit based at Gala No. 3,
survey no 197, Hissa No 1, Mouje Sonale, Taluka Bhiwandi, Thane. Initially the firm
was started by Mr. Santosh with machines acquired on rental basis. Due to
increasing demand and business opportunities flowing in the proprietor have
stated manufacturing with the purchase of 6 machines. Currently the unit is
working with 16 machines of its own.
The current production is of cloths in grey cotton, art silk and
synthetic fabrics. They have been operating these looms on two shifts basis and
have been able to take production of over 2600 mtrs. With their huge experience
marketing of the product is not an issue for the firm. They are into this
business since their forefathers. Basically their ancestors were into this
business of weaving primarily referred to as ‘bunkars’ earlier. With the vision
of shifting from job work to overall production activity they are planning to
set up their full production unit at the same site only.
BACKGROUND OF
ENTREPRENEURS
Mr. Santosh Kumar is the proprietor of the firm KARTIK TEXTILES. He has
completed his High school from Mumbai and since then has been involved in
textile line of activity. He is a young entrepreneur of 29 Years old and is
into textiles business since last 8 years. Initially he has worked in some of
the textile industry on job basis.
Subsequently after gaining experience in this industry he started his
own firm KARTIK TEXTILES. Under this firm’s name he started manufacturing of
clothes from yarn obtained from local market in Bhiwandi. In the beginning the
business was started with 8 machines on rental basis. Most of the business was
done on job basis till then since the proprietor was in its inception phase of
growing. Gradually when the orders started coming in and more opportunities
developing up the proprietor slowly shifted to more of own work. At present the
firm is doing approximately 45% of work of its own and 55% of job works.
LOCATION DETAILS
OF THE PROJECT
Currently the business is being carried on at Gala No.3, survey no 197,
Hissa No 1, Mouje Sonale, Taluka Bhiwandi, Thane. Building consists of Gr.
Floors which is entirely used by the firm for manufacturing activity. The
location of unit is in very close to Eastern Expressway/ Nashik Highway. Sonale
is rapidly growing to be new industrial hub for all the textile industries in
Bhiwandi. It consists of many big and small players who are operating their
units from there. Bhiwandi and nearby locations has now developed to a big
industrial region since last few decades. Industrialisation and its proximity
to Mumbai and Gujarat have led to major infrastructure development in this
location. Transportation is not at all a concern for the industries operating
there. All basic amenities and facilities are available to support its growth.
Present capacity
Currently the firm is producing 150 mtrs of cloth per machine per shift
per day. That amounts to total of 1800 mtrs per day.
Proposed capacity
The firm now after the installation of 16 new set of looms proposes to
produce 250 mtrs of cloth per day per machine from new machines only.
|
|
No. of Machine |
Capacity per day/machine |
|
Present Capacity |
16 |
150 mtrs |
|
Proposed capacity |
32 |
250 mtrs |
Current Capacity utilization
|
Present |
Percentage |
Production p.a |
Rate/ mtr (Rs.) |
Total (value in Rs. in Million) |
|
Direct Sale |
45% |
1,53,130 mtrs |
60/ mtr |
9.185 |
|
Job work |
55% |
4,49,025 mtrs |
25/ mtr |
11.225 |
|
Total |
100% |
6,02,155 mtrs |
-- |
20.410 |
Proposed Capacity utilisation (First year of installation)
|
Present |
Percentage |
Production p.a. |
Rate/ mtr (Rs.) |
Total (value in Rs. in Million) |
|
Job work |
30% |
6,00,000 mtrs |
25-35/ mtr |
15.000 |
|
Direct Sale |
70% |
5,83,350 mtrs |
60-90/ mtr |
35.000 |
|
Total |
|
11,83,350 mtrs |
|
50.000 |
Technological
arrangement
Currently the firm is operating on semi automatic machines and now it proposes
to install 16 new semi automatic machines with enhanced features
Layout of Factory
/ plant and machinery
Present building consists of Ground floor. Ground floor is having looms
with 16 set of machines installed. Proposed 16 set of power looms of M/s KARTIK
TEXTILES are to be installed at the premises adjacent to the existing unit
which has already in firm possession.
Raw material
requirement, storage and handling
Job work mainly involves only labour cost and power thereby no need for
raw material since the same is being supplied by the customers.
Finished product for direct sale involve raw material like yarn which is
available locally in abundance in Bhiwandi area. Presently the storage is being
done at the same premises since it has ample space available.
Present and Future
demand of end product
Bhiwandi is one of the largest inhabitant of textile industry having
more than lacs of small looms. Finished goods are being supplied to the
suppliers located at Kalbadevi, Ahmedabad, Surat and other parts of the
country. Demand of the product will be never be a issue as clothing is one of
the basic requirement of mankind. Moreover since the promoter is into the
business for more than three decades, knowing the market procurement of order
supplying of material is never going to be a problem.
Power and water
supply
Power supply is available sufficiently in Bhiwandi. Due to huge
industrialization of the region, Torrent Power has been supplying continuous
power to these looms.
APPLICATION OF END
PRODUCT
Target market
Domestic
Currently the entire sale and job work is being carried on for domestic
market where the margins are very narrow and major chunk of profits goes in the
hand of the suppliers/ distributors. As a result the product makers are left
with low profitability for their own products produced.
Export
Now with the new installation the promoter proposes to do more of direct
sales which will cover both the domestic and as well as export market. There
are lots of brokers available in the market for export orders and also the
promoter is a member of “Bunkar Samaj” in Bhiwandi which provides large orders
to the customers or its members.
Industry details, where it is used
The end products are being utilized by the big renowned corporate like
Raymond, Mafatlal etc for new rage of garments.
MARKET
ARRANGEMENTS
Present
Currently the orders are procured directly from the party or through
brokering house available in locations like Bhiwandi, Kalyan, Kalbadevi,
Ahmedabad, Surat etc.
Proposed
Once the customer starts production the entire orders will be through
broking house available and through Bunkar samaj prevalent in Bhiwandi which
provides huge orders to its members.
MANPOWER PLANNING
Cost Involved
Currently the firm has almost 15 labours involved in the daily
production activity. The labours are hired on daily wages as well as
fortnightly wages basis. The average daily wage of a labour ranges from Rs. 300-500
per day. In addition to these daily labours there are supervisors who are kept
on salary basis and their salaries are in the range of Rs. 12000 to Rs. 15000
per month.
Estimated
requirement
The installation of new machineries will involve further deployment of
additional labour of around 8 to 10 with two more supervisors.
CONSTRUCTION
PLANNING
Erection of plant
and machinery
The machines will be erected within 60 days of the payment to the
suppliers. Once the same is installed it will start operation immediately. It
comes with the necessary accessories which will be installed simultaneously.
Commencement of
commercial production
The production will commence as soon as the machines are installed. If
the customer gets disbursement by next month the production will commence
within 60 days, which is the required time for machine procurement and
installation.
CAPITAL COST
Land
There is no cost involved for acquisition of land since the promoter has
acquired the premises on rent.
Building
The premises under which the required installations are required to be
done have already been obtained on rent and agreement has been made for next
five years. There is no additional expenditure to be incurred since the
promoter has ready infrastructure available at the location to install new
machines. There is sufficient space available in the premises for new
installation.
Cost of purchase
The 16 set of new machines which is required to be installed will cost
to Rs. 29.600 Million
MEANS OF FINANCE
Equity
Contribution
Existing
Currently the promoter has invested almost Rs 10.757 Million as his own
capital into business as on 31st March, 2015.
Proposed
He further proposes to invest another 74 lacs into the business in the
form of margin money to be paid towards the machinery to be procured.
Borrowed Funds
Existing
Presently the firm is banking with Abhyudaya Coop Bank. Firm is having
only current account with the bank for transacting the day to day operation of
the firm.
Proposed
The firm now proposes to avail additional term loan of Rs. 22.000
Million for procurement of new machinery. Firm also require working capital
limit of Rs. 5.000 Million to meet the day to day expenditure and thus to
operate the unit smoothly.
Drawdown schedule –
Draw down of the entire sanctioned loan will be in September 2015 as the
customer has to make the payment to its supplier of machinery.
Gestation period –
Customer wants a gestation period of 12 months from the date of
disbursement.
Repayment schedule
–
The customer has requested for total loan tenure of 7 years. Repayments
are proposed to be done on monthly basis starting from August, 2016.
Status of permissions/NOC’s required for expansion
Firm requires no NOC for the proposed expansion
Proposed security
|
Nature of
Security |
Description |
Amount in Million |
|
Primary Security |
Exclusive charge
over current asset of the firm (as per Audited B/sheet as on 30.03.2015) |
Rs. 5.142
Million |
|
Exclusive charge
over machinery installed |
Rs. 29.600
Million (Approx) |
|
|
Collateral security |
Commercial
premises in Bhiwandi |
Rs. 27.500
Million (approx.) |
------------------------------------------------------------------------------------------------------------------------------
PROFILE
Subject was established in the year 2012 by Mr. Santosh Bholanath Maurya
who is 29 year old and is HSC by qualification. Currently the firm has its
manufacturing unit based at Gala No. 8, Oswal Industrial Complex, Sonale
Village, Bhiwandi, Thane - 421302. Currently the unit is working with machines.
Day to day activity and management of the unit is being looked after by
Mr. Santosh Bholanath Maurya himself who is the proprietor of the firm also. He
is 29 Years old and is into textiles business since last 5-7 years.
The firm wants to avail Term Loan for the further expansion planned by
the firm. They want to procure 16 additional loom machinery and one high speed
warping Machine for increasing its existing capacity.
The current production is of cloths in grey cotton, art silk and
synthetic fabrics. They have been operating these looms on two shifts basis and
have been able to take production of over 3.6 lacs mtrs annually. With their
huge experience marketing of the product is not an issue for the firm. They are
into this business since long time.
------------------------------------------------------------------------------------------------------------------------------
NETWORTH STATEMENT
MR. SANTOSH BHOLANATH
MAURYA
(RS. IN MILLION)
BANK
|
Bank |
Branch |
SB/ CD A/c No. |
Last 6 months avg. bal |
|
|
|
|
|
|
Abhyudaya Cooperative Bank Limited |
Bhiwandi Branch |
CD/ 5445 |
Rs. 0.150 Million |
DETAILS
OF ASSETS
IMMOVABLE PROPERTY
|
Assets |
Own / Joint name |
Area |
Free hold or
Lease hold |
Location/ address |
Present Value |
Whether
encumbered (Give details) |
|
Non Agri. Land |
|
|
|
|
|
|
|
i. Commercial |
Own |
-- |
Freehold |
Gala No. 3,
Hissa No. 1, House Sonale Village, Bhiwandi, Thane – 421302 |
Rs. 30.000
Million |
No |
|
ii. Residential |
-- |
-- |
-- |
-- |
-- |
-- |
|
Flat / House |
-- |
-- |
-- |
-- |
-- |
-- |
|
Agri. Land |
-- |
-- |
-- |
-- |
-- |
-- |
|
Others |
-- |
-- |
-- |
-- |
-- |
-- |
JEWELLERY
|
|
Quantity |
Valuation
(Approx.) |
|
|
|
|
|
Gold |
250 Gm. |
0.750 Million |
|
|
|
|
CAPITAL INVESTED IN BUSINESS
|
Name of Firm/
Company |
31.03.2015 |
|
|
|
|
Kartik Textiles |
Rs. 10.757 Million |
LIABILITIES = NIL
------------------------------------------------------------------------------------------------------------------------------
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.97 |
|
|
1 |
Rs. 101.19 |
|
Euro |
1 |
Rs. 73.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.