|
|
|
MIRA INFORM REPORT
|
Report No. : |
501439 |
|
Report Date : |
04.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
TEEJAY INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
OCEAN INDIA PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Plot No. 15, Brandix India Apparel City (SEZ) APSEZ, Pudimadaka Road, Atchuthapuram Mandal, Visakhapatnam – 531011, Andhra Pradesh |
|
Tel. No.: |
91-8924-237010 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation
: |
02.07.2007 |
|
|
|
|
Com. Reg. No.: |
01-054697 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 287.977 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17200AP2007PTC054697 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO9452H |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
37AAACO9452H1Z7 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
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|
|
|
Line of Business
: |
The company is engaged primarily in Manufacturer, Production and Sale of Knitted and Crocheted Cotton Fabrics. (Registered activity) |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a wholly owned subsidiary of “Ocean Mauritius Limited”, Mauritius. The company was incorporated in the year 2007. It is a manufacturer of Knitted and Crocheted Cotton Fabrics. For the financial year 2017, the revenue of the company has increased by 8.43% along with average profit margin of 4.43%. The sound financial profile of the company is marked by adequate networth base along with negligible debt level. Rating takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: The Company’s petition dates January 30, 2016 filed with the High Court of Telengana and Andhra Pradesh (The High Court) for reduction of paid-up capital from Rs 719,942,130 (Comprising of 71, 994,213 Equity Shares of Face value of RS. 10) to Rs. 287, 976, 852(Comprising of 71, 994, 213 equity shares of face value of Rs.4 each), as approved by the Board of Directors and the shareholders of the company in their meetings of December 12,2015 and December 16,2015, respectively, has been approved by the High Court vide their order dated Jun 7, 2016. Accordingly, the company has remitted the differential amount of Rs. 431,965,278 on account of capital reduction to the shareholders in August, 2016. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 04.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
Plot No. 15, Brandix India Apparel City (SEZ) APSEZ, Pudimadaka Road, Atchuthapuram Mandal, Visakhapatnam – 531011, Andhra Pradesh, India |
|
Tel. No.: |
91-8924-237010 |
|
Fax No.: |
91-8924-237008 |
|
E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Mohamed Ashroff Omar |
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Designation : |
Director |
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Address : |
119/4 Kynsey Road Colombo 8 Lk |
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Date of Birth/Age : |
14.05.1955 |
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Qualification : |
G. C. E. Advanced Level |
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Date of Appointment : |
02.07.2007 |
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DIN No.: |
00798113 |
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Other Directorship:
|
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|
||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Feroz Omar |
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|
Designation : |
Director |
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|
Address : |
161/3 Duwa Road Baddegana Pittakote 0 Lk |
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Date of Birth/Age : |
14.04.1964 |
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Qualification : |
G. C. E. Advanced Level |
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Date of Appointment : |
02.07.2007 |
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DIN No.: |
00798405 |
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Other Directorship:
|
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Virendra Nath Sudan |
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Designation : |
Director |
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|
Address : |
Emerald Apartment 66, Golden Enclave Old Airport Road, Bangalore – 560017, Karnataka, India |
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Date of Appointment : |
30.12.2014 |
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DIN No.: |
00920304 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Hasitha Premaratne |
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Designation : |
Director |
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Address : |
# 43/118 Poorwarama Road Colombo 5 Lk |
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Date of Appointment : |
31.12.2013 |
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DIN No.: |
06535008 |
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Other Directorship:
|
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Sriyan Joseph De Silva Wijeyeratne |
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Designation : |
Director |
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|
Address : |
No. 03, Mosque Road, Dehiwala 0 Lk |
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|
Date of Appointment : |
05.09.2016 |
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DIN No.: |
07606143 |
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KEY EXECUTIVES
|
Name : |
Mr. Mohammed Younus |
|
Designation : |
Company Secretary |
|
Address : |
# 8-4-369/65/105, Bharath Nagar, Borabanda, Hyderabad – 500018, Telangana, India |
|
Date of Appointment : |
26.12.2016 |
|
PAN No.: |
AURPM2993D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Brandix Lanka Limited, Shri Lanka |
|
9000 |
|
Ocean Mauritius Limited, Mauritius
|
|
71985213 |
|
|
|
|
|
Total |
|
71994213 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged primarily in Manufacturer, Production and Sale of Knitted and Crocheted Cotton Fabrics. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants LLP Chartered Accountants |
|
Address : |
8th Floor, Prestige Palladium Bayan, 129 - 140, Greams Road, Chennai – 600006, Tamilnadu, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFP8828M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
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|
Ultimate Holding
Company : |
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|
|
|
|
Intermediary
holding companies : |
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|
|
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Fellow Subsidiaries : |
U51311AP2005PTC067650
U18101AP2006FTC048790
U65993AP2007PTC056187
|
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
194375000 |
Equity Shares |
INR 4/- each |
INR 777.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71994213 |
Equity Shares |
INR 4/- each |
INR 287.977
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
287.977 |
719.942 |
719.942 |
|
(b) Reserves and Surplus |
805.018 |
664.931 |
238.832 |
|
(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) |
1092.995 |
1384.873 |
958.774 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
242.064 |
0.000 |
44.127 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
3.635 |
2.717 |
1.443 |
|
Total Non-current
Liabilities (3) |
245.699 |
2.717 |
45.570 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
71.078 |
0.000 |
130.517 |
|
(b) Trade
payables |
561.519 |
320.937 |
212.231 |
|
(c) Other
current liabilities |
115.136 |
109.125 |
200.054 |
|
(d) Short-term
provisions |
1.761 |
1.101 |
1.224 |
|
Total Current
Liabilities (4) |
749.494 |
431.163 |
544.026 |
|
|
|
|
|
|
TOTAL |
2088.188 |
1818.753 |
1548.370 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
906.098 |
689.642 |
757.990 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets capital
work-in-progress |
5.774 |
0.000 |
3.688 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
256.342 |
66.293 |
10.067 |
|
(e) Other
Non-current assets |
2.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1170.214 |
755.935 |
771.745 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
307.672 |
271.115 |
377.137 |
|
(c) Trade
receivables |
413.371 |
305.944 |
214.058 |
|
(d) Cash and
bank balances |
173.865 |
472.527 |
91.901 |
|
(e)
Short-term loans and advances |
15.491 |
9.797 |
14.542 |
|
(f) Other current
assets |
7.575 |
3.435 |
78.987 |
|
Total
Current Assets |
917.974 |
1062.818 |
776.625 |
|
|
|
|
|
|
TOTAL |
2088.188 |
1818.753 |
1548.370 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3161.268 |
2915.519 |
2188.347 |
|
|
Other Income |
16.210 |
12.863 |
4.930 |
|
|
TOTAL |
3177.478 |
2928.382 |
2193.277 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2136.261 |
1784.238 |
1505.172 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(13.614) |
30.031 |
(18.881) |
|
|
Employee benefit expense |
248.552 |
218.267 |
178.231 |
|
|
CSR expenditure |
4.435 |
0.000 |
0.000 |
|
|
Other expenses |
537.862 |
389.153 |
395.073 |
|
|
Exceptional items before tax |
0.000 |
0.000 |
(44.586) |
|
|
Extraordinary items before tax |
0.000 |
(41.100) |
0.000 |
|
|
TOTAL |
2913.496 |
2380.589 |
2015.009 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
263.982 |
547.793 |
178.268 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
12.626 |
11.275 |
12.664 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
251.356 |
536.518 |
165.604 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
111.269 |
110.419 |
106.964 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
140.087 |
426.099 |
58.640 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
140.087 |
426.099 |
58.640 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3140.907 |
2891.039 |
2161.753 |
|
|
TOTAL EARNINGS |
3140.907 |
2891.039 |
2161.753 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
452.071 |
346.289 |
533.206 |
|
|
Components and spare
parts |
19.144 |
2.602 |
1.274 |
|
|
Capital Goods |
202.203 |
4.124 |
5.093 |
|
|
TOTAL IMPORTS |
673.419 |
353.015 |
539.573 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.95 |
5.92 |
0.82 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
17.290 |
46.765 |
27.853 |
|
Net cash flows from (used in) operations |
372.200 |
584.550 |
(40.040) |
|
Net cash flows from (used in) operating activities |
281.835 |
581.226 |
(36.317) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
47.73 |
38.30 |
35.70 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
7.65 |
9.53 |
10.22 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
95.94 |
65.65 |
51.47 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.86 |
2.02 |
0.47 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.29 |
0.79 |
0.23 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.48 |
0.26 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.30 |
0.03 |
0.21 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
0.69 |
0.31 |
0.57 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.83 |
0.50 |
0.79 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
20.91 |
48.58 |
14.08 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
4.43 |
14.61 |
2.68 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
6.71 |
23.43 |
3.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
12.82 |
30.77 |
6.12 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.22 |
2.47 |
1.43 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories) /
Current Liabilities] |
|
0.81 |
1.84 |
0.73 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.52 |
0.76 |
0.62 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
1.15 |
0.06 |
0.28 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.22 |
2.47 |
1.43 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
719.942 |
719.942 |
287.977 |
|
Reserves & Surplus |
238.832 |
664.931 |
805.018 |
|
Net
worth |
958.774 |
1384.873 |
1092.995 |
|
|
|
|
|
|
Long-term borrowings |
44.127 |
0.000 |
242.064 |
|
Short term borrowings |
130.517 |
0.000 |
71.078 |
|
Current maturities of
long-term debts |
27.853 |
46.765 |
17.290 |
|
Total
borrowings |
202.497 |
46.765 |
330.432 |
|
Debt/Equity
ratio |
0.211 |
0.034 |
0.302 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2188.347 |
2915.519 |
3161.268 |
|
|
|
33.229 |
8.429 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2188.347 |
2915.519 |
3161.268 |
|
Profit/ (Loss) |
58.640 |
426.099 |
140.087 |
|
|
2.68
% |
14.61
% |
4.43
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 |
OPERATIONAL HIGHLIGHTS,
THE STATE OF COMPANY’S AFFAIRS, FUTURE OUTLOOK:
The Company is into manufacturing of knitted fabric and is presently carrying operations at the integrated textile park in the Brandix India Apparel City Special Economic Zone in Visakhapatnam and is located on a 30 acre plot of land, with a factory building extending 445,438.87 Sq. ft. having knitting, dyeing and printing facilities, within Brandix India Apparel City SEZ, a vertically integrated supply chain city for the Apparel manufacturing sector.
The Board of Directors inform that during the year under review the company has earned INR 140086625 as net profit.
The Company is having positive improvements in terms of operational efficiencies compared to previous year. During the financial year 2016-17, the company recorded a total income of Rs. 3,177,477,969 as compared to total income of Rs. 2,928,381,863, in financial year 2015-16. However due to the challenges in the markets which saw softer demand, coupled with high raw material price escalations, the Company recorded drop on its net profit, recording the Profit before tax was Rs. 140,086,625 as against Rs. 426,099,013 during the financial year 2015-16.
During the FY 2016-17 Company continued to avail the technical support services coupled with a Royalty agreement from Teejay Lanka PLC (Formerly Known as Textured Jersey Lanka PLC), Sri Lanka which is renowned for the production of superior quality knit fabrics using the latest technology. The following areas were main focus
- Production technology and management services
- Extension of Research and Development processes, strategies and knowhow development or improvement
- Extension of the brand name ‘Teejay’ to be used by the company
- Advice on sourcing and procurement of raw materials
- Advise on purchase of equipment and machinery
- Bench Marking Analysis
- Management of the planning function of the Company
- Overseeing the overall marketing function of the Company
- Such other technical assistance and support as requested by company from time to time.
The above services have helped the company to improve productivity, market growth, profitability, productivity, pricing and market share.
Considering the services rendered by Teejay Lanka PLC, ultimate holding company, it is proposed to pay royalty at approximately 4% of the net sales of Teejay India for FY 2016-17. The royalty rate has been arrived at on the basis of a benchmarking analysis undertaken by Teejay India.
Based on the benchmarking analysis undertaken, the management of the Company propose to pay royalty at the rate of 4% to Teejay Lanka PLC.
In this connection, it was also informed to the Board about the disclosure of interest of directors in Teejay Lanka PLC disclosed by the Directors pursuant to the provisions of section 184 of the Companies Act, 2013. The Board took note of the same.
Further the Board discussed the provisions of section 188 of the Companies Act, 2013– Related Party Transactions and considering that payment of royalty to the ultimate holding company is in the ordinary course of business and rate of royalty has been determined following proper analysis making it at arm’s length basis. Hence it was considered that the proposed transaction do not attract the provisions of section 188 of the Act.
- Lab Accreditation: We have continued to maintain the accreditation received from
- Limited Brands
- Marks and Spencer
- Oeko-tex standard 100
- PVH
Customer Base: The Company has consolidated customers in India, Sri Lanka, Cambodiaand Bangladesh, catering to both the Brandix group and outsiders. Our major end buyers comprise of,
- Victoria’s Secret
- Calvin Klein
- LIDL
- Marks and Spencer
- Intimissimi
- Decathlon
During the financial year the board has given approval to expand the Company according to future growth strategies in place and proposed to double the current capacity by FY 2017-18. Accordingly, the Company has entered into certain major Capex Vendors Agreements during the year for amounts totalling to Rs. 601,001,491 approximately including capital commitments at the end of the financial year. The above supplies/services are of a special nature and selection/finalization of the terms and conditions of the contracts have been made as per the directives of the senior management and Board of Directors in the best interest of the Company.
Phase I of expansion was completed during the last quarter of the year with the addition of a 9 tons to capacity per day, while Phase II, which is currently underway and scheduled for completion round September 2017, would expand capacity by a further 10 tons per day.
Teejay India and its group companies operate in Garment and textile industry where strong competition persists and prices are decided based on the external market factors. The company wants to retain its customers for long term growth of the company as per the International standards. The Board foresees a bright future and prospects and is making its best efforts to reach the targets fixed and earn better returns.
The Company is adequately positioned to scale new heights and improve overall performance in the coming years. We have identified our brand identity to be a significant intangible capital in our value creation process, Accordingly, we began to place a value on the brand by monetizing brand Teejay to the Group’s holding in Sri Lanka, as practiced by many multinationals enterprises.
INTRODUCTION
In this policy we will detail the objectives of our
organization, Teejay India Private Limited (Teejay India) and exactly how we
intend to roll out the CSR
activities in Vishakhapatnam, India. We will also address the new laws in India
in relation to CSR and how we align our current and future programs to the Government framework, keeping in line with
the Group theme of water.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans from others |
242.064 |
0.000 |
|
|
|
|
|
Total |
242.064 |
0.000 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G48540215 |
10400653 |
Standard Chartered Bank |
18/01/2013 |
23/06/2017 |
- |
393426000.0 |
19, Rajaji Salai, Chennai – 600001, Tamilnadu, India |
|
2 |
G47594007 |
10154932 |
The Hongkong and Shanghai Banking Corporation Limited |
30/03/2009 |
23/06/2017 |
- |
460000000.0 |
No 5 and 7 Cathedral Road, Chennai – 600086, Tamilnadu, India |
|
3 |
B91717744 |
10151500 |
The Hongkong and Shanghai Banking Corporation Limited |
12/03/2009 |
03/08/2009 |
25/11/2013 |
313000000.0 |
76 Cathedral Road, Chennai – 600086, Tamilnadu, India |
|
4 |
B80311863 |
10170330 |
STATE BANK OF INDIA |
03/08/2009 |
- |
25/07/2013 |
400000000.0 |
Overseas Branch 9-1-57, G. N. T. Road, Visakhapatnam – 530013, Andhra Pradesh, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against company not acknowledged as debt |
169.473 |
103.673 |
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer
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
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 91.46 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.