|
|
|
MIRA INFORM REPORT
|
Report No. : |
491324 |
|
Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHUBHALAKSHMI POLYESTERS LIMITED |
|
|
|
|
Registered
Office : |
6th Floor, Delux House, B/50, Off New Link Road, Andheri (West),
Mumbai – 400053, Maharashtra |
|
Tel. No.: |
91-22-26744375 / 76 / 61399696 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
13.09.2005 |
|
|
|
|
Com. Reg. No.: |
11-190937 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 480.957 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17110MH2005PLC190937 |
|
|
|
|
IEC No.: |
5203006822 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCS2757C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturing of High Quality Polyester Yarn Products and PET Chips for the Domestic and International Markets. (Registered activity) |
|
|
|
|
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was originally established as a family-run enterprise for
trading in fabric and yarn in 1979, the entity was reconstituted as a
partnership firm (six partners) in December 2002 under the name of
“Subhalakshmi Petrochemicals” The name of the partnership entity was changed to “Subhalakshmi
Polyesters” when two additional partners where introduced in July 2005. Later
in September 2005, partnership entity was recognized as limited company under
the current form of “SHUBHLAKSHMI POLYESTERS LIMITED” (SPL). It is a manufacturer and exporter of high quality polyester yarn
products and PET chips for the domestic and international markets. Management has not filed its financial record with government
department for the year 2017 and same are not available from any other
sources. For the financial year ended 2016, the company has achieved decent
sales growth by 10.65% and has maintained net profit margin of 1.85%. The company’s financial profile is marked by above average net worth base
and satisfactory liquidity position. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Loans = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
13.04.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Loans = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
13.04.2017 |
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.
INFORMATION DENIED BY
|
Name : |
Mr. Shalin |
|
Designation : |
General Manager |
|
Contact No.: |
91-9930699068 |
|
Date : |
24.08.2017 |
LOCATIONS
|
Registered/ Corporate Office : |
6th Floor, Delux House, B/50, Off New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-26744375/ 76/ 61399696 |
|
Mobile No.: |
91-9930699068 (Mr. Shalin) |
|
Fax No.: |
91-22-26744377 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
418, Jeevandeep Complex, Opposite J. K. Tower, Ring Road, Surat – 395002, Gujarat, India |
|
Tel No.: |
91-261-2354402/3 |
|
Fax No.: |
91-261-2354401 |
|
E-mail Id : |
|
|
|
|
|
Factory : |
381/ F, Kalbadevi, Mumbai – 400002, Maharashtra, India |
|
|
|
|
Plant 1: |
Survey No.179/1/2, Village: Silli, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-3253441 / 42 |
|
Fax No.: |
91-260-2640136 |
|
E-Mail : |
|
|
|
|
|
Plant 2: |
376/2/16/17/22, Opposite Rishi Packer, Kachigam, Union Territory of Daman and Diu, India |
|
Tel No.: |
91-260-3253443 |
|
Fax No.: |
91-260-2241535 |
|
|
|
|
Works: |
Survey No 126, Village – Bhensali, Dahej PCPIR, Taluka Vagra, District Bharuch, Bhensali -392131, Gujarat, India |
|
Tel No.: |
91-2641-255410 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Manoj Agarwal |
|
Designation : |
Director |
|
Address : |
41-Royal Accord, 4th Floor, Opposite Lokhandwala Complex, Andheri
(West) Mumabi-400090, Maharashtra, India |
|
Date of Birth/Age : |
16.08.1977 |
|
Qualification : |
B. Com and MBA |
|
Date of Appointment : |
13.09.2005 |
|
PAN No.: |
AAKPA6827F |
|
DIN No.: |
00267951 |
|
|
|
|
Name : |
Mr. Vikas Agarwal |
|
Designation : |
Director |
|
Address : |
51-A, Royal Accord IV Apnaghar Layout, Lokhandwala, Andheri (West),
Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
30.08.1981 |
|
Qualification : |
B. Com and MBA |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
ADVPA1863D |
|
DIN No.: |
00089659 |
|
|
|
|
Name : |
Mr. Ajay Agarwal |
|
Designation : |
Managing Director |
|
Address : |
C-1108, Poddar Avenue, Opposite Agriculture Farm, Ghod Dod Road, Surat City, SVR College, Surat – 395007, Gujarat, India |
|
Date of Birth/Age : |
23.02.1963 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AACPA1348P |
|
DIN No.: |
00088953 |
|
|
|
|
Name : |
Manjari Ashok Kacker |
|
Designation : |
Director |
|
Address : |
B-702, Beaumonde, Appa Saheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1952 |
|
Qualification : |
Ex. Income Tax Officer |
|
Date of Appointment : |
29.11.2014 |
|
DIN No.: |
6945359 |
|
|
|
|
Name : |
Mr. Shri Ram Ramrichhapal Gupta |
|
Designation : |
Director |
|
Address : |
1103, B Wing, 11th Floor, Mahindra Eminente, S.V. Road, Patkar College, Goregaon West, Mumbai - 400062, Maharashtra, India |
|
Date of Birth/Age : |
30.08.1981 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
29.11.2014 |
|
DIN No.: |
07028932 |
|
|
|
|
Name : |
Mr. Ravindersingh Lalsingh Parmar |
|
Designation : |
Director |
|
Address : |
52, Royal Accord III, Lokhandwala Complex, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
Date of Birth/Age : |
09.06.1955 |
|
Qualification : |
B.A (in economics) |
|
Date of Appointment : |
29.11.2014 |
|
DIN No.: |
07028944 |
|
|
|
|
Name : |
Mr. Ramu Raman Late Babulal Agarwal |
|
Designation : |
Director |
|
Address : |
51-A, Royal Accord IV Apnaghar Layout, Lokhandwala, Andheri (West),
Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
22.11.1949 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
30.06.2011 |
|
DIN No.: |
00203860 |
KEY EXECUTIVES
|
Name : |
Mr. Henisha Nipun Shah |
|
Designation : |
Company Secretary |
|
Address : |
Patan Jain Mandal No. 3 Block No. 1, F Road, 78, Marine Drive, Marine Lines Mumbai – 400020, Maharashtra, India |
|
Date of Appointment : |
01.04.2016 |
|
PAN No.: |
BPEPS2568A |
|
|
|
|
Name : |
Mr. Abhishek Dev Kishan Pareek |
|
Designation : |
Chief Finance Officer |
|
Address : |
H No 137, Cross Road, Sant Nagar, Burari, Delhi - 110084, India |
|
Date of Appointment : |
27.08.2015 |
|
PAN No.: |
BDAPP0863J |
|
|
|
|
Name : |
Mr. Shalin |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
Ajaykumar Agarwal |
|
846020 |
|
Bankesh Chandra Agarwal |
|
748445 |
|
Ramu Raman Agarwal |
|
737392 |
|
Manoj Kumar Agarwal |
|
563500 |
|
Vikas Agarwal |
|
526583 |
|
Shailendra Chaudhary |
|
34333 |
|
Vikram Chaudhary |
|
1000 |
|
Shubhlaxmi Dyetex Private Limited, India |
|
31566072 |
|
Ajay Kumar Agarwal –HUF |
|
97523 |
|
Babulal Agarwal –HUF |
|
54028 |
|
Bankesh Chandra Agarwal –HUF |
|
68334 |
|
Ramau Raman Agarwal - HUF |
|
162053 |
|
Gayatri Devi Agarwal |
|
136787 |
|
Kanta Agarwal |
|
3176 |
|
Narangi Devi Agarwal |
|
99400 |
|
Suman Agarwal |
|
400125 |
|
Chandra Choudhary |
|
12500 |
|
Shubhalakshmi Petro-Yarns Private Limited, India |
|
3707477 |
|
Shyam Sunder Choudhary |
|
1000 |
|
Ravindra Choudhary |
|
1000 |
|
Sunil Agarwal |
|
1000 |
|
Raghuvendra Agarwal |
|
1000 |
|
Shankarlal Saini |
|
1000 |
|
Samridhi Global Industries Private Limited |
|
7076224 |
|
|
|
|
|
Total |
|
46845972 |
LIST OF ALLOTTEES
As on 31.03.2017
|
Names of Allottee |
|
No. of Shares |
|
Samridhi Global Industries Private Limited |
|
1249659 |
|
Vikram Chaudhary |
|
29 |
|
Ravindra Choudhary |
|
29 |
|
Shankarlal Saini |
|
29 |
|
|
|
|
|
Total |
|
1249746 |
Equity Share Break up (Percentage of Total Equity)
As on 31.03.2016
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
9.56 |
|
Promoter - Bodies
corporate |
82.49 |
|
Public – (Individual/ Hindu
Undivided Family – Indian) |
0.04 |
|
Public - Bodies corporate |
7.91 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of High Quality Polyester Yarn Products and PET Chips for the Domestic and International Markets. (Registered activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Pradeep Singhi and Associates Chartered Accountants |
|
Address : |
A/501, President Plaza, Near RTO, Ring Road, Nanpura, Surat, Gujarat, India |
|
Tel. No.: |
91-2474714/ 2474954/ 2471428 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ADRPS1701L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company: |
U17119GJ1991PTC014906 |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates : |
U40106DL2008PTC224786 |
|
|
|
|
Private company in
which a director or manager or his relative is a
member or director : |
U72200GJ2000PTC038298 |
CAPITAL STRUCTURE
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 10/- each |
INR 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46854972 |
Equity Shares |
INR 10/- each |
INR 460.846
Million |
|
|
|
|
|
After 30.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 10/- each |
INR 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48095718 |
Equity Shares |
INR 10/- each |
INR 480.957
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
468.500 |
425.800 |
363.750 |
|
(b) Reserves &
Surplus |
3249.400 |
2667.300 |
2015.464 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
3717.900 |
3093.100 |
2379.214 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2589.400 |
2343.600 |
3023.394 |
|
(b) Deferred tax
liabilities (Net) |
495.400 |
405.900 |
283.463 |
|
(c) Other long term
liabilities |
415.800 |
299.500 |
396.165 |
|
(d) long-term provisions |
14.100 |
10.900 |
0.000 |
|
Total Non-current
Liabilities (3) |
3514.700 |
3059.900 |
3703.022 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2893.700 |
2426.900 |
2581.963 |
|
(b) Trade payables |
2292.400 |
1121.400 |
1371.937 |
|
(c) Other current
liabilities |
997.500 |
906.000 |
483.992 |
|
(d) Short-term provisions |
257.500 |
228.700 |
194.069 |
|
Total Current Liabilities
(4) |
6441.100 |
4683.000 |
4631.961 |
|
|
|
|
|
|
TOTAL |
13673.700 |
10836.000 |
10714.197 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6488.800 |
5297.600 |
5280.609 |
|
(ii) Intangible Assets |
6.500 |
6.600 |
0.524 |
|
(iii) Capital
work-in-progress |
133.400 |
18.000 |
4.284 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
4.272 |
|
(b) Non-current
Investments |
234.700 |
31.900 |
31.462 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
32.700 |
30.500 |
40.868 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6896.100 |
5384.600 |
5362.019 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.700 |
2.600 |
2.636 |
|
(b) Inventories |
1811.000 |
1022.100 |
1242.243 |
|
(c) Trade receivables |
3408.100 |
2773.500 |
2343.067 |
|
(d) Cash and cash
equivalents |
708.800 |
883.800 |
1001.248 |
|
(e) Short-term loans and
advances |
815.400 |
768.000 |
760.493 |
|
(f) Other current assets |
31.600 |
1.400 |
2.491 |
|
Total Current Assets |
6777.600 |
5451.400 |
5352.178 |
|
|
|
|
|
|
TOTAL |
13673.700 |
10836.000 |
10714.197 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
22460.300 |
20298.200 |
21545.257 |
|
|
Other Income |
12.900 |
1.900 |
9.791 |
|
|
TOTAL |
22473.200 |
20300.100 |
21555.048 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
19460.600 |
17438.000 |
18745.258 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(118.100) |
(49.600) |
(18.064) |
|
|
Employees benefits
expense |
311.500 |
266.400 |
262.471 |
|
|
Other expenses |
1364.700 |
1368.500 |
1245.396 |
|
|
CSR expenditure |
11.300 |
0.600 |
0.000 |
|
|
TOTAL |
21030.000 |
19023.900 |
20235.061 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
1443.200 |
1276.200 |
1319.987 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
787.100 |
637.500 |
823.711 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
656.100 |
638.700 |
496.276 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
230.500 |
219.400 |
286.666 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
425.600 |
419.300 |
209.610 |
|
|
|
|
|
|
|
Less |
TAX |
10.200 |
17.100 |
9.358 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
415.400 |
402.200 |
200.252 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2050.800 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
4929.300 |
7154.667 |
0.000 |
|
|
Capital Goods |
705.000 |
15.062 |
0.000 |
|
|
Consumable Spares |
27.200 |
18.052 |
0.000 |
|
|
TOTAL
IMPORTS |
5661.500 |
7187.781 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
9.65 |
10.21 |
5.76 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
788.600 |
785.400 |
482.766 |
|
Net cash flows from (used in) operations |
959.600 |
1105.600 |
1105.388 |
|
Net cash flows from (used in) operating activities before extraordinary items |
850.700 |
1059.000 |
1058.986 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
55.38 |
49.87 |
39.69 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
6.59 |
7.32 |
9.20 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
43.00 |
23.47 |
26.71 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.80 |
1.25 |
1.06 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.22 |
0.24 |
0.25 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.72 |
0.72 |
0.76 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.69 |
1.80 |
2.56 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
1.73 |
1.51 |
1.95 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.78 |
1.72 |
2.22 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.83 |
2.00 |
1.60 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
((PAT / Sales) * 100) |
% |
1.85 |
1.98 |
0.93 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.04 |
3.71 |
1.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
11.17 |
13.00 |
8.42 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.05 |
1.16 |
1.16 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.77 |
0.95 |
0.89 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.27 |
0.29 |
0.22 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
13.39 |
13.05 |
16.74 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.05 |
1.16 |
1.16 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
363.750 |
425.800 |
468.500 |
|
Reserves & Surplus |
2015.464 |
2667.300 |
3249.400 |
|
Net
worth |
2379.214 |
3093.100 |
3717.900 |
|
|
|
|
|
|
long-term borrowings |
3023.394 |
2343.600 |
2589.400 |
|
Short term borrowings |
2581.963 |
2426.900 |
2893.700 |
|
Current Maturities of
Long-Term Debts |
482.766 |
785.400 |
788.600 |
|
Total
borrowings |
6088.123 |
5555.900 |
6271.700 |
|
Debt/Equity
ratio |
2.559 |
1.796 |
1.687 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
21545.257 |
20298.200 |
22460.300 |
|
|
|
(5.788) |
10.652 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR.
In Million) |
(INR.
In Million) |
(INR.
In Million) |
|
Sales |
21545.257 |
20298.200 |
22460.300 |
|
Profit |
200.252 |
402.200 |
415.400 |
|
|
0.93% |
1.98% |
1.85% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
468.500 |
425.800 |
|
(b) Reserves &
Surplus |
|
3328.100 |
2734.200 |
|
(c) Money received
against share warrants |
|
0.300 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
3796.900 |
3160.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2589.400 |
2343.600 |
|
(b) Deferred tax liabilities
(Net) |
|
495.400 |
405.900 |
|
(c) Other long term
liabilities |
|
415.800 |
299.500 |
|
(d) long-term provisions |
|
14.100 |
10.900 |
|
Total Non-current
Liabilities (3) |
|
3514.700 |
3059.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
3041.400 |
2426.900 |
|
(b) Trade payables |
|
2281.800 |
1121.600 |
|
(c) Other current
liabilities |
|
998.300 |
906.600 |
|
(d) Short-term provisions |
|
258.000 |
228.700 |
|
Total Current Liabilities
(4) |
|
6579.500 |
4683.800 |
|
|
|
|
|
|
TOTAL |
|
13891.100 |
10903.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
6488.800 |
5297.600 |
|
(ii) Intangible Assets |
|
7.500 |
6.600 |
|
(iii) Capital
work-in-progress |
|
133.400 |
18.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
101.800 |
99.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
32.700 |
30.600 |
|
Total Non-Current Assets |
|
6764.200 |
5451.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
2.700 |
2.600 |
|
(b) Inventories |
|
1811.000 |
1022.100 |
|
(c) Trade receivables |
|
3509.900 |
2772.200 |
|
(d) Cash and cash
equivalents |
|
910.100 |
885.700 |
|
(e) Short-term loans and
advances |
|
815.200 |
767.800 |
|
(f) Other current assets |
|
78.000 |
1.500 |
|
Total Current Assets |
|
7126.900 |
5451.900 |
|
|
|
|
|
|
TOTAL |
|
13891.100 |
10903.700 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
22558.600 |
20307.300 |
|
|
Other Income |
|
18.700 |
1.900 |
|
|
TOTAL |
|
22577.300 |
20309.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
19537.300 |
17446.900 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(118.200) |
(49.600) |
|
|
Employees benefits
expense |
|
311.500 |
266.400 |
|
|
Other expenses |
|
1381.800 |
1369.500 |
|
|
TOTAL |
|
21112.400 |
19033.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
1464.900 |
1276.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
796.500 |
637.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
668.400 |
638.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
230.500 |
219.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
437.900 |
419.100 |
|
|
|
|
|
|
|
Less |
TAX |
|
10.700 |
17.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
427.200 |
402.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
9.96 |
10.29 |
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 |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
31 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the Annual
Report |
No |
BUSINESS
Shubhalakshmi is a renowned player in the Polyester industry. Over past several years it has been manufacturing high quality polyester yarn products and PET Chips for the domestic and international markets. The Company boasts of a broad product line that consists of multi graded Polyester Yarns and PET Chips.
Polyester is a product of Man-Made Fibre (MMF) industry. Polyester is a thermoplastic and lends itself to physical modifications; hence the yarns produced are flat, draw-twisted, draw-textured, Partially Oriented Yarn (POY) or Fully Oriented Yarn (FOY).
A description of the Companys existing product portfolio and quality control mechanism is shown below:
- Polyester Chips
Polyester chips are produced by polymerization from petrochemical intermediates like PTA and MEG. These chips are used by some customers to produce different types of polyester based products.
-Partially Oriented
Yarn (POY)
POY is produced by directly spinning from polyester melt in a continuous method or by converting polyester chips through extruder spinning. Extreme care is taken to prevent yarn from undergoing stretching and changes in elongation. POY is converted to texturized yarn in a single step draw texturizing using around 1.7 draw ratio.
-Fully Drawn Yarn
(FDY)
FDY is one of the polyester based polymer products. FDY is made from petrochemical intermediates like Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG). The melt polymer is directly converted into the textile filaments without the common step of palletizing. It is also known as SDY (Spin Draw Yarn). Currently, industries are using the latest technology and producing FDY as a one step process. This process includes PET melt directly to filament process through drawing with high speed which produces top quality FDY. Due to the ability of having different colors and compatibility, FDY is suitable for weaving, knitting and non-woven manufacturing.
To manufacture FDY certain critical properties needs to be monitored closely such as tenacity, elongation, cluster variation and boiling water shrinkage.
-Draw Texturized Yarn
(DTY)
This is a processed yarn converting POY made out of PET polymer giving more resilience and increased appeal and texture to the yarn. DTYis a fully drawn, fully oriented polyester multifilament yarn with soft crimp, high bulk and texture with cotton feel and very high durability and retention properties. This is manufactured by texturizing partially oriented yarn using texturizing machines. DTY is suitable for fabric end uses like outer/inner garments, skin-clinging garments, furnishings, upholstery, etc. This is a replacement of cotton and cotton blend yarns with very low moisture content.
In addition to the above-mentioned products Shubhalakshmi is going to manufacture two new products namely Polyester Staple Fibre (PSF) and Warp Knitted Yarn (WKY) from Financial Year 2016-17.
INDUSTRY OUTLOOK
In India, the current share of cotton and man-made fibre demand is around 55:45 compared to around 35:65 at the global level. Indian all fibre demand is expected to reach a market size of around 13 MMT by 2020 and 17.5 MMT by 2030.
India is supremely positioned to register an impressive rate of growth with favourable demographics and the dependent population rate growing slower than the workforce. In line with global trends this would pave the way for a larger man-made fabric base, benefiting the polyester industry at large. Polyester Staple Fibre (PSF) industry in India has been operating at a capacity utilization of 75%. Utilization is expected to improve to
80% by 2015-16.
India is supremely positioned to register an impressive rate of growth with favorable demographics and the dependent population rate growing slower than the workforce. In line with global trends this would pave the way for a larger man-made fabric base, benefiting the polyester industry at large. Polyester Staple Fibre (PSF) industry in India has been operating at a capacity utilization of 75-80%. Utilization is expected to improve to 80% by 2016-17.
Shubhalakshmi will offer multiple range of polyester products to address the domestic demand in the country. This expansion plan will be in sync to the Make in India campaign launched by the Government of India.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G01268168 |
100018930 |
Bank of Baroda |
09/03/2016 |
- |
- |
35000000.0 |
Parsi Sheri Branch,Bhagal, Khandwala SheriSuratGJ395003IN |
|
2 |
G01975903 |
100021520 |
PUNJAB NATIONAL BANK |
13/01/2016 |
- |
- |
1650000000.0 |
MAIN, MEGHANI TOWER,STATION ROADSURATGJ395002IN |
|
3 |
C71728703 |
10605303 |
Axis Trustee Services Limited |
04/12/2015 |
- |
- |
622080000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
|
4 |
C67339242 |
10597133 |
Axis Trustee Services Limited |
15/10/2015 |
- |
- |
723450000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
|
5 |
B41088253 |
10359331 |
IDBI Bank Limited |
06/06/2012 |
- |
- |
58500000.0 |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAIBRANCH AT 2ND FLOOR, ESSEN HOUSE, GHOD DOD ROADSURATGJ395009IN |
|
6 |
A79150314 |
10201640 |
IDBI BANK LIMITED |
01/02/2010 |
- |
- |
89000000.0 |
ESS En HouseGhod Dod RoadSURATGJ395007IN |
|
7 |
B79181020 |
10009861 |
STATE BANK OF INDIA |
21/07/2006 |
16/06/2013 |
- |
113600000.0 |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCHMARBLE ARCH, RACE COURSE CIRCLEVADODARAGJ390007IN |
|
8 |
G29013141 |
10007280 |
THE BANK OF BARODA LIMITED |
24/04/2006 |
26/10/2016 |
- |
12709100000.0 |
PARSI SHERI BRANCHSURATGJ395003IN |
|
9 |
Y10350723 |
90243086 |
STATE BANK OF INDIA |
12/04/1991 |
- |
- |
4750000.0 |
SP COMM. BRNCHSURATGJIN |
|
10 |
C48635924 |
10358963 |
State Bank of Travancore |
11/05/2012 |
- |
09/03/2015 |
150000000.0 |
Rajhans Complex, 0pp.J.K Tower, Ring Road,SuratSURATGJ395002IN |
FIXED ASSETS
- Land
- Office building
- Buildings
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
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 records 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 64.16 |
|
UK Pound |
1 |
INR 89.19 |
|
Euro |
1 |
INR 78.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
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.